REG - PensionBee Group plc - Q4 2025 Results
21/01/2026 16:30
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RNS Number : 8405P PensionBee Group plc 21 January 2026
PensionBee Group plc
Incorporated in England and Wales
Registration Number: 13172844
LEI: 2138008663P5FHPGZV74
ISIN: GB00BNDRLN84
21 January 2026
PensionBee Group plc
Q4 2025 Results
Strong Execution of Strategy Delivers £7.4bn ($10 bn) AUA
Group Profitable (Adjusted EBITDA) with an 11% UK Adjusted EBITDA Margin
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 December 2025.
Summary
● Group Invested Customers onboarded over the quarter grew by 38% (Q4
2025: 8,000 vs. Q4 2024: 6,000), bringing the total Group Invested Customer
base to 305,000 (Q4 2024: 265,000).
● Group Assets under Administration ('AUA') increased by 27%
year-on-year to £7.4bn (Q4 2024: £5.8bn), underpinned by strong Net Flows,
supportive markets and consistently strong Invested Customer and AUA Retention
Rates of >95% (Q4 2024: >95%).
● Group Revenue increased over the quarter by 34% to £12.4m (Q4 2024:
£9.3m). The predictable, recurring Revenue base continued its growth
trajectory, driving the Annual Run Rate Revenue to £50.6m, representing an
increase of 33% (Q4 2024: £38.1m).
● Group Adjusted EBITDA was £0.4m for the year (2024: £0.4m), with
£2.0m delivered in the fourth quarter (Q4 2024: £1.6m). PensionBee UK had an
Adjusted EBITDA of £3.4m for the quarter (Q4 2024: £2.5m) and £5.0m on a
full year basis (2024: £2.4m), driven by a strong recurring Revenue base and
continued operational leverage.
● Group cash position of £32.6m (Q4 2024: £35.0m).
Romi Savova, CEO of PensionBee, commented:
"We are delighted by PensionBee's continued resonance with consumers as they
place their trust in us to be their retirement partner. This underpinned our
strong fourth-quarter performance and brought another year of disciplined
strategic execution to a successful close.
Strong momentum was reflected in a 38% increase in new customer growth for the
quarter, bringing our Group Invested Customer base to 305,000 and driving
Group Assets under Administration to £7.4 billion ($10 billion). These
milestones delivered a 34% year-on-year increase in quarterly Group Revenue
and an Annual Run Rate Revenue of over £50 million.
Looking ahead, we remain focused on the three integrated strategic pillars
that define PensionBee: our powerful consumer brand that builds trust to
capture the mass market, our proprietary scalable technology that
distinguishes our customer experience, and our culture that prioritises
wellbeing to drive performance. We look forward to a successful 2026, with
strong momentum in the UK and US delivering further growth of the business."
UK Business Highlights
During the fourth quarter of 2025, PensionBee continued to pursue its long
term ambition of reaching 1 million Invested Customers, serving 305,000
Invested Customers by the period end (2024: 265,000). UK Revenue increased by
33% over the quarter to £12.9m (Q4 2024: £9.7m) and £44.0m for the full
year (2024: £34.4m). UK Adjusted EBITDA profitability was £3.4m for the
quarter (Q4 2024: £2.5m) and £5.0m on a full year basis (2024: £2.4m),
yielding an 11% UK Adjusted EBITDA Margin, underscoring PensionBee's
commitment to scalable profitable growth in the UK.
PensionBee demonstrated a high level of marketing efficiency during the fourth
quarter, successfully deploying £2.0m of expenditure (Q4 2024: £1.2m),
bringing the Company's overall UK marketing spend to £12.1m for the year
(2024: £9.1m) and £76m since inception. Key activities included search
optimisation, with PensionBee achieving top rankings on AI search platforms
for key categories, such as 'consolidate pensions' and 'self-employed
pension'. This delivered strong customer growth underlining the continued
resonance in the mass market, with approximately 40,000 customers onboarded
during the year at a relatively younger average age of 39.7 (2024: 40.6). UK
Cost Per Invested Customer was £251 (Q4 2024: 242).
The Company continued to innovate its technology platform, having fully
launched its visually-enhanced interface on the web, with the mobile release
expected to follow shortly. This initiative has resulted in a fresher and more
modern 'BeeHive' experience for customers engaging with their pension. The
Company also enhanced its withdrawal functionality for customers aged 55 and
over by strengthening its regular withdrawals proposition. This improved
feature allows customers to seamlessly set up automated, recurring monthly
payments, offering a 'set and forget' approach that simplifies taking an
income in retirement, as compared to manual ad-hoc withdrawals.
PensionBee continued to drive operational efficiency, through its AI co-pilot
'Beetrix', increasing productivity and enhancing customer self-service
capabilities to support the delivery of industry-leading customer service.
These high service levels, as evidenced by our 4.6★ Excellent Trustpilot
rating, resulted in Invested Customer and AUA Retention Rates of more than
95%, firmly underpinning the Company's predictable, recurring Revenue model.
Increasing automation, coupled with the greater use of AI and strong cost
discipline, further drove a 22% productivity improvement over the year (2025:
1,621 Invested Customers per staff member vs. 2024: 1,333).
US Business Highlights
During the fourth quarter of 2025, PensionBee continued to invest in
brand-building activities designed to showcase its consumer-centric solutions
to the US market. Through a multi-channel approach and targeted campaigns, the
Company achieved a meaningful uplift in brand awareness, specifically in the
markets where billboard advertising was deployed: its home location of New
York (12%), Seattle (9%) and Chicago (6%). This heightened visibility
converted broader market interest into a healthy customer pipeline. Total
marketing spend for the fourth quarter was £1.8m (2024: £0.5m), bringing the
year-to-date total to $5m (£4m), which was reimbursed by State Street under
the terms of its agreement with PensionBee.
The Company maintained its product-led growth strategy, enhancing the customer
experience through the introduction of performance analytics, giving customers
greater visibility of investment returns and improving transparency. By
implementing new automations within the rollover journey, the Company
continues to reduce friction and delivers a more seamless, simplified user
experience. Ending the year with $3m in AUA, PensionBee enters 2026 poised for
growth, supported by strong early interest in its 1% match initiative which is
designed to accelerate the Company's path to $1 billion of AUA, as well as a
number of new distribution partnerships.
PensionBee has successfully secured its inaugural Safe Harbor IRA contracts,
which are set to go live in early 2026, with additional clients in the final
stages of discussion. By offering a consumer-friendly solution for
transferring former participants' accounts under $7,000, the Company is
helping employers optimise their plans and is capitalising on a significant,
high growth market opportunity.
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).
● Reach >£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).
● Reach 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) Dec-2024 Dec-2025 2024-25 YoY
Revenue (£m) 9.3 12.4 34%
Of which UK Revenue (£m) 9.7 12.9 33%
Of which US Revenue (£m) - - -
Of which Intercompany Eliminations (£m) (0.4) (0.4) (2)%
Adjusted EBITDA (£m) 1.6 2.0 23%
Adjusted EBITDA Margin (% of Revenue) 18% 16% (1)ppt
UK Adjusted EBITDA (£m) 2.5 3.4 36%
UK Adjusted EBITDA Margin (% of UK Revenue) 26% 26% 1ppt
( )
US Adjusted EBITDA (£m) (0.8) (1.4) (61)%
US Adjusted EBITDA Margin (% of US Revenue) n/a n/a n/a
For the 12 Month Period Ending
Group Metrics (unless otherwise stated) Dec-2024 Dec-2025 2024-25 YoY
Revenue (£m) 33.2 42.6 28%
Of which UK Revenue (£m) 34.4 44.0 28%
Of which US Revenue (£m) - - -
Of which Intercompany Eliminations (£m) (1.2) (1.4) 20%
Adjusted EBITDA (£m) 0.4 0.4 (2)%
Adjusted EBITDA Margin (% of Revenue) 1% 1% (0)ppt
UK Adjusted EBITDA (£m) 2.4 5.0 111%
UK Adjusted EBITDA Margin (% of UK Revenue) 7% 11% 4ppt
( )
US Adjusted EBITDA (£m) (1.9) (4.5) (136)%
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) Dec-2024 Dec-2025 2024-25 YoY
AUA (£m) 5,841 7,416 27%
AUA Retention Rate (% of AUA)* >95% >95% Stable at >95%
Invested Customers (thousands) 265 305 15%
Invested Customer Retention Rate (% of IC) >95% >95% Stable at >95%
UK Cost per Invested Customer (£) 242 251 At threshold
Revenue Margin (%) 0.64% 0.65% Stable
Annual Run Rate Revenue (£m) 38.1 50.6 33%
For the 12 Month Period Ending
Group Metrics (unless otherwise stated) Dec-2024 Dec-2025 2024-25 YoY
Opening AUA (£m) 4,350 5,841 34%
Gross Inflows (£m) 1,334 1,393 4%
Gross Outflows (£m) (459) (584) 27%
Net Flows (£m) 876 809 (8)%
Market Growth and Other (£m) 615 766 25%
Closing AUA (£m) 5,841 7,416 27%
Net Flows (£m) 876 809 (8)%
Of which Net Flows from New Customers (£m) 709 688 (3)%
Of which Net Flows from Existing Customers (£m) 167 120 (28)%
For the 12 Month Period Ending
Group Metrics (unless otherwise stated) Dec-2024 Dec-2025 2024-25 YoY
Revenue (£m) 33.2 42.6 28%
Of which UK Revenue (£m) 34.4 44.0 28%
Of which US Revenue (£m) - - -
Of which Intercompany Eliminations (£m) (1.2) (1.4) 20%
Adjusted EBITDA (£m) 0.4 0.4 (2)%
Adjusted EBITDA Margin (% of Revenue) 1% 1% (0)ppt
UK Adjusted EBITDA (£m) 2.4 5.0 111%
UK Adjusted EBITDA Margin (% of UK Revenue) 7% 11% 4ppt
( )
US Adjusted EBITDA (£m) (1.9) (4.5) (136)%
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) Dec-2024 Dec-2025 2024-25 YoY
AUA (£m) 5,841 7,416 27%
AUA Retention Rate (% of AUA)* >95% >95% Stable at >95%
Invested Customers (thousands) 265 305 15%
Invested Customer Retention Rate (% of IC) >95% >95% Stable at >95%
UK Cost per Invested Customer (£) 242 251 At threshold
Revenue Margin (%) 0.64% 0.65% Stable
Annual Run Rate Revenue (£m) 38.1 50.6 33%
For the 12 Month Period Ending
Group Metrics (unless otherwise stated) Dec-2024 Dec-2025 2024-25 YoY
Opening AUA (£m) 4,350 5,841 34%
Gross Inflows (£m) 1,334 1,393 4%
Gross Outflows (£m) (459) (584) 27%
Net Flows (£m) 876 809 (8)%
Market Growth and Other (£m) 615 766 25%
Closing AUA (£m) 5,841 7,416 27%
Net Flows (£m) 876 809 (8)%
Of which Net Flows from New Customers (£m) 709 688 (3)%
Of which Net Flows from Existing Customers (£m) 167 120 (28)%
A copy of this Q4 2025 Results Announcement will be made available for
download post-market close on 21 January 2026 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 £7.4 billion ($10 billion) in assets on behalf of approximately
305,000 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 12,600 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.
AUA Retention Rate 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.
*This metric will be retired and replaced in Q1 2026 with Value Retention, a
more comprehensive measure that more accurately reflects the AUA value driver.
FX Rate US assets are converted to GBP using the conversion rate on the last working
day of the period.
As at 31 December 2025 1.35 USD/GBP
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.
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. US assets are
converted to GBP using the conversion rate on the last working day of the
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.
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.
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