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 basis1
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 months2.
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
About IG
IG Group (LSEG:IGG) 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 product1
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 & EM2
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 product1
Average monthly active customers ('000)
3m ending 31 Mar '26
3m ending 31 Mar '25
% YoY
3m ending 31 Dec '25
% QoQ
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 product1
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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