PensionBee Group (PBEE) Q2 2025 TU earnings summary

Executive summary

• Achieved strong Q2 2025 growth, adding 11,000 new invested customers and increasing AUA 21% year-over-year to £6.3bn, with group revenue up 22% to £10m for the quarter and LTM revenue up 30% to £36.7m.

• UK business achieved profitability, with LTM Adjusted EBITDA of £3.2m and record brand awareness, especially among younger demographics.

• US expansion focused on brand building, product enhancements, and Safe Harbor IRA pipeline, with early traction and consultant-led RFPs representing ~20,000 potential new accounts.

• Scalable technology platform and automation, including AI copilot "Beatrix," improved operational efficiency and customer service metrics.

Financial highlights

• Group Adjusted EBITDA for the quarter was marginally negative at £(0.9)m, with UK Adjusted EBITDA at £0.3m for the quarter and £3.2m LTM.

• Group revenue for the six months ended June 2025 rose 23% year-over-year to £18.9m; UK revenue up 24% to £19.6m.

• Revenue margin stable at 0.63% for both group and UK, with customer and asset retention rates above 95%.

• Annual Run Rate Revenue increased 23% year-over-year to £39.8m.

Outlook and guidance

• Targeting group revenue above £100m by 2029 and over £250m by 2034, with Adjusted EBITDA margin targets of ~20% by 2029 and ~50% by 2034.

• UK to remain main profit driver in near term; US expected to scale faster than UK did historically.

• Expects ongoing robust new customer growth in H2 2025, supported by increased marketing and product innovation.

• Cash balance of ~£34m as of June 2025 supports further UK scaling and US investment.