European SMID Financials: Super Appealing: trading platforms transitioning to multi-product offerings

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European SMID Financials: Super Appealing: trading platforms transitioning to multi-product offerings

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European SMID Financials

Super Appealing: trading platforms

transitioning to multi-product offerings

Rating Change

UK-listed financial “superapps” open up new growth angle 09 June 2026

Technology, education and AI are driving a structural global shift towards self-directed Equity

investing and trading, with >60% of AUM expected to sit in the retail channel by 2030. Europe

The UK is no exception, with a move towards investing over saving as increased Financials

marketing and government support push customers towards financial markets. This Hal Potter, CFA >>

presents a healthy environment for platforms to acquire, retain and generate recurring Research Analyst

cash flows from customers via a multi-product offering. We examine two stocks in our MLI+44 (UK)20 7996 3010

coverage that are early in their journeys to becoming financial “superapps” and where hal.potter@bofa.com

we see substantial opportunity: IG Group (which we upgrade to Buy) and Plus500 (Buy). Tim Ramskill, CFA >>

Research Analyst

Upgrade IGG (Buy): Strategy Update near-term catalyst MLI+44 (UK)20 7996 3050

Two consecutive topline upgrades, five consecutive quarters of underlying customer tim.ramskill@bofa.com

growth: CEO Breon Corcoran’s turnaround is gathering pace. We observe a steady avg Jamie Murray >>

customer LTV and product velocity improvement. We raise FY28e EPS 10% from MLI (UK)

improved: revenues on higher Active Customers; EBITDA margin on operating leverage 44 20 7996-3794

jamie.murray3@bofa.com

and; capital returns on higher cash generation. At 2025 results, IG announced it would

launch a “unified product proposition” (i.e., superapp) in the UK in 2026. We expect to