REG - PensionBee Group plc - Interim Results 2025
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RNS Number : 2567V PensionBee Group plc 14 August 2025
PensionBee Group plc
Incorporated in England and Wales
Registration Number: 13172844
LEI: 2138008663P5FHPGZV74
ISIN: GB00BNDRLN84
14 August 2025
PensionBee Group plc
Interim Results for the six months ended 30 June 2025
Successful Execution Drives UK Performance and Sustained Growth Momentum
PensionBee US Lays Growth Foundation with Strategic Brand and Tech Investment
PensionBee Group plc ('Company', together with its subsidiaries 'PensionBee'
or the 'Group'), a leader in the online consumer retirement market, today
announces interim results for the six month period ended 30 June 2025 ('H1
2025').
Performance Overview
In the first half of 2025, PensionBee delivered strong financial and
operational performance, with high levels of growth achieved across key
metrics, in line with the Q2 2025 Results announcement released on 23 July
2025.
● Invested Customers(1) increased by 14% year-on-year to 286,000
(H1 2024: 252,000), underpinned by the strength of the Company's brand and
efficient, data-led customer acquisition.
● Assets Under Administration ('AUA') (2) increased by 21%
year-on-year to £6.3bn as at Jun-2025 (H1 2024: £5.2bn), driven by strong
Net Flows from new and existing customers.
● Revenue(3) rose to £18.9m for the first half of 2025 (H1 2024:
£15.4m), with Annual Run Rate ('ARR') Revenue increasing by 23% to £39.8m
(H1 2024: £32.4m).(3)
● Prompted brand awareness(4) hit a new record-high of 59% in the
UK (H1 2024: 54%) and 5% in the US, marking the first time brand awareness in
the US has been reported. These results highlight strong consumer trust and
recognition, supporting future growth.
● UK Cost per Invested Customer(5) remains in line with
expectations at £251 (H1 2024: £242), reflecting a planned acceleration of
the UK marketing budget, which has grown the Company's customer and transfer
pipeline and is expected to deliver strong momentum for H2 2025.
● Improved efficiency with an 18% productivity improvement in the
UK (H1 2025: 1,489 Invested Customers per Staff Member vs. 1,264 in H1
2024)(6) and the rollout of US transfer automations in a live testing
environment.
● Customer and AUA Retention Rates(7), (8) remained strong at
>95% driven by industry-leading customer service,(9) evidenced by a 4.6★
Excellent Trustpilot rating (H1 2024: 4.7★)(10) and ongoing product
innovation.
● Group LTM Adjusted EBITDA improved to £(0.5)m (LTM Jun-2024:
£(2.3)m), reflecting continued investment in growth and operating efficiency
achieved through the Company's scalable cost base.(11)(,) (12) UK LTM
Adjusted EBITDA also strengthened for the same period to £3.2m, compared to
£(1.9)m in Jun-2024.
● Profit/(Loss) before Tax was £(5.1)m, with a margin of (27)%
(H1 2024: £(3.8)m, (24)%), (13)(,) (14) resulting in Basic Earnings per Share
of (2.14)p (H1 2024: (1.64)p). (15)
● Cash position increased to £34m (H1 2024: £11m), following the
Company's capital raise of £20m in October 2024.
Romi Savova, Chief Executive Officer of PensionBee, commented:
"In the first half of 2025, we continued to advance our ambition of becoming a
global leader in the consumer retirement market, making saving for later life
simple and accessible.
By staying focused on and committed to our mission, we delivered 21% growth in
Assets under Administration ('AUA'), reaching £6.3 billion, alongside a 14%
increase in our Invested Customers, now standing at 286,000. These results
reflect our deep commitment to serving our customers with excellence, through
our innovative product offering, personalised tools and content that empowers
them to take control of their retirement planning.
In the UK, we strengthened our position by continuing to invest in our
technology and elevating the customer experience, supported by AI-driven
enhancements. We also increased our marketing expenditure, with a strong focus
on attracting younger savers. With a robust pipeline of new customers and
record-high brand awareness, we are well-placed to sustain our growth
trajectory through the year and beyond.
In the US, the first half of the year marked a foundational phase of
investment, laying critical infrastructure with the introduction of transfer
automations, a new self-employed offering, and interactive tooling designed to
help customers prepare for retirement. Through our Safe Harbor IRA business
line we've established a strong pipeline of new customer accounts, and with
brand awareness already reaching 5% we are poised to significantly accelerate
operational growth through increased marketing expenditure in the second half
of 2025.
Our continued progress against our strategic goals continues to underpin our
long-term ambition: serving 1 million Invested Customers over the next decade
in the UK and growing our US customer base. With proven ability to generate
predictable Revenue, our focus is on building lasting relationships with our
customers and creating long-term value throughout every stage of their
retirement journey."
Group Financial Highlights
For the 6-month Period Ending
Group unless otherwise stated Jun-2025 Jun-2024 YoY
Revenue (£m)(3) 18.9 15.4 23%
Cost Base (£m)(12) (21.8) (17.4) 25%
Adjusted EBITDA (£m)(11) (2.9) (2.0) (44)%
Adjusted EBITDA Margin (% of Revenue)(16) (15)% (13)% -2ppt(19)
Profit/(Loss) before Tax (£m)(13) (5.1) (3.8) (35)%
Profit/(Loss) before Tax Margin (% of Revenue)(14) (27)% (24)% -2ppt(19)
Basic and Diluted Earnings per Share(15) (2.14)p (1.64)p (30)%
For the 12-month Period Ending
Group unless otherwise stated Jun-2025 Jun-2024 YoY
LTM Adjusted EBITDA (£m)(11) (0.5) (2.3) n/m
UK LTM Adjusted EBITDA (£m)(11) 3.2 (1.9) n/m
Group Non-Financial Highlights
As at Period End
Group unless otherwise stated Jun-2025 Jun-2024 YoY
AUA (£m)(2) 6,295 5,196 21%
AUA Retention Rate (% of AUA)(8) >95% >95% stable at >95%
Invested Customers ('IC') (thousands)(1) 286 252 14%
Customer Retention Rate (% of IC)(7) >95% >95% stable at >95%
UK Cost per Invested Customer (£)(5) 251 242 stable
Revenue Margin(17) 0.63% 0.64% stable
As at Period End
Group unless otherwise stated Jun-2025 Jun-2024 YoY
Opening AUA (£m)(2) 5,841 4,350 34%
Gross Inflows (£m) 689 695 (1)%
Gross Outflows (£m) (266) (214) 25%
Net Flows (£m)(18) 423 482 (12)%
Market Growth and Other (£m) 31 364 n/m
Closing AUA (£m)(2) 6,295 5,196 21%
Notes:
1. Invested Customers ('IC') means those customers who have
transferred pension assets or made contributions into one of PensionBee's
investment plans and have an active balance.
2. Assets under Administration ('AUA') is the total invested value of
pension assets within PensionBee Invested Customers' pensions. It measures the
new inflows less the outflows and records a change in the market value of the
assets. AUA is a measurement of the growth of the business and is the primary
driver of Revenue.
3. Revenue means the income generated from the asset base of
PensionBee's customers, essentially annual management fees charged on the AUA,
together with a minor revenue contribution from other services. Annual Run
Rate ('ARR') Revenue is calculated using the recurring Revenue for the
relevant month multiplied by 12.
4. PensionBee UK prompted brand awareness tracker, June 2025. Prompted
brand awareness measured through a consumer survey asking 'Which of the
following have you heard of?' with respect to UK financial services brands.
Prompted brand awareness for June 2025 was 59% and for June 2024 was 54%.
PensionBee US prompted brand awareness tracker, June 2025. Prompted brand
awareness measured through a consumer survey asking 'Which of the following
have you heard of?' with respect to US financial services brands.
5. UK Cost per Invested Customer ('CPIC') means the cumulative UK
advertising and marketing expenses incurred since PensionBee commenced trading
up until the relevant point in time divided by the cumulative number of UK
Invested Customers at that point in time. This measure monitors cost
discipline of customer acquisition. PensionBee's desired UK CPIC threshold is
£200-£250.
6. Productivity, measured using Invested Customers per Staff Member,
is calculated using an LTM average for the total workforce contracted by
PensionBee UK.
7. Customer Retention Rate measures the percentage of retained
PensionBee Invested Customers over the average of the trailing twelve months.
High customer retention provides more certainty of future Revenue. This
measure can also be used to monitor customer satisfaction.
8. AUA Retention Rate measures the percentage of retained PensionBee
AUA from transfers out over the average of the trailing twelve months. High
AUA Retention provides more certainty of future Revenue. This measure can also
be used to monitor customer satisfaction.
9. Over H1 2025 customer calls had an average live chat wait time of
13 seconds (calculated as the average time customers are waiting in a queue to
be put through to a team member), and an email response rate of 82% of email
cases closed within 72 hours.
10. Trustpilot score of 4.6★ out of 5 (based on 12,034 reviews) recorded
as at 11 July 2025. Truspilot score of 4.7★ out of 5 (based on 10,920
reviews) recorded as at 11 July 2024.
11. Adjusted EBITDA is the Operating Profit/(Loss) for the year before
Taxation, Finance Costs, Finance Income, Depreciation and Amortisation
Expense, Share-based Payments and Expansion Costs. LTM Adjusted EBITDA refers
to the Adjusted EBITDA generated over the last twelve months. UK Adjusted
EBITDA includes Other Income arising from inter-company transactions with
PensionBee US. All inter-company transactions are calculated on an arm's
length basis.
12. Cost Base is the total operating costs, including Money Manager Costs,
Advertising and Marketing Expenses and Technology Platform Costs & Other
Operating Expenses, for the relevant period.
13. Profit/(Loss) before Tax is a measure that looks at PensionBee's
profit or losses before it has paid corporate income tax.
14. Profit/(Loss) before Tax Margin means Profit/(Loss) before Tax as a
percentage of Revenue for the relevant period.
15. Basic Earnings per Share is calculated by dividing the profit or loss
attributable to ordinary equity holders of the Group by the weighted average
number of ordinary shares in issue during the period.
16. Adjusted EBITDA Margin means Adjusted EBITDA as a percentage of
Revenue for the relevant period.
17. Revenue Margin is calculated by using the last twelve months of
recurring Revenue over the average quarterly AUA held in PensionBee's
investment plans over the period.
18. Net Flows measures the cumulative inflow of PensionBee AUA from
consolidation and contribution ('Gross Inflows'), less the outflows from
withdrawals and transfers out ('Gross Outflows') over the relevant period.
19. ppt is the absolute change in percentage points.
Enquiries
Press
Steven Kennedy
press@pensionbee.com (mailto:press@pensionbee.com)
+44 20 3557 8444
Analysts and Investors
investor@pensionbee.com (mailto:investor@pensionbee.com)
About PensionBee
PensionBee is creating a global leader in the consumer retirement market, with
£6.3 billion in assets on behalf of 286,000 customers.
Founded in 2014, we aspire to make as many people as possible pension
confident so that everyone can enjoy a happy retirement. We help our customers
to combine their retirement savings into a new online account, which they can
manage from the palm of their hand.
PensionBee accounts are invested by the world's largest investment managers,
collectively looking after more than $10 trillion in savings between them.
Each PensionBee customer has a personal account manager ('BeeKeeper') to guide
them through their savings and retirement journey. PensionBee has an
'Excellent' Trustpilot rating based on over 12,000 reviews.
As a public company, we aspire to the highest standards in everything we do
because our customers deserve peace of mind, which is made possible by our
team of over 200 professionals, based in London and New York.
PensionBee is listed on the London Stock Exchange (LON:PBEE).
Forward-Looking Statements
Statements that are not historical facts, including statements about
PensionBee's or management's beliefs and expectations, are forward-looking
statements. The Interim Results contain forward-looking statements, which by
their nature involve substantial risks and uncertainties as they relate to
events and depend on circumstances which will occur in the future and actual
results and developments may differ materially from those expressly stated or
otherwise implied by these statements.
These forward-looking statements are statements regarding PensionBee's
intentions, beliefs or current expectations concerning, among other things,
its results of operations, financial condition, prospects, growth, strategies
and the industry and markets within which it operates.
These forward-looking statements relate to the date of these Interim Results
and PensionBee does not undertake any obligation to publicly release any
revisions to these forward-looking statements to reflect events or
circumstances after the date of the Interim Results.
Chief Executive Officer's Report
Creating a Global Leader in the Consumer Retirement Market
We are building a global leader in the consumer retirement market and are
dedicated to helping consumers prepare for and enjoy a financially secure and
fulfilling retirement.
We empower customers to consolidate their old retirement accounts into an
easy-to-manage online account. Our customers can make new contributions at a
click, invest in line with their goals with the world's leading money
managers, and ultimately access and withdraw their savings with confidence.
Overview of Group Performance
Over the first half of 2025, we successfully maintained strong momentum by
expanding our reach in the UK and establishing robust foundations for
long-term growth in the US. In the UK, our increased marketing expenditure and
ongoing product development have successfully expanded our Invested Customer
base and our new customer pipeline. In the US, we have enhanced our brand and
product offering, including through new transfer automations and retirement
planning tools.
We have maintained our strong growth momentum, increasing Invested Customers
by 14% year-on-year to 286,000 (H1 2024: 252,000),(1) reflecting the continued
effectiveness of PensionBee's data-driven customer acquisition strategy.
Assets under Administration ('AUA') increased by 21% to £6.3bn (H1 2024:
£5.2bn),(2) driven by strong Net Flows of £423m (H1 2024: £482m),(3)
reflecting continued inflows from existing customers and sustained new
customer acquisition. AUA and Customer Retention Rates remained above 95%,(4,
5) underscoring the durability of PensionBee's recurring Revenue model and
ongoing customer satisfaction (4.6★ out of 5 Excellent Trustpilot score).(6)
Our strategic focus on marketing, our scalable technology platform, and a
disciplined approach to cost management, have together driven strong and
efficient growth. Our well-executed marketing initiatives have resulted in
customer growth, while strengthening overall brand recognition. In the UK,
prompted brand awareness has reached a record-high of 59%,(7) while in the US,
it has already grown to 5%,(8) reflecting early traction in a key growth
market.
PensionBee Group continued to deliver strong Revenue(9) growth and increasing
operating leverage. The Group remains on track to achieve its guidance and
sustain Adjusted EBITDA(10) profitability in the UK on an ongoing basis,
supported by our strict cost discipline and predictable recurring Revenue.
UK Overview
In the first half of 2025, PensionBee UK continued to make strong progress
across its strategic pillars, delivering scalable growth while enhancing our
customer experience through innovation and operational efficiency.
The Company continued to invest in marketing, leveraging its data-driven
acquisition strategy to optimise performance across multiple channels. This
approach successfully increased Invested Customers and expanded overall reach.
We launched a new brand campaign, 'When your pension is in a good place,
you're in a good place', across TV, radio and digital channels. In parallel,
we expanded our data-led performance marketing and broadened our media
presence to include high-reach subscription platforms, including TV services
such as Netflix and Amazon Prime. Marketing investment increased by 30% to
£7.6m (H1 2024: £5.8m), bringing total cumulative marketing spend since
inception to £72m in the UK (H1 2024: £61m). As a result, we added
approximately 21,000 new Invested Customers in H1 (H1 2024: 23,000)(1) and
recorded our highest level of prompted brand awareness since inception at 59%
(H1 2024: 54%).(7) UK Cost per Invested Customer remains in line with
expectations at £251 (H1 2024: £242),(11) reflecting a planned acceleration
of the UK marketing budget, which has grown the Company's customer and
transfer pipeline and is expected to deliver strong momentum for H2 2025.
Our industry-leading technology platform continues to scale efficiently. Over
the first half, new automations for transfers and withdrawals contributed to
significant productivity improvements, with 18% year-on-year growth in
productivity over the period.(12) This was driven by technological
enhancements, including improved AI-based tooling and continued internal
automation initiatives. Our customer-led approach continues to drive high
satisfaction levels, with a 4.6★ Excellent Trustpilot rating(6) and Customer
and AUA Retention Rates consistently above 95%.(4,5)
Looking ahead to the second half of the year, PensionBee UK is poised for
innovation-led growth, as we roll out a new customer interface, designed to
enhance the overall product experience while significantly improving developer
efficiency. Additionally following the achievement of UK LTM Adjusted EBITDA
profitability of £3.2m (Jun-2024: £(1.9)m) we are confident in our ability
to continue growing profitably in the UK.(10)
US Overview
In the first half of 2025, PensionBee US continued to lay strong foundations
for long-term growth in the world's largest retirement market, following the
launch of an operational platform in 2024. We are leveraging the proven
expertise of the UK business to rapidly achieve key milestones, supported by
our strategic partnership with State Street Investment Management (formally
known as State Street Global Advisors) ('State Street'). PensionBee's US
offering enables American consumers to consolidate old retirement accounts
into a new IRA, with a simple, transparent product built on scalable
technology. New features introduced in H1 2025 included a Roth IRA to
complement the Traditional IRA, the launch of a retirement planner to help
users model their retirement outlook, and in-app educational content to
support informed saving decisions and transfer automations accounting for over
50% of requested transfers which will continue to strengthen through live
testing.
Our marketing efforts in the first half of the year focused on building brand
awareness and trust. Campaigns like 'Money Mistakes' on platforms such as
YouTube, TikTok, Instagram and Facebook, along with timely content about
social security and retirement savings, helped us grow our social media
following to over 36,000.(13) Additionally, influencer partnerships bolstered
our credibility with target audiences, leading to a prompted initial brand
awareness of 5%.(8)
Our total US marketing spend for H1 2025 was £0.7m, which was fully
reimbursed by State Street. For the full year, we expect our total marketing
investment to reach $5m, with the majority of the spend already allocated for
the second half of the year.
Our Safe Harbor IRA offering, designed for employer-initiated rollovers,
gained significant momentum through integrations with several major
recordkeepers via SS&C. We actively promoted the product to consultants
and medium to large employers, with strong early interest driven by our
consumer-oriented approach. This has resulted in a number of employers now
nearing the final discussion stage, and we are participating in consultant-led
processes representing approximately 20,000 new customer accounts,
demonstrating increasing traction for this new business line.(14)
Looking ahead to the second half of the year, PensionBee US will continue
growing its brand awareness through a multi-city brand campaign, and
developing its product offering. The US market represents a fantastic
opportunity to grow our asset and customer base over the long term.
Group Guidance and Outlook
Revenue Objectives:
● PensionBee has an ambition to reach >£100m of Group Revenue
in the short to medium term (by year end 2029).
● The Company's ambition is to exceed £250m Revenue for the Group
in the longer term (by year end 2034).
Profitability Objectives:
● PensionBee has an ambition to reach a Group Adjusted EBITDA
Margin of c.20% in the short to medium term (by year end 2029).
● The Company's ambition is to reach c.50% Adjusted EBITDA Margin
for the Group in the longer term (by year end 2034).
Dividend
In line with our stated dividend policy, the Company does not intend to pay
any dividends as we continue to execute our strategy and invest in growth.
Whilst the Company has not paid dividends since incorporation, it intends to
revisit its dividend policy in future years and may revise its dividend policy
from time to time.
Romi Savova
Chief Executive Officer
13 August 2025
Notes:
1. Invested Customers ('IC') means those customers who have
transferred pension assets or made contributions into one of PensionBee's
investment plans and have an active balance.
2. Assets under Administration ('AUA') is the total invested value of
pension assets within PensionBee Invested Customers' pensions. It measures the
new inflows less the outflows and records a change in the market value of the
assets. AUA is a measurement of the growth of the business and is the primary
driver of Revenue.
3. Net Flows measures the cumulative inflow of PensionBee AUA from
consolidation and contribution ('Gross Inflows'), less the outflows from
withdrawals and transfers out ('Gross Outflows') over the relevant period.
4. AUA Retention Rate measures the percentage of retained PensionBee
AUA from transfers out over the average of the trailing twelve months. High
AUA Retention provides more certainty of future Revenue. This measure can also
be used to monitor customer satisfaction.
5. Customer Retention Rate measures the percentage of retained
PensionBee Invested Customers over the average of the trailing twelve months.
High customer retention provides more certainty of future Revenue. This
measure can also be used to monitor customer satisfaction.
6. Trustpilot score of 4.6★ out of 5 (based on 12,034 reviews)
recorded as at 11 July 2025. Truspilot score of 4.7★ out of 5 (based on
10,920 reviews) recorded as at 11 July 2024.
7. PensionBee UK prompted brand awareness tracker, June 2025. Prompted
brand awareness measured through a consumer survey asking 'Which of the
following have you heard of?' with respect to UK financial services brands.
Prompted brand awareness for June 2025 was 59% and for June 2024 was 54%.
8. PensionBee US prompted brand awareness tracker, June 2025. Prompted
brand awareness measured through a consumer survey asking 'Which of the
following have you heard of?' with respect to US financial services brands.
9. Revenue means the income generated from the asset base of
PensionBee's customers, essentially annual management fees charged on the AUA,
together with a minor revenue contribution from other services.
10. Adjusted EBITDA is the Operating Profit/(Loss) for the year before
Taxation, Finance Costs, Finance Income, Depreciation and Amortisation
Expense, Share-based Payments and Expansion Costs. LTM Adjusted EBITDA refers
to the Adjusted EBITDA generated over the last twelve months. UK Adjusted
EBITDA includes Other Income arising from inter-company transactions with
PensionBee US. All inter-company transactions are calculated on an arm's
length basis.
11. UK Cost per Invested Customer ('CPIC') means the cumulative UK
advertising and marketing expenses incurred since PensionBee commenced trading
up until the relevant point in time divided by the cumulative number of UK
Invested Customers at that point in time. This measure monitors cost
discipline of customer acquisition. PensionBee's desired UK CPIC threshold is
£200-£250.
12. Productivity, measured using Invested Customers per Staff Member, is
calculated using an LTM average for the total workforce contracted by the UK.
13. Social media following includes Instagram followers, TikTok followers,
Facebook followers, Youtube subscribers and Linkedin connections.
14. A Safe Harbor Individual Retirement Account is a specialised IRA,
established when a qualified retirement savings plan elects to 'force out'
small-balance participants (<$7,000) after they have left employment.
Group Financial Highlights(1)
The Group's trading performance in the first half of 2025 demonstrates our
continued commitment to disciplined execution and sustainable growth. By
maintaining a clear strategic focus and responding effectively to evolving
market conditions, we are strengthening our position across key areas of the
business while advancing our strategy for long-term value creation.
United Kingdom
The UK business is well-positioned to maintain the strong momentum of 2024,
with full-year Adjusted EBITDA profitability expected for the full year 2025.
We continue delivering consistent growth in Invested Customers ('IC') and
recurring Revenue through our high Customer Retention Rate and scalable
operations.(1)
Invested Customers grew 14% year-on-year to 286,000 as of June 2025 (Jun-2024:
252,000),(1) supported by consistent acquisition performance and strong
retention. Assets under Administration ('AUA') rose 21% to £6.3bn (Jun-2024:
£5.2bn), reflecting robust Net Flows of £423m (H1 2024: £482m) and
demonstrating resilience despite volatile market movements caused by
macroeconomic uncertainty.(1) Total Revenue for the UK reached £19.6m (H1
2024: £15.7m) over the same period,(1) and Annual Run Rate Revenue reached
£39.8m (Jun-2024: £32.4m).(2)
United States
In the US, we are focused on building brand awareness, expanding our presence,
and establishing the foundations necessary for long-term success in this large
market. Over the first half of the year, marketing expenditure for the US
business amounted to £0.7m (H1 2024: £nil), which was fully reimbursed by
our long-standing partner, State Street. Through disciplined cost management
and a focus on operational efficiency, we are strengthening our US foundations
and building momentum toward long-term scalability and growth.
Group
Overall, marketing and technology investment remained central to the Group's
strategy, with continued execution across both the UK and US, each at distinct
stages of growth. As a result, Group Adjusted EBITDA was £(2.9)m year-to-date
(H1 2024: £(2.0)m).(1) This result was underpinned by disciplined cost
management and a sustained focus on efficiency, highlighting the inherent
operating leverage of our technology platform and business model. Group
Profit/(Loss) before Tax was correspondingly £(5.1)m (H1 2024: £(3.8)m).(1)
We remain on track to deliver our 2025 full-year goals, underpinned by
Adjusted EBITDA profitability in the UK. Our focus on scalable infrastructure
and financial discipline ensures that we are well positioned to navigate a
dynamic macroeconomic environment and deliver long-term value.
Scaling Customer Growth through Strategic Global Brand Investment(1)
( )
As at Year End
Group unless otherwise stated Jun-2025 Jun-2024 YoY
Advertising and Marketing Expenses (£m) (8.3) (5.8) 42%
Of which UK Advertising and Marketing Expenses (£m) (7.6) (5.8) 30%
Of which US Advertising and Marketing Expenses (£m) (0.7) - n/m
Other Income: Marketing Reimbursement (£m)(3) 0.7 - n/m
Net Advertising and Marketing Expense (£m) (7.6) (5.8) 30%
Invested Customers (thousands) 286 252 14%
Customer Retention Rate (% of IC) 96% 96% Stable at >95%
UK Cost per Invested Customer ('CPIC') 251 242 stable
United Kingdom
In the UK, we continued to scale and strengthen our brand and acquire
customers efficiently, investing £7.6m in Advertising and Marketing during
the first six months of the year, a 30% increase compared to the same period
in 2024 (H1 2024: £5.8m). This increase reflects our objective to grow our
Invested Customers, while continuing to optimise customer acquisition costs
over the long-term through our proven data-led approach. Prompted and
unprompted brand awareness reached 59% and 25% respectively,(4) making
PensionBee one of the most recognised pension providers in the UK market.
While brand investment is inherently long-term in nature, its near-term impact
has supported the successful acquisition of approximately 21,000 new Invested
Customers over H1 (H1 2024: 23,000).(1) Additionally, we have developed a
strong pipeline of customer registrations and pension transfer requests, which
are expected to convert into further growth in Invested Customers during the
second half of the year.
United States
In the US, we remain focused on building the foundational infrastructure and
brand presence required for long-term success. During the first half of 2025,
we invested £0.7m in US Advertising and Marketing, fully reimbursed by our
long-standing trusted partner, State Street (H1 2024: £nil).(3) Our efforts
focused on building US brand awareness through a multi-channel strategy, using
high-quality original content. Engagement has been strong across YouTube,
Meta, TikTok and LinkedIn, with our following having grown to 36,200
(Jun-2024: nil).(5) As a result, we recorded prompted brand awareness of 5% in
the US.
Group
Overall, total marketing investment in the UK and US reached £8.3m
year-to-date, 42% higher than the same period last year (H1 2024: £5.8m),
with £0.7m (H1 2024: £nil) for our US Advertising and Marketing activities
fully reimbursed. These results reflect our commitment to growing our brand
globally and our focus on building a large base of Invested Customers.
Strong Asset Growth driven by High Retention Rates and Effective Customer
Acquisition(1)
As at Period End
Group unless otherwise stated Jun-2025 Jun-2024 YoY
Opening AUA (£m) 5,841 4,350 34%
Gross Inflows (£m) 689 695 (1)%
Gross Outflows (£m) (266) (214) 25%
Net Flows (£m) 423 482 (12)%
Market Growth and Other (£m) 31 364 n/m
Closing AUA (£m) 6,295 5,196 21%
Net Flows (£m) 423 482 (12)%
Of which Net Flows from New Customers (£m) 312 355 (12)%
Of which Net Flows from Existing Customers (£m) 111 127 (12)%
AUA Retention Rate (% of AUA) 96% 96% Stable at >95%
United Kingdom
During the first half of 2025, we maintained strong growth momentum despite
the well-publicised global macroeconomic volatility, reflecting the
effectiveness of our customer acquisition model and high retention rates. AUA
grew to £6.3bn (H1 2024: £5.2bn), up 21% year-on-year, driven by £423m in
Net Flows (H1 2024: £482m) and continued operational efficiency.(1) Net Flows
consisted of £312m in Net Flows from New Customers (H1 2024: £355m) and
£111m Net Flows from Existing Customers (H1 2024: £127m).(1)
Net Flows from Existing Customers remained a key contributor to AUA growth,
reaching £111m in the first half (H1 2024: £127m), as customers continued
consolidating pensions and making regular contributions.(1) This result
highlights the strength of our continued customer engagement strategy, ongoing
product enhancements, and tailored digital experience, all of which contribute
not only to strong Net Flows but also to customer empowerment and continued
engagement with the PensionBee platform.
Our consistently high AUA Retention Rate of 96% (H1 2024: 96%) demonstrates
continued customer satisfaction, supported by product innovation and our
commitment to delivering exceptional service.(1) This high retention, combined
with stable long-term savings behaviour, reinforces the predictability of our
model and underpins ongoing AUA growth.
United States
In the US, we continued to lay critical foundations for future growth, with
£0.7m in Advertising and Marketing spend in the first half of the year (H1
2024: £nil). This investment has focused on translating our product and brand
for the US market and calibrating key marketing channels including paid
search, organic search, social, PR and brand advertising.
Early consumer response has been positive as we build momentum towards
long-term scalability and market presence. Our US strategy remains tightly
aligned with our broader growth model, balancing brand awareness with
disciplined cost and data-led customer acquisition.
Group
The Group's proven model, anchored in strong retention, scalable technology
and efficient marketing spend, continues to drive steady AUA growth.
United Kingdom
In the UK, we continued to scale and strengthen our brand and acquire
customers efficiently, investing £7.6m in Advertising and Marketing during
the first six months of the year, a 30% increase compared to the same period
in 2024 (H1 2024: £5.8m). This increase reflects our objective to grow our
Invested Customers, while continuing to optimise customer acquisition costs
over the long-term through our proven data-led approach. Prompted and
unprompted brand awareness reached 59% and 25% respectively,(4) making
PensionBee one of the most recognised pension providers in the UK market.
While brand investment is inherently long-term in nature, its near-term impact
has supported the successful acquisition of approximately 21,000 new Invested
Customers over H1 (H1 2024: 23,000).(1) Additionally, we have developed a
strong pipeline of customer registrations and pension transfer requests, which
are expected to convert into further growth in Invested Customers during the
second half of the year.
United States
In the US, we remain focused on building the foundational infrastructure and
brand presence required for long-term success. During the first half of 2025,
we invested £0.7m in US Advertising and Marketing, fully reimbursed by our
long-standing trusted partner, State Street (H1 2024: £nil).(3) Our efforts
focused on building US brand awareness through a multi-channel strategy, using
high-quality original content. Engagement has been strong across YouTube,
Meta, TikTok and LinkedIn, with our following having grown to 36,200
(Jun-2024: nil).(5) As a result, we recorded prompted brand awareness of 5% in
the US.
Group
Overall, total marketing investment in the UK and US reached £8.3m
year-to-date, 42% higher than the same period last year (H1 2024: £5.8m),
with £0.7m (H1 2024: £nil) for our US Advertising and Marketing activities
fully reimbursed. These results reflect our commitment to growing our brand
globally and our focus on building a large base of Invested Customers.
Strong Asset Growth driven by High Retention Rates and Effective Customer
Acquisition(1)
As at Period End
Group unless otherwise stated Jun-2025 Jun-2024 YoY
Opening AUA (£m) 5,841 4,350 34%
Gross Inflows (£m) 689 695 (1)%
Gross Outflows (£m) (266) (214) 25%
Net Flows (£m) 423 482 (12)%
Market Growth and Other (£m) 31 364 n/m
Closing AUA (£m) 6,295 5,196 21%
Net Flows (£m) 423 482 (12)%
Of which Net Flows from New Customers (£m) 312 355 (12)%
Of which Net Flows from Existing Customers (£m) 111 127 (12)%
AUA Retention Rate (% of AUA) 96% 96% Stable at >95%
United Kingdom
During the first half of 2025, we maintained strong growth momentum despite
the well-publicised global macroeconomic volatility, reflecting the
effectiveness of our customer acquisition model and high retention rates. AUA
grew to £6.3bn (H1 2024: £5.2bn), up 21% year-on-year, driven by £423m in
Net Flows (H1 2024: £482m) and continued operational efficiency.(1) Net Flows
consisted of £312m in Net Flows from New Customers (H1 2024: £355m) and
£111m Net Flows from Existing Customers (H1 2024: £127m).(1)
Net Flows from Existing Customers remained a key contributor to AUA growth,
reaching £111m in the first half (H1 2024: £127m), as customers continued
consolidating pensions and making regular contributions.(1) This result
highlights the strength of our continued customer engagement strategy, ongoing
product enhancements, and tailored digital experience, all of which contribute
not only to strong Net Flows but also to customer empowerment and continued
engagement with the PensionBee platform.
Our consistently high AUA Retention Rate of 96% (H1 2024: 96%) demonstrates
continued customer satisfaction, supported by product innovation and our
commitment to delivering exceptional service.(1) This high retention, combined
with stable long-term savings behaviour, reinforces the predictability of our
model and underpins ongoing AUA growth.
United States
In the US, we continued to lay critical foundations for future growth, with
£0.7m in Advertising and Marketing spend in the first half of the year (H1
2024: £nil). This investment has focused on translating our product and brand
for the US market and calibrating key marketing channels including paid
search, organic search, social, PR and brand advertising.
Early consumer response has been positive as we build momentum towards
long-term scalability and market presence. Our US strategy remains tightly
aligned with our broader growth model, balancing brand awareness with
disciplined cost and data-led customer acquisition.
Group
The Group's proven model, anchored in strong retention, scalable technology
and efficient marketing spend, continues to drive steady AUA growth.
Resilient Revenue Margin drives Recurring Revenue
As at Period End
Group unless otherwise stated Jun-2025 Jun-2024 YoY
Revenue Margin (% of AUA)(1) 0.63% 0.64% stable
Annual Run Rate Revenue (£m)(2) 39.8 32.4 23%
Revenue (£m)(1) 18.9 15.4 23%
We delivered strong year-on-year AUA growth of 21% in H1 2025 (H1 2024: 40%),
successfully translating this into 23% Revenue growth and Revenue of £18.9m
(H1 2024: £15.4m).(1) This continued momentum reflects the strength and
consistency of our Revenue Margin, which remained stable at 0.63% (H1 2024:
0.64%).(1) Revenue for the first half of the year was generated almost
exclusively by our UK business.
Our highly predictable Revenue base is underpinned by the recurring nature of
our annual management fees, which are charged as a percentage of AUA. High
retention rates among both Invested Customers and AUA support steady and
growing income. Additional contributions to Revenue include intermediary
partnerships, such as with LifeSearch, and smaller ad-hoc income.
Efficient Investment in our Industry Leading Technology Platform, People and
Product
As at Period End
Group unless otherwise stated Jun-2025 Jun-2024 YoY
Money Manager Costs (£m)(8) (2.5) (2.0) 26%
Of which arise from UK (£m) (2.4) (2.0) 23%
Of which arise from US (£m) (0.1) nil n/m
Employee Benefits Expense (7.1) (5.7) 23%
(excluding Share-based Payments) (£m)
Of which arise from UK (£m) (6.1) (5.7) 7%
Of which arise from US (£m) (0.9) nil n/m
Other Operating Expenses (£m) (4.6) (3.8) 22%
Of which arise from UK (£m) (4.2) (3.8) 11%
Of which arise from US (£m) (1.2) (0.4) n/m
Of which arise from US Intra-Group (£m) 0.7 0.3 n/m
Technology Platform Costs and Other Operating Expenses (£m)(9) (11.7) (9.6) 22%
Of which arise from UK (£m) (10.3) (9.5) 9%
Of which arise from US (£m) (2.1) (0.4) n/m
Of which arise from US Intra-Group (£m) 0.7 0.3 n/m
Money Manager Costs rose by 26% to £(2.5)m (H1 2024: £(2.0)m),
proportionately increasing with Revenue growth.(8)
Employee Benefits Expense increased by 23% to £(7.1)m (H1 2024: £(5.7)m), as
we strategically expanded our workforce to 212 as of 30 June 2025 (Jun-2024:
195), primarily to continue developing our US operations.
Other Operating Expenses rose by 22% to £(4.6)m (H1 2024: £(3.8)m), driven
by continued investment in automation, process streamlining, and platform
enhancements that are already contributing to greater long-term efficiency and
operational leverage.
Technology Platform Costs and Other Operating Expenses.(9) Overall, we
continued to strengthen our scalable technology platform while maintaining
strong financial discipline, with a clear focus on sustainable growth. Our
expenditure remains centred on driving operational efficiency and enhancing
customer experience, underpinned by automation, integration, and a consistent
focus on productivity.
United Kingdom
In the UK, we continued to optimise specialised roles within customer service,
marketing and technology. By integrating automation and leveraging internal
systems, our customer service team maintained high response rates(6) and our
industry-leading Trustpilot score of 4.6★ (H1 2024: 4.7★).(11) Our
Invested Customers per Staff Member productivity metric improved from 1,264 in
the first half of 2024 to 1,489 within the same period this year.(7)
United States
In the US, we continued to lay strong foundations for growth through targeted
hiring, market-specific product adaptation, and efficient use of global
resources. We continued to operate with a small but steadily growing US-based
team, reaching 13 employees as of 30 June 2025 (Jun-2024: 2).
Group
Across the Group, we remain focused on advancing our technology platform and
expanding efficiently. Our workforce strategy of combining automation,
targeted hiring, and global collaboration has supported business growth while
ensuring we remain agile.
Profitability Metrics(1)(,)(10)
As at Period End
Group unless otherwise stated Jun-2025 Jun-2024 YoY
UK Adjusted EBITDA (£m) (0.8) (1.6) 53%
UK Adjusted EBITDA Margin (% of UK Revenue) (4)% (10)% +6ppt(12)
US Adjusted EBITDA (£m) (2.2) (0.4) n/m
US Adjusted EBITDA Margin (% of US Revenue) n/a n/a n/a
Adjusted EBITDA (£m) (2.9) (2.0) (44)%
Adjusted EBITDA Margin (% of Revenue) (15)% (13)% -2ppt(12)
Profit/(Loss) before Tax (£m) (5.1) (3.8) (35)%
Our primary measure of profitability is Adjusted EBITDA, which includes
Advertising and Marketing Expenses but excludes Finance Costs, Finance Income,
Depreciation and Amortisation, Share-based Payments, and Expansion Costs,
providing a clearer view of our underlying operating performance before
taxation.(1, 10)
We remain focused on delivering long-term profitability through the continued
scaling of our operations and disciplined cost management. In the first half
of 2025, Adjusted EBITDA was £(2.9)m (H1 2024: £(2.0)m), reflecting
strategic investment in our US market entry.(1, 10) This positions us for
future top-line growth while maintaining cost discipline across both markets.
The Adjusted EBITDA Margin was (15)% (H1 2024: (13)%).(10)
Profit/(Loss) before Tax was £(5.1)m for the first half of 2025, an increase
from £(3.8)m in H1 2024, consistent with our investment and growth
ambitions.(1)
United Kingdom
In our established UK business, Adjusted EBITDA improved to £(0.8)m (H1 2024:
£(1.6)m), despite an increase in marketing investment and external market
volatility earlier in the year.(1, 10) The Adjusted EBITDA Margin improved by
six percentage points to (4)% (H1 2024: (10)%), highlighting operating
leverage in the UK as we continue to scale efficiently and serve our ever
growing Invested Customer base.(1, 10)
United States
In the US, Adjusted EBITDA was £(2.2)m (H1 2024: £(0.4)m), reflecting
strategic investment in establishing our US operations.(1, 10) While the US
remains in the early stages of its growth cycle, we are making strong progress
in laying the foundations for scalable growth and investing in long-term
market presence.
Group
As we expand our Invested Customers and continue to grow, we expect to
continue seeing operating leverage translate into improved margins over time.
The stability of UK performance and our cost disciplined approach to
international expansion position us well to drive long-term shareholder value.
As at Period End
Group unless otherwise stated Jun-2025 Jun-2024 YoY
Adjusted EBITDA (£m) (2.9) (2.0) (44)%
Depreciation and Amortisation Expense (£m) (0.2) (0.1) 19%
Finance Income (£m) 0.6 - 100%
Share-based Payments (£m) (2.5) (1.4) 78%
Expansion Costs (£m) - (0.2) (100)%
Profit/(Loss) before Tax (£m) (5.1) (3.8) (35)%
Taxation (£m) - 0.1 (100)%
Basic Earnings per Share (2.14)p (1.64)p (30)%
Depreciation and Amortisation Expense increased year-on-year to £(0.2)m (H1
2024: £(0.1)m).
Finance Income rose to £0.6m in H1 2025 (H1 2024: £nil), reflecting the
benefit of higher interest earned on our strong cash position.
Share-based Payments increased during the period £(2.5)m (H1 2024: £(1.4)m).
Expansion Costs decreased year-on-year to £nil (H1 2024: £0.2).
Taxation decreased year-on-year to £nil (H1 2024: £0.1m). No deferred tax
asset was recognised for the carried forward losses.
Basic Earnings per Share was (2.14)p for H1 2025 (H1 2024: (1.64)p). This
decreased in line with the change in Profit/(Loss) before Tax.
Christoph J. Martin
Chief Financial Officer
13 August 2025
Notes:
1. See Definitions section.
2. Annual Run Rate ('ARR') Revenue is calculated using the recurring
Revenue for the relevant month multiplied by 12.
3. Other Income refers to reimbursements from State Street for US
Advertising and Marketing Expenses.
4. PensionBee UK prompted brand awareness tracker, June 2025. Prompted
brand awareness measured through a consumer survey asking 'Which of the
following have you heard of?' with respect to UK financial services brands.
Prompted brand awareness for June 2025 was 59% and for June 2024 was 54%.
PensionBee UK unprompted brand awareness tracker, June 2025 measured through a
consumer survey asking 'Thinking about pensions what brands come to mind?'
Unprompted brand awareness for June 2025 was 25%.
5. Social media following includes Instagram followers, TikTok
followers, Facebook followers, Youtube subscribers and Linkedin connections.
6. Over H1 2025, customer calls had an average live chat wait time of
13 seconds (calculated as the average time customers are waiting in a queue to
be put through to a team member). Email response rate calculated as 82% of
email cases closed within 72 hours over the same period.
7. Invested Customers per Staff Member calculated using LTM average
for the UK workforce. June 2025 workforce only includes employees contracted
by the UK.
8. Money Manager Costs are variable costs paid to PensionBee's money
managers.
9. Technology Platform Costs & Other Operating Expenses comprises
Employee Benefits Expense (excluding Share-based Payments) and Other Operating
Expenses.
10. PensionBee's Key Performance Indicators include alternative
performance measures ('APM's), in particular Adjusted Earnings Before
Taxation, Finance Costs, Finance Income, Depreciation, Amortisation,
Share-based Payments and Expansion Costs ('Adjusted EBITDA'). APMs are not
defined by International Financial Reporting Standards ('IFRS') and should be
considered together with the Group's IFRS measurements of performance.
PensionBee believes APMs assist in providing additional insight into the
underlying performance of PensionBee and aid comparability of information
between reporting periods. A reconciliation to the nearest IFRS number is
provided in the Notes to the Condensed Consolidated Financial Statements
'Alternative Performance Measures'.
11. Trustpilot score of 4.6★ out of 5 (based on 12,034 reviews) recorded
as at 11 July 2025. Truspilot score of 4.7★ out of 5 (based on 10,920
reviews) recorded as at 11 July 2024.
12. ppt is the absolute change in percentage points.
Responsibility Statement
We confirm that to the best of our knowledge:
● The condensed set of financial statements, prepared in
accordance with IAS 34 'Interim Financial Reporting', give a true and fair
view of the assets, liabilities, financial position and profit or loss of the
Group and the undertakings included in the consolidation taken as a whole as
required by DTR 4.2.4R.
● The interim management report includes a fair review of the
information required by DTR 4.2.7R (indication of important events and their
impact during the first six months and description of principal risks and
uncertainties for the remaining six months of the year).
● The interim management report includes a fair review of the
information required by DTR 4.2.8R (disclosure of related parties'
transactions and changes therein).
By order of the Board.
Romi Savova
Chief Executive Officer
13 August 2025
Independent Review Report to PensionBee Group plc
Conclusion
We have been engaged by PensionBee Group plc (the 'Company') to review the
condensed set of financial statements in the half-yearly financial report for
the six months ended 30 June 2025 which comprises the Condensed Consolidated
Statement of Comprehensive Income, the Condensed Consolidated Statement of
Financial Position, the Condensed Consolidated Statement of Changes in Equity,
the Condensed Consolidated Statement of Cash Flows and related Notes 1 to 17.
Based on our review, nothing has come to our attention that causes us to
believe that the condensed set of financial statements in the half-yearly
financial report for the six months ended 30 June 2025 is not prepared, in all
material respects, in accordance with United Kingdom adopted International
Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of
the United Kingdom's Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410 'Review of Interim Financial Information Performed by
the Independent Auditor of the Entity' issued by the Financial Reporting
Council for use in the United Kingdom (ISRE (UK) 2410). A review of interim
financial information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing (UK) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
As disclosed in Note 2, the annual financial statements of the Group are
prepared in accordance with United Kingdom adopted international accounting
standards. The condensed set of financial statements included in this
half-yearly financial report has been prepared in accordance with United
Kingdom adopted International Accounting Standard 34, 'Interim Financial
Reporting'.
Conclusion relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for Conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This Conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410; however future events or conditions may cause the entity to
cease to continue as a going concern.
Responsibilities of the Directors
The directors are responsible for preparing the half-yearly financial report
in accordance with the Disclosure Guidance and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible
for assessing the Group's ability to continue as a going concern, disclosing
as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the
Company or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the Review of the Financial Information
In reviewing the half-yearly financial report, we are responsible for
expressing to the Company a conclusion on the condensed set of financial
statements in the half-yearly financial report. Our Conclusion, including our
Conclusion Relating to Going Concern, are based on procedures that are less
extensive than audit procedures, as described in the Basis for Conclusion
paragraph of this report.
Use of our Report
This report is made solely to the Company in accordance with ISRE (UK) 2410.
Our work has been undertaken so that we might state to the Company those
matters we are required to state to it in an independent review report and for
no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the Company, for our review work,
for this report, or for the conclusions we have formed.
Deloitte LLP
Statutory Auditor
1 New Street Square
London
EC4A 3HQ
13 August 2025
Condensed Consolidated Statement of Comprehensive Income
For the Period from 1 January 2025 to 30 June 2025
Unaudited Unaudited
six months to six months to
30 June 2025 30 June 2024
Note £ 000 £ 000
Revenue 4 18,856 15,367
Employee Benefits Expense (7,050) (5,749)
(excluding Share-based Payments)
Share-based (2,546) (1,431)
Payments
Depreciation (168) (142)
Expense
Advertising and Marketing (8,311) (5,848)
Other (7,131) (5,781)
Expenses
Other Income 5 734 -
Expansion - (172)
Costs
Operating Profit/(Loss) (5,616) (3,756)
Finance Income 569 18
Finance (11) (14)
Costs
Profit/(Loss) before Tax (5,058) (3,752)
Taxation 7 (5) 77
Profit/(Loss) for the Period (5,063) (3,675)
Total Comprehensive Profit/(Loss) for the Period wholly attributable to Equity (5,063) (3,675)
Holders of the Company
Earnings per Share (pence per Share)
Basic and 8 (2.14) (1.64)
Diluted
( )
The above results were derived from continuing operations.
Notes 1 to 17 form an integral part of these Condensed Consolidated Financial
Statements.
Condensed Consolidated Statement of Financial Position
As at 30 June 2025
Unaudited Audited 31 December 2024
30 June 2025
Note £ 000 £ 000
Assets
Non-current Assets
Property, Plant and Equipment 300 276
Intangible Assets 9 612 264
Right of Use Assets 200 270
Financial Assets (Deposit) 250 243
1,362 1,053
Current Assets
Trade and Other 10 4,194 5,224
Receivables
Cash and Cash Equivalents 34,110 34,995
38,304 40,219
Total Assets 39,666 41,272
Equity and Liabilities
Equity
Share 11 237 236
Capital
Share Premium 72,445 72,445
Share-based Payment Reserve 18,093 15,547
Foreign Currency Translation Reserve 233 (46)
Retained Earnings (58,894) (53,831)
Total Equity 32,114 34,351
Non-current Liabilities
Lease Liability 34 125
Provisions 55 53
89 178
Current Liabilities
Lease Liability 179 167
Trade and Other Payables 12 7,284 6,576
7,463 6,743
Total Liabilities 7,552 6,921
Total Equity and Liabilities 39,666 41,272
Notes 1 to 17 form an integral part of these Condensed Consolidated Financial
Statements.
Approved by the Board on 13 August 2025 and signed on its behalf by:
Christoph J. Martin
Chief Financial Officer
Condensed Consolidated Statement of Changes in Equity
For the Period from 1 January 2025 to 30 June 2025
Share Capital Share Premium Share-based Payment Reserve Foreign Currency Translation Reserve Retained Earnings Total
Note £ 000 £ 000 £ 000 £ 000 £ 000 £ 000
At 1 January 2024 224 53,218 12,397 - (50,694) 15,145
Profit/(Loss) for the Year - - - - (3,675) (3,675)
Total Comprehensive Profit/(Loss) - - - - (3,675) (3,675)
Share-based Payment Transactions - - 1,431 - - 1,431
Exercise of Share Options 14 1 - - - - 1
At 30 June 2024 (unaudited) 225 53,218 13,828 - (54,369) 12,902
At 1 January 2025 236 72,445 15,547 (46) (53,831) 34,351
Profit/(Loss) for the Year - - - - (5,063) (5,063)
Total Comprehensive Profit/(Loss) - - - - (5,063) (5,063)
Share-based Payment Transactions - - 2,546 - - 2,546
Exercise of Share Options 14 1 - - - - 1
Currency Translation Adjustment - - - 279 - 279
At 30 June 2025 (unaudited) 237 72,445 18,093 233 (58,894) 32,114
Notes 1 to 17 form an integral part of these Condensed Consolidated Financial
Statements.
Condensed Consolidated Statement of Cash Flows
For the Period from 1 January 2025 to 30 June 2025
Unaudited Unaudited
six months to six months to
30 June 2025 30 June 2024
Note £ 000 £ 000
Cash Flows from Operating Activities
Profit/(Loss) for the Period (5,063) (3,675)
Adjustments to Cash Flows from Non-Cash Items
Depreciation 168 142
Finance Costs 11 14
Unrealised FX (Gain)/Loss 335 -
Share-based Payment Transactions 2,546 1,431
Taxation 7 5 (77)
Operating Cash Flows before movements in Working Capital (1,998) (2,165)
Working Capital Adjustments
Increase in financial assets (deposits) (7) (11)
Increase in Trade and Other Receivables 10 1,031 (650)
Increase in Trade and Other Payables 12 708 1,846
Cash generated used in Operations (266) (980)
Taxes Paid (5) -
Net Cash Outflow from Operating Activities (271) (980)
Cash Flows from Investing Activities
Acquisition of Equipment (105) (45)
Development of Intangible Asset (365) (183)
Net Cash Flow used in Investing Activities (470) (228)
Cash Flows from Financing Activities
Payment of Principal and Interest of Lease Liabilities (88) (93)
Net Cash Outflow from Financing Activities (88) (93)
Net Decrease in Cash and Cash Equivalents (829) (1,301)
Effect of exchange rate changes on cash and cash equivalent (56) -
Cash and Cash Equivalents at 1 January 34,995 12,214
Cash and Cash Equivalents at 30 June 34,110 10,913
Notes 1 to 17 form an integral part of these Condensed Consolidated Financial
Statements.
Notes to the Condensed Consolidated Financial Statements
For the Period from 1 January 2025 to 30 June 2025
1. Corporate Information
PensionBee Group plc (the 'Company') is the parent company of PensionBee
Limited, PensionBee Trustees Limited and PensionBee Inc. (the 'Subsidiaries')
(together the 'Group').
The Condensed Consolidated Financial Statements of the Group for the six
months ended 30 June 2025 were authorised for issue in accordance with a
resolution of the Directors on 13 August 2025.
PensionBee Group plc is a public limited company, whose shares are listed on
the London Stock Exchange ('LSE'), incorporated and domiciled in England and
Wales.
The address of its registered office is:
209 Blackfriars Road
London
SE1 8NL
United Kingdom
Principal Activity
The principal activity of the Group is that of an online retirement savings
provider. The Group seeks to make its customers 'Pension Confident' by giving
them complete control and clarity over their retirement savings. The Group
helps its customers to combine their retirement savings into one new online
plan where they can contribute, forecast outcomes, invest effectively, and
withdraw their retirement savings, all from the palm of their hand.
2. Accounting Policies
Basis of Preparation
The Annual Financial Statements of PensionBee Group plc will be prepared in
accordance with United Kingdom adopted International Financial Reporting
Standards. The condensed set of financial statements included in this
half-yearly financial report has been prepared in accordance with United
Kingdom adopted International Accounting Standard 34 'Interim Financial
Reporting'. The Group has prepared the Condensed Consolidated Financial
Statements on the basis that it will continue to operate as a going concern.
The Directors consider that there are no material uncertainties that may cast
significant doubt over this assumption. The Directors are satisfied that the
Group has sufficient resources to continue in operation for the foreseeable
future, a period of not less than 12 months from the date of this report.
The Condensed Consolidated Financial Statements do not include all the
information and disclosures required in the Annual Financial Statements, and
should be read in conjunction with PensionBee Group's Annual Report and
Financial Statements 2024.
The Condensed Consolidated Financial Statements are presented in GBP and all
values are rounded to the nearest thousand (£'000), except when otherwise
indicated. The functional currency of the Company is GBP because it is the
primary currency in the economic environment in which the Company operates and
cash flows from financing activities are generated.
Basis of Consolidation
The Condensed Consolidated Financial Statements consolidate the financial
statements of the Company and its subsidiary undertakings drawn up to 30 June
2025.
A subsidiary is an entity controlled by the Company. Control is achieved where
the Company has the power to govern the financial and operating policies of an
entity so as to obtain benefits from its activities. The Company reassesses
whether it controls an entity if facts and circumstances indicate there are
changes to one or more elements of control.
On 21 March 2024, PensionBee Group plc incorporated a new wholly owned
subsidiary, PensionBee Inc. in Delaware, US with operational headquarters in
New York. The incorporation of this subsidiary is part of the Group's
strategic initiative to expand its operations into the US market.
On 27 November 2024, PensionBee Group plc wholly acquired PensionBee Trustees
Limited at book value of £1. From the acquisition date, PensionBee Trustees
Limited became a subsidiary of PensionBee Group plc. PensionBee Trustees
Limited holds the scheme's assets and liabilities under a bare trust
arrangement and are not recognised within its financial statements. The
subsidiary is non-operational.
All intra-Group assets and liabilities, equity, income, expenses and cash
flows relating to transactions between the members of the Group are eliminated
on consolidation.
Summary of Accounting Policies
The principal accounting policies applied in the preparation of these
financial statements are set out below. These policies have been consistently
applied to all the years presented and the interim period policies
consistently comply with International Accounting Standard 34 'Interim
Financial Reporting', unless otherwise stated.
Audit Requirements
The financial information for the six months ended 30 June 2025 has not been
audited by Deloitte LLP and accordingly no opinion has been given. The
comparative financial information for the year ended 31 December 2024 has been
extracted from the Annual Report and Financial Statements 2024. The financial
information contained in this Interim Report does not constitute statutory
accounts as defined in section 435 of the Companies Act 2006 and does not
reflect all of the information contained in PensionBee Group plc's Annual
Report and Financial Statements 2024. The Annual Financial Statements for the
year ended 31 December 2024, which were approved by the Board of Directors on
12 March 2025, received an unqualified audit report, did not contain a
statement under section 498 (2) or (3) of the Companies Act 2006 and have been
filed with the Registrar of Companies.
Changes in Accounting Policy
None of the standards, interpretations and amendments effective for the first
time from 1 January 2025 have had a material effect on the Condensed
Consolidated Financial Statements.
Foreign Currency Translation
Functional and presentation currency
Items included in the financial statements of each of the Group entities are
measured using the currency of the primary economic environment in which the
entity operates ('the functional currency').
Foreign currency transactions and balances
In preparing the financial statements of the Group entities, transactions in
currencies other than the entity's functional currency ('foreign currencies')
are recognised at the rates of exchange prevailing on the dates of the
transactions. At each reporting date, monetary assets and liabilities that are
denominated in foreign currencies are retranslated at the rates prevailing at
that date. Non-monetary items carried at fair value that are denominated in
foreign currencies are translated at the rates prevailing at the date when the
fair value was determined. Non-monetary items that are measured in terms of
historical cost in a foreign currency are not retranslated. Exchange
differences are recognised in the Condensed Consolidated Statement of
Comprehensive Income in the period in which they arise.
Foreign operations
For the purpose of presenting the Condensed Consolidated Financial Statements,
the results and financial position of foreign operations (none of which has
the currency of a hyperinflationary economy) that have a functional currency
different from the presentation currency are translated into the presentation
currency as follows:
● assets and liabilities for each statement of financial position
presented are translated at the closing rate at the date of that statement of
financial position;
● income and expenses for each statement of comprehensive income
are translated at average exchange rates (unless this is not a reasonable
approximation of the cumulative effect of the rates prevailing on the
transaction dates, in which case income and expenses are translated at the
dates of the transactions); and
● all resulting exchange differences are recognised in the
Condensed Consolidated Statement of Comprehensive Income and accumulated in a
foreign currency translation reserve.
Internally Generated Intangible Assets - research and development expenditure
Expenditure on research activities is recognised as an expense in the period
in which it is incurred.
An intangible asset arising from development (or from the development phase of
an internal project) is recognised if, and only if, all of the following
conditions have been demonstrated:
● the technical feasibility of completing the intangible asset so
that it will be available for use or sale;
● the intention to complete the intangible asset and use or sell
it;
● the ability to use or sell the intangible asset;
● how the intangible asset will generate probable future economic
benefits;
● the availability of adequate technical, financial and other
resources to complete the development and to use or sell the intangible asset;
and
● the ability to measure reliably the expenditure attributable to
the intangible asset during its development.
The amount initially recognised for intangible assets is the sum of the
expenditure incurred from the date when the intangible asset first meets the
recognition criteria listed above. Where no intangible asset can be
recognised, development expenditure is recognised in the Condensed Statement
of Comprehensive Income in the period in which it is incurred.
Subsequent to initial recognition, intangible assets are reported at cost less
accumulated amortisation and accumulated impairment losses. The estimated
useful lives are as follows:
Asset Class Amortisation Method and Rate
Capitalised Development Costs eight years straight line
Intangible assets are amortised from the point at which the assets are
available for use.
3. Critical Accounting Judgements and Key Sources of Estimation
Uncertainty
In the application of the Group's accounting policies, the Directors are
required to make judgements, estimates and assumptions about the carrying
amount of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual
results may differ from these estimates. The estimates and underlying
assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where
the revision affects only that period, or in the period of the revision and
future periods where the revision affects both current and future periods.
The Group does not have any critical accounting judgements or key estimation
uncertainties.
4. Revenue
The analysis of the Group's Revenue for the period from continuing operations
is as follows:
Unaudited Unaudited
six months to six months to 30 June 2024
30 June 2025
£ 000 £ 000
Recurring Revenue 18,667 15,227
Other Revenue 189 140
18,856 15,367
5. Other Income
Unaudited Unaudited
six months to six months to
30 June 2025 30 June 2024
£ 000 £ 000
Other Income 734 -
734 -
During the year the Company (through its subsidiary, PensionBee Inc.) entered
into an agreement with State Street under which State Street will provide
meaningful marketing support to PensionBee Inc. Under the terms of the
agreement, State Street reimburses marketing costs incurred by PensionBee Inc.
The annual amount of the marketing costs reimbursement is based on the
achievement of certain net new asset thresholds. Other Income relates to
marketing costs reimbursements received from State Street. Amounts received in
advance have been accounted for as deferred income and will be released to
Other Income to the extent that a qualifying marketing cost has been incurred
by PensionBee Inc.
6. Operating Segments
Operating segments and reporting segments are reported in a manner consistent
with the internal reporting provided to the Chief Operating Decision Maker
('CODM'). The Group considers that the role of CODM is performed by the Board
of Directors. The Board of Directors regularly reviews the Group's operating
results from a geographical perspective and has identified two reportable
segments of the business: the United Kingdom (PensionBee Group plc and
PensionBee Limited), and the United States (PensionBee Inc.). PensionBee
Trustees Limited is a non-operational company domiciled in the United Kingdom.
Both segments provide the same service; the provision of direct-to-consumer
online retirement savings consolidation and management.
The Board of Directors uses Operating Profit/(Loss) to assess the performance
of the operating segments. The Board of Directors also reviews the assets and
liabilities of the segments on a quarterly basis.
Operating Profit
For the six months to 30 June 2025:
United Kingdom United States Intersegmental eliminations Total
£ 000 £ 000 £ 000 £ 000
Revenue 19,556 2 (702) 18,856
Employee Benefits Expense (6,146) (904) - (7,050)
Share-based Payments (2,407) (139) - (2,546)
Depreciation and Amortisation Expense (160) (8) - (168)
Advertising and Marketing (7,577) (734) - (8,311)
Other Expenses (6,587) (1,247) 703 (7,131)
Other Income - 734 - 734
Expansion Costs - - - -
Operating Profit/(Loss) (3,321) (2,296) 1 (5,616)
For the six months to 30 June 2024:
United Kingdom United States Intersegmental eliminations Total
£ 000 £ 000 £ 000 £ 000
Revenue 15,715 - (348) 15,367
Employee Benefits Expense (5,726) (23) - (5,749)
Share-based Payments (1,431) - - (1,431)
Depreciation and Amortisation Expense (142) - - (142)
Advertising and Marketing (5,848) - - (5,848)
Other Expenses (5,739) (389) 347 (5,781)
Other Income - - - -
Expansion Costs (54) (118) - (172)
Operating Profit/(Loss) (3,225) (530) (1) (3,756)
Segment Assets and Liabilities
As at 30 June 2025:
United Kingdom United States of America Intersegmental eliminations Total
£ 000 £ 000 £ 000 £ 000
Non-current Assets 5,473 175 (4,286) 1,362
Current Assets 35,295 3,010 (1) 38,304
Non-current Liabilities (89) (2,033) 2,033 (89)
Current Liabilities (4,271) (3,397) 205 (7,463)
Net Assets 36,408 (2,245) (2,049) 32,114
As at 31 December 2024:
United Kingdom United States of America Intersegmental eliminations Total
£ 000 £ 000 £ 000 £ 000
Non-current Assets 4,400 144 (3,491) 1,053
Current Assets 34,887 5,332 - 40,219
Non-current Liabilities (178) (1,239) 1,239 (178)
Current Liabilities (2,528) (4,391) 176 (6,743)
Net Assets 36,581 (154) (2,076) 34,351
Adjusted EBITDA
Adjusted EBITDA excludes the effects of significant items of income and
expenditure which might have an impact on the quality of earnings such as
non-recurring costs (Expansion Costs) and the effects of equity-settled
Share-based Payments. See Note 18 for the reconciliation of the Operating
Profit/(Loss) to Adjusted EBITDA.
7. Tax
Tax credited in the Condensed Consolidated Statement of Comprehensive Income:
Unaudited Unaudited
six months to six months to
30 June 2025 30 June 2024
£ 000 £ 000
Current Taxation
Corporation Tax (5) 77
Tax (Charge)/Credit in the Condensed Consolidated Statement of Comprehensive (5) 77
Income
The Tax Charge in the Condensed Consolidated Statement of Comprehensive Income
relates solely to threshold driven tax charges by the New York City and New
York State. The prior period Tax Credit in the Condensed Consolidated
Statement of Comprehensive Income relates solely to enhanced tax credits in
relation to Research and Development.
8. Earnings per Share
Basic Earnings per Share is calculated by dividing the loss attributable to
ordinary equity holders of the Company by the weighted average number of
ordinary shares in issue during the period.
Diluted Earnings per Share is calculated by dividing the Loss Attributable to
Ordinary Equity Holders of the Company by the Weighted Average Number of
ordinary shares in issue during the period. The weighted average number of
ordinary shares in issue during the period has not been adjusted for the
effect of the weighted average number of shares that would be issued on the
conversion of all the potential ordinary shares under option and conditional
share awards because the potential ordinary shares are anti-dilutive. At each
balance sheet date reported below, the following potential ordinary shares
under option and conditional share awards are anti-dilutive and are therefore
excluded from the weighted average number of ordinary shares for the purpose
of Diluted Earnings per Share.
Unaudited Unaudited
six months to six months to
30 June 2025 30 June 2024
Number of Potential Ordinary Shares 12,341,687 10,132,964
Loss Attributable to Ordinary Equity Holders of the Company (£) (5,063,000) (3,675,000)
Weighted Average Number of Shares Outstanding during the Period 236,636,758 224,100,045
Basic and Diluted Earnings/(Loss) per Share (pence per Share) (2.14) (1.64)
9. Intangible Assets
Capitalised Development Costs Work in Progress Total
£ 000 £ 000 £ 000
Cost
At 1 January 2024 - - -
Additions 267 - 267
Disposals - - -
At 31 December 2024 267 - 267
Additions - 365 365
Disposals - - -
At 30 June 2025 267 365 632
Accumulated Depreciation
At 1 January 2024 - - -
Charge for the year 3 - 3
Eliminated on disposal - - -
At 31 December 2024 3 - 3
Charge for the period 17 - 17
Eliminated on disposal - - -
At 30 June 2025 20 - 20
Carrying Amount
At 31 December 2024 264 264 264
At 30 June 2025 247 365 612
Capitalised development costs and work in progress include employee costs and
directly attributable supplier costs incurred in the development of the
technology platform and mobile application.
10. Trade and Other Receivables
Unaudited Audited
six months to 31 December 2024
30 June 2025
£ 000 £ 000
Trade Receivables 2,813 3,037
Prepayments 1,209 2,105
Other Receivables 172 82
4,194 5,224
Trade and Other Receivables are measured at amortised cost and management
assessed that the carrying value is approximately their fair value due to the
short-term maturities of these balances.
11. Share Capital
Allotted, Called Up and Fully Paid Shares
Unaudited 30 June 2025 Audited 31 December 2024
No. 000 £ 000 No. 000 £ 000
At 1 January 236,122 236 223,963 224
Shares Issued 1,013 1 12,159 12
Closing Balance 237,135 237 236,122 236
During the year, PensionBee Group plc issued ordinary shares, to satisfy the
exercise of share options totalling 1,012,904 ordinary shares (2024:
1,348,265) of £0.001 each. The exercise price for each exercised share option
was £0.001 (2024: £0.001).
On 28 October 2024, PensionBee Group plc issued 10,810,811 ordinary shares of
£0.001 each to raise capital. Each share was issued at £1.85. Transaction
costs incurred and directly attributable to the issuance of these shares
amounted to £762,000. These costs were recognised as a reduction to the share
premium.
Each ordinary share carries one vote per share and ranks pari passu with
respect to dividends and capital.
12. Trade and Other Payables
Unaudited Audited
six months to 31 December 2024
30 June 2025
£ 000 £ 000
Trade Payables 843 111
Accrued Expenses 3,113 2,257
Other Payables 330 77
Deferred Income 2,998 4,131
7,284 6,576
Trade and Other Payables are measured at amortised cost and management
assessed that the carrying value is approximately their fair value due to the
short-term maturities of these balances.
Deferred income arises as a result of marketing funding received in advance
from State Street, a US-based global financial institution, see Note 5.
13. Financial Assets and Financial Liabilities
The carrying values of the financial assets and liabilities are not materially
different from their fair values.
14. Share-based Payments
PensionBee EMI and Non-EMI Share Option Scheme
Scheme Details and Movements
Under the PensionBee EMI and Non-EMI Share Option Scheme, share options were
granted to eligible employees who had passed their probation period at the
Group. The exercise price of all share options is £0.001 per share.
The share options normally vest in the following tranches: 25% of the shares
vest on the first anniversary of the vesting commencement date, with the
remaining 75% of the shares vesting quarterly in equal instalments over the
following three years.
The fair value of the share options granted is estimated on the date of grant
by reference to the prevailing share price. Before the Company was listed in
2021, the fair value was determined by reference to the price paid by external
investors as part of periodic funding rounds.
During the year ended 31 December 2021, share options could be exercised upon
the occurrence of an exit event, a takeover, reconstruction, liquidation and
sale of the business, to the extent they had vested. In the event that there
had been no exit event before the tenth anniversary of the date of grant, the
Directors were able to determine that an option holder could exercise their
option in the 30 day period before such anniversary.
Following the listing of the Company in 2021, share options can be exercised
upon satisfying the service condition.
Under this scheme, no share options were granted during the six months ended
30 June 2025 (30 June 2024: nil).
The total number of share options exercised during the six months ended 30
June 2025 was 336,506 (30 June 2024: 552,420) and the weighted average
remaining contractual life is nil months (30 June 2024: three months).
Deferred Share Bonus Awards
Scheme Details and Movements
Under the PensionBee Omnibus Plan, Deferred Share Bonus Awards ('DSB Awards')
are granted to eligible employees who are, or were, an employee (including an
Executive Director) of the Group and have been granted a bonus. DSB Awards are
granted in the subsequent financial year following the determination of the
annual bonus outturn. The exercise price of all DSB Awards is £0.001 per
share.
For the two Executive Directors that were in office as at 31 December 2021,
their 2022 granted DSB Awards cliff vest on the third anniversary of the date
of grant. For the rest of the employees and the subsequent grants, DSB Awards
vest in three equal tranches over a service period of three years from grant
date, with the exception of some of the DSB Awards granted in 2025. DSB Awards
granted in 2025 to employees in the entry to middle management levels in 2025
vest after a service period of one year from the grant date. DSB Awards vest
upon satisfying the service condition.
The fair value of the DSB Awards is the share price on grant date. DSB Awards
granted by way of share option can be exercised to the extent they have
vested. DSB Awards granted by way of conditional share awards will
automatically be released upon vesting.
1,942,412 DSB Awards were granted during the six months ended 30 June 2025 (30
June 2024: 1,582,724 ). The weighted average fair value of DSB Awards granted
during the six months ended 30 June 2025 was £1.47 (30 June 2024: £0.97).
The total number of DSB Awards exercised during the six months ended 30 June
2025 was 558,820 (30 June 2024: 334,206) and the weighted average remaining
contractual life is one year and two months (30 June 2024: ten months).
Long Term Incentives
Scheme Details and Movements
Under the PensionBee Omnibus Plan, Long Term Incentives in the form of
Restricted Share Plan Awards ('RSP Awards') are granted to eligible employees
who are, or were, employees (including an Executive Director) of the Group, at
mid-level management or higher, and have been granted a bonus. RSP Awards are
granted in the subsequent year following a bonus grant. The exercise price of
all RSP Awards is £0.001 per share.
The RSP Awards vest in tranches, a third of the RSP Awards vest on the third
anniversary, a third on the fourth anniversary and the last third on the fifth
anniversary of the vesting commencement date.
The fair value of the RSP Awards is the share price on grant date discounted
for restricted selling period. RSP Awards can be exercised to the extent they
have vested and after a five year holding period. RSP Awards granted by way of
conditional share awards will be released after the five year holding period.
1,823,217 RSP Awards were granted during the six months ended 30 June 2025 (30
June 2024: 2,803,728). The weighted average fair value of RSP Awards granted
during the six months ended 30 June 2025 was £1.41 (30 June 2024: £0.93).
The total number of RSP Awards exercised during the six months ended 30 June
2025 was 84,578 (30 June 2024: nil) and the weighted average remaining
contractual life is two years and four months (30 June 2024: two years and
five months).
Charge/Credit arising from Share-based Payments
The total charge during the six months ended 30 June 2025 for the Share-based
Payments was £2,546,000 (30 June 2024: £1,431,000), all of which related to
equity-settled share-based payment transactions.
15. Principal Risks and Uncertainties
The Board continually reviews the principal risks and uncertainties facing the
Group that could pose a threat to the delivery of the strategic objectives.
The Board believes that the nature of the principal risks and uncertainties
that may have a material effect on the Group's performance over the remainder
of the financial year remain unchanged from those presented within the Annual
Report and Financial Statements 2024.
16. Related Party Transactions
Related Party - PensionBee Trustees Limited
The following related party transactions occurred between PensionBee and
PensionBee Trustees Limited before the acquisition of PensionBee Trustees
Limited by PensionBee Group plc on 27 November 2024:
(i) Payment of the PensionBee Trustees Limited bank fees on a
quarterly basis. During the six months to 30 June 2024, bank fees amounted to
£109,000 There was no outstanding balance as at 30 June 2024.
(ii) Payment of the PensionBee Trustees Limited's Data Protection fee
on an annual basis. During the six months to 30 June 2024, payments amounted
to £35. There was no outstanding balance as at 30 June 2024.
Transactions with Directors
There were no transactions with Directors during the six months ended 30 June
2025 (30 June 2024: £nil). There was no outstanding balance as at 30 June
2025 (30 June 2024: £nil).
17. Events After the Reporting Period
There were no events of material impact to the financial statements that
occurred after the reporting date.
18. Alternative Performance Measures
The Group uses a variety of alternative performance measures ('APM's') which
are not defined or specified by IFRS, in particular Adjusted Earnings Before
Interest, Taxes, Depreciation and Amortisation ('EBITDA'). The Directors use a
combination of APMs and IFRS measures when reviewing the performance and
position of the Group and believe that each of these measures provides useful
information with respect to the Group's business and operations. The Directors
consider that these APMs illustrate the underlying performance of the business
by excluding items considered by management not to be reflective of the
underlying trading operations of the Group.
The APMs used by the Group are defined below and reconciled to the related
IFRS financial measures:
Adjusted EBITDA
Adjusted EBITDA represents the Operating Profit/(Loss) for the period before
Taxation, Finance Costs, Finance Income, Depreciation, Amortisation,
Share-based Payments and Expansion Costs.
The Adjusted EBITDA for the Group:
Unaudited Unaudited
six months to six months to
30 June 2025 30 June 2024
£ 000 £ 000
Operating Loss (5,616) (3,756)
Depreciation 168 142
Share-based Payments(1) 2,546 1,431
Expansion Costs(2) - 172
Adjusted EBITDA (2,902) (2,010)
Notes:
1. Relates to the total annual charge in relation to the Share-based
Payments as detailed in Note 14.
2. Relates to one-off expenses incurred in relation to expansion into the
United States.
PensionBee Trustees Limited is a non-operational company domiciled in the
United Kingdom.
The Adjusted EBITDA for PensionBee UK (PensionBee Group plc and PensionBee
Limited):
Unaudited Unaudited
six months to six months to
30 June 2025 30 June 2024
£ 000 £ 000
Operating Profit/(Loss)(1) (3,321) (3,224)
Depreciation and Amortisation Expense 160 142
Share-based Payments(2) 2,407 1,431
Expansion Costs(3) - 54
UK Adjusted EBITDA (754) (1,598)
Notes:
1. Operating Profit/(Loss) includes income generated from the provision of
services from PensionBee Limited to PensionBee Inc. during the six months to
30 June 2025 amounting to £702,000) (30 June 2024: £348,000). All
inter-company transactions are on an arm's length basis.
2. Relates to annual charge in relation to Share-based Payments as
detailed in Note14.
3. Relates to one-off expenses incurred in relation to expansion into the
United States.
The Adjusted EBITDA for PensionBee US (PensionBee Inc.):
Unaudited Unaudited
six months to six months to
30 June 2025 30 June 2024
£ 000 £ 000
Operating Profit/(Loss)(1) (2,296) (532)
Depreciation and Amortisation Expense 8 -
Share-based Payments(2) 139 -
Expansion Costs(3) - 118
US Adjusted EBITDA (2,149) (414)
Notes:
1. Operating Profit/(Loss) includes expenses incurred from the provision
of services from PensionBee Limited to PensionBee Inc. during the six months
to 30 June 2025 amounting to £703,000 (30 June 2024: £348,000). All
inter-company transactions are on an arm's length basis.
2. Relates to annual charge in relation to Share-based Payments expense as
detailed in Note 14.
3. Relates to one-off expenses incurred in relation to expansion into the
United States.
Intangible assets are amortised from the point at which the assets are
available for use.
3. Critical Accounting Judgements and Key Sources of Estimation
Uncertainty
In the application of the Group's accounting policies, the Directors are
required to make judgements, estimates and assumptions about the carrying
amount of assets and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual
results may differ from these estimates. The estimates and underlying
assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where
the revision affects only that period, or in the period of the revision and
future periods where the revision affects both current and future periods.
The Group does not have any critical accounting judgements or key estimation
uncertainties.
4. Revenue
The analysis of the Group's Revenue for the period from continuing operations
is as follows:
Unaudited Unaudited
six months to six months to 30 June 2024
30 June 2025
£ 000 £ 000
Recurring Revenue 18,667 15,227
Other Revenue 189 140
18,856 15,367
5. Other Income
Unaudited Unaudited
six months to six months to
30 June 2025 30 June 2024
£ 000 £ 000
Other Income 734 -
734 -
During the year the Company (through its subsidiary, PensionBee Inc.) entered
into an agreement with State Street under which State Street will provide
meaningful marketing support to PensionBee Inc. Under the terms of the
agreement, State Street reimburses marketing costs incurred by PensionBee Inc.
The annual amount of the marketing costs reimbursement is based on the
achievement of certain net new asset thresholds. Other Income relates to
marketing costs reimbursements received from State Street. Amounts received in
advance have been accounted for as deferred income and will be released to
Other Income to the extent that a qualifying marketing cost has been incurred
by PensionBee Inc.
6. Operating Segments
Operating segments and reporting segments are reported in a manner consistent
with the internal reporting provided to the Chief Operating Decision Maker
('CODM'). The Group considers that the role of CODM is performed by the Board
of Directors. The Board of Directors regularly reviews the Group's operating
results from a geographical perspective and has identified two reportable
segments of the business: the United Kingdom (PensionBee Group plc and
PensionBee Limited), and the United States (PensionBee Inc.). PensionBee
Trustees Limited is a non-operational company domiciled in the United Kingdom.
Both segments provide the same service; the provision of direct-to-consumer
online retirement savings consolidation and management.
The Board of Directors uses Operating Profit/(Loss) to assess the performance
of the operating segments. The Board of Directors also reviews the assets and
liabilities of the segments on a quarterly basis.
Operating Profit
For the six months to 30 June 2025:
United Kingdom United States Intersegmental eliminations Total
£ 000 £ 000 £ 000 £ 000
Revenue 19,556 2 (702) 18,856
Employee Benefits Expense (6,146) (904) - (7,050)
Share-based Payments (2,407) (139) - (2,546)
Depreciation and Amortisation Expense (160) (8) - (168)
Advertising and Marketing (7,577) (734) - (8,311)
Other Expenses (6,587) (1,247) 703 (7,131)
Other Income - 734 - 734
Expansion Costs - - - -
Operating Profit/(Loss) (3,321) (2,296) 1 (5,616)
For the six months to 30 June 2024:
United Kingdom United States Intersegmental eliminations Total
£ 000 £ 000 £ 000 £ 000
Revenue 15,715 - (348) 15,367
Employee Benefits Expense (5,726) (23) - (5,749)
Share-based Payments (1,431) - - (1,431)
Depreciation and Amortisation Expense (142) - - (142)
Advertising and Marketing (5,848) - - (5,848)
Other Expenses (5,739) (389) 347 (5,781)
Other Income - - - -
Expansion Costs (54) (118) - (172)
Operating Profit/(Loss) (3,225) (530) (1) (3,756)
Segment Assets and Liabilities
As at 30 June 2025:
United Kingdom United States of America Intersegmental eliminations Total
£ 000 £ 000 £ 000 £ 000
Non-current Assets 5,473 175 (4,286) 1,362
Current Assets 35,295 3,010 (1) 38,304
Non-current Liabilities (89) (2,033) 2,033 (89)
Current Liabilities (4,271) (3,397) 205 (7,463)
Net Assets 36,408 (2,245) (2,049) 32,114
As at 31 December 2024:
United Kingdom United States of America Intersegmental eliminations Total
£ 000 £ 000 £ 000 £ 000
Non-current Assets 4,400 144 (3,491) 1,053
Current Assets 34,887 5,332 - 40,219
Non-current Liabilities (178) (1,239) 1,239 (178)
Current Liabilities (2,528) (4,391) 176 (6,743)
Net Assets 36,581 (154) (2,076) 34,351
Adjusted EBITDA
Adjusted EBITDA excludes the effects of significant items of income and
expenditure which might have an impact on the quality of earnings such as
non-recurring costs (Expansion Costs) and the effects of equity-settled
Share-based Payments. See Note 18 for the reconciliation of the Operating
Profit/(Loss) to Adjusted EBITDA.
7. Tax
Tax credited in the Condensed Consolidated Statement of Comprehensive Income:
Unaudited Unaudited
six months to six months to
30 June 2025 30 June 2024
£ 000 £ 000
Current Taxation
Corporation Tax (5) 77
Tax (Charge)/Credit in the Condensed Consolidated Statement of Comprehensive (5) 77
Income
The Tax Charge in the Condensed Consolidated Statement of Comprehensive Income
relates solely to threshold driven tax charges by the New York City and New
York State. The prior period Tax Credit in the Condensed Consolidated
Statement of Comprehensive Income relates solely to enhanced tax credits in
relation to Research and Development.
8. Earnings per Share
Basic Earnings per Share is calculated by dividing the loss attributable to
ordinary equity holders of the Company by the weighted average number of
ordinary shares in issue during the period.
Diluted Earnings per Share is calculated by dividing the Loss Attributable to
Ordinary Equity Holders of the Company by the Weighted Average Number of
ordinary shares in issue during the period. The weighted average number of
ordinary shares in issue during the period has not been adjusted for the
effect of the weighted average number of shares that would be issued on the
conversion of all the potential ordinary shares under option and conditional
share awards because the potential ordinary shares are anti-dilutive. At each
balance sheet date reported below, the following potential ordinary shares
under option and conditional share awards are anti-dilutive and are therefore
excluded from the weighted average number of ordinary shares for the purpose
of Diluted Earnings per Share.
Unaudited Unaudited
six months to six months to
30 June 2025 30 June 2024
Number of Potential Ordinary Shares 12,341,687 10,132,964
Loss Attributable to Ordinary Equity Holders of the Company (£) (5,063,000) (3,675,000)
Weighted Average Number of Shares Outstanding during the Period 236,636,758 224,100,045
Basic and Diluted Earnings/(Loss) per Share (pence per Share) (2.14) (1.64)
9. Intangible Assets
Capitalised Development Costs Work in Progress Total
£ 000 £ 000 £ 000
Cost
At 1 January 2024 - - -
Additions 267 - 267
Disposals - - -
At 31 December 2024 267 - 267
Additions - 365 365
Disposals - - -
At 30 June 2025 267 365 632
Accumulated Depreciation
At 1 January 2024 - - -
Charge for the year 3 - 3
Eliminated on disposal - - -
At 31 December 2024 3 - 3
Charge for the period 17 - 17
Eliminated on disposal - - -
At 30 June 2025 20 - 20
Carrying Amount
At 31 December 2024 264 264 264
At 30 June 2025 247 365 612
Capitalised development costs and work in progress include employee costs and
directly attributable supplier costs incurred in the development of the
technology platform and mobile application.
10. Trade and Other Receivables
Unaudited Audited
six months to 31 December 2024
30 June 2025
£ 000 £ 000
Trade Receivables 2,813 3,037
Prepayments 1,209 2,105
Other Receivables 172 82
4,194 5,224
Trade and Other Receivables are measured at amortised cost and management
assessed that the carrying value is approximately their fair value due to the
short-term maturities of these balances.
11. Share Capital
Allotted, Called Up and Fully Paid Shares
Unaudited 30 June 2025 Audited 31 December 2024
No. 000 £ 000 No. 000 £ 000
At 1 January 236,122 236 223,963 224
Shares Issued 1,013 1 12,159 12
Closing Balance 237,135 237 236,122 236
During the year, PensionBee Group plc issued ordinary shares, to satisfy the
exercise of share options totalling 1,012,904 ordinary shares (2024:
1,348,265) of £0.001 each. The exercise price for each exercised share option
was £0.001 (2024: £0.001).
On 28 October 2024, PensionBee Group plc issued 10,810,811 ordinary shares of
£0.001 each to raise capital. Each share was issued at £1.85. Transaction
costs incurred and directly attributable to the issuance of these shares
amounted to £762,000. These costs were recognised as a reduction to the share
premium.
Each ordinary share carries one vote per share and ranks pari passu with
respect to dividends and capital.
12. Trade and Other Payables
Unaudited Audited
six months to 31 December 2024
30 June 2025
£ 000 £ 000
Trade Payables 843 111
Accrued Expenses 3,113 2,257
Other Payables 330 77
Deferred Income 2,998 4,131
7,284 6,576
Trade and Other Payables are measured at amortised cost and management
assessed that the carrying value is approximately their fair value due to the
short-term maturities of these balances.
Deferred income arises as a result of marketing funding received in advance
from State Street, a US-based global financial institution, see Note 5.
13. Financial Assets and Financial Liabilities
The carrying values of the financial assets and liabilities are not materially
different from their fair values.
14. Share-based Payments
PensionBee EMI and Non-EMI Share Option Scheme
Scheme Details and Movements
Under the PensionBee EMI and Non-EMI Share Option Scheme, share options were
granted to eligible employees who had passed their probation period at the
Group. The exercise price of all share options is £0.001 per share.
The share options normally vest in the following tranches: 25% of the shares
vest on the first anniversary of the vesting commencement date, with the
remaining 75% of the shares vesting quarterly in equal instalments over the
following three years.
The fair value of the share options granted is estimated on the date of grant
by reference to the prevailing share price. Before the Company was listed in
2021, the fair value was determined by reference to the price paid by external
investors as part of periodic funding rounds.
During the year ended 31 December 2021, share options could be exercised upon
the occurrence of an exit event, a takeover, reconstruction, liquidation and
sale of the business, to the extent they had vested. In the event that there
had been no exit event before the tenth anniversary of the date of grant, the
Directors were able to determine that an option holder could exercise their
option in the 30 day period before such anniversary.
Following the listing of the Company in 2021, share options can be exercised
upon satisfying the service condition.
Under this scheme, no share options were granted during the six months ended
30 June 2025 (30 June 2024: nil).
The total number of share options exercised during the six months ended 30
June 2025 was 336,506 (30 June 2024: 552,420) and the weighted average
remaining contractual life is nil months (30 June 2024: three months).
Deferred Share Bonus Awards
Scheme Details and Movements
Under the PensionBee Omnibus Plan, Deferred Share Bonus Awards ('DSB Awards')
are granted to eligible employees who are, or were, an employee (including an
Executive Director) of the Group and have been granted a bonus. DSB Awards are
granted in the subsequent financial year following the determination of the
annual bonus outturn. The exercise price of all DSB Awards is £0.001 per
share.
For the two Executive Directors that were in office as at 31 December 2021,
their 2022 granted DSB Awards cliff vest on the third anniversary of the date
of grant. For the rest of the employees and the subsequent grants, DSB Awards
vest in three equal tranches over a service period of three years from grant
date, with the exception of some of the DSB Awards granted in 2025. DSB Awards
granted in 2025 to employees in the entry to middle management levels in 2025
vest after a service period of one year from the grant date. DSB Awards vest
upon satisfying the service condition.
The fair value of the DSB Awards is the share price on grant date. DSB Awards
granted by way of share option can be exercised to the extent they have
vested. DSB Awards granted by way of conditional share awards will
automatically be released upon vesting.
1,942,412 DSB Awards were granted during the six months ended 30 June 2025 (30
June 2024: 1,582,724 ). The weighted average fair value of DSB Awards granted
during the six months ended 30 June 2025 was £1.47 (30 June 2024: £0.97).
The total number of DSB Awards exercised during the six months ended 30 June
2025 was 558,820 (30 June 2024: 334,206) and the weighted average remaining
contractual life is one year and two months (30 June 2024: ten months).
Long Term Incentives
Scheme Details and Movements
Under the PensionBee Omnibus Plan, Long Term Incentives in the form of
Restricted Share Plan Awards ('RSP Awards') are granted to eligible employees
who are, or were, employees (including an Executive Director) of the Group, at
mid-level management or higher, and have been granted a bonus. RSP Awards are
granted in the subsequent year following a bonus grant. The exercise price of
all RSP Awards is £0.001 per share.
The RSP Awards vest in tranches, a third of the RSP Awards vest on the third
anniversary, a third on the fourth anniversary and the last third on the fifth
anniversary of the vesting commencement date.
The fair value of the RSP Awards is the share price on grant date discounted
for restricted selling period. RSP Awards can be exercised to the extent they
have vested and after a five year holding period. RSP Awards granted by way of
conditional share awards will be released after the five year holding period.
1,823,217 RSP Awards were granted during the six months ended 30 June 2025 (30
June 2024: 2,803,728). The weighted average fair value of RSP Awards granted
during the six months ended 30 June 2025 was £1.41 (30 June 2024: £0.93).
The total number of RSP Awards exercised during the six months ended 30 June
2025 was 84,578 (30 June 2024: nil) and the weighted average remaining
contractual life is two years and four months (30 June 2024: two years and
five months).
Charge/Credit arising from Share-based Payments
The total charge during the six months ended 30 June 2025 for the Share-based
Payments was £2,546,000 (30 June 2024: £1,431,000), all of which related to
equity-settled share-based payment transactions.
15. Principal Risks and Uncertainties
The Board continually reviews the principal risks and uncertainties facing the
Group that could pose a threat to the delivery of the strategic objectives.
The Board believes that the nature of the principal risks and uncertainties
that may have a material effect on the Group's performance over the remainder
of the financial year remain unchanged from those presented within the Annual
Report and Financial Statements 2024.
16. Related Party Transactions
Related Party - PensionBee Trustees Limited
The following related party transactions occurred between PensionBee and
PensionBee Trustees Limited before the acquisition of PensionBee Trustees
Limited by PensionBee Group plc on 27 November 2024:
(i) Payment of the PensionBee Trustees Limited bank fees on a
quarterly basis. During the six months to 30 June 2024, bank fees amounted to
£109,000 There was no outstanding balance as at 30 June 2024.
(ii) Payment of the PensionBee Trustees Limited's Data Protection fee
on an annual basis. During the six months to 30 June 2024, payments amounted
to £35. There was no outstanding balance as at 30 June 2024.
Transactions with Directors
There were no transactions with Directors during the six months ended 30 June
2025 (30 June 2024: £nil). There was no outstanding balance as at 30 June
2025 (30 June 2024: £nil).
17. Events After the Reporting Period
There were no events of material impact to the financial statements that
occurred after the reporting date.
18. Alternative Performance Measures
The Group uses a variety of alternative performance measures ('APM's') which
are not defined or specified by IFRS, in particular Adjusted Earnings Before
Interest, Taxes, Depreciation and Amortisation ('EBITDA'). The Directors use a
combination of APMs and IFRS measures when reviewing the performance and
position of the Group and believe that each of these measures provides useful
information with respect to the Group's business and operations. The Directors
consider that these APMs illustrate the underlying performance of the business
by excluding items considered by management not to be reflective of the
underlying trading operations of the Group.
The APMs used by the Group are defined below and reconciled to the related
IFRS financial measures:
Adjusted EBITDA
Adjusted EBITDA represents the Operating Profit/(Loss) for the period before
Taxation, Finance Costs, Finance Income, Depreciation, Amortisation,
Share-based Payments and Expansion Costs.
The Adjusted EBITDA for the Group:
Unaudited Unaudited
six months to six months to
30 June 2025 30 June 2024
£ 000 £ 000
Operating Loss (5,616) (3,756)
Depreciation 168 142
Share-based Payments(1) 2,546 1,431
Expansion Costs(2) - 172
Adjusted EBITDA (2,902) (2,010)
Notes:
1. Relates to the total annual charge in relation to the Share-based
Payments as detailed in Note 14.
2. Relates to one-off expenses incurred in relation to expansion into the
United States.
PensionBee Trustees Limited is a non-operational company domiciled in the
United Kingdom.
The Adjusted EBITDA for PensionBee UK (PensionBee Group plc and PensionBee
Limited):
Unaudited Unaudited
six months to six months to
30 June 2025 30 June 2024
£ 000 £ 000
Operating Profit/(Loss)(1) (3,321) (3,224)
Depreciation and Amortisation Expense 160 142
Share-based Payments(2) 2,407 1,431
Expansion Costs(3) - 54
UK Adjusted EBITDA (754) (1,598)
Notes:
1. Operating Profit/(Loss) includes income generated from the provision of
services from PensionBee Limited to PensionBee Inc. during the six months to
30 June 2025 amounting to £702,000) (30 June 2024: £348,000). All
inter-company transactions are on an arm's length basis.
2. Relates to annual charge in relation to Share-based Payments as
detailed in Note14.
3. Relates to one-off expenses incurred in relation to expansion into the
United States.
The Adjusted EBITDA for PensionBee US (PensionBee Inc.):
Unaudited Unaudited
six months to six months to
30 June 2025 30 June 2024
£ 000 £ 000
Operating Profit/(Loss)(1) (2,296) (532)
Depreciation and Amortisation Expense 8 -
Share-based Payments(2) 139 -
Expansion Costs(3) - 118
US Adjusted EBITDA (2,149) (414)
Notes:
1. Operating Profit/(Loss) includes expenses incurred from the provision
of services from PensionBee Limited to PensionBee Inc. during the six months
to 30 June 2025 amounting to £703,000 (30 June 2024: £348,000). All
inter-company transactions are on an arm's length basis.
2. Relates to annual charge in relation to Share-based Payments expense as
detailed in Note 14.
3. Relates to one-off expenses incurred in relation to expansion into the
United States.
Definitions
Group Financial Performance Measures
Revenue Revenue means the income generated from the asset base of PensionBee's
customers, essentially annual management fees charged on the AUA, together
with a minor revenue contribution from other services over the period.
Adjusted EBITDA* Adjusted EBITDA is the Operating Profit or Loss Before Taxation, Finance
Costs, Finance Income, Depreciation, Amortisation, Share-based Payments and
Expansion Costs over the period.
Adjusted EBITDA Margin* Adjusted EBITDA Margin means Adjusted EBITDA as a percentage of Revenue for
the relevant period.
Profit/(Loss) before Tax ('PBT') Profit/(Loss) before Tax is a measure that looks at PensionBee's profit or
losses before it has paid corporate income tax over the period.
Basic Earnings per Share ('EPS') Basic Earnings per Share is calculated by dividing the profit or loss
attributable to ordinary equity holders of the Group by the weighted average
number of ordinary shares in issue during the period.
* PensionBee's Key Performance Indicators include alternative performance
measures ('APM's), in particular Adjusted Earnings Before Interest, Taxes,
Depreciation, Amortisation, Share-based Payments and Expansion Costs
('Adjusted EBITDA'). APMs are not defined by International Financial Reporting
Standards ('IFRS') and should be considered together with the Group's IFRS
measurements of performance. PensionBee believes APMs assist in providing
additional insight into the underlying performance of PensionBee and aid
comparability of information between reporting periods. A reconciliation to
the nearest IFRS number is provided in Note 18 to the Condensed Consolidated
Financial Statements 'Alternative Performance Measures'.
Group Non-Financial Performance Measures
Assets under Administration ('AUA') Assets under Administration is the total invested value of pension assets
within PensionBee's Invested Customers' pensions. It measures the new inflows
less the outflows and records a change in the market value of the assets. This
KPI has been selected because AUA is a measurement of the growth of the
business and is the primary driver of Revenue.
AUA Retention Rate (% of AUA) AUA Retention measures the percentage of retained PensionBee AUA from
transfers out over the average of the trailing twelve months. High AUA
retention provides more certainty of future Revenue. This measure can also be
used to monitor customer satisfaction.
Net Flows Net Flows measures the cumulative inflow of PensionBee AUA from consolidation
and contribution ('Gross Inflows'), less the outflows from withdrawals and
transfers out ('Gross Outflows') over the relevant period.
Invested Customers ('IC') Invested Customers means those customers who have transferred pension assets
or made contributions into one of PensionBee's investment plans.
Customer Retention Rate (% of IC) Customer Retention Rate measures the percentage of retained PensionBee
Invested Customers over the average of the trailing twelve months. High
customer retention provides more certainty of future Revenue. This measure can
also be used to monitor customer satisfaction.
Cost per Invested Customer ('CPIC') Cost per Invested Customer means the cumulative advertising and marketing
costs incurred since PensionBee commenced operations up until the relevant
point in time divided by the cumulative number of Invested Customers at that
point in time. This measure monitors cost discipline of customer acquisition.
PensionBee's desired CPIC threshold is £200-£250. At present, this metric
relates only to the UK business.
Revenue Margin (% of AUA) Revenue Margin expresses the Recurring Revenue over the average quarterly AUA
held in PensionBee's investment plans over the period.
Company Information
PensionBee Executive Directors
Romi Savova (Chief Executive Officer)
Jonathan Lister Parsons (Chief Technology Officer)
Christoph J. Martin (Chief Financial Officer)
PensionBee Non-Executive Directors
Mark Wood CBE (Non-Executive Chair)
Mary Francis CBE (Senior Independent Non-Executive Director)
Michelle Cracknell CBE (Independent Non-Executive Director)
Lara Oyesanya FRSA (Independent Non-Executive Director)
Company Secretary
Michael Tavener
Registered Number
13172844
Registered Office
209 Blackfriars Road
London SE1 8NL
United Kingdom
Auditor
Deloitte LLP
1New Street Square
London
EC4A 3HQ
United Kingdom
* PensionBee's Key Performance Indicators include alternative performance
measures ('APM's), in particular Adjusted Earnings Before Interest, Taxes,
Depreciation, Amortisation, Share-based Payments and Expansion Costs
('Adjusted EBITDA'). APMs are not defined by International Financial Reporting
Standards ('IFRS') and should be considered together with the Group's IFRS
measurements of performance. PensionBee believes APMs assist in providing
additional insight into the underlying performance of PensionBee and aid
comparability of information between reporting periods. A reconciliation to
the nearest IFRS number is provided in Note 18 to the Condensed Consolidated
Financial Statements 'Alternative Performance Measures'.
Group Non-Financial Performance Measures
Assets under Administration ('AUA') Assets under Administration is the total invested value of pension assets
within PensionBee's Invested Customers' pensions. It measures the new inflows
less the outflows and records a change in the market value of the assets. This
KPI has been selected because AUA is a measurement of the growth of the
business and is the primary driver of Revenue.
AUA Retention Rate (% of AUA) AUA Retention measures the percentage of retained PensionBee AUA from
transfers out over the average of the trailing twelve months. High AUA
retention provides more certainty of future Revenue. This measure can also be
used to monitor customer satisfaction.
Net Flows Net Flows measures the cumulative inflow of PensionBee AUA from consolidation
and contribution ('Gross Inflows'), less the outflows from withdrawals and
transfers out ('Gross Outflows') over the relevant period.
Invested Customers ('IC') Invested Customers means those customers who have transferred pension assets
or made contributions into one of PensionBee's investment plans.
Customer Retention Rate (% of IC) Customer Retention Rate measures the percentage of retained PensionBee
Invested Customers over the average of the trailing twelve months. High
customer retention provides more certainty of future Revenue. This measure can
also be used to monitor customer satisfaction.
Cost per Invested Customer ('CPIC') Cost per Invested Customer means the cumulative advertising and marketing
costs incurred since PensionBee commenced operations up until the relevant
point in time divided by the cumulative number of Invested Customers at that
point in time. This measure monitors cost discipline of customer acquisition.
PensionBee's desired CPIC threshold is £200-£250. At present, this metric
relates only to the UK business.
Revenue Margin (% of AUA) Revenue Margin expresses the Recurring Revenue over the average quarterly AUA
held in PensionBee's investment plans over the period.
Company Information
PensionBee Executive Directors
Romi Savova (Chief Executive Officer)
Jonathan Lister Parsons (Chief Technology Officer)
Christoph J. Martin (Chief Financial Officer)
PensionBee Non-Executive Directors
Mark Wood CBE (Non-Executive Chair)
Mary Francis CBE (Senior Independent Non-Executive Director)
Michelle Cracknell CBE (Independent Non-Executive Director)
Lara Oyesanya FRSA (Independent Non-Executive Director)
Company Secretary
Michael Tavener
Registered Number
13172844
Registered Office
209 Blackfriars Road
London SE1 8NL
United Kingdom
Auditor
Deloitte LLP
1 New Street Square
London
EC4A 3HQ
United Kingdom
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