High-potential SMEs

Egm in the X-ray: Dedem plans new acquisitions abroad

The Castelli Romani company, active in the sector of passport photo booths and coin-operated games for children, focuses on Spain, Poland and the Czech Republic

by Valeria Novellini

6 March 2026

6' min read

Translated by AI

Versione italiana

Key points

Numbers
Capex for as much as 25 million in the financial year 2025
New services in passport photo booths and start-up of the vending sector

6' min read

Translated by AI

Versione italiana

One would expect a company based in the Castelli Romani (Ariccia) to operate in the food and wine sector. Instead, Dedem, which landed on Euronext Growth Milan last 2 July and was the first company on that market to release its 2025 results, is leader in Italia in the sector of passport photo booths and 'kiddie rides' (coin-operated games for children). It is also the first company from Euronext Growth Milan to be listed in the Italia register of historic brands in 2024.

The numbers

In the financial year 2025, Dedem generated revenue of EUR 110 million, 3% less than the EUR 113 million as at 31.12.2024. Of this, EUR 45m related to photo booths (-2.6%), EUR 38m to kiddie rides (+26.8%), EUR 17m to sales of hardware and other equipment (+1.6%) and EUR 10m to other activities (-51.3%). The latter refer to ICT services and sales of equipment, spare parts and consumables, businesses considered 'non-core' and low-margin.

In fact, despite a slight decrease in turnover,ebitda increased by 6% to EUR 16 million; raw material costs decreased by 8.9% to EUR 29.4 million and service costs by 10.4% to EUR 16.1 million. However, as is often the case with newly listed companies, depreciation and amortisation (which includes depreciation for listing costs) jumped from EUR 9.9 million to EUR 12.1 million, and as a result, ebit fell by 24.2% to EUR 3.9 million and net profit by 18.5% to about EUR 1.8 million. In 2025, Dedem, in addition to incurring listing costs of EUR 3 million (in particular EUR 1.8 million for admission and placement fees), made acquisitions of EUR 5 million, purchased new equipment for EUR 11.8 million, and performed maintenance capex of EUR 3.9 million.

Capex for as much as 25 million in the financial year 2025

As at 31.12.2025, net financial debt amounted to EUR 29 million, up by EUR 3 million compared to the end of 2024 (positive operating cash flow of EUR 13 million, capex EUR 25 million and capital increase from IPO EUR 10 million), resulting in a Debt/Equity ratio of about 0.62 times, thus at fully physiological levels. The parent company's net profit (which jumped from EUR 550,000 to EUR 1.6m) will largely be allocated (EUR 1.4m) to cover losses from previous years.

But Dedem, with the listing, decided not only to raise new financial means (about 10 million, one of the highest amounts among the IPOs of 2025), but also to 'change skin' while maintaining its focus on the two main business sectors of photo booths and kiddie rides. In the latter sector, the acquisition (for EUR 3 million) of the three companies Wappy Livorno Srl, Wappy Brianza Srl and Wappy Siracusa Srl, all operating in the design, management and development of play and entertainment areas inside shopping centres, thus strengthening the fast-growing area of kiddie rides, was finalised immediately after the listing

Dedem was indeed 'born' to offer services inside shopping centres: first with passport photo booths and later with kiddie rides that increase the time families spend inside the shopping centres themselves. As far as passport photo booths are concerned, of course, the historical relationships with central and local public administrations that lease public spaces in which to place the booths are also strategic. It is understood that the standards of the photos provided (in particular the Icao standard) must be such as to allow the documentary identification of the persons photographed.

Dedem currently offers 5 types of photo booths, of which the top of the range is the Icona model, based on a Pininfarina design in stainless steel and innovative 3D printed materials. The booth has been selected by Canon Europe as the reference model for the Photobooth segment (automatic booths) on its portal for the Emea area.

In the kiddie rides sector, the product range is obviously much more numerous: interactive electronic games (driving simulators, skill games and interactive touchscreens), mini theme playgrounds with slides, tunnels and climbing, virtual reality areas and wooden play platforms with non-slip flooring.

New foreign acquisitions planned in the kiddie rides segment

With the financial means obtained from the IPO, the company intends to make further acquisitions in the kiddie rides segment in Spain, the Czech Republic and Poland (currently 82% of its turnover is generated in Italia and 17% in Spain, where the group is present with its subsidiary Tecnotron, which, prior to Dedem's IPO, had already taken over an Iberian company that rents out leisure equipment and children's games at shopping centres), open new operational and commercial offices in the vicinity of its main current and potential customers, and develop new integrated services dedicated to the Public Administration.

A multi-service booth was set up where payment can be made via PagoPa slips. In addition, a digital web channel is available for customers to upload photos to the cloud. Finally, a wallet has been developed that is common to all the group's apps and services and that, once released in its final version, will allow end users to purchase and accumulate credits, as well as obtain discounts or refunds, all of course to increase customer loyalty.

At the end of November 2025, Dedem refinanced lines of credit with five banks (Bnl Bnp Paribas, Banco Bpm, Iccrea-Bcc, Intesa Sanpaolo and UniCredit) for a total of EUR 44 million, of which EUR 25 million is for the actual refinancing, EUR 15 million for capex investments (implementing the 2025 - 2027 industrial plan) and EUR 4 million for the company's general needs. This transaction will allow Dedem to reduce the incidence of financial charges in 2026 (in 2025, net financial charges amounted to just under EUR 1.6m, which is still down from around EUR 2m in 2024).

New services in passport photo booths and start-up of the vending sector

In 2026, Dedem, in addition to installing more photo booths (including the VintageIa ones with their apparent retro look), aims to introduce evolved services in the new booths (including FotoTua cloud-based photos), but also to develop the new Vending sector and, as mentioned above, to make acquisitions in the kiddie rides sector. But since all this will require investment, a policy of cost containment is also planned, planning with the main suppliers the delivery of peripherals and semi-finished products at more competitive prices (the migration to digital payment systems will then reduce the costs of managing monetics). As far as labour costs are concerned, action will be taken exclusively on the policy for the use of holidays and leave so as to avoid unused accumulations at the end of the year.

Investments in technology will not be neglected (including the updating and retrofitting of existing systems) and in this respect we can mention the partnership with the D34G Racing motorbike team (rider Mattia Casadei), which participates in the 2026 WorldSsp World Championship, and to which Dedem provides advanced 3D printing expertise.

From an ESG point of view, Dedem has so far not drawn up any sustainability reports. It is, however, very active from a social point of view, having first introduced some 'Pink Boxes' and from 2026 some 'Blue Boxes', passport photo booths equipped with buttons able to connect respectively to the 1522 number against gender violence and stalking and to the support number of the National Observatory on Bullying and Youth Discomfort. During the Feexpo trade fair in Bergamo (24 - 25 February 2026), the company presented its kiddie rides products, including those under the 'Green Forest' brand (acquired on 29 July 2025), which offer immersive environments inspired by nature and sustainability.

Dedem's free float is in line with the average for Euronext Growth Milan companies (around 25% of the share capital); initially, the share price was not very different from the IPO offer price of EUR 4.84 per share, but it has since been more appreciated by the market despite the trading level remaining low. Allottees of the shares subscribed at the IPO who will have kept them in their portfolio will be awarded one "bonus share" for every 5 held 12 months after Dedem's admission to trading on Euronext Growth Milan.

Given the group's strategy and investment programme, this is not a 'value' stock focused on rewarding shareholders through dividends, but it will be able to show upward trends if it succeeds in leveraging its leadership in its two main sectors to offer increasingly technological and diversified products and services to both 'junior' users and the young and adult public who need photographs for document fulfilment or even at events (the booths are able to take special, customisable shots and even send the photos by e-mail).