IG Group Holdings (LSE: IGG) released its annual report for the transitional seven-month period ended December 31, 2025, the first filing under the company's new calendar year-end. The report, which covers June through December 2025, disclosed total revenue of £658.9 million for the shortened period and £1,123.4 million on a comparable 12-month calendar year basis, a 7% increase over 2024, according to the company's filings.
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The London-based trading and investment platform, which posted record results when it announced the numbers in March, changed its financial year-end from May 31 to December 31 in November 2025 to align with common market practice. The full annual report adds audited figures, a chairman’s statement from outgoing board chairman Mike McTighe and detailed divisional breakdowns.
"In 2025, we continued to deliver strong growth across every area of our business," McTighe wrote, adding that he believes IG is "well positioned to capitalise on the powerful structural tailwinds supporting the growth of our industry."
Net Trading Revenue Tops £1 Billion for the First Time
Net trading revenue crossed the £1 billion mark for the first time at £1,004.6 million, the report confirmed. OTC derivatives, IG's core business, contributed £781.4 million, up 8%. Stock trading and investments nearly doubled to £68.4 million, boosted by the Freetrade acquisition completed in April 2025 for £160 million and by the launch of zero-commission trading in the UK.
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The EBITDA margin contracted from 49.9% to 47.3% as IG increased marketing spend by 31% to £108.8 million and legal and professional costs rose 78% to £62.3 million, the latter tied to M&A activity. Basic EPS was boosted by a one-off £76.0 million gain from the sale of Small Exchange to Kraken in October 2025. Net interest income fell 16% to £118.8 million as lower benchmark rates reduced yields on client cash.
Metric | 7m to Dec 2025 | CY 2025 | CY 2024 | YoY change |
Total revenue | £658.9m | £1,123.4m | £1,052.2m | +7% |
Net trading revenue | £590.9m | £1,004.6m | £910.6m | +10% |
EBITDA | £301.9m | £531.1m | £525.0m | +1% |
Basic EPS | 84.6p | 130.0p | 100.5p | +29% |
Adjusted EPS | 66.6p | 115.3p | 109.5p | +5% |
Active customers (organic) | 284.7k | 282.2k | 270.3k | +4% |
First trades (organic) | 60.5k | 104.1k | 71.1k | +46% |
CFD Rivals Eye the Same Markets as Competition Builds
IG's results land against a backdrop of intensifying competition across CFDs, stock trading and crypto. CMC Markets, the London-listed peer, has been expanding its institutional white-label business and repositioning around platform technology. Plus500, another FTSE-listed CFD provider, has posted record revenue in recent periods while attracting investment from Capital Group, the same US fund that later took a 5% stake in IG.
In commission-free stock trading, Freetrade competes directly with Hargreaves Lansdown, Interactive Investor, Trading 212 and Robinhood's UK arm. In the US, tastytrade faces off against Schwab, Interactive Brokers and Robinhood in options and equity trading. IG's 31% jump in marketing spend reflects the escalating cost of acquiring customers across these overlapping markets.
Acquisitions Begin to Contribute
Freetrade contributed £24.2 million to total revenue in its first nine months, the report stated, surpassing IG's own guidance. Assets under administration reached £3.3 billion, up 34%. The Freetrade CEO announced in February he would step down this summer.
On crypto, IG secured an FCA registration and a European MiCA license during 2025. The acquisition of Independent Reserve, the Australian crypto exchange , closed in January 2026 for approximately £67.7 million. The company plans to launch a crypto proposition in Singapore, Australia and the UAE in the second half of 2026. Crypto revenue remains negligible at £0.8 million for the calendar year.
Division (CY25 net trading revenue) | Revenue | YoY change |
UK & Ireland (incl. Freetrade) | £333.4m | +18% |
APAC & Middle East | £302.5m | +1% |
United States (tastytrade) | £186.7m | +18% |
Europe | £136.7m | +9% |
Institutional & South Africa | £45.2m | +5% |
Chairman Succession and Strategic Review
In his final chairman's statement, McTighe confirmed that Andrew Barron has been appointed as his successor and will take over once regulatory approvals are in place.
The report's most closely watched section concerned the strategic review launched in March 2026. The board is evaluating acquisitions, potential changes to IG's domicile and listing venues, and whether combining parts of the group with other industry participants could create additional value. Bloomberg reported in March that IG is considering a possible relisting from London to New York. The outcome is expected in the autumn.
The company returned £320.8 million to shareholders through dividends and buybacks during 2025 and announced a further £125 million buyback in March 2026. Share buybacks have reduced the outstanding count by more than 16% since May 2022, the report noted.
CEO Breon Corcoran said IG expects organic total revenue growth toward the top end of its guided mid-to-high single-digit range in 2026 and is confident of meeting market expectations for EBITDA and adjusted EPS.
