REG - PensionBee Group plc - Q3 2025 Results

PensionbeeAnnouncement

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RNS Number : 4460E  PensionBee Group plc  22 October 2025

 

 PensionBee Group plc

 Incorporated in England and Wales

 Registration Number: 13172844

 LEI: 2138008663P5FHPGZV74

 ISIN: GB00BNDRLN84
 22 October 2025

 PensionBee Group plc

 Q3 2025 Results
 Strong growth achieved as strategic execution drives

 Assets under Administration rise to £7bn with

 approximately 300,000 Invested Customers
 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 September
 2025.
 Summary

 ●    Group Invested Customers onboarded over the quarter grew by 41% (Q3
 2025: 11,000 vs. Q3 2024: 8,000), bringing the total Group Invested Customer
 base to 297,000 (Q3 2024: 260,000).

 ●    Group Assets under Administration ('AUA') increased by 27%
 year-on-year to £7.0bn (Q3 2024: £5.5bn), underpinned by strong Net Flows
 and consistently strong Customer and AUA Retention Rates of >95% (Q3 2024:
 >95%).

 ●    Group Revenue increased by 32% year-on-year to £11.3m for the
 quarter (Q3 2024: £8.6m). The predictable, recurring Revenue base continued
 its growth trajectory, driving the Annual Run Rate Revenue to £46.4m,
 representing an increase of 35% (Q3 2024: £34.4m).

 ●    Group Adjusted EBITDA improved by 62% to £1.3m over the quarter (Q3
 2024: £0.8m), driven by strong Group Revenue growth and optimised operating
 efficiencies. PensionBee UK achieved profitability of £2.4m for the quarter
 (Q3 2024: £1.5m), £1.6m on a year-to-date ('YTD') basis (YTD Sep 2024:
 £(0.1)m), and £4.1m on a last twelve months ('LTM') basis (LTM 2024:
 £0.6m).

 ●    Cash position of £33.3m (Q3 2024: £14.6m).
 Romi Savova, CEO of PensionBee, commented:
 "The third quarter marked another leap forward in delivering on our strategy
 across both the UK and US. Our customer-centric approach continues to resonate
 with the mass market of consumers and we are proud to now serve approximately
 300,000 Invested Customers, having experienced 41% growth in new customers
 over the quarter, translating into Assets Under Administration of £7 billion
 across the Group. This strong customer growth contributed to 32% growth in
 quarterly Group Revenue year-on-year, with Group Annual Run-Rate Revenue
 rising to £46 million. Above all, these results reflect the trust consumers
 place in us to help them save for a happy retirement.

 In the UK, we strengthened our product offering and streamlined the sign-up
 experience for our customers, making it even simpler and faster for them to
 join PensionBee. We delivered Adjusted EBITDA profitability for a second
 consecutive quarter while increasing our marketing expenditure for Q3 by 22%
 year-on-year. This investment translated into strong growth, with 11,000
 additional customers onboarded over the quarter. We expect this momentum to
 carry through the fourth quarter and beyond, positioning the business to
 deliver sustained, profitable growth over the long term.

 In the US, we are expanding our reach and driving efficiency. We successfully
 launched our first US brand campaign featuring our first customers across
 major cities such as New York, Chicago and Seattle. We've made major strides
 in automating the customer transfer process, which enhances our ability to
 connect with major record keepers in the US. We also released new digital
 tools, including bespoke transfer messaging, to effectively engage customers
 throughout their journey. Our Safe Harbor IRA focus remains strong as our
 offering continues to gain traction with employers as we deepen our
 connections.

 Looking forward, we will continue to execute our strategies for the UK and US,
 and remain confident that we will grow our Invested Customer base and AUA in
 line with guidance. Our predictable, recurring Revenue model, together with
 strong operating leverage in our business, will continue to drive strong
 financial performance."
 UK Business Highlights
 PensionBee is dedicated to helping more consumers prepare for and enjoy a
 happy retirement. During the third quarter of 2025, PensionBee continued
 pursuing its ambition of reaching 1 million Invested Customers by 2034,
 serving 297,000 Invested Customers by the period end (Q3 2024: 260,000). The
 Company achieved UK Adjusted EBITDA profitability of £2.4m for the quarter
 (Q3 2024: £1.5m) underscoring our commitment to profitable growth in the UK.

 In line with the Company's stated growth ambitions, marketing investment
 increased by 22% to £2.6m (Q3 2024: £2.1m) bringing cumulative marketing
 expenditure since inception to £74m. The Company continued to strengthen its
 brand by optimising between channels enabling the efficient deployment of
 marketing spend, including through a UK-wide billboard campaign across
 roadside digital sites. The data-led, multi-channel marketing approach drove
 exceptional customer growth in the UK of 39% over the quarter, with 11,000 new
 Invested Customers onboarded (Q3 2024: 8,000), while maintaining strict cost
 discipline as reflected in a stable UK Cost Per Invested Customer of £250
 over Q3 (Q2 2025: £251).

 PensionBee's industry-leading technology platform continued to drive
 efficiency, demonstrated by a 19% productivity improvement (Q3 2025: 1,555
 Invested Customers per staff member vs. Q3 2024: 1,305). This efficiency
 enabled the delivery of best-in-class personalised customer service at scale,
 evidenced by the continued achievement of an Excellent 4.6⋆ Trustpilot
 rating and exceptional customer response times. These high service levels
 resulted in Customer and AUA Retention Rates of >95%, firmly underpinning
 the Company's predictable, recurring Revenue model.

 PensionBee continued to enhance and modernise the customer experience with its
 new integrated front-end platform and new customer interface, featuring a
 streamlined sign-up funnel. The Company continued to leverage AI to drive
 efficiency, further developing Beetrix, from an internal AI co-pilot for our
 operational teams, towards becoming a key part of our customer service.
 US Business Highlights

 In 2024, PensionBee announced its expansion to the US, the world's largest
 retirement market, in partnership with State Street. Under the terms of the
 agreement, State Street will reimburse a substantial portion of PensionBee's
 marketing expenditure.

 In line with its long-term ambition to establish national brand presence, in
 September 2025 the Company launched its first brand campaign, consisting of
 television, billboard and radio advertising featuring the Company's first US
 customers, in 12 metropolitan areas. The ongoing brand campaign has resulted
 in a noticeable uptick in recognition across these markets, laying a solid
 foundation for continued investment and growth. The year-to-date spend of
 £2.0m has been fully reimbursed by State Street, with the remaining $2.3m of
 the $5.0m marketing investment anticipated for 2025 scheduled for the fourth
 quarter.

 During the third quarter, the Company continued to expand its product
 functionality through enhanced and increasingly automated features. The
 Company has transfer protocols to cover a majority of 401(k) and IRA transfer
 types. As a result, the Company has now completed the live testing period,
 during which it accumulated AUA of $2m through transfers and contributions.
 During the testing process, the Company attracted sizable accounts multiple
 times above its target of $50,000, indicating the potential for rapid asset
 accumulation as brand awareness grows.

 With its transfer infrastructure in place and growing brand awareness,
 PensionBee is preparing to enter the next phase of growth through a 1% match
 on all completed 401(k) rollovers, transfers and contributions. This
 initiative is expected to accelerate its path to $1bn of AUA.

 The Company has continued to deepen engagement with consultants and employers
 around its Safe Harbor IRA offering, which offers a more consumer-friendly
 proposition for employers seeking to "force out" former participants' accounts
 under $7,000. A number of employers are now in the final discussion stage and
 PensionBee continues to participate in consultant-led processes (Requests for
 Proposal). Research conducted by PensionBee and the Employee Benefits Research
 Institute estimates that 1.7m 401(k) accounts per year are automatically
 rolled over into Safe Harbor IRAs, representing over $4.6bn of potential
 annual assets under management. PensionBee's product offering, including its
 low fees, leave it well-positioned to capture a growing market share over the
 coming years.
 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).

 ●    Exceed £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 or 12 month Period Ending
 Group Metrics (unless otherwise stated)  Sep-2024      Sep-2025       2024-25 YoY
  Revenue (£m)                            8.6           11.3          32%
  Adjusted EBITDA (£m)                    0.8           1.3           62%
  Adjusted EBITDA Margin (% of Revenue)   9%            12%           2ppt

  LTM Revenue                             30.6          39.4          29%
  LTM Adjusted EBITDA                     (0.4)         0.1           n/m
  LTM Adjusted EBITDA Margin              (1)%          0%            2ppt

 

                      For the 3 or 12 month Period Ending
                       Sep-2024      Sep-2025       2024-25 YoY
  UK Revenue (£m)                            9.0           11.6          29%
  UK Adjusted EBITDA (£m)                    1.5           2.4           59%
  UK Adjusted EBITDA Margin (% of Revenue)   16%           20%           4ppt

  UK LTM Revenue                             31.4          40.9          30%
  UK LTM Adjusted EBITDA                     0.6           4.1           n/m
  UK LTM Adjusted EBITDA Margin              2%            10%           8ppt

 

                      For the 3 month Period Ending
                       Sep-2024    Sep-2025     2024-25 YoY
  US Revenue (£m)                            nil         nil         n/m
  US Adjusted EBITDA (£m)                    (0.7)       (1.0)       (55)%
  US Adjusted EBITDA Margin (% of Revenue)   nil         nil         n/m

 

  Group Non-Financial Highlights

                     As at Period End
 Group Metrics (unless otherwise stated)  Sep-2024  Sep-2025  2024-25 YoY
  AUA (£m)                                5,484     6,984     27%
  AUA Retention Rate (% of AUA)           >95%      >95%      Stable at >95%
  Invested Customers (thousands)          260       297       14%
  Customer Retention Rate (% of IC)       >95%      >95%      Stable at >95%
  UK Cost per Invested Customer (£)       243       250       within threshold
  Revenue Margin (%)                      0.64%     0.64%     Stable
  Annual Run Rate Revenue (£m)            34.4      46.4      35%

 

                              For the 9 month Period Ending
 Group Metrics (unless otherwise stated)                    Sep-2024    Sep-2025    2024-25 YoY
  Opening AUA (£m)                                          4,350       5,841       34%
      Gross Inflows (£m)                                    1,020       1,041       2%
      Gross Outflows (£m)                                   (328)       (417)       27%
  Net Flows (£m)                                            692         624         (10)%
      Market Growth and Other (£m)                          442         519         n/m
  Closing AUA (£m)                                          5,484       6,984       27%

 Net Flows (£m)                                             692         624         (10)%
      Of which Net Flows from New Customers (£m)            538         501         (7)%
      Of which Net Flows from Existing Customers (£m)       153         123         (20)%

 

                                             For the 3 or 12 month Period Ending
                                             Sep-2024      Sep-2025       2024-25 YoY
  UK Revenue (£m)                            9.0           11.6          29%
  UK Adjusted EBITDA (£m)                    1.5           2.4           59%
  UK Adjusted EBITDA Margin (% of Revenue)   16%           20%           4ppt

  UK LTM Revenue                             31.4          40.9          30%
  UK LTM Adjusted EBITDA                     0.6           4.1           n/m
  UK LTM Adjusted EBITDA Margin              2%            10%           8ppt

 

                                             For the 3 month Period Ending
                                             Sep-2024    Sep-2025     2024-25 YoY
  US Revenue (£m)                            nil         nil         n/m
  US Adjusted EBITDA (£m)                    (0.7)       (1.0)       (55)%
  US Adjusted EBITDA Margin (% of Revenue)   nil         nil         n/m

 

 

 Group Non-Financial Highlights

 

                                          As at Period End
 Group Metrics (unless otherwise stated)  Sep-2024  Sep-2025  2024-25 YoY
  AUA (£m)                                5,484     6,984     27%
  AUA Retention Rate (% of AUA)           >95%      >95%      Stable at >95%
  Invested Customers (thousands)          260       297       14%
  Customer Retention Rate (% of IC)       >95%      >95%      Stable at >95%
  UK Cost per Invested Customer (£)       243       250       within threshold
  Revenue Margin (%)                      0.64%     0.64%     Stable
  Annual Run Rate Revenue (£m)            34.4      46.4      35%

 

                                                            For the 9 month Period Ending
 Group Metrics (unless otherwise stated)                    Sep-2024    Sep-2025    2024-25 YoY
  Opening AUA (£m)                                          4,350       5,841       34%
      Gross Inflows (£m)                                    1,020       1,041       2%
      Gross Outflows (£m)                                   (328)       (417)       27%
  Net Flows (£m)                                            692         624         (10)%
      Market Growth and Other (£m)                          442         519         n/m
  Closing AUA (£m)                                          5,484       6,984       27%

 Net Flows (£m)                                             692         624         (10)%
      Of which Net Flows from New Customers (£m)            538         501         (7)%
      Of which Net Flows from Existing Customers (£m)       153         123         (20)%

 

 A copy of this Q3 2025 Results Announcement will be made available for
 download post-market close on 22 October 2025 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 £7.0 billion in assets on behalf of approximately 300,000
 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 12,359 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

 

 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. LTM Adjusted EBITDA refers to
                                      Adjusted EBITDA over the last twelve months.
 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 is inclusive of US and UK assets. US assets are
                                      converted to GBP using the conversion rate on the last working day of the
                                      period.
 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.
 Invested Customers                   Invested Customers ('IC') means those customers who have transferred assets or
                                      made contributions into one of PensionBee's investment plans and has an active
                                      balance.
 Invested Customers per Staff Member  Productivity, measured using Invested Customers per Staff Member, is
                                      calculated using an LTM average for the total workforce contracted by the UK.
                                      (Q3 2025 LTM average: 191).
 Invested Customer Retention Rate     Invested 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.
 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. Net Flows do not
                                      currently capture US Flows, which are captured in Market Growth and Other.
 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. LTM Revenue refers to
                                      the Revenue generated over the last twelve months.
 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 £200-£250.
 UK Revenue                           UK Revenue in Q3 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.

 

 

 

 

 

 

 

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