IG Group: H1 trading update, FY26 guidance unchanged. Update on strategy review

研报英文原文证据摘录

IG Group: H1 trading update, FY26 guidance unchanged. Update on strategy review

Equity Research

European Diversified Financials

8 July 2026

IG Group

H1 trading update, FY26 guidance

unchanged. Update on strategy UK Mid & Small Cap

IGG.L/IGG LN OVERWEIGHTreview

Unchanged

Lower VIX means Q2 revenue growth (14%) was below Q1 European Diversified POSITIVE Financials

Unchanged(21%), but first trades and active customer growth accelerate

vs Q1. Guidance unchanged. Update on strategy review with Price Target GBp 2010 Unchanged

Jersey based holding company created, and new operational Price (07-Jul-26) GBp 1862

Potential Upside/Downside +7.9%model. M&A and listing venues are still being evaluated.

Source: Bloomberg, Barclays Research

Revenue growth moderates in Q2, but customer acquisition remains strong: IG's trading

Market Cap (GBP mn) 6159

update reveals H1 26 total revenue growth was 18% y/y to £643m. This compares with growth of

Shares Outstanding (mn) 330.78

21% to £339.9m in Q1 26, implying 14% revenue growth in Q2. Whilst this is a slowdown in Q2 vs

Free Float (%) 97.01

Q1, it reflects lower volatility in Q2 vs Q1, and also YoY (see Figures 2 and 3). The company does

52 Wk Avg Daily Volume (mn) 0.8

not disclose the split between net trading revenue and net interest income. However, for

Dividend Yield (%) 3.30

illustrative purposes, if we assume Q2 26 interest income was in line with Q1 26 at £26.6m, this

Return on Equity TTM (%) 20.39

would imply net trading revenue growth was 22% in H1. This compares with growth of 26% in

Current BVPS (GBp) 509

Q1 and an estimated 17% in Q2 (see Figure 1 for the full quarterly progression and estimates). Source: Bloomberg

Encouragingly, organic active customer growth was 13% y/y in H1. Organic active customer