PensionBee Group (PBEE) H1 2026 earnings summary

Executive summary

• Delivered 40% year-over-year revenue growth to £26.4m for H1 2026, driven by strong customer acquisition and asset inflows.

• Group Invested Customers rose 14% to 327,000 and Assets under Administration (AUA) increased 37% to £8.6bn.

• UK business achieved profitability with Adjusted EBITDA of £1.5m, while US operations remain in investment phase.

• First-time recognition of a £11.5m Deferred Tax Asset (DTA) led to a post-tax profit of £8.2m and positive EPS.

Financial highlights

• Revenue: £26.4m (+40% YoY); Annual Run Rate Revenue: £55.8m (+40% YoY).

• Adjusted EBITDA: £(1.1)m (improved 61% YoY); LTM Adjusted EBITDA: £2.7m (vs. £(0.5)m prior year).

• Profit/(Loss) before tax: £(2.9)m (42% improvement YoY); Profit after tax: £8.2m (vs. £(5.1)m prior year, due to DTA).

• Basic EPS: 3.45p (vs. (2.14)p prior year); Excluding DTA: (1.24)p.

• Cash position: £31m (vs. £34m prior year).

Outlook and guidance

• Targets >£100m Group Revenue and ~20% Adjusted EBITDA margin by year-end 2029; >£250m revenue and ~50% margin by 2034.

• No dividends planned as focus remains on growth and reinvestment.

• UK: Continued marketing and product investment to drive toward 1 million customers.

• US: Ongoing investment in dual-channel strategy, aiming for $1bn AUA.