ME Group International plc
Unaudited results for the six months ended 30 April 2025
July 2025
Agenda
About us 4
Financial Review 11
Business Review 21
Conclusion 28
H1 2025 Highlights
Record profitability, with Group Profit Before Tax up 13.3%, benefiting from operational leverage as the number of machines in operation increased
Continued evolution of business mix, with laundry operations now 33.5% of Group vending revenue and 47.7% of Group EBITDA
Further expansion of laundry estate - a record 523 net Revolution units deployed in H1
Highly cash generative, with cash generated from operations up 14.1%
Continued focus on shareholder returns, with Interim
dividend up 11.6%
About us4 ME Group International plc
Business at a glance
ME Group is an international market leader in automated self-service equipment, aimed primarily at the consumer sector
KEY PARTNERSHIPS
Continental Europe
An established operational network across three core
geographies:
Continental Europe (largest region)
UK & Republic of Ireland
Asia Pacific
UK & Republic of Ireland
Asia Pacific
Vending machines in operation
Number of countries in
which we operate
R&D Centres
COSMOS Pharmaceutical Corporation
48,590 16 2
Business overview
Core activities are photobooth and laundry operations
Machine estate comprises high-quality and user-friendly design
Focused on maximising return on capital - very quick return on investment across Photo.ME and Wash.ME
Significant competitive advantage across our key markets
Our key strengths include:
Strong financial position
Long-standing site partnerships
Laundry opportunity
Established photobooths estate
Asset lifecycle
Entrepreneurial
spirit
Core activities
Ancillary activities
OTHER VENDING
Evolution of business mix - five year overview
6%
H1 2021
£94.6m
56%
25%
13%
VENDING REVENUE4%
4%
33%
H1 2025
£140.4m
59%
Revenue from Laundry operations has increased by a third in the last 5 years
Photo.ME
Wash.ME
Print.ME
Other vending
Our growth strategy
Expansion in existing and new geographic territories
Entering new market segments
New product and technology
innovation
Continued expansion and
Strategic mergers and
acquisitions
9 ME Group International plc
diversification of services
Financial Review10 ME Group International plc
Key Financials (1)
H1 2025
H1 2024
H1 2025
H1 2024
£30.0m
H1 2025
H1 2024
REPORTED REVENUE
£153.8m
£53.2m
£51.2m
£150.4m
EBITDA2
PROFIT BEFORE TAX
£34.0m
£34.9m
at constant currency1
£54.5m
at constant currency1
£157.4m
Strong financial performance, driven by rapid expansion of laundry operations
Reported Group revenue grew by 2.3%
up 4.7% at constant currency1
up 5.9% excluding H1 2024 contribution from SEMPA SAS at constant currency1
Reported Group EBITDA2grew by 3.9%
up 6.4% at constant currency1
EBITDA2margin increased to 34.6% Reported Group profit before tax grew by 13.3%
up 16.3% at constant currency1
11 ME Group International plc
1 Constant currency is H1 2025 results translated using H1 2024 foreign exchange rates. This excludes the impact from foreign exchange rate movements over the past 12 months which saw a 2.7% decline in value against the British pound sterling of both the Japanese yen (average rate of exchange used in H1 2025 was yen/£ 192.67 vs H1 2024 yen/£187.60) and the euro pound sterling (average rate of exchange used in H1 2025 was €/£1.194 vs H1 2024 1.163)
2EBITDA is profit before depreciation, amortisation, non-operating income/expense and finance cost and income
Key Financials (2)H1 2025
H1 2024
H1 2025
H1 2024
H1 2025
H1 2024
CASH GENERATED FROM OPERATIONS
£47.6m
£41.7m
CAPEX
£28.8m
£26.6m
NET CASH1
£36.2m
£21.7m
1 Net cash excludes lease liabilities of £9.7 million.
Highly cash generative business with a strong balance sheet, with cash generated from operations up 14.1%
Capex increased to support reinvestment in future growth; £14.4m was related to laundry expansion
Net cash1balance improved by £14.5m, after
£11.0m of loan repayments and investment in growth and dividend payment
Well-capitalised and in a strong financial position
Earnings per share and dividendH1 2025
H1 2024
H1 2025
DILUTED EARNINGS PER SHARE
5.97p
6.74p
3.85p
INTERIM DIVIDEND PER SHARE
Diluted earnings per share up 12.8%, reflecting continued focus on profitable growth
Interim dividend up 11.6% to 3.85p, returning
£14.5m to shareholders
Dividend policy seeks to pay annual dividends in excess of 55% of annual profits after tax, subject to capital requirements.
3.45p
H1 2024
Revenue bridge£150.4m
£153.8m
5.3
(3.2)
0.2
0.3
0.8
£m 180
£157.4m
at constant currency1
160
140
120
100
80
60
40
20
0
30 April 2024 Laundry Photobooths Kiosks Other Vending Sales 30 April 2025
Profit before tax bridge£34.9m
£m at constant currency1
2.3
(0.8)
0.5
1.2
(2.7)
3.4
(0.7)
1.2
(0.1)
(0.3)
£34.0m
£30.0m
40
35
30
25
20
15
10
5
0
30 April 2024 Changes in
revenue
Commission Labour costs IFRS16 impact Exchange
gain
Consumable spare parts
Amortisation & depreciation
Finance costs & other gains
Indirect costs & overheads
Profit/loss on sale of PPE
30 April 2025
Net cash bridge£m
100
90
5.1
(28.9)
80
70
60
50
40
30
20
10
0
31 October 2024 Operating cash flow Acquisition of
subsidiary
£38.2m
£36.2m
47.6
(1.0)
(10.9)
(13.0)
(0.9)
Sale of assets Investment in estate
& infrastructure
Tax Dividends paid Interest and finance 30 April 2025
Continental EuropeREVENUE
£102.0m
£98.3m
H1 2025
H1 2024
Countries of operations3
10£104.6m
at constant currency1
No. of Vending units
27,425H1 2024: 26,564
% of total Group revenue
66.3%H1 2025
H1 2024
VENDING REVENUE2BY BUSINESS AREA
Photobooths
OPERATING PROFIT
£5.3m
(6%)
£1.2m (1%)
£30.7m
(35%)
£51.8
(58%)
£25.7m
£21.0m
£26.4m
at constant currency1
Revenue grew by 3.8%, up 6.4% at constant currency1, driven by laundry growth - a further 350 Revolution machines installed
Wash.ME vending revenue up 11.2%, up 14.1% at
constant currency1
Photo.ME vending revenue declined 2.3%, 0.4% lower at constant currency1, due to a technical issue now resolved
Print.ME vending up 3.9%, up 7.8% at constant currency1, benefiting from SpeedLab rollout
Operating profit significantly up 22.4%, up 25.7% at constant currency1
1 Constant currency, see definition on slide 10
2 Vending revenue is revenue earned from machines in operation and excludes revenue from the sale of equipment, consumables, spare parts and service
United Kingdom & Republic of IrelandH1 2025
H1 2024
REVENUE
£26.1m
£26.3m
£25.7m
at constant currency1
Countries of operations
2No. of Vending units
6,201H1 2024: 6,357
% of total Group revenue
17.0%£7.2m
£7.8m
H1 2025
H1 2024
VENDING REVENUE2BY BUSINESS AREA
Photobooths Laundry Printing kiosks Other vending
OPERATING PROFIT
£0.1m
(0%)
(3%)
£8.6m
(33%)
£16.3m
(64%)
£7.9m
at constant currency1
£0.9m
Revenue grew by 1.6%, up 2.3% at constant currency1, driven by laundry performance
Wash.ME vending revenue up 16.4%, up 17.1% at constant currency1
Photo.ME vending revenue down 16.5%, due to the end of a contract, which had a limited profit impact
Operating profit up 8.3%, which reflected growth of
high-margin laundry operations and cost efficiencies
18 ME Group International plc
1 Constant currency, see definition on slide 10
2 Vending revenue is revenue earned from machines in operation and excludes revenue from the sale of equipment, consumables, spare parts and service
Asia PacificH1 2025
H1 2024
REVENUE
£25.7m
£26.4m
£26.5m
at constant currency1
Countries of operations3
4No. of Vending units
14,964(H1 2024: 15,024)
% of total Group revenue
16.7%VENDING REVENUE2
BY BUSINESS AREA
PhotoboothsOther vendingOPERATING PROFIT
£3.9m
£3.3m
H1 2025
H1 2024
£3.2m
(13%)
£22.3m
(87%)
£4.0mat constant currency1
Revenue declined 2.7%, up 0.4% at constant currency1
Photo.ME vending revenue down 1.3%, up 1.3% at constant currency1, with stable demand
Vending revenue from Other Vending operations (mainly orange juice machines) remained flat.
Freshly squeezed orange juice vending business continued to expand, with 487 machines in operation
Operating profit up 18.2%, up 21.2% at constant currency1
19 ME Group International plc
1 Constant currency, see definition on slide 10
2 Vending revenue is revenue earned from machines in operation and excludes revenue from the sale of equipment, consumables, spare parts and service
3 Australia, China, Japan, Singapore,
Business Review20 ME Group International plc
Core activity
Integrated biometric photo identification solutions
A global leader in the photobooth market for instant photo ID, portraits and fun photographs
H1 2025
H1 2024
H1 2025
H1 2024
H1 2025
H1 2024
VENDING REVENUE2
£82.7m
£85.9m
£29.6m
£29.3m
EBITDA
£5.7m
£9.0m
CAPEX
at constant currency1
£84.5m
% of total Group revenue
53.8%
H1 2024: 57.2%
Number of Vending units
30,557
H1 2024: 30,708
Countries of operations4
16
at constant currency1
% of Group
EBTIDA
55.6%
H1 2024: 57.2%
Average revenue per machine3
£2,704
H1 2024: £2,795
EBITDA margin
35.8%
H1 2024: 34.1%
Vending revenue declined by 3.7% (down 1.4% at constant currency1), due to a now-resolved printer technical issue in France
Removal of 522 units following the ending of a contract with Sainsbury's
Continued investment in next-generation machine rollout, albeit slower than expected due to the printer issue
EBITDA and EBITDA margin improvement
1 Constant currency, see definition on slide 10
2 Revenue earned solely from the operation of photobooths.
3 Average revenue per machine, excluding VAT for the six months ended 30 April 2025
Core activity
Largest business area by number of machines, revenue, and
EBITDA contribution
The Group continues to build awareness in new market segments, including:
Partnership with Paris Saint-Germain to launch its first AI image offering across 500 next-generation Photomaton photobooths
Acquisition of 116 photobooth units in Belgium, building on existing operations in the region
Significant innovation in fun photo products using AI to
consolidate market position
Core activity
Unattended 24/7 laundry services and launderettes
EBITDA margin4
54.0%
H1 2024: 50.6%
% of Group EBTIDA
47.7%
H1 2024: 41.2%
Total number of units deployed3
8,528
H1 2024: 7,317
Large-capacity, energy-saving rapid self-service laundry service
H1 2025
H1 2024
H1 2025
H1 2024
TOTAL REVENUE FROM LAUNDRY OPERATIONS2
£51.9m
£44.1m
TOTAL LAUNDRY EBITDA
£25.4m
£21.1m
£25.9m
at constant currency1
£53.0m
at constant currency1
Total revenue from laundry up 17.7%, up 20.2% at constant currency1
Total number of laundry machines deployed3increased by 16.6%
EBITDA and EBITDA margin4improvement
1 Constant currency, see definition on slide 10
2 Revenue from the operation of laundry machines plus revenue from the sale of laundry machines
23 ME Group International plc
3 Total number of units deployed (owned, sold and acquired)
4 EBITDA margin calculation is based on vending revenue, not total revenue from laundry operation
Core activity
Revolution laundry operations
£46.7m
£41.2m
VENDING REVENUE FROM REVOLUTION2
H1 2025
H1 2024
£12.0m
£14.4m
REVOLUTION CAPEX
£47.7m
% of total Group revenue
30.4%
H1 2024: 27.4%
Average revenue per machine3
£6,976
H1 2024: £7,171
Number of Revolutions in operation
6,956
H1 2024: 5,957
Countries of operations4
12
at constant currency1
H1 2025
H1 2024
£14.5m
at constant currency1
Further 523 Revolution machines installations
Vending revenue2increased 13.3%; up 15.8% at constant currency1
Average revenue per machine lower due to additional machines installed in 232 high demand sites
Capex increased 20% reflecting rapid expansion
On track to install approximately 1,200 net new Revolution laundry machines in 2025
1 Constant currency, see definition on slide 10
24 ME Group International plc
2 Vending revenue is revenue earned from machines in operation and excludes revenue from the sale of equipment, consumables, spare parts and services
3 Average revenue per machine excluding VAT for the six months ended 30 April 2025
4 Austria, Belgium, China, France, Germany, Republic of Ireland, Japan, the Netherlands, Portugal, Spain, Switzerland, United Kingdom
Ancillary activity
High-quality digital printing services
H1 2025
H1 2024
H1 2025
H1 2024
VENDING REVENUE2
£5.4m
£5.2m
£2.3m
£2.0m
EBITDA
CAPEX
£2.4m
at constant currency1
% of total Group revenue
3.5%
H1 2024: 3.5%
Number of Vending units
4,471
H1 2024: 4,635
Countries of operations4
9
at constant currency1
% of Group EBTIDA
4.3%
H1 2024: 3.9%
Average revenue per machine3
£1,200
H1 2024: £1,110
EBITDA margin
42.6%
H1 2024: 38.5%
H1 2025 £3.3m
H1 2024
£0.2m
Vending revenue2grew 3.8%; up 7.7% at constant currency1
Average revenue per machine3increased by 8.1%, up 12.1% at constant currency1
Capex focused on the installation of new Speedlab machines in France to refresh the portfolio and functionality
1 Constant currency, see definition on slide 10
25 ME Group International plc
2 Vending revenue is revenue earned from machines in operation and excludes revenue from the sale of equipment, consumables, spare parts and services.
3 Average revenue per machine excluding VAT for the six months ended 30 April 2025
4 Belgium, France, Germany, Japan, the Netherlands, Portugal, Spain, Switzerland, United Kingdom
Ancillary activity
Other Vending
Feed.ME, Amuse.ME, Copy.ME, Miscellaneous
H1 2025
H1 2024
H1 2025
H1 2024
H1 2025
H1 2024
VENDING REVENUE2
£5.3m
£5.0m
£6.4m
£5.8m
EBITDA
£0.6m
£1.4m
CAPEX
£6.6m
at constant currency1
£5.4m
Number of Vending units
6,579
H1 2024: 6,611
Countries of operations3
14
at constant
currency1
% of total Group revenue
3.4%
H1 2024: 3.3%
% of Group total vending units
13.5%
H1 2024: 13.8%
Typically operated in high-footfall locations alongside core activities, enabling the Group to leverage synergies
Vending revenue up 6.0%; up 8% at constant currency1
Revenue and EBITDA exclude the H1 2024 contribution from SEMPA SAS, which was sold in May 2024
487 freshly squeezed orange juice vending machines operated in Japan and Australia
1 Constant currency, see definition on slide 10
26 ME Group International plc
2 Vending revenue is revenue earned from machines in operation and excludes revenue from the sale of equipment, consumables, spare parts and services
3Australia, Austria, Belgium, China, France, Germany, Republic of Ireland, Japan, the Netherlands, Portugal, Spain, Singapore, Switzerland, United Kingdom
Conclusion27 Me Group International plc
Summary and Outlook
Further strategy progress and profit growth
Highly cash generative and strong balance sheet, supporting investment in future growth
Laundry expansion moving at pace, with laundry operations now
contributing 47.7% to Group EBITDA
Ongoing innovation and R&D - launch of Kee.ME automated key-cutting service with three machine trial in France
Focus on shareholders returns - interim dividend up 11.6% and commitment to paying in excess of 55% of annual profit after tax to shareholders
H2, typically the seasonally strongest trading period, with positive trading momentum seen across its operations
On track to deliver another year of record profitability, between £76 million and £80 million, with FY 2025 profit performance in line with expectations1
1 this statement constitutes a profit forecast for the purposes of Rule 28.1 of the City Code on Takeovers and Mergers. Further information on the basis of preparation of this profit
Questions?Investor contacts
Email: ir@me-group.com
Serge Crasnianski, CEO & Deputy Chairman
Appointed to the Board in 2009. Previously served on the Board from 1990 to 2007; until 1994 as a Non-executive Director, from 1994 as an Executive Director and as Chief Executive Officer from 1998 to 2007. Founded KIS in 1963.
Stéphane Gibon, CFO
Joined the Company in 1997, in the role of Head of Controlling. He was appointed Chief
Financial Officer in 2018.
Vlad Crasneanscki, Executive Director
Appointed to the Board in June 2025. His responsibilities include Head of Investor
Relations and Managing Director of UK