Half-year Results

Disciplined Strategic Execution Delivers 40% Revenue Growth PensionBee Group plc ('Company', together with its subsidiaries 'PensionBee' or the 'Group'), a leading online retirement savings provider, today announces interim results for the six month period ended 30 June 2026 ('H1 2026'). Performance Overview In the first half of 2026, PensionBee delivered strong financial and operational performance for the Group, with high growth achieved across all key metrics, in line with the Q2 2026 Results announcement released on 22 July 2026. ● Group Invested Customers increased by 14% to 327,000 (H1 2025: 286,000), as efficient, data-led marketing captured audiences across the mass market, supported by UK prompted brand awareness reaching a record 62% (H1 2025: 59%) and continued innovation across the technology and product offering. ● Group Assets under Administration ('AUA') increased by 37% to £8.6bn (H1 2025: £6.3bn). Growth over the first half was underpinned by strong Group Net Flows of £493m (H1 2025: £423m) from new and existing customers, together with supportive markets. ● Group Revenue increased by 40% to £26.4m for the first half of 2026 (H1 2025: £18.9m), with Group Annual Run Rate ('ARR') Revenue increasing by 40% to £55.8m (H1 2025: £39.8m), reflecting the scalable and predictable nature of the Company's recurring Revenue model. ● Group Invested Customer Retention Rate of >95% (H1 2025: >95%) and a Value Retention Rate of >100% (H1 2025: >100%) were driven by the delivery of industry-leading customer service, and evidenced by an Excellent Trustpilot rating of 4.6★ (H1 2025: 4.6★). ● Continued investment in our scalable technology platform and a disciplined operational approach drove a 17% improvement in UK productivity over the first half to 1,747 Invested Customers per Staff Member (H1 2025: 1,489), with efficiency further supported by AI tools. ● Group Adjusted EBITDA improved 61% to £(1.1)m for the first half of 2026 (H1 2025: £(2.9)m), supported by strong operating leverage in the UK business. Group Last-Twelve-Months ('LTM') Adjusted EBITDA profitability increased to £2.7m (LTM Jun-2025: £(0.5)m). ● UK LTM Adjusted EBITDA profitability increased by 141% to £7.7m (LTM Jun-2025: £3.2m) representing a 15% margin , while US Adjusted EBITDA was £(2.6)m for the period (H1 2025: £(2.2)m) as the Group continues to invest in its US growth opportunity. ● Group Profit/(Loss) before Tax was £(2.9)m, with a margin of (11)% (H1 2025: £(5.1)m, (27)%). Group Profit/(Loss) after Tax was £8.2m, with a margin of 31% (H1 2025: £(5.1)m, (27)%), reflecting the recognition of a Deferred Tax Asset ('DTA'). Excluding the DTA, this aligns with the Group's Profit/(Loss) before Tax of £(2.9)m stated above. ● Basic Earnings per Share improved to 3.45p (H1 2025: (2.14)p), reflecting the Group's first-time recognition of the DTA based on the Board's judgement of the recoverable value of trading losses carried forward, which are expected to generate a tax benefit through their future utilisation against taxable profits*. Diluted Earnings per Share was 3.26p (H1 2025: (2.14)p). Basic Earnings per Share, excluding the recognition of the DTA, was (1.24)p (H1 2025: (2.14)p). ● Cash position was £31m (H1 2025: £34m). * See 'Notes to the Condensed Consolidated Financial Statements' (Note 3) for further detail. Romi Savova, Chief Executive Officer of PensionBee, commented: " PensionBee delivered strong operational and financial performance in the first half of the year. We grew our customer base to 327,000 (H1 2025: 286,000), highlighting the continued resonance of our customer proposition with the mass market. Group Assets under Administration rose by 37% to £8.6bn (H1 2025: £6.3bn), Group Revenue grew by 40% to £26.4m (H1 2025: £18.9m), and Group Annual Run Rate Revenue increased by 40% to £55.8m, driven by strong Net Flows from new and existing customers and supportive markets. We delivered increased profitability in the UK and across the Group over the last year, reflecting the operational leverage inherent within our scalable technology platform. In the UK, we increased marketing investment to reach new audiences, combining brand partnerships with data-led acquisition campaigns. This drove UK prompted brand awareness to a record 62% (H1 2025: 59%), underpinning strong customer acquisition and pipeline momentum. In the US, we progressed our dual-channel strategy, developing recordkeeper relationships and our intermediary pipeline to facilitate repeat client referrals, positioning us to generate recurring inflows. Complemented by our direct-to-consumer brand presence, we are working towards our initial goal of $1bn of AUA. Globally, our team continues to execute with discipline and ambition, and a resolute focus on helping more people build confidence so that everyone can enjoy a happy retirement."

Group Financial Highlights*

For the 6-month Period Ended

* Profit/(Loss) after Tax, Basic and Diluted Earnings per Share are impacted by the recognition of a Deferred Tax Asset ('DTA')

during the period. See 'Group Financial Review' below for further detail.

For the 12-month Period Ended

*See 'Definitions' section in this announcement for terms used above.

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

Group Performance Overview The Group's trading performance in the first half of 2026 reflects the continued strength of our disciplined execution and the scalability of our business model. Building on the momentum of the previous year, we have delivered sustained growth across our key financial and operating metrics, while advancing our long-term strategy for value creation in both the UK and US. The Group delivered continued growth across its key metrics in the first half. Invested Customers increased by 14% to 327,000 (H1 2025: 286,000) and Assets under Administration ('AUA') increased by 37% to £8.6bn (H1 2025: £6.3bn), supported by strong Group Net Flows of £493m (H1 2025: £423m). Group Revenue increased by 40% to £26.4m (H1 2025: £18.9m), reflecting the scalability of our recurring Revenue model. In the UK, this growth translated into UK Adjusted EBITDA of £1.5m for the period (H1 2025: £(0.8)m), reflecting the sustained operating leverage of our technology platform, with Profit before Tax of £0.1m (H1 2025: £(2.7)m) reflecting this same underlying improvement. In the US, we continued to build brand awareness, expand our presence and advance our dual-channel strategy, while enhancing our technology and broadening our recordkeeper relationships as we work toward our initial $1bn AUA goal. Overall, the UK's continued operational execution drove margin expansion at the Group level, while we maintained disciplined investment in the US at its earlier stage of growth. For the first half of the year, Group Adjusted EBITDA was £(1.1)m, an improvement of 61% (H1 2025: £(2.9)m), underpinned by disciplined cost management and a sustained focus on efficiency. Similarly, Group Profit/(Loss) before Tax was £(2.9)m, an improvement of 42% (H1 2025: £(5.1)m). Summary Financials For the 6 Month Period Ended United Kingdom United States Group 2026 2025 YoY 2026 2025 YoY 2026 2025 YoY Revenue (£m) ¹ 27.2 19.6 39% - - n/m 26.4 18.9 40% Adjusted EBITDA (£m) 1.5 (0.8) n/m (2.6) (2.2) (23)% (1.1) (2.9) 61% Adjusted EBITDA Margin 6% (4)% 9ppt n/m n/m n/m (4)% (15)% 11ppt Profit/(Loss) before Tax (£m) 0.1 (2.7) n/m (3.0) (2.3) (29)% (2.9) (5.1) 42% Profit/(Loss) before Tax Margin 0% (14)% n/m n/m n/m n/m (11)% (27)% 16ppt Notes to the Table Note 1: Group Revenue reflects the aggregate performance of our UK and US operations and is adjusted for intercompany eliminations of £(0.8)m (H1 2025: £(0.7)m) which relate to internal services provided within the Group at arm's length. Driving Customer Growth through Investment in Brand Awareness and Data-Driven Acquisition For the 6 Month Period Ended Jun-2026 Jun-2025 YoY Advertising and Marketing Expenses (£m) (11.3) (8.3) 35% Of which UK Advertising and Marketing Expenses (£m) (9.4) (7.6) 24% Of which US Advertising and Marketing Expenses (£m) (1.9) (0.7) n/m Other Income: Marketing Reimbursement (£m) 1.7 0.7 n/m Net Advertising and Marketing Expense (£m) (9.6) (7.6) 26% UK Cost per Invested Customer (£) 263 251 As guided Invested Customers (thousands) 327 286 14% We increased marketing investment to drive growth and reach consumers across the mass market, combining brand investment with targeted conversion campaigns to drive customer acquisition. Overall, total marketing investment in the UK and US reached £11.3m for the period, 35% higher than the same period last year (H1 2025: £8.3m). These results reflect our commitment to growing our brand across the UK and US, our data-driven approach to converting brand awareness into consistent customer growth, and our focus on helping more customers build retirement confidence. In the UK, we increased marketing expenditure by 24% to £9.4m (H1 2025: £7.6m), combining brand partnerships, including our sports sponsorship and our Channel 4 Weather sponsorship, with targeted conversion campaigns. We achieved a record prompted brand awareness of 62%, helping us to acquire 22,000 new Invested Customers over the period (H1 2025: 21,000). The average age of 39.9 years (H1 2025: 39.6 years) reflected higher average transfer-in values. This strong correlation between customer age and transfer value continues to underpin the predictability of our growth engine, translating into UK Gross Inflows growth of 25%, in line with the increase in marketing spend, taking UK Gross Inflows to £864m (H1 2025: £689m). Cumulative UK marketing investment since inception reached £85.8m (H1 2025: £71.9m), with UK Cost per Invested Customer at £263 (H1 2025: £251), reflecting a deliberate increase in investment to capture growth at scale as new cohorts bring higher average transfer-in values. As our largest and most established market, the UK remains the primary driver of Group profitability and continues to self-fund its own growth. In the US, we invested £1.9m in brand awareness through marketing campaigns (H1 2025: £0.7m), substantially reimbursed by State Street, combining out-of-home advertising across New York and Chicago with a content-led testimonial campaign and continued digital and social media activity. This drove US prompted brand awareness to 8% in New York and 5% nationally, with our social media following growing significantly since launch. PensionBee's growing brand awareness supports our direct-to-consumer conversion funnel, building our share of the $1 trillion annual individual rollover market. Our business-to-business channel targets a further $60bn opportunity in Automatic Rollover IRAs (Individual Retirement Accounts). Together, both channels work towards our initial goal of $1bn in US AUA. Strong Asset Growth Momentum driven by High Retention Rates and Cost Disciplined Acquisition For the 6 Month Period Ended Jun-2026 Jun-2025 YoY Invested Customer Retention Rate (% of IC) >95% >95% Stable at >95% Value Retention Rate (% of AUA) >100% >100% Stable at >100% Opening Group AUA (£m) 7,416 5,841 27% Group Gross Inflows (£m) 865 689 25% Group Gross Outflows (£m) (372) (266) 40% Group Net Flows (£m) 493 423 16% Group Market Growth/(Contraction) and Other (£m) 712 31 n/m Closing Group AUA (£m) 8,621 6,295 37% Group Net Flows (£m) 493 423 16% Of which Net Flows from New Customers (£m) 372 312 19% Of which Net Flows from Existing Customers (£m) 121 111 9% PensionBee delivered another period of strong performance, bolstered by disciplined customer acquisition, strong retention and continued asset growth. The Invested Customer Retention Rate remained stable at >95% (H1 2025: >95%), reflecting continued customer satisfaction with our platform and service. The Value Retention Rate was stable at >100% (H1 2025: >100%), reflecting net Gross Inflows from retained customers exceeding Gross Outflows over the period. This reflects the long-term journey of our customers, remaining on the platform, consolidating additional retirement accounts and contributing over time. It anchors the durability of our asset base as each annual cohort of customers adds a new, growing layer of Group AUA. For the six months ended 30 June 2026, Group AUA increased by 37% to £8.6bn (H1 2025: £6.3bn), driven by a 25% increase in Group Gross Inflows to £865m (H1 2025: £689m), reflecting increased marketing investment and higher average transfer-in values. Group Gross Outflows remained consistent at an annualised rate of approximately 10% of opening Group AUA (H1 2026: £372m; H1 2025: £266m), reflecting the high quality of our asset base. Total Group Net Flows were £493m (H1 2025: £423m), comprising £372m from new customers (H1 2025: £312m) and £121m from existing customers (H1 2025: £111m). Beyond Group Net Flows momentum, our Group AUA remained aligned to capital market performance, with favourable conditions contributing to Group Market Growth/(Contraction) and Other of £712m (H1 2025: £31m) to our asset base. Whilst our core financial metrics are primarily driven by our established UK operations, we continue to make strategic progress in the US, applying data-led acquisition strategies in our direct-to-consumer channel and expanding intermediary partnerships through our business-to-business channel, as we build a diversified asset base for the Group's future growth. Growing AUA Converted into an Overwhelming Majority of Recurring Revenue, Supported by a Resilient Revenue Margin For the 6 Month Period Ended Jun-2026 Jun-2025 YoY Group Revenue Margin (% of AUA) 0.68% 0.63% +5bp Group Revenue (£m) 26.4 18.9 40% Of which UK Revenue (£m) 27.2 19.6 39% Of which US Revenue (£m) - - n/m Of which Intercompany Eliminations (£m) (0.8) (0.7) n/m PensionBee continued to generate high-quality Revenue, converting compounding Group AUA into a predictable and recurring Revenue stream. For the six months ended 30 June 2026, Group Revenue increased by 40% to £26.4m (H1 2025: £18.9m), supported by Group AUA growth of 37% and a strengthening Revenue Margin of 0.68% (H1 2025: 0.63%), reflecting a shift in customer mix toward higher fee-generating funds. Growth was driven by the UK business, with UK Revenue of £27.2m for the first half (H1 2025: £19.6m), while the US generated a small contribution to Revenue as it remained at an early stage of its growth trajectory. Group Revenue reflects our combined UK and US performance, adjusted for Intercompany Eliminations of £(0.8)m (H1 2025: £(0.7)m), with a small additional contribution from complementary activities including our UK LifeSearch partnership. Scalable Money Manager Investment Solutions For the 6 Month Period Ended Jun-2026 Jun-2025 YoY Group Money Manager Costs (£m) (3.9) (2.5) 58% Of which UK Money Manager Costs (£m) (3.9) (2.4) 59% Of which US Money Manager Costs (£m) (0.1) (0.1) 4% Group Money Manager costs increased by 58% to £(3.9)m (H1 2025: £(2.5)m), reflecting growth in our underlying Group AUA and the shift towards a more actively managed solution for customers approaching retirement. We partner with leading money managers to deliver investment solutions that meet evolving customer needs and regulatory requirements across both the UK and US. Efficient Investment in our Industry Leading Technology Platform, People and Product For the 6 Month Period Ended Jun-2026 Jun-2025 YoY Group Employee Benefits Expense (excl. Share Based Payments) (£m) (8.9) (7.1) 26% Group Other Operating Expenses (£m) (5.1) (4.6) 11% Group Technology Platform Costs & Other Operating Expenses (£m) (14.0) (11.7) 20% Of which UK Technology Platform Costs & Other Operating Expenses (£m) (12.4) (10.3) 21% Of which US Technology Platform Costs & Other Operating Expenses (£m) (2.4) (2.1) 14% Of which Intercompany Eliminations (£m) 0.8 0.7 n/m Our technology platform continues to translate into disciplined cost growth alongside strong financial performance. For the six months ended 30 June 2026, Technology Platform Costs & Other Operating Expenses increased by 20% to £14.0m (H1 2025: £11.7m), well below Revenue growth of 40% for the same period. This comprised an Employee Benefits Expense (excluding Share-based Payments) which increased by 26% to £8.9m (H1 2025: £7.1m), and Other Operating Expenses which increased by 11% to £5.1m (H1 2025: £4.6m), primarily reflecting an increase in UK volume-related costs, alongside other running costs across the Group as it scales. On a geographic basis, UK costs were £12.4m (H1 2025: £10.3m) and US costs were £2.4m (H1 2025: £2.1m), offset by £0.8m (H1 2025: £0.7m) of arm's length Intercompany Eliminations on consolidation of the accounts. This cost discipline sits alongside continued gains in productivity, with the UK Invested Customers per Staff Member metric up 17% year-on-year to 1,747 (H1 2025: 1,489) as AI tools such as BeeBot took on a growing share of routine customer service, evidence that our investment in technology is translating into both operational efficiency and financial scalability. People For the 6 Month Period Ended Jun-2026 Jun-2025 YoY Employee Benefits Expense (excl. Share Based Payments) (£m) (8.9) (7.1) 26% Of which UK Employee Benefits Expense (excl. Share Based Payments) (£m) (7.6) (6.1) 24% Of which US Employee Benefits Expense (excl. Share Based Payments) (£m) (1.3) (0.9) 44% Across the Group, our workforce grew modestly to 220 employees (H1 2025: 212), supporting the Group's continued scale. Employee Benefits Expense (excluding Share-based Payments) increased by 26% to £8.9m (H1 2025: £7.1m), reflecting our continued investment in developing and rewarding our existing team through internal promotion and salary progression, cost-of-living adjustments, and ongoing investment in automation and technology capabilities. In the UK, headcount remained steady at 188 (H1 2025: 186) as we continued to build out our AI and automation capabilities. Our US team grew to 16 employees (H1 2025: 13), reflecting the growing scale of our US business as we continue to invest in the market. Additionally, Group headcount includes 16 Overseas Contractors (H1 2025: 13). Other Operating Expenses For the 6 Month Period Ended Jun-2026 Jun-2025 YoY Group Other Operating Expenses (£m) (5.1) (4.6) 11% Of which UK Other Operating Expenses (£m) (4.8) (4.2) 16% Of which US Other Operating Expenses (£m) (1.1) (1.2) (9)% Of which Intercompany Eliminations (£m) 0.8 0.7 n/m Group Other Operating Expenses rose by 11% to £(5.1)m (H1 2025: £(4.6)m), driven by UK costs increasing to £(4.8)m (H1 2025: £(4.2)m), primarily reflecting higher volume-related costs. US Other Operating Expenses declined slightly to £(1.1)m (H1 2025: £(1.2)m). Profitability Metrics United Kingdom - Delivering Growth Momentum and Profitability For the 6 Month Period Ended Jun-2026 Jun-2025 YoY UK Adjusted EBITDA (£m) 1.5 (0.8) n/m UK Adjusted EBITDA Margin (% of UK Revenue) 6% (4)% 9ppt The UK business continued to scale profitably, achieving UK Adjusted EBITDA of £1.5m for the six months ended 30 June 2026 (H1 2025: £(0.8)m), representing a UK Adjusted EBITDA Margin of 6% (H1 2025: (4)%). UK Last-Twelve-Months ('LTM') Adjusted EBITDA reached £7.7m (LTM June 2025: £3.2m), representing a 15% LTM Adjusted EBITDA Margin (LTM June 2025: 8%), reflecting our recurring Revenue model, disciplined approach to marketing investment and our scalable platform. Combined with a disciplined cost base, our recurring Revenue model continues to validate the strength of our business model and drive profitability progression as we scale. United States - Laying the Foundations for Scalable Long-Term Growth For the 6 Month Period Ended Jun-2026 Jun-2025 YoY US Adjusted EBITDA (£m) (2.6) (2.2) (23)% US Adjusted EBITDA Margin (% of US Revenue) n/a n/a n/a The US remains at an early stage of its growth trajectory, recording US Adjusted EBITDA of £(2.6)m for the period (H1 2025: £(2.2)m), as we continue to invest in the infrastructure, adviser and recordkeeper relationships and brand presence needed to capture the long-term opportunity. The majority of our US marketing spend continues to be reimbursed by State Street. The remaining US operating costs reflect continued investment in the team and technology required to scale our dual-channel strategy. Group Financial Review For the 6 Month Period Ended Jun-2026 Jun-2025 YoY Group Adjusted EBITDA (£m) (1.1) (2.9) 61% Group Depreciation and Amortisation Expense (£m) (0.2) (0.2) 18% Group Share-based Payments (£m) (2.0) (2.5) (20)% Group Finance Income (£m) 0.4 0.6 (28)% Group Profit/(Loss) before Tax (£m) (2.9) (5.1) 42% Group Taxation (£m) 11.2 - n/m Group Profit/(Loss) after Tax (£m) 8.2 (5.1) n/m Basic Earnings per Share (pence per Share) 3.45 (2.14) n/m Diluted Earnings per Share (pence per Share) 3.26 (2.14) n/m The Group delivered an Adjusted EBITDA of £(1.1)m for the six months ended 30 June 2026 (H1 2025: £(2.9)m), reflecting strong strategic execution across two distinct operations. This overall result was driven by a profitable UK business, reaching £1.5m in Adjusted EBITDA (H1 2025: £(0.8)m). Our US business, at an early stage of its growth trajectory, recorded a US Adjusted EBITDA of £(2.6)m (H1 2025: £(2.2)m) as it builds towards scale. Reflecting this performance and the impact of non-cash items, Profit/(Loss) before Tax improved to £(2.9)m for H1 2026 (H1 2025: £(5.1)m). The Group also recognised a Deferred Tax Asset during the period, which is reflected in Earnings per Share. Adjusted EBITDA excludes non-cash and, where relevant, non-recurring items, to provide a clearer view of underlying performance. The metric captures Advertising and Marketing Expenses but excludes Depreciation and Amortisation Expense and Share-based Payments, both non-cash in nature. No non-recurring items arose in the period. During the period, Depreciation and Amortisation Expense increased by 18% to £(0.2)m (H1 2025: £(0.2)m). Finance Income was £0.4m (H1 2025: £0.6m). Share-based Payments decreased to £(2.0)m (H1 2025: £(2.5)m), reflecting fewer Deferred Share Bonus Awards ('DSB Awards') granted during the period. For the first time, PensionBee Limited recognised a Deferred Tax Asset ('DTA') of £11.5m as at 30 June 2026 (H1 2025: £nil), of which £11.2m was recognised in the Condensed Consolidated Statement of Comprehensive Income and £0.3m directly in equity, reflecting carried-forward trading losses expected to be utilised at the UK corporation tax rate of 25%, subject to HM Revenue & Customs ('HMRC') restrictions on the utilisation of carry-forward losses. This recognition follows the Directors' assessment, in accordance with IAS 12, that it is probable that sufficient taxable profits will be available over the forecast horizon to 31 December 2030 to utilise these losses. Reflecting this DTA, Basic Earnings per Share was 3.45p (Diluted: 3.26p) for H1 2026 (H1 2025: (2.14)p), the first period in which the Group has reported positive Earnings per Share. This reflects both continued improvement in the Group's underlying trading performance and the benefit of the DTA recognition. Earnings per Share, excluding the recognition of the DTA, was (1.24)p (H1 2025: (2.14)p). Financial Position The Group's balance sheet remains strong. As at 30 June 2026, the balance of Cash and Cash Equivalents was £31.3m (H1 2025: £34.1m). Our UK operations generate sustained profitability, self-funding their own continued growth, while our US investment is funded separately from the Group's existing cash resources. A disciplined approach to capital allocation ensures the Group remains well-capitalised with no borrowings. Regulatory Capital and Financial Resources PensionBee Limited, a subsidiary of the Company, is authorised and regulated by the Financial Conduct Authority ('FCA') and therefore adheres to capital requirements set by the FCA. As at 30 June 2026, the capital resources stood at £23.8m as compared to a capital resource requirement of £2.3m, resulting in coverage of 10.2x. We have maintained a healthy surplus over our regulatory capital requirement throughout the period and continue to manage our financial resources prudently. PensionBee Inc. is registered with the U.S. Securities and Exchange Commission ('SEC') and is not subject to any capital resource requirements. Christoph J. Martin Chief Financial Officer 12 August 2026 Responsibility Statement We confirm that to the best of our knowledge: ● The condensed set of financial statements, prepared in accordance with IAS 34 'Interim Financial Reporting', give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and the undertakings included in the consolidation taken as a whole as required by DTR 4.2.4R. ● The interim management report includes a fair review of the information required by DTR 4.2.7R (indication of important events and their impact during the first six months and description of principal risks and uncertainties for the remaining six months of the year). ● The interim management report includes a fair review of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein). By order of the Board. Romi Savova Chief Executive Officer 12 August 2026

Independent Review Report to PensionBee Group plc Conclusion We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 which comprises the consolidated statement of comprehensive income, the consolidated statement of financial position, the consolidated statement of changes in equity, the consolidated statement of cash flows and related notes 1 to 18. Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 is not prepared, in all material respects, in accordance with United Kingdom adopted International Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority. Basis for Conclusion We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Financial Reporting Council for use in the United Kingdom (ISRE (UK) 2410). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. As disclosed in note 2, the annual financial statements of the group are prepared in accordance with United Kingdom adopted international accounting 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". Conclusion Relating to Going Concern Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This Conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410; however future events or conditions may cause the entity to cease to continue as a going concern. Responsibilities of the directors The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority. In preparing the half-yearly financial report, the directors are responsible for assessing the group's ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Auditor's Responsibilities for the review of the financial information In reviewing the half-yearly financial report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report. Our Conclusion, including our Conclusion Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report. Use of our report This report is made solely to the Company in accordance with ISRE (UK) 2410. Our work has been undertaken so that we might state to the Company those matters we are required to state to it in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company, for our review work, for this report, or for the conclusions we have formed. Deloitte LLP Statutory Auditor London 12 August 2026 Condensed Consolidated Statement of Comprehensive Income For the Period from 1 January 2026 to 30 June 2026

The above results were derived from continuing operations.

Notes 1 to 18 form an integral part of these Condensed Consolidated Financial Statements.

Condensed Consolidated Statement of Financial Position

As at 30 June 2026

Notes 1 to 18 form an integral part of these Condensed Consolidated Financial Statements.

Approved by the Board on 12 August 2026 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 2026 to 30 June 2026

Notes 1 to 18 form an integral part of these Condensed Consolidated Financial Statements.

Condensed Consolidated Statement of Cash Flows

For the Period from 1 January 2026 to 30 June 2026

Notes 1 to 18 form an integral part of these Condensed Consolidated Financial Statements.

Notes to the Condensed Consolidated Financial Statements For the Period from 1 January 202 6 to 30 June 202 6

1. 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 2026 were authorised for issue in accordance with a resolution of the Directors on 12 August 2026. 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. 2. 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 2025. 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 2026. 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. The Group comprises PensionBee Group plc and its wholly owned subsidiaries, PensionBee Limited, PensionBee Inc. and PensionBee Trustees Limited. PensionBee Trustees Limited holds the scheme's assets and liabilities under a bare trust arrangement, which are not recognised within its financial statements. The subsidiary is non-operational. All intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation. 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 2026 has not been audited by Deloitte LLP and accordingly no opinion has been given. The comparative financial information for the year ended 31 December 2025 has been extracted from the Annual Report and Financial Statements 2025. 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 2025. The Annual Financial Statements for the year ended 31 December 2025, which were approved by the Board of Directors on 11 March 2026, 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 The following amendments were effective for the period beginning 1 January 2026: Standard Effective Date, Annual Period beginning on or after Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments 1 January 2026 None of the standards, interpretations and amendments effective for the first time from 1 January 2026 have had a material effect on the Condensed Consolidated Financial Statements. New Standards, Interpretations and Amendments not yet Effective and Not Early Adopted The new standard which is not yet effective is not expected to have a material impact on recognition or measurement, but will affect presentation and disclosure on the financial statements. Standard Effective Date, Annual Period beginning on or after IFRS 18 - Presentation and Disclosures in Financial Statements 1 January 2027 IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027, applied retrospectively, and has not been early adopted. IFRS 18 does not change the recognition or measurement of items in the financial statements, but will affect their presentation and disclosure. In particular, the consolidated statement of comprehensive income will be presented using defined operating, investing and financing categories with new required subtotals, including operating profit. Certain management-defined performance measures will be disclosed in the notes together with reconciliations to IFRS subtotals. The standard introduces revised requirements on the aggregation and disaggregation of information. The Group is assessing the impact of IFRS 18 on the presentation of its financial statements and expects to adopt it from 1 January 2027, with comparatives restated. 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: ● assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position; ● income and expenses for each statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and ● 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 Expenditure on research activities is recognised as an expense in the period in which it is incurred. 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 technical feasibility of completing the intangible asset so that it will be available for use or sale; ● 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 availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and ● the ability to measure reliably the expenditure attributable to the intangible asset during its development. 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: Asset Class Amortisation Method and Rate Capitalised Development Costs eight years straight line Intangible assets are amortised from the point at which the assets are available for use. Taxation Tax expense represents the sum of current tax and deferred tax. Current tax expense is recognised based on management's best estimate of the weighted average annual effective income tax rate expected for the full financial year, applied to the pre-tax income of the interim period, in accordance with IAS 34. Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax assets are recognised for deductible temporary differences and unused tax losses to the extent that it is probable that future taxable profit will be available against which they can be utilised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. 3. Critical Accounting Judgements and Key Sources of Estimation Uncertainty In the application of the Group's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Recognition of Deferred Tax Asset For the first time, PensionBee Limited (a UK subsidiary) recognised a Deferred Tax Asset ('DTA') of £11.5m as at 30 June 2026 (period ended 30 June 2025: £nil), reflecting carried-forward trading losses and deductible temporary differences expected to be utilised over the next four and a half years from the reporting date, to 31 December 2030, at the UK corporate tax rate of 25% and subject to HMRC restrictions on the utilisation of carry-forward losses. As PensionBee Limited had a history of recent losses, IAS 12 requires convincing evidence that sufficient taxable profit will be available. The Directors assessed and concluded that convincing evidence exists, reflected by PensionBee Limited's first audited profit before tax of £2.5m in FY2025 and the predictability of the recurring revenue model. As a result, PensionBee Limited recorded a DTA of £11.5m for the period (period ended 30 June 2025: £nil), of which £11.2m was recognised in the Condensed Consolidated Statement of Comprehensive Income and £0.3m directly in equity, as set out in Note 7. The recognition of a DTA in respect of PensionBee Limited's carried forward trading losses represents both a critical accounting judgement and a key source of estimation uncertainty. Recognition requires the Directors to assess, in accordance with IAS 12, whether it is probable that sufficient future taxable profits will be available against which the carried-forward losses can be utilised. The assessment applies a tax rate of 25%, being the UK corporation tax rate substantively enacted as of 30 June 2026 and is expected to apply when the asset is realised. The forecast taxable profits ('Plan') are derived from a financial plan approved by the Directors. The Plan was risk-assessed around its two most sensitive input variables, capital-market return ('CMR') and Gross Inflows per British pound of marketing ('GI/M'), through a range of outcomes spanning a severe downside case (capital-market crisis and softer trading) to a strong upside case. The cases were probability-weighted, informed by historical trends, to derive the expected outlook. In concluding that convincing evidence exists, the Directors consider the sustainability of forecast profitability (excluding one-off items), PensionBee Limited's track record of trading in line with forecast, the reversal of taxable temporary differences, which provides an independent source of taxable profits and the absence of factors that would prevent utilisation of the carry-forward losses within the forecast horizon. The recognised DTA reflects the UK carried-forward loss restriction, under which carried-forward losses may be offset in full against taxable profits up to the UK group deductions allowance (currently £5m per year), and against only 50% of taxable profits above that threshold. Utilisable losses have accordingly been calculated year by year (the allowance plus 50% of profits above it), rather than assuming full offset against forecast profits. Actual utilisation of these losses may differ from the amount recognised, principally as a result of movements in the two most sensitive inputs: CMR and GI/M. The probability-weighted case assumes a CMR of approximately 6.6% and GI/M of £123. Changing one input at a time, with the other held at the Plan assumption, a -5%/+5% movement in CMR would change the DTA amount by -£1.3m/+£1.3m respectively, and a -£10/+£10 movement in GI/M would change the DTA amount by -£1.0m/+£1.0m respectively; these changes are not additive. 4. Revenue The analysis of the Group's Revenue for the period from continuing operations is as follows: Unaudited six months to 30 June 2026 Unaudited six months to 30 June 2025 £ 000 £ 000 Recurring Revenue 26,326 18,667 Other Revenue 102 189 26,428 18,856 5. Other Income Unaudited six months to 30 June 2026 Unaudited six months to 30 June 2025 £ 000 £ 000 Other Income 1,692 734 1,692 734 During the year ended 31 December 2024 the Company (through its subsidiary, PensionBee Inc.) entered into an agreement with State Street, under which State Street provides marketing support in the form of reimbursement of 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 reimbursement received from State Street. Amounts received in advance are accounted for as deferred income and released to Other Income to the extent that a qualifying marketing cost has been incurred by PensionBee Inc. 6. 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 as an online retirement savings provider. 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 2026: United Kingdom United States Intersegmental eliminations Total £ 000 £ 000 £ 000 £ 000 Revenue 27,180 7 (759) 26,428 Employee Benefits Expense (7,593) (1,303) - (8,896) Share-based Payments (1,834) (193) - (2,027) Depreciation and Amortisation Expense (189) (10) - (199) Advertising and Marketing (9,365) (1,892) 1 (11,256) Other Expenses (8,697) (1,149) 758 (9,088) Other Income - 1,692 - 1,692 Expansion Costs - - - - Operating Profit/(Loss) (498) (2,848) - (3,346) For the six months to 30 June 2025: United Kingdom United States Intersegmental eliminations Total £ 000 £ 000 £ 000 £ 000 Revenue 19,556 2 (702) 18,856 Employee Benefits Expense (6,146) (904) - (7,050) Share-based Payments (2,407) (139) - (2,546) Depreciation and Amortisation Expense (160) (8) - (168) Advertising and Marketing (7,577) (734) - (8,311) Other Expenses (6,587) (1,247) 703 (7,131) Other Income - 734 - 734 Expansion Costs - - - - Operating Profit/(Loss) (3,321) (2,296) 1 (5,616) Segment Assets and Liabilities As at 30 June 2026: United Kingdom United States of America Intersegmental eliminations Total £ 000 £ 000 £ 000 £ 000 Non-current Assets 29,334 147 (17,048) 12,433 Current Assets 32,609 6,948 80 39,637 Non-current Liabilities (138) (3,862) 4,000 - Current Liabilities (5,127) (614) 203 (5,538) Net Assets 56,678 2,619 (12,765) 46,532 As at 31 December 2025: United Kingdom United States of America Intersegmental eliminations Total £ 000 £ 000 £ 000 £ 000 Non-current Assets 10,541 43 (9,588) 996 Current Assets 36,478 2,780 - 39,258 Non-current Liabilities - (2,901) 2,901 - Current Liabilities (3,990) (249) 37 (4,202) Net Assets 43,029 (327) (6,650) 36,052 Adjusted EBITDA Adjusted EBITDA excludes the effects of significant items of income and expenditure which might have an impact on the quality of earnings and the effects of equity-settled Share-based Payments. See Note 19 for the reconciliation of the Operating Profit/(Loss) to Adjusted EBITDA. 7. Tax Tax credited in the Condensed Consolidated Statement of Comprehensive Income: Unaudited six months to 30 June 2026 Unaudited six months to 30 June 2025 £ 000 £ 000 Taxation Current Tax (2) (5) Deferred Tax 11,154 - Total Tax Charge/(Credit) in the Condensed Consolidated Statement of Comprehensive Income 11,152 (5) The Current Tax Charge in the Condensed Consolidated Statement of Comprehensive Income comprises threshold driven tax charges in New York City and New York State. Deferred Taxation Asset The Deferred Tax Asset is presented as a non-current asset and is measured at the UK corporation tax rate of 25%, being the rate substantively enacted as at 30 June 2026 and expected to apply when the asset is realised. Tax losses Other temporary differences Total £ 000 £ 000 £ 000 At 1 January 2026 - - - Credited to the Condensed Consolidated Statement 9,495 1,659 11,154 Credited to Condensed Consolidated Statement of Changes in Equity - 392 392 At 30 June 2026 9,495 2,051 11,546 The Group has £85.0m of non-expiring carry-forward tax losses as at 30 June 2026 (31 December 2025: £86.0m). A Deferred Tax Asset of £11.5m has been recognised at 30 June 2026, representing the tax effect of losses of £38m and deductible temporary differences of £8.2m that the Directors consider it probable will be utilised against taxable profits arising in the four and a half year period ending 31 December 2030, based on forecasts derived from the Board-approved business plan. This represents a change from the position at 31 December 2025, when no Deferred Tax Asset was recognised as it was considered less probable that sufficient future taxable profits would be available against which the carry-forward losses could be utilised. The recoverability of the Deferred Tax Asset, and of the remaining unrecognised losses, will be reassessed at each reporting date. 8. Earnings per Share Basic Earnings per Share is calculated by dividing the Profit/(Loss) for the period 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 Profit/(Loss) for the period Attributable to Ordinary Equity Holders of the Company by the Weighted Average Number of ordinary shares in issue during the period. For the period ended 30 June 2025, 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. For the period ended 30 June 2025, 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. For the first time, the Group recognised a Deferred Tax Asset, resulting in a positive Basic Earnings per Share of 3.45p (for the period 30 June 2025: (2.14)p) and Diluted Earnings per Share of 3.26p (for the period 30 June 2025: (2.14)p). Earnings per Share, excluding the recognition of the Deferred Tax Asset, was (1.24)p (for the period 30 June 2025: (2.14)p). Unaudited six months to 30 June 2026 Unaudited six months to 30 June 2025 Profit/(Loss) for the period Attributable to Ordinary Equity Holders of the Company (£) 8,211,000 (5,063,000) Weighted Average Number of Shares used as the Denominator Weighted Average Number of Shares used as the Denominator in calculating Basic Earnings per Share 238,189,995 236,636,758 Effect of Dilutive Share Options and Awards 14,042,853 - Weighted Average Number of Shares used as the Denominator in calculating Diluted Earnings per Share 252,232,848 236,636,758 Earnings per Share (pence per Share) Basic 3.45 (2.14) Diluted 3.26 (2.14) 9. Intangible Assets Capitalised Development Costs Total £ 000 £ 000 Cost At 1 January 2025 267 267 Additions 365 365 Disposals - - At 31 December 2025 632 632 Additions - - Disposals - - At 30 June 2026 632 632 Accumulated Amortisation At 1 January 2025 3 3 Charge for the year 45 45 Eliminated on disposal - - At 31 December 2025 48 48 Charge for the period 40 40 Eliminated on disposal - - At 30 June 2026 88 88 Carrying Amount At 31 December 2025 584 584 At 30 June 2026 544 544 Capitalised development costs consist of employee costs and directly attributable supplier costs incurred in the development of the technology platform and mobile application. 10. Trade and Other Receivables Unaudited As at 30 June 2026 Audited as at 31 December 2025 £ 000 £ 000 Trade Receivables 4,448 3,985 Prepayments 1,637 2,136 Other Receivables 2,071 264 8,156 6,385 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. 11. Share Capital Allotted, Called Up and Fully Paid Shares Unaudited as at 30 June 2026 Audited as at 31 December 2025 No. 000 £ 000 No. 000 £ 000 At 1 January 237,908 238 236,122 236 Shares Issued 952 1 1,786 2 Closing Balance 238,860 239 237,908 238 During the period, PensionBee Group plc issued ordinary shares, to satisfy the exercise of share options totalling 952,207 ordinary shares (2025: 1,786,530) of £0.001 each. The exercise price for each exercised share option was £0.001 (2025: £0.001). Each ordinary share carries one vote per share and ranks pari passu with respect to dividends and capital. 12. Trade and Other Payables Unaudited as at 30 June 2026 Audited as at 31 December 2025 £ 000 £ 000 Trade Payables 994 414 Accrued Expenses 3,877 3,365 Other Payables 6 8 Deferred Income 26 25 Other taxes and social securities 542 209 5,445 4,021 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 . 13. Leases In December 2021, the Group entered into a property lease for its registered office at 209 Blackfriars Road, London SE1 8NL, with a five-year lease term ending in December 2026. The lease terms have not been amended since inception, and there were no new leases, modifications or remeasurements during the period. As the lease now expires less than twelve months after the reporting date, the remaining lease liability and the related dilapidations provision are presented in full as current liabilities. The carrying amount of the Right of Use Asset was £59,000 as at 30 June 2026 (31 December 2025: £129,000), the lease liability was £35,000 (31 December 2025: £125,000), and the dilapidations provision was £58,000 (31 December 2025: £56,000). The dilapidations provision represents the present value of the estimated cost of restoring the premises to their original condition on expiry of the lease. The Group intends to negotiate new property arrangements, but no agreement has been reached as at the reporting date and no amounts have been recognised in respect of any future arrangement. 14. Financial Assets and Financial Liabilities The carrying values of the financial assets and liabilities are not materially different from their fair values. 15. Share-based Payments PensionBee Enterprise Management Incentive ('EMI') and Non-EMI Share Option Scheme Scheme Details and Movements Under the PensionBee EMI and Non-EMI Share Option Scheme, share options were historically granted to eligible employees. 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. The fair value of the share options granted is estimated on the date of grant by reference to the prevailing share price. Before the Company was listed in 2021, the fair value was determined by reference to the price paid by external investors as part of periodic funding rounds. 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 2026 (30 June 2025: nil). The total number of share options exercised during the six months ended 30 June 2026 was 500 (30 June 2025: 336,506) and the weighted average remaining contractual life is nil months (30 June 2025: nil months). Omnibus Plan 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. 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 vest after a service period of one year from the grant date. Some of the DSB Awards granted during the six months ended 30 June 2026 vest in three equal tranches over a service period of three years from the grant date, with the exception of those granted by way of EMI options, which vest in full on the third anniversary of 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. 1,460,466 DSB Awards were granted during the six months ended 30 June 2026 (30 June 2025: 1,942,412). The weighted average fair value of DSB Awards granted during the six months ended 30 June 2026 was £1.36 (30 June 2025: £1.47). The total number of DSB Awards exercised during the six months ended 30 June 2026 was 951,707 (30 June 2025: 558,820) and the weighted average remaining contractual life is one year and four months (30 June 2025: one year and two 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 granted up to the year ended 31 December 2025 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 the restricted selling period. RSP Awards granted up to the year ended 31 December 2025 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. RSP Awards granted during the six months ended 30 June 2026, including those granted by way of EMI options vest in full on the third anniversary of the vesting commencement date. The fair value of the RSP Awards is the share price on grant date discounted for the restricted selling period. The RSP Awards granted during the six months ended 30 June 2026 can be exercised to the extent they have vested and after a two year holding period. RSP Awards granted by way of conditional share awards will be released after the two year holding period. 1,979,743 RSP Awards were granted during the six months ended 30 June 2026 (30 June 2025: 1,823,217). The weighted average fair value of RSP Awards granted during the six months ended 30 June 2026 was £1.30 (30 June 2025: £1.41). The total number of RSP Awards exercised during the six months ended 30 June 2026 was nil (30 June 2025: 84,578) and the weighted average remaining contractual life is one year and nine months (30 June 2025: two years and four months). Charge/Credit arising from Share-based Payments The total charge during the six months ended 30 June 2026 for the Share-based Payments was £2,027,000 (30 June 2025: £2,546,000), all of which related to equity-settled share-based payment transactions. 16. 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 2025. 17. Related Party Transactions There were no related party transactions during the six months ended 30 June 2026 (30 June 2025: none). 18. Events After the Reporting Period There were no events of material impact to the financial statements that occurred after the reporting date 19. Alternative Performance Measures The Group uses a variety of alternative performance measures ('APMs') which are not defined or specified by IFRS, in particular Adjusted Earnings Before Interest, Taxes, Depreciation and Amortisation ('Adjusted EBITDA') and Basic Earnings per Share excluding Deferred Tax Asset movements. 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 non-cash items and, where relevant, non-recurring items. 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 and Share-based Payments. The Adjusted EBITDA for the Group: Unaudited six months to 30 June 2026 Unaudited six months to 30 June 2025 £ 000 £ 000 Operating Profit/(Loss) (3,346) (5,616) Depreciation and Amortisation Expense 199 168 Share-based Payments 1 2,027 2,546 Group Adjusted EBITDA (1,120) (2,902) Notes: 1. Relates to the total Share-based Payments charge as detailed in Note 15. 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): Unaudited six months to 30 June 2026 Unaudited six months to 30 June 2025 £ 000 £ 000 Operating Profit/(Loss) 1 (498) (3,321) Depreciation and Amortisation Expense 189 160 Share-based Payments 2 1,834 2,407 UK Adjusted EBITDA 1,525 (754) Notes: 1. Operating Profit/(Loss) includes income generated from the provision of services from PensionBee Limited to PensionBee Inc. during the six months to 30 June 2026 amounting to £759,000 (30 June 2025: £702,000). All intercompany transactions are on an arm's length basis. 2. Relates to the Share-based Payments charge as detailed in Note 15. The Adjusted EBITDA for PensionBee US (PensionBee Inc.): Unaudited six months to 30 June 2026 Unaudited six months to 30 June 2025 £ 000 £ 000 Operating Profit/(Loss) 1 (2,848) (2,296) Depreciation and Amortisation Expense 10 8 Share-based Payments 2 193 139 US Adjusted EBITDA (2,645) (2,149) Notes: 20. Operating Profit/(Loss) includes expenses incurred from the provision of services from PensionBee Limited to PensionBee Inc. during the six months to 30 June 2026 amounting to £759,000 (30 June 2025: £703,000). All intercompany transactions are on an arm's length basis. 21. Relates to the Share-based Payments charge as detailed in Note 15. Basic Earnings per Share excluding Deferred Tax Asset Movements The Group uses Basic Earnings per Share excluding the impact of recognition and remeasurement of the DTA on carried-forward losses, which is non-cash in nature and not reflective of the Group's underlying trading operations. The Group recognised a DTA for the first time in the period ended 30 June 2026. Basic Earnings per Share excluding DTA can be reconciled back to reported Basic Earnings per Share as follows: Reported (After DTA) DTA Adjustment Adjusted (Before DTA) Profit/(Loss) before Tax (£) (2,941,000) - (2,941,000) Taxation (£) 11,152,000 (11,154,000) (2,000) Profit/(Loss) for the Period (£) 8,211,000 (11,154,000) (2,943,000) Weighted Average Number of Shares used as the Denominator in calculating Basic Earnings per Share 238,189,995 - 238,189,995 Basic Earnings per Share (pence per Share) 3.45 - (1.24) Definitions Group Financial Performance Measures Revenue 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. UK Revenue includes Other Income arising from intercompany transactions with PensionBee US. All intercompany transactions are calculated on an arm's length basis. Adjusted EBITDA* Adjusted EBITDA is the Operating Profit or Loss Before Taxation, Finance Costs, Finance Income, Depreciation, Amortisation, Share-based Payments and Expansion Costs over the period. Adjusted EBITDA Margin* Adjusted EBITDA Margin means Adjusted EBITDA as a percentage of Revenue for the relevant period. Profit/(Loss) before Tax ('PBT') Profit/(Loss) before Tax is a measure that looks at PensionBee's profit or loss before accounting for taxation, including both current and deferred tax, over the period. Profit/(Loss) after Tax ('PAT') Profit/(Loss) after Tax is a measure that looks at PensionBee's profit or loss after accounting for taxation, including both current and deferred tax, over the period. For H1 2026, this measure is impacted by the Group's recognition of the Deferred Tax Asset ('DTA'); see the Notes to the Condensed Consolidated Financial Statements (Note 3) for further detail. Basic Earnings per Share ('EPS') 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. For H1 2026, this measure is impacted by the Group ' s recognition of the DTA; see the Notes to the Condensed Consolidated Financial Statements (Note 3) for further detail. Diluted Earnings per Share ('EPS') Diluted 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, adjusted for the dilutive effect of potential ordinary shares under option and conditional share awards. For H1 2026, this measure is impacted by the Group ' s recognition of the DTA; see the Notes to the Condensed Consolidated Financial Statements (Note 3) for further detail. Basic EPS excluding Deferred Tax Asset ('DTA')* Basic Earnings per Share excluding DTA is calculated on the same basis as Basic Earnings per Share, adjusted to exclude the impact of the DTA recognised during the period. This measure is presented to illustrate the Group's underlying earnings per share performance. * PensionBee's Key Performance Indicators ('KPIs') include alternative performance measures ('APMs'), in particular Adjusted EBITDA represents the Operating Profit/(Loss) for the period before Taxation, Finance Costs, Finance Income, Depreciation, Amortisation and Share-based Payments. ('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 19 to the Condensed Consolidated Financial Statements 'Alternative Performance Measures'. Group Non-Financial Performance Measures Annual Run Rate ('ARR') Annual Run Rate ('ARR') Revenue is calculated using the recurring Revenue for the relevant month multiplied by 12. Assets under Administration ('AUA') Assets under Administration is the total invested value of pension assets within PensionBee's Invested Customers' pensions. It measures the new inflows less the outflows and records a change in the market value of the assets. This KPI has been selected because AUA is a measurement of the growth of the business and is the primary driver of Revenue. Value Retention Rate Value Retention Rate is calculated on a Last-Twelve-Months basis and captures all underlying cash consolidation and contribution ('Gross Inflows') and withdrawals and transfers out ('Gross Outflows'), more accurately reflecting the AUA value driver. A result above 100% reflects that, on a net basis, Gross Inflows exceeded Gross Outflows over the period, meaning the value retained on the platform grew independently of market movements. Net Flows 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. Invested Customers ('IC') Invested Customers means those customers who have transferred pension assets or made contributions into one of PensionBee's investment plans. Invested Customers per Staff Member Productivity, measured using Invested Customers per Staff Member, is calculated using a 12 month average for the total workforce contracted by the UK. Customer Retention Rate (% of IC) 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. UK Cost per Invested Customer ('CPIC') 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 approximately £250. Revenue Margin (% of AUA) Revenue Margin expresses the Recurring Revenue over the average quarterly AUA held in PensionBee's investment plans over the period. Other Measures Last-Twelve- Months Last-Twelve-Months ('LTM') refers to the twelve-month period ending on the relevant reporting period. LTM is used to show performance on an annualised basis where the reporting period is shorter than a year. AUA conversion AUA is converted using the closing exchange rate on the last working day of the period. As at 30 June 2026, the rate was 0.755647 GBP/USD. Android App Rating Android App Rating means the average customer rating of PensionBee's Android app on the Google Play Store, measured on a 28-day rolling basis. This measure reflects customer satisfaction with the app experience and was recorded on 3 August 2026. Ppt ppt is the absolute change in percentage. 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) (Resigned 14 May 2026) Lara Oyesanya FRSA (Independent Non-Executive Director) Susan Holliday (Independent Non-Executive Director) (Appointed 14 May 2026) Anne Ackerley (Independent Non-Executive Director) (Appointed 14 May 2026) 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