Full Year Trading Update

• Last updated:October 2, 2025

Full Year Trading Update

The Group expects to report that Net Revenue¹ for the year will be broadly in line with market expectations at c.£65.7m, up 5% on the prior year (FY 2024: £62.9m) and up 7% at constant currency to c.£67.1m. Active Members² are up 7% year on year to 375k (FY 2024: 349k), with the most significant growth towards the end of H2.

Adjusted EBITDA³ increased by £1.8m on the prior year to c.£14.6m (FY 2024: £12.8m), ahead of market expectations, and up £0.4m to c.£ 13.2m at constant currency. Adjusted EBITDA margin⁴ is expected to improve to 22.2% (FY 2024: 20.3%).

During the second half of the year the Group secured two Medium⁵ contracts in AMEA and several strategically important Small contracts. The Group also renewed a number of existing contracts, including a multi-year renewal of a Large contract in Europe with an uplift in fees for a digitally-led service. The Group also expects a Medium contract in the Americas to transition away by the end of H1 2026.

The Group ended the financial year with cash and cash equivalents of c.£10.6m (FY 2024: £9.3m) and net cash of c.£9.8m (H1 2025: £6.8m; FY 2024: £3.9m).

The Group has repaid all loan notes, with £3.1m repaid during the year and the remaining loan notes of £0.8m repaid following the end of the period.

Post-period end, the Group secured a 3-year £5.0m revolving credit facility with NatWest to support the Group's short-term working capital requirements. This facility provides greater flexibility, at a lower cost and is more closely aligned to the Group's needs than the loan notes and invoice financing arrangement it replaces.

The Group continues to maintain investment levels in AI-driven technology and a digital platform to enhance efficiency, scalability and service quality. In July, it launched two innovations now being rolled out across global client programmes: Ten Digital Dining, a world-leading integrated dining service, and Guardian, a proprietary AI quality assurance tool.

Alex Cheatle, CEO of Ten Lifestyle Group, said:

"I am pleased to report continued progress and particularly an improvement in Adjusted EBITDA for the year, reflecting increased efficiency alongside continued investment in our AI-driven digital platform. The launch of our Digital Dining service into multiple markets marks a step-change in how we serve members, combining better service quality with greater scalability. Pleasingly, the adoption rate amongst new active members accelerated towards the end of the year. We also ended the year with a stronger balance sheet and a robust pipeline of opportunities."

¹ Net Revenue includes the direct cost of sales relating to certain member transactions managed by the Group.

² Individuals holding an eligible product, employment, account or card with one of Ten's corporate clients are "Eligible Members", with access to Ten's platform, configured under the relevant corporate client's programme, with Eligible Members who have used the platform in the past twelve months becoming "Active Members".

³ Adjusted EBITDA is operating profit/(loss) before interest, taxation, amortisation, depreciation, share-based payment expense, and exceptional items.

⁴ Adjusted EBITDA margin is Adjusted EBITDA as a percentage of Net Revenue.

⁵ Ten categorises its corporate client contracts based on the annualised value paid, or expected to be paid, by the corporate client for the provision of concierge and related services by Ten as: Small contracts (below £0.25m); Medium contracts (between £0.25m and £2m); Large contracts (between £2m and £5m); and Extra Large contracts (over £5m). This does not include the revenue generated from suppliers through the provision of concierge services.

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