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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

Two customers, one platform Serving one makes us more valuable to the other

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. 

Margins and cash: efficiency flows through to the bottom line

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.

Reinvestment: cash builds a better proposition and a stronger platform

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.

Our Growth Levers
  • 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
An Established Customer Experience Platform
  • 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
A Proven Growth Engine with Operating Leverage
  • 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

We are improving how we measure and manage our environmental impact, with greater focus on data quality, reporting and using our platform to support more sustainable choices. 

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 

Commitment
We are building the skills, leadership and culture needed to support Ten’s next stage of growth, while maintaining a diverse and inclusive workplace and creating opportunities for our people to contribute to their 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.

Members’ expectations have shifted quickly with the rise of AI assistants. What does “personalised” mean to a member with access to Ten’s services today, compared with two years ago?

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.

Many cardholders never use the benefits they are entitled to. How does personalisation turn a benefit holder into an active member, and what have you seen this year?
A benefit that sits unused does nothing for our corporate client’s customer relationship. An Active Member has experienced a benefit funded by our corporate client, creating a meaningful opportunity for the client to connect with that customer and strengthen engagement and retention. Personalisation closes the gap. It make the first interaction relevant, so a member receives a suggestion relevant to their interests rather than a generic list of benefits. Ten PX connects member behaviour with lifecycle triggers, so the right message reaches the right member at the right moment. For example, as a member who might have booked my hotel in New York via the service, a pre-travel reminder will include recommendations to appropriate restaurants that can be booked right away online or discounts to relevant attractions. As our eligible member base grows, this gives Ten a larger opportunity to convert more benefit holders into Active Members and build engagement over time. AI agents are opening a new route to benefit usage: as members start delegating their organising to agents, those agents can act on Ten’s benefits for them. That means we get used in moments where members would previously have forgotten we could help.A benefit that sits unused does nothing for our corporate client’s customer relationship. An Active Member has experienced a benefit funded by our corporate client, creating a meaningful opportunity for the client to connect with that customer and strengthen engagement and retention. Personalisation closes the gap. It make the first interaction relevant, so a member receives a suggestion relevant to their interests rather than a generic list of benefits. Ten PX connects member behaviour with lifecycle triggers, so the right message reaches the right member at the right moment. For example, as a member who might have booked my hotel in New York via the service, a pre-travel reminder will include recommendations to appropriate restaurants that can be booked right away online or discounts to relevant attractions. As our eligible member base grows, this gives Ten a larger opportunity to convert more benefit holders into Active Members and build engagement over time. AI agents are opening a new route to benefit usage: as members start delegating their organising to agents, those agents can act on Ten’s benefits for them. That means we get used in moments where members would previously have forgotten we could help.
Digital delivery lets corporate clients extend benefits to customer tiers that were previously uneconomic to serve. How do you make a broader audience feel as well looked after as a private banking client
Premium is a feeling, not a price point. I comes from being known, getting things done without friction and enjoying access or benefits others cannot easily get. Digital delivery lets us offer much of that to a far wider audience. Victoria Carvalho Chief Proposition Officer Contents Generation – Section Contents Generation – Page Contents Generation – Sub Page Strateg 32 Ten Technologies Group Plc Annual Report & Acco Our modular platform lets corporate clients configure each tier to differentiate. A mass affluent member might enjoy personalised offers and instant digital booking. A top-tier member typically adds dedicated Lifestyle Manager support. Both are delivered through the same platform and to the same high standards. Wider access does not mean a thinner experience.
What does the Ten platform understand about a member and how does it turn that into the right recommendation at the right moment, while keeping their data secure?
Ten builds a picture of each member from every interaction they have with us, whether on the Digital Platform or with a Lifestyle Manager: their interests and passion areas, requests, bookings, content and feedback. On the supply side, Ten Hub bring together inventory from our hotel, dining, travel and entertainment partners in a single store, where our Content team, supported by AI, classifies and enriches each item. This allows TenPX to match inventory precisely to member interests, combining it with our corporate client’s customer data to decide what to recommend and when. This personalisation means members receive timely, relevant suggestions, such as a new restaurant opening or an event they would not want to miss, rather than generic newsletters. Client data is used only for that client’s members and is never shared across clients. None of this works without trust. Ten maintains CI DSS Level 1and SOC II certification for the Digital Platform and applies the same controls to our new A capabilities.
Where does AI end and the Lifestyle Manager begin?
AI supports high-quality outcomes at scale, strengthening member experience and operational leverage. Through the Digital Platform, members can self-serve everyday requests, including searching, browsing and booking travel, restaurants and tickets, or redeeming benefits Talia’s capabilities are being extended as agentic services to work more seamlessly with Ten MAID and support members requests across channels beyond chat. It is progressively automating more of the request journey, from creating the brief and clarifying details with the member to researching options and ultimately, completing the booking. Lifestyle Managers handle complex requests, judgement calls and moments that matter emotionally. AI-enabled tools, including Ten MAID and Ten Guardian help them work faster and support quality assurance of member communications, including tone and accuracy. AI makes Lifestyle Managers more effective; it does not replace them.

Key Financial highlights

Net Revenue
£ m
Adjusted EBITDA
£ m
Profit before tax
£ m
Technology & Content
£ m
Material Contracts
Active Members
Cash & Equivalents
£ m

Leadership Reflections

“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:

Ten Digital Platform

Now active in:
60 countries, 22 languages, and 43 currencies

Improved AI Technology

AI and personalisation tools, including Talia, Ten PX, Ten Guardian and Co-Pilot enhancing speed, personalisation, and accuracy across member services
Ten Box Office

A proprietary ticketing marketplace for exclusive events

Explore the full report

28 Nov 2025

Annual Report & Accounts 2025

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28 Nov 2025

Strategic Report

28 Nov 2025

Corporate Governance

28 Nov 2025

Financial Statements

Awards & Accolades

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