IG Group Holdings PLC: We update our estimates following strong Q1 and outlook upgrade

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IG Group Holdings PLC: We update our estimates following strong Q1 and outlook upgrade

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IG Group Holdings PLC

We update our estimates following strong

Q1 and outlook upgrade

Reiterate Rating: NEUTRAL | PO: 1,836 GBp | Price: 1,576 GBp

Continued underlying performance improvement 19 May 2026

IG Group reported excellent Q1 results and an outlook upgrade within its AGM trading Equity

update. The company delivered a very strong 19% YoY increase to organic total revenue,

underpinned by continued healthy customer metric progression: 1) active customers

Key Changes(+12% YoY) saw the 5th consecutive quarter of sequential growth; 2) active customer

growth is accelerating beyond 12% in Q226 quarter-to-date; 3) organic first trades (GBp) Previous Current

increased 63% YoY; and 4) the blended payback on marketing spend was below six Price Obj. 1,541 1,836

months. Clearly, the company’s strategy of expanding its multi-asset product offering is 2026E Rev (£m) 1,193.9 1,275.2

delivering positive results and it is encouraging to see the increased marketing 2027E Rev (£m) 1,275.6 1,398.2

investment announced at CY25 results is delivering customers at appropriate acquisition 2028E Rev (£m) 1,363.8 1,533.1

cost. While we acknowledge the strength of these results and the healthy outlook 2026E EPS 112 117

upgrade, we remain cautious that these metrics have coincided with an extended period 2027E EPS 125 131

of market volatility, leading to our caution on their sustainability. With shares trading at 2028E EPS 143 150

a 5yr peak 13x 12m fwd PE, we see the risk/reward as balanced for a business that

remains supported by market volatility and maintain our Neutral rating. Hal Potter, CFA >>

Research Analyst

MLI (UK)

+44 20 7996 3010Changes to our estimates hal.potter@bofa.com