IG Group Reports 29% Net Trading Revenue Growth YoY

IG Group reported a sharp lift in performance for the three months ended 30 November 2025, with organic net trading revenue rising 29% year-on-year to £270.7 million. Total revenue increased 26% to £307.6 million, supported by stronger client activity and continued execution against product and marketing initiatives, while the Group highlighted double-digit new customer growth and high single-digit growth in active customers.

Growth was driven by strength across all major product categories. OTC derivatives remained the largest contributor, with revenue up 27% year-on-year to £210.9 million, while platform traded derivatives rose 29% to £44.0 million. Stock trading and investments also accelerated, with organic revenue up 64% year-on-year to £15.5 million, reflecting momentum in share dealing following the rollout of a zero-commission UK proposition earlier in 2025.

Customer metrics underscored the demand backdrop. Organic first trades rose 64% year-on-year to 28.2k, supported by new products and higher marketing effectiveness, while organic monthly active customers increased 8% to 289.0k. Net interest income declined 18% organically to £27.7 million, as expected, reflecting lower interest rates and increased pass-through to customers even as customer cash balances grew to £4.9 billion.

US Expansion, Share Dealing Rollouts, and Crypto Licences Shape the Growth Story

The United States continued to stand out as IG’s quickest growing market, with tastytrade delivering total net trading revenue of $65.3 million, up 51% year-on-year and 19% quarter-on-quarter. Within platform traded derivatives specifically, tastytrade revenue rose 46% year-on-year to $58.2 million, and IG said a new divisional leadership team is in place to strengthen propositions and accelerate growth in North America.

In the UK and Ireland, the share dealing push drove a step-up in volumes, with organic trades in the quarter exceeding 775k, up 99% year-on-year and 20% quarter-on-quarter. The Group said the zero-commission proposition launched in April 2025 has since been expanded to Ireland in October and to both Singapore and France in November, with overseas volumes accounting for 42% of the total. Alongside share dealing, IG pointed to enhanced product velocity in OTC derivatives, including the launch of 24/5 trading, pre-IPO markets, and an improved professional client offering.

IG also set out a clearer path for expanding its spot crypto business in 2026, following the award of a UK cryptoasset licence from the FCA on 30 September 2025 and an EU licence under MiCA on 20 November 2025. Chief Executive Breon Corcoran said: “We have made excellent 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.”

purchaseback Extended to £200m as IG Brings Forward 2026 Growth Confidence

Alongside the trading update, IG extended its share purchaseback programme by £75 million to £200 million, citing a strong capital position and cash generation. The existing £125 million programme began on 4 September 2025 and was expected to complete by 30 January 2026; completion is now expected by 31 March 2026. As of 12 December 2025, IG had repurchased 7.6 million shares at a cost of £84.0 million, with the Board indicating it will consider a further purchaseback alongside full-year results, subject to share price performance and other demands on capital.

The Group also updated investors on the transitional reporting period later than announcing on 4 November 2025 that it is changing its financial year end from 31 May to 31 December with immediate effect. For the transitional seven-month financial year ending 31 December 2025, IG guided to total revenue of approximately £630 million, up around 3% on the prior year, with net trading revenue forecast at roughly £565 million and interest income slightly over £65 million. IG said this assumes softer trading conditions experienced in ahead December continue through year end, with full results due on 19 March 2026.

Looking ahead, IG said it now expects organic total revenue growth (excluding Freetrade and Independent Reserve) around the mid-point of its guided mid-to-high single-digit range in calendar year 2026, accelerating its earlier guidance and expressing confidence in meeting market expectations for EBITDA and cash EPS in 2026. The outlook is supported by stronger new customer acquisition, an extensive product pipeline, the full-year benefit of customer income retention initiatives, and expected interest rate dynamics, while the company also signalled higher marketing investment in 2026 to accelerate long-term growth and highlighted that the proposed Independent Reserve acquisition remains on track to complete in ahead 2026.