PensionBee Group (PBEE) Q4 2025 TU earnings summary

Executive summary

• Achieved 27% year-on-year AUA growth to £7.4bn and 33% ARR growth to £51m, with 305,000 invested customers at year-end 2025, driven by robust U.K. performance and early U.S. expansion.

• Onboarded 40,000 new customers in 2025, with 8,000 added in Q4, reflecting effective marketing and acquisition strategies.

• Enhanced productivity by 22% year-on-year through technology automation, with each staff member now supporting 1,621 invested customers.

• U.K. segment achieved Adjusted EBITDA profitability of £3.4m and a 26% margin in Q4, supporting overall group profitability.

• U.S. business made progress with brand awareness campaigns, new distribution partnerships, and first Safe Harbor IRA contracts signed.

Financial highlights

• Group Adjusted EBITDA reached £2m in Q4, with a 16% margin, driven by U.K. profitability.

• U.K. Adjusted EBITDA margin improved to 11% for 2025, up from 7% in 2024; pre-marketing operating margin rose to 39% from 33%.

• Revenue margin in Q4 was 0.65%, converting AUA growth into 34% quarterly revenue growth.

• Cash balance of £33m at year-end supports further U.K. scaling and U.S. investment.

• U.S. business ended the year with $3m in AUA and continued investment in brand and product development.

Outlook and guidance

• Medium-term target: group revenue above £100m and Adjusted EBITDA margin of ~20% by 2029.

• Long-term target: revenue above £250m and Adjusted EBITDA margin of ~50% by 2034.

• U.S. business expected to scale faster than U.K. did at a similar stage, with significant milestones anticipated in 2026.

• Focus remains on scaling in the U.K. and U.S., leveraging brand, technology, and culture for growth.