Capital Markets Event
Summary by AI BETAClose X
22 October 2026
LEI No: 2138003A5Q1M7ANOUD76
IG GROUP HOLDINGS PLC
Capital Markets Event
IG Group Holdings plc (“IG”, “the Group”) is today hosting a Capital Markets Event for investors and analysts. The event will set out the priorities arising from the strategic review announced on 19 March 2026, alongside its maintained medium-term guidance and an updated capital allocation framework. Further to the trading update of 2 October 2026, the Group is also providing product and divisional commentary on Q3 2026 trading.
Breon Corcoran, CEO, said: “Trading, investing and entertainment are converging, and IG is well placed to capitalise on the opportunity. Today we will set out how we will deliver our next phase of growth - broadening and enriching our propositions, investing in our brands and increasing efficiency. These priorities build on our current plan, which has driven stronger active customer growth, and underpin my confidence that we will create significant shareholder value in the coming years.”
Event details
The Capital Markets Event will be held at UBS, 5 Broadgate, London EC2M 2QS from 14:00 UK time. To register to attend in person or join the webcast, please use this link. The presentation materials will be available at www.iggroup.com/investor-relations before the event and the recording available afterwards.
Highlights
• Vision: to build a leading international platform for active investors at the convergence of trading, investing and entertainment, a large, fast-growing market with strong structural tailwinds.
• Priorities: to deliver the next phase of growth by broadening and enriching IG’s propositions, investing in our brands and increasing efficiency.
• Outcomes of the strategic review:
– The proposed redomicile of the Group to Jersey is expected to become effective in late 2026 or early 2027, subject to Court approval and other conditions.
– IG has refreshed its organisational model around three divisions: IG Consumer, IG Securities and tastytrade.
– The proposed acquisition of Underdog, a US fantasy sports and prediction markets operator, which is on track to complete in late 2026 or early 2027.
2026 guidance (unchanged from IG’s Q3 trading update issued on 2 October 2026):
• Total revenue growth in a mid-single-digit per cent range year-on-year.
• Group EBITDA margin in the low-40s per cent range, excluding approximately £30 million of non-recurring redomicile and restructuring costs, as well as expenses related to the acquisition of Underdog, which are contingent on closing.
Medium-term guidance excluding Underdog (unchanged):
• Organic total revenue growth of 10%+ CAGR, from a 2025 base of approximately £1,100 million.
• Group EBITDA margin in the mid-40s per cent range.
• This guidance reflects IG’s expectations for performance over time, not for any specific year.
Pro forma Group guidance including Underdog (unchanged):
• Underdog’s performance and strategy were covered at IG’s investor webinar on 8 October 2026. A recording is available at www.iggroup.com/investor-relations.
• On completion, Underdog is expected to lift the combined Group’s medium-term revenue growth rate above IG’s standalone organic rate, driven by its stronger double-digit revenue CAGR.
• The pro forma Group EBITDA margin would initially be below IG’s standalone margin and is expected to increase over the medium term as Underdog scales.
Capital allocation framework (refined):
• Balance sheet (refined): commitment to an investment grade credit rating.
• Regular distributions (unchanged): a progressive ordinary dividend per share.
• Inorganic investment (unchanged): disciplined M&A, delivering ROIC above the Group’s WACC in years three to five and adjusted EPS accretion by year three.
• Additional distributions (unchanged): capital returned where not required for other priorities, with share buybacks expected to resume in 2027, subject to share price performance and other demands on capital.
Key themes from today’s presentations
IG Consumer
• Over the past 21 months, the UK has grown active customers and net revenue around twice as fast as the rest of IG Consumer, driven by active-customer-led, multi-product growth. IG Consumer CEO, Michael Healy, is rolling this strategy out across the division’s other markets.
• IG’s unified proposition, which brings trading, investing and crypto together on a single platform, is now live in the UK and will be rolled out across IG Consumer. Financial prediction markets will launch in Q4 2026 for UK professional clients. IG Consumer has also applied for a UK gambling licence and expects to broaden its markets to include politics, entertainment and sports in early 2027.
• Multi-product customers are more valuable and stickier, generating around three times the average revenue per user of single-product customers, with marketing paybacks under six months and customer value over the first 36 months of their lifetime around four times acquisition cost.
• AI-first servicing is reducing cost to serve, funding continued investment in product and brand.
IG Securities
• Enhanced market-making measures introduced in H2 2025, spanning pricing, risk management and hedging, have lifted return to volume (“RtV”), or the conversion of gross customer fee and commission income into net trading revenue, to an average of approximately 80%. Q3 2026’s RtV of 70% was within the modelled range, and the Group expects RtV to be structurally higher over time.
• IG Securities is evolving from an OTC derivatives-led business into a more diversified institutional business spanning liquidity provision, prime brokerage and white label, delivered by specialist quantitative talent and built on modern trading technology.
tastytrade
• tastytrade has a profitable, cash-generative position in a fast-growing US options market, with room to accelerate growth by broadening its appeal to younger, mobile-first and multi-product customers.
• tastytrade is developing from a niche options platform into a broader platform for active traders, including an AI-native, mobile-first app, widening its addressable market.
Q3 2026 performance
The Group’s Q3 trading update on 2 October 2026 covered total revenue, net trading revenue and other key performance indicators, including active customers and first trades. IG today provides its usual quarterly disclosure of performance by product and division.
Group total revenue was £240.5 million, down 14% year-on-year and 21% quarter-on-quarter, within which net trading revenue of £212.3 million declined 15% year-on-year and 23% quarter-on-quarter.
|
Revenue (£ million) |
Q3 2026 |
Q3 2025 |
% YoY |
Q2 2026 |
% QoQ |
|
|
|
|
|
|
|
|
OTC derivatives |
156.1 |
189.9 |
(18%) |
209.9 |
(26%) |
|
Exchange traded derivatives |
39.4 |
39.6 |
(1%) |
40.4 |
(3%) |
|
Stock trading & investments |
13.6 |
19.7 |
(31%) |
22.3 |
(39%) |
|
- o/w Freetrade |
2.2 |
6.7 |
(67%) |
5.1 |
(57%) |
|
- o/w organic |
11.4 |
13.0 |
(12%) |
17.2 |
(34%) |
|
Spot crypto |
3.2 |
0.3 |
nm |
2.9 |
13% |
|
Net trading revenue |
212.3 |
249.5 |
(15%) |
275.5 |
(23%) |
|
- o/w organic continued operations |
207.1 |
242.6 |
(15%) |
267.7 |
(23%) |
|
Net interest income |
28.2 |
30.5 |
(8%) |
27.3 |
3% |
|
- o/w organic continued operations |
25.9 |
28.9 |
(10%) |
24.7 |
5% |
|
Total revenue |
240.5 |
280.1 |
(14%) |
302.8 |
(21%) |
|
- o/w organic continued operations |
233.0 |
271.5 |
(14%) |
292.4 |
(20%) |
Organic first trades increased 28% year-on-year and declined 23% quarter-on-quarter, reflecting higher and more effective marketing spend year-on-year, and lower sequential spend amid less supportive market conditions. Organic active customers increased 17% year-on-year, and 3% quarter-on-quarter, with blended payback on marketing spend remaining strong at under six months.
Total assets under administration across the Group’s platforms reached a new high of £22.4 billion at the end of September (30 June 2026: £21.5 billion).
|
Customer metrics (‘000s) |
Q3 2026 |
Q3 2025 |
% YoY |
Q2 2026 |
% QoQ |
|
|
|
|
|
|
|
|
Monthly active customers* |
864.7 |
741.5 |
17% |
852.4 |
1% |
|
- o/w organic continued operations |
328.7 |
281.0 |
17% |
319.0 |
3% |
|
First trades* |
45.7 |
34.4 |
33% |
60.2 |
(24%) |
|
- o/w organic continued operations |
33.1 |
25.9 |
28% |
43.3 |
(23%) |
|
Funded customers |
1,431.8 |
1,322.8 |
8% |
1,411.8 |
1% |
|
- o/w organic continued operations |
671.9 |
585.5 |
15% |
657.2 |
2% |
*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.
Within OTC derivatives, RtV was 70% in Q3 2026. OTC net trading revenue of £156.1 million was 18% lower year-on-year, while OTC customer income grew by approximately 8%, highlighting the strength of the underlying business. At today’s Capital Markets Event, IG Consumer management will set out the Group’s conviction behind continued OTC derivatives revenue growth, and IG Securities management will explain the market-making measures expected to deliver structurally higher RtV over time.
Exchange traded derivatives net trading revenue, driven by tastytrade, was broadly flat year-on-year. At today’s event, tastytrade management will set out how the Group will extend tastytrade to the next generation of traders while continuing to grow its highly profitable, cash-generative core.
Stock trading and investments revenue declined 31% year-on-year. This reflected softer market conditions and reduced trading activity, including lower volumes in international stocks, as customers responded to concerns over technology and AI valuations, alongside caution ahead of potential changes to capital gains tax in the forthcoming UK Government Budget.
Assets under administration (AuA) across IG’s global stock trading and investments platforms rose 32% year-on-year to more than £10.8 billion, underlining strong demand for our broadening proposition. AuA on IG’s UK D2C platform, including Freetrade, rose 34% year-on-year to more than £9.3 billion. At today’s event, IG Consumer management will set out the actions underway to accelerate growth and efficiency across the combined business, including the rollout of IG’s unified proposition.
Spot crypto revenue of £3.2 million (Q3 2025: £0.3 million) reflected the consolidation of Independent Reserve from 30 January 2026 and more supportive digital-asset markets. IG Consumer management will set out how the Group is scaling its crypto proposition and integrating Independent Reserve to accelerate growth.
Enquiries
Investor Relations
Martin Price
020 7573 0020
investors@iggroup.com
Media
Sodali & Co
020 7100 6451
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 1.4 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) |
Q3 2026 |
Q3 2025 |
% YoY |
Q2 2026 |
% QoQ |
|||||
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|||||
|
UK & Ireland: |
|
|
|
|
|
|||||
|
OTC derivatives |
62.8 |
68.6 |
(9%) |
76.6 |
(18%) |
|||||
|
Exchange traded derivatives |
– |
0.2 |
nm |
– |
nm |
|||||
|
Stock trading & investments |
7.5 |
13.7 |
(45%) |
12.6 |
(41%) |
|||||
|
- of which Freetrade |
2.2 |
6.7 |
(67%) |
5.1 |
(57%) |
|||||
|
- of which organic |
5.3 |
7.0 |
(24%) |
7.5 |
(29%) |
|||||
|
Spot crypto |
0.1 |
0.0 |
nm |
0.1 |
nm |
|||||
|
UK & Ireland total |
70.4 |
82.6 |
(15%) |
89.4 |
(21%) |
|||||
|
- o/w organic2 |
68.2 |
75.9 |
(10%) |
84.2 |
(19%) |
|||||
|
|
|
|
|
|
|
|||||
|
APAC & Middle East: |
|
|
|
|
|
|||||
|
OTC derivatives |
53.8 |
74.3 |
(28%) |
82.9 |
(35%) |
|||||
|
Stock trading & investments |
1.0 |
1.5 |
(31%) |
1.7 |
(40%) |
|||||
|
Spot crypto |
3.0 |
– |
nm |
2.6 |
13% |
|||||
|
- of which Independent Reserve |
3.0 |
– |
nm |
2.6 |
13% |
|||||
|
- of which organic |
0.0 |
– |
nm |
0.0 |
nm |
|||||
|
APAC & Middle East total |
57.8 |
75.8 |
(24%) |
87.3 |
(34%) |
|||||
|
- o/w organic2 |
54.9 |
75.8 |
(28%) |
84.7 |
(35%) |
|||||
|
|
|
|
|
|
|
|||||
|
United States: |
|
|
|
|
|
|||||
|
OTC derivatives |
3.1 |
3.6 |
(14%) |
3.5 |
(11%) |
|||||
|
Exchange traded derivatives |
39.4 |
39.4 |
(0%) |
40.4 |
(3%) |
|||||
|
Stock trading & investments |
4.7 |
4.1 |
13% |
7.8 |
(40%) |
|||||
|
Spot crypto |
0.1 |
0.3 |
(58%) |
0.1 |
(7%) |
|||||
|
United States total |
47.3 |
47.4 |
(0%) |
51.8 |
(9%) |
|||||
|
|
|
|
|
|
|
|||||
|
Europe: |
|
|
|
|
|
|||||
|
OTC derivatives |
29.8 |
33.4 |
(11%) |
36.2 |
(18%) |
|||||
|
Stock trading & investments |
0.0 |
0.0 |
nm |
0.0 |
nm |
|||||
|
Europe total |
29.9 |
33.4 |
(11%) |
36.2 |
(18%) |
|||||
|
- o/w organic continued operations3 |
29.9 |
33.4 |
(11%) |
36.2 |
(18%) |
|||||
|
|
|
|
|
|
|
|||||
|
Institutional4: |
|
|
|
|
|
|||||
|
OTC derivatives |
6.5 |
10.0 |
(35%) |
10.7 |
(39%) |
|||||
|
Exchange traded derivatives |
– |
0.0 |
nm |
– |
nm |
|||||
|
Stock trading & investments |
0.4 |
0.4 |
nm |
0.2 |
nm |
|||||
|
Institutional total |
6.9 |
10.4 |
(33%) |
10.9 |
(36%) |
|||||
|
- o/w organic continued operations3 |
6.9 |
10.2 |
(32%) |
10.9 |
(36%) |
|||||
|
|
|
|
|
|
|
|||||
|
Group total |
212.3 |
249.5 |
(15%) |
275.5 |
(23%) |
|||||
|
- o/w organic continued operations3 |
207.1 |
242.6 |
(15%) |
267.7 |
(23%) |
|||||
|
|
|
|
|
|
|
|||||
Notes:
- Some figures and period-on-period percentages have been rounded. As a result, subtotals may not equal the sum of the individual figures shown.
- Organic excludes Freetrade (UK & Ireland division), consolidated on 1 April 2025, and Independent Reserve (APAC & Middle East division), consolidated on 30 January 2026.
- Organic continuing operations excludes the acquisition of Freetrade and Independent Reserve, the sale of Small Exchange, and the exits from Spectrum and the Group's commercial operations in South Africa (exited 30 April 2025).
- Emerging Markets, previously reported with Institutional, is now combined within the APAC & Middle East division.
APPENDIX II
Average monthly active customers by division and product1
|
Average monthly active customers (‘000) |
Q3 2026 |
Q3 2025 |
% YoY |
Q2 2026 |
% QoQ |
||||
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
||||
|
UK & Ireland: |
|
|
|
|
|
||||
|
OTC derivatives |
34.8 |
32.3 |
8% |
36.1 |
(3%) |
||||
|
Exchange traded derivatives |
0.1 |
1.3 |
nm |
0.1 |
nm |
||||
|
Stock trading & investments |
532.9 |
520.2 |
2% |
530.3 |
0% |
||||
|
- of which Freetrade |
454.7 |
459.9 |
(1%) |
453.1 |
0% |
||||
|
- of which organic |
78.1 |
60.2 |
30% |
77.2 |
1% |
||||
|
Spot crypto |
3.0 |
0.7 |
322% |
2.6 |
15% |
||||
|
UK & Ireland total |
564.0 |
548.2 |
3% |
560.6 |
1% |
||||
|
- o/w organic2 |
109.3 |
88.2 |
24% |
107.4 |
2% |
||||
|
|
|
|
|
|
|
||||
|
APAC & Middle East: |
|
|
|
|
|
||||
|
OTC derivatives |
40.2 |
40.4 |
(1%) |
40.8 |
(2%) |
||||
|
Stock trading & investments |
42.7 |
29.5 |
45% |
37.8 |
13% |
||||
|
Spot crypto |
83.3 |
– |
nm |
80.8 |
3% |
||||
|
- of which Independent Reserve |
81.2 |
– |
nm |
80.2 |
1% |
||||
|
- of which organic |
2.1 |
– |
nm |
0.6 |
nm |
||||
|
APAC & Middle East total |
162.9 |
68.1 |
139% |
155.3 |
5% |
||||
|
- o/w organic2 |
81.6 |
68.1 |
20% |
75.0 |
9% |
||||
|
|
|
|
|
|
|
||||
|
United States: |
|
|
|
|
|
||||
|
OTC derivatives |
5.4 |
5.6 |
(3%) |
5.7 |
(5%) |
||||
|
Exchange traded derivatives |
51.0 |
48.2 |
6% |
50.8 |
0% |
||||
|
Stock trading & investments |
76.0 |
70.1 |
8% |
74.3 |
2% |
||||
|
Spot crypto |
10.0 |
9.5 |
5% |
10.2 |
(3%) |
||||
|
United States total |
107.0 |
98.2 |
9% |
105.6 |
1% |
||||
|
|
|
|
|
|
|
||||
|
Europe: |
|
|
|
|
|
||||
|
OTC derivatives |
21.4 |
22.2 |
(4%) |
22.3 |
(4%) |
||||
|
Stock trading & investments |
5.7 |
0.1 |
nm |
5.0 |
14% |
||||
|
Europe total |
26.7 |
22.3 |
20% |
26.9 |
(0%) |
||||
|
- o/w organic continued operations3 |
26.7 |
22.3 |
20% |
26.9 |
(0%) |
||||
|
|
|
|
|
|
|
||||
|
Institutional4: |
|
|
|
|
|
||||
|
OTC derivatives |
2.9 |
3.9 |
(25%) |
3.0 |
(4%) |
||||
|
Stock trading & investments |
1.4 |
1.0 |
38% |
1.2 |
11% |
||||
|
Institutional total |
4.1 |
4.8 |
(14%) |
4.1 |
0% |
||||
|
- o/w organic continued operations3 |
4.1 |
4.2 |
(2%) |
4.1 |
0% |
||||
|
|
|
|
|
|
|
||||
|
Group total |
864.7 |
741.5 |
17% |
852.4 |
1% |
||||
|
- o/w organic continued operations3 |
328.7 |
281.0 |
17% |
319.0 |
3% |
||||
|
|
|
|
|
|
|
||||
Notes:
- Divisional and Group total active customers are adjusted to remove double-counting of customers active in more than one product category (multi-product customers), giving unique counts by division and for the Group. Some figures and period-on-period percentages have been rounded, so subtotals may not equal the sum of the individual figures shown.
- Organic excludes Freetrade (UK & Ireland division), consolidated on 1 April 2025, and Independent Reserve (APAC & Middle East division), consolidated on 30 January 2026.
- Organic continuing operations excludes the acquisition of Freetrade and Independent Reserve, the sale of Small Exchange, and the exits from Spectrum and the Group's commercial operations in South Africa (exited 30 April 2025).
- Emerging Markets, previously reported with Institutional, is now combined within the APAC & Middle East division.
APPENDIX III
First trades by division and product1
|
First trades (‘000) |
Q3 2026 |
Q3 2025 |
% YoY |
Q2 2026 |
% QoQ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK & Ireland: |
|
|
|
|
|
|
OTC derivatives |
3.3 |
2.6 |
25% |
3.6 |
(10%) |
|
Exchange traded derivatives |
– |
0.4 |
nm |
– |
nm |
|
Stock trading & investments |
12.4 |
13.2 |
(6%) |
18.1 |
(31%) |
|
- of which Freetrade |
7.1 |
8.5 |
(17%) |
11.7 |
(40%) |
|
- of which organic |
5.4 |
4.7 |
16% |
6.4 |
(16%) |
|
Spot crypto |
0.8 |
0.8 |
(2%) |
0.7 |
14% |
|
UK & Ireland total |
15.3 |
15.2 |
0% |
21.1 |
(28%) |
|
- o/w organic2 |
8.2 |
6.7 |
23% |
9.3 |
(12%) |
|
|
|
|
|
|
|
|
APAC & Middle East: |
|
|
|
|
|
|
OTC derivatives |
4.8 |
5.7 |
(17%) |
4.9 |
(3%) |
|
Stock trading & investments |
7.0 |
1.4 |
399% |
6.4 |
8% |
|
Spot crypto |
7.4 |
– |
nm |
13.2 |
(44%) |
|
- of which Independent Reserve |
5.5 |
– |
nm |
5.2 |
6% |
|
- of which organic |
1.9 |
– |
nm |
8.0 |
(76%) |
|
APAC & Middle East total |
18.0 |
6.8 |
164% |
24.2 |
(25%) |
|
- o/w organic2 |
12.5 |
6.8 |
84% |
19.1 |
(34%) |
|
|
|
|
|
|
|
|
United States: |
|
|
|
|
|
|
OTC derivatives |
1.2 |
1.5 |
(20%) |
1.3 |
(8%) |
|
Exchange traded derivatives |
7.5 |
6.9 |
7% |
7.4 |
1% |
|
Stock trading & investments |
5.2 |
5.8 |
(10%) |
5.6 |
(6%) |
|
Spot crypto |
0.7 |
1.9 |
(61%) |
0.9 |
(20%) |
|
United States total |
10.0 |
10.2 |
(2%) |
10.3 |
(3%) |
|
|
|
|
|
|
|
|
Europe: |
|
|
|
|
|
|
OTC derivatives |
1.7 |
2.0 |
(14%) |
1.9 |
(10%) |
|
Exchange traded derivatives |
– |
– |
nm |
– |
nm |
|
Stock trading & investments |
0.5 |
– |
nm |
2.8 |
nm |
|
Europe total |
2.2 |
2.0 |
7% |
4.4 |
(51%) |
|
- o/w organic continued operations3 |
2.2 |
2.0 |
7% |
4.4 |
(51%) |
|
|
|
|
|
|
|
|
Institutional4: |
|
|
|
|
|
|
OTC derivatives |
0.1 |
0.1 |
(12%) |
0.1 |
(31%) |
|
Stock trading & investments |
0.1 |
0.0 |
nm |
0.1 |
(10%) |
|
Institutional total |
0.2 |
0.1 |
44% |
0.3 |
(23%) |
|
- o/w organic continued operations3 |
0.2 |
0.1 |
58% |
0.3 |
(23%) |
|
|
|
|
|
|
|
|
Group total |
45.7 |
34.4 |
33% |
60.2 |
(24%) |
|
- o/w organic continued operations3 |
33.1 |
25.9 |
28% |
43.3 |
(23%) |
Notes:
- Divisional and Group total first trades are adjusted to remove double-counting of customers trading for the first time in more than one product category, giving unique counts by division and for the Group. Some figures and period-on-period percentages have been rounded, so subtotals may not equal the sum of the individual figures shown.
- Organic excludes Freetrade (UK & Ireland division), consolidated on 1 April 2025, and Independent Reserve (APAC & Middle East division), consolidated on 30 January 2026.
- Organic continuing operations excludes the acquisition of Freetrade and Independent Reserve, the sale of Small Exchange, and the exits from Spectrum and the Group's commercial operations in South Africa (exited 30 April 2025).
- Emerging Markets, previously reported with Institutional, is now combined within the APAC & Middle East division.
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