PensionBee Group (PBEE) CMD 2024 summary

Strategic vision and market opportunity

• Aims to become a global leader in the consumer retirement market, focusing on the underserved mass market in the UK and US, which together represent over 85% of the global defined contribution market.

• Celebrates a decade of growth and transformation since IPO, with significant scale and profitability improvements.

• Leverages a scalable, technology-driven platform and data-led marketing to drive customer acquisition and retention.

• Maintains strong brand awareness, high customer satisfaction, and industry-leading app ratings, with over 250,000 invested customers and £5.2 billion AUA.

• Pursues international expansion, with a particular focus on the US market, supported by SEC registration, a cornerstone partnership, and tailored marketing.

Financial performance and guidance

• Achieved 45% CAGR in annual run rate revenue since IPO, with £32m ARR and 252,000 invested customers as of June 2024.

• Assets under administration reached £5.2bn, up 40% year-on-year, with high net retention rates and a resilient revenue margin of 64bps since 2019.

• Expects 2024 Group Revenue to exceed £30m, with group guidance targeting over £100m revenue and ~20% profitability in 3–5 years, and over £250m revenue with ~50% EBITDA margin in 5–10 years.

• U.K. business has reached profitability and is expected to deliver full-year adjusted EBITDA profitability in 2024.

• Maintains a strong balance sheet with c.£15m/$20m in cash as of September 2024, and a highly scalable cost base.

UK business focus

• Established as a trusted household brand, leading in value for money, customer service, and digital experience.

• Plans to grow the UK invested customer base to 1 million over the next 5–10 years, driven by increased marketing, new segments, partnerships, and product extensions.

• Average account values expected to exceed £25k after five years, supported by rising consolidation, contributions, and product innovation.

• UK business is approaching profitability inflection, with sustained high revenue growth and efficient cost base.

• Continues to grow UK market share while pursuing international expansion.