Annual Report & Accounts 2026
Leading customer experience platform
Overview:
Ten is combining the latest technology and expertise to drive user experience, customer engagement and loyalty value
Our Growth Engine Strategy
Speed and efficiency: Digital delivery lowers the cost to serve
Routine requests, such as restaurant bookings, ticket purchases and offer redemptions through the Digital Platform, are increasingly be completed digitally with reduced manual handling.
For complex requests, our Lifestyle Managers are supported by intelligent routing, Ten Copilot and Ten Guardian. These tools help ensure requests are directed to the appropriate team or expert Lifestyle Manager and support quality and consistency in real time. The result is a service that scales without costs rising at the same pace.
Active Members grew 23% to 461k (2025: 375k), expanding the engaged member base and driving further usage and personalisation, while requests fulfilled digitally grew by 23%. Operating expenses and other income increased by 4.6% to £53.6m (2025: £51.1m), resulting in a 15% reduction in operating cost per Active Member.
Net Revenue grew 6% to £69.7m (2025: £65.7m). Adjusted EBITDA grew 10% to £16.1m (2025: £14.6m), faster than Net Revenue. Adjusted EBITDA margin rose to 23.1% (2025: 22.2%).
This is the fourth consecutive year of margin improvement, up from 10.4% in 2022.
Around 38p of every additional pound of Net Revenue generated during theyear reached Adjusted EBITDA, above the Group’s overall Adjusted EBIT margin and demonstrating the operating leverage within the business.
We reinvest the cash the business generates in two areas. The first is our technology. This includes Ten PX, our data and personalisation engine and the AI enabled tools that make service faster and more efficient. The second is the member proposition. This covers the content, supplier benefits and personalised experiences that give members more reasons to engage. The business applies a clear discipline: we hold overall investment broadly steady while revenue grows, so each year’s investment is funded by a larger and more profitable business.
In 2026, total investment in proprietary platforms, content and technology was £12.3m (2025: £12.6m), of which £7.1m was capitalised (2025: £6.7m). In 2027, reinvestment will focus on three priorities: growing digital revenue and usage, driving higher levels of personalisation and supporting new digital partnerships including across Japan, Latin America and Europe
The global customer experience platform driving loyalty for leading financial institutions and premium brands
Ten serves two customers: Corporate clients and their members. Serving one makes us more valuable to the other.
Members receive personalised experiences, trusted access and expert support. Greater engagement attracts stronger suppliers and richer data, improving the proposition and creating more opportunities for clients to connect with their customers, supporting acquisition, retention and customer lifetime value.
Technology-driven, scalable and positioned for profitable growth. Ten serves two customers: corporate clients and their members. Serving one makes us more valuable to the other.
Members receive personalised experiences, trusted access and expert support. Greater engagement attracts stronger suppliers and richer data, improving the proposition and creating more opportunities for clients to connect with their customers, supporting acquisition, retention and customer lifetime value.
Technology-driven, scalable and positioned for profitable growth.
- Expand within existing clients, adding portfolios and broadening coverage across member segments from mass-affluent to UHNW
- Win new clients across financial services and adjacent premium sectors
- Grow revenue while maintaining stable technology investment and improving operating margin
A Scalable Market Opportunity with Strong Growth Potential
- Large, under-penetrated market for loyalty and lifestyle programmes with bluechip financial services
- Rising demand for differentiated, high-value member experiences
- Platform model benefits from scale, supporting global growth
- Proprietary platform and AI systems connect millions of Eligible Members, 50+ corporate clients, and thousands of suppliers
- 28 years of expertise delivered through global Lifestyle Managers across 20+ service locations
- Trusted by the world’s leading financial institutions under multi-year, recurring contracts
- Recurring revenue from platform-as-aservice and technology fees
- Revenue growth outpacing technology
investment, improving operating margins - Predictable cash generation supported
by multi-year client agreements with
contractual minimums
Responsible Business - Scaling responsibly
As Ten continues to scale its technology-driven customer experience and loyalty platform, responsible business remains central to how we operate and create long-term value. Ten was the first AIM-listed company to achieve B Corp certification and continues to maintain this status, reflecting our commitment to social and environmental responsibility, transparency and accountability.
Our Sustainable Business Strategy is structured around three pillars: environmental responsibility, people and communities and responsible governance.
Environmental responsibility
Commitment
Targets
- Maintain carbon neutrality for Scope 2 emissions with verified offsetting
- Positively influence members by promoting sustainable lifestyle choices and helping them reduce personal carbon footprints
Progress
of Scope 2 emissions offset (349 tCO2e)
Conscious Collection expanded to >500 verified partners
Conscious Collection verified partners
Strengthening people and global communities
Targets
- Maintain strong workforce diversity
- Continue developing leaders through the Ten Academy
- Build skills to support increasing use of AI and technology
- Increase the impact of volunteering and community activity
Progress
female representation across the workforce
female representation in senior management
Ten Academy Graduates
Volunteering hours contributed by 151 employees
Governance and data integrity at scale
Commitment
As our technology capabilities expand, effective oversight of AI, data and digital systems is increasingly important. Strong Board governance, established compliance controls and responsible technology policies support the resilience of the Group.
Targets
- Maintain whistleblowing, anti-bribery and corruption and modern slavery controls
- Continue embedding secure and responsible AI practices
- Strengthen oversight as AI adoption increases
Progress
- Increased Board oversight of AI adoption, responsible use and associated risks
- Annual compliance and policy reviews completed
- B Corp certification maintained
Leaders trained on Ai
B Corp Certified Score
Completed
Annual reviews of whistleblowing, anti-bribery and modern slavery
Q&A with
Chief Technology Officer and Chief Proposition Officer

Jon Mullen
on leads Ten’s product and technology functions, drawing on experience delivering secure, high-traffic digital products and applied AI at IMG Arena and Sky’ platform. As Chief Technology Officer at IMG Arena he was accountable for realtime sports data and betting platform where latency, data integrity and regulatory assurance were operating constraints rather than aspirations. Before that, he worked on the early development of recommendation platforms at national consumer scale at both NOW and Compare the Market, whe that work became AutoSergei

Victoria Carvalho
As Chief Proposition Officer, Victoria leads Ten’s global proposition strategy, encompassing strategic partnerships across Travel, Dining, Entertainment, Retail and Events, alongside personalisation and content. Her focus is turning these into member experiences that drive engagement and long-term value. She brings 20+ years of C-suite experience from Nasdaq, Thomson Reuters and Do Jones, specialising in commercial growth, product development, M&A and global transformation.
Two years ago, personalisation mostly meant getting a request right: the table booked, the tickets secured or the trip booked. That is now the baseline. Some early adopter members use assistants in the rest of their lives and expect the same speed and relevance from a premium benefit. They want us to anticipate, not just respond. Today, personalisation means three things. The first is relevance: suggestions that reflect a member’s tastes and what is available. The second is choice of channel, from instant booking through the Digital Platform to a conversation with a Lifestyle Manager via a chat platform. The third is differentiation: access, benefits and connected experiences across travel, dining, entertainment and other lifestyle categories that members cannot always
organise themselves and makes them feel special. The emotional core has not changed.Remembering an anniversary and making the evening feel special is what builds loyalty. Technology gives us the knowledge, and our Lifestyle Managers bring the judgement and human touch.
Key Financial highlights
Leadership Reflections
“Technology does the work at scale. Our Lifestyle Managers are there when judgement matters. That combination is what clients are buying.”
“This year we took Ten into a new top 20 GDP market and into new verticals beyond financial services. Every step proves the same point: our platform travels well and each new market makes it stronger.”
“Record Growth and transfermation support long-term growth”
– Julian Pancholi
Non-Executive Chairman
Top Luxury Concierge Company
At The Top 20 Luxury Travel Agencies Award 2025
Concierge Agency of the year award
At the 2025 Aspire Awards
Best Printed report – Aim at the 2026 corporate financial awards
Best performing stars from Marriott international celestial club EMEA
(2024-2026)
Tech-Enabled Member Experiences
In 2025, Ten delivered groundbreaking innovation:
Now active in:
60 countries, 22 languages, and 43 currencies
Improved AI Technology
A proprietary ticketing marketplace for exclusive events
Awards & Accolades






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