PensionBee Group (LON:PBEE) reported what management described as “strong execution” in both the U.K. and the U.S. during its Q4 2025 trading update for the period ended Dec. 31, 2025. CEO Romi Savova said the company remains focused on building a “lifetime relationship” with customers in the consumer retirement market by combining old retirement accounts into a single online plan, enabling contributions and investment selection, and ultimately supporting withdrawals in retirement.
U.K. performance: AUA growth and profitability
Savova said the U.K. continued to represent the bulk of PensionBee’s assets and invested customers in the medium term. The U.K. ended the quarter with assets under administration (AUA) of GBP 7.4 billion, representing 27% year-on-year growth, and annual run-rate revenue of over GBP 50 million, representing 33% year-on-year growth. Invested customers in the U.K. totaled approximately 305,000.
On profitability, Savova said the U.K. delivered Adjusted EBITDA profitability of GBP 3.4 million in Q4, representing a 26% Adjusted EBITDA margin for the quarter.
Operating efficiency and product development
Management highlighted continued investment in automation and operational efficiency. Savova said PensionBee generated a 22% year-on-year productivity improvement, with each staff member supporting 1,621 invested customers. She also previewed the rollout of a “new and refreshed Beehive experience,” which will “soon include” AI-powered chat in the app, aimed at improving customer experience and long-term productivity.
U.S. progress: brand awareness, product enhancements, and partnerships
In the U.S., Savova said the company remained focused on “establishing a strong foundation for long-term growth.” PensionBee’s first advertising campaign concluded with what management described as a meaningful uplift in prompted brand awareness in locations where billboard advertising was deployed. Savova cited prompted awareness levels of 12% in New York, 9% in Seattle, and 6% in Chicago, saying the increased visibility translated into a customer pipeline that “continues to convert over time.”
The company also described product-led initiatives, including the introduction of performance analytics designed to improve transparency by giving customers more visibility into investment returns.
Looking ahead, management said PensionBee is entering 2026 “poised for growth,” pointing to early interest in its 1% Match initiative, which management said is designed to accelerate the path to $1 billion of AUA in the U.S., along with “a number of new distribution partnerships.” Savova also said PensionBee secured its inaugural Safe Harbor IRA contracts, with initial clients being onboarded and additional clients in late-stage discussions.
Financial update: margins, cash position, and long-term targets
Chief Financial Officer Christoph Martin reiterated Q4 growth metrics, citing 27% year-on-year AUA growth to GBP 7.4 billion and 33% year-on-year growth in annual run-rate revenue to approximately GBP 51 million. He said top-line growth and “continuous cost discipline” contributed to group profitability in the quarter, with adjusted EBITDA of GBP 2 million and a 16% group EBITDA margin, driven by the U.K.’s profitability.
Martin attributed results to two “core value drivers”:
- Predictable and recurring revenue, supported by a durable base of AUA and a resilient gross revenue margin.
- Business scalability, reflecting a cost base that management said has continued to decline as a proportion of revenue.
Martin said the company’s gross revenue margin in Q4 was around 65 basis points, which management said helped convert AUA growth into 34% quarterly revenue growth and 33% annual run-rate revenue growth.
On customer mix, Martin said customers joining in 2025 were slightly younger than in 2024, with an average age of 39.7 versus 40.6 in 2024, aligning with the company’s marketing strategy. He said the younger cohort resulted in a slightly lower average balance for new customers versus the prior year.
For the U.K., Martin said adjusted EBITDA margin improved to 11% in 2025 from 7% in 2024. He also highlighted an “operating margin pre-marketing” metric, which he said improved to 39% in 2025 from 33% in the prior year, describing it as a measure of platform scalability.
Looking further out, Martin reiterated the company’s guidance framework:
- By year-end 2029: group revenue above GBP 100 million and adjusted EBITDA margin of around 20%.
- By year-end 2034: group revenue above GBP 250 million and adjusted EBITDA margin of around 50%.
Martin said the company’s cash balance of around GBP 33 million supports continued scaling in the U.K. and investment in the U.S. opportunity.
Q&A: CAC discipline, marketing seasonality, and U.S. reporting
During Q&A, management addressed customer acquisition cost (CAC) and marketing strategy. Martin said the company maintains a “self-imposed threshold” of GBP 250 for CAC, which he said was met at the end of 2025. He also discussed a related metric—gross inflows per pound of marketing spend—citing 114 in 2025 (with average customer age 39.7), compared with 120 in 2023 (age 39.5) and 145 in 2024 (age 40.5), suggesting cohort age influences inflow efficiency.
On quarterly marketing fluctuations, Savova said Q4 is typically “quite a special quarter,” citing seasonality, the run-up to Christmas, and events such as anticipation around the U.K. government budget. She said PensionBee generally spends less in Q4 than in Q1 and Q2 due to personal finance sentiment and channel mix.
Regarding customer retention and losses, Martin said value retention is around 96% (implying about 4% attrition). He said reasons customers leave tend to be “idiosyncratic,” including consolidating with a workplace pension, moving to an advisor, or seeking a specific asset exposure, while emphasizing that retention has been consistently above 95% since inception on both value and volume.
On when PensionBee might disclose more U.S. operating statistics, Martin said management expects 2026 to be an important year, particularly as the Safe Harbor IRA channel begins onboarding and the 1% Match is featured more prominently, adding that more detailed reporting would follow once results become more material.
About PensionBee Group (LON:PBEE)
PensionBee is creating a global leader in the consumer retirement market with approximately £7 billion in assets on behalf of c.300,000 customers.
Founded in 2014, we aspire to make as many people as possible pension confident so that everyone can enjoy a happy retirement. We help our customers to combine their retirement savings into a new online account, which they can manage from the palm of their hand.
PensionBee accounts are invested by the world’s largest investment managers, collectively looking after more than $10 trillion in savings between them.
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