ME Group International Plc (LON:MEGP), the instant-service equipment group, has announced its results for the six months ended 30 April 2026.
KEY FINANCIALS
| H1 2026 | H1 2025 | ||
| Reported | Constant Currency1 | Reported (restated)2 | |
| Revenue | £154.3m | £151.7m | £153.8m |
| EBITDA3 | £57.0m | £55.6m | £53.2m |
| Profit before tax | £32.7m | £31.9m | £34.0m |
| Cash generated from operations | £38.7m | n/a | £47.7m |
| Gross cash | £52.8m | £54.5m | £66.4m |
| Net cash4 | £7.5m | £9.4m | £27.6m |
| Earnings per share (diluted) | 6.48p | 6.28p | 6.74p |
| Interim Dividend per ordinary share | 3.60p | n/a | 3.85p |
1 Constant currency is H1 2026 results translated using the prior year foreign exchange rates. This excludes the impact from foreign exchange rate
movements (“FX impact”) over the past 12 months, particularly the Japanese yen which saw a 9.1% decrease in value against pound sterling (average rate of exchange used in H1 2026 was yen/£210.13 vs H1 2025 yen/£192.67), and a 3.9% increase in the euro against pound sterling (average rate of exchange used in H1 2026 was €/£1.147 vs H1 2025 €/£1.194).
2 Restatement of cash generated from operations, gross cash and net cash. Please refer to note 12 for details of the restatement.
3 EBITDA is profit before depreciation, amortisation, non-operating income/expense and finance cost and income.
4 Net cash excludes lease liabilities of £10.0 million. Refer to note 12 for the reconciliation of net cash to cash and cash equivalents per the financial statements.
H1 HIGHLIGHTS
· Group revenue marginally up 0.3% at £154.3 million, EBITDA up 7.1% at £57.0 million, whilst profit before tax down 3.8% at £32.7 million. EBITDA margin stable at 36.9%
· Trading during the first five months of the 2026 financial year was broadly in line with the Board’s expectations, although in April the Group experienced a slowdown in vending revenue, principally driven by a significant reduction in photobooth activity in a small number of countries.
· Growth was driven by the performance of laundry operations, an ongoing strategic focus area, with Wash.ME vending revenue growth of 16.3% to £54.8 million.
· The Group installed 499 net new laundry machines, with a c.800 installations planned for H2 2026, to achieve the target of 1,300 installations in FY 2026.
· New partnership secured with ASDA in the UK for the Group to install and operate laundry machines across ASDA sites – a milestone, the largest ever laundry partnership for the Group.
· Renewal of two important multi-year contracts in France following a competitive tender process: a 7-year contract with SNCF and a 5-year contract with RATP, which together represent more than £9.0 million of revenue.
· Continental Europe and the UK & Republic of Ireland reported vending revenue up 4.5% and 8.9% respectively, driven largely by Wash.ME performance – laundry vending revenue up 12.4% in Continental Europe and up 24.5% in the UK & Republic of Ireland.
· In line with its growth strategy, the Group continues to invest in its core activities; in H1 2026 total capital expenditure amounted to £33.9 million, with 68% relating to laundry expansion and photobooth activities.
· Track record of innovation and diversification of services; 200 dog wash machines installed following successful trial, whilst new Wash.ME App was downloaded more than 100,000 times in France.
· The Group continues to leverage partnerships as a means of reaching more consumers through multiple market segments; during H1 2026, the Group signed an agreement with Aldi Austria to initially roll out 25 laundry machines and 25 photobooths.
· Interim dividend of 3.60 pence per Ordinary Share, a decrease of 6.5%, which will return £13.5 million to shareholders. The Group remains committed to paying more than 55% of annual profits after tax to shareholders.
OUTLOOK
· In H2 2026 to date, the Group has seen a return to more normal trading patterns, with total vending revenue for May 2026 11.1% higher than May 2025. Wash.ME and Photo.ME vending revenues increased 25.9% and 1.8%, respectively. The positive revenue trend continued in June.
· The Group remains focused on delivering its long-term strategy to grow its core laundry and photobooth activities and remains on track to install c. 1,300 laundry machines in FY 2026.
· While mindful of geopolitical factors which may lead to a softening of trading patterns, ME Group remains on track to meet revised full year expectations and for FY 2026 profit before tax to be in the range of £69 million to £74 million.
Serge Crasnianski, ME Group International Chief Executive Officer (CEO) & Deputy Chairman, commented:
“Despite a challenging end to the period, largely driven by the ongoing Middle East conflict, I am pleased that the Group has continued to make good strategic progress as we continue to diversify and evolve the business mix, with laundry operations now contributing more than 38% of Group revenue and 54% of Group EBITDA.
“During the period we secured new strategic partnerships, notably with ASDA in the UK, and successfully renewed key multi-year contracts in France, supporting our ongoing expansion plans, particularly for laundry operations. The Group continues to invest in core activities of laundry and photobooth services. Innovation and diversification remain a key part of our strategy, ensuring that we continue to meet the needs of our consumers every day, as evidenced by the recent rollout of our new dog-wash machine.
“The Group’s predictable revenue streams and highly cash-generative business model support our long-term growth strategy. We are on track to deliver a full-year performance in line with revised expectations, and we remain well-positioned for long-term success.”
