Romi Savova, CEO of PensionBee, commented:

"The third quarter marked another leap forward in delivering on our strategy across both the UK and US. Our customer-centric approach continues to resonate with the mass market of consumers and we are proud to now serve approximately 300,000 Invested Customers, having experienced 41% growth in new customers over the quarter, translating into Assets Under Administration of £7 billion across the Group. This strong customer growth contributed to 32% growth in quarterly Group Revenue year-on-year, with Group Annual Run-Rate Revenue rising to £46 million. Above all, these results reflect the trust consumers place in us to help them save for a happy retirement.

In the UK, we strengthened our product offering and streamlined the sign-up experience for our customers, making it even simpler and faster for them to join PensionBee. We delivered Adjusted EBITDA profitability for a second consecutive quarter while increasing our marketing expenditure for Q3 by 22% year-on-year. This investment translated into strong growth, with 11,000 additional customers onboarded over the quarter. We expect this momentum to carry through the fourth quarter and beyond, positioning the business to deliver sustained, profitable growth over the long term.

In the US, we are expanding our reach and driving efficiency. We successfully launched our first US brand campaign featuring our first customers across major cities such as New York, Chicago and Seattle. We've made major strides in automating the customer transfer process, which enhances our ability to connect with major record keepers in the US. We also released new digital tools, including bespoke transfer messaging, to effectively engage customers throughout their journey. Our Safe Harbor IRA focus remains strong as our offering continues to gain traction with employers as we deepen our connections.

Looking forward, we will continue to execute our strategies for the UK and US, and remain confident that we will grow our Invested Customer base and AUA in line with guidance. Our predictable, recurring Revenue model, together with strong operating leverage in our business, will continue to drive strong financial performance."

PensionBee is dedicated to helping more consumers prepare for and enjoy a happy retirement. During the third quarter of 2025, PensionBee continued pursuing its ambition of reaching 1 million Invested Customers by 2034, serving 297,000 Invested Customers by the period end (Q3 2024: 260,000). The Company achieved UK Adjusted EBITDA profitability of £2.4m for the quarter (Q3 2024: £1.5m) underscoring our commitment to profitable growth in the UK.

In line with the Company's stated growth ambitions, marketing investment increased by 22% to £2.6m (Q3 2024: £2.1m) bringing cumulative marketing expenditure since inception to £74m. The Company continued to strengthen its brand by optimising between channels enabling the efficient deployment of marketing spend, including through a UK-wide billboard campaign across roadside digital sites. The data-led, multi-channel marketing approach drove exceptional customer growth in the UK of 39% over the quarter, with 11,000 new Invested Customers onboarded (Q3 2024: 8,000), while maintaining strict cost discipline as reflected in a stable UK Cost Per Invested Customer of £250 over Q3 (Q2 2025: £251).

PensionBee's industry-leading technology platform continued to drive efficiency, demonstrated by a 19% productivity improvement (Q3 2025: 1,555 Invested Customers per staff member vs. Q3 2024: 1,305). This efficiency enabled the delivery of best-in-class personalised customer service at scale, evidenced by the continued achievement of an Excellent 4.6⋆ Trustpilot rating and exceptional customer response times. These high service levels resulted in Customer and AUA Retention Rates of >95%, firmly underpinning the Company's predictable, recurring Revenue model.

PensionBee continued to enhance and modernise the customer experience with its new integrated front-end platform and new customer interface, featuring a streamlined sign-up funnel. The Company continued to leverage AI to drive efficiency, further developing Beetrix, from an internal AI co-pilot for our operational teams, towards becoming a key part of our customer service.

US Business Highlights

In 2024, PensionBee announced its expansion to the US, the world's largest retirement market, in partnership with State Street. Under the terms of the agreement, State Street will reimburse a substantial portion of PensionBee's marketing expenditure.

In line with its long-term ambition to establish national brand presence, in September 2025 the Company launched its first brand campaign, consisting of television, billboard and radio advertising featuring the Company's first US customers, in 12 metropolitan areas. The ongoing brand campaign has resulted in a noticeable uptick in recognition across these markets, laying a solid foundation for continued investment and growth. The year-to-date spend of £2.0m has been fully reimbursed by State Street, with the remaining $2.3m of the $5.0m marketing investment anticipated for 2025 scheduled for the fourth quarter.

During the third quarter, the Company continued to expand its product functionality through enhanced and increasingly automated features. The Company has transfer protocols to cover a majority of 401(k) and IRA transfer types. As a result, the Company has now completed the live testing period, during which it accumulated AUA of $2m through transfers and contributions. During the testing process, the Company attracted sizable accounts multiple times above its target of $50,000, indicating the potential for rapid asset accumulation as brand awareness grows.

With its transfer infrastructure in place and growing brand awareness, PensionBee is preparing to enter the next phase of growth through a 1% match on all completed 401(k) rollovers, transfers and contributions. This initiative is expected to accelerate its path to $1bn of AUA.

The Company has continued to deepen engagement with consultants and employers around its Safe Harbor IRA offering, which offers a more consumer-friendly proposition for employers seeking to "force out" former participants' accounts under $7,000. A number of employers are now in the final discussion stage and PensionBee continues to participate in consultant-led processes (Requests for Proposal). Research conducted by PensionBee and the Employee Benefits Research Institute estimates that 1.7m 401(k) accounts per year are automatically rolled over into Safe Harbor IRAs, representing over $4.6bn of potential annual assets under management. PensionBee's product offering, including its low fees, leave it well-positioned to capture a growing market share over the coming years.