PensionBee Group plc

Hello, I'm Romy Savova, the CEO of PensionBee. Welcome to our third quarter trading update for 2022. For those of you who are new to the PensionBee story, we are a leading online pension provider in the UK. We exist to make pensions simple so that everyone can look forward to a happy retirement. We enable our customers to combine their pensions into one new online plan with money managed by the world's largest asset managers. We aspire to build a lifetime relationship with our customers, thereby generating predictable and scalable revenue streams for our company and for our investors. Reflecting on the year to date, markets have, as is widely understood, exhibited unusual volatility owing to Vladimir Putin's war in Ukraine, inflation and the consequent global interest rate rises. Yet, we can all acknowledge that the need for retirement planning and pension ownership remains paramount. And so, despite the challenging macroeconomic backdrop, we are pleased to see excellent growth momentum in invested customers, having added 56,000 new invested customers in the first three quarters of this year. We are further pleased to have delivered this growth in combination with a declining cost per invested customer in the third quarter. Not only did we deliver resoundingly high customer growth, we also maintained excellent customer satisfaction throughout this period. We recorded a customer retention rate of 97% and ongoing strong net flows from our existing customer base, despite a very challenging cost of living crisis that has impacted everyone across the country. As a result of the strong new customer growth and ongoing net flows from our existing customer base, our AUA remained resilient and supportive of our objective to achieve profitability by the end of 2023. Turning to our financial and operational highlights for the first three quarters, I am pleased to report 2.8 billion in assets under administration, reflecting a compound annual growth rate of 77% since 2018. We are also pleased to have attracted 265,000 active customers and to have 174,000 invested customers. We are particularly pleased to have achieved this level of stability despite the S&P 500, our main invested index being down approximately 25% for the year to date and the FTSE 250 being down approximately 30%. Thanks to our predictable revenue model and high retention rate of 97%, the growth in assets has translated into similar growth in revenue. Our annual run rate revenue is 18 million, also reflecting an annual growth rate of about 76% since 2018. Taking a closer look at the year to date, I am pleased to report that we have added more than 56,000 invested customers, reflecting a year-on-year growth rate of 68%. We are pleased to see the asset and revenue base increasing by 24% and 27% respectively over the past year. As always, our results are a testament to our strategy and proposition, which continue to resonate in the enormous market of pension savers. Over the last quarter, we continued to acquire customers at pace. The summer months are known to be seasonally quieter, but at the end of September, we launched our Believe in the Bee TV campaign on the Great British Break-off. This campaign ad will increase our visibility further, enabling us to take advantage of growing national awareness of pensions.

At PensionBee, we believe everyone deserves a happy retirement. That's why we've helped thousands of people to bring their old pensions together into one simple online plan. We have responsible pension options like our fossil fuel free plan. For the over 55s, we've made withdrawals hassle free. And because everything's online, you can check on your pension progress anytime you like. We're building a pension company you can believe in. PensionBee. Be pension confident.

We also continued to optimize our digital channels led by our data model, reducing our cost per invested customer to £253 in line with our expectations and positioning us for further efficiency improvements for the rest of the year. Our product initiatives continued, with Easy Bank Transfer now being available for one-off and regular contributions within the app and the web estate. Easy Bank Transfer makes it possible to contribute to your pension in 60 seconds, as often as you like. To complement the ease of contributions, we are producing an easy-to-use tax relief calculator to help current and prospective customers make the most of their tax allowances in the impending run-up to the 2022-23 tax year-end. Our regular withdrawals feature for over 55s is now in the final testing phases and we look forward to continuing to help our customers manage their retirement savings effectively online. To support our ambitions, we have continued to invest in the ongoing performance of our industry-leading technology platform. We delivered further transfer efficiency improvements, internal automations and information security enhancements to support growth, productivity and information security. This is evident in our increasing efficiency with invested customers and revenue per FTE demonstrating strong annual improvements in line with increasing operational leverage. Many of these improvements were designed to support our customer service team enabling us to continue delivering a high quality of service. We are pleased to have maintained our excellent ratings across Trustpilot and the app stores throughout this period of customer growth. With regards to our investment offering, as previously communicated, we have completed our selection of a new impact-oriented plan and look forward to introducing this to the market in the near term. And now, I'd like to hand over to our CFO, Christoph Martin, who will take you through the financial outcome for the year to date.