Romi Savova, CEO of PensionBee, commented:

"We maintained our strong growth trajectory through Q2 2025, delivering another period of successful results. Assets Under Administration grew by 21% to £6.3bn, generating Revenue of £37m over the last twelve months. With our Invested Customer base nearing the 300,000 mark, we're on track to hit another milestone of our journey to help more consumers prepare for a happy retirement.  

In the UK, we continued to increase our marketing expenditure and invest in our product offering, while offering excellent customer service. Despite the well-publicised macroeconomic uncertainties, which impacted consumer sentiment, we increased our new customer pipeline and expect to see ongoing robust new customer growth into the second half of 2025.

In the US, we continued to build our brand awareness and strengthen our product offering, with the introduction of major transfer automations, our SEP IRA for the self-employed, and interactive customer tooling to support preparation for retirement. We have created a strong pipeline of new customer accounts through our employer-focused Safe Harbor IRA business.  

Looking ahead, we're excited to continue executing our growth strategies across both the US and UK markets. With strong momentum, we are confident in our ability to continue delivering scalable recurring Revenue and profitable growth in the UK."

UK Business Highlights

During the second quarter of 2025, PensionBee continued to progress towards its long-term ambition of reaching 1 million Invested Customers, helping more consumers to prepare for and enjoy a happy retirement.

The Company continued to invest in UK marketing over the first six months of 2025, increasing spend by 30% year on year to £7.6m by deploying £4.1m over the first quarter (Q1 2024: £3.6m) and £3.5m over the second quarter (Q2 2024: £2.3m), bringing total cumulative spend since inception to £72m. This investment supported record levels of both prompted and unprompted brand awareness, which were 59% and 25% respectively, and contributed to the successful onboarding of approximately 11,000 new Invested Customers over the quarter (Q2 2024: 11,000). Mirroring the Company's acquisition strategy during similar periods of macroeconomic conditions, these customers had a lower average age of 39 years (a decrease from 40 years in Q2 2024) but are expected to support recurring Revenue generation over the long-term. Importantly, the marketing investment made has resulted in an increased pipeline of customer registrations and transfer requests, which is expected to drive further growth in Invested Customers in the second half of the year. 

PensionBee's industry-leading technology platform continues to scale effectively, driving operational efficiency and the consistent delivery of excellent customer service. The Company delivered an 18% productivity improvement over the second quarter (Q2 2025: 1,489 Invested Customers per staff member vs. Q2 2024: 1,264)¹² while maintaining its industry-leading customer satisfaction rates, as reflected in its excellent 4.6★ Trustpilot¹³ rating and Customer⁵  and AUA Retention Rates of >95%⁶. 

Looking forward to the second half of the year, PensionBee expects to deliver substantial innovations to support long-term growth and productivity. The incremental introduction of a new customer interface will modernise and enhance customers' product experience, while simultaneously supporting long-term efficiency in future product development. Beetrix, the Company's AI internal co-pilot, continues to drive significant efficiencies across customer service and other operational teams. The focus remains on completing the technical underpinning for customer deployment, which is expected to serve as the next foundational step of multi-year operational efficiencies.

US Business Highlights

In 2024, PensionBee announced its expansion to the US, the world's largest retirement market, in partnership with State Street. During the second quarter of 2025, the Company rapidly achieved key early milestones by leveraging the expertise and capabilities of the UK business, and strengthened the foundations for long-term growth in the US market.

PensionBee continued to prioritise building brand awareness in the US through multi-channel marketing, driving strong early engagement on social media platforms like YouTube, Meta, TikTok, and LinkedIn, with a combined following of 36,200 (Q1: 9,800).¹⁴ This was supported by the creation of original content like the "Money Mistakes" video series, which gained over 200,000 views in two months, and timely public relations campaigns on topics such as social security and transfer delays. Current prompted brand awareness in the US already stands at 5%¹⁵. The marketing spend of £0.4m for the second quarter was fully reimbursed by State Street. Total marketing investment for 2025 is expected to reach $5.0m, with the majority of spend allocated across the second half of the year.

The Company has successfully deepened engagement with consultants and employers around its Safe Harbor IRA offering, which offers a more consumer-friendly proposition for employers. With a number of employers now nearing the final discussion stage and PensionBee participating in consultant-led processes representing c.20,000 new customer accounts, this business line is demonstrating growing traction.

PensionBee has enhanced its US product offerings to empower customers with greater control over their retirement planning. The Company has released transfer automations accounting for over 50% of requested transfers in a live testing environment, with the objective of covering a substantial majority of total volume by year-end. It has also introduced a retirement calculator, enabling users to project their retirement outcomes, and the SEP IRA, a retirement account specifically designed for self-employed individuals. To complement these features, the in-app and web-based educational content has been expanded, providing comprehensive guidance on retirement strategies, financial markets and long-term savings.

Group Financial Guidance Framework

Revenue Objectives:

●    PensionBee has an ambition to reach >£100m of Group Revenue in the short to medium term (by year end 2029).

●    The Company's ambition is to exceed £250m Revenue for the Group in the longer term (by year end 2034).

Profitability Objectives:

●    PensionBee has an ambition to reach a Group Adjusted EBITDA Margin of c.20% in the short to medium term (by year end 2029).

●    The Company's ambition is to reach c.50% Adjusted EBITDA Margin for the Group in the longer term (by year end 2034).