IG Group Q3 revenue down 14%, OTC retention slips
IG Group Holdings plc expects third-quarter revenue of about £240m, down about 14% from £280.1m a year earlier, and now expects mid-single-digit total revenue growth for 2026. The group said in a stock exchange announcement at 7am today that the figures are expected, not final results.
The pressure sits in OTC revenue retention. IG put Q3 retention at about 70%, against an average of about 80% since the measures it introduced in the second half of 2025.
OTC net trading revenue was about £155m, around 18% lower year on year.
| Measure | Q3 2026 | Q3 2025 |
|---|---|---|
| Total revenue | about £240m | £280.1m |
| Net trading revenue | about £210m | £249.5m |
Both lines fell year on year, so the decline was not confined to the OTC book alone.
Client acquisition did not weaken. IG said organic first trades rose over 25% and organic active customers rose around 17%, while OTC customer income grew about 8%. Chief executive Breon Corcoran said:
Growth in first trades and active customers remained strong in Q3 2026. Lower Q3 revenue reflected reduced OTC revenue retention in less supportive market conditions, and I remain confident in meeting our medium-term guidance.
Breon Corcoran, CEO, IG Group
Underdog, the business IG is acquiring, grew Q3 net revenue by over 100% to about $105m. Its fourth quarter accounted for more than a third of its 2025 revenue, and the acquisition is contingent on closing.
IG expects non-recurring costs of about £30m for 2026, of which £16.4m was reported in the first half. Excluding those and Underdog acquisition expenses, it expects a 2026 EBITDA margin in the low-40s per cent range.
IG shares were trading about 23% lower at about 986.5p at around 10am London time today, against a previous close of 1279p, on a delayed quote.
IG holds an Underdog investor seminar next Thursday, and will give further Q3 detail and a strategy update on the 22nd of October.
