IG Group Holdings PLC (HAM:I5G)

Half Year 2026 IG Group Holdings PLC Earnings Call Transcript

Jul 31, 2026 / 08:30 AM GMT

Release Date Price: €18.42 (-5.05%)

Transcript

Key Points

Positve

IG Group Holdings PLC (IGGHY) delivered a sixth consecutive quarter of sequential growth in active customers, with organic active customers up 13% and organic first trades up 74%.
Organic total revenue grew 17%, with broad-based growth across every product line and division, including a 22% organic net trading revenue increase.
The acquisition of Underdog is transformational, doubling US revenue, increasing US active customers more than tenfold, and lowering the average customer age from 42 to 34.
The company sustained strong margins with a 44% EBITDA margin, despite increased marketing spend and strategic review costs, and reduced organic fixed cost to serve per funded account by 15%.
The strategic review is substantially complete, with plans for a redomicile to Jersey, a refreshed organizational model, and a clear path to resume share buybacks in 2027.

Negative

EBITDA margin declined to 43.9% from 49.6% in the prior year, reflecting consolidation effects, strategic review costs, and deliberate investment in growth.
Net interest income fell 10% due to lower rates and greater pass-through to customers, despite higher customer cash balances.
Operating costs increased 30% reported and 25% organically, driven by higher marketing, technology investment, and non-recurring strategic review costs.
The Underdog acquisition carries significant regulatory uncertainty, with potential Supreme Court involvement and state-level challenges to prediction markets.
The company paused its share buyback program, with resumption only expected in 2027, subject to redomicile completion and other capital demands.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

IGG.L - IG Group Holdings PLC
Half Year 2026 IG Group Holdings PLC Earnings Call
Jul 31, 2026 / 08:30AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and thank you for joining us. I'm here with Clifford Abrahams, our CFO. You'll see the agenda we have on the screen. We will take questions at the end. This has been a strong first half. Broad-based growth and clear evidence that the strategy we set out in July 2024 is working. Starting with customer acquisition.

We delivered a sixth consecutive quarter of sequential growth in active customers, the single best indicator of the health of the business. Organic active customers up 13%, organic first trades up 74%. Second, growth was broad-based across every product. Faster product velocity, disciplined marketing, and supportive market conditions resulted in organic total revenue up 17%.

And 20%

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