Half-year Results

Successful Execution Drives UK Performance and Sustained Growth Momentum PensionBee US Lays Growth Foundation with Strategic Brand and Tech Investment PensionBee Group plc ('Company', together with its subsidiaries 'PensionBee' or the 'Group'), a leader in the online consumer retirement market, today announces interim results for the six month period ended 30 June 2025 ('H1 2025'). Performance Overview In the first half of 2025, PensionBee delivered strong financial and operational performance, with high levels of growth achieved across key metrics, in line with the Q2 2025 Results announcement released on 23 July 2025. ● Invested Customers 1 increased by 14% year-on-year to 286,000 (H1 2024: 252,000), underpinned by the strength of the Company's brand and efficient, data-led customer acquisition. ● Assets Under Administration ('AUA') 2 increased by 21% year-on-year to £6.3bn as at Jun-2025 (H1 2024: £5.2bn), driven by strong Net Flows from new and existing customers. ● Revenue 3 rose to £18.9m for the first half of 2025 (H1 2024: £15.4m), with Annual Run Rate ('ARR') Revenue increasing by 23% to £39.8m (H1 2024: £32.4m). 3 ● Prompted brand awareness 4 hit a new record-high of 59% in the UK (H1 2024: 54%) and 5% in the US , marking the first time brand awareness in the US has been reported. These results highlight strong consumer trust and recognition, supporting future growth. ● UK Cost per Invested Customer 5 remains in line with expectations at £251 (H1 2024: £242), reflecting a planned acceleration of the UK marketing budget, which has grown the Company's customer and transfer pipeline and is expected to deliver strong momentum for H2 2025. ● Improved efficiency with an 18% productivity improvement in the UK (H1 2025: 1,489 Invested Customers per Staff Member vs. 1,264 in H1 2024) 6 and the rollout of US transfer automations in a live testing environment. ● Customer and AUA Retention Rates 7 , 8 remained strong at >95% driven by industry-leading customer service, 9 evidenced by a 4.6★ Excellent Trustpilot rating (H1 2024: 4.7★) 10 and ongoing product innovation. ● Group LTM Adjusted EBITDA improved to £(0.5)m (LTM Jun-2024: £(2.3)m), reflecting continued investment in growth and operating efficiency achieved through the Company's scalable cost base. 11 , 12 UK LTM Adjusted EBITDA also strengthened for the same period to £3.2m , compared to £(1.9)m in Jun-2024. ● Profit/(Loss) before Tax was £(5.1)m , with a margin of (27)% (H1 2024: £(3.8)m, (24)%), 13 , 14 resulting in Basic Earnings per Share of (2.14)p (H1 2024: (1.64)p). 15 ● Cash position increased to £34m (H1 2024: £11m), following the Company's capital raise of £20m in October 2024.

Romi Savova, Chief Executive Officer of PensionBee, commented: "In the first half of 2025, we continued to advance our ambition of becoming a global leader in the consumer retirement market, making saving for later life simple and accessible. By staying focused on and committed to our mission, we delivered 21% growth in Assets under Administration ('AUA'), reaching £6.3 billion, alongside a 14% increase in our Invested Customers, now standing at 286,000. These results reflect our deep commitment to serving our customers with excellence, through our innovative product offering, personalised tools and content that empowers them to take control of their retirement planning. In the UK, we strengthened our position by continuing to invest in our technology and elevating the customer experience, supported by AI-driven enhancements. We also increased our marketing expenditure, with a strong focus on attracting younger savers. With a robust pipeline of new customers and record-high brand awareness, we are well-placed to sustain our growth trajectory through the year and beyond. In the US, the first half of the year marked a foundational phase of investment, laying critical infrastructure with the introduction of transfer automations, a new self-employed offering, and interactive tooling designed to help customers prepare for retirement. Through our Safe Harbor IRA business line we've established a strong pipeline of new customer accounts, and with brand awareness already reaching 5% we are poised to significantly accelerate operational growth through increased marketing expenditure in the second half of 2025. Our continued progress against our strategic goals continues to underpin our long-term ambition: serving 1 million Invested Customers over the next decade in the UK and growing our US customer base. With proven ability to generate predictable Revenue, our focus is on building lasting relationships with our customers and creating long-term value throughout every stage of their retirement journey."

Group Financial Highlights

For the 6-month Period Ending

Notes: 1. Invested Customers ('IC') means those customers who have transferred pension assets or made contributions into one of PensionBee's investment plans and have an active balance. 2. Assets under Administration ('AUA') is the total invested value of pension assets within PensionBee Invested Customers' pensions. It measures the new inflows less the outflows and records a change in the market value of the assets. AUA is a measurement of the growth of the business and is the primary driver of Revenue. 3. Revenue means the income generated from the asset base of PensionBee's customers, essentially annual management fees charged on the AUA, together with a minor revenue contribution from other services. Annual Run Rate ('ARR') Revenue is calculated using the recurring Revenue for the relevant month multiplied by 12. 4. PensionBee UK prompted brand awareness tracker, June 2025. Prompted brand awareness measured through a consumer survey asking 'Which of the following have you heard of?' with respect to UK financial services brands. Prompted brand awareness for June 2025 was 59% and for June 2024 was 54%. PensionBee US prompted brand awareness tracker, June 2025. Prompted brand awareness measured through a consumer survey asking 'Which of the following have you heard of?' with respect to US financial services brands. 5. UK Cost per Invested Customer ('CPIC') means the cumulative UK advertising and marketing expenses incurred since PensionBee commenced trading up until the relevant point in time divided by the cumulative number of UK Invested Customers at that point in time. This measure monitors cost discipline of customer acquisition. PensionBee's desired UK CPIC threshold is £200-£250. 6. Productivity, measured using Invested Customers per Staff Member, is calculated using an LTM average for the total workforce contracted by PensionBee UK. 7. Customer Retention Rate measures the percentage of retained PensionBee Invested Customers over the average of the trailing twelve months. High customer retention provides more certainty of future Revenue. This measure can also be used to monitor customer satisfaction. 8. AUA Retention Rate measures the percentage of retained PensionBee AUA from transfers out over the average of the trailing twelve months. High AUA Retention provides more certainty of future Revenue. This measure can also be used to monitor customer satisfaction. 9. Over H1 2025 customer calls had an average live chat wait time of 13 seconds (calculated as the average time customers are waiting in a queue to be put through to a team member), and an email response rate of 82% of email cases closed within 72 hours. 10. Trustpilot score of 4.6★ out of 5 (based on 12,034 reviews) recorded as at 11 July 2025. Truspilot score of 4.7★ out of 5 (based on 10,920 reviews) recorded as at 11 July 2024. 11. Adjusted EBITDA is the Operating Profit/(Loss) for the year before Taxation, Finance Costs, Finance Income, Depreciation and Amortisation Expense, Share-based Payments and Expansion Costs. LTM Adjusted EBITDA refers to the Adjusted EBITDA generated over the last twelve months. UK Adjusted EBITDA includes Other Income arising from inter-company transactions with PensionBee US. All inter-company transactions are calculated on an arm's length basis. 12. Cost Base is the total operating costs, including Money Manager Costs, Advertising and Marketing Expenses and Technology Platform Costs & Other Operating Expenses, for the relevant period. 13. Profit/(Loss) before Tax is a measure that looks at PensionBee's profit or losses before it has paid corporate income tax. 14. Profit/(Loss) before Tax Margin means Profit/(Loss) before Tax as a percentage of Revenue for the relevant period. 15. Basic Earnings per Share is calculated by dividing the profit or loss attributable to ordinary equity holders of the Group by the weighted average number of ordinary shares in issue during the period. 16. Adjusted EBITDA Margin means Adjusted EBITDA as a percentage of Revenue for the relevant period. 17. Revenue Margin is calculated by using the last twelve months of recurring Revenue over the average quarterly AUA held in PensionBee's investment plans over the period. 18. Net Flows measures the cumulative inflow of PensionBee AUA from consolidation and contribution ('Gross Inflows'), less the outflows from withdrawals and transfers out ('Gross Outflows') over the relevant period. 19. ppt is the absolute change in percentage points.

Enquiries Press Steven Kennedy press@pensionbee.com +44 20 3557 8444 A nalysts and Investors investor@pensionbee.com

Group Guidance and Outlook

Revenue Objectives: ● PensionBee has an ambition to reach >£100m of Group Revenue in the short to medium term (by year end 2029). ● The Company's ambition is to exceed £250m Revenue for the Group in the longer term (by year end 2034).

Profitability Objectives: ● PensionBee has an ambition to reach a Group Adjusted EBITDA Margin of c.20% in the short to medium term (by year end 2029). ● The Company's ambition is to reach c.50% Adjusted EBITDA Margin for the Group in the longer term (by year end 2034). Dividend In line with our stated dividend policy, the Company does not intend to pay any dividends as we continue to execute our strategy and invest in growth. Whilst the Company has not paid dividends since incorporation, it intends to revisit its dividend policy in future years and may revise its dividend policy from time to time. Romi Savova Chief Executive Officer 13 August 2025 Notes: 1. Invested Customers ('IC') means those customers who have transferred pension assets or made contributions into one of PensionBee's investment plans and have an active balance. 2. Assets under Administration ('AUA') is the total invested value of pension assets within PensionBee Invested Customers' pensions. It measures the new inflows less the outflows and records a change in the market value of the assets. AUA is a measurement of the growth of the business and is the primary driver of Revenue. 3. Net Flows measures the cumulative inflow of PensionBee AUA from consolidation and contribution ('Gross Inflows'), less the outflows from withdrawals and transfers out ('Gross Outflows') over the relevant period. 4. AUA Retention Rate measures the percentage of retained PensionBee AUA from transfers out over the average of the trailing twelve months. High AUA Retention provides more certainty of future Revenue. This measure can also be used to monitor customer satisfaction. 5. Customer Retention Rate measures the percentage of retained PensionBee Invested Customers over the average of the trailing twelve months. High customer retention provides more certainty of future Revenue. This measure can also be used to monitor customer satisfaction. 6. Trustpilot score of 4.6★ out of 5 (based on 12,034 reviews) recorded as at 11 July 2025. Truspilot score of 4.7★ out of 5 (based on 10,920 reviews) recorded as at 11 July 2024. 7. PensionBee UK prompted brand awareness tracker, June 2025. Prompted brand awareness measured through a consumer survey asking 'Which of the following have you heard of?' with respect to UK financial services brands. Prompted brand awareness for June 2025 was 59% and for June 2024 was 54%. 8. PensionBee US prompted brand awareness tracker, June 2025. Prompted brand awareness measured through a consumer survey asking 'Which of the following have you heard of?' with respect to US financial services brands. 9. Revenue means the income generated from the asset base of PensionBee's customers, essentially annual management fees charged on the AUA, together with a minor revenue contribution from other services. 10. Adjusted EBITDA is the Operating Profit/(Loss) for the year before Taxation, Finance Costs, Finance Income, Depreciation and Amortisation Expense, Share-based Payments and Expansion Costs. LTM Adjusted EBITDA refers to the Adjusted EBITDA generated over the last twelve months. UK Adjusted EBITDA includes Other Income arising from inter-company transactions with PensionBee US. All inter-company transactions are calculated on an arm's length basis. 11. UK Cost per Invested Customer ('CPIC') means the cumulative UK advertising and marketing expenses incurred since PensionBee commenced trading up until the relevant point in time divided by the cumulative number of UK Invested Customers at that point in time. This measure monitors cost discipline of customer acquisition. PensionBee's desired UK CPIC threshold is £200-£250. 12. Productivity, measured using Invested Customers per Staff Member, is calculated using an LTM average for the total workforce contracted by the UK. 13. Social media following includes Instagram followers, TikTok followers, Facebook followers, Youtube subscribers and Linkedin connections. 14. A Safe Harbor Individual Retirement Account is a specialised IRA, established when a qualified retirement savings plan elects to 'force out' small-balance participants (<$7,000) after they have left employment.

Group Financial Highlights1

The Group's trading performance in the first half of 2025 demonstrates our continued commitment to disciplined execution and sustainable growth. By maintaining a clear strategic focus and responding effectively to evolving market conditions, we are strengthening our position across key areas of the business while advancing our strategy for long-term value creation.

United Kingdom

The UK business is well-positioned to maintain the strong momentum of 2024, with full-year Adjusted EBITDA profitability expected for the full year 2025. We continue delivering consistent growth in Invested Customers ('IC') and recurring Revenue through our high Customer Retention Rate and scalable operations.1

Invested Customers grew 14% year-on-year to 286,000 as of June 2025 (Jun-2024: 252,000),1 supported by consistent acquisition performance and strong retention. Assets under Administration ('AUA') rose 21% to £6.3bn (Jun-2024: £5.2bn), reflecting robust Net Flows of £423m (H1 2024: £482m) and demonstrating resilience despite volatile market movements caused by macroeconomic uncertainty.1 Total Revenue for the UK reached £19.6m (H1 2024: £15.7m) over the same period,1 and Annual Run Rate Revenue reached £39.8m (Jun-2024: £32.4m).2

United States

In the US, we are focused on building brand awareness, expanding our presence, and establishing the foundations necessary for long-term success in this large market. Over the first half of the year, marketing expenditure for the US business amounted to £0.7m (H1 2024: £nil), which was fully reimbursed by our long-standing partner, State Street. Through disciplined cost management and a focus on operational efficiency, we are strengthening our US foundations and building momentum toward long-term scalability and growth.

Group

Overall, marketing and technology investment remained central to the Group's strategy, with continued execution across both the UK and US, each at distinct stages of growth. As a result, Group Adjusted EBITDA was £(2.9)m year-to-date (H1 2024: £(2.0)m).1 This result was underpinned by disciplined cost management and a sustained focus on efficiency, highlighting the inherent operating leverage of our technology platform and business model. Group Profit/(Loss) before Tax was correspondingly £(5.1)m (H1 2024: £(3.8)m).1

We remain on track to deliver our 2025 full-year goals, underpinned by Adjusted EBITDA profitability in the UK. Our focus on scalable infrastructure and financial discipline ensures that we are well positioned to navigate a dynamic macroeconomic environment and deliver long-term value.

Scaling Customer Growth through Strategic Global Brand Investment1

As at Year End

United Kingdom

In the UK, we continued to scale and strengthen our brand and acquire customers efficiently, investing £7.6m in Advertising and Marketing during the first six months of the year, a 30% increase compared to the same period in 2024 (H1 2024: £5.8m). This increase reflects our objective to grow our Invested Customers, while continuing to optimise customer acquisition costs over the long-term through our proven data-led approach. Prompted and unprompted brand awareness reached 59% and 25% respectively,4 making PensionBee one of the most recognised pension providers in the UK market. While brand investment is inherently long-term in nature, its near-term impact has supported the successful acquisition of approximately 21,000 new Invested Customers over H1 (H1 2024: 23,000).1 Additionally, we have developed a strong pipeline of customer registrations and pension transfer requests, which are expected to convert into further growth in Invested Customers during the second half of the year.

United States

In the US, we remain focused on building the foundational infrastructure and brand presence required for long-term success. During the first half of 2025, we invested £0.7m in US Advertising and Marketing, fully reimbursed by our long-standing trusted partner, State Street (H1 2024: £nil).3 Our efforts focused on building US brand awareness through a multi-channel strategy, using high-quality original content. Engagement has been strong across YouTube, Meta, TikTok and LinkedIn, with our following having grown to 36,200 (Jun-2024: nil).5 As a result, we recorded prompted brand awareness of 5% in the US.

Group

Overall, total marketing investment in the UK and US reached £8.3m year-to-date, 42% higher than the same period last year (H1 2024: £5.8m), with £0.7m (H1 2024: £nil) for our US Advertising and Marketing activities fully reimbursed. These results reflect our commitment to growing our brand globally and our focus on building a large base of Invested Customers.

Strong Asset Growth driven by High Retention Rates and Effective Customer Acquisition1

As at Period End

United Kingdom

During the first half of 2025, we maintained strong growth momentum despite the well-publicised global macroeconomic volatility, reflecting the effectiveness of our customer acquisition model and high retention rates. AUA grew to £6.3bn (H1 2024: £5.2bn), up 21% year-on-year, driven by £423m in Net Flows (H1 2024: £482m) and continued operational efficiency.1 Net Flows consisted of £312m in Net Flows from New Customers (H1 2024: £355m) and £111m Net Flows from Existing Customers (H1 2024: £127m).1

Net Flows from Existing Customers remained a key contributor to AUA growth, reaching £111m in the first half (H1 2024: £127m), as customers continued consolidating pensions and making regular contributions.1 This result highlights the strength of our continued customer engagement strategy, ongoing product enhancements, and tailored digital experience, all of which contribute not only to strong Net Flows but also to customer empowerment and continued engagement with the PensionBee platform.

Our consistently high AUA Retention Rate of 96% (H1 2024: 96%) demonstrates continued customer satisfaction, supported by product innovation and our commitment to delivering exceptional service.1 This high retention, combined with stable long-term savings behaviour, reinforces the predictability of our model and underpins ongoing AUA growth.

United States

In the US, we continued to lay critical foundations for future growth, with £0.7m in Advertising and Marketing spend in the first half of the year (H1 2024: £nil). This investment has focused on translating our product and brand for the US market and calibrating key marketing channels including paid search, organic search, social, PR and brand advertising.

Early consumer response has been positive as we build momentum towards long-term scalability and market presence. Our US strategy remains tightly aligned with our broader growth model, balancing brand awareness with disciplined cost and data-led customer acquisition.

Group

The Group's proven model, anchored in strong retention, scalable technology and efficient marketing spend, continues to drive steady AUA growth.

Resilient Revenue Margin drives Recurring Revenue

As at Period End

We delivered strong year-on-year AUA growth of 21% in H1 2025 (H1 2024: 40%), successfully translating this into 23% Revenue growth and Revenue of £18.9m (H1 2024: £15.4m). 1 This continued momentum reflects the strength and consistency of our Revenue Margin, which remained stable at 0.63% (H1 2024: 0.64%). 1 Revenue for the first half of the year was generated almost exclusively by our UK business. Our highly predictable Revenue base is underpinned by the recurring nature of our annual management fees, which are charged as a percentage of AUA. High retention rates among both Invested Customers and AUA support steady and growing income. Additional contributions to Revenue include intermediary partnerships, such as with LifeSearch, and smaller ad-hoc income.

Efficient Investment in our Industry Leading Technology Platform, People and Product

As at Period End

Money Manager Costs rose by 26% to £(2.5)m (H1 2024: £(2.0)m), proportionately increasing with Revenue growth. 8 Employee Benefits Expense increased by 23% to £(7.1)m (H1 2024: £(5.7)m), as we strategically expanded our workforce to 212 as of 30 June 2025 (Jun-2024: 195), primarily to continue developing our US operations. Other Operating Expenses rose by 22% to £(4.6)m (H1 2024: £(3.8)m), driven by continued investment in automation, process streamlining, and platform enhancements that are already contributing to greater long-term efficiency and operational leverage. Technology Platform Costs and Other Operating Expenses. 9 Overall, we continued to strengthen our scalable technology platform while maintaining strong financial discipline, with a clear focus on sustainable growth. Our expenditure remains centred on driving operational efficiency and enhancing customer experience, underpinned by automation, integration, and a consistent focus on productivity.

United Kingdom In the UK, we continued to optimise specialised roles within customer service, marketing and technology. By integrating automation and leveraging internal systems, our customer service team maintained high response rates 6 and our industry-leading Trustpilot score of 4.6★ (H1 2024: 4.7★). 11 Our Invested Customers per Staff Member productivity metric improved from 1,264 in the first half of 2024 to 1,489 within the same period this year. 7 United States In the US, we continued to lay strong foundations for growth through targeted hiring, market-specific product adaptation, and efficient use of global resources. We continued to operate with a small but steadily growing US-based team, reaching 13 employees as of 30 June 2025 (Jun-2024: 2). Group Across the Group, we remain focused on advancing our technology platform and expanding efficiently. Our workforce strategy of combining automation, targeted hiring, and global collaboration has supported business growth while ensuring we remain agile.

Profitability Metrics1,10

As at Period End

Our primary measure of profitability is Adjusted EBITDA, which includes Advertising and Marketing Expenses but excludes Finance Costs, Finance Income, Depreciation and Amortisation, Share-based Payments, and Expansion Costs, providing a clearer view of our underlying operating performance before taxation. 1, 10 We remain focused on delivering long-term profitability through the continued scaling of our operations and disciplined cost management. In the first half of 2025, Adjusted EBITDA was £(2.9)m (H1 2024: £(2.0)m), reflecting strategic investment in our US market entry. 1, 10 This positions us for future top-line growth while maintaining cost discipline across both markets. The Adjusted EBITDA Margin was (15)% (H1 2024: (13)%). 10 Profit/(Loss) before Tax was £(5.1)m for the first half of 2025, an increase from £(3.8)m in H1 2024, consistent with our investment and growth ambitions. 1 United Kingdom In our established UK business, Adjusted EBITDA improved to £(0.8)m (H1 2024: £(1.6)m), despite an increase in marketing investment and external market volatility earlier in the year. 1, 10 The Adjusted EBITDA Margin improved by six percentage points to (4)% (H1 2024: (10)%), highlighting operating leverage in the UK as we continue to scale efficiently and serve our ever growing Invested Customer base. 1, 10 United States In the US, Adjusted EBITDA was £(2.2)m (H1 2024: £(0.4)m), reflecting strategic investment in establishing our US operations. 1, 10 While the US remains in the early stages of its growth cycle, we are making strong progress in laying the foundations for scalable growth and investing in long-term market presence. Group As we expand our Invested Customers and continue to grow, we expect to continue seeing operating leverage translate into improved margins over time. The stability of UK performance and our cost disciplined approach to international expansion position us well to drive long-term shareholder value.

As at Period End

Depreciation and Amortisation Expense increased year-on-year to £(0.2)m (H1 2024: £(0.1)m). Finance Income rose to £0.6m in H1 2025 (H1 2024: £nil), reflecting the benefit of higher interest earned on our strong cash position. Share-based Payments increased during the period £(2.5)m (H1 2024: £(1.4)m). Expansion Costs decreased year-on-year to £nil (H1 2024: £0.2).

Taxation decreased year-on-year to £nil (H1 2024: £0.1m). No deferred tax asset was recognised for the carried forward losses.

Basic Earnings per Share was (2.14)p for H1 2025 (H1 2024: (1.64)p). This decreased in line with the change in Profit/(Loss) before Tax.

Christoph J. Martin

Chief Financial Officer

Notes:

• See Definitions section.
• Other Income refers to reimbursements from State Street for US Advertising and Marketing Expenses.
• PensionBee UK prompted brand awareness tracker, June 2025. Prompted brand awareness measured through a consumer survey asking 'Which of the following have you heard of?' with respect to UK financial services brands. Prompted brand awareness for June 2025 was 59% and for June 2024 was 54%. PensionBee UK unprompted brand awareness tracker, June 2025 measured through a consumer survey asking 'Thinking about pensions what brands come to mind?' Unprompted brand awareness for June 2025 was 25%.
• Social media following includes Instagram followers, TikTok followers, Facebook followers, Youtube subscribers and Linkedin connections.
• Over H1 2025, customer calls had an average live chat wait time of 13 seconds (calculated as the average time customers are waiting in a queue to be put through to a team member). Email response rate calculated as 82% of email cases closed within 72 hours over the same period.
• Invested Customers per Staff Member calculated using LTM average for the UK workforce. June 2025 workforce only includes employees contracted by the UK.
• Money Manager Costs are variable costs paid to PensionBee's money managers.
• Technology Platform Costs & Other Operating Expenses comprises Employee Benefits Expense (excluding Share-based Payments) and Other Operating Expenses.
• PensionBee's Key Performance Indicators include alternative performance measures ('APM's), in particular Adjusted Earnings Before Taxation, Finance Costs, Finance Income, Depreciation, Amortisation, Share-based Payments and Expansion Costs ('Adjusted EBITDA'). APMs are not defined by International Financial Reporting Standards ('IFRS') and should be considered together with the Group's IFRS measurements of performance. PensionBee believes APMs assist in providing additional insight into the underlying performance of PensionBee and aid comparability of information between reporting periods. A reconciliation to the nearest IFRS number is provided in the Notes to the Condensed Consolidated Financial Statements 'Alternative Performance Measures'.
• Trustpilot score of 4.6★ out of 5 (based on 12,034 reviews) recorded as at 11 July 2025. Truspilot score of 4.7★ out of 5 (based on 10,920 reviews) recorded as at 11 July 2024.
• ppt is the absolute change in percentage points.

The above results were derived from continuing operations.

Notes 1 to 17 form an integral part of these Condensed Consolidated Financial Statements.

Condensed Consolidated Statement of Financial Position

As at 30 June 2025

Notes 1 to 17 form an integral part of these Condensed Consolidated Financial Statements.

Approved by the Board on 13 August 2025 and signed on its behalf by:

Christoph J. Martin

Chief Financial Officer

Condensed Consolidated Statement of Changes in Equity For the Period from 1 January 2025 to 30 June 2025

Notes 1 to 17 form an integral part of these Condensed Consolidated Financial Statements.

Condensed Consolidated Statement of Cash Flows

For the Period from 1 January 2025 to 30 June 2025

Notes 1 to 17 form an integral part of these Condensed Consolidated Financial Statements.

Notes to the Condensed Consolidated Financial Statements For the Period from 1 January 202 5 to 30 June 202 5

Corporate Information

PensionBee Group plc (the 'Company') is the parent company of PensionBee Limited, PensionBee Trustees Limited and PensionBee Inc. (the 'Subsidiaries') (together the 'Group').

The Condensed Consolidated Financial Statements of the Group for the six months ended 30 June 2025 were authorised for issue in accordance with a resolution of the Directors on 13 August 2025.

PensionBee Group plc is a public limited company, whose shares are listed on the London Stock Exchange ('LSE'), incorporated and domiciled in England and Wales.

The address of its registered office is:

209 Blackfriars Road

London

SE1 8NL

United Kingdom

Principal Activity

The principal activity of the Group is that of an online retirement savings provider. The Group seeks to make its customers 'Pension Confident' by giving them complete control and clarity over their retirement savings. The Group helps its customers to combine their retirement savings into one new online plan where they can contribute, forecast outcomes, invest effectively, and withdraw their retirement savings, all from the palm of their hand.

Accounting Policies

Basis of Preparation

The Annual Financial Statements of PensionBee Group plc will be prepared in accordance with United Kingdom adopted International Financial Reporting Standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with United Kingdom adopted International Accounting Standard 34 'Interim Financial Reporting'. The Group has prepared the Condensed Consolidated Financial Statements on the basis that it will continue to operate as a going concern. The Directors consider that there are no material uncertainties that may cast significant doubt over this assumption. The Directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report.

The Condensed Consolidated Financial Statements do not include all the information and disclosures required in the Annual Financial Statements, and should be read in conjunction with PensionBee Group's Annual Report and Financial Statements 2024.

The Condensed Consolidated Financial Statements are presented in GBP and all values are rounded to the nearest thousand (£'000), except when otherwise indicated. The functional currency of the Company is GBP because it is the primary currency in the economic environment in which the Company operates and cash flows from financing activities are generated.

Basis of Consolidation

The Condensed Consolidated Financial Statements consolidate the financial statements of the Company and its subsidiary undertakings drawn up to 30 June 2025.

A subsidiary is an entity controlled by the Company. Control is achieved where the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The Company reassesses whether it controls an entity if facts and circumstances indicate there are changes to one or more elements of control.

On 21 March 2024, PensionBee Group plc incorporated a new wholly owned subsidiary, PensionBee Inc. in Delaware, US with operational headquarters in New York. The incorporation of this subsidiary is part of the Group's strategic initiative to expand its operations into the US market.

On 27 November 2024, PensionBee Group plc wholly acquired PensionBee Trustees Limited at book value of £1. From the acquisition date, PensionBee Trustees Limited became a subsidiary of PensionBee Group plc. PensionBee Trustees Limited holds the scheme's assets and liabilities under a bare trust arrangement and are not recognised within its financial statements. The subsidiary is non-operational.

Summary of Accounting Policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented and the interim period policies consistently comply with International Accounting Standard 34 'Interim Financial Reporting', unless otherwise stated.

Audit Requirements

The financial information for the six months ended 30 June 2025 has not been audited by Deloitte LLP and accordingly no opinion has been given. The comparative financial information for the year ended 31 December 2024 has been extracted from the Annual Report and Financial Statements 2024. The financial information contained in this Interim Report does not constitute statutory accounts as defined in section 435 of the Companies Act 2006 and does not reflect all of the information contained in PensionBee Group plc's Annual Report and Financial Statements 2024. The Annual Financial Statements for the year ended 31 December 2024, which were approved by the Board of Directors on 12 March 2025, received an unqualified audit report, did not contain a statement under section 498 (2) or (3) of the Companies Act 2006 and have been filed with the Registrar of Companies.

Changes in Accounting Policy

None of the standards, interpretations and amendments effective for the first time from 1 January 2025 have had a material effect on the Condensed Consolidated Financial Statements.

Foreign Currency Translation

Functional and presentation currency

Items included in the financial statements of each of the Group entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency').

Foreign currency transactions and balances

In preparing the financial statements of the Group entities, transactions in currencies other than the entity's functional currency ('foreign currencies') are recognised at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences are recognised in the Condensed Consolidated Statement of Comprehensive Income in the period in which they arise.

Foreign operations

For the purpose of presenting the Condensed Consolidated Financial Statements, the results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

• all resulting exchange differences are recognised in the Condensed Consolidated Statement of Comprehensive Income and accumulated in a foreign currency translation reserve.

Internally Generated Intangible Assets - research and development expenditure

An intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all of the following conditions have been demonstrated:

• the intention to complete the intangible asset and use or sell it;
• the ability to use or sell the intangible asset;
• how the intangible asset will generate probable future economic benefits;

The amount initially recognised for intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no intangible asset can be recognised, development expenditure is recognised in the Condensed Statement of Comprehensive Income in the period in which it is incurred.

Subsequent to initial recognition, intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses. The estimated useful lives are as follows:

Intangible assets are amortised from the point at which the assets are available for use.

• Critical Accounting Judgements and Key Sources of Estimation Uncertainty

The Group does not have any critical accounting judgements or key estimation uncertainties.

Revenue

The analysis of the Group's Revenue for the period from continuing operations is as follows:

During the year the Company (through its subsidiary, PensionBee Inc.) entered into an agreement with State Street under which State Street will provide meaningful marketing support to PensionBee Inc. Under the terms of the agreement, State Street reimburses marketing costs incurred by PensionBee Inc. The annual amount of the marketing costs reimbursement is based on the achievement of certain net new asset thresholds. Other Income relates to marketing costs reimbursements received from State Street. Amounts received in advance have been accounted for as deferred income and will be released to Other Income to the extent that a qualifying marketing cost has been incurred by PensionBee Inc.

Operating Segments

Operating segments and reporting segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker ('CODM'). The Group considers that the role of CODM is performed by the Board of Directors. The Board of Directors regularly reviews the Group's operating results from a geographical perspective and has identified two reportable segments of the business: the United Kingdom (PensionBee Group plc and PensionBee Limited), and the United States (PensionBee Inc.). PensionBee Trustees Limited is a non-operational company domiciled in the United Kingdom. Both segments provide the same service; the provision of direct-to-consumer online retirement savings consolidation and management.

The Board of Directors uses Operating Profit/(Loss) to assess the performance of the operating segments. The Board of Directors also reviews the assets and liabilities of the segments on a quarterly basis.

Operating Profit

For the six months to 30 June 2025:

Adjusted EBITDA

Adjusted EBITDA excludes the effects of significant items of income and expenditure which might have an impact on the quality of earnings such as non-recurring costs (Expansion Costs) and the effects of equity-settled Share-based Payments. See Note 18 for the reconciliation of the Operating Profit/(Loss) to Adjusted EBITDA.

Tax

Tax credited in the Condensed Consolidated Statement of Comprehensive Income:

The Tax Charge in the Condensed Consolidated Statement of Comprehensive Income relates solely to threshold driven tax charges by the New York City and New York State. The prior period Tax Credit in the Condensed Consolidated Statement of Comprehensive Income relates solely to enhanced tax credits in relation to Research and Development.

Earnings per Share

Basic Earnings per Share is calculated by dividing the loss attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares in issue during the period.

Diluted Earnings per Share is calculated by dividing the Loss Attributable to Ordinary Equity Holders of the Company by the Weighted Average Number of ordinary shares in issue during the period. The weighted average number of ordinary shares in issue during the period has not been adjusted for the effect of the weighted average number of shares that would be issued on the conversion of all the potential ordinary shares under option and conditional share awards because the potential ordinary shares are anti-dilutive. At each balance sheet date reported below, the following potential ordinary shares under option and conditional share awards are anti-dilutive and are therefore excluded from the weighted average number of ordinary shares for the purpose of Diluted Earnings per Share.

Capitalised development costs and work in progress include employee costs and directly attributable supplier costs incurred in the development of the technology platform and mobile application.

Trade and Other Receivables

Trade and Other Receivables are measured at amortised cost and management assessed that the carrying value is approximately their fair value due to the short-term maturities of these balances.

Share Capital

Allotted, Called Up and Fully Paid Shares

During the year, PensionBee Group plc issued ordinary shares, to satisfy the exercise of share options totalling 1,012,904 ordinary shares (2024: 1,348,265) of £0.001 each. The exercise price for each exercised share option was £0.001 (2024: £0.001).

On 28 October 2024, PensionBee Group plc issued 10,810,811 ordinary shares of £0.001 each to raise capital. Each share was issued at £1.85. Transaction costs incurred and directly attributable to the issuance of these shares amounted to £762,000. These costs were recognised as a reduction to the share premium.

Each ordinary share carries one vote per share and ranks pari passu with respect to dividends and capital.

Trade and Other Payables

Trade and Other Payables are measured at amortised cost and management assessed that the carrying value is approximately their fair value due to the short-term maturities of these balances.

Deferred income arises as a result of marketing funding received in advance from State Street, a US-based global financial institution, see Note 5.

Financial Assets and Financial Liabilities

The carrying values of the financial assets and liabilities are not materially different from their fair values.

Share-based Payments

PensionBee EMI and Non-EMI Share Option Scheme

Scheme Details and Movements

Under the PensionBee EMI and Non-EMI Share Option Scheme, share options were granted to eligible employees who had passed their probation period at the Group. The exercise price of all share options is £0.001 per share.

The share options normally vest in the following tranches: 25% of the shares vest on the first anniversary of the vesting commencement date, with the remaining 75% of the shares vesting quarterly in equal instalments over the following three years.

During the year ended 31 December 2021, share options could be exercised upon the occurrence of an exit event, a takeover, reconstruction, liquidation and sale of the business, to the extent they had vested. In the event that there had been no exit event before the tenth anniversary of the date of grant, the Directors were able to determine that an option holder could exercise their option in the 30 day period before such anniversary.

Following the listing of the Company in 2021, share options can be exercised upon satisfying the service condition.

Under this scheme, no share options were granted during the six months ended 30 June 2025 (30 June 2024: nil).

The total number of share options exercised during the six months ended 30 June 2025 was 336,506 (30 June 2024: 552,420) and the weighted average remaining contractual life is nil months (30 June 2024: three months).

Deferred Share Bonus Awards

Scheme Details and Movements

Under the PensionBee Omnibus Plan, Deferred Share Bonus Awards ('DSB Awards') are granted to eligible employees who are, or were, an employee (including an Executive Director) of the Group and have been granted a bonus. DSB Awards are granted in the subsequent financial year following the determination of the annual bonus outturn. The exercise price of all DSB Awards is £0.001 per share.

For the two Executive Directors that were in office as at 31 December 2021, their 2022 granted DSB Awards cliff vest on the third anniversary of the date of grant. For the rest of the employees and the subsequent grants, DSB Awards vest in three equal tranches over a service period of three years from grant date, with the exception of some of the DSB Awards granted in 2025. DSB Awards granted in 2025 to employees in the entry to middle management levels in 2025 vest after a service period of one year from the grant date. DSB Awards vest upon satisfying the service condition.

The fair value of the DSB Awards is the share price on grant date. DSB Awards granted by way of share option can be exercised to the extent they have vested. DSB Awards granted by way of conditional share awards will automatically be released upon vesting.

1,942,412 DSB Awards were granted during the six months ended 30 June 2025 (30 June 2024: 1,582,724 ). The weighted average fair value of DSB Awards granted during the six months ended 30 June 2025 was £1.47 (30 June 2024: £0.97).

The total number of DSB Awards exercised during the six months ended 30 June 2025 was 558,820 (30 June 2024: 334,206) and the weighted average remaining contractual life is one year and two months (30 June 2024: ten months).

Long Term Incentives

Scheme Details and Movements

Under the PensionBee Omnibus Plan, Long Term Incentives in the form of Restricted Share Plan Awards ('RSP Awards') are granted to eligible employees who are, or were, employees (including an Executive Director) of the Group, at mid-level management or higher, and have been granted a bonus. RSP Awards are granted in the subsequent year following a bonus grant. The exercise price of all RSP Awards is £0.001 per share.

The RSP Awards vest in tranches, a third of the RSP Awards vest on the third anniversary, a third on the fourth anniversary and the last third on the fifth anniversary of the vesting commencement date.

The fair value of the RSP Awards is the share price on grant date discounted for restricted selling period. RSP Awards can be exercised to the extent they have vested and after a five year holding period. RSP Awards granted by way of conditional share awards will be released after the five year holding period.

1,823,217 RSP Awards were granted during the six months ended 30 June 2025 (30 June 2024: 2,803,728). The weighted average fair value of RSP Awards granted during the six months ended 30 June 2025 was £1.41 (30 June 2024: £0.93).

The total number of RSP Awards exercised during the six months ended 30 June 2025 was 84,578 (30 June 2024: nil) and the weighted average remaining contractual life is two years and four months (30 June 2024: two years and five months).

Charge/Credit arising from Share-based Payments

The total charge during the six months ended 30 June 2025 for the Share-based Payments was £2,546,000 (30 June 2024: £1,431,000), all of which related to equity-settled share-based payment transactions.

Principal Risks and Uncertainties

The Board continually reviews the principal risks and uncertainties facing the Group that could pose a threat to the delivery of the strategic objectives. The Board believes that the nature of the principal risks and uncertainties that may have a material effect on the Group's performance over the remainder of the financial year remain unchanged from those presented within the Annual Report and Financial Statements 2024.

Related Party Transactions

Related Party - PensionBee Trustees Limited

The following related party transactions occurred between PensionBee and PensionBee Trustees Limited before the acquisition of PensionBee Trustees Limited by PensionBee Group plc on 27 November 2024:

• Payment of the PensionBee Trustees Limited bank fees on a quarterly basis. During the six months to 30 June 2024, bank fees amounted to £109,000 There was no outstanding balance as at 30 June 2024.
• Payment of the PensionBee Trustees Limited's Data Protection fee on an annual basis. During the six months to 30 June 2024, payments amounted to £35. There was no outstanding balance as at 30 June 2024.

Transactions with Directors

There were no transactions with Directors during the six months ended 30 June 2025 (30 June 2024: £nil). There was no outstanding balance as at 30 June 2025 (30 June 2024: £nil).

Events After the Reporting Period

There were no events of material impact to the financial statements that occurred after the reporting date.

Alternative Performance Measures

The Group uses a variety of alternative performance measures ('APM's') which are not defined or specified by IFRS, in particular Adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation ('EBITDA'). The Directors use a combination of APMs and IFRS measures when reviewing the performance and position of the Group and believe that each of these measures provides useful information with respect to the Group's business and operations. The Directors consider that these APMs illustrate the underlying performance of the business by excluding items considered by management not to be reflective of the underlying trading operations of the Group.

The APMs used by the Group are defined below and reconciled to the related IFRS financial measures:

Adjusted EBITDA

Adjusted EBITDA represents the Operating Profit/(Loss) for the period before Taxation, Finance Costs, Finance Income, Depreciation, Amortisation, Share-based Payments and Expansion Costs.

The Adjusted EBITDA for the Group:

Notes:

• Relates to the total annual charge in relation to the Share-based Payments as detailed in Note 14.
• Relates to one-off expenses incurred in relation to expansion into the United States.

PensionBee Trustees Limited is a non-operational company domiciled in the United Kingdom.

The Adjusted EBITDA for PensionBee UK (PensionBee Group plc and PensionBee Limited):

Notes:

• Operating Profit/(Loss) includes income generated from the provision of services from PensionBee Limited to PensionBee Inc. during the six months to 30 June 2025 amounting to £702,000) (30 June 2024: £348,000). All inter-company transactions are on an arm's length basis.
• Relates to annual charge in relation to Share-based Payments as detailed in Note14.
• Relates to one-off expenses incurred in relation to expansion into the United States.

The Adjusted EBITDA for PensionBee US (PensionBee Inc.):

Notes:

• Operating Profit/(Loss) includes expenses incurred from the provision of services from PensionBee Limited to PensionBee Inc. during the six months to 30 June 2025 amounting to £703,000 (30 June 2024: £348,000). All inter-company transactions are on an arm's length basis.
• Relates to annual charge in relation to Share-based Payments expense as detailed in Note 14.
• Relates to one-off expenses incurred in relation to expansion into the United States.

Definitions

Group Financial Performance Measures

* PensionBee's Key Performance Indicators include alternative performance measures ('APM's), in particular Adjusted Earnings Before Interest, Taxes, Depreciation, Amortisation, Share-based Payments and Expansion Costs ('Adjusted EBITDA'). APMs are not defined by International Financial Reporting Standards ('IFRS') and should be considered together with the Group's IFRS measurements of performance. PensionBee believes APMs assist in providing additional insight into the underlying performance of PensionBee and aid comparability of information between reporting periods. A reconciliation to the nearest IFRS number is provided in Note 18 to the Condensed Consolidated Financial Statements 'Alternative Performance Measures'.

Group Non-Financial Performance Measures

Company Information PensionBee Executive Directors Romi Savova (Chief Executive Officer) Jonathan Lister Parsons (Chief Technology Officer) Christoph J. Martin (Chief Financial Officer) PensionBee Non-Executive Directors Mark Wood CBE (Non-Executive Chair) Mary Francis CBE (Senior Independent Non-Executive Director) Michelle Cracknell CBE (Independent Non-Executive Director) Lara Oyesanya FRSA (Independent Non-Executive Director) Company Secretary Michael Tavener Registered Number 13172844 Registered Office 209 Blackfriars Road London SE1 8NL United Kingdom Auditor Deloitte LLP 1 New Street Square London EC4A 3HQ United Kingdom