Ten Lifestyle Group (TENG) H1 2026 earnings summary

Executive summary

• Net revenue grew 6% year-over-year to £33.7m (9% at constant currency), with adjusted EBITDA up 16% to £7.0m and margin improving to 20.7%.

• Adjusted profit before tax increased to £1.6m from £1.0m, excluding FX losses and exceptional items.

• Active members rose 23% to 436,000, driven by digital transformation, engagement, and new contract wins.

• Digital transformation initiatives reduced operating expenses per request by 9% and increased net revenue per FTE by 11%.

• No long-term debt remains; net cash position improved to £9.3m, up from £6.8m last year.

Financial highlights

• Net revenue reached £33.7m (up 6%, 9% at constant currency); revenue for H1 2026 was £36.0m.

• Adjusted EBITDA increased to £7.0m (up 16%), margin at 20.7% versus 18.9% prior year.

• Supplier revenue rose to £4.5m, now 13% of net revenue, up from 12%.

• Operating cash flow increased to £5.1m from £2.3m year-over-year.

• Technology investment at 19% of net revenue, down from 21% year-over-year.

Outlook and guidance

• Trading since period end is in line with Board expectations for FY 2026; recent digital contract wins expected to support growth into FY 2027.

• FY 2027 revenue and adjusted EBITDA now expected to exceed current market forecasts.

• Mid-term guidance: net revenue to exceed £100m, adjusted EBITDA margin target c.35%+.

• Growth expected from digital-only and hybrid contracts launching in H2, especially in Japan, Asia, and new verticals.

• Focus remains on profitable, cash-generative growth and executing the digital roadmap.