IG Group Holdings PLC: Very strong Q1 and outlook raised again

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IG Group Holdings PLC: Very strong Q1 and outlook raised again

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IG Group Holdings PLC

Very strong Q1 and outlook raised again

Maintain Rating: NEUTRAL | PO: 1,541 GBp | Price: 1,576 GBp

Key points from AGM trading update 19 May 2026

1) Big revenue beat. Total revenues of £340m (£331m organic) grew 19% YoY, ahead Equity

of VisibleAlpha consensus of £306m. Q1 CY26 organic net trading revenue of £307m

increased 25% YoY on elevated commodity market volatility driving higher activity Hal Potter, CFA >> Research Analyst

among existing customers as well as the broader product offering and accelerating MLI (UK)

customer acquisition bearing fruit. Current trading has continued well in the first seven +44hal.potter@bofa.com20 7996 3010

weeks of Q2, with organic active customer growth accelerating beyond 12% YoY. Tim Ramskill, CFA >>

Research Analyst

2) Continued underlying customer metric improvements. Organic monthly active MLI (UK)

+44 20 7996 3050

customers increased 12% YoY (the 5th consecutive quarter of QoQ improvement) and tim.ramskill@bofa.com

organic First Trades were up 63% YoY on the back of increased marketing activity, new Jamie Murray >>

product launches and supportive market conditions. IG Group has strategically and Research Analyst

MLI (UK)

inorganically closed product gaps and highlights that these continued improvements are 44 20 7996-3794

demonstrative of those initiatives taking effect. The company noted a strong ISA season jamie.murray3@bofa.com

driving increased customer transfers, with AUA surpassing £20bn in April.

3) CY26 and medium outlook raised. The company has upgraded guidance for CY26

Stock Datato organic total revenue growth of 10-15% (from HSD previously) on the 2025 base of