IG Group (IGG) H1 2026 earnings summary

Executive summary

• Achieved strong H1 2026 results with total revenue up 18% year-over-year to £642.8m, adjusted EPS up 21% to 68.9p, and robust EBITDA margin at 44%, driven by enhanced product offerings, disciplined marketing, and expanding customer base.

• Sixth consecutive quarter of sequential growth in active customers, up 13% organically, with first trades up 74% year-over-year.

• Announced transformational acquisition of Underdog for $1.1bn, set to double US revenue, broaden the customer base, and accelerate group growth.

• Strategic review completed, resulting in a new Jersey-incorporated holding company, refreshed organizational model, and continued London listing.

Financial highlights

• Total revenue reached £642.8m, up 18% reported and 17% organic year-over-year; net trading revenue up 21% to £588.8m.

• EBITDA margin at 44% (43.9%), with adjusted EPS at 68.9p, up 21% year-over-year.

• Interim dividend per share of 14.46p (GBP 0.1446), maintaining a progressive dividend policy.

• Operating costs before depreciation and amortisation rose 30% year-over-year, reflecting higher marketing and strategic review costs.

• Assets under administration rose to £21.5bn, up 34% year-over-year, with strong net inflows.

Outlook and guidance

• Standalone guidance for at least 10% organic total revenue CAGR over the medium term from a 2025 base of £1,100m; Underdog acquisition expected to accelerate revenue growth above this level.

• EBITDA margin guidance reaffirmed in the mid-40s; full-year results expected in line with market expectations.

• Underdog acquisition expected to be EPS neutral in year one and double-digit accretive by year three.

• Dividend policy unchanged; share buyback paused, expected to resume in 2027 post-redomicile.

• Refreshed strategy and capital allocation framework to be presented in October.