Guidance reiterated, positive adj. EBITDA by end-23

PensionBee’s H1-22 results confirm the momentum of its growth journey as it continues to disrupt the pensions market and drive the consolidation of UK consumers’ multiple pension pots. Its most fundamental growth driver, the number of invested customers, grew 72% y-o-y to 159k on 30 Jun 22 from 92k on 30 Jun 21 (+36% over H1 from 117k on 31 Dec 21) and remains on track to meet our forecast of 200k by the end of FY22. Impressive marketing agility was evident. The data platform was used to rapidly refine targeting towards a younger audience, with older consumers less likely to take decisions during the market volatility during H1.