IG Group: Active customers growth +12% in Q1, >12% in Q2 to date. Further revenue upgrades & margin guidance held. FY26/7 PBT u/g by 5%, EPS u/g by 5/4%

研报英文原文证据摘录

IG Group: Active customers growth +12% in Q1, >12% in Q2 to date. Further revenue upgrades & margin guidance held. FY26/7 PBT u/g by 5%, EPS u/g by 5/4%

Equity Research

European Diversified Financials

19 May 2026

IG Group

Active customers growth +12% in

Q1, >12% in Q2 to date. Further UK Mid & Small Cap

IGG.L/IGG LN OVERWEIGHTrevenue upgrades & margin

Unchanged

European Diversified POSITIVEguidance held. FY26/7 PBT u/g by Financials

Price Target GBp 20105%, EPS u/g by 5/4%

raised 15% from GBp 1755

Q1 rev +21% to £340m vs guidance of c£300m, helped by Price (18-May-26) GBp 1576

elevated volatility. FY26 rev guidance upgraded again to Potential Upside/Downside +27.5% Source: Bloomberg, Barclays Research

10-15% organic vs HSD previously. MT guidance u/g to 10%

organic CAGR vs 2025 base. EBITDA guidance unch at "mid Market Cap (GBP mn) 5220

40s". Flywheel is turning, expect +ve reaction. PT +15% to Shares Outstanding (mn) 331.24

Free Float (%) 97.01

£20.10p, OW. 52 Wk Avg Daily Volume (mn) 0.8

Dividend Yield (%) 3.90

Return on Equity TTM (%) 20.39

Current BVPS (GBp) 509

Source: Bloomberg

2026 revenue outlook upgraded, and EBITDA margin guidance unchanged: After a "strong"

Q1 and "a good start to the second quarter", IG have upgraded revenue guidance once again. Price Performance Exchange-LSE

FY26 revenue guidance is now for organic revenue growth to be +10-15% vs the 2025 organic 52 Week range GBP 15.76-10.16

base of c£1,100m. This compares with guidance at the FY25 results on March 19th that guided

for organic revenue growth to be “towards the top end of our mid-to-high single-digit target

range”. Whilst some of the revenue upgrade is likely to be due to elevated volatility, we are

encouraged to see first trades +63% y/y in Q1, and active customer growth +12% y/y.