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IGG LSE Results announcement · RNS

IG Group Holdings plc

IG Group Holdings plc provides leveraged trading, stock trading, investments, and cryptocurrency trading through its proprietary platforms. The company serves retail customers globally across the financial technology and capital markets sectors. Source: Half-Year Results (2026-07-30)

Results H1 2026 vs H1 2025 · year over year · published 30 Jul 2026 and 19 Mar 2026

Net income down 3.8% year on year. The report's language is unchanged.

1 · Numbers

−3.8%

Net income vs H1 2025

Outlook given

Net income 179.2M vs 186.3M

Revenue +21.3%

Why Revenue rose because of higher revenue per customer and a larger active customer base, while net income fell due to higher operating costs, restructuring costs, and a £19.3 million fair value adjustment on Payward Inc.

2 · How the report reads

Unchanged

Language tone vs last period

Report language: upbeat for a company report — about as upbeat as in H1 2025.

Weak signal: formal report language, not a call.

3 · What stood out

IG maintained its standalone guidance of at least 10% organic total revenue CAGR over the medium term from a 2025 base of approximately £1,100 million.

Official channels

The company's own website and social media accounts.

Read between the lines

  1. Guidance

    IG maintained its standalone guidance of at least 10% organic total revenue CAGR over the medium term from a 2025 base of approximately £1,100 million.

  2. Figure

    Total revenue rose 18% to £642.8 million because net trading revenue increased by 21% while net interest income declined by 10%.

    Source quote
    “Total revenue - comprising net trading revenue and net interest income - was £642.8 million, up 18%, reflecting a 21% increase in net trading revenue and a 10% decline in net interest income.”
  3. Figure

    Organic revenue rose 49% to £32.1 million due to an enhanced proposition and marketing investment.

    Source quote
    “Organically, revenue rose 49% to £32.1 million, reflecting an enhanced proposition and marketing investment.”
  4. Figure

    Net interest income fell 10% to £54.0 million in H1 2026 from £59.8 million in H1 2025 due to lower interest rates and greater pass-through to customers.

    Source quote
    “Net interest income, which arises on client balances held off the Group's balance sheet, was £54.0 million in H1 2026, down 10% (H1 2025: £59.8 million), driven by lower interest rates and greater pass-through to customers.”
  5. Figure

    Net trading revenue rose 7% to £23.0 million because growth in Dubai and Australia offset the decline in South Africa following the branch's June 2025 closure.

    Source quote
    “Net trading revenue rose 7% to £23.0 million (H1 2025: £21.5 million, adjusted for the closure of the South Africa branch), driven by expansion in Dubai, strong growth in Australia, partly offset by a decline in South Africa following the commercial decision to close the branch in June 2025 and prioritise investment in larger, faster-growing markets.”
4 more
  1. Figure

    Net trading revenue rose 24% to £197.5 million compared to £159.6 million in H1 2025, supported by growth in stock trading, investments, and a £9.8 million contribution from Freetrade.

    Source quote
    “Net trading revenue rose 24% to £197.5 million (H1 2025: £159.6 million), supported by continued growth in stock trading and investments, including a £9.8 million contribution from Freetrade.”
  2. Figure

    Active customers increased 66% to 843.6k from 509.1k in H1 2025, marking a sixth consecutive quarter of sequential growth.

    Source quote
    “Active customers up 66% to 843.6k (H1 2025: 509.1k), and up 13% on an organic, continuing operations basis (H1 2025: 277.2k) - a sixth consecutive quarter of sequential growth.”
  3. Figure

    Marketing spend increased 51% year-on-year to £75.4 million, which drove a 107% increase in first trades.

    Source quote
    “Marketing spend increased 51% year-on-year to £75.4 million, driving a 107% increase in first trades.”
  4. Figure

    Adjusted profit before tax rose 12% to £291.8 million from £261.5 million in H1 2025, reflecting the Group's underlying operating performance.

    Source quote
    “Adjusted profit before tax - which excludes items that are non-recurring or not reflective of the Group's underlying operating performance - rose 12% to £291.8 million (H1 2025: £261.5 million).”

Valuation

Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-05-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.

Current price

£9.95

close of 2026-10-09

Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.

-3.2% for 10 yrs

Fair value / share

—

Buy below

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Price vs fair value

—

Price vs buy-below price

—

Tone

How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: H1 2026. Ring: H1 2025.

Report language Upbeat (was very upbeat)

Upbeat for a company report — about as upbeat as in H1 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone
“Since acquisition, trading performance has been below management's expectations, reflecting subdued conditions in the digital asset sector where there has been lower trading volumes and weaker asset prices, which together...”
“We enter the second half with strong momentum: an extensive product pipeline, a faster-growing customer base, and more customers using more of what we offer - reflected in a sixth...”
“A high-performance culture, faster product velocity and increased marketing at attractive returns, funded by a lower cost to serve are driving strong growth in customer acquisition and active customers.”

Numbers

GBP · RNS results announcement (2026-06-30), consolidated statement; H1 vs the same period a year earlier (restated); net income to owners of the parent

Metric H1 2026 H1 2025 Change
Revenue 588.8M 485.4M +21.3%
Operating income 250.0M 236.2M +5.8%
Net income 179.2M 186.3M −3.8%
EPS 0.54 0.53 +1.3%

Topics

Topics are drawn from the full report text, not management commentary.

Most discussed now

  • Independent Reserve was acquired on 30 January 2026.
  • IG will present IG's refreshed strategy, capital allocation framework and guidance at a Strategy Update on 22 October 2026.
  • The Group optimises its liquidity by centralising funds in the UK, where the majority of market risk resides, and continually...
  • Pro forma gross leverage of under 2.0x at end-2026, deleveraging thereafter, with IG remaining committed to retaining an investment grade...
  • No change to dividend policy - the Group remains committed to a progressive ordinary dividend per share.

Faded since H1 2025

  • Fading Key assumptions used in the calculation of the recoverable amount of the Freetrade CGU
  • Fading The pre-tax discount rate applied to the six-year cash flow period and thereafter is 19.2% (31 May 2025: 19.7%).
  • Fading Appendix 6 - Reconciliation of reported P&L to organic, continued operations performance
  • Fading From this higher base, IG now expects 2026 organic total revenue growth towards the top end of its mid-to-high single-digit...

Latest announcements

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