IG Group (IGG) Strategy update summary

Strategic direction

• Vision: build a leading international platform for active investors across trading, investing and entertainment, using broader propositions, stronger brands and greater efficiency.

• Strategic review concluded with the Underdog acquisition, planned Jersey redomicile and a refreshed three-division model; redomicile is targeted for late 2026 or early 2027, subject to conditions.

• From 2024 to LTM September 2026, organic first trades rose 121%, active customers 17% and net trading revenue CAGR was 10%.

• Addressable markets span OTC derivatives, futures and options, stocks and investments, crypto and prediction markets; penetration is below 10% in OTC and below 1% in other listed categories.

• Financial priorities are diversified revenue growth, greater efficiency to fund investment and disciplined capital allocation.

Consumer

• Consumer revenue was £878m over the last 12 months; UK active customers rose 22% YoY, and UK revenue grew more than twice as fast as the rest of Consumer on a CAGR basis after the playbook launch.

• UK first trades on a second product rose 65%; multi-product customers had 2.9x 12-month retention and 52% higher ARPU than mono-product customers.

• The unified mobile-first proposition spans CFDs, spread betting, share dealing and crypto; UK rollout is underway, international rollout is planned for 2027, and prediction markets are planned for UK professional clients in Q4 2026, with broader markets targeted for early 2027, subject to licensing.

• Demand-led marketing, multi-asset offers and digital servicing supported instant verification for 89% of applicants and deflection of 72% of digital queries YTD.

• Marketing payback is under six months, 36-month customer value is ~4x acquisition cost, cost to serve per customer fell 10% YoY, and the Consumer workforce reduction target is ~30%.

Securities

• Enhanced risk management lifted average OTC return to volume (RtV) to ~80% since July 2025, versus a 75% average from January 2018 to June 2025; Q3 2026 RtV was 70%, within the modelled range.

• Pricing in size, dynamic spreads, selective risk warehousing and more sophisticated hedging aim to raise OTC RtV; planned capabilities include increasing pricing decisions from 10 to 1,000 per second.

• Technology modernization readied 640 services for migration in six months, reducing preparation time per service from days to hours; cloud migration and trading-system upgrades remain within existing investment plans.

• Institutional revenue grew at a 9% CAGR from 2023 to 2026 LTM; Prime priorities include liquidity, brokerage, financing, custody, white-label services and partner distribution.

• Retail flow supports Prime liquidity while institutional flow helps manage retail exposure; the first white-label launch was with Investec Prime Services in May.