PensionBee Group (PBEE) Q1 2026 TU earnings summary

Executive summary

• Achieved strong year-on-year growth in assets under administration (AUA), revenue, and invested customers, with Q1 2026 revenue up 38% to £12.5m, AUA up 29% to £7.5bn, and invested customers rising 15% to 315,000.

• UK business reached adjusted EBITDA profitability for the quarter, with a 5% margin, and LTM adjusted EBITDA margin improved to 15%.

• Continued strong customer retention above 95% and value retention near 100%, supported by technology-driven operational efficiency and new AI-powered customer service tools.

• U.S. expansion continues, with brand awareness and customer acquisition efforts supported by partnerships and award-winning product features.

Financial highlights

• Group revenue for Q1 2026 was £12.5m, up 38% year-over-year; LTM revenue rose 32% to £46.0m.

• UK adjusted EBITDA for the quarter was £0.7m at a 5% margin; UK LTM adjusted EBITDA margin increased to 15%.

• Group achieved break-even EBITDA position, driven by top-line growth and cost discipline.

• Cash balance at quarter-end was approximately £32.4m, supporting further scaling and U.S. investment.

• Gross inflows grew 16% year-over-year to £401m, with net flows up 3% to £221m.

Outlook and guidance

• Group targets revenue above £100m and adjusted EBITDA margin of ~20% by year-end 2029, and £250m revenue with ~50% margin by 2034.

• Plans to increase UK marketing investment and launch new brand campaigns in H2 2026.

• Continued investment in marketing and product-led growth, with focus on customer acquisition and retention.