Full Year 2025 Results Announcement

About this update from Pensionbee Group Plc

[{"type":"text","content":"\n \n \n \n \n \n PensionBee Group plc \n \n \n \n \n Incorporated in England and Wales \n \n \n \n \n Registration Number: 13172844 \n \n \n \n \n LEI: 2138008663P5FHPGZV74 \n \n \n \n \n ISIN: GB00BNDRLN84 \n   \n \n   \n \n \n \n \n 11 March 2026 \n PensionBee Group plc \n   \n Full Year Results for the year ended 31 December 2025 \n   \n Global vision advanced through successful execution of strategy, delivering strong 2025 performance \n £7.4bn ($10bn) Assets under Administration and Group Adjusted EBITDA Profitability \n underpinned by excellent UK growth and margin increase \n   \n PensionBee Group plc ('PensionBee' or the 'Company', together with its subsidiaries the 'Group'), a leading online retirement savings provider, today announces its audited full year results for the year ended 31 December 2025. \n   \n Summary \n ·      Group Assets under Administration increased by 27% year-on-year to £7.4bn (2024: £5.8bn), underpinned by resilient gross inflows and supportive markets. As a result, Group Revenue increased by 28% year-on-year to £42.6m (2024: £33.2m), supported by a stable Revenue Margin of 0.65% (2024: 0.64%). Annual Run Rate Revenue increased by 33% to £50.6m (2024: £38.1m). \n ·      PensionBee's customer proposition continued to make retirement planning straightforward and enjoyable. Group Invested Customers increased to 305,000 (2024: 265,000) as we onboarded 40,000 new customers during the year (2024: 36,000). This growth reflects our commitment to serving the mass market and our mission to continue building retirement confidence delivered through industry-leading service ('Excellent' Trustpilot score of 4.6★), and our commitment to consumer advocacy. This is evidenced by our consistently strong Invested Customer and AUA Retention Rates of >95% (2024: >95%). \n ·      In the UK, PensionBee remained one of the UK's most recognised pension providers, with prompted brand awareness reaching a record high of c.60%. Our commitment to continuous innovation delivered an increase in operational productivity of 22% year-on-year in Invested Customers per Staff Member to 1,621 (2024: 1,333). This reflects the improving operating leverage delivered through advanced automation, our unified global technology stack, and the evolution of our AI co-pilot, 'Beetrix'. \n ·      In the US, we deepened the foundations to scale. Promoted brand awareness showed strong traction reaching 5%, with a major multi-city brand campaign and meaningful marketing support through our State Street partnership. Our product-led growth strategy enabled the expansion of our consumer offering to include Roth IRAs and retirement planning tools. We simultaneously captured growth opportunities through the Automatic Rollover IRA channel, integrating with major recordkeepers and securing business-to-business contracts with employers. \n ·      The Group achieved Adjusted EBITDA profitability of £0.9m (2024: £0.4m) and a correspondingly improved Adjusted EBITDA Margin of 2% (2024: 1%). This was driven by the continued strong growth and margin progression of our UK business, with a 12% UK Adjusted EBITDA Margin (2024: 7%), and UK profits reinvested domestically. Our US expansion represents a significant strategic opportunity, and we continued to build a scalable, long-term presence there while maintaining Adjusted EBITDA profitability for the Group. \n ·      Profit/(Loss) before Tax improved to £(2.8)m for 2025 (2024: £(3.1)m), reflecting strong Group performance and the impact of non-cash items. Correspondingly, Basic Earnings per Share improved to (1.20)p (2024: (1.38)p). These outcomes reflect a UK business that is continuing to scale efficiently with disciplined cost control and a US business where foundational investment is essential to build scale and infrastructure to capture the significant long-term market-opportunity ahead. \n ·      The Group maintained a strong financial position, with cash of £32.6m (Q4 2024: £35.0m). \n Romi Savova, Chief Executive Officer of PensionBee, commented:  \n \"We are pleased to report another year of successful execution for PensionBee. We reached £7.4bn ($10bn) in Assets under Administration on behalf of 305,000 Invested Customers. Group Revenue increased by 28% to £42.6m, with Annual Run Rate Revenue of more than £50m, and we delivered our second consecutive year of Adjusted EBITDA profitability at Group level. Over 2025, we executed our refreshed global strategy, focusing on our brand, technology and culture, to build a globally recognised PensionBee brand and a world-class customer retirement offering in the UK and in the US. \n   \n In the UK, we delivered excellent growth and momentum, achieving UK Adjusted EBITDA profitability of £5.4m for the year. We successfully onboarded 40,000 new customers, supported by record prompted brand awareness of 60%, and reflecting the continued trust our customers place in us to manage their retirement savings. Our streamlined technology architecture significantly improved the experience for our customers, and we continued to evolve our AI co-pilot 'Beetrix', which is becoming an increasingly important driver of personalised customer support at scale. \n   \n In the US, we made significant strides in establishing the foundations for future scale, successfully completing transfer protocols and launching new product features. Through our long-term partnership with State Street, which provided $5.0m in marketing support, we launched brand campaigns spanning 12 metropolitan areas, building brand awareness amongst American consumers to 5% and creating a growing pipeline for transfers - further accelerated by the introduction of our 1% match initiative. We secured Automatic Rollover IRA contracts, further demonstrating the appeal of our consumer-centric product, which resonates strongly with advisors and employers who recognise that consumer interests are often underserved, making PensionBee a genuine differentiator in the market. \n   \n We look ahead to 2026, with clear momentum and ambition. In the UK, we continue to progress towards our goal of 1m Invested Customers, while in the US, our focus is on reaching $1bn of assets. Operating across markets that represent 85% of global Defined Contribution retirement assets, we remain dedicated to our mission of building retirement confidence so that everyone can enjoy a happy retirement.\" \n   \n Looking Forward to 2026 \n As we enter 2026, we do so with clear momentum built across the business during 2025 and a focused set of priorities ahead. In the UK, we continue to progress towards 1m Invested Customers, leveraging our established market position to deliver sustained, profitable growth. In the US, our focus is on reaching $1bn of assets, supported by the disciplined deployment of capital raised in 2024 to support the introduction of a 1% match on all completed 401(k) rollovers, transfers and contributions, and complete key transfer automations that will enhance our ability to scale. Across both markets, the consumer remains at the centre of every decision we make, enabled by a global team united by our values of Love, Honesty, Innovation, Quality and Simplicity, and guided by our mission to make consumers more retirement confident. \n   \n Group Financial Guidance Framework \n The Company reiterates its existing guidance framework (which assumes relative market stability): \n Revenue Objectives:  \n PensionBee's ambition is to:  \n ·      Reach >£100m of Group Revenue in the short to medium term (by year-end 2029). \n ·      Reach >£250m of Group Revenue in the longer term (by year-end 2034). \n Profitability Objectives: \n PensionBee's ambition is to: \n ·      Reach c.20% Group Adjusted EBITDA Margin in the short to medium term (by year-end 2029). \n ·      Reach c.50% Group Adjusted EBITDA Margin in the longer term (by year-end 2034). \n Group Financial Highlights \n   \n \n \n \n \n \n \n \n As at Year End \n \n \n \n \n Group Metrics (unless otherwise stated) \n \n \n Dec-2023 \n \n \n Dec-2024 \n \n \n Dec-2025 \n \n \n  2024-25 YoY \n \n \n \n \n Revenue (£m)*       \n \n \n 23.8 \n \n \n 33.2 \n \n \n 42.6 \n \n \n 28% \n \n \n \n \n Adjusted EBITDA (£m)** \n \n \n (8.2) \n \n \n 0.4 \n \n \n 0.9 \n \n \n 104% \n \n \n \n \n Adjusted EBITDA Margin (% of Revenue) \n \n \n (35)% \n \n \n 1% \n \n \n 2% \n \n \n +1ppt \n \n \n \n \n Profit/(Loss) before Tax (£m) \n \n \n (10.7) \n \n \n (3.1) \n \n \n (2.8) \n \n \n 11% \n \n \n \n \n Profit/(Loss) before Tax Margin (% of Revenue) \n \n \n (45)% \n \n \n (9)% \n \n \n (7)% \n \n \n +3ppt \n \n \n \n \n Basic Earnings per Share \n \n \n (4.73)p \n \n \n (1.38)p \n \n \n (1.20)p \n \n \n 13% \n \n \n \n \n   \n \n \n \n \n \n \n \n As at Year End \n \n \n \n \n Group Metrics (unless otherwise stated) \n \n \n Dec-2023 \n \n \n Dec-2024 \n \n \n Dec-2025 \n \n \n  2024-25 YoY \n \n \n \n \n UK Revenue (£m) \n \n \n 23.8 \n \n \n 34.4 \n \n \n 44.0 \n \n \n 28% \n \n \n \n \n UK Adjusted EBITDA (£m)** \n \n \n (8.2) \n \n \n 2.4 \n \n \n 5.4 \n \n \n 131% \n \n \n \n \n UK Adjusted EBITDA Margin (% of Revenue) \n \n \n (35)% \n \n \n 7% \n \n \n 12% \n \n \n +6ppt \n \n \n \n \n Profit/(Loss) before Tax (£m) \n \n \n (10.7) \n \n \n (1.0) \n \n \n 2.2 \n \n \n n/m \n \n \n \n \n Profit/(Loss) before Tax Margin (% of Revenue) \n \n \n (45)% \n \n \n (3)% \n \n \n 5% \n \n \n +8ppt \n \n \n \n \n   \n \n \n \n \n \n \n \n As at Year End \n \n \n \n \n Group Metrics (unless otherwise stated) \n \n \n Dec-2023 \n \n \n Dec-2024 \n \n \n Dec-2025 \n \n \n  2024-25 YoY \n \n \n \n \n US Revenue (£m)   \n \n \n nil \n \n \n nil \n \n \n nil \n \n \n n/m \n \n \n \n \n US Adjusted EBITDA (£m)** \n \n \n nil \n \n \n (1.9) \n \n \n (4.5) \n \n \n (136)% \n \n \n \n \n US Adjusted EBITDA Margin (% of Revenue) \n \n \n nil \n \n \n n/a \n \n \n n/a \n \n \n n/m \n \n \n \n \n   \n Non-Financial Highlights \n   \n \n \n \n \n \n \n \n As at Year End \n \n \n \n \n Group Metrics (unless otherwise stated) \n \n \n Dec-2023 \n \n \n Dec-2024 \n \n \n Dec-2025 \n \n \n  2024-25 YoY \n \n \n \n \n AUA (£m)                \n \n \n 4,350 \n \n \n 5,841 \n \n \n 7,416 \n \n \n 27% \n \n \n \n \n AUA Retention Rate (% of AUA)            \n \n \n >95% \n \n \n >95% \n \n \n >95% \n \n \n Stable at >95% \n \n \n \n \n Invested Customers (thousands) \n \n \n 229 \n \n \n 265 \n \n \n 305 \n \n \n 15% \n \n \n \n \n Customer Retention Rate (% of IC)      \n \n \n >95% \n \n \n >95% \n \n \n >95% \n \n \n Stable at >95% \n \n \n \n \n UK Cost per Invested Customer (£) \n \n \n 241 \n \n \n 242 \n \n \n 251 \n \n \n At threshold \n \n \n \n \n Revenue Margin (% of AUA) \n \n \n 0.64% \n \n \n 0.64% \n \n \n 0.65% \n \n \n Stable \n \n \n \n \n Annual Run Rate Revenue (£m) \n \n \n 28.0 \n \n \n 38.1 \n \n \n 50.6 \n \n \n 33% \n \n \n \n \n   \n \n \n \n \n \n \n \n As at Year End \n \n \n \n \n Group Metrics (unless otherwise stated) \n \n \n Dec-2023 \n \n \n Dec-2024 \n \n \n Dec-2025 \n \n \n  2024-25 YoY \n \n \n \n \n Opening AUA (£m)                \n \n \n 3,025 \n \n \n 4,350 \n \n \n 5,841 \n \n \n 34% \n \n \n \n \n      Gross Inflows (£m)           \n \n \n 1,174 \n \n \n 1,334 \n \n \n 1,393 \n \n \n 4% \n \n \n \n \n      Gross Outflows (£m) \n \n \n (318) \n \n \n (459) \n \n \n (584) \n \n \n 27% \n \n \n \n \n  Net Inflows (£m) \n \n \n 857 \n \n \n 876 \n \n \n 809 \n \n \n (8)% \n \n \n \n \n      Market Growth and Other (£m) \n \n \n 468 \n \n \n 615 \n \n \n 766 \n \n \n 25% \n \n \n \n \n Closing AUA (£m) \n \n \n 4,350 \n \n \n 5,841 \n \n \n 7,416 \n \n \n 27% \n \n \n \n \n   \n Notes to the Tables  \n For definitions, see Chief Financial Officer's Review and Measuring our Performance sections of this announcement. \n ppt: A percentage point is the unit for the arithmetic difference of two percentages. \n *Group Revenue reflects the aggregate performance of our UK and US operations and is adjusted for Intercompany Eliminations of £(1.4)m (2024: £(1.2)m) which relate to internal services provided within the Group at arm's length. \n **PensionBee's Key Performance Indicators include an alternative performance measure ('APM') which is Adjusted EBITDA. APMs are not defined by International Financial Reporting Standards ('IFRS') and should be considered together with the Group's IFRS measurements of performance. PensionBee believes this APM assists in providing greater insight into the underlying performance and enhances comparability of information between reporting periods. \n Analyst, Investor and Press Presentation  \n   \n A copy of the 2025 Full Year Results announcement and presentation will be made available post-market close on 11 March 2026 for download at pensionbee.com/investor-relations . A recording of the presentation will be made available shortly afterwards. \n   \n Investor Meet Company Presentation  \n   \n Romi Savova and Christoph J. Martin will provide a live presentation relating to the Full Year Results via Investor Meet Company on 11 March 2026 at 5:00pm UK (GMT) / 1:00pm US (EST). \n   \n The presentation is open to all existing and potential shareholders. \n   \n Sign up to Investor Meet Company for free and add PensionBee via: investormeetcompany.com/pensionbee-group-plc/register . \n   \n Investors who already follow the Company on the Investor Meet Company platform will automatically be invited. \n   \n Enquiries \n   \n Press  \n Steven Kennedy \n [email protected]   \n +44 20 3557 8444 \n   \n Analysts and Investors \n [email protected] \n   \n About PensionBee \n PensionBee is creating a global leader in the consumer retirement market with approximately £7.4 billion ($10 billion) in assets on behalf of approximately 305,000 customers. \n   \n 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. \n   \n PensionBee accounts are invested by the world's largest investment managers, collectively looking after more than $10 trillion in savings between them. Each PensionBee customer has a personal account manager ('BeeKeeper') to guide them through their savings and retirement journey. PensionBee has an 'Excellent' Trustpilot rating based on 12,600 reviews. \n   \n As a public company, we aspire to the highest standards in everything we do because our customers deserve peace of mind. Our team of over 200 professionals, based across the UK and New York, has one focus: you, our customer. \n   \n PensionBee is listed on the London Stock Exchange (LON: PBEE; OTCQX:PBNYF). \n   \n Forward-Looking Statements \n Statements that are not historical facts, including statements about PensionBee's or management's beliefs and expectations, are forward-looking statements. The results contain forward-looking statements, which by their nature involve substantial risks and uncertainties as they relate to events and depend on circumstances which will occur in the future and actual results and developments may differ materially from those expressly stated or otherwise implied by these statements. \n   \n These forward-looking statements are statements regarding PensionBee's intentions, beliefs or current expectations concerning, among other things, its results of operations, financial condition, prospects, growth, strategies and the industry and markets within which it operates.  \n   \n These forward-looking statements relate to the date of these results and PensionBee does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of the results. \n   \n Chief Executive Officer's Review \n \"Long-term outcomes will be driven by the success of our brand, our technology and our culture. These strategic pillars are intimately intertwined with our five core values. enabling us to align our team and really focus on what matters. Strategy is important, but ultimately strategy needs to be executed, and this is an area where PensionBee has excelled again.\" \n   \n Dear fellow shareholder, \n 2025 has been another successful year for PensionBee, marking our first full year of operations as a global business, the delivery of over £7.4bn (c.$10bn) of Assets under Administration on behalf of 305,000 Invested Customers, and our second year of Adjusted EBITDA profitability at the Group level. \n Leading a Global PensionBee with our Values \n Every couple of years I re-read Peter Drucker's seminal \"What is Strategy?\" always finding new meaning from the vantage point of an enlarged and continuously changing business. Following a Company-wide exercise in 2025, we refreshed our strategy, recognising that long-term outcomes will be driven by the success of our brand, our technology and our culture. These strategic pillars are intimately intertwined with our five core values of Love, Quality, Simplicity, Innovation and Honesty, enabling us to align our team and really focus on what matters. \n Our brand - centred on a warm, human and engaging approach to retirement planning - drives trust and long-term customer relationships, enabling us to serve the mass market while continuing to grow. Our ambition is to build a globally recognised PensionBee brand, building on our success in the United Kingdom ('UK') where we reached record brand awareness this year, with plans to reach millions of Americans over the next decade as well. \n In our approach to technology, we considered how to build globally and efficiently, driven by the recognition that customers around the world crave the same financial freedom and control over their retirement savings. We developed the concept of global features with local implementation, supported by a unified approach to user experience. We onboarded new customer tooling with embedded artificial intelligence to enhance operations in the UK and in the United States ('US'). \n With a constant eye on our culture, we refreshed our people strategy, focusing on wellbeing as a key driver of high performance. PensionBee's culture enables us to achieve extraordinary things and to deliver a transformational experience for our customers' retirement saving and spending needs. Of course we leaned heavily on our bee heritage, devising the 'Six Bees of Wellbeing' - Bee Change, Bee Included, Bee Clear, Bee Developed, Bee There and Bee Rewarded - pillars that offer our team a rewarding, long-term career with the Company. \n I hope you enjoy reading the refreshed iteration of our strategy in the coming sections. \n Of course, strategy is important, but ultimately strategy needs to be executed, and this is an area where PensionBee has excelled again. \n United Kingdom: Delivering Exceptional Growth, Momentum and Profitability \n In the UK, we maintained a strong growth trajectory, expanding our Invested Customer base to 305,000 Invested Customers and our Assets Under Administration (AUA) to £7.4bn. We onboarded approximately 40,000 new customers, compared to 36,000 in 2024, generating predictable, recurring Revenue of £44.0m. When paired with our scalable cost base, we saw significant operating leverage, resulting in Adjusted EBITDA profitability of £5.4m for the year. \n This performance was supported by an increase in marketing expenditure to £12.1m, bringing our cumulative spend since inception to £76m. This sustained commitment has been vital in establishing a trusted consumer brand and providing the foundation for our data-led, multi-channel strategy. Through our 'When your pension's in a good place, you're in a good place' campaign, we reached consumers digitally and physically via high impact roadside sites, driving prompted brand awareness to a record high of approximately 60%. Importantly, we have laid the groundwork for further marketing investment over the coming years as we progress towards our long-term goal of 1m Invested Customers. \n This year, we successfully streamlined our front-end technology architecture, significantly improving both the customer sign-up journey and developer velocity. We laid the foundations for ongoing product innovation in 2026, focusing on features that drive referability across our growing customer base. We also evolved 'Beetrix', our AI co-pilot, which will soon transition from an internal tool into a key driver of customer support. This innovation allows us to provide deeper personalisation at scale while ensuring every customer can always reach their personal BeeKeeper. With a 22% increase in productivity this year and a consistent 4.6★ Excellent Trustpilot score, we will continue to increase productivity while delivering an exceptional experience for our customers. \n Beyond financial performance and operational efficiency, we continue to lead the industry in consumer advocacy by championing a 10-day pension switch guarantee to improve consumer outcomes across the sector when it comes to transferring pensions, consolidating savings and enabling consumers to take control of their retirement. Ultimately, we are not just building a more efficient business; we are redefining what it means to be a modern, customer-first financial institution in a digital age. \n United States: Laying the Foundations for Scale \n Our US operations focused on deepening the foundations required to scale with confidence. The baseline infrastructure established in 2024 was further strengthened by the expansion of our consumer offering, which now includes Roth IRAs, easy contributions including for the self-employed, and a comprehensive retirement planner. We streamlined our transfer protocols, processed complex retirement account transfers, and at levels multiple times above our $50,000 target average, contributing to the accumulation of $3m in Assets under Administration by the year-end. \n We simultaneously focused on growing brand awareness, employing a multi-channel approach to building trust, combining physical and digital media to introduce our proposition to American consumers. This effort was anchored by our major multi-city brand campaign across 12 metropolitan areas, utilising television, billboards and radio to reach audiences at scale. In parallel, targeted digital initiatives such as our 'Money Mistakes' campaign drove engagement and grew our social media community to approximately 100,000 followers and 500,000 views. We recorded prompted national brand awareness 1 of approximately 5% and a high of 12% in our home state of New York. Our efforts to build long-term brand recognition in the world's largest retirement market were supported by $5.0m of marketing, which was reimbursed through our long-term arrangement with State Street. \n Our growing brand presence and robust infrastructure have also allowed us to capture growth opportunities through our business-to-business Automatic Rollover IRA channel. Operating alongside our direct-to-consumer proposition, we have worked directly with employers, consultants and partners to offer a comprehensive employer solution to the problems arising from the dormant accounts of former employees. In 2025, we integrated with major recordkeepers through SS&C and secured Automatic Rollover IRA contracts. These achievements demonstrate our ability to compete for the 4m retirement accounts 2 forced out of employer plans each year, which represents an annual market opportunity exceeding $50bn in assets. 3 \n Ultimately, these developments mark a pivotal step forward for our US business. By strengthening our consumer offering, brand visibility, and Automatic Rollover IRA pipeline, we have positioned the Company to scale efficiently over the coming years. \n Looking Ahead to 2026 \n As we enter 2026, we do so with clear momentum built across the business during 2025 and a focused set of priorities ahead. In the UK, we continue to progress towards one million Invested Customers, leveraging our established market position to deliver sustained, profitable growth. In the US, our focus is on reaching $1bn of assets, supported by the disciplined deployment of capital raised in 2024 to support the introduction of a 1% match on all completed 401(k) rollovers, transfers and contributions, and complete key transfer automations that will enhance our ability to scale. Across both markets, the consumer remains at the centre of every decision we make, enabled by a global team united by our values of Love, Honesty, Innovation, Quality and Simplicity, and guided by our mission to make consumers more retirement confident. \n   \n Romi Savova \n Chief Executive Officer \n 11 March 2026 \n   \n Notes: \n 1.         PensionBee prompted brand awareness tracker is measured through a consumer survey asking 'Which of the following have you heard of?' with respect to financial services brands. \n 2.         Data source: Employee Benefit Research Institute, Small Accounts: Mandatory Rollovers and Small Balance DC Accounts. \n 3.         Data source: Employee Benefit Research Institute (EBRI) tabulations of U.S. Department of Labor Form 5500 pension data. \n   \n Chief Financial Officer's Review \n \"Scaling efficiently and strengthening our financial position through disciplined control, the business remains firmly focused on long-term value creation enabled by our core pillars: brand, technology and culture.\" \n   \n Group Performance Overview \n The Group delivered another year of strong progress, with continued operational momentum translating into improved financial performance and a strong year-end financial position. Increases in Invested Customers and Assets under Administration ('AUA') supported higher recurring Revenue, while disciplined cost control and ongoing efficiency gains contributed to additional operating leverage. The UK business continued to scale profitably on an Adjusted EBITDA basis, demonstrating the strength of our business model, while investment in the US remained measured and purposeful as we built the foundations for growth long-term. Consistent with our refreshed strategy, we remained focused on the long-term drivers of success: the strength of our brand, the capability of our technology platform and the impact of our culture, each of which continues to differentiate the business and underpin PensionBee's delivery. \n By the end of the year, Invested Customers increased to 305,000 (2024: 265,000), supported by disciplined marketing deployment and targeted growth initiatives; AUA increased to £7.4bn (2024: £5.8bn), reflecting strong Net Flows alongside positive market performance. This resulted in Revenue increasing by 28% to £42.6m (2024: £33.2m), underpinned by our recurring customer fee structure and stable Revenue Margin. We delivered our second consecutive full year of positive Adjusted EBITDA of £0.9m (2024: £0.4m), reflecting continued operating efficiency. Reflecting this performance and the impact of non-cash items, Profit/(Loss) before Tax improved to £(2.8)m for 2025 (2024: £(3.1)m). Together, these outcomes reflect a business that is scaling efficiently, exercising disciplined control over investment and maintaining a strong financial position. \n Summary Financials \n \n \n \n \n \n \n \n As at Year End \n \n \n \n \n \n \n \n United Kingdom \n \n \n United States \n \n \n Group \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n YoY \n \n \n 2025 \n \n \n 2024 \n \n \n YoY \n \n \n 2025 \n \n \n 2024 \n \n \n YoY \n \n \n \n \n Revenue (£m) * \n \n \n 44.0 \n \n \n 34.4 \n \n \n 28% \n \n \n - \n \n \n - \n \n \n n/m \n \n \n 42.6 \n \n \n 33.2 \n \n \n 28% \n \n \n \n \n Money Manager Costs (£m) \n \n \n (6.0) \n \n \n (4.3) \n \n \n 39% \n \n \n - \n \n \n (0.1) \n \n \n n/m \n \n \n (6.0) \n \n \n (4.3) \n \n \n 40% \n \n \n \n \n Technology Platform Costs & Other Operating Expenses (£m) \n \n \n (20.5) \n \n \n (18.6) \n \n \n 10% \n \n \n (4.4) \n \n \n (1.9) \n \n \n (130)% \n \n \n (23.5) \n \n \n (19.3) \n \n \n 21% \n \n \n \n \n Advertising and Marketing Expenses (£m) \n \n \n (12.1) \n \n \n (9.1) \n \n \n 33% \n \n \n (3.8) \n \n \n (0.8) \n \n \n n/m \n \n \n (16.0) \n \n \n (9.9) \n \n \n 62% \n \n \n \n \n Other Income: Marketing Reimbursement (£m) ** \n \n \n - \n \n \n - \n \n \n - \n \n \n 3.8 \n \n \n 0.8 \n \n \n n/m \n \n \n 3.8 \n \n \n 0.8 \n \n \n n/m \n \n \n \n \n Adjusted EBITDA (£m) \n \n \n 5.4 \n \n \n 2.4 \n \n \n 131% \n \n \n (4.5) \n \n \n (1.9) \n \n \n (136)% \n \n \n 0.9 \n \n \n 0.4 \n \n \n 104% \n \n \n \n \n Adjusted EBITDA Margin \n \n \n 12% \n \n \n 7% \n \n \n 6ppt \n \n \n n/m \n \n \n n/m \n \n \n n/m \n \n \n 2% \n \n \n 1% \n \n \n 1ppt \n \n \n \n \n P rofit/(Loss) before Tax (£m) \n \n \n 2.2 \n \n \n  (1.0) \n \n \n n/m \n \n \n (5.0) \n \n \n (2.2) \n \n \n (126)% \n \n \n (2.8) \n \n \n (3.1) \n \n \n 11% \n \n \n \n \n Profit/(Loss) before Tax Margin \n \n \n 5% \n \n \n (3)% \n \n \n 8ppt \n \n \n n/m \n \n \n n/m \n \n \n n/m \n \n \n (7)% \n \n \n (9)% \n \n \n 3ppt \n \n \n \n \n Notes to the Table \n *Group Revenue reflects the aggregate performance of our UK and US operations and is adjusted for Intercompany Eliminations of £(1.4)m (2024: £(1.2)m) which relate to internal services provided within the Group at arm's length. \n ** Other Income: Marketing Reimbursement received from State Street to reimburse a substantial portion of the Advertising and Marketing expenses incurred by PensionBee in the United States (US). \n   \n Driving Customer Growth through Investment in Brand Awareness and Data-Driven Acquisition   \n \n \n \n \n \n \n \n As at Year End \n \n \n \n \n \n \n \n Dec-2025 \n \n \n Dec-2024 \n \n \n YoY \n \n \n \n \n Advertising and Marketing Expenses (£m) \n \n \n (16.0) \n \n \n (9.9) \n \n \n 62% \n \n \n \n \n   Of which UK Advertising and Marketing Expenses (£m) \n \n \n (12.1) \n \n \n (9.1) \n \n \n 33% \n \n \n \n \n   Of which US Advertising and Marketing Expenses (£m) \n \n \n (3.8) \n \n \n (0.8) \n \n \n n/m \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Other Income: Marketing Reimbursement (£m) \n \n \n 3.8 \n \n \n 0.8 \n \n \n n/m \n \n \n \n \n Net Advertising and Marketing Expense (£m) \n \n \n (12.2) \n \n \n (9.1) \n \n \n 34% \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n UK Cost per Invested Customer (£) \n \n \n 251 \n \n \n 242 \n \n \n At threshold \n \n \n \n \n Invested Customers (thousands) \n \n \n 305 \n \n \n 265 \n \n \n 15% \n \n \n \n \n PensionBee's growth is driven by the combination of our brand strength and our data-led approach to customer acquisition. Our model focuses on building a recognisable and trusted brand that can reach the mass market of consumers, which serves as a powerful multiplier of our digital marketing efficiency. In the UK, where we have been established for more than a decade, this is evidenced by record prompted brand awareness of approximately 60% and a highly optimised UK Cost per Invested Customer ('CPIC'). Simultaneously, we are successfully translating this framework to the US, where we have already established approximately 5% brand awareness. By leveraging our proprietary data platform across both territories, we ensure marketing capital is deployed with precision to drive scalable growth and create long-term shareholder value. Accordingly, the Group increased its Advertising and Marketing investment by 62% to £16.0m in 2025 (2024: £9.9m). In addition, the Group received marketing reimbursement of £3.8m for US marketing support from our partner, State Street (2024: £0.8m). \n In the UK, strong customer acquisition performance delivered approximately 40,000 new Invested Customers during the year (2024: 36,000). Growth was driven by disciplined execution of our strategy, enabling us to attract a broader mass market audience. Whilst the mix included a slightly younger cohort on average, these customers will typically increase their retirement savings over time as they consolidate accounts and increase contributions. We successfully deployed £12.1m in marketing spend (2024: £9.1m), an increase of 33%, demonstrating a high level of marketing efficiency with UK Cost per Invested Customer (CPIC) of £251 by the end of the year (2024: £242) at the target threshold. Supported by the cumulative impact of our historical marketing investment of £76m since inception, we continue to scale at pace in the UK. The total Invested customer base reached 305,000 by the end of the year (2024: 265,000); and we continue to pursue our ambition of reaching 1m Invested Customers by 2034. \n In the US, the blueprint for expansion follows the UK's path. In this foundational phase we have focused on increasing brand presence, adapting our model to local market dynamics. Our entry into the US has been supported by our partnership with State Street, which has provided £3.8m (c.$5.0m) of reimbursed marketing support in 2025 (2024: £0.8m). This arrangement has enabled us to invest in brand-building to showcase our customer-centric solution. By adopting a multi-channel approach and targeted campaigns, we have achieved a meaningful uplift in brand awareness, specifically in the markets where billboard advertising was deployed; brand awareness reached 12% in our home state of New York, 9% in Seattle and 6% in Chicago. This has in turn converted broader market interest into a healthy customer pipeline. Early momentum in our 1% Match initiative, which is designed to accelerate our path to $1bn of AUA in the US, alongside several new distribution initiatives through our business-to-business sales strategy, ensures we are positioned for further growth in 2026. \n Strong Asset Growth Momentum driven by High Retention Rates and Cost Disciplined Acquisition   \n \n \n \n \n \n \n \n As at Year End \n \n \n \n \n \n \n \n Dec-2025 \n \n \n Dec-2024 \n \n \n YoY \n \n \n \n \n Invested Customer Retention Rate (% of IC) \n \n \n 96% \n \n \n 96% \n \n \n Stable at >95% \n \n \n \n \n AUA Retention Rate (% of AUA) \n \n \n 95% \n \n \n 96% \n \n \n Stable at >95% \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Opening AUA (£m) \n \n \n 5,841 \n \n \n 4,350 \n \n \n 34% \n \n \n \n \n     Gross Inflows (£m) \n \n \n 1,393 \n \n \n 1,334 \n \n \n 4% \n \n \n \n \n     Gross Outflows (£m) \n \n \n (584) \n \n \n (459) \n \n \n 27% \n \n \n \n \n Net Flows (£m) \n \n \n 809 \n \n \n 876 \n \n \n (8)% \n \n \n \n \n     Market Growth/(Contraction) and Other (£m) \n \n \n 766 \n \n \n 615 \n \n \n 25% \n \n \n \n \n Closing AUA (£m) \n \n \n 7,416 \n \n \n 5,841 \n \n \n 27% \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Net Flows (£m) \n \n \n 809 \n \n \n 876 \n \n \n (8)% \n \n \n \n \n     Of which Net Flows from New Customers (£m) \n \n \n 688 \n \n \n 709 \n \n \n (3)% \n \n \n \n \n     Of which Net Flows from Existing Customers (£m) \n \n \n 120 \n \n \n 167 \n \n \n (28)% \n \n \n \n \n PensionBee delivered another year of strong performance, bolstered by disciplined customer acquisition, strong retention and continued asset growth. Invested Customer Retention remained stable at 96% (2024: 96%), whilst the AUA Retention Rate was 95% (2024: 96%), both remaining above the 95% threshold. Reflecting the long-term journey of our customers - remaining on the platform, consolidating additional pensions and contributing over time - these characteristics anchor the structural durability and growth of our asset base. Importantly, our cohort performance continues to demonstrate the strength of our model; each annual intake of customers adds a new layer of assets, and over time these cohorts typically grow through consolidation, ongoing contributions and market growth. This expanding Assets under Administration ('AUA'), fuelled by maturing and new cohorts, underpins the recurring nature of our Revenue. \n Over 2025, AUA increased 27% to £7.4bn (2024: £5.8bn), propelled by resilient gross inflows of £1,393m (2024: £1,334m). This performance was catalysed by a strategic decision to rebalance expenditure from lower-funnel acquisition towards brand-led marketing to strengthen the upper funnel. Whilst this led to the acquisition of a higher proportion of younger customers with smaller initial balances, it reinforces a robust medium-term outlook as these cohorts grow their balances over time. Inflow momentum remained strong despite seasonal uncertainty surrounding the announcement of the UK Budget, which led to a temporary deferral in consolidation activity. This deferral was particularly evident among older customer segments, who typically possess larger balances for consolidation and were more inclined to pause activity until fiscal clarity was restored. \n Gross outflows for the period were £584m (2024: £459m), remaining consistent with historical trends at approximately 10% of opening AUA. The underlying quality of the asset base remains high, with Invested Customer Retention and AUA Retention both stable at >95% (2024: >95%). Consequently, total Net Flows were £809m (2024: £876m), comprising a contribution of £688m from new customers (2024: £709m) and £120m from existing customers (2024: £167m). As fiscal certainty returns, a strong pipeline of consolidation activity is expected, further supporting our growth trajectory. \n Beyond Net Flows momentum, our AUA remained aligned to capital market performance, as most of our customers' retirement savings are invested in global equity markets. Favourable conditions during the year resulted in Market Growth/(Contraction) and Other contributing £766m (2024: £615m) to our asset base, supporting our overall AUA growth. \n Whilst our core financial metrics are primarily driven by our established UK operations, we continue to make strategic progress in the US. We remain focused on leveraging our proven technology platform and data-led acquisition strategies to scale this entry over the medium term. This international expansion parallels the successful growth trajectory observed in our UK cohorts. This approach provides a diversified foundation for future growth. \n Resilient Revenue Margin drove an Overwhelming Majority of Recurring Revenue \n \n \n \n \n   \n \n \n As at Year End \n \n \n \n \n \n \n \n Dec-2025 \n \n \n Dec-2024 \n \n \n YoY \n \n \n \n \n Revenue Margin (% of AUA) \n \n \n 0.65% \n \n \n 0.64% \n \n \n +1bp \n \n \n \n \n Revenue (£m) \n \n \n 42.6 \n \n \n 33.2 \n \n \n 28% \n \n \n \n \n   Of which UK Revenue (£m) \n \n \n 44.0 \n \n \n 34.4 \n \n \n 28% \n \n \n \n \n   Of which US Revenue (£m) \n \n \n - \n \n \n - \n \n \n n/m \n \n \n \n \n   Of which Intercompany Eliminations (£m) \n \n \n (1.4) \n \n \n (1.2) \n \n \n 20% \n \n \n \n \n PensionBee continues to generate high-quality Revenue, sustained by a resilient Revenue Margin that efficiently converts compounding AUA growth into predictable and recurring Revenue. Over 2025, Revenue for the Group increased by 28% to £42.6m (2024: £33.2m), driven by the 27% increase in AUA and the continued stability of our Revenue Margin at 0.65% (2024: 0.64%). This growth was primarily underpinned by UK Revenue of £44.0m (2024: £34.4m); with minimal Revenue generated from the US during the period, as the business remains in its foundational phase, with activity focused on product rollout and brand development. Group Revenue reflects the aggregate performance of our UK and US operations and is adjusted for Intercompany Eliminations of £(1.4)m (2024: £(1.2)m) which relate to internal services provided within the Group at arm's length. \n The majority of Revenue is derived from annual management fees charged as a percentage of AUA. As a result, our high Invested Customer Retention and AUA Retention Rates of >95% (2024: >95%) mean that Revenue is largely recurring, providing a stable and predictable income profile. Revenue also includes contributions from complementary activities, such as our UK LifeSearch intermediary partnership and other ancillary income streams, although these currently represent an immaterial proportion of total Revenue. \n Efficient Investment in our Industry Leading Technology Platform, People and Product \n \n \n \n \n \n \n \n As at Year End \n \n \n \n \n \n \n \n Dec-2025 \n \n \n Dec-2024 \n \n \n YoY \n \n \n \n \n Money Manager Costs (£m) \n \n \n (6.0) \n \n \n (4.3) \n \n \n 40% \n \n \n \n \n     Employee Benefits Expense (£m)* \n \n \n (15.3) \n \n \n (12.6) \n \n \n 21% \n \n \n \n \n     Other Operating Expenses (£m) \n \n \n (8.2) \n \n \n (6.7) \n \n \n 21% \n \n \n \n \n Technology Platform Costs & Other Operating Expenses (£m) \n \n \n (23.5) \n \n \n (19.3) \n \n \n 21% \n \n \n \n \n Notes to the Table \n *Employee Benefits Expense exclude Share-based Payments \n We continued to manage our cost base with discipline while investing in long-term capability, scalability and resilience. By leveraging automation and technology integration, we have maintained tight control over employee and operating costs, delivering positive operating leverage and continued profitability progression as we scale across markets. \n Our Money Managers \n \n \n \n \n \n \n \n As at Year End \n \n \n \n \n \n \n \n Dec-2025 \n \n \n Dec-2024 \n \n \n YoY \n \n \n \n \n Money Manager Costs (£m) \n \n \n (6.0) \n \n \n (4.3) \n \n \n 40% \n \n \n \n \n   Of which UK Money Manager Costs (£m) \n \n \n (6.0) \n \n \n (4.3) \n \n \n 39% \n \n \n \n \n   Of which US Money Manager Costs (£m) \n \n \n (0.1) \n \n \n (0.0) \n \n \n n/m \n \n \n \n \n Money Manager costs increased to £(6.0)m in 2025 (2024: £(4.3)m) at a slightly higher rate than with the increase in AUA, reflecting the fund switches that took place in the UK across the year and a move to more active management of our customer base over the age of 50. \n Our People \n \n \n \n \n \n \n \n As at Year End \n \n \n \n \n \n \n \n Dec-2025 \n \n \n Dec-2024 \n \n \n YoY \n \n \n \n \n Employee Benefits Expense (£m)* \n \n \n (15.3) \n \n \n (12.6) \n \n \n 21% \n \n \n \n \n   Of which UK Employee Benefits Expense (£m)* \n \n \n (13.2) \n \n \n (12.2) \n \n \n 8% \n \n \n \n \n   Of which US Employee Benefits Expense (£m)* \n \n \n (2.2) \n \n \n (0.5) \n \n \n n/m \n \n \n \n \n Notes to the Table \n *Employee Benefits Expense exclude Share-based Payments \n Across the Group, we invested in automation to keep our workforce relatively stable at approximately 215 employees (2024: 204) while the associated Employee Benefits Expense (excluding Share-based Payments) rose 21% to £15.3m (2024: £12.6m). This increase reflects our commitment to advancing team capabilities and supporting staff through a high-inflationary environment, while streamlining long-term people costs through platform scalability. In the UK, we focused on optimising specialised roles and fostering internal mobility, whilst adopting AI-driven tools to enhance operational productivity. In the US, we operated with a lean local team, prioritising essential operational roles and drawing on our established global technology resources to ensure we remain agile as we adapt the product to US consumer needs. \n Our Scalable Technology Platform \n \n \n \n \n \n \n \n As at Year End \n \n \n \n \n \n \n \n Dec-2025 \n \n \n Dec-2024 \n \n \n YoY \n \n \n \n \n Technology Platform Costs & Other Operating Expenses (£m) \n \n \n (23.5) \n \n \n (19.3) \n \n \n 21% \n \n \n \n \n   Of which UK Technology Platform Costs & Other Operating Expenses (£m) \n \n \n (20.5) \n \n \n (18.6) \n \n \n 10% \n \n \n \n \n   Of which US Technology Platform Costs & Other Operating Expenses (£m) \n \n \n (4.4) \n \n \n (1.9) \n \n \n 130% \n \n \n \n \n       Of which Intercompany Eliminations (£m) \n \n \n 1.4 \n \n \n 1.2 \n \n \n 20% \n \n \n \n \n Our technology-first approach is the primary driver of an improved cost-to-serve and the delivery of operating leverage. In 2025, Technology Platform Costs & Other Operating Expenses were £23.5m (2024: £19.3m), with Other Operating Expenses accounting for £8.2m (2024: £6.7m). This growth in expenditure reflects targeted investment in platform resilience and data security, reinforcing the robust foundation that supports sustained growth, while lowering relative costs. On a regional basis, UK Technology Platform Costs & Other Operating Expenses were £20.5m (2024: £18.6m) and US Technology Platform Costs & Other Operating Expenses were £4.4m (2024: £1.9m). The Group total excludes £1.4m (2024: £1.2m) of arm's length internal charges from the UK to the US, which were eliminated on consolidation to reflect the Group's external cost base. \n The efficiency of our technology platform is rooted in a unified global infrastructure, which allows us to scale rapidly by avoiding duplicated development efforts. In the UK, our technological maturity is positioned to support a reducing marginal cost per customer as we scale. Simultaneously, we have tailored our global architecture to meet US-specific requirements, such as 401(k) rollovers, allowing for rapid iteration while maintaining strict control over development costs. \n The Group continues to achieve significant gains in operational productivity, building on a trajectory that has delivered a 20% year-on-year increase in Invested Customers per Staff Member in the UK. By decoupling Revenue growth from operational spending, through advanced automation and a unified global technology stack, we are well-positioned to expand our margin profile. This disciplined approach ensures that as our customer base grows, our cost per customer continues to decline, supporting long-term profitability and delivering value for our stakeholders. \n Profitability Metrics \n United Kingdom - Delivering Exceptional Growth Momentum and Profitability \n \n \n \n \n \n \n \n As at Year End \n \n \n \n \n \n \n \n Dec-2025 \n \n \n Dec-2024 \n \n \n YoY \n \n \n \n \n UK Adjusted EBITDA (£m) \n \n \n 5.4 \n \n \n 2.4 \n \n \n 131% \n \n \n \n \n   UK Adjusted EBITDA Margin (% of UK Revenue) \n \n \n 12% \n \n \n 7% \n \n \n 6ppt \n \n \n \n \n The UK business achieved a significant milestone with a second full year of Adjusted EBITDA profitability, reaching £5.4m for 2025 as compared to £2.4m in 2024. This performance was underpinned by an improvement in the Adjusted EBITDA Margin to 12% (2024: 7%), driven by our recurring Revenue model and supported by disciplined, efficient marketing investment, strong brand presence and platform scalability. Our performance in the UK continues to validate the strength of our business model: combining high Invested Customer Retention and growth with a stable, strictly controlled cost base to deliver sustained and profitable growth. \n United States - Laying the Foundations for Scalable Long-Term Growth \n \n \n \n \n \n \n \n As at Year End \n \n \n \n \n \n \n \n Dec-2025 \n \n \n Dec-2024 \n \n \n YoY \n \n \n \n \n US Adjusted EBITDA (£m) \n \n \n (4.5) \n \n \n (1.9) \n \n \n (136)% \n \n \n \n \n   US Adjusted EBITDA Margin (% of US Revenue) \n \n \n n/a \n \n \n n/a \n \n \n n/a \n \n \n \n \n The US remains in a foundational build phase, recording an Adjusted EBITDA of £(4.5)m  as compared to £(1.9)m in 2024. This reflects our continued investment in operational readiness and brand presence. The marketing component of this investment is almost cost-neutral to the Group, with State Street substantially reimbursing £3.8m (c.$5.0m) of the marketing spend. The remaining US operational costs reflect our investment in building the infrastructure and team necessary to capture the significant long-term market opportunity, while leveraging our proven UK platform and expertise. \n Group Financial Review \n \n \n \n \n \n \n \n As at Year End \n \n \n \n \n \n \n \n Dec-2025 \n \n \n Dec-2024 \n \n \n YoY \n \n \n \n \n Adjusted EBITDA (£m) \n \n \n 0.9 \n \n \n 0.4 \n \n \n 104% \n \n \n \n \n     Depreciation and Amortisation Expense (£m) \n \n \n (0.4) \n \n \n (0.3) \n \n \n 23% \n \n \n \n \n     Share-based Payments (£m) \n \n \n (4.3) \n \n \n (3.2) \n \n \n 37% \n \n \n \n \n     Expansion Costs (£m) \n \n \n - \n \n \n (0.2) \n \n \n (100%) \n \n \n \n \n     Finance Income (£m) \n \n \n 1.0 \n \n \n 0.1 \n \n \n n/m \n \n \n \n \n Profit/(Loss) before Tax (£m) \n \n \n (2.8) \n \n \n (3.1) \n \n \n 11% \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Taxation (£m) \n \n \n 0.1 \n \n \n nil \n \n \n n/m \n \n \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Basic Earnings per Share \n \n \n (1.20)p \n \n \n (1.38)p \n \n \n 13% \n \n \n \n \n The Group delivered an Adjusted EBITDA of £0.9m (2024: £0.4m), reflecting strong strategic execution across two distinct operations. This result was driven by a profitable UK business, which reached £5.4m in Adjusted EBITDA (2024: £2.4m), alongside our foundational US expansion which recorded an Adjusted EBITDA of £(4.5)m (2024: £(1.9)m) as it builds towards scale. Reflecting this performance and the impact of non-cash items, Profit/(Loss) before Tax imrpoved to £(2.8)m for 2025 (2024: £(3.1)m). \n Adjusted EBITDA excludes non-cash and non-recurring items to provide a clearer view of underlying performance. The metric captures Advertising and Marketing Expenses but excludes Depreciation and Amortisation Expense, Share-based Payments and Expansion Costs. During the period, Depreciation and Amortisation Expense remained stable at £(0.4)m (2024: £(0.3)m), while Expansion Costs related to the US market entry were nil, as these were primarily incurred during the 2024 launch phase (2024: £(0.2)m). Finance Income rose to £1.0m in 2025 (2024: £0.1m), reflecting the benefit of higher interest earned on our strong cash balance. Share-based Payments increased to £4.3m (2024: £3.2m), reflecting the Company's commitment to supporting long-term talent retention and aligning employee incentives with the Group's growth. \n Taxation for the period was (0.1)m (2024: nil), and no deferred tax asset was recognised with respect to the carried forward losses. \n Basic Earnings per Share ('EPS') was (1.20)p for 2025 (2024: (1.38)p). While the loss per share reflects the ongoing foundational investments required for our expansion, this phase is essential for building the scale and infrastructure necessary to capture the significant long-term market opportunity ahead. \n Financial Position \n The Group's balance sheet remains strong. As of 31 December 2025, the balance of Cash and Cash Equivalents was £32.6m (2024: £35.0m). Our ability to maintain a substantial cash reserve is supported by our UK operations, which are self-funding and generating sustained profitability to drive their own continued growth. This disciplined approach to capital allocation ensures the Group remains well-capitalised with no borrowings. \n Regulatory Capital and Financial Resources \n PensionBee Limited, a subsidiary of the Company, is authorised and regulated by the Financial Conduct Authority ('FCA') and therefore adheres to capital requirements set by the FCA. As of December 2025, the capital resources stood at £18.3m (unaudited) as compared to a capital resource requirement of £2.2m (unaudited), resulting in coverage of 8.2x. We have maintained a healthy surplus over our regulatory capital requirement throughout the year and continue to manage our financial resources prudently. \n PensionBee Inc. is registered with the U.S. Securities and Exchange Commission ('SEC') and is not subject to any capital resource requirements. \n   \n Christoph J Martin \n Chief Financial Officer \n 11 March 2026 \n   \n Measuring our Performance \n When considering the overall performance of PensionBee, we use a range of key performance indicators ('KPI's) to monitor and assess our progress against our strategy \n Financial Performance Measures \n \n \n \n \n Revenue \n \n \n 2025: £42.6m \n 2024: £33.2m \n \n \n 28% \n \n \n Revenue means the income generated from the asset base of PensionBee's customers, essentially annual management fees charged on the AUA, together with a minor Revenue contribution from other services. \n \n \n \n \n Adjusted EBITDA* \n \n \n 2025: £0.9m \n 2024: £0.4m \n \n \n 104% \n \n \n 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. \n \n \n \n \n Adjusted EBITDA Margin \n \n \n 2025: 2% \n 2024: 1% \n \n \n +1 ppt** \n \n \n Adjusted EBITDA Margin means Adjusted EBITDA as a percentage of Revenue for the relevant period. \n \n \n \n \n Profit/(Loss) before \nTax ('PBT') \n \n \n 2025: £(2.8)m \n 2024: £(3.1)m \n \n \n 11% \n \n \n Profit/(Loss) before Tax is a measure that looks at PensionBee's profit or losses for the year before it has paid corporate income tax. \n \n \n \n \n Basic Earnings per Share ('EPS') \n \n \n 2025: (1.20)p \n 2024: (1.38)p \n \n \n 13% \n \n \n Basic Earnings per Share is calculated by dividing the profit or loss attributable to ordinary equity holders of the Group by the weighted average number of ordinary shares in issue during the period. \n \n \n \n \n Net Cash Flow \n \n \n 2025: £(2.3)m \n 2024: £22.8m \n \n \n n/m \n \n \n Net Cash Flow is the sum of cash generated by operations, investments and financing activities, less cash used in operations, investments and financing activities. \n \n \n \n \n   \n Non-Financial Performance Measures \n \n \n \n \n Assets under Administration ('AUA') *** \n \n \n 2025: £7.4bn \n 2024: £5.8bn \n \n \n 27% \n \n \n 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 market value of the assets. AUA is a measurement of the growth of the business and is the primary driver of Revenue. \n \n \n \n \n AUA Retention Rate (% of AUA) \n \n \n 2025: 95% \n 2024: 96% \n \n \n Stable at >95% \n \n \n AUA Retention measures the percentage of retained PensionBee AUA from transfers out over the average of the year. High AUA retention provides more certainty of future Revenue. This measure can also be used to monitor customer satisfaction. \n This metric will be retired and replaced in Q1 2026 with Value Retention, a more comprehensive measure that more accurately reflects the AUA value driver. \n \n \n \n \n Net Flows*** \n \n \n 2025: £809m \n 2024: £876m \n \n \n (8)% \n \n \n Net Flows measures the cumulative inflow of PensionBee AUA from consolidation and contribution ('Gross Inflows'), less the outflows from withdrawals and transfers out ('Gross Outflows') over the relevant period. \n \n \n \n \n Invested Customers ('IC') \n \n \n 2025: 305k \n 2024: 265k \n \n \n 15% \n \n \n Invested Customers means those customers who have transferred assets or made contributions into one of PensionBee's investment plans and have an active balance. \n \n \n \n \n UK Cost per Invested Customer ('CPIC') \n \n \n 2025: £251 \n 2024: £242 \n \n \n At threshold \n \n \n Cost per Invested Customer ('CPIC') means the cumulative UK advertising and marketing expenses incurred since PensionBee commenced trading up until the relevant point in time divided by the cumulative UK Invested Customers at that point in time. This measure monitors cost discipline of customer acquisition. PensionBee's desired UK CPIC threshold is approximately £250. \n \n \n \n \n Invested Customer Retention Rate \n (% of IC) \n \n \n 2025: 96% \n 2024: 96% \n \n \n Stable at >95% \n \n \n Invested Customer Retention Rate measures the percentage of retained PensionBee Invested Customers over the average of the year. High Customer Retention provides more certainty of future Revenue. This measure can also be used to monitor customer satisfaction. \n \n \n \n \n Revenue Margin (% of AUA) \n \n \n 2025: 0.65% \n 2024: 0.64% \n \n \n Stable \n \n \n Revenue Margin expresses the recurring Revenue over the average quarterly AUA held in PensionBee's investment plans over the period. \n \n \n \n \n Notes to the Table \n * PensionBee's Key Performance Indicators include an alternative performance measure ('APM') which is Adjusted EBITDA. APMs are not defined by International Financial Reporting Standards ('IFRS') and should be considered together with the Group's IFRS measurements of performance. PensionBee believes this APM assists in providing greater insight into the underlying performance and enhances comparability of information between reporting periods. \n **A ppt is a percentage point. A percentage point is the unit for the arithmetic difference of two percentages. \n ***US assets are converted to GBP using the conversion rate on the last working day of the period. As at 31 December 2025 1.35 USD/GBP \n   \n Principal Risks and Uncertainties \n Principal Risks \n We have identified six Level 1 risks which could potentially have a material adverse impact on PensionBee's business or long-term performance, and if not appropriately mitigated, they could also result in significant reputational damage due to unfavourable public perceptions of the Company's business prospects. These risks could arise from internal or external events, acts or omissions. The risks summarised below do not purport to be exhaustive, as there may be additional risks that have not yet been identified, or which have been deemed to be immaterial. \n Regulatory Risk \n Our business is subject to risks relating to changes in government policy and applicable regulations. Any regulatory changes which are negative for our business could have a material adverse effect on our business prospects.  \n In the UK, PensionBee's Limited is principally subject to regulation from the Financial Conduct Authority ('FCA') and relevant rules and guidance from HMRC and the Information Commissioner's Office ('ICO'). In the US, PensionBee Inc. is principally subject to regulation from the Securities and Exchange Commission ('SEC'), Financial Industry Regulatory Authority ('FINRA') guidance and Department of Labor ('DOL') rules, in addition to state level regulations. \n PensionBee may fail, or be held to have failed, to comply with regulations. Such regulations and approvals may change, making compliance more onerous and costly. If the regulators concluded that PensionBee had breached applicable regulations, this could result in a public reprimand, fines, customer redress or other regulatory sanctions.  \n In addition, PensionBee may be subject to complaints or claims from customers and third parties in the normal course of business. If a large number of complaints, or complaints resulting in substantial customer and third-party related losses, were to be upheld against PensionBee, it could have a material adverse effect on our business and financial condition.  \n Information Security Risk \n PensionBee faces various risks related to the confidentiality, availability and integrity of our IT systems. \n We are required to handle confidential and personal data in compliance with strict data protection and privacy laws in the UK and US, including the Data Protection Act, GDPR, US state-specific data privacy and data protection requirements and applicable safeguarding regulations including elements of the Gramm-Leach-Bliley Act and state enactments of this legislative framework. The loss or misuse of data could result in a material loss of business, financial losses, regulatory enforcement actions and significant harm to our reputation. If our information security policies, procedures and processes relating to personal data are not fully implemented and adhered to by our employees, or if any of our third-party service providers fail to manage data in a compliant manner, we could face financial sanctions and reputational damage. \n Furthermore, our operations are susceptible to cyber crime and loss or theft of data. Failure to prevent such actions, including circumvention of our information security policies, procedures and processes, could result in financial losses, business interruption and unauthorised access or disclosure of personal data. \n There is also a risk of ineffective controls, or failure of controls, that are in place to ensure our technology architecture is fit for purpose, including the infrastructure required to support applications, networking, hardware and software, resulting in our inability to meet the standards required to deliver to internal and external user expectations. \n Operational Risk \n During the regular course of business, we may be exposed to adverse financial or reputational impact due to inadequate or failed internal processes, people performance or IT systems, or due to third-parties or external events. Key operational process risks are linked to our customer service, banking, finance, marketing and change implementation. Operational Risk also includes our risks in the areas of human resource management, enterprise risk management and internal governance. \n PensionBee is dependent on third-party providers for the provision of asset management, banking and technology services. Any termination, interruption or reduced performance of the services provided by these third-parties could negatively impact our business operation and have a material adverse effect on our reputation and profitability. \n Our operational infrastructure and business continuity may be affected by other failures or interruptions, some of which are events beyond our control. Our systems and the systems of our third-party providers may be vulnerable to fire, flood or other natural disasters; power loss, telecommunications or data network failures; improper or negligent operation by employees or service providers; unauthorised physical or electronic access or other factors. There is no guarantee that our preventative measures would protect us from all potential damage arising from the events described above.  \n Financial Risk \n Market Risk : Our business may be adversely affected by negative sudden or prolonged fluctuations in global capital markets. We generate the majority of our Revenue in the form of fees charged on a recurring basis, calculated by reference to the value of our Assets under Administration. Our Revenue and profitability are therefore directly influenced by the health of the global capital markets. A deterioration in the global economy and a resulting decline in capital markets, or an increase in volatility, may have a negative impact on the value of our customers' pensions and their overall confidence to make new contributions or to consolidate new retirement savings into their PensionBee retirement account.  \n Credit Risk: PensionBee is dependent on third-party financial services providers for the provision of asset management and banking services. We are reliant upon these third parties for the safekeeping of our own and our customers' assets. A default by one of these third-parties would have a material adverse effect on our reputation and financial position.  \n Strategic Risk \n The retirement savings market is competitive and there is no guarantee that we will be able to continue to maintain the growth levels we have achieved to date, nor that we will be able to maintain our financial performance either at historical or anticipated future levels. Our competitors include a variety of financial services firms, and our market is characterised by ongoing technological innovation, including of the underlying infrastructure and user experience. There is no guarantee that we will outpace our competitors. In addition, the retirement savings market remains cost-sensitive and competitors could materially undercut our fees, thereby generating pressure on our Revenue. Any failure to maintain our competitive position could lead to a reduction in Revenue and profitability, as well as reduced future growth.  \n We are dependent upon the experience, skills and knowledge of our Directors and our Executive Management Team to implement our strategy. The loss of a significant number of Directors, Executive Management and/or other key employees, or the inability to recruit suitably experienced, qualified and trained staff as needed, may cause significant disruption to our business and the ability to achieve our strategic objectives.  \n Climate Risk \n As climate change intensifies, dangerous weather events are becoming more frequent and more severe. More frequent and intense droughts, storms, heat waves, as well as the rising sea levels, melting glaciers and warming of the oceans, can directly harm life, reduce the value of assets and income streams, and wreak havoc on people's livelihoods and communities.  \n These significant shifts in the global climate have the potential to adversely affect our employees, customers and other stakeholders, and may have broader implications on economic and social aspects. Through impacting productivity growth, climate change can influence monetary policy, resulting in the changes in economic variables such as inflation, economic growth and employment. Any of these changes could in turn have a material adverse effect on our business and financial position. \n Summary of Risks and Mitigations \n Through the application of our robust risk management framework, we have taken appropriate steps to manage risk within the Board's risk appetite. A summary of Principal Risks and the corresponding key mitigations follows.    \n \n \n \n \n Principal Risk \n \n \n Risk Definition \n \n \n Key Mitigations \n \n \n \n \n \n \n Regulatory Risk \n \n \n The risk of regulatory sanctions, material financial loss or reputational damage the Company could suffer as a result of its failure to comply with applicable laws, regulations, rules, or related internal standards and codes of conduct \n \n \n ·      Maintaining a robust risk management framework and a set of internal policies which are reviewed periodically \n ·      Adequate staff training and communication for key policies and procedures \n ·      Second line assurance programme providing oversight over the effectiveness of regulatory compliance and related controls \n ·      Robust change management governance requiring regulatory compliance sign-off \n ·      Regulatory capital and liquidity planning and monitoring through the Finance function  \n ·      Regular interactions with industry bodies to proactively monitor trends \n ·      Values-based culture and strategy centred around Consumer Duty \n \n \n \n \n Information Security Risk \n \n \n The risk of data loss, theft or disruption of information systems both internally and throughout the supply chain, which impacts confidentiality, integrity and availability \n \n \n ·      Regular data back-up and restoration testing to allow for recovery in the event of a cyber-attack or corruption of data \n ·      Regular user access reviews and recertifications \n ·      Proactive technical vulnerability assessments and mitigation \n ·      Monitoring key third-party services and performance metrics  \n ·      Ongoing infrastructure assessments against business requirements \n ·      Compliance and certification to ISO/IEC 27001:2022 and Cyber Essentials Plus \n ·      Monitoring of compliance with applicable regulation and legislation in respect of data protection \n ·      Maintaining a robust policy set and controls to keep information secure \n ·      Frequent training for all employees to promote a culture of security awareness \n ·      Continuing to invest in the information security programme to mitigate evolving cyber risks \n ·      Periodically testing business continuity plans for critical assets and functions \n ·      24x7 / 365 proactive threat detection and response for critical assets to prevent malicious behaviour  \n \n \n \n \n Operational Risk \n \n \n The risk of loss, disruption of business or adverse regulatory action resulting from inadequate or failed internal processes, people performance, systems, or due to third parties or external events \n \n \n ·      Internal governance to adequately oversee, challenge and escalate the risk positions \n ·      A comprehensive set of operational policies and procedures  \n ·      Periodic Operational Risk and related key control assessments \n ·      Implementing automation to reduce manual processing  \n ·      Automated Consumer Duty dashboard, monitoring customer outcomes \n ·      Robust third-party supplier selection and due diligence process with ongoing monitoring of key suppliers \n ·      Periodic training for all employees and specialised training for Customer Success and other teams \n ·      Structured performance management for all employees and formalised succession planning for key roles \n ·      Maintaining a risk-aware corporate culture based on accountability and transparency \n \n \n \n \n Financial Risk \n \n \n The risk of the Company's inability to fulfil its financial obligations or internal objectives due to loss of Revenue resulting from adverse price movements in the capital markets, or the impact of worsening creditworthiness or default of a key financial partner \n \n \n ·      Geographic and asset class diversification of investment plans \n ·      Recurring Revenue from long-duration assets \n ·      Financial planning based on scenario analysis \n ·      Maintaining adequate financial reserves \n ·      Internal controls in place monitoring capital quality and reserve levels  \n ·      Partnering only with large and reputable money managers and banking institutions \n ·      Robust controls in place to ensure the integrity of financial data \n \n \n \n \n Strategic Risk \n \n \n The risk of failures in strategic planning and execution leading to the Company not achieving its core objectives \n \n \n ·      Core objectives calibrated using customer and regulatory feedback \n ·      Ongoing assessment of competitor landscape and industry trends \n ·      Proactive product development and deployment cycles \n ·      Robust change management process \n ·      Prioritising talent acquisition and retention \n ·      Encouraging a culture of innovation \n \n \n \n \n Climate Risk \n \n \n The risk of negative impact of climate change or its broader economic, financial and societal consequences on the Company, or the Company's failure to meet sustainability requirements from a commercial, regulatory or stakeholder perspective \n \n \n ·      Small physical footprint, remote working, cloud-based technology \n ·      ESG screenings applied in our investment plans to reduce harmful exposures \n ·      Using third-parties that have robust business continuity plans in place \n ·      Investment portfolio exposure analysis considering climate change scenarios \n \n \n \n \n   \n Viability Statement  \n In accordance with Provision 31 of the UK Corporate Governance Code 2024, the Board has assessed the viability of PensionBee Group plc and its subsidiaries (together the 'Group'), considering a four-year period to December 2029. The Board considers a four-year horizon to be an appropriate period over which to assess the Group's strategy and its capital requirements, considering the investment needs of the business and the potential risks and uncertainties that could impact the Group's ability to meet its strategic objectives. The Board considers a four-year period to be an appropriate time frame because this would likely capture the length of a potential downside business cycle and provide sufficient time to identify and execute mitigating actions required to address the stress test scenarios as outlined below. \n This assessment has been made giving consideration to the financial position, regulatory capital and liquidity requirements of the Group (as set out on the Chief Financial Officer's Review within the Strategic Report), in the context of the Company's strategy, business model and medium-term business plan, together with an assessment of the principal risks and uncertainties (as set out on the Managing our Risks section of the Strategic Report). Such risks have been categorised into Regulatory Risk, Information Security Risk, Operational Risk, Financial Risk, Reputational Risk, Strategic Risk and Climate Risk, in accordance with our risk management framework. \n The Board-approved medium-term plan assumes the business continues to grow Invested Customers and Assets under Administration ('AUA') through continued investment in its customer proposition, marketing, people and technology. It is assumed that there are no significant or prolonged market movements in underlying asset values from the time the plan was approved by the Board. \n The Board has also considered the potential impact of the following stress test scenarios, which together represent a severe and unlikely, but possible scenario, that would impact the plan from 2026 onwards: \n ·      Financial Risk (Market Risk): A material reduction in global equity markets resulting from global macroeconomic uncertainty. The analysis assumes a significant 50% decline in global equity markets in 2026, remaining depressed until year-end. From 2027, the model assumes a modest linear recovery over the remainder of the forecast period (to December 2029) ; however, market values do not return to pre-crash levels within the scope of this projection. \n ·      Information Security Risk: A confidentiality, availability or integrity event resulting in reputational damage. This leads to lower customer conversion rates and a reduction in the average retirement savings balance of new customers, ultimately driving a 10% decrease in AUA over the forecast period. \n In the event that these modelled scenarios were to manifest, the Board has identified a number of potential mitigating actions available to management. The primary levers for consideration would be the reduction of discretionary marketing expenditure and the implementation of fixed cost savings. The Board considers this approach to be reasonable, particularly as the Group's financial position strengthened further during 2025. This was marked by a second consecutive year of Adjusted EBITDA profitability at the Group level and the maintenance of a robust cash balance of £32.6m as of the end of 2025 (2024: £35.0m). \n The UK business continues to serve as a profitable cornerstone for the Group, achieving its second consecutive year of Adjusted EBITDA profitability and a Profit/(Loss) before Tax of £2.2m (2024: £(1.0)m), through a sustained focus on self-funded growth and a strong market position. Meanwhile, the US expansion continues to be funded by the £20m primary capital raise from October 2024, alongside ongoing marketing support from our long-standing partner, State Street Investment Management. To ensure a conservative approach, the financial modelling excludes associated US Revenue; however, all potential US operating costs and short-term funding requirements remain fully factored into the Group's overall financial resource calculations. \n The results of the modelling confirmed that the Group would be able to withstand the adverse financial impact of these scenarios occurring together over the four-year assessment period and that it would continue to be able to meet its liabilities and capital requirements. PensionBee Limited is an FCA-regulated entity and is required to hold appropriate levels of own funds in constant excess of its Liquid Capital Requirement. PensionBee Inc. is registered with the U.S. Securities and Exchange Commission ('SEC') and is not subject to any capital resource requirements. \n The Group's medium-term plan underwent rigorous review and was approved by the Board in December 2025. The stress test scenarios and associated mitigating actions were reviewed in February 2026 and were subsequently approved in March 2026. The Directors confirm that they have a reasonable expectation that the Group will be able to continue to operate and meet its capital requirements and liabilities as they fall due over the four-year period to December 2029. \n The Strategic Report was approved by the Board on 11 March 2026 and signed on its behalf by: \n   \n Romi Savova \n Chief Executive Officer \n 11 March 2026 \n   \n Statement of Directors' Responsibilities \n The Directors are responsible for preparing the Annual Report and Financial Statements 2025 in accordance with applicable law and regulations. \n Company law requires the Directors to prepare Financial Statements for each financial year. Under that law, they are required to prepare the Group Financial Statements in accordance with International Financial Reporting Standards ('IFRS') as adopted by the UK in conformity with the requirements of the Companies Act 2006. The Directors have elected to prepare the Parent Company Financial Statements in accordance with UK Accounting Standards, including FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland. \n Under company law, the Directors must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their profit or loss for that period. \n In preparing each of the Group and Parent Company Financial Statements, the Directors are required to: \n ·      Select suitable accounting policies and then apply them consistently; \n ·      Make judgements and estimates that are reasonable, relevant, reliable and prudent; \n ·      State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the Financial Statements; and \n ·      Prepare the Financial Statements on a going concern basis unless it is inappropriate to presume that the Group and the Company will continue in business. \n The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and the Company's operations, and that disclose with reasonable accuracy at any time the financial position of the Group and the Company, and that enable them to ensure that its Financial Statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary, to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and the Company and to prevent and detect fraud and other irregularities. \n Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report, Directors' Report, Directors' Remuneration Report and Corporate Governance Report that comply with that law and those regulations. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the UK governing the preparation and dissemination of Financial Statements may differ from legislation in other jurisdictions. \n We confirm that to the best of our knowledge: \n ·      The Financial Statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities and financial position of the Group and the Company and profit or loss of the Group and the undertakings included in the consolidation taken as a whole; and \n ·      The Strategic Report includes a fair review of the development and performance of the business and the position of the issuer, and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that it faces. \n We consider that the Annual Report and Financial Statements 2025, taken as a whole, is fair, balanced, and understandable and provides the information necessary for shareholders to assess the Group's and the Company's position and performance, business model and strategy. \n Approved by the Board of Directors on 11 March 2026 and signed on its behalf by: \n   \n Romi Savova \n Chief Executive Officer \n 11 March 2026 \n   \n Results for the Year \n \n \n \n \n Consolidated Statement of Comprehensive Income \n For the year ended 31 December 2025 \n   \n \n \n \n \n \n \n \n   \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n                                                              \n \n \n Note \n \n \n £ 000 \n \n \n £ 000 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n 4 \n \n \n 42,610 \n \n \n 33,203 \n \n \n \n \n Employee Benefits Expense \n (excluding Share-based Payments) \n \n \n 6 \n \n \n (15,308) \n \n \n (12,618) \n \n \n \n \n Share-based Payments \n \n \n 6, 24 \n \n \n (4,331) \n \n \n (3,150) \n \n \n \n \n Depreciation and Amortisation Expense \n \n \n 14, 15, 16 \n \n \n (357) \n \n \n (289) \n \n \n \n \n Advertising and Marketing                                               \n \n \n \n \n \n (15,968) \n \n \n (9,880) \n \n \n \n \n Other Expenses          \n \n \n 8 \n \n \n (14,469) \n \n \n (11,034) \n \n \n \n \n Other Income              \n \n \n 9 \n \n \n 4,033 \n \n \n 767 \n \n \n \n \n Expansion Costs \n \n \n \n \n \n - \n \n \n  (222) \n \n \n \n \n Operating Profit/(Loss) \n \n \n \n \n \n (3,790) \n \n \n (3,223) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Finance Income \n \n \n 10 \n \n \n  1,018 \n \n \n  102 \n \n \n \n \n Finance Costs                                                                  \n \n \n 10 \n \n \n  (17) \n \n \n  (26) \n \n \n \n \n Profit/(Loss) before Tax \n \n \n \n \n \n (2,789) \n \n \n (3,147) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Taxation                                                                          \n \n \n 12 \n \n \n (61) \n \n \n 11 \n \n \n \n \n Profit/(Loss) for the Period \n \n \n \n \n \n (2,850) \n \n \n (3,136) \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Total Comprehensive Profit/(Loss) for the Period wholly attributable to Equity Holders of the Parent Company \n \n \n \n \n \n  (2,850) \n \n \n  (3,136) \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Earnings per Share (pence per Share) \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic and Diluted                                                           \n \n \n 13 \n \n \n (1.20) \n \n \n (1.38) \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n The above results were derived from continuing operations. \n The notes form an integral part of these financial statements. \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Consolidated Statement of Financial Position \n \n \n \n \n As at 31 December 2025 \n \n \n \n \n   \n \n \n   \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n                                                                                     \n \n \n Note \n \n \n £ 000 \n \n \n £ 000 \n \n \n \n \n Assets \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Non-current Assets \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Property, Plant and Equipment \n \n \n 14 \n \n \n 283 \n \n \n 276 \n \n \n \n \n Intangible Assets \n \n \n 15 \n \n \n 584 \n \n \n 264 \n \n \n \n \n Right of Use Assets \n \n \n 16 \n \n \n 129 \n \n \n 270 \n \n \n \n \n Financial Assets (Deposits) \n \n \n \n \n \n - \n \n \n 243 \n \n \n \n \n   \n \n \n   \n \n \n 996 \n \n \n 1,053 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Current Assets \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Financial Assets (Deposits) \n \n \n \n \n \n 250 \n \n \n - \n \n \n \n \n Trade and Other Receivables                                               \n \n \n 17 \n \n \n 6,385 \n \n \n 5,224 \n \n \n \n \n Cash and Cash Equivalents \n \n \n \n \n \n 32,623 \n \n \n 34,995 \n \n \n \n \n \n \n \n   \n \n \n 39,258 \n \n \n 40,219 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total Assets \n \n \n   \n \n \n 40,254 \n \n \n 41,272 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Equity and Liabilities \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Equity \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Share Capital                                                                        \n \n \n 18 \n \n \n 238 \n \n \n 236 \n \n \n \n \n Share Premium                                                                     \n \n \n 19 \n \n \n 72,445 \n \n \n 72,445 \n \n \n \n \n Share-based Payment Reserve                                         \n \n \n 19, 24 \n \n \n 19,878 \n \n \n 15,547 \n \n \n \n \n Foreign Currency Translation Reserve \n \n \n \n \n \n 172 \n \n \n (46) \n \n \n \n \n Retained Earnings                                                                 \n \n \n 19 \n \n \n  (56,681) \n \n \n  (53,831) \n \n \n \n \n Total Equity \n \n \n   \n \n \n 36,052 \n \n \n 34,351 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Non-current Liabilities \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Lease Liability                                                                        \n \n \n 20 \n \n \n - \n \n \n 125 \n \n \n \n \n Provisions                                                                              \n \n \n 21 \n \n \n - \n \n \n 53 \n \n \n \n \n \n \n \n   \n \n \n - \n \n \n 178 \n \n \n \n \n Current Liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Lease Liability                                                                        \n \n \n 20 \n \n \n 125 \n \n \n 167 \n \n \n \n \n Trade and Other Payables             \n \n \n 22 \n \n \n 4,021 \n \n \n 6,576 \n \n \n \n \n Provisions \n \n \n 21 \n \n \n 56 \n \n \n - \n \n \n \n \n \n \n \n   \n \n \n 4,202 \n \n \n 6,743 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total Liabilities \n \n \n   \n \n \n 4,202 \n \n \n 6,921 \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Total Equity and Liabilities \n \n \n   \n \n \n 40,254 \n \n \n 41,272 \n \n \n \n \n The notes form an integral part of these financial statements. \n Approved by the Board on 11 March 2026 and signed on its behalf by: \n Christoph J. Martin \n Chief Financial Officer \n PensionBee Group plc \n Company registered number: 13172844 \n   \n \n \n \n \n Consolidated Statement of Changes in Equity \n For the year ended 31 December 2025 \n \n \n \n \n \n \n \n   \n \n \n Share Capital \n \n \n Share Premium \n \n \n Share-based Payment Reserve \n \n \n Foreign Currency Translation Reserve \n \n \n Retained Earnings \n \n \n Total \n \n \n \n \n \n \n \n Note \n \n \n £ 000 \n \n \n £ 000 \n \n \n £ 000 \n \n \n £ 000 \n \n \n £ 000 \n \n \n £ 000 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n At 1 January 2024 \n \n \n \n \n \n 224 \n \n \n  53,218 \n \n \n 12,397 \n \n \n - \n \n \n  (50,694) \n \n \n      15,145 \n \n \n \n \n Profit/(Loss) for the Year \n \n \n \n \n \n   - \n \n \n   - \n \n \n   - \n \n \n - \n \n \n  (3,136) \n \n \n  (3,136) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Total Comprehensive Profit/(Loss) \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n  (3,136) \n \n \n  (3,136) \n \n \n \n \n Share-based Payment Transactions          \n \n \n \n \n \n - \n \n \n - \n \n \n 3,150 \n \n \n - \n \n \n - \n \n \n 3,150 \n \n \n \n \n Issue of Share Capital                              \n \n \n 18 \n \n \n 11 \n \n \n 19,989 \n \n \n - \n \n \n - \n \n \n - \n \n \n 20,000 \n \n \n \n \n Transaction Costs on Issue of \n Share Capital \n \n \n 18 \n \n \n - \n \n \n (762) \n \n \n - \n \n \n - \n \n \n - \n \n \n (762) \n \n \n \n \n Exercise of Share Options                        \n \n \n 24 \n \n \n   1 \n \n \n     - \n \n \n   - \n \n \n - \n \n \n  (1) \n \n \n   - \n \n \n \n \n Currency Translation Adjustment \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n (46) \n \n \n - \n \n \n (46) \n \n \n \n \n At 31 December 2024 \n \n \n \n \n \n        236 \n \n \n    72,445 \n \n \n 15,547 \n \n \n (46) \n \n \n   (53,831) \n \n \n   34,351 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n At 1 January 2025 \n \n \n \n \n \n        236 \n \n \n    72,445 \n \n \n 15,547 \n \n \n (46) \n \n \n   (53,831) \n \n \n   34,351 \n \n \n \n \n Profit/(Loss) for the Year \n \n \n \n \n \n   - \n \n \n   - \n \n \n   - \n \n \n - \n \n \n  (2,850) \n \n \n  (2,850) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Total Comprehensive Profit/(Loss) \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n - \n \n \n  (2,850) \n \n \n  (2,850) \n \n \n \n \n Share-based Payment Transactions          \n \n \n \n \n \n - \n \n \n - \n \n \n 4,331 \n \n \n - \n \n \n - \n \n \n 4,331 \n \n \n \n \n Exercise of Share Options                        \n \n \n 24 \n \n \n   2 \n \n \n     - \n \n \n   - \n \n \n - \n \n \n  - \n \n \n 2 \n \n \n \n \n Currency Translation Adjustment \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n 218 \n \n \n - \n \n \n 218 \n \n \n \n \n At 31 December 2025 \n \n \n \n \n \n        238 \n \n \n    72,445 \n \n \n 19,878 \n \n \n 172 \n \n \n   (56,681) \n \n \n   36,052 \n \n \n \n \n The notes form an integral part of these consolidated financial statements. \n   \n Consolidated Statement of Cash Flows \n For the year ended 31 December 2025 \n \n \n \n \n \n \n \n   \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n                                                              \n \n \n Note \n \n \n £ 000 \n \n \n £ 000 \n \n \n \n \n Cash Flows from Operating Activities \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit/(Loss) for the Year \n \n \n \n \n \n (2,850) \n \n \n (3,136) \n \n \n \n \n Adjustments for: \n \n \n \n \n \n \n \n \n \n \n \n \n \n Depreciation and Amortisation \n \n \n 14, 15, 16 \n \n \n 357 \n \n \n 289 \n \n \n \n \n Finance Costs \n \n \n 10 \n \n \n 17 \n \n \n 26 \n \n \n \n \n Unrealised Foreign Exchange \n \n \n \n \n \n 285 \n \n \n (85) \n \n \n \n \n Share-based Payments \n \n \n 6 \n \n \n 4,331 \n \n \n 3,150 \n \n \n \n \n Taxation \n \n \n 12 \n \n \n  61 \n \n \n  (11) \n \n \n \n \n Operating Cash Flows before movements in Working Capital \n \n \n   \n \n \n 2,201 \n \n \n 233 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Working Capital Movements \n \n \n \n \n \n \n \n \n \n \n \n \n \n Increase in Financial Assets (Deposits) \n \n \n \n \n \n (7) \n \n \n (118) \n \n \n \n \n Increase in Trade and Other Receivables \n \n \n 17 \n \n \n (1161) \n \n \n (994) \n \n \n \n \n (Decrease)/Inc...

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