Pensionbee Group Plc · LSE:PBEE
Pensionbee — FY2024 Earnings Presentation
30 slides from Pensionbee's earnings presentation, Mar 12, 2025
Slide 1: Full Year Results
Full Year Results For the year ended 31 December 2024 www.pensionbee.com
Slide 2: Agenda
Agenda 1 Overview 2 Strategic Update 3 Financial Update 4 Conclusion 5 Appendix www.pensionbee.com 2
Slide 3: Overview
1 Overview www.pensionbee.com 3
Slide 4: Creating a Global Leader in the Consumer Retirement Market
Creating a Global Leader in the Consumer Retirement Market Enormous Global Market Opportunity Customer Focused Offering Consistently Delivering Rapid Growth £6bn AUA £1.5tn DC Market $28tn DC Market 16m Active Members 64m Active Members Combine old accounts Contribute at a click Invest with global g
Slide 5: 2024: A Year of Opportunity and Delivery
2024: A Year of Opportunity and Delivery ● 2024 was a transformational year for PensionBee, marking a decade since founding, the commencement of 1 global operations and the first year of profitability. ● We cemented our position as a pension provider of choice in the United Kingdom (‘UK’) and laid t
Slide 6: Strategic Update
2 Strategic Update www.pensionbee.com 6
Slide 7: The UK Defined Contribution Market is Vast and Growing
The UK Defined Contribution Market is Vast and Growing Millions of Consumers Actively Saving in DC Plans(1) … … Driving Further Growth in the UK DC Market(2) (million) (billion) £200 +12% +12% CAGR CAGR £200 £300 £300 £1,300 £200 £1,200 £800 £200 £700 £600 £400 www.pensionbee.com (1) Source: 2020: O
Slide 8: Household Brand Generates Long Term Value and Growth
Household Brand Generates Long Term Value and Growth Decade Long Investment has made PensionBee 2024 Marketing Activities Maximised Return PensionBee’s Brand Investment is a Trusted Household Brand per £ of Marketing Spend Driving Organic Traffic Growth(2) In the UK, we achieved strong brand awarene
Slide 9: Product Offering Extended to Help our Customers Plan for and Enjoy a Happy Retirement
Product Offering Extended to Help our Customers Plan for and Enjoy a Happy Retirement …Driving Higher Engagement Resulting in Empowering Customers with the Tools they Need to Plan for Retirement… Increased Contributions Empowering customers with tools to understand their pensions better, such as our
Slide 10: Reliable Customer Service and Unique BeeKeeper Model Earned Industry Recognition
Reliable Customer Service and Unique “BeeKeeper” Model Earned Industry Recognition Continued Achievement of High Quality, Rapid Customer Each of our Customers is Assigned a Dedicated Beekeeper Service and “Excellent” Trustpilot Rating who Serves as their Sole Point of Contact for all Inquiries 51sec
Slide 11: Increased Efficiency and Laid Foundations for Future Scalability
Increased Efficiency and Laid Foundations for Future Scalability Operational Leverage tracked through Key Performance Single View of the Customer on Integrated Platform Indicators Automations increased operational efficiency, boosting the ratio of Invested Single view of customer data enables effici
Slide 12: UK 2025: Delivering Key Growth and Scalability Initiatives
UK 2025: Delivering Key Growth and Scalability Initiatives Increased Marketing Expenditure throughout the Year A Simplified Plan Range New Visual Experience for Our Beehive Simplifying investment choices by offering investments Elevating the experience for customers through visual that align with cu
Slide 13: US Business Established, with Key Milestones Rapidly Achieved
US Business Established, with Key Milestones Rapidly Achieved US Progressing Rapidly ✓ In 2024, PensionBee US successfully entered into a long-term agreement with State Street, registered as an investment adviser with the SEC, and launched a fully operational platform. ✓ PensionBee built the initial
Slide 14: US 2025: Laying Long-term Foundations of Strategy
US 2025: Laying Long-term Foundations of Strategy Customer Acquisition Source of Inflows PensionBee Product Customer Functionality Brand Channels Individual Performance Monitoring Traditional IRA 401(k) Rollovers (pre-tax personal retirement account) (former employee accounts) Performance Channels I
Slide 15: Brand Identity and Growing Content Create Strong Backdrop for Increased Marketing Spend
Brand Identity and Growing Content Create Strong Backdrop for Increased Marketing Spend The US has >1,000 Organic Keywords Our Retirement 101 Series Reached an US Social Accounts are Growing and Ranking in the Top 20(1) Audience of >20,000 in the first week Boosting Brand Presence(2) The US business
Slide 16: PensionBee's Consumer-Oriented Position in the Safe Harbor IRA Market
PensionBee's Consumer-Oriented Position in the Safe Harbor IRA Market ● Under current US regulations, employers have the ability "force out" accounts with balances under $7,000, often resulting in the accounts being transferred into poorly performing Safe Harbor IRA. ● Many Safe Harbor IRA providers
Slide 17: Financial Update
3 Financial Update www.pensionbee.com 17
Slide 18: Driving Revenue through Cost Disciplined Customer Acquisition
Driving Revenue through Cost Disciplined Customer Acquisition Marketing Spend (£ million) Gross Inflows (£ million) AUA (£ million) (1) (2) CPIC (£) AVG Inflows of New IC (£) IC Retention(3) (%) 248 241 242 10k 16k 20k >95 >95 >95 +34% +14% (6)% www.pensionbee.com (1) Cumulative CPIC is defined as t
Slide 19: Predictable and Recurring Revenue Base
Predictable and Recurring Revenue Base High Retention Rates de-risk & Compound UK AUA … … and Drive Predictable Revenue, owing to Resilient (1) Revenue Margin (AUA Breakdown into Net Flow Cohorts and Market Impact, £m) (Revenue , £m) AUA Revenue N/A N/A >95 >95 >95 >95 >95 >95 >95 Retention N/A N/A
Slide 20: Scalability Drives Operating Leverage and Profitability
Scalability Drives Operating Leverage and Profitability Recurring & Predictable Revenue … … Coupled with Scalable Cost Base … … Creates Operating Leverage & Visibility on Profitability Revenue Margin (bps) Total Costs as % Revenue(2) Adj. EBITDA Margin 63 64 64 (210)% (135)% (93)% (110)% (35)% 7% Re
Slide 21: Scalability Drives Long-Term Margin Improvement
Scalability Drives Long-Term Margin Improvement Ongoing UK Scalability Evident in Declining Costs as Proportion of Revenue … … Driving UK Profitability Margin (Cost Categories Expressed as Multiple of Revenue, x of Revenue)(1) (Adj. EBITDAM Margin(2) and Adj. EBITDA Margin(3), % of Revenue)(1) Profi
Slide 22: US Financial Update
US Financial Update 2024 ● Following its Capital Markets Day titled ‘Creating a Leader in the Global Consumer Retirement Market’ on 1 October 2024, the Company successfully raised £20m to accelerate the delivery of its US medium and long term guidance. ● Marketing support for the US business in 2024
Slide 23: 2025 Guidance Framework: PBEE Group Guidance
2025 Guidance Framework: PBEE Group Guidance Short-to-Medium Longer Term Objective 2024 Term (3-5 Yrs) (5-10 Yrs) ✓ >£30m >£100m Revenue (1) PensionBee achieved Revenue of >£250m £33m for the Group. by year 5 ✓ Adjusted EBITDA(2) Adjusted EBITDA Adjusted EBITDA Profitability breakeven Margin of c.20
Slide 24: Conclusion
4 Conclusion www.pensionbee.com 24
Slide 25: Further Updates
Further Updates ● Publication of Annual Report on Thursday 10 April 2025 (7am - GMT). ● Q1 2024 trading update on Wednesday 23 April 2025 (Post-market close - GMT). ● Annual General Meeting on Thursday 15 May 2025 (2pm - GMT). More detailed updates can be found on PensionBee's Investor Relations hub
Slide 26: Appendix
5 Appendix www.pensionbee.com 26
Slide 27: Scalable Technology Platform Generates Operating Leverage
Scalable Technology Platform Generates Operating Leverage Over the 12-month Period Ending YoY KPI & Financials (2023 to Drivers Dec-22 Dec-23 Dec-24 2024) Drivers of AUA and embedded growth include: (i) efficient customer acquisition driven by strong Assets under Administration £3,025m £4,350m £5,84
Slide 28: FY 2024 Highlights
FY 2024 Highlights KPIs As at Period End Dec-2022 Dec-2023 Dec-2024 YoY AUA (£m) 3,025 4,350 5,841 34% AUA Retention Rate (% of AUA) >95% >95% >95% Stable Invested Customers ('000) 183 229 265 16% Customer Retention Rate (% of IC) >95% >95% >95% Stable UK Cost per Invested Customer (£) 248 241 242 S
Slide 29: Glossary
Glossary Adjusted EBITDA Adjusted EBITDA is the Operating Profit/(Loss) for the year before Taxation, Finance Costs, Finance Income, Depreciation and Amortisation Expense, Share-based Payments and Expansion Costs. This measure is a proxy for operating cash flow. Adjusted EBITDA Margin Adjusted EBITD
Slide 30: Disclaimer
Disclaimer The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in it.