Ten has won a multi-year contract with one of Japan’s leading financial services providers. The contract provides digitally enabled concierge and lifestyle services to HNWs and will include chat functionality using LINE. While the size is likely to expand over time, it will begin at the smaller end of the spectrum, and therefore provides support for existing revenue forecasts in FY26. The win further strengthens the group’s presence in AMEA, where it retains a strong pipeline. We continue to highlight the valuation on just 3.6x EV/EBITDA to Aug’26. Buy.
