Ten Lifestyle Group Reports Strong H1 Growth with Revenue and EBITDA Up, Upgrades FY 2027 Outlook

Ten Lifestyle H1 2026: revenue and EBITDA up, digital platform gaining traction

Ten Lifestyle Group’s interim numbers show steady, profitable growth and improving efficiency. Net Revenue rose 6% to £33.7m (9% at constant currency), while Adjusted EBITDA increased 16% to £7.0m (28% at constant currency). Active Members jumped 23% to 436k, reflecting stronger engagement with the digital platform.

The Board says trading since the period end is in line with FY 2026 market expectations and, crucially, now expects FY 2027 revenue and Adjusted EBITDA to be ahead of current forecasts. That upgrade is underpinned by a clutch of fully digital and digitally enabled contracts slated to launch in H2 2026.

Key numbers from the H1 2026 interim results

Metric	H1 2026	H1 2025	Change
Revenue	£36.0m	£34.1m	+6%
Net Revenue	£33.7m	£31.8m	+6% (CC +9% to £34.6m)
Corporate revenue	£29.2m	£28.0m	+4%
Supplier revenue	£4.5m	£3.8m	+18%
Adjusted EBITDA	£7.0m	£6.0m	+16% (CC +28% to £7.7m)
Adjusted EBITDA margin	20.7%	18.9%	+1.8pp
Adjusted Profit before tax	£1.6m	£1.0m	+£0.6m
Reported Profit before tax	£0.2m	£1.1m	Down, impacted by £0.5m exceptionals and £0.8m FX losses
Net cash	£9.3m	£6.8m	+£2.5m YoY
Active Members	436k	354k	+23%
Operating cash flow	£5.1m	£2.3m	+£2.8m

What’s driving the improvement: digital scale and operating leverage

Ten’s shift to a digital-first platform is flowing through the P&L. Net Revenue per FTE rose 11%, and operating expenses per request fell 9%. That kind of productivity delta is exactly what expands margins without needing breakneck top-line growth.

Investment stayed high at £6.3m (of which £3.4m was capitalised), focused on proprietary tech and AI. Highlights include Talia (an AI-powered assistant that can complete end-to-end dining bookings over chat), upgrades to Ten MAID and its Copilot for Lifestyle Managers, and broader use of Ten PX to deliver hyper-personalised, real-time member communications. These tools aim to deliver “better than the internet/LLM” results, boost engagement and lower cost-to-serve.

A telling stat for clients: 62% of members said Ten’s concierge was a strong or decisive factor in staying with their sponsoring brand. That is the loyalty dividend Ten is selling to banks and premium brands.

Contract momentum: more digital wins set to launch in H2 2026

The period skewed towards fully digital or digitally enabled wins and launches:

• Launched the Ten Digital Platform with a leading UK bank under an existing Large contract.
• Launched a digitally enabled concierge programme with a leading global technology company, opening up a mass affluent segment.
• Won a Medium fully digital programme in Europe for around one million premium banking clients with an existing corporate client.
• Won a new digitally enabled Large contract in AMEA for High and Ultra High Net Worth customers.
• Post period end: a new digital customer loyalty Medium contract in the Americas and an agreed Ten Digital Platform launch under an existing Large contract in Japan.

One Medium contract transitioned away during H1. Even so, the pipeline conversion and upcoming H2 launches support the upgraded FY 2027 outlook.

Regional performance: AMEA leads, Europe steady, Americas mixed

Region	Net Revenue H1 2026	H1 2025	Change
Europe	£13.3m	£12.3m	+8.3%
Americas	£11.7m	£12.3m	-5.1%
AMEA	£8.7m	£7.2m	+21.0%

Region	Adjusted EBITDA H1 2026	H1 2025
Europe	£4.1m	£4.0m
Americas	£0.5m	£0.2m
AMEA	£2.4m	£1.8m

Europe grew and invested to drive members and travel-led supplier revenue. The Americas dipped on FX, a Medium contract exit, and investment timing, but profitability improved. AMEA delivered standout growth and margin gains on strong base business and efficiencies.

Outlook and guidance: FY 2026 on track; FY 2027 upgraded

Trading since the period end is in line with the Board’s expectations for FY 2026. As at 21 April 2026, market expectations were revenues of £73.0m and Adjusted EBITDA of £15.5m.

The recent contract wins and platform launches scheduled for H2 2026 are expected to support growth into FY 2027. The Board now expects FY 2027 revenue and Adjusted EBITDA to be ahead of current market forecasts. Ten also notes limited impact on core service categories from the conflict in the Middle East and highlights diversification by client, segment and geography.

Cash, balance sheet and financing

Net cash stood at £9.3m with no long-term debt. The remaining £0.8m of loan notes were repaid and a £5.0m revolving credit facility is in place for short-term working capital, with drawdowns repaid in full during the period. Operating cash flow improved to £5.1m (H1 2025: £2.3m).

My take: positives, watch-outs, and what matters next

• Positives: margin expansion to 20.7% shows operating leverage; supplier revenue up 18% hints at healthy travel demand; Active Members up 23% validates the digital push; cash strong and no long-term debt removes financing risk.
• Watch-outs: reported Profit before tax slipped to £0.2m due to £0.5m exceptionals (restructuring) and £0.8m FX losses; the Americas top line fell; one Medium contract churned; sustained tech investment (£6.3m, with £3.4m capitalised) keeps amortisation elevated.
• Why it matters: Ten is proving it can scale a high-touch concierge model with digital and AI, widening reach into mass affluent while keeping Lifestyle Managers focused on complex, high-value work. The H2 2026 launches are the near-term catalyst, and the FY 2027 upgrade ups the stakes for execution.

Jargon buster (quick and handy)

• Net Revenue – Ten’s preferred income measure that includes certain direct costs of member transactions it manages (for example, airline tickets under ATOL), giving a clearer view of value added.
• Adjusted EBITDA – operating profit before interest, tax, depreciation, amortisation, share-based payments and exceptional items. A proxy for cash earnings from operations.
• Constant currency – re-states current period results using last year’s exchange rates to strip out FX movements.
• Active Members – eligible members who used the platform in the past 12 months.
• Contract sizes – Small (<£0.25m), Medium (£0.25m-£2m), Large (£2m-£5m), Extra Large (>£5m), based on annualised client fees.

What could move the share price next

• H2 2026 launches landing cleanly and driving digital engagement and supplier revenue.
• Delivery against FY 2026 market expectations of £73.0m revenue and £15.5m Adjusted EBITDA.
• Evidence that Talia, Ten MAID and Ten PX reduce cost-to-serve further and lift member activity.
• New digital-first contract wins with existing banks in new geographies – Japan is already teed up.

Overall, these are solid, disciplined numbers with a clear digital growth engine underneath. Execution on the H2 rollouts is now the key to converting today’s engagement gains into tomorrow’s revenue and EBITDA upgrades.