PensionBee Group (PBEE) Q3 2025 TU earnings summary

Executive summary

• Achieved 41% year-over-year growth in new invested customers, reaching 300,000 at Q3 2025 end, with AUA up 27% to GBP 7 billion and ARR up 35% to GBP 46.4 million, driven by UK performance and early US expansion.

• Group revenue rose 32% year-over-year to GBP 11.3 million for the quarter, with group adjusted EBITDA improving 62% to GBP 1.3 million and UK adjusted EBITDA at GBP 2.4 million.

• UK remains the core market, with adjusted EBITDA profitability and 11,000 new customers onboarded in Q3.

• US operations advanced with first brand campaign in 12 metro areas, successful $2 million in transfers, and launch of a 1% match program to accelerate asset growth.

• Cash position strengthened to GBP 33.3 million, supporting ongoing growth and US investment.

Financial highlights

• Group revenue: GBP 11.3 million in Q3 2025 (up 32% year-over-year); UK revenue: GBP 11.6 million (up 29%).

• Group adjusted EBITDA: GBP 1.3 million (up 62%); UK adjusted EBITDA: GBP 2.4 million (up 59%).

• Annual run rate revenue: GBP 46.4 million (up 35%); LTM group revenue: GBP 39.4 million (up 29%).

• AUA: GBP 7.0 billion (up 27%); net flows: GBP 624 million for the nine months (down 10%).

• Customer and AUA retention rates remained above 95%.

Outlook and guidance

• Short/medium-term target: above GBP 100 million revenue and ~20% adjusted EBITDA margin by year-end 2029.

• Long-term target: GBP 250 million revenue and ~50% adjusted EBITDA margin by year-end 2034.

• Expects continued momentum in customer and AUA growth into Q4 and beyond.

• UK to remain profitable while scaling, with increased marketing spend planned for Q4 2025 and 2026.