S&P identified several factors contributing to the slowdown, including geopolitical uncertainty and proposed tariffs that have dampened outbound investment by U.S. corporations. Higher competition from new entrants and clients choosing to insource more discretionary services may have also impacted the company's revenue. The rating agency expects an acceleration in topline growth to 6% year-on-year during the second half of 2025, driven by delayed revenue recognition, modest price increases, and better conversion from the company's order pipeline. However, organic growth may remain slow in 2026 as price increases become more difficult amid client budget constraints. Since early 2025, Vistra has shifted its strategy to offer multi-country solutions instead of single country-specific services, with its sales process prioritizing large projects and placing greater emphasis on Europe and the U.S. This strategic shift has positioned Vistra in more direct competition with established firms in those markets.