PensionBee Group (LSE:PBEE) — Q1 2026 Results for the quarter ending 31 March 2026

0:00 Good afternoon, ladies and gentlemen, and welcome to the PENSIONBEE Q1 twenty twenty six Results Presentation. Throughout today's recorded meeting, attendees will be in listen only mode. Questions are encouraged. They can be submitted just using the Q and A tab situated on the right hand corner of your screen. Please simply type in your question at any time and press end. Alternatively, if you wish to ask your question verbally, just type the question mark, and we'll come to unlock your microphones in due course. Before we begin, we'd like to submit the following poll, and please do give that your kind attention. I'd now like to hand over to the management team from PENSIONBEE. Christophe, Romy, good afternoon.

0:33 Good afternoon, and welcome to PENSIONBEE's q one twenty twenty six results announcement covering trading for the period ending 03/31/2026. I'm Romy Savova, the CEO of PENSIONBEE GROUP. For those of you who are new to the PENSIONBEE story, we are creating a global leader in the consumer retirement market. We exist to help our customers prepare for and enjoy a happy retirement. We enable our customers to combine their old retirement accounts into a new online plan. We enable them to make contributions to invest in line with their objectives with money managed by the world's largest asset managers and ultimately to withdraw and spend their retirement savings.

1:25 Our aspiration is to build a lifetime relationship with our customers, generating predictable and scalable revenue for our company and for our investors. Over the first quarter of twenty twenty six, we continued to record strong year on year growth in assets under administration, revenue, and invested customers as we executed on our long term strategy. Turning now to our individual country segments. In The United Kingdom, we closed the quarter with assets under administration of £7,500,000,000, representing 29% year on year growth. Annual run rate revenue of £52,000,000, representing 43% year on year growth, and 315,000 invested customers.

2:15 This growth was achieved despite the well publicized global economic turbulence over the past few months. Over the first quarter, we onboarded approximately 10,000 net new invested customers through our effective advertising approach. New customer growth reflected a healthy balance of brand and organic activity, paid channels, and partnerships. Heading into the second quarter, we continue to execute on our strategy to reach 1,000,000 invested customers. To that end, we will continue accelerating our marketing spend with the focus on new brand opportunities to reach new audiences and a growing investment in our partnerships.

3:01 We will, of course, keep a watchful eye on economic volatility. We continue to invest in productivity, introducing Bebop to our customers following successful internal testing. Bebaud is currently resolving 30 to 50% of our chat volume, and we have clear next steps to grow the resolution rate to 65%. Overall, we generated a productivity improvement of 23% year on year with each staff member supporting close to 1,700 invested customers. The UK business was profitable for the quarter and delivered a 15% adjusted EBITDA margin on a last twelve months basis. Turning to The United States. Over the first quarter of twenty twenty six, we have been broadening and deepening the foundations for long term growth.

3:56 In line with our State Street partnership, we continue to build brand awareness and drive customer acquisition in the large US retirement savings market. We recently reintroduced our out of home advertising campaign across New York City and Chicago, while continued investments in our product won us the best retirement management platform at the fintech breakthrough awards for a second consecutive year. Early customer cohorts demonstrated strong engagement with product features, including IRA rollovers and the 1% match on contributions and transfers. The brand awareness the company is building also directly supports its b to b distribution strategy, which targets two distinct but related opportunities, recurring small balance rollovers where employers periodically force out former employees with retirement balances below $7,000 occurring continuously as part of normal workforce turnover, and plan terminations where a four zero one k plan is wound up entirely through bankruptcy or m and a, a structural event affecting a significant portion of the market annually.

5:10 The combined addressable market represents approximately $60,000,000,000 across 3,900,000 participants annually. Our proposition addresses a critical gap in the market. Employers and administrators seeking streamlined administration, reduced fiduciary risks, and lower costs, whilst employees benefit from the same high quality investments, competitive fees, and personalized service that define PENSIONBEE's direct to consumer offering. The company is building its pipeline through RFPs and advisory relationships with existing contracts validating the market opportunity and positioning PENSIONBEE to capture market share. Looking ahead, PENSIONBEE remains focused on converting brand awareness into customer growth across both channels.

6:01 The company will continue to be disciplined with spend while continuing to invest in product led growth, enhancing the customer experience through new features and capabilities that drive organic customer acquisition and retention. And I would now like to hand over to Christophe Martin, PENSIONBEE GROUP's CFO, who will cover the financial update. Thank you very much, Rumi. Have a warm welcome to everyone. I'm pleased to cover the financial section of our q one twenty twenty six trading update. In q one, PENSIONBEE had a strong financial performance despite macroeconomic environment and associated volatility showcasing the resilience of our business model. The UK delivered strong financial performance with 29% year on year growth in our AOA base to £7,500,000,000 and 43% year on year growth in ARR to approximately £52,000,000 UK adjusted EBITA profitability for Q1 was close to £1,000,000 at 5% margin in comparison to negative 11% in Q1 twenty twenty five.

7:15 At a group level, top line growth, coupled with continuous cost discipline, led to breakeven EBITDA position. Those continuous achievements are further testament of our consistent and reliable execution against our public market guidance and is ultimately derived from the business core value drivers, which are first, predictable and recurring revenue, and second, business scalability. The first value driver is PENSIONBEE's predictable and recurring revenue, which is generated from a durable base of assets and administration and is derived from the assets of existing and new customers. In Q1, we have seen a 29% year on year AOE growth to circa GBP 7,500,000,000.

8:05 The vast majority of our from AOEE base is derived from existing customers, customers who remain with PENSIONBEE for a long period of time and continue to build up their pension saving with us, resulting in value generation for decades to come. This is because our average customer is around 42 years old, and they build up their pension saving with PENSIONBEE, which means that cohorts on an underlying value basis, I. E, before any capital markets appreciation, are very resilient. Next, AOA is also derived from new customer acquired through our proven approach to cost discipline new customer acquisition. Over q one twenty twenty six, we added circa 10,000 new invested customers onto our technology platform.

8:51 Joining customers had higher average incoming balances in q one this year compared to q one last year. For the remainder of the year, we expect the total number of invested customers to continue to growing strongly and with a slightly older average age profile on the back of a larger expected marketing budget for 2026 compared to 2025. As it is customary in the industry, pension assets are invested in capital markets. Similar to what we have observed in past periods of volatility, we recorded strong underlying KPIs on retention rates and net flows, underscoring pension based strength, resilience and predictability despite external volatility.

9:39 The compounding AOA base is subsequently converted into our revenue base owing to our resilient gross revenue margin. In q one twenty twenty six, we have seen the revenue margin of 67 basis points, which enabled us to convert the 29% year on year ERA growth into the LTM monthly group revenue growth of 32%.

10:07 In conclusion, owing to our compounding array base and resilient revenue margin, we are driving predictable and recurring revenue, which is PENSIONBEE's first value driver. The second value driver is PENSIONBEE's business scalability, owing owing to our controllability of the cost base, which is thereby continuing to decline as a proportion of revenue. For The United Kingdom, those scalability dynamics and predictable and recurring top line growth coupled with cost discipline led to an improvement in adjusted EBITA margin to positive 5% in Q1 twenty twenty six compared to negative 11% in Q1 twenty twenty five, an improvement by close to £2,000,000 in adjusted EBITDA while simultaneously investing into growth and increasing our marketing budget by 15%

11:02 year on year. With respect to our guidance framework for PENSIONBEE as a group, we have outlined our short, medium, and long term targets. In the short to medium term, so by year end 2029, we expect the group to generate revenue of above £100,000,000 and an adjusted EBITDA margin of circa 20% by end of twenty twenty nine, with The UK considerably contributing to those targets. In the long term, so by year end 2034, we expect the group to generate about a £250,000,000 in revenue and an adjusted EBITDA margin of 50% by year end twenty thirty four. Our roughly £32,000,000 in cash balance puts PENSIONBEE in a strong position to further scale The UK business as well as invest into tremendous US market opportunity to continue executing our long term strategy and delivering on our public market guidance.

12:07 I would now like to hand back to Romy for concluding remarks.

12:11 Thank you very much, Christoph. We are pleased to move into the investor q and a section and to engage with investors, and I already see some questions coming through. That's great, Rodney. Christophe, thank you very much indeed for updating investors. Okay. Let's jump straight into it. A number of questions, as you say. Thank you to everybody for your engagement thus far. Let's kick off with how are you driving additional contributions

12:36 from existing customers? Fantastic question. PensionBee, of course, exists to help our customers prepare for and enjoy a happy retirement, and contributing into account is, of course, a key priority to grow the retirement savings of of a particular person. We, of course, recently wrapped up the tax year end, and what we saw was a very strong performance from customers contributing into their accounts. We we saw contributions increasing in aggregate terms around 25%, so very much in line with the kind of growth that we see across our AUA base in general. We believe that customers continue to prioritize pension savings, and we are, of course, there for them when when they do that. In in terms of how we do it, well, we, of course, focus a lot on making the journey for our customers as easy as possible.

13:35 So when they wanna contribute, they can do so through easy bank transfer in sixty seconds or less.

13:41 They can learn about contributions and the benefits of contributions and use our retirement planning tools to see the value of their contributions over a long period of time. And so, you know, we were very happy to support our customers through the tax year end. It was a successful tax year end, and we're pleased to see that our tools and our education enabled our customers to grow their retirement accounts with us. Great. Thanks, Remi. Question number of questions from from William. Thank you for your questions, William. Let's kick off with what do you expect sorry. What do you expect the 4,700,000 UK marketing spend to be by full year? And is the allocation by quarter likely to be similar to last year? What new brand opportunities do you have in mind for The UK?

14:33 Yeah. I'm happy to take the first part of the of the question. So with regards to the full marketing budget for for this year, we have been guiding, you know, pretty much since last year that we will aim to increase that marketing budget over the next few years. So that means that this year, we target to have a higher marketing budget compared to last year. I think we would we would target a number that is around the mid teens million pounds for the full year. And then with regards to your phasing question, so we usually have very similar phasing of how we deploy our marketing budget across the year, and I think that will be very similar to this year as well. I hand over to Romy with regards to the new brand opportunities.

15:30 Yeah. Absolutely. You you may have seen that we are broadening our sports sponsorship activities with a recently announced sponsorship of the Saracens on the rugby front, which is which is new for us. It enables us to access an audience at a slightly deeper level, and more will be revealed about the partnership in in due course. But we feel very confident that the demographics of the partnership will align very closely with the demographics that we are, of course, targeting, which are consumers in in the mass market and those with pension savings that are looking for a home for their pension accounts. In addition to the depth that we expect to deliver with that partnership, we will very soon be announcing additional sponsorship opportunities that will enable us to really expand our reach and also the frequency with which we interact with our customers.

16:33 And I will leave it at that for now because it's a very exciting opportunity, and I don't wanna front run our marketing team's inevitable success with it. Great. Okay. Thank you for that. UK net customers in q one twenty twenty six were 10,000, which was the same as q one twenty five. Is this implying that the total customer acquisition will be flat at 40 k by full year, or do you expect more of a takeoff from here?

17:03 I'm very happy to to comment on that and continue the dialogue. A lot of what we usually see reflected in q one is the pipeline that we had built in the previous year. And so 10,000 net new invested customers is, of course, very consistent with the pipeline that we built last year because, of course, the net new customer figure in 2025 was around 40,000 net new invested customers. Over the course of the first quarter of this year, we have, of course, been increasing our marketing spend, and the 4,700,000 total spend has been discussed already, which is an increase from the roughly 4,100,000 that we had last year in the first quarter. And so we expect to see a continued growth in the new customer pipeline through those q one activities, and we do indeed see that growth in the pipeline, not only registrations, but also in new customers requesting transfers and then individual transfers themselves.

18:12 And so the pipeline that we are currently sitting on and that we've built in q one is bigger than the pipeline than we had built in q one of last year, and we expect that growth in the pipeline to materialize over the course of this year and beyond, and also, frankly, to continue growing as we increase the marketing budget overall relative to last year. Thank you. And I guess the final part of William's question, net flows per new UK customer seemed around £10,000. That is about the same as q one, but down from full year. Is this just a repeat of last year's seasonality so later quarters have more flow per customer? Or could the run rate be lower this year? Happy to take this one.

18:57 So it is a very predictable, actually, development that we usually see. So the flows per customer for q one is usually a little bit lower in in q one compared to q two, q and and therefore, actually ramps up. This is because, as Rumi said, we are building the pipeline. Customers may come in with one pot and then adding another one later on. So as you alluded to, we have net flows from new customers of around 13,500 this year compared to 13,200. So we have slightly increased it given the increase in age. And then we ended the year last year at around £17,400, and it's a same a very similar to the dynamic that we have seen in previous years. So it's actually very predictable that we start a little bit lower on net flows per new customers and then actually ramps up in subsequent. So yes, we do expect a ramp up over the next few quarters.

20:03 Okay. Great. Thank you. Question here from from Matt. Thank you. How is competition evolving in The UK digital pensions? Are you seeing pricing pressure at all? Are incumbents or fintechs responding, guess, a little bit more aggressively? This is a great question on the competitive environment. And as you know, we have long been advocates for a diversified pension landscape within The UK. We believe that the acute problem within The UK landscape is that not enough individuals are aware of their retirement accounts and what they can do with their retirement accounts and how to take control of them and manage them. And so in general, we tend to welcome a broadening of the market. I would say that q one has been very exciting in terms of pricing moves from various different companies within the pension space.

20:52 The view that we take on pricing is that the diversity of the pricing within the market should really mirror the diversity of the services being offered within the market. And consequently, fees in The UK for pensions range all the way from kinda zero to 3% and beyond. And within the context of available services, we are very much on the lower end of the pricing schedule. And so, you know, we do believe that consumers actually look at what they're buying. If you are sometimes acquiring a product and you need support and service, you might choose a financial adviser. If you are very happy to do a lot of trading by yourself, you might choose a completely different kind of platform.

21:39 We believe that our service is appropriately priced for the mass market. It reflects the excellent customer service that we offer to customers who have all the way from a £100 to beyond a million pounds within their retirement accounts with us. We're very proud of the service that we offer. And so the pricing that we have, of course, reflects the service that we make available. And we think it's really important, of course, that fees are also compared on a like for like basis. At the moment, we do see quite a lot of fee positioning

22:14 from providers that doesn't include all of the cost, including investment costs. We are very proud to have one fee for our customers, which includes the whole service that we offer and also the underlying investments, and we continue to offer excellent value on on that service. So in response to your question, no. We don't really see pricing pressure. We see that our marketing expenditure is attracting a very high level of net new invested customers with more in the pipeline, and so we continue to believe that customers value our service as as it's being priced. Thanks. A short question from from Thomas. Can you substantially and sustainably fund US expansion?

23:04 Yes. The short answer is yes. We have specifically, if you may recall, in October 2024, raised £20,000,000 specifically allocated to The US expansion. So that's that means we have a very full check of cash reserves allocated to The US, and that is, you know, funding, of course, the the ramp up there. And and The UK is self funding as well. And as The UK is more and more generating profitability, that it that profit is then reinvested into growth in The UK. So we have The US is is well funded. We have a a very strong cash position to then fund continuously fund the expansion.

24:00 If you look at The US profitability number for q one, it was an investment of £1,200,000. So if you then actually look at the at the the cumulative profitability pretty much since when we started, it is about £7,600,000. However, not all of that is actually cash investment. There's intercompany transfer pricing involved. That means value that is coming from The UK to The US. So you actually look at the cash investment that we have done. That number is much lower. It's, £4,600,000. What that basically means is that we are very cash conscious when it comes to US expansion to position us really strongly to, you know, continue building out the foundation, position us as strongly as we can for future growth. So again, the short answer is is yes. We have sufficient cash. And the long answer is if you look at the cumulative data, that substantiates the claim as well.

25:02 Thank you, Christophe. May maybe sticking with you here, I don't know. But can you explain the minimal increase in annual recurring revenue from 50,600,000 at the end of full year '25 to 51.6 at the end of q one twenty twenty six? I see that ARR actually declined between the same periods of the previous financial year. So is q one weaker consistently than other quarters? Yeah. I'm happy to take this one. Not consistently. No. However, the last two years, it happened to be that both of early April dates are the the capital markets was down. So we have a significant allocation to US equities.

25:47 If you look at S and P 500 as a proxy, and you may recall last year at the first sorry. The April 2, there was the liberation day, which caused market volatility, which impacted our revenue base. So it was the explanation from last year. This year coincided that actually around the same time there was market volatility. Again, if you look at the S and P 500 year to date chart, you see that dip. So it's not consistent, but it actually happens to be last year and this year. And that particular time is important because ARR is monthly revenue times 12 for March 2026 and March 2025, respectively, and so that has been impacted by that particular volatility. But as you've also also seen, the S and P 500 has since recovered, and it's actually up year to date 3.8.

26:37 Thank you. Okay. A couple of questions from Jude at RBC. Thanks, Jude. UK pot sizes. It looks like the pot sizes from new customers are slightly higher this year than in Q1 twenty twenty five. Can you offer any color on the drivers for that and whether we should expect that trend to continue? Yeah. Happy to take this one. It's a very simple answer because the model is very predictable. That answer is the age profile of consumers that we acquired. This year, we target a slightly older demographic compared to last year. So the incoming age of the consumer this year was 39.6 compared to 39.3 last year, and we see this very consistently. The age profile dictates the most of the incoming pension pot because they benefited from more contribution in their accumulation journey.

27:31 So that is the the explanation. And, yes, we do expect that to continue because our target for this year is generally a higher age profile compared to last year. Thanks, Christoph. And Jude has a further question around U. S. Marketing. You spent around $900,000 this quarter in The U. S, which you say was substantially refunded by SSGA. Are you able to clarify how much of that was refunded this quarter? And whether we should expect PENSIONBEE to make incremental contributions towards The US marketing going forward? Yeah. What we mean is substantially, it's the the vast majority. So it's more than 90%. So considerably, we funded well above, like, more than 95%, frankly.

28:18 And, yeah, as we see opportunities, we would top it up, but we have a, you know, an established relationship with a long trusted partner that supports in that endeavor to build the brand and position us well for for growth. Great. And actually, Jude, sorry, I didn't see the follow on. But Christophe, if you've covered this, great. But if not, it's just a replacement question. You've got a touch above £250 CPIC threshold this quarter, and we're guiding for the budget to increase over the rest of the year. Do you expect further quarters you could see spend above £250? And if so, how should we think about the returns on this high marketing investment? Yes.

29:04 So, usually, we see a higher CPIC at the beginning quarters. So we will because as said earlier, we will build we build up that that pipeline and then consumers convert through the funnel. So the return on the back of it is is quite strong. I I may I may remind listeners that our lifetime value over CAC as a as expressed as a multiple is is quite strong to mid single digits of five five to seven times.

29:36 So do we do generate very strong returns on it. Also, this very strong payback period of around two to three years depending on the age profile of the consumers. And another point that is also worth noting is, yes, looking at it from a CPIC perspective, the number was two fifty eight. However, if you actually be mindful and factor in the gross CPIC or or the gross number of customers we acquired, the number becomes lower because there's obviously a natural there's some attrition as well, less than 5%. And that obviously is is a proportion of the overall book, so that needs to be considered as well.

30:24 And if you actually look at the gross number that we acquired in q one, it actually is a really strong and actually quite consistent metric when you compare this to previous years over the same quarter. You, Christophe. Three questions from Gautam at Peel Hunt. Thank you very much indeed. And I think you might touched on one. But can you remind us of your quarterly seasonality q one tend to be strong inflows given the tax year end? Yes. That that is correct. So with there is some seasonality that is driven by that marketing budget and how we built the funnel, if you will. So as we usually, the flow works, we spend a heightened amount in marketing. That means you build up the top end of the funnel, Consumers then convert through the funnel, and then as they convert through the funnel, bring in their pension pots, and then as they become customer contribute.

31:19 So usually, the first quarter from a new customer perspective is a a very strong start. But then what we have also seen historically that actually the subsequent quarters are usually quite strong as well. So usually, we actually see a higher net flow from new customers in q two compared to q one. So there's some seasonality in there. It's it's actually very predictable when you look at historical trends, and it has to do with how we deploy marketing. And that is obviously a function always on and other windows that allow themselves the marketing to be deployed at some heightened scale. Follow on regarding around The US. Is The US business tracking to your plan? Has the recent geopolitical situation impacted you in any way, and should we expect you to report revenues from US in '26?

32:10 The interesting thing about the current geopolitical situation is that The US in particular seems to be somewhat more insulated than than many other countries despite, of course, being front and center of the geopolitics, around the world. And so what we tend to see within The US economy is some level of insulation from the geopolitical situation. And, certainly, we can see that there continues to be strong appetite for online services, for financial products, and therefore, we don't actually see a marked impact from the geopolitical environment other than the volatility, which we, of course, discussed earlier. In terms of The US progress, The UK at a similar time in its development was tracking at around 20 to £100,000,000 of AUA over the kind of two to three year period following its establishment.

33:10 At the moment, The US is tracking very closely and especially looking at our pipeline within the direct to consumer. But also on the b to b side, we feel quite good about the growth that is embedded now within The US. We are very much building a snowball as we were back in 2014 and '15, 1617, and '18, the early days of of The UK. And we expect that snowball to continue because we believe that we offer a a better product for consumers and easier product for the mass market. And certainly on the b two b side, we know that we offer a much more competitively priced product that is really appealing to advisers and to employers.

33:58 I would say what is different about The US relative to The UK at at this stage of The UK's journey back then is that our b to b business in The US is going to be substantially lumpier with high levels of inflows kind of occurring around b to b successes more on a kind of one off basis when we look at four zero one k plan terminations. On the b two b side, automatic rollovers for small balances tend to be recurring, and so employers will engage in in force outs and automatic rollovers every every single year. So there is a slightly different dynamic because of the profile of the business in The US, but overall, it's it's looking very familiar.

34:48 And when we analyze the growth in assets or in invested customers, it's demonstrating the first shape of the curve that we that we have come to know and love. And so, yes, we would expect The US to continue delivering over over the course of the year. Thank you. And it it won't be the same without some questions around AI, and you've disclosed some productivity gains. Is there room for this to improve? And do you envisage usage of AI in your tech platform to develop new products? Yes. Absolutely. We are very excited about the AI initiatives that we have going on across the business. You will recall that our AI journey really began with Beatrix, which is our internal copilot.

35:36 And through developing Beatrix, we built the foundations to develop bBot, which serves our customers directly. Beebaud is currently resolving 30 to 50% of all of the live chats that our UK customer service team is receiving, and we see one huge scope to increase the resolution rate of bbot up to kinda 65% in the short term. We also see two more scope to defer customer communications that are coming into us via email currently back into Veebaud where customers would get a more instantaneous reply, which we're confident they would value.

36:22 And then three, to deploy Veebaud onto our email comms as well. And, therefore, we do expect to see continued great automation within customer service, but always with the caveat that if a customer at any time wants to speak to their personal beekeeper in line with our customer service commitment that that beekeeper is available, whether they wanna speak on live chat or whether they wanna speak on the phone. And so BeeBot has combined really well with our existing customer service model and provides the foundation for us to continue growing productivity at these really rapid rates. I think you can see that reflected in the headcount figures that we released quite recently in our annual report. Our headcount has basically stayed flat while our invested customers have been growing at around 15% every single year.

37:14 And our AUA and our revenue has been growing at around kind of, you know, 25 to 45% depending on the on the metrics that you look at. So we do see huge scope for continued AI and customer service particularly. And then beyond customer service, we are seeing a lot of use cases within our technology department. We are developing and launching features to customers more quickly than we ever have before, and so that should continue. And then finally, we are building AI features within the product set where it makes sense to do so. And so you can expect to see a little bit more from us on on that front coming soon. We wanna make sure that we're always using AI when it faces our customers in a thoughtful way and not just spinning out agents for the sake of it. So you can expect to see quite a lot more from us on that front in a way that makes our customers happy.

38:12 Thank you, Romy. Question Question from Michael. Thank you, Michael. Can you provide more detail on US marketing and returns on this? I've seen advertisements on subways and billboards on major roadways. I assume this marketing is directed to public rather than RIAs. Thank you for this excellent question. And I'm glad that you've seen our billboards. They are live again in New York and Chicago. And I think a key kind of observation on our end is that billboards will be a fundamental feature of the marketing mix that we employ within within The United States. Currently, of course, live on insignificant hubs on the East Coast with more hubs to be introduced over the course of the year. The billboards are absolutely leading to increased incoming customer volume and an increasing pipeline of four zero one k rollovers and IRA transfers.

39:07 So we we feel quite good about the billboards. And what we really like about the billboards is that they're driving brand awareness within our b to b segment as well. RIAs are, of course, people who drive on the highway or take the subway, and they are very much exposed to our branding as are the employers that we are ultimately signing contracts with. And we believe that continuing to make consumers, RIAs, employers aware of our service and then supplementing that service with an excellent product will generate the the returns that we're looking for over the long term. I have numerous emails from advisers and business partners and customers confirming that they too are seeing the billboard.

39:57 So we're very confident that they're working as expected. Well, great. Thank you to everybody for your engagement. Romeo and Christophe, that's all the questions for today. Thank you to everybody for your engagement. I'll surely redirect those on the call to give you their thoughts, their expectations, their feedback. But before doing so, Romy, perhaps I could just ask you for a couple of closing comments, and then as I say, I'll redirect those to give you feedback. Absolutely. Well, thank you very much for taking the time today to join us for the q one results. We're looking forward to another successful quarter, in q two, and we hope that you will join us for the next progress update. That's great. Christophe, Remy, thank you once again for updating investors. If I could please ask those on the call not to close this session, we'll redirect you for your feedback. Be most grateful if you give that your kind consideration. On behalf of the management team at PENSIONBEE, we'd like to thank you for attending today's presentation.

40:47 Good after