PensionBee Group Q2 2026 TU Earnings Report

PensionBee Group EPS Results

• Actual EPS: GBX 3.45
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

PensionBee Group Revenue Results

• Actual Revenue: N/A
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

PensionBee Group Announcement Details

• Quarter: Q2 2026 TU
• Date: 8/13/2026
• Time: Before Market Opens
• Conference Call Date: N/A
• Conference Call Time: N/A

PensionBee is creating a global leader in the consumer retirement market with approximately £8.6 billion (approximately $11 billion) in assets on behalf of approximately 327,000 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 $11 trillion in savings between them. Each PensionBee customer has a personal account manager (‘BeeKeeper’) to guide them through their savings and retirement journey. PensionBee has an ‘Excellent’ Trustpilot rating based on 13,000 reviews. As a public company, we aspire to the highest standards in everything we do because our customers deserve peace of mind. Our team of over 200 professionals, based across the UK and New York, has one focus: you, our customer. PensionBee is listed on the London Stock Exchange (LON: PBEE; OTCQX:PBNYF).

PensionBee Group Q2 2026 TU Earnings Call Transcript

Key Takeaways

• Positive Sentiment: PensionBee reported strong U.K. momentum, with assets under administration up 37% year over year to £8.6 billion, annual run-rate revenue up 40% to approximately £56 million, and 12,000 new invested customers added during the quarter.
• Positive Sentiment: Operating leverage continued to improve: U.K. quarterly adjusted EBITDA was £0.8 million, the last-12-month U.K. margin reached 15% versus 8% a year earlier, and the group became profitable on a last-12-month basis with £2.7 million of adjusted EBITDA.
• Neutral Sentiment: The company increased U.K. marketing investment by 34% to £4.6 million, generating 34% growth in gross inflows; management said customer acquisition costs have risen with the spending acceleration but remain focused on the £250 target and expects marketing benefits to carry into future quarters.
• Positive Sentiment: PensionBee is expanding its U.S. Automatic Rollover IRA distribution network, with access to recordkeepers representing roughly 75% of the market, more than 1,500 employers engaged, and a medium-term target of $1 billion in U.S. AUA.
• Negative Sentiment: The U.S. business remains at an early stage, with approximately 5% prompted brand awareness and $4.8 million of AUA across about 400 customers; management expects the U.K. to exceed a 20% margin by 2029 while the U.S. is only around breakeven, implying continued U.S. investment and losses in the interim.

Presentation

[Operator]

Good afternoon, ladies and gentlemen, welcome to the PensionBee Q2 trading update. Throughout today's recorded meeting, attendees will be in listen-only mode. Questions are encouraged at any time. You can simply either type your questions in the Q&A tab or simply type the question mark and I will unmute your camera and microphone at the appropriate time. Before we begin, I would like to submit the following poll, and I'm sure the company will be most grateful for your participation. I'd now like to hand over to the team from PensionBee. Romi, Christoph, good afternoon.

[Romi Savova, CEO at PensionBee]

Good afternoon. I'm Romi Savova, the CEO of PensionBee. Welcome to our Q2 2026 results presentation. Today, we are pleased to share our progress over the quarter as we continue executing on our vision to build a global leader in the consumer retirement market. For those of you new to the PensionBee story, we exist to help our customers prepare for and enjoy a happy retirement. We operate in the enormous defined contribution pension market, representing over $30 trillion in assets and more than 100 million consumers across the U.K. and U.S. Our customer-centric offering helps consumers to feel retirement confident. We enable our customers to combine their old retirement accounts into a new online account. 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.

[Romi Savova, CEO at PensionBee]

Our long-term ambition is to build lifelong relationships with our customers. This approach delivers value to them throughout their retirement journey while driving predictable, scalable revenue for our business and strong returns for our investors. At the end of the quarter, we reached GBP 8.6 billion, approximately $11 billion of AUA on behalf of 327,000 invested customers, reflecting 37% year-on-year growth in assets. Annual run rate revenue reached GBP 56 million, up 40% year-on-year, and quarterly net flows grew 30% year-on-year, keeping pace with increased marketing investment and demonstrating efficiency. In the U.K., prompted brand awareness reached a record 62%, with partnerships and sports sponsorships reaching broad audiences. AI tools enhanced our productivity, with BeeBot now resolving over 50% of its live chat volume, contributing to productivity improvements while maintaining the quality of our customer service.

[Romi Savova, CEO at PensionBee]

In the U.S., we advanced our dual-channel strategy with business-to-business distribution growing through intermediaries and our direct-to-consumer business growing through optimized marketing activities. The U.K. was profitable for the quarter, with a 15% U.K. LTM adjusted EBITDA margin, while the group was profitable on a last 12 months basis, reflecting strong operating leverage. Turning now to the U.K., we continued to invest in marketing over the quarter, increasing spend by 34% year-on-year to GBP 4.6 million in order to capitalize on our U.K. growth opportunity. The investment drove gross inflows up 34% to GBP 463 million, supporting brand awareness that made PensionBee one of the most recognized pension providers in the country. Brand investment is a long-term endeavor, and we were pleased to see it converting into customer growth with 327,000 invested customers at the period end, representing 14% year-on-year growth.

[Romi Savova, CEO at PensionBee]

Our industry-leading technology platform continues to scale effectively, driving operating leverage and the consistent delivery of excellent customer service. We delivered a 17% productivity improvement over the quarter, with over 1,700 invested customers per staff member in the U.K., representing a compound annual growth rate of 20% since 2020. Two AI engines built on our over decade-long knowledge base are enhancing our productivity. Beatrix, our internal AI co-pilot, continues to boost productivity across our support function. BeeBot, our external AI bot, enhances customer self-service and is now able to independently resolve over 50% of its live chats, freeing our team to handle more complex queries. As we continue to become even more efficient, we maintain our standards of customer service, reflected in our excellent Trustpilot rating of 4.6 stars and an invested customer retention rate of above 95%.

[Romi Savova, CEO at PensionBee]

Looking ahead, we are focused on delivering our key U.K. growth and scalability initiatives for 2026. On customer growth, we continue to deploy increasing marketing investment through engaging multi-channel activities, growing our brand awareness. We continue to broaden our reach through partnerships and new channels, including our Channel 4 Weather sponsorship, now live, and the launch of a new brand campaign expected in August. We continue to invest in product innovations, including through our new hybrid app, aimed at delivering a seamless user experience and stronger customer engagement across devices live on Android, with the iOS version launching imminently. We are expanding our AI and automation capabilities with plans for further AI expansion on emails and operational processing. Turning now to the U.S., our focus on building brand awareness remains a top priority.

[Romi Savova, CEO at PensionBee]

We are growing national brand channels that scale through a multi-channel approach that combines digital and out-of-home advertising. Our social media following has continued to grow exponentially since we launched our app, representing broad national reach. Over the quarter, we deployed a customer testimonial campaign featuring our U.S. customers, alongside an out-of-home billboard campaign across New York and Chicago, building our presence in key U.S. cities. We're pleased to see prompted brand awareness in the U.S. registering at approximately 5% as we continue to build recognition in the market. Over the quarter, we continued to build our Automatic Rollover IRA, which we offer to employers, usually through advisor intermediaries and third-party administrators. It is competitively priced with a high-quality investment portfolio and personalized service for participants.

[Romi Savova, CEO at PensionBee]

Every year, an estimated $60 billion in 401(k) balances leave employer plans for Automatic Rollover IRAs. Our offering is built to capture this flow. Small balance rollovers, where employers force out former employees with balances below $7,000, are recurring and represent a potential of $4.6 billion of inflows annually. Voluntary rollovers, where employers ask us to serve former employees with balances above $7,000, form part of a $1 trillion annual market. Plan terminations, where an entire 401(k) plan winds up and its participants transfer to us, are large, at approximately $55 billion of potential inflows annually, with individual transactions reaching $250 million. We are building our distribution across this ecosystem, having reached recordkeepers representing approximately 75% of the market, building towards 100 intermediary relationships that each deliver approximately $10 million in recurring annual inflows, and with over 1,500 employers already engaged.

[Romi Savova, CEO at PensionBee]

Our progress is compounding as relationships established in 2025 generate further client referrals and recurring inflows. At scale, this supports our path to $1 billion of AUA. Turning to our priorities for the U.S. in 2026, we are scaling our Automatic Rollover IRA, building distribution across the ecosystem as we work towards our medium-term goal of $1 billion of U.S. AUA, and continuing to onboard employer clients from our actively referring intermediaries. We are growing our direct-to-consumer presence. The U.S. today resembles the U.K. in its early years, at the start of a similar growth trajectory. We continue to grow brand awareness and build a predictable conversion funnel supported by our 1% match, which encourages consolidation and contributions while enhancing our retirement planning tools to grow average account sizes over time.

[Romi Savova, CEO at PensionBee]

We are building efficient foundations, strengthening our transfer protocols, including straight-through processing from certain recordkeepers, and continuing to optimize our marketing and operational efficiency to build attractive customer unit economics over time. I would now like to hand over to Christoph Martin, our Chief Financial Officer, who will cover the financial update for the quarter.

[Christoph Martin, CFO at PensionBee]

Thank you very much, Romi. Hello, and welcome to everyone to the financial section of our Q2 2026 results. Turning to the financial overview, I would like to start with a summary of our performance for the quarter before diving into the details of PensionBee's core value driver. For the second quarter of 2026, the U.K. delivered strong financial performance with 37% year-on-year growth in our AUA to GBP 8.6 billion and 40% year-on-year growth in ARR to approximately GBP 56 million. The U.K. revenue increased 42% to GBP 14.3 million, and U.K. adjusted EBITDA expanded profitability to GBP 0.8 million for the quarter. On the last 12 months basis, we delivered a two-year CAGR on the revenue side of 34%, while maintaining cost discipline with our cost base growing at a lower compounded annual growth rate of 20%.

[Christoph Martin, CFO at PensionBee]

This resulted in a U.K. adjusted EBITDA of close to GBP 8 million on a last 12 months basis, expanding the U.K. adjusted EBITDA margin to 15%, up from 8% last year. At the group level, top-line growth, coupled with continuous cost discipline, led to group profitability on the last 12 months basis, with last 12 months adjusted EBITDA of GBP 2.7 million at a 5% group margin, in comparison to around negative 1% a year ago. These continuous achievements are derived from the core value driver of our business, which are, first, predictable and recurring revenue, and second, business scalability. Furthermore, they are testaments to our ability to consistently and reliably execute against our public market guidance. I would next cover the two value drivers in turn. The first value driver is PensionBee's predictable and recurring revenue, which is generated from a durable base of assets under administration.

[Christoph Martin, CFO at PensionBee]

The function of the assets of existing and new customers. In the second quarter, we achieved a 37% year-on-year AUA growth to approximately GBP 8.6 billion. The vast majority of our AUA base is derived from existing customers who remain with PensionBee for a long period of time and continue to build up their pension saving with us, resulting in value generation for decades to come. Our average customer is around 42 years of age, and they build up their pension saving with PensionBee, which means that cohorts on an underlying value basis, before any impact on capital markets appreciation, are resilient over time. This is reflected in our invested customer retention rate of above 95% and our value retention rate of approximately 100%. The AUA is also derived from new customers acquired through our proven cost discipline approach to customer acquisition.

[Christoph Martin, CFO at PensionBee]

Over the quarter, we onboarded 12,000 new invested customers onto our technology platform. New customers joining were slightly older than in the second quarter of 2025, aged approximately 40, with a higher average transfer in value. As a result, the compounding AUA base is subsequently converted into our revenue growth owing to our resilient gross revenue margin in the mid-to-high 60s. In the second quarter of 2026, we saw a revenue margin of 68 basis points, which enabled us to convert the 37% year-on-year AUA growth into revenue growth of 43% for the quarter and annual run rate revenue of around 40%. In conclusion, thanks to the compounding AUA 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 our cost base.

[Christoph Martin, CFO at PensionBee]

The cost base has continued to decline as a proportion of revenue. These scalability dynamics of predictable and recurring top-line growth, coupled with cost discipline, led to an improvement in operating margin. On the last 12 months basis, the U.K. adjusted EBITDA margin improved to 15%, up from 8% a year ago. Furthermore, the operating margin pre-marketing, a measure of scalability, for the U.K. reached 42%, reflecting the inherent strong scalability and margin potential of the business. Reflecting on our long-term track record, PensionBee has delivered revenue growth since our IPO at a compounded annual growth rate of 44% and strong margin expansion in the U.K. with an adjusted EBITDA margin improvement to positive 15% on the last 12 months basis and operating margin pre-marketing improved to positive 42%. This underscores strong delivery against our growth and profitability margin objectives.

[Christoph Martin, CFO at PensionBee]

PensionBee operates a proven and scalable growth model designed to consistently expand our fee-generated asset base. Asset growth is driven by the following mechanisms. From a marketing investment perspective, which you can see on the left-hand side chart, we have accelerated our marketing expenditure while delivering profitable growth, a trajectory we intend to maintain. Our conversion predictability, which you can see on the middle chart, demonstrates the reliable rate at which we converting marketing spend into gross inflows per pound of marketing budget deployed, thanks to the strong correlation between customers' age and gross inflows. Subsequently, through increased deployment of marketing and converting it predictably into gross inflows, we continue to drive gross inflows over time. In short, PensionBee operates a proven and predictable growth model where increased marketing investments yields growing gross inflows.

[Christoph Martin, CFO at PensionBee]

With respect to our guidance framework for PensionBee as a group, we have outlined our medium and long-term targets. In the medium term, by year-end 2029, we expect the group to generate revenue of above GBP 100 million and an adjusted EBITDA margin of circa 20%, with the U.K. considerably contributing to those targets. In the long term, by year-end 2034, we expect the group to generate above a GBP 250 million in revenue and an adjusted EBITDA margin of circa 50%. Our circa GBP 31 million cash balance, or approximately $41 million of cash balance, puts PensionBee in a very strong position to scale the U.K. business as well as invest in a tremendous U.S. market opportunity, continuing to execute on our long-term strategy and delivering on our public market guidance. I would now like to hand back to Romi for concluding remarks.

[Romi Savova, CEO at PensionBee]

Thank you very much, Christoph. We are very pleased with the quarter. We are looking forward to a successful remaining 2026, and we are delighted to engage with the investor community on your questions over the last three months.

[Operator]

That's great. Thank you, Romi, Christoph. Thank you for updating attendees. Ladies and gentlemen, please do continue to submit your questions just using the Q&A tab situated on the right-hand corner of the screen. You can type your questions or type Q and I will unmute your camera and microphone. There will be a recording available, and that should be about 15-20 minutes after the meeting has ended. Romi, Christoph, you've had a number of questions from investors and attendees today. Thank you, everybody, for your engagement. Perhaps I could start off with the first one. At what point do you expect the group to become consistently profitable on a quarterly basis?

[Christoph Martin, CFO at PensionBee]

Yeah, happy to take this one. As we have outlined in our profitability guidance on an annual basis, we have a 2029 guidance that says 20% adjusted EBITDA margin on at least GBP 100 million of revenue. That means about GBP 20 million in that particular year. The second target thereafter we have in 2034. With regards to specifically around the quarterly results, we as a management team focus very much on an annual basis because when you look at our marketing deployment, you actually see that there's a higher marketing deployment usually at the first half of a year because this is usually when we see a very strong return. Also it positions the business very well for the second half of the year, given that we build up the top end of the funnel and then converting customers through.

[Christoph Martin, CFO at PensionBee]

It basically also means that some of the costs might occasionally be front-loaded to the first half. It's a little bit difficult to say at what point it will be precisely on a quarterly basis because of that nuance in terms of doing the best for the business. On an annual basis, again, we target more than GBP 100 million in revenue by 2029, with around a 20% adjusted EBITDA margin, which will be around the GBP 20 million mark.

[Operator]

That's great. Thank you. I'm just going to jump a couple of questions to Gautam. Thank you. Gautam's got three questions, so let's start with the first one. You reached 75% recordkeeper coverage. U.S. AUA is at $4.8 million on around 400 customers. What's the actual lag time you're seeing between signing a recordkeeper intermediary relationship and it converting into meaningful rollover inflows? Can you provide a rough timeline to getting to that $1 billion U.S. AUM?

[Romi Savova, CEO at PensionBee]

Thank you for those excellent questions on the U.S. As you know, in the U.S., we have a dual channel model. We maintain our direct-to-consumer marketing approach, here we are really focused on optimizing the conversion funnel. The conversion funnel is different to the U.K. conversion funnel. There is a lower cost of marketing at the upper end of the funnel, which we've kind of stated numerous times. Conversely, because the prevalence of accounts in the U.S. is lower than in the U.K., there is also a lower funding rate. We are now at the point where we feel well optimized on the upper end of the conversion funnel in terms of the marketing spend. We are progressively working our way through the conversion of the accounts from a funding request to a funding actually occurring.

[Romi Savova, CEO at PensionBee]

I state that because you note the total AUA volume and the number of customer accounts. Most of those are coming through our D2C channel. The question then turns towards the intermediary market, where we are using our Automatic Rollover IRA. We are really distributing through intermediaries which includes advisors, third-party administrators. We note recordkeepers because they are important gatekeepers for making that flow as smooth as possible. The recordkeeper relationships here are really about how easy is it for an employer to use the PensionBee Automatic Rollover IRA. The 75% figure there that is referenced points to the fact that we now have really broad relationships established across the recordkeeper market.

[Romi Savova, CEO at PensionBee]

If you wanted to use the PensionBee Automatic Rollover IRA as a Fidelity client or as an Empower client or an Ally client, we either have a direct integration with you, or we have worked with you, or we are in the process of working with you. That broad coverage around the recordkeeper market as gatekeepers is really important. We continue to add new recordkeepers, and we will be sharing more news on that in the coming quarters and in the coming year to increase the ease of throughput through that B2B channel. The intermediaries themselves are typically advisors or third-party administrators who have strong working relationships with the employers. As we have stated in the release, we are targeting 100 intermediary relationships over the medium term, and that $1 billion U.S. AUM goal is a medium-term goal as we have previously stated.

[Romi Savova, CEO at PensionBee]

What we've given you here is really the inputs into the $1 billion U.S. AUM. The inputs are, of course, the B2B line. We've spelled out that we believe 100 intermediaries with $10 million of annual recurring inflow from those intermediaries, and I am happy to go into more detail in terms of how that is generated. We see that getting us to $1 billion of AUA, but we also see it being substantially recurring. Similarly on the D2C side, we've given you some of the ingredients around the funnel. We continue to establish the funnel. It is getting really well optimized on the marketing side. We are continuing to push through on the conversion side through more automations and more pushing of the transfers to get them through the system.

[Operator]

Thanks, Romi. Just turning around to U.K. marketing spend. The question reads as follows that U.K. marketing spend rose 34%, whilst gross inflows rose 34%, and new customers were 12,000 versus 11,000, with growth increase incoming from higher transfer in values from older cohorts, average 40 versus 39. Should we read this as a shift in strategy towards wallet share over customer acquisition, and is that sustainable given the GBP 250 CPIC target?

[Romi Savova, CEO at PensionBee]

Great question. This time on U.K. marketing and the approach there. We remain very committed to our 1 million invested customer goal for the U.K. We see ourselves well on track for that. We are onboarding more new invested customers every year. As you noted, we are increasing our marketing spend to be able to increase the rate at which the new invested customers are being onboarded. As you also know, we make money on AUA, there is, of course, a priority to continue driving higher account sizes. We have been very transparent around that. You can see that reflected in the average balances that are coming through on the PensionBee platform. Yes is the short answer. Very much committed to growing towards the 1 million invested U.K. customers, with a focus on optimizing flows per pound of marketing spend.

[Romi Savova, CEO at PensionBee]

The GBP 250 CPIC is, of course, very important. It's a key driver of our LTV, so long-term returns from customer acquisition activities. We will always expect to see an increase in CPIC, especially because we are increasing marketing spend and there's always a lag between marketing spend and the customer's transfer actually completing. Very much on track for our long-term goals there, and hopefully everyone will be very pleased with the growth in those gross inflows.

[Christoph Martin, CFO at PensionBee]

Indeed, maybe just one other point to comment on the growth engine, because it is really important for us as a business, is that our growth engine is really predictable, and let me tease out a few additional points on this one. Before, maybe also quickly on the CPIC target. Yes, very committed to it. You did see that we have indeed accelerated marketing investment this year, CPIC has come up a bit. Also we have seen this in the past as well, when you go back actually to 2022, you see actually a similar CPIC level at the time where we also increased that marketing spend, and on the back of that had a really accelerated customer acquisition. We usually look at CPIC target by year-end, and the main reason is the acceleration in marketing.

[Christoph Martin, CFO at PensionBee]

I think the second point that I really want to tease out is, which is also new, that in our presentation on page 18, which is the strong metric around gross inflows per GBP of marketing spend, that's quite important because, as Romi just said, ultimately, we are generating revenue based on the assets, on the fee-based assets. We see marketing as just a growth vector, a growth driver. Therefore, it's very important if we invest marketing, that that translates into gross inflows and therefore drives revenue. Therefore, we monitor gross inflows per marketing deployed. You can see on page 18 that there's a strong correlation with age in particular. I think we are really happy about delivering a gross inflow per marketing spend that is in line with last year.

[Christoph Martin, CFO at PensionBee]

Yes, customers were a little bit older, also we spent a little bit more towards the back end of this first half. That means given that there's always a little bit of lag effect that when we deploy marketing until customers come into the door and the pots are transferred in, there's always a little bit of a lag effect. That means the closer you to deploy towards the end of the quarter, if you will, the more the value is pushed into the next quarter. I think despite that really strong gross inflows per marketing spend, it basically highlights page 18 in particular, that the growth engine is really, really predictable and reliable because we have provided data back from 2022-2026, it shows a strong correlation. We spend marketing, we have a certain marketing strategy that translates into gross inflows.

[Operator]

That's great. Thank you. Thank you, Christoph. Just changing the subject, the final point of the question here around margins. U.K. LTM EBITDA margin hit 15%, already closing in on the group's 2029 target of circa 20% for the whole business. Does that imply that margins alone need to run well ahead of 20% to offset ongoing U.S. losses?

[Christoph Martin, CFO at PensionBee]

Yeah, Zac, very good question. The short answer is yes. I think the U.K. will, given that the U.K. is much further down its growth trajectory, will contribute much, much more strongly to the medium-term guidance by 2029. That means that on a group level, we target around 20%. We probably expect the U.K. to be at or above 20% at around that time, and the U.S. to be around breakeven levels. I think your suggestion is correct and I think that's a very reasonable understanding.

[Operator]

That's great. Thank you. Question from Jude at RBC. Jude, thank you very much. Again, a number of questions here. On the Channel 4 Weather sponsorship, it's great to see PensionBee on the TV in the evenings. What's the rationale for this booking, this particular slot? Is it replacing something else that PensionBee used to sponsor?

[Romi Savova, CEO at PensionBee]

Great question. Focused on the U.K. marketing strategy, and particularly around building brand awareness. Jude, I am so pleased to hear you commenting on the visibility of the brand. We are really focused on becoming an even better-known household brand in the U.K., and we think the Channel 4 Weather sponsorship will contribute significantly to that. It's a very repetitive format, and so we expect consumers to see us multiple times a day. It greatly enhances, we believe, the visibility of the brand, and also the long-term trust that we are seeking to establish. We have some exciting pending product-related activities that will feed in nicely with this brand sponsorship, so please do keep watching.

[Romi Savova, CEO at PensionBee]

In terms of what it is replacing, we have concluded our sponsorship of Brentford. It's been a wonderful relationship, and we really feel proud of everything that has been achieved over that five years working with Brentford. Over that period of time, we saw brand awareness growing significantly. We have previously stated that brand awareness grew significantly among male audiences. Therefore, we believe that the football sponsorship was really effective in driving that, given the audience representation around that sport. With a lot of that having delivered significant value, we are turning our attention to slightly different and perhaps broader audiences, including around the Channel 4 sponsorship. We have more sponsorships that will be announced very soon, some of which have been in the live environment already.

[Romi Savova, CEO at PensionBee]

We believe that the combination of the repetitive Channel 4 sponsorship and a slightly deeper brand-related sponsorship, again, on the sporting front, will enable us to continue to reach a broad section of the audience while maintaining the diversity of the sponsorship mix.

[Operator]

Thanks, Romi. Moving on. "I think in the past," this is from Jude, "you've said around 30% of existing customers contribute new assets. Can you remind where that stands now, and is there any color you can add on how different cohorts behave in this respect? For example, do customers starting contributing more the longer they have been with the group?

[Romi Savova, CEO at PensionBee]

Nothing particularly new to report here. The numbers remain broadly in line with what we've previously discussed. We believe that consumers contribute as and when they can, and of course, pension tax relief remains one of the important ways that personal finances can be optimized in the U.K. In terms of cohorts, we believe that contributions are more prevalent where affordability is greater. Of course, the mix of customers that we have, we have customers with GBP 1 or GBP 100 in their pensions with PensionBee, and we have customers with GBP 1 million and beyond. We do tend to see contributions at the higher end of the affordability curve, and that's probably quite expected as well.

[Operator]

That's great. Just only a question from Matt. "Are you seeing any change in customer contribution behavior beyond pension transfers?

[Romi Savova, CEO at PensionBee]

I believe we just answered that one.

[Operator]

Apologies.

[Romi Savova, CEO at PensionBee]

However, what I would add and what is really interesting for us to see, is that we are seeing a very similar contributing behavior emerging in our U.S. customer base. Obviously, the U.S. customer base is still significantly smaller than the U.K. customer base. But nevertheless, we see that around 20% of the U.S. customers are contributing. That very much validates our hypothesis that consumers around the world are looking for good, usable, easy retirement solutions that are also high quality. It's great to see that contributing behavior making itself known across the pond, too.

[Operator]

Thank you. We've got a number of questions from William. William, thank you very much for your questions. The first is, "You've added 22,000 U.K. customers in H1. Should H2 be higher as marketing momentum builds, or is there still likely a seasonal dip H2 versus H1 as the tax year impact fades?

[Romi Savova, CEO at PensionBee]

We think that the marketing buildup has been particularly strong. You can see that in the gross inflows, and we can certainly see that in the transfer request, too. We think that the pipeline remains strong. We expect to continue optimizing that in the second half.

[Operator]

Thank you. Second part of his question, "You seem to enjoy much higher inflows per new customer this quarter. If I'm right, what was the driver, and does it influence our view about the outlook? It seems to be the 42-year-old higher average age.

[Romi Savova, CEO at PensionBee]

Well, we're certainly looking to grow inflows per pound of marketing spend, and we have been for a while. We are also looking to grow the invested customer base, and we have our 1 million invested customer target for the long term for the U.K. Yes, we are enjoying higher inflows per new customer, and we intend to continue on that route. We see the opportunity for engaging customers with slightly bigger accounts as being a marketing and a product initiative, so you can definitely expect to see more from us on that point, certainly in the second half, but also next year. Generally speaking, U.K. account sizes are increasing across the board because automatic enrollment is becoming so embedded. The typical 35-year-old has more in their account in the U.K. than the typical 35-year-old did 10 years ago.

[Romi Savova, CEO at PensionBee]

There is also a kind of broader market effect that you would expect to see in our numbers.

[Operator]

Thank you. The final question, turning back to the Channel 4 Weather sponsorship, is this a relationship that you hinted in the Q1 call, or is there something else also in the pipeline?

[Romi Savova, CEO at PensionBee]

This was definitely hinted at in the Q1 call. We have more in the pipeline, too. Please do stay tuned.

[Operator]

That's great. Thank you. There was one final question, I think you might have touched on it, but just in case there was any further color, but marketing investment increased quite significantly, and really where were you seeing the highest returns?

[Romi Savova, CEO at PensionBee]

As you know, we're big believers in the diversified approach to marketing. That includes paid channels. That includes, of course, search, organic and paid across various devices. Also in brand and making sure that we are top of mind when customers think about their pension. Very much continue to deploy that diversified marketing mix. It's been critical to our growth and will continue to be so.

[Operator]

Thank you very much indeed. Romi, Christoph, that takes care of all the questions from attendees today. Thank you to everybody for your engagement. As usual, Romi, I'll shortly redirect those on the call to give you their feedback, but before doing so, if I may just ask you for a couple of closing comments.

[Romi Savova, CEO at PensionBee]

Thank you very much for joining us today, and we look forward to continuing the conversation.

[Operator]

That's great, Romi, Christoph. Thanks once again. That concludes today's presentation, ladies and gentlemen. We will now redirect you for your feedback. Thank you for your time today.

Participants

Analysts

• Romi Savova, CEO at PensionBee
• Christoph Martin, CFO at PensionBee