Ten Technologies Preliminary Results 2026: Record EBITDA and Member Growth

Ten Technologies Group PLC (AIM: TENG) released its preliminary results on 11 November 2026, covering the financial year ended 31 August 2026. The company reported record net revenue, adjusted EBITDA, profit before tax, net cash and active membership.

The full figures are available in the original company announcement.

Ten changed its name from Ten Lifestyle Group PLC on 1 September 2026, reflecting the growing role of its technology platform, data and artificial intelligence products. Readers can also visit the existing Ten Lifestyle Group PLC company page for related coverage.

Ten Technologies' key 2026 figures

Metric	2026	2025	Change
Net revenue	£69.7 million	£65.7 million	6%
Adjusted EBITDA	£16.1 million	£14.6 million	10%
Adjusted EBITDA margin	23.1%	22.2%	0.9 percentage points
Profit before tax	£3.4 million	£2.9 million	17%*
Profit for the year	£3.2 million	£2.4 million	34%*
Basic earnings per share	3.3p	2.5p	32%*
Active Members	461,000	375,000	23%
Net cash	£11.1 million	£9.7 million	£1.4 million increase

*Josh's calculation using the company-reported current and prior-year figures. Differences may arise from rounded numbers.

Adjusted EBITDA means earnings before interest, tax, depreciation, amortisation, share-based payments and exceptional items. It is not a statutory accounting measure, but management uses it to assess underlying operating performance.

Digital growth is improving the economics

The most important feature of these results is not simply that the business grew. It is that the member base expanded substantially faster than costs.

Active Members increased by 23% to 461,000, while operating expenses and other income rose by 4.6% to £53.6 million. As a result, operating cost per Active Member fell by 15%.

Requests fulfilled digitally also increased by 23%, supporting a 13% rise in net revenue per full-time equivalent employee. Year-end headcount fell by 60 to 1,128 full-time equivalent employees.

These figures support management's argument that digital adoption is creating operating leverage. In plain English, Ten is serving more people without its cost base having to grow at the same rate.

The group launched a fully digital platform for more than one million HSBC UK Premier customers, alongside programmes in Japan and the Asia-Pacific, Middle East and Africa region. It also secured two Medium digital-first opportunities in the Americas, including Lola, part of Booking Holdings.

Ten defines a Medium contract as one expected to generate between £0.25 million and £2 million in annual corporate payments.

Revenue growth was broad, but not even

Corporate revenue increased from £57.9 million to £60.7 million, while supplier revenue rose from £7.8 million to £9.0 million. Annual recurring revenue reached £37.4 million and represented 54% of net revenue.

Regional performance was mixed:

Region	2026 net revenue	Change	Adjusted EBITDA margin
Europe	£28.0 million	9.4%	34.3%
Americas	£24.3 million	-0.4%	7.8%
AMEA	£17.4 million	10.8%	26.4%

Europe and AMEA delivered healthy revenue growth. The Americas was broadly flat after the loss of a Medium contract and reduced activity across two Extra Large contracts.

There was better news on Americas profitability. Adjusted EBITDA increased from £1.0 million to £1.9 million, with the regional margin improving from 4.1% to 7.8%. Restructuring and operational efficiencies helped, although foreign exchange movements remained a headwind.

Net revenue retention was 104%, meaning revenue from the existing client base remained above its starting level after expansions and contractions. However, this was lower than 108% in 2025, making it a useful metric to monitor.

Cash generation funded continued investment

Cash generated from operations increased to £12.4 million from £10.9 million. After investment, tax and other cash movements, net cash rose to £11.1 million.

Ten had no borrowings at the year end, while its £5.0 million revolving credit facility was undrawn. That provides financial flexibility as the group continues investing in technology and sales.

Total investment in proprietary platforms, content and technology was £12.3 million, equivalent to 18% of net revenue. Of this, £7.1 million was capitalised as an intangible asset rather than expensed immediately.

That investment supports products including TenMAID, Ten Copilot, Ten Guardian and Talia, its AI-powered member assistant. The aim is to automate routine work, improve personalisation and allow human Lifestyle Managers to concentrate on more complex requests.

Investors should still remember that capitalised development spending eventually appears through amortisation. Ten recorded a £6.3 million amortisation charge during the year, which helps explain the gap between adjusted EBITDA of £16.1 million and statutory profit before tax of £3.4 million.

Trading since the year end

Management said trading since 31 August 2026 had been in line with current market expectations for 2027. The group expects higher net revenue and improved profitability compared with 2026, although precise guidance was not disclosed.

Active Members increased another 18% in the first two months of the new financial year, reaching 545,000. This was driven mainly by the HSBC UK rollout and NatWest relaunch.

Ten has also doubled its investment in global business development, including approximately £0.5 million of additional sales investment. This should increase capacity across the sales pipeline, but it also means some of the benefits will depend on the group converting opportunities into profitable contracts.

What investors should weigh up

Positives

• Record adjusted EBITDA, margin, profit before tax and net cash.
• Active Member growth materially outpaced operating cost growth.
• Digital adoption is improving productivity and reducing cost per member.
• The balance sheet was debt-free at year end, with an undrawn £5.0 million facility.
• Post-year-end membership growth suggests the larger digital launches are gaining traction.

Risks and weaker points

• Americas net revenue declined slightly, despite improved profitability.
• Currency movements reduced reported growth. Adjusted EBITDA would have been £17.4 million at constant currency rather than £16.1 million.
• Two corporate clients generated combined revenue of £19.4 million, creating some customer concentration.
• Two Extra Large contracts moved into the Large category as clients moderated activity.
• Continued technology investment produces substantial amortisation charges.
• The board did not recommend a dividend.

The next test is profitable member activation

Ten Technologies has produced a strong set of preliminary results, with evidence that its digital model is becoming more scalable. The standout combination is 23% Active Member growth, a 15% reduction in operating cost per member and a higher adjusted EBITDA margin.

The next step is turning the rapidly expanded eligible and active member base into sustained revenue growth without weakening service quality. Progress in the Americas, net revenue retention and conversion of the enlarged sales pipeline will be particularly important during 2027.