Ig Group Holdings Plc · LSE:IGG
Ig — FY2025 Earnings Presentation
47 slides from Ig's earnings presentation, March 2026
Slide 1: Accelerating growth
IG GROUP HOLDINGS PLC FULL YEAR RESULTS - 31 DECEMBER 2025 Accelerating growth
Slide 2: Agenda
Agenda Highlights 01 Delivering on our strategy 02 Financial performance 03 Strategic update 04 Q&A 05 2025 results presentation 2
Slide 3: Delivering across all metrics
Delivering across all metrics Organic total revenue 1 Organic first trades ✓ Accelerating product velocity growth 1 +6% CY25 y/y +54% CY25 y/y ✓ Enhancing efficiency ✓ Transforming our culture Strong EBITDA margin Organic active customers 1 ✓ Delivering a step -change in first 47% CY25 +6% CY25 y/y
Slide 4: Delivering on our strategy
Delivering on our strategy Breon Corcoran CEO 2025 results presentation 4
Slide 5: Strong execution and momentum building - now positioning for the next phase of growth
Overview Product Culture Efficiency Strong execution and momentum building - now positioning for the next phase of growth Strong foundations in place The next phase Strategic review launched to ensure IG fully captures the 1 2 3 opportunity ahead and maximises long -term Product Culture Efficiency s
Slide 6: Growth across all metrics in 2025
Overview Product Culture Efficiency Growth across all metrics in 2025 Net trading revenue (£m) Active customers (‘000s) First trades (‘000s) Funded accounts (‘000s) +10% +174% +81% +140% +10% 1 +6% 1 +54% 1 +9% 1 1,005 742 1,339 129 19 25 736 460 911 71 557 982 270 104 67 595 889 266 281 545 CY24 CY
Slide 7: A step change in product velocity
Overview Product Culture Efficiency A step change in product velocity Selected new product launches, UX enhancements and new market entries 37 5 6 7 2022 2023 2024 2025 Selected product, instrument and platform enhancements delivered in 2025. A list is provided in the appendix. 2025 results presenta
Slide 8: Moving faster to close key product gaps
Overview Product Culture Efficiency Moving faster to close key product gaps Key product delivery in CY25 Acquisition of Spot crypto Stablecoin Zero commission Pre -IPO trading - Licensed for spot IG Prime white Zero commission Freetrade via Uphold account funding mutual funds and OTC derivatives cry
Slide 9: A stronger culture driving stronger results
Overview Product Culture Efficiency A stronger culture driving stronger results Embedding cultural transformation Creating a stronger underlying business Leaner, more effective and closer to the End End Change customer CY24 CY25 UK net promoter score 24 32 +8 Raising the bar – rewarding high perform
Slide 10: Enhancing efficiency - with further upside ahead
Overview Product Culture Efficiency Enhancing efficiency – with further upside ahead Organic fixed cost to serve per customer (£) 1 Automated account opening 2 +19pps -13% 865 818 > > 74% 751 55% 59% Digital self -service rate 3 OTC revenue retention + >70pps +9pps > 71% > 83% 79% 74% <1% <1% CY 23
Slide 11: Financial Performance
Financial Performance Clifford Abrahams CFO 2025 results presentation 11
Slide 12: Strong financial performance
Financial performance Capital allocation Current trading & outlook Strong financial performance 2025 performance Reported Organic, continuing operations 1 £1,123m 47.3% 115.3p £320.8m Total revenue EBITDA margin Adjusted EPS Capital returned +7% +6% 1 CY24: 49.9% +5% +12% 1 >7% of market capitalisat
Slide 13: Platform assets approaching £20bn
Financial performance Capital allocation Current trading & outlook Platform assets approaching £20bn IG platform assets under administration 1 Pro forma net trading revenue by product 2 (£ - bn) Reported 4% 7% Organic, continuing +47% operations 1 +20% 19.5 Freetrade 15% 18.2 0.6 Independent 3.5 Res
Slide 14: Maintaining strong margins while investing in growth
Financial performance Capital allocation Current trading & outlook Maintaining strong margins while investing in growth Reported P&L (£m unless stated) CY25 CY24 Reported Organic 3 ▪ Double -digit net trading revenue Net trading revenue 1,004.6 910.6 10% 10% growth reflecting stronger customer Net i
Slide 15: Revenue growth across all product categories
Financial performance Capital allocation Current trading & outlook Revenue growth across all product categories Reported Organic (cont. operations) 2 OTC Exchange traded Stock trading Spot crypto Group Total derivatives derivatives 1 & investments Net 8% 3% 96% 10% trading £781.4m £154.0m £68.4 m £0
Slide 16: Revenue growth across all divisions
Financial performance Capital allocation Current trading & outlook Revenue growth across all divisions Reported Organic (cont. operations) 1 UK & Ireland APAC & ME 2 United States Europe Institutional 2 Net trading £333.4m £302.5 m £186.7m £136.7m £45.2m revenue 18% 11% 1% 18% 9% 23% 4% 14% Active c
Slide 17: tastytrade - strong growth in a large, fast-evolving market
Financial performance Capital allocation Current trading & outlook tastytrade – strong growth in a large, fast -evolving market Trading revenue ($ - m) Active customers (‘000s) 122.1 93.9 103.1 88.8 90.0 92.5 79.2 82.6 74.0 73.0 76.1 77.7 H1'23 H2'23 H1'24 H2'24 H1'25 H2'25 H1'23 H2'23 H1'24 H2'24 H
Slide 18: Strategic M&A accelerating momentum
Financial performance Capital allocation Current trading & outlook Strategic M&A accelerating momentum Freetrade delivering strong growth Independent Reserve performing well 12 -month pro forma performance 12 -month pro forma performance Total revenue (£m) +25% Total revenue ( A$m ) +71% CAGR (CY23
Slide 19: Managing costs to invest for growth
Financial performance Capital allocation Current trading & outlook Managing costs to invest for growth Operating costs (£m) CY25 CY24 Change ▪ Fixed remuneration down driven by Fixed remuneration (192.7) (200.1) (4%) lower headcount, partly reflecting the impact of digital servicing Advertising and
Slide 20: Capital position - strength to invest, return capital and grow
Financial performance Capital allocation Current trading & outlook Capital position - strength to invest, return capital and grow: solvency at the upper end of our target range (£96m) Pro forma solvency ratio (£125m) Target range Acquisition of of 197% - Independent upper end of Target range target
Slide 21: Momentum continuing in 2026
Financial performance Capital allocation Current trading & outlook Momentum continuing in 2026 Three months ended 28 February 2026 % year -on -year % quarter -on -quarter Organic, continuing operations First trades (‘000s) Active customers (‘000s) +57% +10% 41 288 299 28 +45% 271 +4% 26 3m Feb 2025
Slide 22: Guidance and outlook
Financial performance Capital allocation Current trading & outlook Guidance and outlook CY26 guidance Medium -term outlook beyond CY26 ▪ Q1 CY26 (1 Jan - 31 Mar) total reported revenue ▪ Beyond 2026, the Group expects organic total revenue expected to be approximately £300 million. growth towards th
Slide 23: Strategic update
Strategic update Breon Corcoran CEO 2025 results presentation 23
Slide 24: Recapping the opportunity - the addressable market
Context 2026 priorities Strategic outlook Summary Recapping the opportunity - the addressable market outlined in July 2025 Target addressable market by revenue (TAM) IG penetration OTC Futures Stock trading & Crypto Current TAM Prediction derivatives & options investments - existing markets / other
Slide 25: Closing product gaps and broadening customer appeal
Context 2026 priorities Strategic outlook Summary Closing product gaps and broadening customer appeal July 2024 December 2026 OTC derivatives OTC derivatives Global leader - losing share Global leader - growing share Futures & options Futures & options Fast -growing US footprint Fast -growing US foo
Slide 26: Our focus in 2026 - building on strategic progress
Context 2026 priorities Strategic outlook Summary Our focus in 2026 - building on strategic progress Product Culture Efficiency • Close remaining product and • Accelerate product • Drive further cost -to-serve user experience gaps engineering capability efficiency through AI, digital servicing and a
Slide 27: IG's unified product proposition - launching 2026
Context 2026 priorities Strategic outlook Summary IG’s unified product proposition - launching 2026 Trade, invest and access gaming adjacent experiences in one place Expanding our addressable market Driving deeper multi -product relationships Multi-product adoption +138% y/y in the UK - ahead of fir
Slide 28: Marketing spend delivering strong returns
Context 2026 priorities Strategic outlook Summary Marketing spend delivering strong returns Increasing marketing spend to accelerate growth Rapid marketing payback 2 (marketing - % revenue) c.6 months 16% >10% 10% 8% 3 Strong returns on acquisition investment CY24 CY25 CY26 Peer group mean 1 LTV:CAC
Slide 29: Ongoing focus on deployment of digital servicing and AI
Context 2026 priorities Strategic outlook Summary Ongoing focus on deployment of digital servicing and AI Lowering organic fixed cost to serve per customer 1 Transforming IG with digital servicing and AI (£ per funded customer) User experience and trading decision support Customer onboarding and KYC
Slide 30: Accelerating growth - with significant further upside
Context 2026 priorities Strategic outlook Summary Accelerating growth - with significant further upside Revenue growth accelerating Industry tailwinds supporting IG’s growth IG organic total revenue CAGR Generational wealth transfer and a shift to self - directed investing Convergence of trading, in
Slide 31: Strategic review - maximising long-term shareholder value
Context 2026 priorities Strategic outlook Summary Strategic review - maximising long -term shareholder value Context Scope of the review includes, but not limited to A rare market position - IG sits at the intersection • Acquisitions and combinations – exploring of retail trading, technology and cap
Slide 32: Summary
Context 2026 priorities Strategic outlook Summary Summary CY25 performance Outlook ✓ £1,123m, total revenue (+6% y/y) • CY26 organic total revenue growth is expected to be towards the top end of the ✓ £531m, EBITDA, 47% margin Group's mid -to -high single -digit target range; ✓ £321m returned to sha
Slide 33: Q&A
Q&A 2025 results presentation 33
Slide 34: Appendix
Appendix 2025 results presentation 34
Slide 35: Reconciliation of alternative performance measures
Appendix 1 Reconciliation of alternative performance measures 7 months ended 31 £m (unless stated) FY25 CY25 CY24 Dec 25 Statutory basic earnings per share 84.6 106.3 130.0 100.5 Weighted average number of shares (millions) 345.3 357.8 347.7 368.3 Profit after tax 292.1 380.4 452.1 370.1 Tax expense
Slide 36: Selected list of products and features delivered in 2025
Appendix 2 Selected list of products and features delivered in 2025 IG Invest app launch UK&I Institutional (Prime) launch tastyfx Zero -commission stock trading & investments – UK UK&I Zero -commission stock trading & investments – France Europe 24/5 trading on US stocks UK&I MiCA crypto licence ap
Slide 37: Cash balances
Appendix 3 Cash balances Client money held off balance sheet (£ million, period end) CY25 H1 CY25 % change CY24 % change Client money held United States 1,669 1,498 11% 1,629 2% off balance sheet drives interest Rest of World 2,862 2,510 14% 2,315 24% income Total 4,531 4,008 13% 3,944 15% -- o/w or
Slide 38: Robust liquidity underpinning growth ambitions
Appendix 4 Robust liquidity underpinning growth ambitions Liquidity (£m) Dec -25 May -25 Change ▪ Own funds increased reflecting strong cash generation from operations, partially offset by shareholder returns IG’s own cash and liquid assets (“own funds”) 1,064.8 1,009.2 55.6 and the Freetrade acquis
Slide 39: Regulatory capital headroom bridge
Appendix 5 Regulatory capital headroom bridge -95 292 -125 -75 -125 -3 -96 13 552 -51 287 Headroom on Statutory Final dividend Buyback Buyback Buyback Change in Acquisition of Payward Inc Other Pro forma minimum profit after for the 7 announced - announced - announced regulatory Independent shares r
Slide 40: Our M&A criteria
Appendix 6 Our M&A criteria Strategic fit Return profile Deliverability ▪ Close priority product, user ▪ ROIC > WACC in years three ▪ Regulatory and compliance experience and capability to five ▪ Integration approach gaps ▪ Adjusted EPS accretive by ▪ Management quality and fit ▪ Accelerate entry in
Slide 41: Reconciliation of reported P&L to organic, continued operations: CY25
Appendix 7 Reconciliation of reported P&L to organic, continued operations: CY25 Acquisitions 1 Organic, continued £m Reported (CY25) Organic (CY25) Exits and disposals (Freetrade ) ops (CY25) Net trading revenue 1,004.6 19.2 985.4 3.4 982.0 Net interest income 118.8 5.0 113.8 0.2 113.5 Total revenu
Slide 42: Reconciliation of reported P&L to organic, continued operations: CY24
Appendix 8 Reconciliation of reported P&L to organic, continued operations: CY24 Acquisitions 1 Organic, continued £m Reported (CY24) Organic (CY24) Exits and disposals (None) ops (CY24) Net trading revenue 910.6 - 910.7 21.5 889.2 Net interest income 141.6 - 141.6 0.4 141.2 Total revenue 1,052.2 -
Slide 43: Net trading revenue and drivers by division
Appendix 9 Net trading revenue and drivers by division Net trading revenue (£m) CY25 CY24 First trades (000) CY25 CY24 UK & Ireland 333.4 282.8 UK & Ireland 48.9 12.0 - of which Freetrade 19.2 - - of which Freetrade 24.6 - APAC & ME 302.5 300.3 APAC & ME 29.2 19.0 United States 186.7 158.3 United St
Slide 44: Net trading revenue by division and product
Appendix 10 Net trading revenue by division and product Net trading revenue (£m) CY25 CY24 Net trading revenue (£m) CY25 CY24 UK and Ireland: APAC & ME: OTC derivatives 287.0 261.5 OTC derivatives 297.7 296.2 Exchange traded derivatives 0.8 0.3 Stock trading & investments 4.8 4.1 Stock trading & inv
Slide 45: Active customers by division and product
Appendix 11 Active customers by division and product Active customers (000) CY25 CY24 Active customers (000) CY25 CY24 UK and Ireland: APAC & ME: OTC derivatives 33.1 32.0 OTC derivatives 41.3 42.2 Exchange traded derivatives 0.9 0.2 Stock trading & investments 29.7 28.6 Stock trading & investments
Slide 46: First trades by division and product
Appendix 12 First trades by division and product First trades (000) CY25 CY24 First trades (000) CY25 CY24 UK and Ireland: APAC & ME: OTC derivatives 12.0 7.9 OTC derivatives 24.1 17.0 Exchange traded derivatives 1.5 1.1 Stock trading & investments 6.1 2.8 Stock trading & investments 38.8 5.2 APAC &
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 "believe