IG Group posted net trading revenue of £231.9 million for its first quarter of the fiscal year 2026 (FY26) , down 4% from the prior year, as challenging market conditions offset customer income retention efforts. The FTSE 250 financial services company (LSE: IGG) said total revenue fell 7% to £259.9 million despite a 3% increase in average monthly active customers.
IG Group Reports Lower Revenue Despite Customer Growth
The London-based online trading platform owner faced headwinds from what it described as "less supportive market conditions" that dampened trading activity across its global customer base. Net interest income dropped 24% to £28.0 million, reflecting lower interest rates and increased pass-through benefits to customers.
However, IG Group showed signs of progress in customer acquisition, with first trades jumping 42% year-over-year as the company ramped up marketing efforts and simplified its product offerings. The company maintained its full-year guidance for revenue and cash earnings per share, with management expressing confidence in meeting market expectations.
IG Group’s Q1 FY26 Financial Metrics
Financial Metrics | Q1 FY26 | Q1 FY25 | Change |
Net Trading Revenue (£m) | 231.9 | 242.1 | -4% |
Total Revenue (£m) | 259.9 | 278.9 | -7% |
Net Interest Income (£m) | 28.0 | 36.8 | -24% |
Active Customers ('000) | 278.9 | 270.6 | +3% |
First Trades ('000) | 23.9 | 16.7 | +42% |
Freetrade Integration Powers Stock Trading Growth
The acquisition of UK-based Freetrade, completed in April 2025 for £160 million, delivered immediate results in its first full quarter under IG ownership. Freetrade contributed £6.5 million in net trading revenue and added 460,200 active customers to IG's platform.
Stock trading and investments revenue across the group surged 38% organically, with Freetrade's performance particularly strong as it rolled out new products including mutual fund offerings. Assets under administration in IG's stock trading business climbed to £7.6 billion, with £3.0 billion attributed to Freetrade alone.
The integration appears to be proceeding smoothly, with Freetrade maintaining its independent operations while benefiting from IG's resources and infrastructure. The acquisition has helped IG target younger, mass-market investors who prefer commission-free trading platforms.
Regional Performance Shows Mixed Results
IG's geographic divisions delivered varied results during the quarter. The UK & Ireland division saw organic revenue increase 7% to £74.3 million, driven primarily by stronger OTC derivatives performance and the addition of Freetrade's stock trading business.
The Asia-Pacific and Middle East region faced more significant headwinds, with revenue falling 18% to £61.3 million as OTC derivatives trading declined amid regional market volatility. The United States division managed 8% growth to £44.1 million, supported by the continued expansion of the tastytrade platform.
Regional Revenue (£m) | Q1 FY26 | Q1 FY25 | Change |
UK & Ireland (organic) | 74.3 | 69.5 | +7% |
APAC & Middle East | 61.3 | 75.2 | -18% |
United States | 44.1 | 40.8 | +8% |
Europe | 31.0 | 34.8 | -11% |
Institutional & EM | 21.2 | 21.8 | -3% |
Europe saw revenue drop 11% to £31.0 million, while the Institutional and Emerging Markets division remained relatively stable with a 3% decline to £21.2 million. The company exited its European exchange-traded derivatives business Spectrum during the previous quarter to focus on more profitable operations
An Active September
IG Group closed out a particularly busy September with several major initiatives. The company announced plans to acquire Independent Reserve, a leading Australian cryptocurrency exchange, for an initial A$178 million. The deal provides IG with immediate access to regulated crypto markets in Australia and Singapore, complementing its existing offerings in the UK and US.
At the same time, IG Prime launched a white-label trading platform that enables partner institutions to provide multi-asset trading services under their own brand, with an international banking group – not yet named – becoming the first client.
The month also saw the launch of a £125 million share buyback program. By late September, IG had spent £16.8 million repurchasing 1.5 million shares. Management indicated that the program could be extended later in the fiscal year, depending on share price performance and broader capital requirements. This summary highlights IG’s key actions in a neutral, straightforward way.
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