IG Group Holdings

Website: IG Group Holdings
Index: FTSE 100
EPIC: IGG
Supersector: Financial Services
Sector: Financial Services
Subsector: Investment Services
Market Cap: £5.06B
Payout Frequency: Semi-Annual

IG Group Holdings Dividend Analysis and Summary

Declared dividend and key dates

Dividend: 28.12 pence per share (final) for the seven-month period to 31/12/2025 (reflects the change of year-end).
Record date: 01/05/2026
Ex-dividend date: 30/04/2026
Payment date: 08/06/2026 (subject to AGM approval on 19/05/2026)
Cash cost: c.£95.2m
Policy: Board reiterates a progressive ordinary dividend per share within its capital allocation framework.
Context: The 28.12p is stated as seven-twelfths of the dividend that would have been paid for a 12-month period ending 31/05/2026, implying a run-rate dividend of c.48.2p p.a.

Coverage and cash flow support

EPS cover (7 months to Dec-25): Adjusted EPS 66.6p ? cover ~2.4x; statutory EPS 84.6p ? cover ~3.0x.
Annualised perspective: CY25 adjusted EPS 115.3p; implied full-year DPS c.48.2p ? cover ~2.4x. 2026 consensus adjusted EPS 119.5p also supports cover >2x.
Balance sheet/liquidity: Available liquidity £864m; regulatory capital headroom £510m (solvency 271%); strong EBITDA margins (CY25: 47.3%). Own funds generation robust.
Cash returns alongside growth: £320.8m returned in the 12 months to Dec-25 (dividends and buybacks). New £125m buyback announced, indicating surplus capital after dividend.

Dividend growth and outlook

Trajectory: Prior full-year DPS was 47.20p (FY to May-25). The implied run-rate of ~48.2p signals low single-digit growth, consistent with a progressive policy.
Earnings outlook: 2026 EBITDA expected broadly in line with consensus £538m; organic revenue growth guided towards the top end of mid-to-high single digits; EBITDA margin expected to remain in the mid-40s. These underpin dividend sustainability.
Mix shift: Lower net interest income (guidance ~£110m in 2026) is offset by trading revenue growth, scaling stock/investments, and efficiency gains, supporting cash generation and dividend capacity.

Capital allocation and structural factors

Capital framework: Maintain regulatory capital at 160–200% of minimum; progressive DPS; disciplined M&A; surplus capital returned (buybacks currently preferred).
Strategic review (announced): Evaluating acquisitions, potential change of domicile and listing venues to unlock capital, and possible business combinations. Outcome expected autumn 2026. Could influence long-term dividend policy/quantum.
Recent corporate actions: Acquisition of Freetrade (Apr-25) and Independent Reserve (Jan-26); disposal of Small Exchange; exits from South Africa and Spectrum; capital reduction in 2025 (supports distributable reserves); continuing share buybacks. FTSE 100 entry on 23/03/2026 may broaden the income investor base.

Risks and flags relevant to dividend stability

Strategic review uncertainty: Potential changes to corporate structure, domicile or listing could alter dividend mechanics/taxation or capital priorities.
M&A integration/execution: Freetrade and Independent Reserve integration and further deal-making could divert capital or raise investment needs in the near term.
Regulatory and legal: Ongoing Australian class action and Japanese litigation; evolving crypto regulation as the Group expands digital assets.
Earnings cyclicality: Trading revenue is sensitive to market volatility; net interest income expected to decline in 2026, though currently offset by operational growth and efficiency.
Rising operating costs: Elevated legal/professional fees (linked to M&A/strategic work) and higher marketing spend could pressure free cash flow if revenue underperforms.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
30/01/2025	03/03/2025	Interim	13.86p	GBX
18/09/2025	16/10/2025	Final	33.34p	GBX

Total (Annual Dividends Per Share): 47.20p

Dividend Yield = Annual Dividends Per Share (47.20p) ÷ Share Price (1503p) = 3.14%

Ex Dividend Date	Payment Date	Type	Amount	Currency
30/04/2026	08/06/2026	Final	28.1200p	GBX
18/09/2025	16/10/2025	Final	33.34p	GBX
30/01/2025	03/03/2025	Interim	13.86p	GBX
19/09/2024	17/10/2024	Final	32.64p	GBX
01/02/2024	01/03/2024	Interim	13.56p	GBX
21/09/2023	19/10/2023	Final	31.94p	GBX
02/02/2023	03/03/2023	Interim	13.26p	GBX
22/09/2022	20/10/2022	Final	31.24p	GBX
03/02/2022	04/03/2022	Interim	12.96p	GBX
23/09/2021	21/10/2021	Final	30.24p	GBX
28/01/2021	25/02/2021	Interim	12.96p	GBX
24/09/2020	22/10/2020	Final	30.24p	GBX
30/01/2020	27/02/2020	Interim	12.96p	GBX
26/09/2019	24/10/2019	Final	30.24p	GBX
31/01/2019	28/02/2019	Interim	12.96p	GBX
27/09/2018	26/10/2018	Final	33.51p	GBX
01/02/2018	02/03/2018	Interim	9.69p	GBX
28/09/2017	27/10/2017	Final	22.88p	GBX
02/02/2017	03/03/2017	Interim	9.42p	GBX
29/09/2016	28/10/2016	Final	22.95p	GBX
28/01/2016	26/02/2016	Interim	8.45p	GBX
01/10/2015	30/10/2015	Final	19.70p	GBX
29/01/2015	27/02/2015	Interim	8.45p	GBX
23/10/2014	18/11/2014	Final	22.40p	GBX
22/01/2014	25/02/2014	Interim	5.75p	GBX
18/09/2013	22/10/2013	Final	17.50p	GBX
23/01/2013	26/02/2013	Interim	5.75p	GBX

Year	Interim	Final	Currency	Total	Change
2024	13.560	32.640	GBX	46.200	2.210
2023	13.260	31.940	GBX	45.200	2.260
2022	12.960	31.240	GBX	44.200	2.310
2021	12.960	30.240	GBX	43.200	0.000
2020	12.960	30.240	GBX	43.200	0.000
2019	12.960	30.240	GBX	43.200	0.000
2018	9.690	33.510	GBX	43.200	33.740
2017	9.420	22.880	GBX	32.300	2.860
2016	8.450	22.950	GBX	31.400	11.540
2015	8.450	19.700	GBX	28.150	0.000
2014	5.750	22.400	GBX	28.150	21.070
2013	5.750	17.500	GBX	23.250

Number of Shares:

Payment	Paid	Amount
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