Ten Lifestyle Group Plc · LSE:TENG
Ten Lifestyle — H1 2026 Earnings Presentation
35 slides from Ten Lifestyle's earnings presentation, Apr 22, 2026
Slide 1: Ten Group TENG H1 Results to 28th February 2026
Ten Group “TENG” H1 Results to 28th February 2026 Prepared for Investor Presentations April 2026 © Copyright Ten Lifestyle Group 2026. Certified B Corp. All rights reserved. Prepared for Investors H1 2026. © Copyright Ten Lifestyle Group 2026. All rights reserved. 1 SLIDE 1 LIVING ×
Slide 2: Presentation Agenda
H1 2026 Highlights & Business Overview Presentation A lex Cheatle, Chief Executive Officer Agenda Business Model Alan Donald, Chief Financial Officer Financial Results Alan Donald Operational Update Alex Cheatle Outlook Alex Cheatle Questions and Answers Prepared for Investors H1 2026. © Copyright T
Slide 3: Our Mission
Our Mission To become the most trusted service for our members To become the most trusted customer loyalty platform for our corporate clients Our member exclusive e - zine produced by Content x Ten Prepared for Investors H1 2026. © Copyright Ten Lifestyle Group 2026. All rights reserved. 3 LIVING ×
Slide 4: H1 2026 Highlights & Business Overview
H1 2026 Highlights & Business Overview ALEX CHEATLE, Chief Executive Officer Prepared for Investors H1 2026. © Copyright Ten Lifestyle Group 2026. All rights reserved. 4 LIVING ×
Slide 5: H1 2026 Highlights
H1 2026 Highlights • Net Revenue 1 up 6% to £33.7m (H1 2025: £31.8m) ▪ up 9% at constant currency 2 to £34.6m • Adjusted EBITDA 3 up £1.0m to £7.0m (H1 2025: £6.0m) ▪ up 28% at constant currency to £7.7m ▪ Adj. EBITDA margin up to 20.7% (H1 2025: 18.9%) • Adj. PBT 4 up £0.6m to £1.6m (H1 2025: £1.0m
Slide 6: Net Revenue, Active Members, Adj. EBITDA
Net Revenue (£m) Active Members (‘000) Adj. EBITDA (£m) ↑ 6% ↑ 23% ↑ 16% 14.6 436 65.7 12.8 63.0 62.9 375 12.0 353 349 354 46.8 275 33.7 7.0 31.8 6.0 4.9 41.1 55.6 55.3 57.9 28.0 29.1 5.7 7.4 7.6 7.8 3.8 4.5 2022 2023 2024 2025 H1 2025 H1 2026 2022 2023 2024 2025 H1 2025 H1 2026 2022 2023 2024 2025
Slide 7: Ten's Corporate Clients include
Ten’s Corporate Clients include Prepared for Investors H1 2026. © Copyright Ten Lifestyle Group 2026. All rights reserved. 7 LIVING ×
Slide 8: Ten drives ROI for Corporate Clients
Ten drives ROI for Corporate Clients Ten improves loyalty, acquisition, retention and profitability • Our leading customer experience and loyalty platform Explore case studies of measurable client outcomes: and expert Lifestyle Managers helps clients: tengroup.com/what -ten-does/case-studies/ ▪ Incr
Slide 9: Ten's B2B2C Ecosystem
Ten’s B2B2C Ecosystem 1 2 OUR CORPORATES OUR MEMBERS Ten provides affluent members Benefit from higher customer with benefits and access “not engagement, retention, available on the internet/LLM” acquisition and value, across travel, dining, reinforced as the member entertainment and retail base exp
Slide 10: Investment Case
Investment Case SCALING REVENUE A HIGH POTENTIAL, LEADING CUSTOMER PROVEN AND MARGIN SCALABLE MARKET EXPERIENCE & GROWTH ENGINE • OPPORTUNITY LOYALTY PLATFORM • Grow revenue while • • Recurring platform revenue, maintaining stable Large unpenetrated market, Proprietary platform & AI High-margin grow
Slide 11: Ten's Growth Engine
Ten’s Growth Engine fuels the two - sided marketplace (members & suppliers) into a continuous cycle of value creation Find out more at: tenlifestylegroup.com/investors/investment - case/ Prepared for Investors H1 2026. © Copyright Ten Lifestyle Group 2026. All rights reserved. 11 LIVING ×
Slide 12: Business Model
BUSINESS MODEL ALAN DONALD, Chief Financial Officer Prepared for Investors H1 2026. © Copyright Ten Lifestyle Group 2026. All rights reserved. 12 LIVING ×
Slide 13: Ten's B2B2C Revenue Model
Ten’s B2B2C Revenue Model 87% of Revenue from Corporate Clients Supplier revenue 13% Corporate Client Contract Typically long-term contracts with minimums 87% High-touch revenue Digital revenue Corporate revenue Number of High-touch requests Number of Digital requests X X £££ per High-touch request
Slide 14: Differentiation by value segment
14 Differentiation by value segment DIGITAL - FIRST OPTIMAL HYBRID SERVICE Channel choice with specialist Digital platform Mass High Net Worth Lifestyle Managers supported by eCRM proactivity Affluent digital platform, AI tools AI & chat Priority, ringfenced inventory Redeemable online inventory Tar
Slide 15: Growing Active Members by value segments
Eligible Members in High ( ) and Active Members by value Very High Value ( ) segments segments (‘000) (‘000) 436 375 353 349 354 2,104 2,129 High and Very High Value Eligible Members ('000) 2,056 1,942 Growing 275 256 212 Active 217 197 198 1,520 Active Members ('000) Members 1,403 1,597 1,755 172
Slide 16: Average Concierge Revenue per Active Member
Concierge Revenue per Active Members by value segments (£) (Illustrative) Average Medium Concierge Revenue per Active Member High Average revenue per Active Member varies by value segment Very High Prepared for Investors H1 2026. © Copyright Ten Lifestyle Group 2026. All rights reserved. 16 LIVING ×
Slide 17: Case study: Full Digital Relaunch – European Bank
17 Case study: Full Digital Relaunch – European Bank Impact 6 months after launch Full Digital relaunch to 40k eligible members (subset of total portfolio) led to 11.5k digital registrations and ✓ 11.5k registrations; of which 75%+ were new to concierge a +90% growth in active members ✓ +90% growth
Slide 18: Financial Results H1 2026
FINANCIAL RESULTS H1 2026 ALAN DONALD, Chief Financial Officer Prepared for Investors H1 2026. © Copyright Ten Lifestyle Group 2026. All rights reserved. 18 LIVING ×
Slide 19: Income Statement
Income Statement • Net Revenue up 6% to £33.7m (H1 2025: £31.8m) Income statement for six months ending 28 February 2026 ▪ up 9% at constant currency YoY £m H1 2026 H1 2025 ▪ Net Revenue per FTE up 11% change • Operating expenses up 3% to £26.7m (H1 2025: £ 25.8 m) Revenue 36.0 34.1 1.9 Net Revenue
Slide 20: Net Revenue
Net Revenue • Net Revenue of £33.7m (2025: £31.8m) Net Revenue Growth H1 2026 vs H1 2025 (£m) ▪ up £2.8m at constant currency £0.5m £0.9m £34.6m £1.2m £0.7m £33.7m • Base Corporate revenue 6 up £1.2m £31.8m - £0.5m • New contract wins of £0.5m ▪ offset by losses of £0.5m • Supplier revenue 7 up £0.7
Slide 21: Supplier Revenue has shown growth
Supplier Revenue has shown growth • Supplier revenue of £4.5m (H1 2025: Supplier revenue (£m) £3.8m) 8.0 16.0% ▪ mostly travel related 7.0 13.4% 14.0% • 13% of Net Revenue (H1 2025: 11.9%) 12.3% 11.9% 11.9% 11.8% 6.0 12.0% • Improving product offering and supplier relationships 5.0 10.0% Supplier Re
Slide 22: Net Revenue and Adj. EBITDA by Region
Net Revenue and Adj. EBITDA by Region Europe Net Revenue by region (£m) • Net Revenue up 8% (at actual and constant currency); growth in % change H1 2026 H1 2025 both corporate and supplier revenue £m £m Europe 13.3 12.3 +8% Americas 11.7 12.3 - 5% • Adj. EBITDA up £0.1m to £4.1m, as we invested in
Slide 23: Continued Technology & AI Investment
Continued Technology & AI Investment Technology investment as a % of Net Revenue down from 21% to 19% • £6.3m (2025 H1: £6.6m) proprietary digital platforms, Cash Spend on Technology, AI, Platforms, Comms and Infrastructure (£m per FY) AI, content, communications and technologies 33% 13.9 35% 13.6 1
Slide 24: Cash Flow
Cash Flow Cashflow £m H1 2026 H1 2025 £m £m • Operating Cash flow up £2.8m to £5.1m (H1 2025: Profit before tax 0.2 1.1 £2.3m) Net finance expense 1.4 0.4 Working capital changes (1.1) (3.7) ▪ Profit before tax of £0.2m Non - cash items (share - based payments, 4.6 4.5 depreciation and amortisation)
Slide 25: Operational Update
OPERATIONAL UPDATE ALEX CHEATLE, Chief Executive Officer Prepared for Investors H1 2026. © Copyright Ten Lifestyle Group 2026. All rights reserved. 25 LIVING ×
Slide 26: Digital upgrades & new wins
Digital upgrades & new wins Prepared for Investors H1 2026. © Copyright Ten Lifestyle Group 2026. All rights reserved. 26 LIVING ×
Slide 27: Digital & AI developments
Digital & AI developments Internal External AI Guardian Quality Assurance Entertainment Tool Proprietary AI tool reviews member - facing Ten Box Office, our digital ticketing module, communications, including emails, quote and has achieved +30% in bookings since launch research, in real - time and a
Slide 28: Snapshot of technology and product roadmap
Snapshot of technology and product roadmap What we delivered in H1 2026 Future roadmap priorities for the rest of 2026 (selective) Improved platform speed and performance across search & Partner facing APIs - integration of extended tickets offering, discovery funnel exposing inventory to client’s d
Slide 29: Outlook
OUTLOOK ALEX CHEATLE, Chief Executive Officer Prepared for Investors H1 2026. © Copyright Ten Lifestyle Group 2026. All rights reserved. 29 LIVING ×
Slide 30: Becoming THE Customer Platform
Becoming THE Customer Platform PLATFORM • Ten as THE trusted loyalty platform • Secure, compliant, credible partner TRUSTED DATA PARTNER • Channel choice – 100% digital or hybrid AGENTIC SERVICES • Apply best - in- class technologies • Build and host the best assets for each client TEN PX • Optimal
Slide 31: Organisational development – increasing sales focus
Organisational development – increasing sales focus Regional Service Directors Centralised support • Best practice aides and sales toolkits • In-market “General Manager” style roles • Repurpose resource for sales enablement • Higher P&L accountability, including • Governance and ExCo oversight busin
Slide 32: Pathways To Further Revenue/Active Member Growth
Pathways To Further Revenue/Active Member Growth Additional Clients in new Geographies, Verticals New Clients: New Clients: New Clients: Signed Contracts Contracts In Negotiation Pipeline Current Clients: Current Clients: Current Clients: New Contracts Increased Usage per Active Increased Active Mem
Slide 33: Mid-term financial development
Mid -term financial development Analyst FY outlook Mid- term 2025 2026 Net Net Revenue revenue £66m £73m growth to £100m+ Adj. EBITDA £15m £16m Adj. EBITDA +++ Adj. EBITDA 22% 22% c.35% + Margin Prepared for Investors H1 2026. © Copyright Ten Lifestyle Group 2026. All rights reserved. 33 LIVING ×
Slide 34: Current Trading and Outlook
Current Trading and Outlook • Trading since the period end has been in line with the Board’s expectations for FY 2026 • The Group has continued to convert its healthy pipeline across financial institutions and other premium brands • Recent developments include a new digital customer loyalty Medium c
Slide 35: Thank you
Thank you InvestorRelations@tengroup.com www.tengroup.com/investors Prepared for Investors H1 2026. © Copyright Ten Lifestyle Group 2026. All rights reserved. 35 LIVING ×