PensionBee Group (LON:PBEE) used its full-year 2025 investor presentation to highlight growth in assets and revenue, an improvement in profitability, and continued investment in marketing, technology, and artificial intelligence across its U.K. and U.S. operations. Chief Executive Officer Romi Savova said the company’s long-term ambition is to build “a lifelong relationship” with customers through consolidation, contributions, investing, and eventual withdrawals, creating what management described as predictable and scalable revenue.
Full-year 2025 snapshot and business focus
Savova said PensionBee ended 2025 with GBP 7.4 billion of assets under administration (AUA), GBP 51 million of annual run-rate revenue (ARR), 305,000 invested customers, and GBP 1 million of group adjusted EBITDA.
U.K. update: marketing, brand awareness, and customer satisfaction
In the U.K., management emphasized continued brand investment. Savova said PensionBee increased its marketing budget to GBP 12.1 million in 2025 from GBP 9.1 million in 2024, contributing to growth to 305,000 total invested customers. She also cited “approximately 60% brand awareness,” positioning PensionBee among trusted consumer financial services brands.
The company also discussed efforts to boost visibility in online discovery. Savova pointed to investment in “AI search visibility,” which she said resulted in high visibility on “AI Overviews,” described as a new interface for traditional Google search.
Customer experience and satisfaction remained a theme. Savova reported an NPS score of 67 for 2025. In the Q&A, she confirmed 7,177 responses to the NPS questionnaire.
Asked about demand for its U.K. fund offerings, Savova said PensionBee continues to focus on “simple and straightforward” investing, with “very strong interest” in its default products, including default solutions for under-50s and over-50s. She added that the over-50 product is “very focused on managing volatility.”
Technology and AI: productivity gains and BeeBot rollout
Savova said PensionBee recorded a 22% increase in productivity, attributing it to new automations, a new interface that modernizes and unifies the web and mobile experience, and AI advancements.
She said the company refined “Beatrix,” its internal co-pilot used by “BeeKeepers” (customer support staff), trained on PensionBee’s proprietary knowledge related to pensions, transfers, and retirement savings. The company is also developing “BeeBot,” a customer-facing chat agent expected to increasingly handle live chat queries.
In Q&A, Savova said BeeBot is expected to begin by answering about 20% of regular, non-personalized live chat queries, with an aim to expand coverage to additional non-personalized questions before later addressing more account-specific questions. She noted live chat remains a “small component” of overall customer communications relative to phones and emails, but management expects written communication to transition toward live chat over time, while keeping human support available when customers want it.
U.S. strategy with State Street and the path to scale
In the United States, Savova said PensionBee refined its strategy in partnership with State Street, setting a long-term goal of national brand awareness while pursuing a localized market approach. She described two complementary U.S. growth avenues:
- Individual business: targeting the “$1 trillion annual rollover market” by helping customers consolidate old retirement accounts into a single IRA with “simple, high-quality investments.”
- Business line: offering an Automatic Rollover IRA to employers through advisors to support 401(k) plan terminations or small-balance rollovers, which Savova described as a “$55 billion annual inflow market.”
Savova said the model is synergistic, with customers acquired through the business line potentially adopting the individual product and with advisors attracted by the consumer offering.
She said the company grew its U.S. online presence through social media, billboard advertising in large metropolitan areas, and increased share of voice in the press, resulting in initial brand awareness of 5% and a high of 12% in New York. PensionBee also completed investment in U.S. technology infrastructure, supporting multiple inflow sources (including individual rollovers, transfers, contributions, and bulk transfers for the business line) and enabling several account types such as Traditional IRA, Roth IRA, SEP IRA, and Automatic Rollover IRA.
Savova said the company is now focused on reaching a $1 billion milestone in its U.S. business, while continuing to invest in marketing and emphasizing simplicity and customer experience. During Q&A, management did not provide a specific timeline for reaching $1 billion, but said it would report milestones along the way, pointing to both individual interest from customers with “very large accounts” and a business pipeline where some deals could be “well worth $100 million alone.”
Financial performance: AUA, ARR, margins, and guidance framework
Chief Financial Officer Christoph Martin said the U.K. delivered 27% year-on-year AUA growth to GBP 7.4 billion and 33% year-on-year ARR growth to approximately GBP 51 million. He reported U.K. adjusted EBITDA profitability of GBP 5.4 million, a 12% margin compared with 7% the prior year.
At the group level, Martin said top-line growth and cost discipline improved the adjusted EBITDA margin to profitability of approximately GBP 1 million, representing a 2% group adjusted EBITDA margin for 2025.
Martin described PensionBee’s value drivers as predictable and recurring revenue, supported by a durable AUA base, and scalability through a controllable cost base. He said the average customer is in the early forties and tends to remain with PensionBee, supporting cohort resilience before market appreciation. The company onboarded about 40,000 new invested customers in 2025, with a slightly younger average age (39.7 versus 40.6 in 2024), which Martin said aligned with marketing strategy and contributed to a slightly lower average balance for new customers compared with the prior year.
On revenue margin, Martin said 2025 saw a margin of 65 basis points and characterized the gross revenue margin as resilient in the “mid-60s” historically. In Q&A, he attributed the slight change to “a mix effect across the funds” and said management expects the revenue margin to remain in line with historical figures.
Martin also highlighted operating leverage: the U.K. operating margin pre-marketing improved to approximately 40% from 33% the year prior. He noted long-term progress since IPO, including revenue growth at a compounded annual growth rate of “almost 50%” to 2025 and U.K. adjusted EBITDA margin improvement from negative levels pre-IPO to positive 12% in 2025.
For forward targets, Martin reiterated a guidance framework:
- By year-end 2029: group revenue above GBP 100 million and an adjusted EBITDA margin of 20%.
- By year-end 2034: group revenue above “GBP a quarter of a billion” and an adjusted EBITDA margin of 50%.
He also said PensionBee ended the year with a GBP 33 million cash balance, which he described as providing a strong position to scale the U.K. business and invest in the U.S. opportunity.
During Q&A, management addressed reporting and profitability topics. Martin said PensionBee would begin reporting U.S.-specific AUA and other metrics more formally as they become “material,” noting that some segment reporting is already included. Asked about audited profit measures versus adjusted figures, Martin said management primarily focuses on adjusted EBITDA as the best approximation for cash, while also monitoring profit before tax. He added that once marketing spending reaches a more stable level, other profitability metrics could become more prominent.
On retention and churn, Savova said retention has been about 95% since inception. She said churn is roughly split “half and half” between pension withdrawals and customers moving to other platforms, with departures driven by individual circumstances such as consolidation preferences, desire for advisor involvement, or specific asset exposures.
Looking ahead, Savova said the company plans to continue focusing on customer growth in 2026, including increased marketing spend, consumer advocacy, sponsorships, partnerships, further user interface modernization, and additional AI-driven automation in customer communications. Management said it would provide an update with first-quarter results in April.
About PensionBee Group (LON:PBEE)
PensionBee is creating a global leader in the consumer retirement market with approximately £7 billion in assets on behalf of c.300,000 customers.
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.
PensionBee accounts are invested by the world’s largest investment managers, collectively looking after more than $10 trillion in savings between them.
