Pensionbee Group Plc · LSE:PBEE
Pensionbee — Q1 2024 Earnings Presentation
22 slides from Pensionbee's earnings presentation, Apr 24, 2024
Slide 1: Q1 2024 Results Presentation
Q1 2024 Results Presentation For the three months to 31 March 2024 www.pensionbee.com
Slide 2: Agenda
Agenda 1 Overview of Q1 2024 2 Financial Update 3 Conclusion 4 Appendix www.pensionbee.com 2
Slide 3: Overview of Q1 2024
1 Overview of Q1 2024 www.pensionbee.com 3
Slide 4: Leading Online Pension Provider: Solving Genuine Problems for Consumers
Leading Online Pension Provider: Solving Genuine Problems for Consumers Award-winning offering Trustpilot 4.6 out of 5 - Excellent(1) £4.9bn Assets under Administration 240k Invested Customers £7 m Revenue >95% Customer Retention Mar 2024 Mar 2024 Q1 2024 Mar 2024 +44% YoY +22% YoY +42% YoY Stable w
Slide 5: AUA Base Growing Efficiently with Strong Increase in Net Flows per £ of Marketing
AUA Base Growing Efficiently with Strong Increase in Net Flows per £ of Marketing Expenditure Increasing AUA Base Through Increased Efficiency Driving Revenue Growth (£m) (1) (Net Flows/Marketing Spend) (£m) +44% +24% +42% AUA increased by 44% year on year to £4.9bn, Net Flows/Marketing Spend increa
Slide 6: Marketing Strategy Growing our Brand Efficiently
Marketing Strategy Growing our Brand Efficiently Cumulative Marketing Spend of £59 Million Efficient Investment in Customer Acquisition and Cumulative CPIC Continues to has made PensionBee a Household Brand(1) Brand Awareness Drop(1) PensionBee’s brand awareness is at an all time high, up 5ppt Pensi
Slide 7: Strategic Goals Advanced over the Last Quarter
Strategic Goals Advanced over the Last Quarter Excellent Customer Service Prioritised Product Innovation Through Engagement Scalable Technology Platform Continues to Underpin Competitive Advantage Excellent Trustpilot rating and rapid customer response times Our new checklist feature helps customers
Slide 8: Financial Update
2 Financial Update www.pensionbee.com 8
Slide 9: Strong Growth in AUA of >£0.5bn over Q1 2024
Strong Growth in AUA of >£0.5bn over Q1 2024 Strong Net Flows from New and Existing Customers(1) Long Term Compounding Reaching c.£4.9bn of AUA as of 1Q 2024 (AUA, £bn) & Supportive Markets Grew >£0.5bn of AUA (Net Flows, £m) c.£4.9bn Quality of AUA Across the portfolio as of 31 Mar 2024 YoY +44% To
Slide 10: Strong Retention Compounds AUA and Drives Predictable Revenue
Strong Retention Compounds AUA and Drives Predictable Revenue High Customer and AUA Retention Rates Compound AUA … … and Drive Predictable Revenue (AUA Breakdown into Net Flow Cohorts and Market Impact, £m) (March Annual Run Rate Revenue(1)(2), £m) 4,857 Cumulative Market Impact Retention Statistics
Slide 11: Scalable Cost Base Drives Operating Leverage & Profitability
Scalable Cost Base Drives Operating Leverage & Profitability Predictable Revenue … … Coupled with Scalable Cost Base … … Creates Strong Operating Leverage (Over the 3 month period ending Revenue, £m) (Over the 3 month period ending Cost Base, £m) (Quarterly Adj. EBITDA(1), £m, %) On track to achieve
Slide 12: Long Term Outlook is Positive
Long Term Outlook is Positive Objective UK Guidance Long Term Illustration ● Aim to deliver sustained high annual Revenue growth. ● Continue appealing to the mass market, acquiring more new customers and growing customers’ pension balances. Revenue ● Our ambition is to pursue a c.2% market share of
Slide 13: Conclusion
3 Conclusion www.pensionbee.com 13
Slide 14: Further Updates
Further Updates ● Work on the U.S expansion continues to be on track with our timeline. ● Annual General Meeting on Thursday 16 May 2024. ● Q2 2024 trading update on Wednesday 24 July 2024 (post-market close). ● Interim Results 2024 on Wednesday 28 August 2024. www.pensionbee.com 14
Slide 15: Key Investment Highlights
Key Investment Highlights Leading Online Enormous DC Household Brand Scalable Technology Simple, Long-Term Pension Provider: Pensions Market Name supports Platform developed Business Model Solving Genuine Underpinned by Effective, Data-led over Past Decade demonstrates Problems for Structural Growth
Slide 16: Q1 2024 Highlights
Q1 2024 Highlights KPIs As at Period End Mar-2023 Mar-2024 YoY AUA (£m) 3,379 4,857 44% AUA Retention Rate (% of AUA) >95% >95% Stable Invested Customers ('000) 198 240 22% Customer Retention Rate (% of IC) >95% >95% Stable Cost per Invested Customer (£) 252 244 (3)% Revenue Margin (% of AUA) 0.64%
Slide 17: Appendix
4 Appendix www.pensionbee.com 17
Slide 18: Scalability Drives Operating Leverage & Visibility on Profitability
Scalability Drives Operating Leverage & Visibility on Profitability High Retention Rate(1) (%) … … Combined with Consistent … Creates Recurring and Predictable Revenue Margin (%) … Revenue (2) (£m) +4x Cohort 2023 Recurring & Cohort 2022 Predictable Revenue … Cohort 2021 Cohort 2020 Cohort 2019 Coho
Slide 19: Illustrative Unit Economics Demonstrate Attractive Returns
Illustrative Unit Economics Demonstrate Attractive Returns ✔ Methodological data driven approach to LTV/CAC customer acquisition ✔ Attractive LTV/CAC Asset Driven Lifetime Revenue ▪ Scalable technology platform ▪ Low cost to serve customers ✔ Attractive Payback Compelling Unit Period Economics ✔ Lon
Slide 20: Scalable Technology Platform Generates Operating Leverage
Scalable Technology Platform Generates Operating Leverage Over the 3-month Period Ending YoY KPI & Financials (Q1 2023 to Drivers Q1 2022 Q1 2023 Q1 2024 Q1 2024) Drivers of AUA and embedded growth include: (i) efficient customer acquisition driven by strong Assets under Administration £2,747m £3,37
Slide 21: Glossary
Glossary Adjusted EBITDA Adjusted EBITDA is the profit or loss for the period before taxation, finance costs, depreciation, share based compensation and transaction costs. Adjusted EBITDA Margin Adjusted EBITDA Margin means Adjusted EBITDA as a percentage of Revenue for the relevant period. Annual R
Slide 22: 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.