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Annual Report and Financial Statements 2025 pensionbee.comCorporate Governance Report 1 Chair’s Introduction to Governance 2 Board of Directors and Executive Management 3 Corporate Governance Statement 4 Nomination Committee Report 5 Audit and Risk Committee Report 6 Directors’ Remuneration Report 7 Directors’ Report 8 Statement of Directors’ Responsibilities Strategic Report 1 PensionBee at a Glance 2 Chair’s Statement 3 Chief Executive Officer’s Review 4 About Us 5 Market Opportunity 6 Business Model 7 Chief Financial Officer’s Review 8 Measuring our Performance 9 ESG Considerations 10 Climate-related Disclosures 11 Managing our Risks 12 Viability Statement Contents 1 4 6 8 26 28 30 38 40 50 56 64 66 68 72 81 85 93 110 115Other Information 1 Glossary of Terms 2 Directors, Company Secretary and Shareholder Financial Statements 1 Independent Auditor’s Report to the Members of PensionBee Group plc 2 Consolidated Statement of Comprehensive Income 3 Consolidated Statement of Financial Position 4 Consolidated Statement of Change in Equity 5 Consolidated Statement of Cash Flows 6 Notes to the Consolidated Financial Statements 7 Company Financial Statements 8 Notes to the Company Financial Statements 117 125 126 128 129 130 151 153 159 162Strategic Report PensionBee Group plc Strategic Report1 PensionBee at a Glance PensionBee is creating a global leader in the consumer retirement market. We are dedicated to simplifying the retirement journey and empowering consumers to take control of their financial future. PensionBee 2025 Highlights £7.4bn 2025 Assets under Administration +27% on 2024 £42.6m 2025 Revenue +28% on 2024 £(2.8)m 2025 PBT +11% on 2024 £0.9m 2025 Adjusted EBITDA +104% on 2024 2% 2025 Adjusted EBITDA Margin +1ppt on 2024* 305k 2025 Invested Customers +15% on 2024 >95% 2025 Invested Customer Retention Rate stable (1.20)p 2025 EPS + 13% on 2024 *A ppt is a percentage point. A percentage point is the unit for the arithmetic difference of two percentages. PensionBee is a leading online retirement savings provider, with a customer proposition that offers a modern alternative to solve the problems of complexity, a lack of clarity and barriers to engagement that retirement savers often face. Our mission is to build retirement confidence, so that everyone can enjoy a happy retirement. We cater for the mass market of consumers that has been underserved, often ignored by the traditional retirement industry. Having successfully operated in the United Kingdom (‘UK’) for over a decade and having recently launched in the United States (‘US’), our operations now span markets representing more than 85% of global Defined Contribution retirement assets, with a total reach of 305,000 Invested Customers at year-end 2025. We simplify retirement saving by bringing the entire pension journey into one clear, intuitive digital platform. Customers can consolidate existing retirement accounts, invest in a curated range of diversified portfolios, make flexible contributions, view transparent fees and projections, and withdraw their savings seamlessly at retirement. Every customer gets their own dedicated ‘BeeKeeper’, a personal account manager who can guide them through the process. Our customers rate our service highly, as evidenced by our combined 4.7★ app store rating and 4.6★ Excellent Trustpilot score. Our business is built on three foundational integrated strategic pillars that continue to define PensionBee: our powerful consumer brand that builds trust to capture the mass market and create lifelong customer relationships; our proprietary, scalable technology that distinguishes our customer experience; and our culture that prioritises the wellbeing of our global team to drive world-class outcomes. The success of this integrated approach is reflected by our Customer Retention Rate, which has consistently been in excess of 95% since inception. For the year ended 31 December 2025, Group Revenue increased by 28% to £42.6m, up from £33.2m in 2024, as PensionBee delivered its second consecutive year of profitability. The Group achieved an Adjusted EBITDA of £0.9m (2024: £0.4m), supported by the strong performance of the UK business, where the Adjusted EBITDA Margin increased to 12% from 7% in the prior year. On a consolidated basis, this performance incorporates the costs associated with our strategic expansion into the US market while maintaining a Group Adjusted EBITDA Margin of 2% (2024: 1%). Reflecting this performance and the impact of non-cash items, Profit/(Loss) before Tax improved to £(2.8)m for 2025 (2024: £(3.1)m). Annual Report and Financial Statements 2025 1 Strategic ReportInvestment Highlights PensionBee is a leading online retirement savings provider, focused on serving the mass market of consumers, driving scalable growth through disciplined strategic execution PensionBee Investment Highlights: Driving scalable growth through strategic execution See definitions on pages 38 and 39 of the Measuring our Performance section of the Strategic Report. World class technology: Scalable, proprietary technology stack facilitates industry-leading productivity and personalised customer service, with 4.7 ★ app store rating and 4.6 ★ Excellent Trustpilot score. Enormous global market: Addressable market is over $30tn in assets covering more than 85% of the Global Defined Contribution retirement market, with over 100m consumers. Global Pure Play Retirement Savings Provider: Focused on serving the mass market of consumers. Valuable brand: One of the most recognised retirement savings providers in the UK with record brand awareness of approximately 60%, rapidly building national brand awareness in the US. PensionBee Group plc 2 Strategic ReportCulture that prioritises wellbeing: PensionBee fosters an inclusive, high-performance culture where workplace wellbeing translates directly into customer success. Straightforward business model: Clear, transparent revenue model and scalable cost base support a predictable profit formula. Substantial US opportunity: Partnership with State Street to grow our customer base and assets through market-specific product tailoring. Attractive financial profile: Rapidly growing, recurring revenue and structural operating leverage generate substantial profit margin potential. Proven UK execution: Strong track-record of management execution, with a decade of experience growing our market share, on a clear path to 1m Invested Customers. Transformative 10-year trajectory: Plan to deliver > £250m of Revenue and c.50% Adjusted EBITDA Margin for the Group over the next decade. Annual Report and Financial Statements 2025 3 Strategic Report2 Chair’s Statement Dear fellow shareholder, The past year has been defined by strong operational and strategic execution. As we continue to deliver on our long-term strategy, I am delighted to share our progress and reflect on the core elements of our business that remain vital to our ongoing momentum. Building on our performance in 2024, the Group concluded 2025 with 305,000 Invested Customers, £7.4bn in Assets under Administration, and annual Revenue of £42.6m. These results reflect our success in empowering a growing community of retirement savers to take control of their financial futures, while our stable Invested Customer Retention Rate of over 95% underscores the enduring trust and long-term value we provide to our customers. Executing Our Global Ambition: Solving the Retirement Challenge This year represented a significant advance in our ambition to become a global leader in the consumer retirement market. Throughout PensionBee’s growth, we have stayed true to our core principle of putting our customers first, a commitment that remains at the heart of our success. Our progress is sustained by three integrated pillars: a powerful brand that builds trust and confidence in the mass market, proprietary scalable technology that distinguishes the customer experience, and a workplace culture that prioritises wellbeing to drive performance. These foundations have enabled continued positive Adjusted EBITDA within our business in the United Kingdom (‘UK’), which remains the cornerstone of the Group, while providing the framework for our advancement into the United State (‘US’) retirement market following successful live testing in 2025. These two markets represent 85% of the global Defined Contribution market. By focusing our efforts here, we are addressing the world’s most significant opportunities through our proven UK expertise and a disciplined international strategy. The simultaneous delivery of UK Adjusted EBITDA profitability and US market entry marks a transformative era for the Group, proving that our philosophy of diligent customer attention, powered by proprietary technology, is both internationally scalable and commercially robust. This milestone is the definitive proof of our model, demonstrating that serving the mass market with transparency and care is both a social necessity and a powerful engine for commercial growth.” Mark Wood CBE Non-Executive Chair Our proposition is unique, combining a strong digital experience with the reassurance of dedicated human support through our ‘BeeKeeper’ model. We have chosen to focus on the vast majority of the population that are underserved, enabling customers to prepare adequately for a happy retirement, regardless of balance size. This commitment is reflected in an Excellent Trustpilot score of 4.6★ and an average app store rating of 4.7★ out of 5, reflecting our position as pension provider of choice. We will continue to actively pursue new customer segments, particularly those currently underserved by the traditional retirement savings industry. Simplifying complex financial concepts has remained a core focus, making it easier for customers to understand their options and manage their retirement with ease. Ultimately, we measure our success not only by our financial performance, but by our ability to foster ‘retirement confidence’ across every market we serve. Our commitment to innovation has guided our entry into the US, where we have successfully deployed the core functionality that makes PensionBee unique. Based on early results, we are confident that the considerable efforts of our teams in both the UK and New York will translate into sustained commercial success in North America over time. This work has encompassed strategic brand building and targeted marketing, alongside necessary market-specific refinements to our proprietary technology. Initial indications suggest that US retirement savers similarly welcome our straightforward approach to supporting their long-term savings. This resonance leaves the Group well-positioned to serve this customer base. The simultaneous delivery of UK Adjusted EBITDA profitability and US market entry marks a transformative era for the Group, proving that our philosophy of diligent customer attention, powered by proprietary technology, is both internationally scalable and commercially robust. This milestone provides definitive proof of our model, demonstrating that serving the mass market with transparency and care is both a social necessity and a powerful engine for commercial growth. By building a unified, global retirement brand, we are positioned to capture the immense opportunity PensionBee Group plc 4 Strategic Reportwithin the world’s largest savings markets. We recognise that helping people to retire depends upon the resilience of the society in which they will retire, which is why we have published a standalone Sustainability Report to accompany our Annual Report and Financial Statements 2025. A Final Word I am enormously grateful to our team for ensuring that our entry into the world’s largest retirement savings market has been achieved without any disruption to the impeccable level of service our customers value. By maintaining these exacting standards while scaling globally, we have moved beyond being a domestic success story to become a disruptive force on both sides of the Atlantic. I am confident that by maintaining our focus on these strategic priorities, PensionBee will continue to thrive. We remain dedicated to helping millions of individuals reach their retirement goals, ensuring we deliver enduring value for our stakeholders and the retirement futures our customers deserve. Mark Wood CBE Non-Executive Chair 11 March 2026 With PensionBee I feel so much more confident now about what I need to do with my pension in order to reach my retirement goals. I’m very new to my pension journey, but I’ve started to take a lot more notice, and I’m really seriously now thinking about my retirement.” Sarah, 50 PensionBee Customer since 2021 Annual Report and Financial Statements 2025 5 Strategic ReportNext >