IG Group Holdings (LSE:IGG), the trading and investment platform operator, said third-quarter revenue fell approximately 14% year-on-year to around £240 million, down from £280.1 million in the same period last year.
The company now expects full-year 2026 total revenue growth to come in at a mid-single-digit percentage rate, trimmed from prior guidance to reflect the weaker quarter.
Net trading revenue for the three months to 30 September fell to approximately £210 million from £249.5 million a year earlier, with OTC derivatives revenue retention dropping to around 70%, below the around 80% average seen since market-making optimisation measures were introduced in the second half of 2025.
Chief executive Breon Corcoran said growth in first trades and active customers "remained strong" in the quarter, adding that lower revenue reflected "reduced OTC revenue retention in less supportive market conditions" and that he remains confident in meeting medium-term guidance.
Organic first trades rose more than 25% year-on-year and organic active customers grew around 17%, while OTC customer income increased approximately 8% even as OTC net trading revenue fell around 18% to approximately £155 million.
Underdog, the betting and trading business IG is acquiring, delivered net revenue up more than 100% year-on-year to approximately $105 million in the quarter, heading into the fourth quarter, which accounted for more than a third of Underdog's 2025 revenue.
Non-recurring costs tied to the Group's redomicile to Jersey and a restructuring under its refreshed organisational model, announced on 8 July, are expected to total approximately £30 million for 2026, of which £16.4 million was already reported in the first half.
Excluding those costs and Underdog acquisition-related expenses, which remain contingent on completion, the Group expects an EBITDA margin in the low-40s percentage range for 2026.
IG will provide further detail on third-quarter trading on 22 October, ahead of a strategy update the same day, and will host a virtual seminar for institutional investors on Underdog on 8 October.