Me Group International PLC

First-pass take

ME Group is a capital-intensive vending equipment operator where AI (fun photo filters, anti-spoofing for ID compliance) is a minor feature enhancement rather than a core growth driver. Modest operating leverage evident in margin expansion (38.2% vs 37.1%), but constrained by heavy capex requirements (£65.6m annually). Net cash of £26.5m provides some protection, but laundry demand is weather-dependent and photobooth business faces ongoing regulatory headwinds (Germany cost £3m in H2 2025).