ME Group International (LON:MEGP) reported what management described as “another solid year” in its 2025 annual results presentation, highlighting record profitability, continued expansion in its Wash.ME laundry operations, and ongoing investment in next-generation photobooths. Deputy CEO Vladimir Crasneanscki and CFO Stéphane Gibon also addressed investor questions on pricing, Germany’s regulatory changes for official ID photos, a restatement related to cash classification, and a newly announced share buyback.
2025 financial highlights
Management said profit before tax rose 6.5% year-on-year (7% at constant currency), while cash generated from operations totaled £115.5 million, up nearly 9% from the prior year. Total revenue increased 2.4% (3% at constant currency), and group EBITDA increased by more than 5% (6% at constant currency), with laundry EBITDA up 17%.
- £32 million for laundry expansion
- £13 million to upgrade the photobooth estate
- £7 million to refresh printing kiosks
Gibon said the higher capex contributed to a 3% reduction in net cash, with closing net cash of £26.5 million at 31 October 2025. He noted that 2024 figures for gross cash, net cash, and cash generated from operations were restated due to a reclassification of cash in transit.
The board declared a total dividend of £0.0864 per share for 2025, representing a 9.5% increase year-over-year. In total, the company said it would return £32.6 million to shareholders in respect of 2025.
Business mix shifts toward laundry
ME Group reiterated that it operates a large automated service equipment estate—more than 49,000 machines across 16 countries—using a commercial model in which it typically pays site partners a percentage of revenue. The company’s two core activities are photobooths and laundry, with ancillary activities including printing kiosks, children’s rides, photocopying services, and food service equipment.
Management emphasized the ongoing shift in mix toward laundry. Crasneanscki said that in 2021, laundry accounted for about a quarter of vending revenue, but now represents more than a third. At the EBITDA level, he said laundry rose from just over a third of group EBITDA in 2021 to “closer to half” in 2025, adding that laundry margins are stronger than photobooths.
While laundry has been the fastest-growing activity, management pushed back on the idea that photobooths are structurally declining. Crasneanscki said photobooth revenue has increased 35% since 2021, and described 2025 as an “abnormal year” for photobooths due to several one-off headwinds.
Drivers by segment and geography
Gibon said laundry contributed just over £9 million more revenue than in 2024, while photobooth revenue was around £7 million lower. He attributed the photobooth decline mainly to:
- A one-off supplier issue related to printers (resolved in the first half, with compensation received)
- The end of a U.K. contract in 2024 affecting year-on-year revenue
- Changes to official photo ID rules in Germany implemented in May 2025
Under the German changes, citizens are required to source passport photos directly at citizens’ offices or via a certified photographer. In Q&A, management said the rule change reduced volumes in Germany by roughly 20% to 30%, but added that volumes have stabilized and that the photobooth business still has multiple use cases beyond passport photos.
By region, Continental Europe remained the largest contributor, holding more than half of the vending estate and generating more than 68% of group revenue and 80% of EBITDA, management said. The company reported nearly 7% Wash.ME vending revenue growth in Continental Europe, with total regional revenue up 3%, while operating profit was “marginally lower” at £67.6 million due to the headwinds cited.
In the U.K. and Ireland, revenue increased almost 2% and represented 16% of group revenue. Wash.ME vending revenue rose 18% to £32.2 million, supported by the installation of 415 net new laundry machines. Management said performance came despite softer demand in unusually warm summer months, explaining in Q&A that dryer usage falls in warm, dry weather as consumers line-dry at home.
Asia Pacific delivered what management called a resilient performance, with revenue growth driven by a 2.2% increase in Photo.ME vending revenue. Operating profit rose 61%, and the company noted it also operates orange juice vending machines in Japan and Australia.
Expansion, innovation, and unit economics
ME Group highlighted record Wash.ME installations in 2025, with 1,326 new laundry machines installed versus 1,168 net new machines in 2024 and 780 in 2023. Management clarified that the 2025 figure included 1,172 net new machines and 154 relocations, with 181 old or unprofitable machines removed; overall, the net number of machines rose by almost 1,150. For 2026, the company set an ambition to install more than 1,300 net new laundry machines.
Laundry revenue rose 17.3% and laundry EBITDA increased 18.1%, with an EBITDA margin of 49.4%, which management said was higher than the prior year. The company also launched a new WashMe app, which Crasneanscki said had surpassed 60,000 users after just over a month, and includes a loyalty system, one-time code usage, and push notifications. The app was live in France at the time of the presentation, with broader rollout planned.
On photobooths, management said Photo.ME revenue totaled over £168 million, with average revenue per machine at £5,437. The company continued deploying next-generation photobooths in France, with around 3,100 installed by year-end 2025 and a target of 8,000 installed by the end of October 2027. ME Group also highlighted new generative AI capabilities, including experimental photo products and QR-based downloads and sharing.
In Q&A, management addressed product pricing, saying it was planning a moderate increase in France for ePhoto products where pricing “lags behind” other countries. As a reference point, the company said it charges €8 for an ePhoto in France, compared with £10 in the U.K. and €10 in Germany.
The company also discussed unit costs. Management said a laundry machine capex is “a bit less than £20,000” plus roughly £5,000 in installation costs to prepare the site, while photobooths cost approximately £5,000 to £6,000.
Share buyback, audit delay, and outlook
ME Group said trading five months into the 2026 financial year was in line with management expectations. The company reiterated its focus on expanding Wash.ME, rolling out the WashMe app across major laundry markets, continuing its dog wash rollout (about 70 machines deployed in France and Ireland to date), and installing 50 KeyMe cutting machines in France under an SNCF contract.
Management also said it would launch a share buyback program, referencing an announcement of an £18 million buyback and an intention to acquire between 15 million and 20 million shares.
Addressing questions about the delayed annual results, the company said it would conduct an investigation after its roadshow. Management cited a new audit partner and a late expansion in the number of audited entities—from around seven historically to 17—along with a significant increase in information requests. Separately, management said the restatement of cash-related figures stemmed from what it described as a technical reclassification issue involving cash in transit and credit card suspense, identified by the company’s auditor.
About ME Group International (LON:MEGP)
ME Group International plc (LSE: MEGP) is an international market leader in automated self-service equipment aimed at the consumer market, with over 48,000 vending units currently in operation.
The Group operates, sells and services a wide range of instant-service vending equipment across 16 countries in its key regions of Continental Europe, the UK & Republic of Ireland and Asia Pacific. The Group’s services include:
Core activities:
• Photo.ME – Photobooths and integrated biometric identification solutions
• Wash.ME – Unattended laundry services and launderettes
Ancillary activities:
• Print.ME – High-quality digital printing kiosks
• Other vending – Primarily foodservice vending equipment (Feed.ME), Children’s rides (Amuse.ME), Photocopier services (Copy.ME)
The Group has a proven track record of innovation and diversification of its products and services, enabling it to respond to the evolving needs of its customers and consumers.
The Group benefits from well-established partnerships and long-term contracts with major site owners in attractive, high-footfall locations, enabling it to offer multiple products and services onsite.
