PensionBee Group plc

Good afternoon and welcome to the PensionBee Group PLC Q4 results investor presentation. Throughout the recorded meeting, investors will be on listen-only mode. Questions can be submitted at any time by the Q&A tab situated in the right-hand corner of your screen. Just simply type in your question and press send. Alternatively, you can ask a question verbally simply by placing a question mark in the firm that you represent in the Q&A panel. We'll then unmute your microphone and invite you to ask your question to the team. The company may not be in a position to answer every question received during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to Romney Silverberg. See you. Good afternoon.

Good afternoon and welcome to PensionBee's Q4 2025 results announcement covering trading for the period ending 31 December 2025. I'm Romy Savova, the CEO of PensionBee Group. For those of you who are new to the PensionBee story, we are creating a global leader in the consumer retirement market. We exist to help our customers prepare for and enjoy a happy retirement. We enable our customers to combine their old retirement accounts into a new online plan. We enable them to make contributions, to invest in line with their objectives, with money managed by the world's largest asset managers, and ultimately to withdraw and spend their retirement savings. Our aspiration is to build a lifetime relationship with our customers, generating predictable and scalable revenue and profit for our company and for our shareholders. We are pleased with the results of the fourth quarter, which reflects strong execution in the UK and in the US. As is expected for the medium term, the United Kingdom made up the bulk of assets and invested customers. The UK closed the quarter with assets under administration of 7.4 billion pounds, representing 27% year-on-year growth annual run rate revenue of over £50 million, representing 33% year-on-year growth, and approximately 305,000 invested customers. Over the fourth quarter, we increased marketing expenditure to £2 million, compared to £1.2 million in the fourth quarter of 2024, positioning the business for continued ramp-up in marketing-led growth in 2026 and beyond. The investment drove UK customer growth of 37% over the quarter with 8,000 new invested customers onboarded, underscoring the effectiveness of our growing marketing expenditure. Overall, we onboarded approximately 40,000 customers in 2025, increasing the number of net new customers relative to 2024. We continue to invest in productivity, introducing new automations and efficiencies across our technology platform. We generated a productivity improvement of 22% year on year, with each staff member supporting 1,621 invested customers. We are well positioned for 2026 with the launch of our new and refreshed Beehive experience, which will soon include the introduction of AI-powered chat in the app, further enhancing our long-term productivity. The UK achieved adjusted EBITDA profitability of £3.4 million with the 26% adjusted EBITDA margin for the quarter, underscoring our commitment to profitable growth in the UK. The UK also supported growth profitability for the year overall. Turning to the United States, over the fourth quarter of 2025, we have continued to focus on establishing a strong foundation for long-term growth. Our first advertising campaign concluded successfully, delivering a meaningful uplift in brand awareness in the markets where billboard advertising was deployed. Our home location of New York saw prompted brand awareness of 12%, Seattle at 9%, and Chicago at 6%. This heightened visibility converted broader market interest into a healthy customer pipeline, which we can see continues to convert over time. 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. PensionBee is now entering 2026 poised for growth, supported by strong early interest in our 1% match initiative, which is designed to accelerate the company's path to a billion dollars of AUA in the US as well as a number of new distribution partnerships. PensionBee has successfully secured its inaugural Safe Harbor IRA contracts, and initial clients are in the process of being onboarded, while additional clients are in the final stages of discussion. I would now like to hand over to Christoph Martin, PensionBee's CFO, who will cover the financial update.

Thank you very much for me. Hello and a warm welcome to everyone. I'm pleased to cover the financial section of the Q4 trading update. In Q4 2025, PensionBee had strong financial performance with 27% year-on-year growth in our AOA to 7.4 billion pounds and a 33% year-on-year growth in ARR to approximately 51 million pounds. This top line growth, coupled with continuous cost discipline, led to an improvement in our adjusted EBITDA margin with the group achieving profitability of £2 million at a 16-group EBITDA margin for the quarter, driven by UK adjusted EBITDA profitability of £3.4 million at a 26% margin for the quarter. These continuous achievements are derived from the core value drivers of our business which are first predictable and recurring revenue and second business scalability. Furthermore, they are testament to our ability to consistently and reliably execute against our public market guidance. The first-rated driver is PensionBee's predictable and recurring revenue, which is generated from a durable base of assets and administration, a function of the assets of existing and new customers. In Q4, we experienced a 27% year-on-year AOA growth to £7.4 billion. The vast majority of the AOA base is derived from existing customers. Those are customers who remain with PensionBee for a long period of time and continue to build up their pension savings with us, resulting in value generation for decades to come. Our average customer is in their early 40s and they build up their pension savings with PensionBee, which means that cohorts on an underlying value basis, so that is before any impact on capital markets, are resilient over time. AOAs are derived from new customers acquired through our proven cost-disciplined approach to new customer acquisition. Over Q4 2025, we onboarded circa 8,000 new invested customers onto our technology platform, representing a 37% year-on-year growth. Over 2025, customers joining were slightly younger than in 2024, aged approximately 39.7. And so the year before, in 2024, it was 40.6, so approximately one year younger, in line with our marketing strategy for 2025. The younger customer cohorts acquired resulted in a slightly lower average balance of new customers this year compared to the previous year. As a result, the compounding AOA base is subsequently converted in our revenue growth owing to our resilient gross revenue margin. In Q4 2025, we saw the revenue margin of circa 65 basis points, which enabled us to convert the 27% year-on-year AOA growth into quarterly revenue growth of 34% and annual run rate revenue of 33%. In conclusion, thanks to our compounding EOA base and resilient revenue margin, we have generated predictable and recurring revenue, which represents PensionBee's first value driver. The second value driver is PensionBee's business scalability. due to the controllable nature of the cost base. Our cost base has continued to decline as a proportion of revenue. These scalability dynamics of predictable and recurring top line growths coupled with cost discipline led to an improvement in operating margin. On a 2025 basis, adjusted EBITDA margin improved to 11%, up from 7% in 2024 for the United Kingdom. Furthermore, the operating margin pre-marketing, so this is a measure of scalability, for the UK improved to 39%, up by six percentage points from 33% last year, reflecting the inherent strong scalability and margin potential of the business. Reflecting on our long-term track record, PensionBee has delivered a revenue growth since our IPO of compound annual growth rate of 48% to December 25 and strong margin expansion in the UK with adjusted EBITDA margin improving from negative 166% pre-IPO to positive 11% today. Furthermore, operating margin pre-marketing improved from negative 35% pre-IPO to positive 39% over 2025 in the UK. This underscores the strong delivery against our growth and business scalability objectives. With respect to our guidance framework for PensionBee as a group, we have outlined the short, medium, and long-term targets. So by the end of 2029, we expect the group revenue to be above £100 million and adjust the dividend margin of circa 20% by the year end 2029, with the UK considerably contributing to those targets. And by the year end 2034, we expect the group to generate about a quarter of a billion pounds in revenue and adjust even a margin of circa 50%. Our circa 33 million in cash balance puts PensionBee into a strong position to further scale the UK business as well as invest in the tremendous US market opportunity, continuing to execute our long-term strategy and delivering our public market guidance. I would now like to hand back to Romy for concluding remarks.