REG - PensionBee Group plc - Q1 2026 Results Announcement
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RNS Number : 5432B PensionBee Group plc 22 April 2026
PensionBee Group plc
Incorporated in England and Wales
Registration Number: 13172844
LEI: 2138008663P5FHPGZV74
ISIN: GB00BNDRLN84
22 April 2026
PensionBee Group plc
Q1 2026 Results
Disciplined Strategic Execution drives 38% Revenue Growth
PensionBee Group plc ('PensionBee' or the 'Company', together with its
subsidiaries the 'Group'), a leading online retirement savings provider, today
announces an unaudited trading update for the quarter ended 31 March 2026.
Summary
● Group Invested Customer base grew by 15% to 315,000 (Q1 2025:
275,000), supported by the onboarding of 10,000 new Invested Customers during
the quarter (Q1 2025: 10,000), demonstrating consistent rapid customer growth
and the continued effectiveness of the Company's customer acquisition
approach.
● Group Assets under Administration ('AUA') grew 29% year-on-year to
£7.5bn (Q1 2025: £5.8bn) during a period of market volatility. This growth
was underpinned by strong Net Flows, a consistently strong Invested Customer
Retention Rate of >95% (Q1 2025: >95%) and a Value Retention Rate of
approximately 100%.
● Group Revenue for the quarter increased by 38% year-on-year to
£12.5m (Q1 2025: £9.1m). Group LTM Revenue increased by 32% to £46.0m (Q1
2025: £34.9m), with Annual Run Rate Revenue increasing by 43% to £51.6m (Q1
2025: £36.2m).
● PensionBee UK achieved UK Adjusted EBITDA profitability of £0.7m
for the quarter (Q1 2025: £(1.1)m). UK LTM Adjusted EBITDA improved to £7.2m
(LTM March 2025: £3.4m), representing a 15% UK LTM Adjusted EBITDA Margin
(LTM March 2025: 9%).
● Group Adjusted EBITDA improved to £(0.5)m for the quarter (Q1 2025:
£(2.0)m). PensionBee was profitable over the last twelve months, with Group
LTM Adjusted EBITDA of £2.5m (LTM March 2025: £0.5m). Correspondingly, Group
LTM Adjusted EBITDA Margin improved to 5% (LTM March 2025: 1%), achieved
through a combination of Revenue growth and operational leverage through our
scalable technology platform.
● Group cash position of £32.4m (Q1 2025: £33.7m).
Romi Savova, CEO of PensionBee, commented:
"PensionBee delivered a strong first quarter, continuing with our mission to
make as many people as possible pension confident. We now serve 315,000
Invested Customers with £7.5 billion (approximately $10 billion) of Assets
under Administration. Group Revenue grew 38% to £12.5m with UK Adjusted
EBITDA profitability achieved for the quarter, reflecting the underlying
strength and scalability of our business.
Our proposition continues to resonate strongly with customers in the mass
market, growing Gross Inflows 16% year-on-year, with high retention rates
reflecting the trust they place in PensionBee. Delivering exceptional customer
service remains at the heart of everything we do, with the successful launch
of BeeBot, our AI-powered customer service assistant, marking an important
next step in our AI journey - driving meaningful productivity improvements,
while freeing our team to provide the human, personalised service that defines
PensionBee's approach to customer service.
Looking ahead, we remain focused on executing our UK and US strategies with
discipline and ambition. In the UK, we are increasing our marketing investment
directed towards customer-generating partnerships and new audiences,
positioning the business to accelerate new customer growth over the remainder
of 2026. In the US, brand awareness is building and our dual-channel growth
strategy is gaining further traction as we work towards our goal of $1 billion
of AUA. We look forward to equipping as many people as possible with the
tools, resources and confidence they need for a happy retirement."
UK Business Highlights
During the first quarter of 2026, PensionBee continued to pursue its long-term
ambition of reaching 1 million Invested Customers, serving 315,000 Invested
Customers by the period end (Q1 2025: 275,000). UK Revenue increased by 36%
over the quarter to £12.9m (Q1 2025: £9.5m), with the business achieving UK
Adjusted EBITDA profitability of £0.7m (Q1 2025: £(1.1)m). On a last twelve
months basis, the UK LTM Adjusted EBITDA Margin reached 15%, underscoring
PensionBee's commitment to scalable, profitable growth.
PensionBee continued to deploy its data-led, multi-channel marketing approach,
deploying £4.7m of UK marketing expenditure in Q1 2026 (Q1 2025: £4.1m),
bringing cumulative UK investment since inception to £81.1m. The Company
onboarded 10,000 new Invested Customers during the quarter (Q1 2025: 10,000),
with new customer cohorts demonstrating higher average transfer-in values that
drove Gross Inflows up 16% year-on-year, supported by increased marketing
spend. UK Cost per Invested Customer increased to £258 (Q1 2025: £249),
reflecting a deliberate shift from below-potential spend towards broader mass
market penetration. The customer pipeline is stronger than at this point last
year, with a substantial volume of committed transfers in process.
PensionBee's scalable proprietary technology platform continues to drive
operational efficiency and distinguish its customer experience. The Company
has a track record of innovation across multiple dimensions, from product
features to operational tools, and during Q1 2026 launched BeeBot, its
AI-powered customer service assistant. Powered by PensionBee's proprietary
knowledge base, BeeBot independently resolves customer enquiries whilst
maintaining the human touch that underpins the Company's 4.6★ Trustpilot
rating and Invested Customer retention of more than 95%. Operating alongside
Beetrix, the Company's internal AI co-pilot that supports and enhances
BeeKeeper productivity, these tools drive meaningful operational efficiency
gains. The Company delivered a 23% improvement in productivity to 1,683
Invested Customers per Staff Member (Q1 2025: 1,369), demonstrating the
operational leverage generated by the technology platform.
Looking ahead, the Company is expected to increase its marketing budget over
the remainder of 2026, investing more towards customer-generating partnerships
and strategic brand initiatives to access new audiences, with an exciting new
brand campaign set to launch in the second half of the year. The Company's
refreshed product experience is expected to support a more product-led
approach to marketing as new features are rolled out, with continued
investment in the technology platform expected to drive further operational
leverage and productivity improvements over the course of the year.
US Business Highlights
During the first quarter of 2026, PensionBee continued to build national brand
awareness as the foundation for its dual-channel growth strategy, supporting
its path to $1 billion of AUA.
PensionBee deployed £0.9m of US marketing expenditure in Q1 2026 (Q1 2025:
£0.3m), substantially funded by its long-term strategic partner State Street,
to build brand awareness and drive customer acquisition in the large US
retirement savings market. The Company reintroduced its out-of-home
advertising campaign across New York and Chicago and continued to strengthen
its position as a trusted voice on retirement transparency, supported by a
second consecutive year winning 'Best Retirement Management Platform' at the
FinTech Breakthrough Awards. Ending the quarter with $4.1m in AUA (Q1 2025:
$0.6m), early customer cohorts demonstrated strong engagement with product
features including IRA rollovers and the 1% match on contributions and
transfers. The customer pipeline continues to convert as brand awareness
drives customer acquisition through the rollover opportunity, positioning
PensionBee to scale volumes as the funnel matures.
The brand awareness the Company is building directly supports its B2B
distribution strategy, which targets two distinct but related opportunities:
recurring small balance rollovers, where employers periodically force out
former employees with retirement balances below $7,000, occurring continuously
as part of normal workforce turnover; and plan terminations, where a 401(k)
plan is wound up entirely through bankruptcy or M&A, a structural event
affecting a significant portion of the market annually. The combined
addressable market represents approximately $60bn across 3.9m participants
annually. PensionBee's proposition addresses a critical gap in the market:
employers and administrators seek streamlined administration, reduced
fiduciary risk and lower costs, whilst employees benefit from the same
high-quality investments, competitive fees and personalised service that
define PensionBee's direct-to-consumer offering. The Company is building its
pipeline through RFPs and advisory relationships, with existing contracts
validating the market opportunity and positioning PensionBee to capture market
share.
Looking ahead, PensionBee remains focused on converting brand awareness into
customer growth across both channels. The Company will continue to be
disciplined with spend, whilst continuing to invest in its product-led growth
strategy, enhancing the customer experience through new features and
capabilities that drive customer acquisition and retention.
Group Financial Guidance Framework
The Company reiterates its existing guidance framework (which assumes relative
market stability):
Revenue Objectives:
PensionBee's ambition is to reach:
● >£100m of Group Revenue in the short to medium term (by year-end
2029).
● >£250m of Group Revenue in the longer term (by year-end 2034).
Profitability Objectives:
PensionBee's ambition is to reach:
● c.20% Group Adjusted EBITDA Margin in the short to medium term (by
year-end 2029).
● c.50% Group Adjusted EBITDA Margin in the longer term (by year-end
2034).
Financial Highlights
For the 3 Month Period Ending
Group Metrics (unless otherwise stated) Mar-2025 Mar-2026 2025-26 YoY
Revenue (£m) 9.1 12.5 38%
Of which UK Revenue (£m) 9.5 12.9 36%
Of which US Revenue (£m) - - -
Of which Intercompany Eliminations (£m) (0.4) (0.4) (2)%
Adjusted EBITDA (£m) (2.0) (0.5) 77%
Adjusted EBITDA Margin (% of Revenue) (22)% (4)% 19ppt
UK Adjusted EBITDA (£m) (1.1) 0.7 n/m
UK Adjusted EBITDA Margin (% of UK Revenue) (11)% 5% 16ppt
( )
US Adjusted EBITDA (£m) (1.0) (1.2) (18)%
US Adjusted EBITDA Margin (% of US Revenue) n/a n/a n/a
For the 12 Month Period Ending
Group Metrics (unless otherwise stated) Mar-2025 Mar-2026 2025-26 YoY
LTM Revenue (£m) 34.9 46.0 32%
Of which UK LTM Revenue (£m) 36.5 47.4 30%
Of which US LTM Revenue (£m) - - -
Of which LTM Intercompany Eliminations (£m) (1.6) (1.4) 9%
LTM Adjusted EBITDA (£m) 0.5 2.5 404%
Adjusted EBITDA Margin (% of Revenue) 1% 5% 4ppt
UK LTM Adjusted EBITDA (£m) 3.4 7.2 112%
UK Adjusted EBITDA Margin (% of UK Revenue) 9% 15% 6ppt
( )
US LTM Adjusted EBITDA (£m) (2.9) (4.7) (62)%
US Adjusted EBITDA Margin (% of US Revenue) n/a n/a n/a
Group Non-Financial Highlights
As at Period End
Group Metrics (unless otherwise stated) Mar-2025 Mar-2026 2025-26 YoY
AUA (£m) 5,820 7,488 29%
Invested Customers (thousands) 275 315 15%
Invested Customer Retention Rate (% of IC) >95% >95% Stable at >95%
UK Cost per Invested Customer (£) 249 258 As guided
Revenue Margin (%) 0.64% 0.67% Stable
Annual Run Rate Revenue (£m) 36.2 51.6 43%
For the 3 Month Period Ending
Group Metrics (unless otherwise stated) Mar-2025 Mar-2026 2025-26 YoY
Opening AUA (£m) 5,841 7,146 27%
Gross Inflows (£m) 345 401 16%
Gross Outflows (£m) (131) (181) 38%
Net Flows (£m) 214 221 3%
Market Growth and Other (£m) (235) (148) n/m
Closing AUA (£m) 5,820 7,488 29%
Net Flows (£m) 214 221 3%
Of which Net Flows from New Customers (£m) 131 137 4%
Of which Net Flows from Existing Customers (£m) 83 84 1%
For the 12 Month Period Ending
Group Metrics (unless otherwise stated) Mar-2025 Mar-2026 2025-26 YoY
LTM Revenue (£m) 34.9 46.0 32%
Of which UK LTM Revenue (£m) 36.5 47.4 30%
Of which US LTM Revenue (£m) - - -
Of which LTM Intercompany Eliminations (£m) (1.6) (1.4) 9%
LTM Adjusted EBITDA (£m) 0.5 2.5 404%
Adjusted EBITDA Margin (% of Revenue) 1% 5% 4ppt
UK LTM Adjusted EBITDA (£m) 3.4 7.2 112%
UK Adjusted EBITDA Margin (% of UK Revenue) 9% 15% 6ppt
( )
US LTM Adjusted EBITDA (£m) (2.9) (4.7) (62)%
US Adjusted EBITDA Margin (% of US Revenue) n/a n/a n/a
Group Non-Financial Highlights
As at Period End
Group Metrics (unless otherwise stated) Mar-2025 Mar-2026 2025-26 YoY
AUA (£m) 5,820 7,488 29%
Invested Customers (thousands) 275 315 15%
Invested Customer Retention Rate (% of IC) >95% >95% Stable at >95%
UK Cost per Invested Customer (£) 249 258 As guided
Revenue Margin (%) 0.64% 0.67% Stable
Annual Run Rate Revenue (£m) 36.2 51.6 43%
For the 3 Month Period Ending
Group Metrics (unless otherwise stated) Mar-2025 Mar-2026 2025-26 YoY
Opening AUA (£m) 5,841 7,146 27%
Gross Inflows (£m) 345 401 16%
Gross Outflows (£m) (131) (181) 38%
Net Flows (£m) 214 221 3%
Market Growth and Other (£m) (235) (148) n/m
Closing AUA (£m) 5,820 7,488 29%
Net Flows (£m) 214 221 3%
Of which Net Flows from New Customers (£m) 131 137 4%
Of which Net Flows from Existing Customers (£m) 83 84 1%
A copy of this Q1 2026 Results Announcement will be made available for
download post-market close on 22 April 2026 at:
pensionbee.com/investor-relations.
Enquiries
Press
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 £7.5 billion (approximately $10 billion) in assets on behalf of
approximately 315,000 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 12,900 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; OTCQX:PBNYF).
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.
Notes
Adjusted EBITDA 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.
Adjusted EBITDA Margin Adjusted EBITDA Margin means Adjusted EBITDA as a percentage of Revenue for
the relevant period.
Annual Run Rate Annual Run Rate ('ARR') Revenue is calculated using the recurring Revenue for
the relevant month multiplied by 12.
Assets under Administration 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.
FX Rate US AUA is converted to GBP using the closing exchange rate on the last working
day of the period (31 March 2026: 0.75757 GBP/USD). US Net Flows and profit
and loss items are converted to GBP using the average exchange rate over the
month (Q1 2026 average: 0.75338 GBP/USD).
Invested Customers Invested Customers ('IC') means those customers who have transferred assets or
made contributions into one of PensionBee's investment plans and have an
active balance.
Invested Customers per Staff Member Productivity, measured using Invested Customers per Staff Member, is
calculated using a 12 month average for the total workforce contracted by the
UK.
Invested Customer Retention Rate Invested Customers ('IC') Retention measures the percentage of retained
PensionBee Invested Customers over the average of the trailing twelve months.
This metric refers to the UK business only.
Last Twelve Months Last Twelve Months ('LTM') refers to the twelve-month period ending on the
relevant reporting period
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.
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.
Revenue Margin 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.
Safe Harbor Market Data Employee Benefit Research Institute (EBRI) tabulations of US Department of
Labor Form 5500 pension data.
UK Cost per Invested Customer 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 approximately
£250.
UK Revenue UK Revenue includes Other Income arising from inter-company transactions with
PensionBee US. All inter-company transactions are calculated on an arm's
length basis.
Value Retention Rate Value Retention Rate is calculated on a last-twelve-month basis and captures
all underlying cash consolidation and contribution ('Gross Inflows') and
withdrawals and transfers out ('Gross Outflows'), more accurately reflecting
the AUA value driver. From Q1 2026, Value Retention Rate replaces AUA
Retention Rate as the Group's primary measure of AUA value retention, as
announced at Q4 2025, reflecting both customer retention and changes in
individual account balances over time.
AUA Retention Rate stood at 95% as of Q1 2026. This metric refers to the UK
business only.
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