Ig Group Holdings Plc · LSE:IGG
Ig — H1 2026 Earnings Presentation
47 slides from Ig's earnings presentation, 2026
Slide 1: First Half Results Presentation H1 2026
FIRST HALF RESULTS PRESENTATION H1 2026
Slide 2: Agenda
AGENDA 1 HIGHLIGHTS 2 FINANCIAL PERFORMANCE 3 STRATEGIC 4 ACQUISITION UPDATE OF UNDERDOG 5 SUMMARY AND Q&A 02
Slide 3: Highlights
1 HIGHLIGHTS BREON CORCORAN CEO 03
Slide 4: Our strategy has delivered a step change in growth
OUR STRATEGY HAS Highlights Financial performance Strategic update Acquisition of Underdog Summary and Q&A DELIVERED A STEP CHANGE IN GROWTH STRONG NEW CUSTOMER BROAD-BASED REVENUE ACQUISITION GROWTH Driving compounding active customer growth +74% Enhanced product velocity, disciplined +17% – up 13
Slide 5: Financial Performance
2 FINANCIAL PERFORMANCE CLIFFORD ABRAHAMS CFO 05
Slide 6: Strong financial performance
STRONG FINANCIAL Highlights Financial performance Strategic update Acquisition of Underdog Q&A PERFORMANCE H1 2026 OVERVIEW Reported Organic, continuing operations1 £642.8m 43.9% 68.9p 14.46p Total revenue EBITDA margin Adjusted EPS Interim DPS Equivalent +18% +17% 1 H1 25: 49.6% +21% +22% 1 period:
Slide 7: Sustained growth in active customers
SUSTAINED GROWTH IN Highlights Financial performance Strategic update Acquisition of Underdog Q&A ACTIVE CUSTOMERS First trades (‘000s); +74% y/y in H1, +89% y/y in Q2 2026 and Active customers (‘000s) ; +13% y/y in H1, +15% in Q2 2026 broadly flat sequentially despite less supportive market conditi
Slide 8: Accelerating growth in platform AuA and net inflows
ACCELERATING GROWTH Highlights Financial performance Strategic update Acquisition of Underdog Q&A IN PLATFORM AUA AND NET INFLOWS IG Group – total platform AuA 1 Accelerating UK D2C 2 platform net inflows £bn £bn +11% q/q / +34% y/y +69% q/q ORGANIC, CONTINUING OPERATIONS +8% q/q / +23% y/y +218% q/
Slide 9: Investing for growth while maintaining strong margins
INVESTING FOR Highlights Financial performance Strategic update Acquisition of Underdog Q&A GROWTH WHILE MAINTAINING STRONG MARGINS Reported P&L (£m unless stated) H1 26 H1 25 Reported Organic 1 • Net trading revenue growth driven by Net trading revenue 588.8 485.4 21% 20% stronger customer acquisit
Slide 10: Revenue growth across all product categories
REVENUE GROWTH ACROSS Highlights Financial performance Strategic update Acquisition of Underdog Q&A ALL PRODUCT CATEGORIES Change vs H1 2025 Reported Organic (cont. operations)1 OTC EXCHANGE STOCK TRADING SPOT CRYPTO GROUP TOTAL DERIVATIVES TRADED & INVESTMENTS DERIVATIVES NET TRADING £460.5M £81.1M
Slide 11: Revenue growth across all divisions
REVENUE GROWTH Highlights Financial performance Strategic update Acquisition of Underdog Q&A ACROSS ALL DIVISIONS Change vs H1 2025 Reported Organic (cont. operations)1 UK & APAC UNITED IRELAND & ME2 STATES EUROPE INSTITUTIONAL2 NET TRADING £197.5M £190.4M £103.4M £74.5M £23.0M REVENUE 24% 22% 31% 2
Slide 12: Managing costs to invest for growth
MANAGING COSTS Highlights Financial performance Strategic update Acquisition of Underdog Q&A TO INVEST FOR GROWTH Operating costs (£m) H1 26 H1 25 Change • Fixed remuneration – up 15% driven Fixed remuneration (107.6) (93.3) 15% by the consolidation of acquisitions (Freetrade , Independent Reserve)
Slide 13: Underlying costs remain well controlled
UNDERLYING COSTS REMAIN Highlights Financial performance Strategic update Acquisition of Underdog Q&A WELL CONTROLLED (£M) Non -recurring costs in relation to the strategic review Freetrade and Independent Reserve +26% YoY 6.0 10.4 393.6 26.6 +44% YoY +12% YoY 21.2 350.6 +6% YoY 16.5 312.9 H1 25 tot
Slide 14: The Group remains strongly capitalised
THE GROUP REMAINS Highlights Financial performance Strategic update Acquisition of Underdog Q&A STRONGLY CAPITALISED Solvency ratio of c.265% at 30 June 2026, above IG's 160 - Excess on target range 200% target range Expected to move within the 160 -200% target range at Target range c.£871M end -202
Slide 15: Redomicile to Jersey enhances financial and strategic flexibility
REDOMICILE TO JERSEY Highlights Financial performance Strategic update Acquisition of Underdog Q&A ENHANCES FINANCIAL AND STRATEGIC FLEXIBILITY RATIONALE IMPACT TIMETABLE • Around two -thirds of Group revenue • New Jersey -incorporated holding • Shareholder circular and timetable now generated outsi
Slide 16: Strategic Update
3 STRATEGIC UPDATE BREON CORCORAN CEO 16
Slide 17: Strong execution and momentum building
STRONG EXECUTION AND MOMENTUM Highlights Financial performance Strategic update Acquisition of Underdog Summary and Q&A BUILDING – NOW POSITIONING FOR THE NEXT PHASE OF GROWTH July 2024 July 2026 Outcome WHAT WE SET OUT TO FIX WHAT WE HAVE DELIVERED KEY METRIC +18% • Increased product velocity and 1
Slide 18: Product velocity continues to accelerate
Financial Acquisition 1. PRODUCT Highlights performance Strategic update of Underdog Summary and Q&A PRODUCT VELOCITY CONTINUES TO ACCELERATE Selected new product launches, UX enhancements and new market entries 37 35 6 7 2023 2024 2025 2026 (YTD) Selected product, instrument and platform enhancemen
Slide 19: Moving faster to close key product gaps
Financial Acquisition 1. PRODUCT Highlights performance Strategic update of Underdog Summary and Q&A MOVING FASTER TO CLOSE KEY PRODUCT GAPS Key product delivery in H1 2026 CFDs added Crypto perps, Zero -spread Zero -touch Mutual funds, Boosted & JISAs Launched to IG Markets swaps & indices & FX tra
Slide 20: IG's unified proposition - launching in early H2 2026
Financial Acquisition 1. PRODUCT Highlights performance Strategic update of Underdog Summary and Q&A IG’S UNIFIED PROPOSITION - LAUNCHING IN EARLY H2 2026 Unifies trading, investing Single platform for app and crypto in one app – built and web – accelerating to quickly add new products product veloc
Slide 21: Streamlining our organisational model
Financial Acquisition 2. CULTURE Highlights performance Strategic update of Underdog Summary and Q&A STREAMLINING OUR ORGANISATIONAL MODEL REFRESHED STRUCTURE WHY? Focussing on our strongest growth IG Consumer IG Securities IG North America opportunities with less complexity Michael Healy, CEO Andy
Slide 22: Ongoing focus on deployment of digital servicing and AI
Financial Acquisition 3. EFFICIENCY Highlights performance Strategic update of Underdog Summary and Q&A ONGOING FOCUS ON DEPLOYMENT OF DIGITAL SERVICING AND AI Lowering organic fixed cost to serve per customer 1 Increasing marketing spend to accelerate growth (£ per funded customer) (Marketing spend
Slide 23: Strategic review - maximising long-term shareholder value
STRATEGIC REVIEW – Highlights Financial performance Strategic update Acquisition of Underdog Summary and Q&A MAXIMISING LONG-TERM SHAREHOLDER VALUE SCOPE OF THE REVIEW Acquisitions and Business portfolio Domicile, legal entity Capital allocation combinations Reviewing IG’s structure, structure & lis
Slide 24: Acquisition of Underdog
4 ACQUISITION OF UNDERDOG BREON CORCORAN CEO 24
Slide 25: Underdog driving a step-change in IG Group's growth profile
UNDERDOG Highlights Financial performance Strategic update Acquisition of Underdog Summary and Q&A DRIVING A STEP-CHANGE IN IG GROUP’S GROWTH PROFILE 1 Entering a high - 2 An expanded, 3 A valuable integrated 4 Structured for 5 A strong growth product complementary licence stack and disciplined valu
Slide 26: A proven, fast-growing, highly scalable platform
UNDERDOG Highlights Financial performance Strategic update Acquisition of Underdog Summary and Q&A A PROVEN FAST-GROWING, HIGHLY SCALABLE PLATFORM $466M #3 position >950k 11M+ LTM Jun 2026 net In US prediction LTM Jun 2026 Total registered revenue; 21% y/y 1 2 MAU 3 ; 39% y/y users markets by volume
Slide 27: Prediction markets are growing rapidly - sport is the key driver
PREDICTION MARKETS ARE Highlights Financial performance Strategic update Acquisition of Underdog Summary and Q&A GROWING RAPIDLY – SPORT IS THE KEY DRIVER Kalshi prediction markets weekly notional volume 1 SPORTS NON - SPORTS $12B $10B NOTIONAL VOLUME $8B $6B $4B $2B SEP 24 OCT 24 NOV 24 DEC 24 JAN
Slide 28: A strong fit with IG's strategy with compelling combined opportunities
A STRONG FIT WITH IG’S Highlights Financial performance Strategic update Acquisition of Underdog Summary and Q&A STRATEGY WITH COMPELLING COMBINED OPPORTUNITIES PRODUCT CULTURE EFFICIENCY Closes a gap in high -growth, A shared obsession with customers Highly scalable platform adjacent category and p
Slide 29: Underdog transforms IG's scale and reach in the US
UNDERDOG TRANSFORMS Highlights Financial performance Strategic update Acquisition of Underdog Summary and Q&A IG’S SCALE AND REACH IN THE US Adds a fast -growing new product vertical and broadens IG’s demographic Doubles IG’s US revenue 1 Broadens IG’s demographic (% of average MAU 3) Standalone: US
Slide 30: Outlook: Underdog catalyses IG's growth
OUTLOOK Highlights Financial performance Strategic update Acquisition of Underdog Summary and Q&A UNDERDOG CATALYSES IG’S GROWTH The acquisition is expected to accelerate IG's standalone CATALYSES PRO FORMA BALANCE revenue, EBITDA and adjusted ORGANIC GROUP SHEET AND earnings per share growth REVENU
Slide 31: Summary and Q&A
Q&A 5 SUMMARY AND Q&A 31
Slide 32: Our strategy has delivered a step change in growth
OUR STRATEGY HAS Highlights Financial performance Strategic update Acquisition of Underdog Summary and Q&A DELIVERED A STEP CHANGE IN GROWTH UNDERDOG TRANSFORMS IG’S FUTURE BROAD-BASED STRONG NEW SUSTAINING UNDERDOG STRATEGIC REVENUE CUSTOMER STRONG TRANSFORMS REVIEW GROWTH ACQUISITION MARGINS IG’S
Slide 33: Q&A
Q&A 33
Slide 34: Appendix
APPENDIX 34
Slide 35: Selected list of products and features delivered in H1 2026
SELECTED LIST OF Appendix 1 PRODUCTS AND FEATURES DELIVERED IN H1 2026 Fractional shares (GIA and ISA) UK&I Crypto IG Australia via IR APAC & ME Increased number of stocks (expanded tradable universe IR launch OTC derivatives in Singapore (Reserve X) APAC & ME UK&I from 11k to 18k instruments) IR la
Slide 36: Reconciliation of alternative performance measures
RECONCILIATION Appendix 2 OF ALTERNATIVE PERFORMANCE MEASURES £m (unless stated) H1 26 H1 25 Statutory basic earnings per share 53.8 53.1 Weighted average number of shares (millions) 333.2 350.6 Profit after tax 174.2 186.3 Profit after tax attributable to non -controlling interests (Consolidated In
Slide 37: Cash balances
CASH BALANCES Appendix 3 Client money held off balance sheet (£ million, period end) H1 26 2025 % change H1 25 % change Client money held United States 1,773 1,669 6% 1,498 18% off balance sheet drives interest Rest of World 3,026 2,862 6% 2,510 21% income Total 4,799 4,531 6% 4,008 20% – o/w organi
Slide 38: Robust liquidity underpinning growth ambitions
ROBUST LIQUIDITY Appendix 4 UNDERPINNING GROWTH AMBITIONS Liquidity (£m) Jun -26 Dec -25 Change ▪ Own funds decreased reflecting strong cash generation from operations, IG’s own cash and liquid assets (“own funds”) 1,015.7 1,064.8 (4.6%) partially offset by shareholder returns and the Independent Re
Slide 39: Regulatory capital headroom bridge
REGULATORY CAPITAL Appendix 5 HEADROOM BRIDGE -30 174 25 23 19 -48 450 287 Headroom on Statutory profit after Interim dividend for Revaluation of Impact of IR Other balance sheet Change in regulatory Pro forma headroom minimum regulatory tax for the 6 months the Payward Inc shares impairment and mov
Slide 40: Our M&A criteria
OUR M&A CRITERIA Appendix 6 STRATEGIC RETURN DELIVERABILITY FIT PROFILE • Close priority product, user • ROIC > WACC in years three to five • Regulatory and compliance experience and capability gaps • Adjusted EPS accretive by year three • Integration approach • Accelerate entry into new geographies
Slide 41: Reconciliation of reported P&L to organic, continued operations: H1 2026
RECONCILIATION OF REPORTED Appendix 7 P&L TO ORGANIC, CONTINUED OPERATIONS: H1 2026 Acquisitions ( Freetrade 1 Organic, continued £m Reported (H1 26) Organic (H1 26) Exits and disposals & Independent Reserve) ops (H1 26) Net trading revenue 588.8 14.5 574.3 0.0 574.3 Net interest income 54.0 4.6 49.
Slide 42: Reconciliation of reported P&L to organic, continued operations: H1 2025
RECONCILIATION OF REPORTED Appendix 8 P&L TO ORGANIC, CONTINUED OPERATIONS: H1 2025 Acquisitions 1 Organic, continued £m Reported (H1 25) Organic (H1 25) Exits and disposals (Freetrade ) ops (H1 25) Net trading revenue 485.4 5.6 479.8 3.0 476.8 Net interest income 59.8 1.6 58.2 0.2 58.0 Total revenu
Slide 43: Net trading revenue and drivers by division
NET TRADING REVENUE Appendix 9 AND DRIVERS BY DIVISION Net trading revenue (£m) H1 26 H1 25 First trades (000) H1 26 H1 25 UK & Ireland 197.5 159.6 UK & Ireland 51.5 18.5 – of which Freetrade 9.8 5.6 – of which Freetrade 23.6 7.8 APAC & ME 190.4 145.8 APAC & ME 37.9 14.6 United States 103.4 87.8 Uni
Slide 44: Net trading revenue by division and product
NET TRADING REVENUE BY Appendix 10 DIVISION AND PRODUCT Net trading revenue (£m) H1 26 H1 25 Net trading revenue (£m) H1 26 H1 25 UK and Ireland: APAC & ME: OTC derivatives 172.9 141.9 OTC derivatives 182.6 143.7 Exchange traded derivatives 0.0 0.5 Stock trading & investments 3.0 2.1 Stock trading &
Slide 45: Monthly average active customers by division and product
MONTHLY AVERAGE ACTIVE CUSTOMERS Appendix 11 BY DIVISION AND PRODUCT Active customers (000) H1 26 H1 25 Active customers (000) H1 26 H1 25 UK and Ireland: APAC & ME: OTC derivatives 36.7 32.9 OTC derivatives 41.5 41.9 Exchange traded derivatives 0.1 1.0 Stock trading & investments 35.8 28.9 Stock tr
Slide 46: First trades by division and product
FIRST TRADES BY Appendix 12 DIVISION AND PRODUCT First trades (000) H1 26 H1 25 First trades (000) H1 26 H1 25 UK and Ireland: APAC & ME: OTC derivatives 8.9 6.0 OTC derivatives 10.7 13.6 Exchange traded derivatives 0.0 1.1 Stock trading & investments 10.3 1.5 Stock trading & investments 43.5 13.1 C
Slide 47: Disclaimer
DISCLAIMER This presentation, prepared by IG Group Holdings plc (the "Company"), may contain forward -looking statements about the Company and its subsidiaries (the "Group") . Such forward -looking statements can be identified by the use of forward -looking terminology, including the terms "believes