PensionBee Group (PBEE) Q1 2025 TU earnings summary

Executive summary

• Achieved strong year-on-year growth in assets under administration (AUA), revenue, and invested customers in Q1 2025, despite global economic turbulence.

• Invested customers grew 14% year-on-year to 275,000, supported by strong brand awareness and efficient acquisition.

• Continued execution of long-term strategy in both the U.K. and U.S. markets, with a focus on scalable, predictable revenue.

• Accelerated marketing spend and productivity improvements, including AI-driven automation.

• Achieved breakeven on an LTM Adjusted EBITDA basis (£0.5m), with margin improving to 1% from -20% year-on-year.

Financial highlights

• U.K. AUA reached £5.8bn, up 20% year-on-year; annual run rate revenue at £36.2m, up 17% year-on-year.

• Group revenue grew 34% year-on-year for the last twelve months to March 2025; Q1 2025 revenue was £9.1m, up 23% year-on-year.

• Adjusted EBITDA margin improved to 1% on an LTM basis, compared to -20% in the prior year; LTM Adjusted EBITDA was £0.5m.

• Net flows of £214m in Q1 2025: £131m from new customers, £83m from existing customers.

• Cash balance of approximately £34m supports scaling and investment.

Outlook and guidance

• Targeting 1 million invested customers in the U.K.; continued strong marketing spend planned for 2025.

• Targeting >£100m group revenue and ~20% Adjusted EBITDA margin in 3–5 years; >£250m revenue and ~50% margin in 5–10 years.

• Expects ongoing Adjusted EBITDA profitability in the U.K. for the full year, assuming market stability.

• U.S. market focus on product development and brand awareness, with increased marketing spend planned for H2 2025.