IG posts 29% organic trading revenue growth in Q1 as customer acquisition accelerates

UK-listed online trading and investments platform IG Group Holdings plc has reported strong first-quarter momentum, with organic net trading revenue rising 29% year-on-year to £270.7 million in the three months ended 30 November 2025. Total revenue for the quarter increased 26% to £307.6 million. 
 

IG said growth was broad-based across its main product categories. OTC derivatives revenue rose 27% to £210.9 million, exchange-traded derivatives increased 29% to £44.0 million, and stock trading & investments jumped to £23.0 million, including £15.5 million organically and £7.5 million from UK retail investing app Freetrade (consolidated from 1 April 2025). 
 

The group highlighted continued strength in North America, describing the United States as its fastest-growing market. US options and futures broker tastytrade delivered total net trading revenue of $65.3 million, up 51% year-on-year and 19% quarter-on-quarter. 
 

Customer acquisition also accelerated. IG reported first trades of 37.6k, up 118% year-on-year, with organic first trades up 64% to 28.2k. Average monthly active customers rose to 748.4k, largely reflecting the inclusion of Freetrade, while organic monthly active customers increased 8% year-on-year to 289.0k.
 

Net interest income declined, as expected, with organic net interest income down 18% year-on-year to £27.7 million. IG attributed the movement to lower interest rates and greater pass-through to customers, despite higher customer cash balances of £4.9 billion.
 

Operationally, IG pointed to product and proposition changes supporting activity levels, including 24/5 trading, pre-IPO markets and enhancements for professional clients in OTC derivatives. In stock trading & investments, the group said its zero-commission UK proposition (launched April 2025) helped drive organic share-dealing volumes in the UK and Ireland up 99% year-on-year to more than 775k trades, with overseas volumes accounting for 42% of the total.
 

On crypto, IG confirmed it secured a UK cryptoasset licence from the Financial Conduct Authority on 30 September 2025 and an EU licence under Markets in Crypto-Assets Regulation (MiCA) on 20 November 2025. The group said these approvals position it to expand spot crypto offerings during calendar year 2026, including new propositions planned for APAC, the Middle East and Europe.
 

Freetrade update: IG said Freetrade’s assets under administration reached £3.3 billion as at 30 November 2025, up 36% year-on-year and 11% since 31 August 2025. Customers holding at least £10k in assets under administration rose to 46.9k, and IG noted these higher-value customers hold around £65k on average. 

Capital returns: IG is extending its share buyback programme by £75 million to £200 million. As of 12 December 2025, the group had repurchased 7.6 million shares at a cost of £84.0 million, with the enlarged programme now expected to complete by 31 March 2026. 

Guidance and outlook: Following its recent change of financial year-end to 31 December, IG guided for total revenue of approximately £630 million for the transitional seven-month period ending 31 December 2025. For the 12 months ending 31 December 2025, the group expects total revenue of around £1.1 billion and stated it remains confident of meeting market expectations for EBITDA and cash EPS in calendar year 2026. It also accelerated its medium-term organic revenue growth guidance, expecting to deliver growth around the mid-point of its mid-to-high single-digit range in calendar year 2026 (excluding Freetrade and digital assets exchange Independent Reserve, which it is in the process of acquiring). 

Risk rating (LiquidityFinder): Medium. The update is driven by strong trading conditions and customer growth, but IG’s outlook references interest-rate assumptions, market conditions and execution on product/marketing expansion plans, which can be volatile.

Breon Corcoran, CEO, IG Group

Breon Corcoran, CEO said: “We have made good progress this quarter, with strategic initiatives translating into strong revenue growth and accelerating customer acquisition. This momentum gives us confidence to achieve our medium‐term revenue growth targets ahead of schedule in 2026.”