Ten Lifestyle Group (TENG) H2 2025 earnings summary

Executive summary

• Achieved record net revenue of GBP 65.7 million for FY2025, up 4.5% year-over-year, driven by major new U.S. contracts and continued tech investment.

• Adjusted EBITDA reached GBP 14.6 million, up 14%, with margin improving to 22.2%.

• Profit before tax rose more than fivefold to GBP 2.9 million, marking the third consecutive year of PBT growth.

• Active members grew 7% year-over-year to 375,000 at year-end, and to 387,000 by October, driven by contract wins and digital engagement.

• Business is now debt-free after repaying loan notes, supported by a successful share placing and strong cash position of GBP 10.6 million.

Financial highlights

• Revenue for FY2025 was GBP 69.6 million, with net revenue at GBP 65.7 million.

• Adjusted EBITDA margin improved to 22.2% from 20.3% year-over-year.

• Supplier revenue remained stable at GBP 7.8 million, 12% of net revenue.

• Cash and cash equivalents increased to GBP 10.6 million; net cash at GBP 9.7 million.

• Net assets grew to GBP 26.7 million, supported by new share issue and increased profit.

Outlook and guidance

• Trading since year-end is in line with market expectations, with analyst consensus for FY2026: revenues of GBP 73 million and Adjusted EBITDA of GBP 15.5 million.

• Active members have increased to 387,000 post year-end, with further growth expected.

• Continued focus on digital innovation, member engagement, and profitable growth.

• Focus on winning new clients, expanding into new verticals, and increasing efficiency.