Ten Lifestyle Group Plc · LSE:TENG
Ten Lifestyle — FY2025 Earnings Presentation
37 slides from Ten Lifestyle's earnings presentation, November 2025
Slide 1: Ten Group TENG Full Year Results
Ten Group “TENG” Leading Full Year Results CUSTOMER EXPERIENCE FOR THE YEAR ENDED Platform 31 August 2025 November 2025 Prepared for Investor Presentations November 2025 © Copyright Ten Lifestyle Group 2025. Certified B Corp. All rights reserved. Prepared for Investors FY 2025. © Copyright Ten Lifes
Slide 2: Presentation Agenda
1. FY2025 Highlights & Business overview Presentation Alex Cheatle, Chief Executive Officer Agenda 2. Business Model Alan Donald, Chief Financial Officer 3. Financial Results Alan Donald, 4. Operational Update Alex Cheatle, 5. Outlook Alex Cheatle, 6. Questions and Answers Prepared for Investors FY
Slide 3: FY 2025 Highlights & Business overview
FY 2025 Highlights & Business overview ALEX CHEATLE, Chief Executive Officer Prepared for Investors FY 2025. © Copyright Ten Lifestyle Group Plc 2025. All rights reserved. 3 LIVING ×
Slide 4: FY 2025 Highlights
FY 2025 Highlights • Net Revenue 1 up 4.5 % to £65.7m (2024: £62.9m) ▪ up 7% to £67.1m at constant currency • Record profitability with Adj. EBITDA 2 up 14% to £14.6m (2024: £12.8m) and margin up to 22.2% (2024: 20.3%) ▪ £13.2m at constant currency • PBT up more than fivefold to £2.9m (2024: £0.5m)
Slide 5: Net Revenue, Active Members, Material Contracts
Net Revenue (£m) Active Members (‘000) Material Contracts 31 63.0 62.9 65.7 375 29 353 349 28 28 55.6 55.3 57.9 25 46.8 275 34.7 41.1 203 31.9 5.7 7.4 7.6 7.8 2.8 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Supplier Revenue Corporate Revenue Adjusted EBITDA (£m) Profit
Slide 6: Our Mission
Our Mission To become the world’s most trusted service platform Our member exclusive e - zines produced by Content x Ten Prepared for Investors FY 2025. © Copyright Ten Lifestyle Group Plc 2025. All rights reserved. 6 LIVING ×
Slide 7: Our Corporate Clients include
Our Corporate Clients include Prepared for Investors FY 2025. © Copyright Ten Lifestyle Group Plc 2025. All rights reserved. 7 LIVING ×
Slide 8: Ten drives ROI for our Corporate Clients
Ten drives ROI for our Corporate Clients Ten improves customer acquisition, retention Ten’s service drives loyalty for its corporate clients and profitability 54% 88% Our combination of the tech platform and Ten’s Strong or decisive role Some or strong role people mean that customers using the servi
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 exclusive benefits and access engagement, retention, “not available on the internet” acquisition and spend on across travel, dining and lifestyle card, reinforced as the which deepens
Slide 10: Investment Case
Investment Case OUR GROWTH A SCALABLE MARKET AN ESTABLISHED PROVEN LEVERS OPPORTUNITY WITH CUSTOMER GROWTH ENGINE • STRONG GROWTH EXPERIENCE • Grow revenue while Recurring platform revenue, POTENTIAL PLATFORM maintaining stable • • High - margin growth, technology investment and Large unpenetrated m
Slide 11: Ten's Growth Engine
Ten’s Growth Engine fuels the two - sided marketplace (members & suppliers) into a continuous cycle of value creation Prepared for Investors FY 2025. © Copyright Ten Lifestyle Group Plc 2025. All rights reserved. 11 LIVING ×
Slide 12: Business Model
BUSINESS MODEL ALAN DONALD, Chief Financial Officer Prepared for Investors FY 2025. © Copyright Ten Lifestyle Group Plc 2025. All rights reserved. 12 LIVING ×
Slide 13: Our B2B2C Revenue Model
Our B2B2C Revenue Model 88% of Revenue from Corporate Clients Supplier revenue 12% Corporate Client Contract Typically long - term contracts often with minimums 88% High - touch revenue Digital revenue Corporate revenue Number of High - touch requests Number of Digital requests X X £££ per High - to
Slide 14: Active Members and Eligible Members by value segment
Eligible Members in High ( ) and Active Members by value Very High value ( ) segments segments (‘000) (‘000) 375 353 349 2,104 2,129 2,056 1,942 Growing 275 1,594 212 Active Active Members ('000) High & V High Eligible Members ('000) 217 197 1,520 203 Members, 1,062 1,403 1,597 1,755 172 ↑ 7% to 3
Slide 15: Proposition differentiation by value segment
15 Proposition differentiation by value segment DIGITAL FIRST MEDIUM Digital platform Online inventory Online content/inventory eCRM proactivity Shared offers and virtual events Marketing driving digital AI & chat Pre - determined packages ENHANCED HYBRID HIGH Omnichannel contact with Priority inven
Slide 16: Average Concierge Revenue per Active Member
Concierge Revenue per Active Members by value segments (£) Illustrative Average Medium Concierge Revenue per Active High Member Average revenue per Active Member varies by value segment Very High Prepared for Investors FY 2025. © Copyright Ten Lifestyle Group Plc 2025. All rights reserved. 16 LIVING
Slide 17: Case study: European Bank – Digital-first success
Case study: European Bank – Digital -first success Long - standing partnership Ten had managed programme, historically combining high - touch and limited digital services for High Value customers. Client’s objective To transition to a digital - first model to engage more customers. Ten’s delivery ➢
Slide 18: Financial Results FY 2025
FINANCIAL RESULTS FY 2025 ALAN DONALD, Chief Financial Officer Prepared for Investors FY 2025. © Copyright Ten Lifestyle Group Plc 2025. All rights reserved. 18 LIVING ×
Slide 19: Income Statement
Income Statement • Record Net Revenue of £65.7m (2024: £62.9m) Income statement for year ending 31 August 2025 £m 2025 2024 YOY change • Record Adj. EBITDA of £14.6m (2024: £12.8m) £m £m £m ▪ underlying Adj EBITDA at constant rates of £14.5m; excluding Revenue 69.6 67.3 2.3 £0.7m of set up costs and
Slide 20: Net Revenue
Net Revenue Net Revenue Growth 2024 vs 2025 (£m) • Net Revenue of £65.7m (2024: £62.9m) ▪ £67.1m at constant currency 4.5 ( 3.7 ) • Base Corporate revenue 5 up £3.2m 3.2 0.2 67.1 ( 1.4 ) 65.7 62.9 • New contract wins of £4.5m include ▪ Extra Large win in US ▪ 3 Medium wins in AMEA and Europe • Contr
Slide 21: Supplier Revenue has remained consistent
Supplier Revenue has remained consistent • Supplier revenue of £7.8m (2024: £7.6m) Supplier revenue (£m) 5.0 14.0% ▪ mostly from travel 12.8% 12.5% 12.3% 4.5 11.9% 11.9% 11.8% • 12% of Net Revenue (2024: 12%) 10.8% 11.4% 11.0% 4.0 12.0% 3.8 3.8 3.8 4.0 4.0 • Consistent supplier revenue in the year 3
Slide 22: Net Revenue and Adj. EBITDA by Region
Net Revenue and Adj. EBITDA by Region Europe Net Revenue by region (£m) • Net Revenue down 3% to £25.6m, reflecting the Large contract loss 2025 2024 % change in H2 2024, partly offset by growth on other contracts £m £m Europe 25.6 26.4 -3 Americas 24.4 25.0 -2 • Adj. EBITDA down £1.1m to £9.3m , wi
Slide 23: Continued Technology Investment
Continued Technology Investment Technology investment as a % of Net Revenue down to 19% • £12.6m (2024: £12.8m) proprietary digital platforms, Cash Spend on Technology, Platforms, Comms and Infrastructure (£m per FY) content, communications and technologies 33% 13.9 35% 13.6 14 ▪ £6.7m (2024: £6.7m)
Slide 24: Cash Flow
Cash Flow Cashflow £m 2025 2024 £m £m • Cash and cash equivalents increased by £1.3m to 2.9 0.5 Profit before tax £10.6m (2024: £9.3m) Net finance expense 1.8 1.5 Working capital changes (2.9) (1.0) • Net Cash increase to £9.7m (2024: £3.9m) Non - cash items (share - based payments, 9.1 10.0 depreci
Slide 25: Balance Sheet
Balance Sheet • Net assets grew to £26.7m (FY2024: £18.4m) Balance Sheet £'m 2025 2024 due to new share issue plus increased profit Intangible assets 16.7 16.3 • Right - of - use assets of £7.8m (FY2024: Property, plant and equipment 0.9 0.6 Right - of - use assets 7.8 5.5 £5.5m) increased as office
Slide 26: Operational Update
OPERATIONAL UPDATE ALEX CHEATLE Chief Executive Officer Prepared for Investors FY 2025. © Copyright Ten Lifestyle Group Plc 2025. All rights reserved. 26 LIVING ×
Slide 27: Video link
Click here to watch: https://vimeo.com/1130840879/65643d21fc?share=copy&fl=sv&fe=ci Prepared for Investors FY 2025. © Copyright Ten Lifestyle Group Plc 2025. All rights reserved. 27 LIVING ×
Slide 28: A year in review
A year in review Concierge agency of the Year Prepared for Investors FY 2025. © Copyright Ten Lifestyle Group Plc 2025. All rights reserved. 28 LIVING ×
Slide 29: Digital & AI developments
Digital & AI developments Internal External AI Guardian Quality Assurance Talia – AI -powered member Tool assistnat Proprietary AI tool reviews member - facing Ten’s AI - powered member assistant enables communications, including emails, quote and end - to- end bookings over chat, including research
Slide 30: Video link
Click here to watch: https://vimeo.com/1111432795/2b3b27c5c2?share=copy&fl=sv&fe=ci Prepared for Investors FY 2025. © Copyright Ten Lifestyle Group Plc 2025. All rights reserved. 30 LIVING ×
Slide 31: Video link
Click here to watch: https://vimeo.com/1133731446/dfbad0dfcf?share=copy&fl=sv&fe=ci Prepared for Investors FY 2025. © Copyright Ten Lifestyle Group Plc 2025. All rights reserved. 31 LIVING ×
Slide 32: Member Experience Proposition
Highlights of existing capabilities and 2025 additions Existing capability What we delivered in 2025 Full Travel OTA Book flights, hotels , cars and attractions Hotels: auto - complete optimization with improved search Open APIs Ten APIs enable clients to integrate into their digital platforms More
Slide 33: Outlook 2026
OUTLOOK 2026 ALEX CHEATLE Chief Executive Officer Prepared for Investors FY 2025. © Copyright Ten Lifestyle Group Plc 2025. All rights reserved. 33 LIVING ×
Slide 34: 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: Contracts In Signed Contracts Pipeline Negotiation Current Clients: Current Clients: Current Clients: New Contracts Increased Active Increased Usage per (Eligible
Slide 35: The Roadmap – what are we doing now and in 2026?
The Roadmap – what are we doing now and in 2026? Improved “Follows” Earn & Burn points CMS and Tooling MAID and LM co - pilot Allow members to use loyalty Actionable data improving Improved management of benefits, Rollout of improved Ten MAID v3, points across our portfolio online. personalisation t
Slide 36: Current Trading and Outlook 2026
Current Trading and Outlook 2026 • Trading since year end in line with market expectations (revenues of £73.0 m and Adj . EBITDA of £15.5m) ; on track for higher net revenue growth and improved profitability • Active Members up to 387 k (FY 2025 : 375 k), reflecting strong engagement • Benefiting fr
Slide 37: Thank you
Thank you InvestorRelations@tengroup.com www. tengroup .com /investors Prepared for Investors FY 2025. © Copyright Ten Lifestyle Group Plc 2025. All rights reserved. 37 LIVING ×