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PensionBee Group (PBEE) investor relations material
PensionBee Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved 14% year-over-year growth in Invested Customers to 286,000 and 21% growth in Assets under Administration (AUA) to £6.3bn as of June 2025, driven by strong net flows and high retention rates above 95%.
Revenue increased 23% year-over-year to £18.9m, with Annual Run Rate Revenue reaching £39.8m, supported by a stable revenue margin of 0.63%.
UK business delivered ongoing Adjusted EBITDA profitability, while US operations focused on foundational investments and brand building, with US marketing spend fully reimbursed by State Street.
Group Adjusted EBITDA was £(2.9)m, reflecting continued investment in US expansion; Group loss before tax widened to £(5.1)m.
Cash position strengthened to £34m following a £20m capital raise in October 2024.
Financial highlights
Revenue for H1 2025: £18.9m (H1 2024: £15.4m), up 23% year-over-year.
Adjusted EBITDA: £(2.9)m (H1 2024: £(2.0)m); Adjusted EBITDA margin: (15)% (H1 2024: (13)%).
Profit/(Loss) before tax: £(5.1)m (H1 2024: £(3.8)m); Basic EPS: (2.14)p (H1 2024: (1.64)p).
Cash and cash equivalents at 30 June 2025: £34.1m (H1 2024: £10.9m).
Employee benefits expense rose 23% to £7.1m, reflecting workforce expansion, mainly for US operations.
Outlook and guidance
Reiterates ambition to reach >£100m Group Revenue and c.20% Adjusted EBITDA margin by 2029, and >£250m Revenue and c.50% margin by 2034.
UK expected to maintain Adjusted EBITDA profitability for full year 2025; US to accelerate marketing and product development in H2 2025.
No dividends planned as focus remains on reinvestment for growth.
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