REG - IG Group Hldgs plc - AGM trading update
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RNS Number : 7974E IG Group Holdings plc 19 May 2026
19 May 2026
LEI No: 2138003A5Q1M7ANOUD76
IG GROUP HOLDINGS PLC
AGM trading update
Breon Corcoran, CEO, said: "We have delivered a strong first quarter.
Disciplined execution of our strategy, a broader product offering and
favourable trading conditions have driven organic revenue growth and a fifth
consecutive quarter of sequential growth in active customers. With commercial
momentum accelerating, we are upgrading our guidance for 2026 and medium-term
outlook."
IG Group Holdings plc ("IG", "the Group") today issues a scheduled trading
update ahead of its Annual General Meeting (AGM) at 10:00 BST.
* Q1 2026 organic total revenue up 19% year-on-year to £331.2 million; reported
total revenue up 21% to £339.9 million
* Organic first trades up 63% year-on-year; active customers up 12%,
accelerating beyond 12% in Q2 2026 quarter-to-date
* IG is establishing a powerful challenger position in stock trading and crypto,
with a broadened proposition, compelling value and a strong ISA season driving
increased customer transfers; total AuA across the Group's platforms surpassed
£20 billion in April, with further growth ahead
* 2026 guidance upgraded to organic total revenue growth of 10-15% on the 2025
base of approximately £1,100 million, ahead of prior guidance of high
single-digits, with EBITDA margins sustained in a mid-40s percent range
* Medium-term outlook upgraded to at least 10% organic total revenue compound
growth per annum beyond 2026 on the 2025 base, with EBITDA margins sustained
in a mid-40s percent range
Business performance for the three months ended 31 March 2026 (Q1 2026)
All variances described below are on an organic, continuing operations
basis(1)
IG's strategy of broadening its product offering and accelerating customer
acquisition continued to deliver in the quarter, with elevated commodity
market volatility driving higher activity among existing customers. Total
revenue was £331.2 million, up 19% year-on-year and 15% quarter-on-quarter.
Net trading revenue of £306.5 million grew 25% year-on-year and 17%
quarter-on-quarter.
Revenue (£ million) 3m ending 31 Mar '26 3m ending 31 Mar '25 % YoY 3m ending 31 Dec '25 % QoQ
OTC derivatives 250.6 199.1 26% 205.8 22%
Exchange traded derivatives 40.7 38.1 7% 42.1 (3%)
Stock trading & investments 19.6 10.9 79% 21.6 (9%)
- o/w Freetrade 4.6 - - 6.9 (33%)
- o/w organic 15.0 10.9 38% 14.7 2%
Spot crypto 2.4 0.1 nm 0.2 nm
Net trading revenue 313.3 248.2 26% 269.7 16%
- o/w organic continued operations 306.5 245.7 25% 262.6 17%
Net interest income 26.6 31.8 (16%) 28.4 (6%)
- o/w organic continued operations 24.7 31.7 (22%) 26.6 (7%)
Total revenue 339.9 280.0 21% 298.2 14%
- o/w organic continued operations 331.2 277.4 19% 289.2 15%
Net interest income of £24.7 million declined 22% year-on-year and 7%
quarter-on-quarter, as expected, reflecting lower interest rates and greater
pass-through to customers.
First trades increased 63% year-on-year and 65% quarter-on-quarter, reflecting
increased marketing spend and effectiveness, new product launches and
supportive market conditions. This drove a 12% year-on-year increase in active
customers, the fifth consecutive quarter of sequential growth, with blended
payback on marketing spend remaining strong at under six months(2).
Customer metrics ('000s) 3m ending 31 Mar '26 3m ending 31 Mar '25 % YoY 3m ending 31 Dec '25 % QoQ
Monthly active customers(*) 834.8 276.7 202% 748.8 11%
- o/w organic continued operations 309.2 275.5 12% 290.0 7%
First trades 61.2 27.9 119% 35.6 72%
- o/w organic continued operations 45.1 27.7 63% 27.3 65%
Funded customers 1,380.4 567.4 143% 1,338.6 3%
- o/w organic continued operations 636.1 560.5 13% 595.3 7%
*Active customers and first trades have been adjusted to remove the customers
who are active in more than one product category (multi-product customers) to
provide unique counts for the Group. Independent Reserve was consolidated on
30 January 2026, with its active customer definition now aligned to the Group
definition: opened or closed a position during a month, or held a position at
month end.
OTC derivatives net trading revenue increased 26% year-on-year and 22%
quarter-on-quarter, supported by ongoing investment in the proposition,
pricing optimisation and increased marketing activity.
Exchange traded derivatives net trading revenue, driven by tastytrade,
increased 14% year-on-year in USD and 7% in GBP. Revenue was broadly stable
quarter-on-quarter in USD, consistent with US retail options industry volumes.
Organic stock trading and investments net trading revenue grew 38%
year-on-year, reflecting continued traction of IG's zero-commission offering.
Assets under administration (AuA) across IG's organic platforms totalled £8.5
billion at 31 March 2026, up 23% year-on-year, rising to £9.3 billion at 30
April. UK AuA reached £3.7 billion at quarter end, up 26% year-on-year with
net inflows annualising at over 19%, and exceeded £4.1 billion at 30 April.
Internationally, stock trading launched in Singapore and France in late 2025.
Active customers reached 3.2k and 4.6k respectively by April, with momentum
accelerating into May.
Freetrade continued to broaden its proposition during the quarter, launching
free mutual funds, SIPPs and, from 1 April, Junior ISAs. AuA reached £3.6
billion at 31 March 2026, up 54% year-on-year, and crossed £4.0 billion in
April. Net flows were strong, annualising at 58% of opening AuA. Total revenue
of £6.5 million declined quarter-on-quarter as customers rotated into UK
assets, funds and cash amid macro uncertainty, reducing FX fee income. This
more than offset growth in interest income from higher customer cash balances.
The crypto proposition broadened materially during the quarter. Spot trading
went live on IG's FCA-licensed UK platform alongside crypto swaps, advanced
charting and over 50 new coins. The completion of the Independent Reserve
acquisition on 30 January 2026 enabled the launch of spot crypto to IG's
clients in Australia in March. Independent Reserve contributed revenue of
£2.1 million for its two months of consolidation, reflecting softer market
conditions across the crypto sector.
Total AuA across IG's platforms reached £19.3 billion at 31 March 2026, up
57% on a reported basis and 20% organically. AuA grew further to £20.7
billion at 30 April 2026, supported by continued net inflows and a recovery in
market levels.
Current trading from 1 April 2026
IG has continued to trade well in the first seven weeks of Q2 2026, with
underlying commercial momentum continuing to build. First trades remained
strong and the organic active customer growth rate has accelerated beyond 12%
year-on-year. Multi-product adoption is growing as the Group broadens its
offering and OTC customer income retention has been strong in a mid-80s
percent range.
Product velocity remains high. In Q2 2026 to date, Freetrade expanded its
mutual fund range to over 1,000 funds from more than 47 managers. The Group
has introduced crypto perpetual futures and added further coin listings in the
UK, with crypto transfers going live imminently. Spot crypto trading has
launched in France and Singapore, the latter powered by Independent Reserve.
An upgraded IG-branded stock trading proposition goes live in the UK later
this month, bringing a broader range of global stocks and ETFs, fractional
shares, mutual funds and fixed income. IG's next-generation unified
multi-product proposition launches over the summer, initially in the UK. In
May, the Group launched its institutional white-label offering and onboarded
its first partner.
Outlook
Following a strong first quarter and a good start to the second quarter, the
Board is upgrading its outlook for 2026. Organic total revenue, excluding
Freetrade and Independent Reserve, is now expected to grow 10-15% year-on-year
on the 2025 base of approximately £1,100 million, with EBITDA margins
sustained in a mid-40s percent range. Net interest income is now expected at
£110-120 million versus approximately £110 million previously, reflecting
higher rate expectations.
The upgraded outlook reflects both favourable first-quarter market conditions
and structural drivers the Board expects to carry forward. Marketing
efficiency is accelerating active customer growth, multi-product adoption is
strengthening, and customer income retention is trending higher. Taken
together, these give the Board growing confidence that the Group can compound
organic total revenue at least 10% per annum beyond 2026 on the 2025 base,
with EBITDA margins sustained in a mid-40s percent range.
Strategic review
As announced alongside the Group's full-year results on 19 March 2026, the
Board is conducting a strategic review which is evaluating routes to maximise
shareholder value, including, but not limited to, acquisitions to accelerate
growth, IG's domicile and listing venues to unlock capital and enhance
strategic flexibility, and potential combinations of parts of the Group with
other industry participants. The Group will present the outcome of the review
at a Strategy Update in autumn 2026.
Share buyback
IG announced a new share buyback programme of £125 million on 19 March 2026
which will be completed in two tranches of up to £62.5 million each. The
first tranche commenced on 1 April 2026 and is expected to complete by 30
September 2026, subject to share price performance and other demands on
capital. As of 15 May 2026, 987,160 shares had been repurchased at a cost of
£14.9 million.
AGM details
The Annual General Meeting of IG Group Holdings plc will be held today at
10:00 BST at Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA.
Next scheduled announcement
Interim results for the six months ended 30 June 2026 will be published on 31
July 2026.
Notes:
1. Organic continuing operations basis excludes: the acquisitions of
Freetrade and Independent Reserve; the sale of Small Exchange; and the exits
from Spectrum (wound down on 10 January 2025) and the Group's commercial
operations in South Africa (30 April 2025).
2. Group return on marketing investment across all products, excluding
Freetrade, as at 31 March 2026.
Enquiries
Investor Relations
Martin Price
020 7573 0020
investors@iggroup.com
Media
Sodali & Co
020 7100 6451
iggroup@client.sodali.com (mailto:iggroup@client.sodali.com)
About IG
IG Group (LSEG:IGG)
(https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.iggroup.com%2F&data=05%7C01%7CSimon.Wright%40ig.com%7Cfa58780cb4c445598c5a08da3f12df38%7C4b4cca9cedaf42f38e219070c5d9d76b%7C0%7C0%7C637891647530086156%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=ZopP0pt%2Bpil6u7sT7JRD8OjvetOm4sSxJJ%2FDPRvXU2A%3D&reserved=0)
is a FTSE 100 financial technology company operating at the intersection of
retail trading, technology and capital markets. Through its trusted brands -
IG, tastytrade, Freetrade, Independent Reserve and IG Prime - the Group serves
over 1.3 million customers worldwide, providing leveraged trading, stock
trading and investments, and cryptocurrency trading via its proprietary
platforms. For more information visit iggroup.com.
APPENDIX I
Net trading revenue by division and product(1)
Net trading revenue (£ million) 3m ending 31 Mar '26 3m ending 31 Mar '25 % YoY 3m ending 31 Dec '25 % QoQ
UK & Ireland:
OTC derivatives 96.3 73.1 32% 76.5 26%
Exchange traded derivatives - 0.2 nm 0.0 nm
Stock trading & investments 11.7 5.6 110% 14.6 (20%)
- o/w Freetrade 4.6 - nm 6.9 (33%)
- o/w organic 7.1 5.6 27% 7.7 (8%)
Spot crypto 0.1 - - - nm
UK & Ireland total 108.1 78.9 37% 91.2 19%
- o/w organic continued operations 103.5 78.9 31% 84.3 23%
APAC & Middle East:
OTC derivatives 99.7 74.8 33% 79.7 25%
Stock trading & investments 1.3 1.1 14% 1.2 5%
Spot crypto 2.1 - - - nm
APAC & Middle East total 103.1 75.9 36% 80.9 27%
- o/w organic continued operations 101.0 75.9 33% 80.9 25%
United States:
OTC derivatives 4.3 4.4 (3%) 3.7 18%
Exchange traded derivatives 40.7 37.8 8% 42.0 (3%)
Stock trading & investments 6.4 3.7 75% 5.6 14%
Spot crypto 0.1 0.1 nm 0.2 nm
United States total 51.6 46.1 12% 51.5 nm
Europe:
OTC derivatives 38.3 35.0 10% 35.6 7%
Stock trading & investments 0.0 - - - nm
Europe total 38.3 35.0 10% 35.6 7%
- o/w organic continued operations 38.3 35.0 10% 35.6 7%
Institutional & EM(2)
OTC derivatives 12.0 11.8 2% 10.3 17%
Exchange traded derivatives - - - - -
Stock trading & investments 0.2 0.5 nm 0.2 nm
Institutional & EM total 12.1 12.3 (2%) 10.5 17%
- o/w organic continued operations 12.1 9.9 23% 10.2 19%
Group total 313.3 248.2 26% 269.7 16%
- o/w organic continued operations 306.5 245.7 25% 262.6 17%
(1. ) Some numbers and period on period percentages have been rounded or
adjusted to ensure consistency with the underlying figures. This may lead to
differences between subtotals and the sum of the individual numbers presented
(2. ) Emerging markets
APPENDIX II
Average monthly active customers by division and product(1)
Average monthly active 3m ending 31 Mar '26 3m ending 31 Mar '25 % YoY 3m ending 31 Dec '25 % QoQ
customers ('000)
UK & Ireland:
OTC derivatives 37.3 32.6 15% 34.0 10%
Exchange traded derivatives 0.1 1.0 nm 0.4 nm
Stock trading & investments 518.3 57.2 806% 519.5 nm
- o/w Freetrade 447.6 - nm 458.3 (2%)
- o/w organic 70.7 57.2 24% 61.2 16%
Spot crypto 2.1 - - 1.2 73%
UK & Ireland total 549.7 85.3 544% 549.8 nm
- o/w organic continued operations 102.1 85.3 20% 91.5 12%
APAC & Middle East:
OTC derivatives 42.2 43.1 (2%) 40.9 3%
Stock trading & investments 33.8 28.8 18% 31.4 8%
Spot crypto 78.0 - nm - nm
APAC & Middle East total 152.1 70.1 117% 70.6 116%
- o/w organic continued operations 74.0 70.1 6% 70.6 5%
United States:
OTC derivatives 5.9 5.2 13% 5.7 3%
Exchange traded derivatives 49.2 46.2 7% 49.6 (1%)
Stock trading & investments 73.1 68.2 7% 70.9 3%
Spot crypto 10.3 7.9 31% 10.1 1%
United States total 103.3 92.8 11% 100.8 2%
Europe:
OTC derivatives 23.5 22.9 3% 22.8 3%
Stock trading & investments 2.2 0.1 nm 0.5 nm
Europe total 25.6 22.9 11% 23.3 10%
- o/w organic continued operations 25.6 22.9 11% 23.3 10%
Institutional & EM:
OTC derivatives 3.2 4.7 (32%) 3.6 (12%)
Stock trading & investments 1.1 0.9 19% 1.0 9%
Institutional & EM total 4.1 5.5 (25%) 4.6 (9%)
- o/w organic continued operations 4.1 4.3 (4%) 4.1 3%
Group total 834.8 276.7 202% 748.8 11%
- o/w organic continued operations 309.2 275.5 12% 290.0 7%
(1. ) Divisional and Group total active customers have been adjusted to
remove the customers who are active in more than one product category
(multi-product customers) to provide unique counts by division and for the
Group. Some numbers and period on period percentages have been rounded or
adjusted to ensure consistency with the underlying figures. This may lead to
differences between subtotals and the sum of the individual numbers presented
APPENDIX III
First trades by division and product(1)
First trades ('000) 3m ending 31 Mar '26 3m ending 31 Mar '25 % YoY 3m ending 31 Dec '25 % QoQ
UK & Ireland:
OTC derivatives 5.3 2.8 91% 3.5 53%
Exchange traded derivatives 0.0 0.6 nm 0.0 nm
Stock trading & investments 25.3 1.9 nm 12.5 102%
- o/w Freetrade 11.8 - nm 8.3 43%
- o/w organic 13.4 1.9 596% 4.2 221%
Spot crypto 1.7 0.0 nm 0.6 nm
UK & Ireland total 30.3 4.5 570% 15.2 99%
- o/w organic continued operations 18.5 4.5 308% 6.9 167%
APAC & Middle East:
OTC derivatives 5.8 9.7 (41%) 4.8 19%
Stock trading & investments 3.9 0.7 nm 3.2 21%
Spot crypto 4.4 - - - -
APAC & Middle East total 13.7 10.2 34% 7.8 76%
- o/w organic continued operations 9.5 10.2 (7%) 7.8 22%
United States:
OTC derivatives 1.8 1.6 11% 1.6 14%
Exchange traded derivatives 6.9 6.7 2% 6.4 8%
Stock trading & investments 5.8 6.9 (16%) 5.4 7%
Spot crypto 1.1 1.6 (32%) 1.5 (26%)
United States total 10.9 10.6 3% 9.5 14%
Europe:
OTC derivatives 2.8 2.4 18% 2.2 27%
Exchange traded derivatives 0.0 0.1 nm 0.0 nm
Stock trading & investments 3.6 0.0 - 0.8 nm
Europe total 6.1 2.3 160% 3.0 105%
- o/w organic continued operations 6.1 2.2 175% 3.0 105%
Institutional & EM:
OTC derivatives 0.2 0.3 nm 0.1 nm
Stock trading & investments 0.1 0.0 nm 0.0 nm
Institutional & EM total 0.3 0.3 nm 0.2 nm
- o/w organic continued operations 0.3 0.2 nm 0.2 nm
Group total 61.2 27.9 119% 35.6 72%
- o/w organic continued operations 45.1 27.7 63% 27.3 65%
(1. ) Divisional and Group total first trades have been adjusted to remove
the customers trading for the first time in more than one product category to
provide unique counts by division and for the Group. Some numbers and period
on period percentages have been rounded or adjusted to ensure consistency with
the underlying figures. This may lead to differences between subtotals and the
sum of the individual numbers presented
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