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RNS Number : 6509L IG Group Holdings plc 16 December 2025
16 December 2025
LEI No: 2138003A5Q1M7ANOUD76
IG GROUP HOLDINGS PLC
Trading Update
Breon Corcoran, CEO said: "We have made good progress this quarter, with
strategic initiatives translating into strong revenue growth and accelerating
customer acquisition. This momentum gives us confidence to achieve our
medium-term revenue growth targets ahead of schedule in 2026."
· Organic trading revenue for the quarter up 29%, with double-digit new
customer growth and high single-digit active customer growth
· Guidance accelerated; expect to deliver revenue growth around the
mid-point of our guided range of mid-to-high single-digit, in calendar year
2026
· Continued strong double-digit revenue growth in the United States and
at Freetrade
· Confident of meeting market expectations for EBITDA and cash EPS in
calendar year 2026
· Extending share buyback programme by £75 million to £200 million
IG Group Holdings plc ("IG", "the Group") announced on 4 November 2025 a
change to its financial year end, moving from 31 May to 31 December with
immediate effect. IG today provides its scheduled trading update for the three
months ended 30 November 2025, the transitional seven-month financial year
ending 31 December 2025 and the 12 months ending 31 December 2025.
Business performance in the three months ended 30 November 2025
All variances described below are organic, excluding Freetrade
Net trading revenue of £270.7 million, increased 29% on the prior year and
17% on the prior quarter benefiting from softer comparators and continued
execution of IG's strategy, including enhanced propositions and increased
customer income retention. Growth was broad-based across all major product
categories. The United States remains IG's fastest growing market, with
tastytrade delivering total net trading revenue of $65.3 million, up 51% on
the prior year and 19% on the prior quarter.
Revenue (£ million) 3m ending 30 Nov '25 3m ending 30 Nov '24 % YoY 3m ending 31 Aug '25 % QoQ
OTC derivatives 210.9 166.0 27% 182.7 15%
Exchange traded derivatives 44.0 34.1 29% 36.9 19%
Stock trading & investments 23.0 9.5 143% 18.5 25%
- of which Freetrade(*) 7.5 - - 6.5 16%
- of which organic 15.5 9.5 64% 12.0 29%
Spot crypto 0.3 0.1 nm 0.3 nm
Net trading revenue 278.2 209.6 33% 238.4 17%
- of which organic 270.7 209.6 29% 231.9 17%
Net interest income 29.4 34.0 (13%) 29.5 (0%)
- of which organic 27.7 34.0 (18%) 28.0 (1%)
Total revenue 307.6 243.5 26% 267.9 15%
- of which organic 298.4 243.5 23% 259.9 15%
*Freetrade consolidated on 1 April 2025
New customer acquisition accelerated, with first trades up 64% on the prior
year and 18% on the prior quarter supported by new products and increased
marketing investment and effectiveness. Strong customer growth and stable
retention resulted in active customers up 8% on the prior year and 4% on the
prior quarter.
Net interest income of £27.7 million declined 18% on the prior year and 1% on
the prior quarter, as expected, reflecting higher cash balances, lower
interest rates and greater pass-through to customers. Customer cash balances
of £4.9 billion increased 13% on the prior year and 5% on the prior quarter,
of which £450 million was held on IG's balance sheet (30 November 2024: £490
million; 31 August 2025: £433 million).
Strong OTC derivatives net trading revenue growth reflected enhanced product
velocity, including the launch of 24/5 trading, pre-IPO markets and an
improved professional client offering, alongside actions to improve customer
income retention which increased compared with the prior year and the 12
months ended 31 May 2025.
Within exchange traded derivatives, tastytrade net trading revenue of $58.2
million increased 46% on the prior year and 18% on the prior quarter (three
months to 30 November 2024: $39.8 million; three months to 31 August 2025:
$49.3 million). A new divisional leadership team is now in position to
strengthen IG's propositions and accelerate growth in North America, a region
expected to play an increasingly important role in the Group's future
expansion.
Stock trading & investments net trading revenue grew strongly on the prior
year and prior quarter, driven by IG's zero commission UK proposition launched
in April 2025. This offering has since been expanded to Ireland in October and
to both Singapore and France in November. In the three months ended 30
November 2025, organic share dealing volumes in IG's UK and Ireland business
increased 99% on the prior year and 20% on the prior quarter to over 775k
trades, with overseas volumes representing 42% of the total.
IG secured a cryptoasset licence from the UK Financial Conduct Authority on 30
September 2025 and a licence in the EU under the Markets in Crypto-Assets
Regulation (MiCA) on 20 November 2025. These licences will enable IG to
significantly expand its spot crypto offerings in calendar year 2026, with new
propositions planned for APAC, the Middle East and Europe, complementing the
Group's existing UK and North America offerings.
Customer metrics ('000s) 3m ending 30 Nov '25 3m ending 30 Nov '24 % YoY 3m ending 31 Aug '25 % QoQ
Monthly active customers(*) 748.4 268.3 179% 739.1 1%
- of which Freetrade(**) 459.4 - - 460.2 -
- of which organic 289.0 268.3 8% 278.9 4%
First trades 37.6 17.2 118% 31.7 19%
- of which Freetrade 9.4 - - 7.8 20%
- of which organic 28.2 17.2 64% 23.9 18%
Funded customers 1,339.2 553.9 142% 1,315.3 2%
- of which Freetrade 734.9 - - 728.5 1%
- of which organic 604.3 553.9 9% 586.8 3%
*Average monthly active customers. 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
**Freetrade consolidated from 1 April 2025
Freetrade delivering continued strong growth
Freetrade has continued to deliver strong performance since the acquisition
completed on 1 April 2025, supported by the rollout of new products and
features, including a comprehensive range of mutual funds, alongside increased
marketing activity and effectiveness.
As at 30 November 2025, Freetrade's assets under administration (AuA) reached
£3.3 billion, up 36% on the prior year and 11% since 31 August 2025. The
number of customers holding at least £10k in AuA grew to 46.9k, an increase
of 16% year-on-year and 5% since 31 August 2025. These higher-value customers
hold an average of approximately £65k on the platform.
Net trading revenue of £7.5 million increased 16% on the prior quarter and
32% on the prior year on a pro forma basis, assuming the acquisition took
place on 1 June 2024 and therefore including Freetrade for the entire
comparative period. Net interest income of £1.7 million increased 11% on the
prior quarter and 25% on the prior year on a pro forma basis as strong growth
in customer cash balances more than offset lower interest rates.
Total revenue of £9.2 million increased 15% on the prior quarter and 31% on
the prior year on a pro forma basis.
UK Budget
As a leading UK trading and investing platform, IG is committed to helping the
UK Government build a thriving culture of retail investing and deliver
sustainable economic growth. The Group welcomed last month's Budget, which
maintains a fair and proportionate tax regime for an important sector of UK
financial services and reinforces Britain's position as a global hub for
financial innovation.
IG commends the UK Government's decision to introduce a stamp duty break for
new London listings and to reduce the annual cash ISA allowance. The Group has
publicly backed this ISA change, which it believes will encourage more people
to invest in the UK equity market. While IG recognises that higher taxation on
dividend income reflects difficult fiscal choices, it now encourages the UK
Government to provide greater certainty around investor taxes to help
establish a genuine retail investing culture.
Independent Reserve acquisition update
The proposed acquisition of Independent Reserve, announced on 19 September
2025, is progressing well and remains on track to complete in early 2026.
Independent Reserve continues to perform strongly, with calendar year-to-date
results tracking ahead of internal expectations. IG sees significant
opportunities to deploy its product capabilities across the APAC region.
Share buyback programme extended
IG announced a new share buyback programme of £125 million on 24 July 2025.
This began on 4 September 2025 and is expected to complete by 30 January 2026.
As of 12 December 2025, 7.6 million shares had been repurchased at a cost of
£84.0 million. Given the Group's continued strong capital position and cash
generation, IG is today extending this programme by £75 million to £200
million, with completion now expected by 31 March 2026.
The Board will consider a further share buyback programme alongside the
Group's full year results, subject to share price performance and other
demands on capital.
Trading update for the seven-month financial year ending 31 December 2025
Following the change to IG's financial year end from 31 May to 31 December,
announced on 4 November, the Group is issuing guidance for the transitional
seven-month financial year ending 31 December 2025.
For this seven-month period, IG expects to report total revenue of
approximately £630 million, up around 3% on the prior year. This assumes
softer trading conditions experienced in early December 2025 continue through
year end. Net trading revenue is forecast at approximately £565 million, up
around 7%, and interest income is expected to be slightly over £65 million,
down around 21% on the prior year, consistent with IG's expectations and
reflecting the impact of lower interest rates and increased pass-through to
customers.
IG will announce full year results for the seven months ending 31 December
2025 and calendar year 2025 on 19 March 2026. A final dividend for this
transitional period is expected to be announced alongside these results, in
line with the Group's dividend policy which is unchanged.
Historical trading revenue and key performance indicators for calendar year
2024, and the first nine months of 2025, are now available on IG's investor
relations website. Historical Group P&L disclosure for calendar year
2024 and the first half of 2025 will be provided prior to the Group's full
year results.
Outlook
For the 12 months ending 31 December 2025, IG expects to report total revenue
of approximately £1,100 million, an increase of around 5% on the prior year.
This includes Freetrade, consolidated since 1 April 2025, which is not
reflected in the comparative period. Group net trading revenue is forecast at
approximately £980 million, up around 8%, while net interest income is
expected to be slightly under £120 million, down just over 15%. For the nine
months since consolidation, Freetrade is expected to contribute net trading
revenue of approximately £19 million and net interest income of approximately
£5 million.
IG enters calendar year 2026 with strong momentum. Enhanced product velocity
and stronger marketing capability are driving strong double-digit growth in
new user acquisition, with actions to improve customer income retention
supporting revenue growth.
In July 2025, IG guided to mid-to-high single-digit percentage annual organic
total revenue growth (excluding Freetrade) beyond the 12 months ending 31 May
2026, accelerating within this range over time. Following strong strategic
progress, IG now expects organic total revenue growth (excluding Freetrade and
Independent Reserve) around the mid-point of this range in calendar year 2026,
from a base of approximately £1,075 million in calendar year 2025.
This outlook is underpinned by growth in new customer acquisition and active
customers, an extensive product pipeline, enhanced marketing capabilities, the
full-year benefit of customer income retention initiatives launched in
calendar year 2025, and market expectations for interest rates. Organic total
revenue in the six months ended 30 November 2025 was £558 million, up 7% on
the prior year. Group revenue and costs in calendar year 2026 will also
reflect the full-year consolidation of Freetrade and the pending acquisition
of Independent Reserve.
To capitalise on strong momentum and planned new product launches, IG intends
to increase marketing investment in calendar year 2026 to accelerate long-term
growth. The Group is confident of meeting market expectations for EBITDA and
cash EPS in calendar year 2026, based on market conditions broadly consistent
with calendar year 2025.
Enquiries
IG Group Investor Relations Media
Martin Price Sodali & Co
020 7573 0020 020 7100 6451
investors@iggroup.com 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)
provides online trading platforms and educational resources to empower
ambitious customers around the globe. Headquartered in the UK, IG Group is a
FTSE 250 company that offers customers access to c.19,000 financial markets
worldwide.
Disclaimer - forward-looking statements
This statement, prepared by IG Group Holdings plc (the "Company"), may contain
forward-looking statements about the Company and its subsidiaries (the
"Group"). Such forward-looking statements can be identified by the use of
forward-looking terminology, including the terms "believes", "projects",
"estimates", "plans", "anticipates", "targets", "aims", "continues",
"expects", "intends", "hopes", "may", "will", "would", "could" or "should" or,
in each case, their negative or other various or comparable terminology.
Forward-looking statements involve known and unknown risks, uncertainties,
assumptions and other factors which are beyond the Company's control and are
based on the Company's beliefs and expectations about future events as of the
date the statements are made. If the assumptions on which the Group bases its
forward-looking statements change, actual results may differ from those
expressed in such statements. There are a number of factors that could cause
actual results and developments to differ materially from those expressed or
implied by these forward-looking statements, including those set out under
"Principal Risks" in the Company's annual report for the financial year ended
31 May 2025. The annual report can be found on the Company's website
(www.iggroup.com (http://www.iggroup.com) ).
Forward-looking statements speak only as of the date they are made. Except as
required by applicable law and regulation, the Company undertakes no
obligation to update these forward-looking statements.
APPENDIX I
Net trading revenue by division and product(1)
Net trading revenue (£ million) 3m ending 30 Nov '25 3m ending 30 Nov '24 % YoY 3m ending 31 Aug '25 % QoQ
UK & Ireland:
OTC derivatives 78.3 63.1 24% 67.0 17%
Exchange traded derivatives 0.1 0.2 nm 0.3 nm
Stock trading & investments 15.8 5.5 188% 13.4 18%
- of which Freetrade(2) 7.5 - - 6.5 16%
- of which organic 8.4 5.5 52% 6.9 21%
Spot crypto 0.0 - - 0.1 nm
UK & Ireland total 94.2 68.8 37% 80.8 17%
- of which organic 86.7 68.8 26% 74.3 17%
APAC & Middle East:
OTC derivatives 70.8 55.1 28% 60.2 18%
Stock trading & investments 1.7 1.1 55% 1.1 52%
APAC & Middle East total 72.5 56.2 29% 61.3 18%
United States:
OTC derivatives 3.9 3.1 24% 3.4 13%
Exchange traded derivatives 43.9 30.7 43% 36.7 20%
Stock trading & investments 5.1 2.6 94% 3.8 36%
Spot crypto 0.2 0.1 nm 0.2 nm
United States total 53.1 36.5 45% 44.1 20%
Europe:
OTC derivatives 35.7 25.1 42% 31.0 15%
Exchange traded derivatives(3) - 3.3 - - -
Stock trading & investments 0.0 - - - -
Europe total 35.7 28.3 26% 31.0 15%
Institutional & EM(4)
OTC derivatives 22.2 19.5 14% 21.0 5%
Stock trading & investments 0.4 0.2 nm 0.2 nm
Institutional & EM total 22.6 19.8 14% 21.2 6%
Group total 278.2 209.6 33% 238.4 17%
- of which organic 270.7 209.6 29% 231.9 17%
Notes:
(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. ) Freetrade consolidated on 1 April 2025
(3. ) European exchange traded derivatives business, Spectrum, exited in Q2
FY25
(4. ) Emerging Markets
APPENDIX II
Average monthly active customers by division and product(1)
Average monthly active 3m ending 30 Nov '25 3m ending 30 Nov '24 % YoY 3m ending 31 Aug '25 % QoQ
customers ('000)
UK & Ireland:
OTC derivatives 33.8 31.6 7% 32.2 5%
Exchange traded derivatives 0.8 0.5 nm 1.2 nm
Stock trading & investments 520.6 57.4 807% 519.5 0%
- of which Freetrade 459.4 - 460.2 0%
- of which organic 61.2 57.4 7% 59.4 3%
Spot crypto 1.1 - 0.5 98%
UK & Ireland total 550.4 84.3 553% 547.4 1%
- of which organic 91.0 84.3 8% 87.3 4%
APAC & Middle East:
OTC derivatives 36.8 37.5 (2%) 35.5 4%
Stock trading & investments 30.7 28.6 7% 29.2 5%
APAC & Middle East total 65.5 64.3 2% 62.9 4%
United States:
OTC derivatives 5.7 4.9 17% 5.6 2%
Exchange traded derivatives 49.7 43.5 14% 47.3 5%
Stock trading & investments 70.3 63.3 11% 72.1 (2%)
Spot crypto 10.0 6.8 46% 9.2 8%
United States total 100.4 87.3 15% 97.0 3%
Europe:
OTC derivatives 22.6 20.2 12% 22.4 1%
Exchange traded derivatives(2) - 3.0 - - -
Stock trading & investments 0.3 0.1 nm - -
Europe total 22.9 22.6 1% 22.4 2%
Institutional & EM:
OTC derivatives 8.3 8.9 (7%) 8.4 (1%)
Stock trading & investments 1.0 0.9 nm 1.0 -
Institutional & EM total 9.2 9.8 (6%) 9.3 (1%)
Group total 748.4 268.3 179% 739.1 1%
- of which organic 289.0 268.3 8% 278.9 4%
Notes:
(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
(2. ) European exchange traded derivatives business, Spectrum, exited in Q2
FY25
APPENDIX III
First trades by division and product(1)
First trades ('000) 3m ending 30 Nov '25 3m ending 30 Nov '24 % YoY 3m ending 31 Aug '25 % QoQ
UK & Ireland:
OTC derivatives 3.5 2.1 66% 2.6 35%
Exchange traded derivatives 0.0 0.6 nm 0.5 nm
Stock trading & investments 14.5 1.1 1192% 11.2 30%
- of which Freetrade 9.4 - 7.8 20%
- of which organic 5.1 1.1 364% 3.5 49%
Spot crypto 0.7 - 0.9 (26%)
UK & Ireland total 17.1 3.1 445% 13.5 26%
- of which organic 7.7 3.1 145% 5.7 35%
APAC & Middle East:
OTC derivatives 4.5 3.3 38% 4.5 -
Stock trading & investments 2.7 0.6 350% 1.0 170%
APAC & Middle East total 6.9 3.7 85% 5.2 33%
United States:
OTC derivatives 1.6 1.1 54% 1.7 (3%)
Exchange traded derivatives 6.7 4.9 37% 6.8 (1%)
Stock trading & investments 5.6 4.4 28% 6.0 (6%)
Spot crypto 1.6 0.7 130% 1.8 (10%)
United States total 10.0 7.3 38% 10.1 (2%)
Europe:
OTC derivatives 2.3 1.7 32% 2.0 15%
Exchange traded derivatives(2) - 0.7 nm - nm
Stock trading & investments 0.6 - nm - nm
Europe total 2.9 2.2 29% 2.0 43%
Institutional & EM:
OTC derivatives 0.8 1.0 nm 0.8 -
Stock trading & investments 0.1 - nm - nm
Institutional & EM total 0.9 1.0 nm 0.8 nm
Group total 37.6 17.2 118% 31.7 19%
- of which organic 28.2 17.2 64% 23.9 18%
Notes:
(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
(2. ) European exchange traded derivatives business, Spectrum, exited in Q2
FY25
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