Pensionbee Group Plc · LSE:PBEE
Pensionbee — H1 2023 Earnings Presentation
22 slides from Pensionbee's earnings presentation, Aug 31, 2023
Slide 1: 1H 2023 Results Presentation
1H 2023 Results Presentation For the six months to 30 June 2023 www.pensionbee.com 1
Slide 2: Agenda
Agenda 1 Overview of 1H 2023 2 Financial Update 3 Conclusion 4 Appendix www.pensionbee.com 2
Slide 3: Overview of 1H 2023
1 Overview of 1H 2023 www.pensionbee.com 3
Slide 4: A Leading Online Pension Provider in the UK: Solving Genuine Problems for Consumers
A Leading Online Pension Provider in the UK: Solving Genuine Problems for Consumers Award-winning offering Trustpilot 4.6 out of 5 - Excellent(1) www.pensionbee.com (1) Trustpilot score of 4.6★ out of 5 (based on 9,105 reviews) recorded 17.07.23 4
Slide 5: Significant Continued Growth in 1H 2023
Significant Continued Growth in 1H 2023 +33% ● Excellent momentum in the growth of the customer base Growth in Invested Customers ● c.28k new Invested Customers for 1H23 (000s) ● Overall Invested Customer base now c.211k +38% ● AUA increased by 38% year on year to £3.7bn Translating into ● AUA incre
Slide 6: Achievements against our Strategic Goals (1/2)
Achievements against our Strategic Goals (1/2) Cumulative End of Period CPIC declining(2) 1● Efficient investment in customer acquisition and brand awareness - Marketing expenditure of £7m in 1H 2023 supported ongoing household brand name status and new customer growth(1) - Strong growth in Invested
Slide 7: Achievements against our Strategic Goals (2/2)
Achievements against our Strategic Goals (2/2) ●3 Continued investment in and development of an Invested Customers per Staff Excellent Customer Service industry leading technology platform Member(1) Reflected in Metrics - Consistent focus on automation to support productivity, including streamlining
Slide 8: Financial Update
2 Financial Update www.pensionbee.com 8
Slide 9: £700m AUA Growth Driven by New and Existing Customers
£700m AUA Growth Driven by New and Existing Customers AUA Growth Underpinned by New and Existing Cohorts Strong Net Flows 1H 2023(1) (AUA Base, £bn) (Net Flows, £m) 3,704 c.£3.7bn Quality of AUA +469 Across the portfolio as of June-23 YoY 3,494 +38% Cumulative IC: 211k Avg. Pension Pot Size: £18k +6
Slide 10: Disciplined Marketing Investment Drives Healthy Growth
Disciplined Marketing Investment Drives Healthy Growth Focus on Marketing Efficiency… … Reflected in Strong Gross Inflows Momentum (1H Marketing Expenditure, £m) (1H Gross Inflows, £m) +6% (45)% www.pensionbee.com 10 (1) inflow of PensionBee AUA from consolidation and contribution (‘Gross Inflows’)
Slide 11: High Retention Rates Compound AUA and Drive Revenue
High Retention Rates Compound AUA and Drive Revenue High Customer and AUA Retention Rates Compound AUA … … and Drive Recurring Revenue (AUA Breakdown into Net Flow Cohorts and Market Impact, £m) 3,704 (LTM Revenue to June(3), £m) Cumulative Market Impact Retention Statistics Cumulative Net Flows +£3
Slide 12: Scalable Cost Base Creates Strong Position for YE Profitability
Scalable Cost Base Creates Strong Position for YE Profitability Recurring Revenue … … Coupled with Scalable Cost Base … … Creates Strong Position for YE Profitability (1H Revenue, £m) (1H Cost Base, £m) (1H Adj. EBITDA, £m) Adj. EBITDA profitability expected by (19)% Year End 2023 +32% 1H 2022 1H 20
Slide 13: Expectations of Long Term Growth and Profitability
Expectations of Long Term Growth and Profitability Objective Guidance Long Term Illustration ● Aim to deliver sustained high annual revenue growth ● Continue appealing to the mass market and acquiring more new customers and growing customers’ pension balances. Revenue ● Pursuing a c.2% market share
Slide 14: Conclusion
3 Conclusion www.pensionbee.com 14
Slide 15: Key Investment Highlights
Key Investment Highlights ● 1 A Leading Online Pension Provider: Solving Genuine Problems for Consumers ● 2 £700bn Core Target Market of Transferable Pensions Presents Mass Market Opportunity ● 3 Household Brand Name Supports Effective, Data-led Marketing Strategy to Acquire Customers ● 4 Scalable T
Slide 16: Further Updates
Further Updates ● Interim Results 2023 on Thursday 31 August 2023 ● 3Q 2023 Trading Update on Thursday 19 October 2023 www.pensionbee.com 16
Slide 17: 1H 2023 Highlights
1H 2023 Highlights KPIs As at Period End Financials Over a Trailing 12-month Period Ending Jun-2022 Jun-2023 YoY Jun-2022 Jun-2023 YoY AUA (£m) 2,676 3,704 38% LTM Revenue (£m) 16 20 30% AUA Retention Rate (% of AUA) >95% >95% Stable LTM Adjusted EBITDA (£m) (24) (13) (47)% Invested Customers ('000)
Slide 18: Appendix
4 Appendix www.pensionbee.com 18
Slide 19: Attractive Unit Economics
Attractive Unit Economics Illustrative Unit Economics Demonstrates Strong Return Profile ✔ 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 Compelli
Slide 20: Scalable Technology Platform generates Operating Leverage
Scalable Technology Platform generates Operating Leverage Over the 6-month Period Ending YoY KPI & Financials (1H 2022 to Drivers Jun-2022 Jun-2023 1H 2023) Drivers of AUA and embedded growth include (i) efficient customer acquisition driven by strong brand of Assets under Administration £2,676m £3,
Slide 21: Glossary
Glossary Assets under Assets under Administration (AUA) is the total invested value of pension assets within PensionBee Invested Customers’ pensions. It measures the new inflows less the outflows and records a change in the Administration (AUA) market value of the assets. AUA is a measurement of the
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.