Romi Savova, CEO of PensionBee, commented:

"We are delighted by PensionBee's continued resonance with consumers as they place their trust in us to be their retirement partner. This underpinned our strong fourth-quarter performance and brought another year of disciplined strategic execution to a successful close.

Strong momentum was reflected in a 38% increase in new customer growth for the quarter, bringing our Group Invested Customer base to 305,000 and driving Group Assets under Administration to £7.4 billion ($10 billion). These milestones delivered a 34% year-on-year increase in quarterly Group Revenue and an Annual Run Rate Revenue of over £50 million.

Looking ahead, we remain focused on the three integrated strategic pillars that define PensionBee: our powerful consumer brand that builds trust to capture the mass market, our proprietary scalable technology that distinguishes our customer experience, and our culture that prioritises wellbeing to drive performance. We look forward to a successful 2026, with strong momentum in the UK and US delivering further growth of the business."

UK Business Highlights

During the fourth quarter of 2025, PensionBee continued to pursue its long term ambition of reaching 1 million Invested Customers, serving 305,000 Invested Customers by the period end (2024: 265,000). UK Revenue increased by 33% over the quarter to £12.9m (Q4 2024: £9.7m) and £44.0m for the full year (2024: £34.4m). UK Adjusted EBITDA profitability was £3.4m for the quarter (Q4 2024: £2.5m) and £5.0m on a full year basis (2024: £2.4m), yielding an 11% UK Adjusted EBITDA Margin, underscoring PensionBee's commitment to scalable profitable growth in the UK.

PensionBee demonstrated a high level of marketing efficiency during the fourth quarter, successfully deploying £2.0m of expenditure (Q4 2024: £1.2m), bringing the Company's overall UK marketing spend to £12.1m for the year (2024: £9.1m) and £76m since inception. Key activities included search optimisation, with PensionBee achieving top rankings on AI search platforms for key categories, such as 'consolidate pensions' and 'self-employed pension'. This delivered strong customer growth underlining the continued resonance in the mass market, with approximately 40,000 customers onboarded during the year at a relatively younger average age of 39.7 (2024: 40.6). UK Cost Per Invested Customer was £251 (Q4 2024: 242).  

The Company continued to innovate its technology platform, having fully launched its visually-enhanced interface on the web, with the mobile release expected to follow shortly. This initiative has resulted in a fresher and more modern 'BeeHive' experience for customers engaging with their pension. The Company also enhanced its withdrawal functionality for customers aged 55 and over by strengthening its regular withdrawals proposition. This improved feature allows customers to seamlessly set up automated, recurring monthly payments, offering a 'set and forget' approach that simplifies taking an income in retirement, as compared to manual ad-hoc withdrawals.

PensionBee continued to drive operational efficiency, through its AI co-pilot 'Beetrix', increasing productivity and enhancing customer self-service capabilities to support the delivery of industry-leading customer service. These high service levels, as evidenced by our 4.6★ Excellent Trustpilot rating, resulted in Invested Customer and AUA Retention Rates of more than 95%, firmly underpinning the Company's predictable, recurring Revenue model. Increasing automation, coupled with the greater use of AI and strong cost discipline, further drove a 22% productivity improvement over the year (2025: 1,621 Invested Customers per staff member vs. 2024: 1,333).

US Business Highlights

During the fourth quarter of 2025, PensionBee continued to invest in brand-building activities designed to showcase its consumer-centric solutions to the US market. Through a multi-channel approach and targeted campaigns, the Company achieved a meaningful uplift in brand awareness, specifically in the markets where billboard advertising was deployed: its home location of New York (12%), Seattle (9%) and Chicago (6%). This heightened visibility converted broader market interest into a healthy customer pipeline. Total marketing spend for the fourth quarter was £1.8m (2024: £0.5m), bringing the year-to-date total to $5m (£4m), which was reimbursed by State Street under the terms of its agreement with PensionBee.

The Company maintained its product-led growth strategy, enhancing the customer experience through the introduction of performance analytics, giving customers greater visibility of investment returns and improving transparency. By implementing new automations within the rollover journey, the Company continues to reduce friction and delivers a more seamless, simplified user experience. Ending the year with $3m in AUA, PensionBee enters 2026 poised for growth, supported by strong early interest in its 1% match initiative which is designed to accelerate the Company's path to $1 billion of AUA, as well as a number of new distribution partnerships.

PensionBee has successfully secured its inaugural Safe Harbor IRA contracts, which are set to go live in early 2026, with additional clients in the final stages of discussion. By offering a consumer-friendly solution for transferring former participants' accounts under $7,000, the Company is helping employers optimise their plans and is capitalising on a significant, high growth market opportunity.

Group Financial Guidance Framework

Revenue Objectives:

PensionBee's ambition is to:

●    Reach >£100m of Group Revenue in the short to medium term (by year-end 2029).

●    Reach >£250m of Group Revenue in the longer term (by year-end 2034).