REG - PensionBee Group plc - Q2 2025 Results
23/07/2025 16:30
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RNS Number : 2923S PensionBee Group plc 23 July 2025
PensionBee Group plc
Incorporated in England and Wales
Registration Number: 13172844
LEI: 2138008663P5FHPGZV74
ISIN: GB00BNDRLN84
23 July 2025
PensionBee Group plc
Q2 2025 Results
Strong Momentum: Driving Scalable Growth through Strategic Execution
PensionBee Group plc ('PensionBee' or the 'Company', together with its
subsidiaries the 'Group'), a leader in the online consumer retirement market,
today announces an unaudited trading update for the quarter ended 30 June
2025.
Summary(
)
● Invested Customers(1) increased by 14% year on year to 286,000 (Q2
2024: 252,000), demonstrating strong continued growth driven by the Company's
data-led, efficient customer acquisition approach. Prompted brand awareness
reached a record high of 59% (Q2 2024: 54%).(2)
● Assets under Administration ('AUA')(3) increased by 21% year on year
to £6.3bn (Q2 2024: £5.2bn), underpinned by strong Net Flows(4) and
consistently strong Customer(5) and AUA(6) Retention Rates of >95% (Q2
2024: >95%).
● Group Revenue(7) for the quarter increased by 22% year on year to
£9.8m (Q2 2024: £8.0m). Group LTM Revenue increased by 30% to £36.7m (LTM
Jun-2024: £28.3m) with Annual Run Rate Revenue increasing by 23% to £39.8m
(Q2 2024: £32.4m).(8
)
● Group Adjusted EBITDA(9) was at £(0.9)m for the quarter (Q2 2024:
£0.1m), with Group LTM Adjusted EBITDA of £(0.5)m (LTM Jun-2024: £(2.3)m).
Robust financial performance was achieved as a direct result of strong Revenue
growth, optimised operating leverage, and driving efficiencies through our
scalable cost base and technology platform.
● PensionBee UK continued to demonstrate strong Revenue(10) growth and
operating leverage, achieving profitability of £0.3m for the quarter (Q2
2024: £0.5m) and £3.2m (Q2 2024: £(1.9)m) on an LTM Adjusted EBITDA
basis.(11)
Romi Savova, CEO of PensionBee, commented:
"We maintained our strong growth trajectory through Q2 2025, delivering
another period of successful results. Assets Under Administration grew by 21%
to £6.3bn, generating Revenue of £37m over the last twelve months. With our
Invested Customer base nearing the 300,000 mark, we're on track to hit another
milestone of our journey to help more consumers prepare for a happy
retirement.
In the UK, we continued to increase our marketing expenditure and invest in
our product offering, while offering excellent customer service. Despite the
well-publicised macroeconomic uncertainties, which impacted consumer
sentiment, we increased our new customer pipeline and expect to see ongoing
robust new customer growth into the second half of 2025.
In the US, we continued to build our brand awareness and strengthen our
product offering, with the introduction of major transfer automations, our SEP
IRA for the self-employed, and interactive customer tooling to support
preparation for retirement. We have created a strong pipeline of new customer
accounts through our employer-focused Safe Harbor IRA business.
Looking ahead, we're excited to continue executing our growth strategies
across both the US and UK markets. With strong momentum, we are confident in
our ability to continue delivering scalable recurring Revenue and profitable
growth in the UK."
UK Business Highlights
During the second quarter of 2025, PensionBee continued to progress towards
its long-term ambition of reaching 1 million Invested Customers, helping more
consumers to prepare for and enjoy a happy retirement.
The Company continued to invest in UK marketing over the first six months of
2025, increasing spend by 30% year on year to £7.6m by deploying £4.1m over
the first quarter (Q1 2024: £3.6m) and £3.5m over the second quarter (Q2
2024: £2.3m), bringing total cumulative spend since inception to £72m. This
investment supported record levels of both prompted and unprompted brand
awareness, which were 59% and 25% respectively, and contributed to the
successful onboarding of approximately 11,000 new Invested Customers over the
quarter (Q2 2024: 11,000). Mirroring the Company's acquisition strategy during
similar periods of macroeconomic conditions, these customers had a lower
average age of 39 years (a decrease from 40 years in Q2 2024) but are expected
to support recurring Revenue generation over the long-term. Importantly, the
marketing investment made has resulted in an increased pipeline of customer
registrations and transfer requests, which is expected to drive further growth
in Invested Customers in the second half of the year.
PensionBee's industry-leading technology platform continues to scale
effectively, driving operational efficiency and the consistent delivery of
excellent customer service. The Company delivered an 18% productivity
improvement over the second quarter (Q2 2025: 1,489 Invested Customers per
staff member vs. Q2 2024: 1,264)(12) while maintaining its industry-leading
customer satisfaction rates, as reflected in its excellent 4.6★
Trustpilot(13) rating and Customer(5) and AUA Retention Rates of
>95%(6).
Looking forward to the second half of the year, PensionBee expects to deliver
substantial innovations to support long-term growth and productivity. The
incremental introduction of a new customer interface will modernise and
enhance customers' product experience, while simultaneously supporting
long-term efficiency in future product development. Beetrix, the Company's AI
internal co-pilot, continues to drive significant efficiencies across customer
service and other operational teams. The focus remains on completing the
technical underpinning for customer deployment, which is expected to serve as
the next foundational step of multi-year operational efficiencies.
US Business Highlights
In 2024, PensionBee announced its expansion to the US, the world's largest
retirement market, in partnership with State Street. During the second quarter
of 2025, the Company rapidly achieved key early milestones by leveraging the
expertise and capabilities of the UK business, and strengthened the
foundations for long-term growth in the US market.
PensionBee continued to prioritise building brand awareness in the US through
multi-channel marketing, driving strong early engagement on social media
platforms like YouTube, Meta, TikTok, and LinkedIn, with a combined following
of 36,200 (Q1: 9,800).(14) This was supported by the creation of original
content like the "Money Mistakes" video series, which gained over 200,000
views in two months, and timely public relations campaigns on topics such as
social security and transfer delays. Current prompted brand awareness in the
US already stands at 5%(15). The marketing spend of £0.4m for the second
quarter was fully reimbursed by State Street. Total marketing investment for
2025 is expected to reach $5.0m, with the majority of spend allocated across
the second half of the year.
The Company has successfully deepened engagement with consultants and
employers around its Safe Harbor IRA offering, which offers a more
consumer-friendly proposition for employers. With a number of employers now
nearing the final discussion stage and PensionBee participating in
consultant-led processes representing c.20,000 new customer accounts, this
business line is demonstrating growing traction.
PensionBee has enhanced its US product offerings to empower customers with
greater control over their retirement planning. The Company has released
transfer automations accounting for over 50% of requested transfers in a live
testing environment, with the objective of covering a substantial majority of
total volume by year-end. It has also introduced a retirement calculator,
enabling users to project their retirement outcomes, and the SEP IRA, a
retirement account specifically designed for self-employed individuals. To
complement these features, the in-app and web-based educational content has
been expanded, providing comprehensive guidance on retirement strategies,
financial markets and long-term savings.
Group Financial Guidance Framework
The Company reiterates its existing guidance framework (which assumes relative
market stability):
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).
Group Financial Highlights
For the 3 or 12 month Period Ending
Group Metrics (unless otherwise stated) Jun-2024 Jun-2025 2024-25 YoY
Revenue (£m)(7) 8.0 9.8 22%
Adjusted EBITDA (£m)(9) 0.1 (0.9) n/m
Adjusted EBITDA Margin (% of Revenue)(16) 1% (9)% n/m
LTM Revenue(7) 28.3 36.7 30%
LTM Adjusted EBITDA(9) (2.3) (0.5) 80%
LTM Adjusted EBITDA Margin(16) (8)% (1)% 7ppt
For the 3 or 12 month Period Ending
Jun-2024 Jun-2025 2024-25 YoY
UK Revenue (£m)(10) 8.3 10.1 21%
UK Adjusted EBITDA (£m)(11) 0.5 0.3 (41)%
UK Adjusted EBITDA Margin (% of Revenue)(16) 6% 3% (3)ppt
UK LTM Revenue(10) 28.7 38.2 33%
UK LTM Adjusted EBITDA(11) (1.9) 3.2 n/m
UK LTM Adjusted EBITDA Margin(16) (7)% 8% n/m
For the 3 month Period Ending
Jun-2024 Jun-2025 2024-25 YoY
US Revenue (£m)(7) nil nil n/m
US Adjusted EBITDA (£m)(9) (0.4) (1.2) n/m
US Adjusted EBITDA Margin (% of Revenue)(16) nil n/m n/m
Group Non-Financial Highlights
As at Period End
Group Metrics (unless otherwise stated) Jun-2024 Jun-2025 2024-25 YoY
AUA (£m)(3) 5,196 6,295 21%
AUA Retention Rate (% of AUA)(6) >95% >95% Stable at >95%
Invested Customers (thousands)(1) 252 286 14%
Customer Retention Rate (% of IC)(5) >95% >95% Stable at >95%
UK Cost per Invested Customer (£)(17) 242 251 Stable
Revenue Margin (%)(18) 0.64% 0.63% Stable
Annual Run Rate Revenue (£m)(8) 32.4 39.8 23%
For the 6 month Period Ending
Group Metrics (unless otherwise stated) Jun-2024 Jun-2025 2024-25 YoY
Opening AUA (£m)(3) 4,350 5,841 34%
Gross Inflows (£m) 695 689 (1)%
Gross Outflows (£m) (214) (266) 25%
Net Flows (£m)(4) 482 423 (12)%
Market Growth and Other (£m) 364 31 n/m
Closing AUA (£m)(3) 5,196 6,295 21%
Net Flows (£m)(4) 482 423 (12)%
Of which Net Flows from New Customers (£m) 355 312 (12)%
Of which Net Flows from Existing Customers (£m) 127 111 (12)%
For the 3 or 12 month Period Ending
Jun-2024 Jun-2025 2024-25 YoY
UK Revenue (£m)(10) 8.3 10.1 21%
UK Adjusted EBITDA (£m)(11) 0.5 0.3 (41)%
UK Adjusted EBITDA Margin (% of Revenue)(16) 6% 3% (3)ppt
UK LTM Revenue(10) 28.7 38.2 33%
UK LTM Adjusted EBITDA(11) (1.9) 3.2 n/m
UK LTM Adjusted EBITDA Margin(16) (7)% 8% n/m
For the 3 month Period Ending
Jun-2024 Jun-2025 2024-25 YoY
US Revenue (£m)(7) nil nil n/m
US Adjusted EBITDA (£m)(9) (0.4) (1.2) n/m
US Adjusted EBITDA Margin (% of Revenue)(16) nil n/m n/m
Group Non-Financial Highlights
As at Period End
Group Metrics (unless otherwise stated) Jun-2024 Jun-2025 2024-25 YoY
AUA (£m)(3) 5,196 6,295 21%
AUA Retention Rate (% of AUA)(6) >95% >95% Stable at >95%
Invested Customers (thousands)(1) 252 286 14%
Customer Retention Rate (% of IC)(5) >95% >95% Stable at >95%
UK Cost per Invested Customer (£)(17) 242 251 Stable
Revenue Margin (%)(18) 0.64% 0.63% Stable
Annual Run Rate Revenue (£m)(8) 32.4 39.8 23%
For the 6 month Period Ending
Group Metrics (unless otherwise stated) Jun-2024 Jun-2025 2024-25 YoY
Opening AUA (£m)(3) 4,350 5,841 34%
Gross Inflows (£m) 695 689 (1)%
Gross Outflows (£m) (214) (266) 25%
Net Flows (£m)(4) 482 423 (12)%
Market Growth and Other (£m) 364 31 n/m
Closing AUA (£m)(3) 5,196 6,295 21%
Net Flows (£m)(4) 482 423 (12)%
Of which Net Flows from New Customers (£m) 355 312 (12)%
Of which Net Flows from Existing Customers (£m) 127 111 (12)%
Notes
* A ppt is a percentage point. A percentage point is the unit for the arithmetic
difference of two percentages.
* LTM refers to the last twelve months.
1 Invested Customers ('IC') means those customers who have transferred pension
assets or made contributions into one of PensionBee's investment plans and has
an active balance.
2 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%.
3 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.
4 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.
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 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.
7 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. LTM Revenue refers to
the Revenue generated over the last twelve months.
8 Annual Run Rate ('ARR') Revenue is calculated using the recurring Revenue for
the relevant month multiplied by 12.
9 Adjusted EBITDA is the Operating Profit/(Loss) for the period before Taxation,
Finance Costs, Finance Income, Depreciation and Amortisation Expense,
Share-based Payments and Expansion Costs. LTM Adjusted EBITDA refers to
Adjusted EBITDA over the last twelve months.
10 UK Revenue in Q2 2025 includes Other Income arising from inter-company
transactions with PensionBee US. All inter-company transactions are calculated
on an arm's length basis. UK LTM Revenue refers to the UK Revenue generated
over the last twelve months, including Other Income arising from inter-company
transactions with PensionBee US.
11 UK Adjusted EBITDA over Q2 includes Other Income arising from inter-company
transactions with PensionBee US. All inter-company transactions are calculated
on an arm's length basis. UK LTM Adjusted EBITDA refers to UK Adjusted EBITDA
over the last twelve months including Other Income arising from inter-company
transactions with PensionBee US.
12 Productivity, measured using Invested Customers per Staff Member, is
calculated using an LTM average for the total workforce contracted by the UK.
(Q2 2025 LTM average: 192).
13 Trustpilot score of 4.6★ out of 5 (based on 12,034 reviews) recorded as at
11 July 2025.
14 Social media following includes Instagram followers, TikTok followers,
Facebook followers, Youtube subscribers and Linkedin connections.
15 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.
16 Adjusted EBITDA Margin means Adjusted EBITDA as a percentage of Revenue for
the relevant period.
17 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.
18 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.
A copy of this Q2 2025 Results Announcement and the accompanying Q2 2025
Results Presentation will be made available post-market close on 23 July 2025
for download at: pensionbee.com/investor-relations.
Enquiries
Press
Steven Kennedy
press@pensionbee.com
+44 20 3557 8444
Analysts and Investors
investor@pensionbee.com
About PensionBee
PensionBee is creating a global leader in the consumer retirement market with
approximately £6.3bn 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 12,000 reviews.
As a public company, we aspire to the highest standards in everything we do
because our customers deserve peace of mind. Our team of over 200
professionals, based across the UK and New York, has one focus: you, our
customer.
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 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 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 results.
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