Slides
Page 1
22 OCTOBER 2026
Page 2
1 INTRODUCTION AGENDA 4 TASTYTRADE 5 FINANCIALS 6 CONCLUSION AND Q&A 2 IG CONSUMER 3 IG SECURITIES 2
Page 3
3 STRATEGIC REVIEW OUTCOMES 3 ACQUISITION OF UNDERDOG • Accelerates revenue growth • Expands IG’s addressable market • Structured for disciplined value creation 1 REDOMICILE TO JERSEY • Enhances strategic and financial flexibility • Aligns with IG’s international business model 2 REFRESHED ORGANISATIONAL MODEL • Five divisions to three – reducing complexity • Delayering and enabling faster decision making • Enhances efficiency and reduces fixed cost to serve
Page 4
4 DELIVERING STRONGER GROWTH 1. Organic, continuing operations net trading revenue. 2. 2026 EBITDA margin guidance excluding c.£30 million of non-recurring redomicile and restructuring costs, as well as expenses related to the acquisition of Underdog, which are contingent on closing. NEW CUSTOMER ACQUISITION +121% Organic first trades 2024 vs LTM to 30 Sept 2026 STRONG MARGINS Low 40s % EBITDA margin guidance for 2026 and mid 40s % over the medium-term 2 STRATEGIC REVIEW: REDOMICILE, A SIMPLER ORGANISATIONAL MODEL AND UNDERDOG UNDERDOG ACCELERATES IG’S ORGANIC GROWTH PROFILE ACTIVE CUSTOMERS +17% Organic active customers 2024 vs LTM to 30 Sept 2026 NET TRADING REVENUE +10% Organic net trading revenue CAGR1 2024 vs LTM to 30 Sept 2026
Page 5
5 GROWING ACTIVE CUSTOMERS ORGANIC, CONTINUING OPERATIONS FREETRADE AND INDEPENDENT RESERVE (INC. DISCONTINUED OPERATIONS) Active customers (‘000) First trades (‘000) +11% y/y +11% y/y +57% y/y +43% y/y Assets under administration (£bn) +23% y/y +15% y/y Organic, continuing operationsReportedChange 2026 LTM¹ vs 2025 266 281 312 460 513 2024 2025 2026 (LTM) 270 742 825 67 104 149 25 54 2024 2025 2026 (LTM) 71 129 203 12.4 14.9 17.13.3 5.3 2024 2025 Q3 2026 12.4 18.2 22.4 1. 2026 LTM refers to the 12 months ended 30 September 2026. 1 1
Page 6
6 CLOSING PRODUCT GAPS 2026 Unified proposition live in UK; Underdog adds fantasy sports and prediction markets in the US 2025 Spot crypto live in UK, EU and APAC 2025 D2C investment platforms live in UK, EU and APAC 2024 Niche CFD offering
Page 7
7 LARGE, FAST-GROWING, HIGH ENGAGEMENT MARKETS 1. BCG estimates for the global retail opportunity. OTC derivatives include CFDs, spread bets and options as of July 2025. Crypto trading includes cash trading, derivatives and investments. 2. Prediction markets volume at maturity: E&K Gaming. Conversion of notional volume to Handle and gross gaming revenue yield applied to Handle: internal estimates. TOTAL ADDRESSABLE MARKET BY REVENUE (TAM) 1 IG PENETRATION OTC derivatives Futures & options Stock trading & investments Crypto Pro forma TAMPrediction markets2 <10% >£8bn <1% >£18bn <1% >£62bn <1% >£42bn >£57bn
Page 8
8 STRONG STRUCTURAL TAILWINDS GROWTH OF SELF- DIRECTED TRADING AND INVESTING GOVERNMENT POLICY INCENTIVES TO SAVE AND INVEST RISING ENGAGEMENT FROM A YOUNGER, MOBILE FIRST GENERATION GROWING APPETITE TO ACCESS INTERNATIONAL MARKETS INNOVATION WIDENING THE RANGE OF TRADEABLE ASSETS
Page 9
INVESTING, TRADING AND ENTERTAINMENT ARE CONVERGING INVESTING TRADING ENTERTAINMENT BRANDS THAT ENGAGE, EDUCATE AND ENTERTAIN 9
Page 10
10 IG GROUP LEADERSHIP Underdog CEO JEREMY LEVINE IG Consumer CEO MICHAEL HEALY IG Securities CEO ANDY BIGGS tastytrade CEO MICHAEL VAUGHAN Group Chief People Officer LOUISA MEYER Group Chief Risk Officer SARAH GORE LANGTON Group Chief Financial Officer CLIFFORD ABRAHAMS
Page 11
11 OUR PRIORITIES Scale UK playbook across IG Consumer, funded by strong unit economics and efficiency Convert more OTC flow to revenue and grow institutional offering Grow from a niche options platform into a broader US offering Win share in US fantasy sports, prediction markets and games STRONG, DIVERSE REVENUE GROWTH EFFICIENCY AND PROFITABILITY DISCIPLINED CAPITAL ALLOCATION IG CONSUMER IG SECURITIES TASTYTRADE UNDERDOG
Page 12
IG CONSUMER 12
Page 13
13 IG CONSUMER OVERVIEW WITH AN INTERNATIONAL FOOTPRINT1 EUROPE Total revenue: £144m Active customers: 26k APAC Total revenue: £342m Active customers: 156k UK Total revenue: £392m Active customers: 556k 1. Key metrics refer to the 12 months ended 30 September 2026. APAC total revenue and active customers include Independent Reserve, which was consolidated on 30 January 2026. UK includes Freetrade. Scaled and geographically diversified Highly profitable and cash generative Outstanding unit economics Deep and difficult to replicate derivatives capability Trusted brand and high-quality customer base Broad and high-quality regulatory and licence footprint STRONG FUNDAMENTALS
Page 14
14 SINCE EARLY 2025, WE HAVE REBUILT OUR UK PLAYBOOK TO FROM UK PLAYBOOK STEP- CHANGED AMBITION SHARPENED STRATEGIC FOCUS SCALED CUSTOMER GROWTH MODERNISED SERVICE MODEL UPLIFTED CAPABILITY Low growth, niche OTC specialist Unclear prioritisation High touch, high cost, manual OTC domain experts Rapidly building a multi-asset proposition, driving 22% y/y active customer growth Sharpened focus on active customer-led growth and deprioritised non- core initiatives 89% of applicants instantly verified and 72% of digital customer queries deflected YTD 1 New leadership team and complementary new hires with high- growth consumer internet experience 1. Represents percentage of customer queries via chat channels which are resolved via AI. Narrowly focused, budget-led marketing spend Scaled demand- led spend ruthlessly optimised for paybacks
Page 15
15 SINCE LAUNCHING OUR PLAYBOOK, UK GROWTH HAS BEEN MORE THAN DOUBLE THE REST OF CONSUMER OUR NEW CONSUMER ORGANISATION WILL ALLOW US TO SCALE OUR UK PLAYBOOK INTERNATIONALLY Net trading revenue growth1 UK vs. rest of consumer 2024 2025 2026 YTD 2024 2025 2026 YTD UK REST OF IG CONSUMER UK REST OF IG CONSUMER 2% 3% 11% 3% 12% 7% -6% 0% 3% -1% 13% Active customer growth1 UK vs. rest of consumer 22% 1. Organic, excluding Freetrade and Independent Reserve. UK growth >2x rest of IG Consumer on CAGR basis
Page 16
LEADING INTERNATIONAL OUR VISION PLATFORM FOR ACTIVE INVESTORS BUILDING A 16
Page 17
17 THREE PRIORITIES TO DELIVER THE NEXT PHASE OF GROWTH 1 2 3 INVEST IN OUR BRAND ENHANCE EFFICIENCY • Deepen product proposition • International rollout of Unified Proposition • Drive multi-product usage • Broaden reach • Strengthen perception • Optimise for key channels and markets • Refreshed organisational model • Improved digital servicing and deflection • Pricing sophistication BROADEN AND ENRICH OUR PROPOSITIONS
Page 18
18 ONE UNIFIED PLATFORM, ACROSS IG CONSUMER BROADEN AND ENRICH OUR PROPOSITIONS1 ALIGNED UNDER ONE UNIFIED PLATFORM INTERNATIONALLY UNIFIED PRODUCT EXPERIENCE One platform with CFD, spread betting, share dealing, crypto, predictions and beyond SEAMLESS UX Modern, customer-centric design with mobile first experience SCALABLE TECHNOLOGY Single code base with scalable, modern, modular architecture
Page 19
19 UK PREDICTION MARKETS INITIAL LAUNCH Launch in Q4 2026, offering the UK's first 24/5, tax-free, regulated financial prediction markets proposition BROADER ROLLOUT Gambling licence application submitted. Target audience and asset class expansion in early 2027 CLEAR EVIDENCE OF CUSTOMER DEMAND COMPLEX REGULATORY ENVIRONMENT • The appetite is here: 84% of active UK investors find prediction markets appealing 1 • UK demand going offshore: c.2 million UK visits to offshore platforms in April 2026, up 377% in two years 2 Sports, politics, entertainment Dual licensing Financial events Additionally: • Retail ban on binaries • Deeply embedded gambling tax regime BROADEN AND ENRICH OUR PROPOSITIONS1 1. April 2026; IG Brand Relaunch Tracker, June 2026 (survey of c.1,002 active UK traders and investors). 2. Similarweb, April 2026.
Page 20
20 OUR BROADENED PROPOSITION FOSTERS CROSS SELL AND MULTI-PRODUCT USAGE, INCREASING CUSTOMER VALUE BROADEN AND ENRICH OUR PROPOSITIONS1 AND HELPS FUND OUR MARKETING EXPANSION WE’RE GROWING MULTI- PRODUCT CUSTOMERS THESE CUSTOMERS ARE HIGHER VALUE AND STICKIER +65% ~2.9x +52% 12- MONTH RETENTION FOR MULTI VS. MONO- PRODUCT CUSTOMERS 3 ARPU FOR MULTI VS. MONO- PRODUCT CUSTOMERS 2 FIRST TRADES ON A SECOND PRODUCT 1 UK playbook deep dive 1. UK only; January-September 2026 vs January-September 2025. 2. UK only; median over the 12 months to August 2026. 3. UK only; classified at six months post-acquisition, with retention measured at 12 months, using active customer data from January 2024 onwards.
Page 21
21 INTERNATIONAL ROLLOUT BROADEN THE PROPOSITION EXPAND INTO ADJACENCIES ENRICH THE USER EXPERIENCE • Roll-out of our Unified Proposition across all IG Consumer regions • Decommissioning legacy IG apps and platforms • Expand instrument universe across asset classes • Further build-out of local tax wrappers • Enhanced tooling for customers to support portfolio reviews and investment decisions • Expansion of agentic trading capabilities • Extend further into high-growth verticals, including prediction markets • Retention-enhancing features including cash savings and card products BROADEN AND ENRICH OUR PROPOSITIONS1 PRODUCT PRIORITIES
Page 22
• Deepen product proposition • International rollout of Unified Proposition • Drive multi-product usage 22 THREE PRIORITIES TO DELIVER THE NEXT PHASE OF GROWTH 1 2 3 INVEST IN OUR BRAND ENHANCE EFFICIENCY • Broaden reach • Strengthen perception • Optimise for key channels and markets • Refreshed organisational model • Improved digital servicing and deflection • Pricing sophistication BROADEN AND ENRICH OUR PROPOSITIONS
Page 23
23 WE ARE SCALING SPEND WITH CONVICTION INVEST IN OUR BRAND2 OUTSTANDING UNIT ECONOMICS1 RAPID MARKETING PAYBACK STRONG RETURNS ON MARKETING INVESTMENT c.6 MONTHS 36 MONTH LTV2:CAC = 4:1 1. IG Consumer, organic only (excluding Freetrade and Independent Reserve); 2026 YTD (January to September). 2. IG Consumer total; 36-month LTV. 3. IG Consumer, organic only (excluding Freetrade and Independent Reserve). GIVE US THE CONFIDENCE TO SCALE SPEND IG CONSUMER Increasing marketing spend to accelerate growth3 (IG Consumer marketing spend – % of total revenue) 6% 8% 10% 16% 2024 2025 H1 2026 PEER GROUP MEAN
Page 24
24 WE HAVE SHARPENED OUR ACQUISITION CAPABILITY INVEST IN OUR BRAND2 CONVERTCAPTUREATTRACT Broadened funnel of demand • National partnerships and disruptive creative • Expanded channels (6 to 15+), including emerging LLM channels • Greater focus on offering new category entry points to widen TAM Converting the right customers • Personalised and automated landing and onboarding journeys • Next-best-action incentives, triggered by predicted customer value • Continuous AI-driven iteration of content and offers Continuous and real time monitoring of returns • AI-driven measurement & optimisation to streamline spend & payback • Early value indicator models predicting customer LTV to refine future targeting • Next-best-action models drive cross sell and retention journeys Capturing demand when it shows up • Demand-led marginal spend by channel, product and market • Underpinned by sophisticated proprietary attribution models • Automated, always-on performance monitoring and reallocation
Page 25
25 WE ARE CULTIVATING A BOLD AND DISTINCTIVE BRAND IMAGE INVEST IN OUR BRAND2 CUT THROUGH THE NOISE SHAPE NATIONAL CONVERSATIONS REACH BROADER AUDIENCES
Page 26
26 THERE IS CLEAR EVIDENCE OF PROGRESS INVEST IN OUR BRAND2 GROWTH IN UK BRAND SEARCH VOLUMES +26% 2025 YTD VS 2026 YTD 2 GROWTH IN UK BRAND CONSIDERATION 1 +48% DEC 2025 VS SEP 2026 3 GROWTH IN UK BRAND AWARENESS 1 +29% DEC 2025 VS SEP 2026 3 UK proof points 1. Prompted awareness and consideration. 2. Organic growth; January-September 2026 vs January-September 2025. 3. September 2026 vs December 2025. GROWTH IN FIRST TRADES +81% 2025 YTD VS 2026 YTD2 Overall IG Consumer results With a 6-month blended payback
Page 27
• Deepen product proposition • International rollout of Unified Proposition • Drive multi-product usage • Broaden reach • Strengthen perception • Optimise for key channels and markets 27 THREE PRIORITIES TO DELIVER THE NEXT PHASE OF GROWTH 1 2 3 INVEST IN OUR BRAND ENHANCE EFFICIENCY • Refreshed organisational model • Improved digital servicing and deflection • Pricing sophistication BROADEN AND ENRICH OUR PROPOSITIONS
Page 28
28 WE HAVE SHARPENED OUR VALUE PROPOSITION TO IMPROVE PRICING EFFICIENCY ENHANCE EFFICIENCY3 EXAMPLE INITIATIVES Intelligent spreads to match pricing with market movements Tiered pricing to offer deep, institutional-grade liquidity Re-invest value in category entry points (e.g. minimum trade sizes, zero commission share dealing) Thoughtful pricing to reflect our robust, premium value proposition DYNAMIC PRICING PRICE IN SIZE OVERALL PRICING STRATEGY £83 £93 YTD YTD Customer income per £1m notional traded 1 TRADING ACCESSIBILITY NET IMPACT: IMPROVED MONETISATION AND VALUE PERCEPTION 1. IG Consumer, OTC only (excluding Freetrade and Independent Reserve); January–September 2026 vs January–September 2025. 2. Proportion of active trading customers rating IG ‘Good’ or ‘Very Good’ value for money (n = 150–250). % customers with positive value for money perception 2 58% 70% H2 H1 +11% 2025 2026 +12ppt 2025 2026
Page 29
29 WE ARE DRIVING KEY EFFICIENCIES TO FUND THE NEXT PHASE OF GROWTH ENHANCE EFFICIENCY3 KEY PROGRESS PRIORITIES M&A INTEGRATION MARKETING OPERATIONS OPERATING MODEL OPERATIONS TECHNOLOGY • Latest simplification targets ~30% reduction in IG Consumer workforce and reduced office footprint • 72% of digital customer queries deflected 1 • AI deployment delivered 8x gain in engineering productivity 2 • Integrating Freetrade & Independent Reserve into IG • Ruthlessly optimising paybacks and funnel conversion • Seamless AI-first servicing model with capability to solve up to 80% of interactions KEY PROOF POINTS Cost to serve per customer -10% year-on-year Net promoter score +6ppt year-on-year3 1. Percentage of customer queries via chat channels resolved by AI. 2. From the initial rollout in Europe; currently being scaled across Consumer. 3. UK only, Q2 2026 vs Q2 2025. Net promoter score is the net of promoters’ and detractors’ score contributions, giving a score from −100 to +100.
Page 30
HIRING TOP-TIER TALENT 30
Page 31
31 KEY MESSAGES 1 2 3 4 Demonstrated active customer-led multi-product growth in our core market Ready to refine and roll out our playbook across IG Consumer Future growth underpinned by outstanding unit economics Meaningful opportunity to self-fund growth through efficiency
Page 32
32 IG SECURITIES
Page 33
33 INTRODUCING IG SECURITIES TECHNOLOGY IS THE ENABLER TRADING Gives IG'slarge, active base of retail customers a price on every trade, whenever they want to trade. The security, infrastructure and core trading technology that all of IG runs on. PRIME IG’sinstitutional offering Gives hedge funds, asset managers and other institutions deep, diversified liquidity and a partner to trade with at scale. PLATFORM TECHNOLOGY RETAIL Flow gives Prime deep liquidity INSTITUTIONAL Flow diversifies our book The scale and breadth of our retail flow gives Prime deep, diversified liquidity, and institutional flow helps us manage retail flow more effectively. IG's trading, Prime and technology businesses, working as one
Page 34
34 MARKET MAKING AT IG Every customer trade needs a price, and every position needs managing OUTCOME: OTC NET TRADING REVENUE 1 PRICING 2 RISK MANAGEMENT 3 HEDGING CUSTOMER TRADES Lowest cost, but greatest revenue volatility and limits on the customers we can serve Lowest revenue volatility,but much of the customer income is paid away Hedge everything Why risk management matters Customers can trade with us whenever they want, and we give them a price. We compete on the quality, speed and consistency of the price we quote. Customer positions offset. We manage the remaining exposure within clear limits, choosing how much to hold and for how long. Where we choose not to hold risk, we offset it in the market. This reduces revenue volatility but has a cost. The gross OTC customer fee and commission income we retain after managing and hedging risk – known as “return to volume” or RtV. We choose our positioning, asset by assetHold everything TRADING1
Page 35
35 ENHANCING OUR MARKET MAKING CAPABILITIES One price regardless of trade size A single, fixed, deliberately risk- averse intraday approach for every customer type Enhanced risk management, or warehousing risk, on a subset of assets, alongside intraday risk management A portfolio of strategies by asset class, flow type and market conditions, working together Frequent, simple and expensive Third-party algorithmic execution, hedging less frequently and more passively More sophisticated hedging that lowers costs Pricing Risk management Hedging WHERE WE WERE BEFORE JULY 2025 WHERE WE ARE TODAY WHERE WE’RE GOING Price in size allows pricing to scale with trade size; dynamic pricing flexes spreads with market conditions Sharper, ultra-low latency pricing Implementing measures to deliver structurally higher RtV over the medium-to-long term TRADING1
Page 36
36 74% 73% 69% 76% 74% 75% 79% 83% 75% 2018 2019 2020 2021 2022 2023 2024 2025 2026 YTD 75% 75% Average from 2018 to H1 2025 75% 2026 YTD through end Q3 80% Since enhanced risk management measures introduced at end H1 2025 80% TRADING1 LONG TERM OTC RTV PERFORMANCE OTC RtV (return to volume) represents the proportion of gross OTC customer fee and commission income the Group retains after managing and hedging risk.
Page 37
37 80%75% Distribution from Jan 2018 to Jun 2025 Distribution from Jul 2025 to Sep 2026 Quarterly OTC RtV outcomes – before vs after the July 2025 strategy change1 1. Each curve shows how likely different quarterly RtV outcomes are, based on 20,000 simulated quarters of 63 trading days. Each simulated quarter is built by randomly resampling completed trading weeks from the period shown. Weekly results are very largely uncorrelated. Dashed lines show the mean RtV for each period. Modelled results are illustrative and not a forecast. • Enhanced risk management measures have delivered OTC RtV of 80% since implementation in July 2025 versus an average of 75% from January 2018 to June 2025 • Holding more risk for longer lifts longer-term mean OTC RtV while widening month-to-month and quarterly ranges • Q3 2026’s 70% was within the modelled range WHAT THE DISTRIBUTION TELLS US50% 60% 70% 80% 90% 100% 110% Density RtV WHAT’S CHANGED FROM JULY 2025 TRADING1
Page 38
Q3 2026 SPOTLIGHT 38 Implied equity market volatility was generally low in Q3 2026, creating fewer trading opportunities for our customers and providing an RtV headwind The Nasdaq traded in a tight range with sharp reversals in Q3 2026 – among the hardest conditions for our strategy to perform 10,000 15,000 20,000 25,000 30,000 35,000 10 20 30 40 50 Daily VIX close Quarterly average Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Back testing indicates that Q3 2026 OTC RtV of 70% was in line with levels our historical strategy would have delivered under the same market conditions TRADING1
Page 39
39 OUR TECHNOLOGY PRIORITIES Three programmes underway give trading the stability, speed and foundations to price, manage and hedge risk in more ways MIGRATION TO CLOUD Build and scale MODERNISATION & AI Simplify and accelerate TRADING SYSTEM UPLIFT Faster and richer • Modernising core systems with AI-driven modernisation • Improving stability and security • Reducing complexity across the estate Modernised our services - 640 apps in six months, with time per app cut from days to hours • Low-latency pricing • Feature-rich trading and risk management • Directly enables sharper pricing and a broader portfolio of risk strategies • Non-latency-sensitive services moving to the cloud • Latency-sensitive pricing stays on dedicated infrastructure • Strategy designed to accelerate product velocity Technology that improves customer experience and lifts revenue, within our existing investment plans PLATFORM TECHNOLOGY2
Page 40
40 PRIME: BUILDING IG’S INSTITUTIONAL BUSINESS IG Prime is a provider of trading services and liquidity to B2B2C partners, hedge funds and family offices Our scale as a leading international retail OTC liquidity pool means sharper prices and deeper liquidity for retail clients, and an institutional offering few can match, underpinned by resilient technology and a strong balance sheet WHERE WE’RE GOINGWHERE WE ARE TODAY The established core of Prime today A model built for recurring revenue, through financing, custody and execution A route to new distribution Liquidity and trading Prices and liquidity for institutions and brokers Prime brokerage Financing, custody and execution for hedge funds White label IG’s platform offered to partners under their own brand Deepen: stronger products and pricing models, greater wallet share Broaden: expanded offering, including cash prime brokerage Scale: IG’s technology embedded with partners, opening new geographies and segments PRIME3 34.5 43.7 2023 2026 LTM +9% CAGR Institutional total revenue 2023 v 2026 LTM (£m)
Page 41
1 SPECIALIST TRADING EXPERTISE Four dedicated asset-class desks, with specialists who understand their markets and our client flow in depth 41 THE OPERATING MODEL AND TALENT TO DELIVER IT Traders, quants and engineers, building as one team Getting new pricing signals from research into production faster, so improvements reach our pricing sooner CITADEL SECURITIES QUBE SUSQUEHANNA Quant talent with experience from 2 QUANTITATIVE RESEARCH A London-based quant team, alongside our traders, turning flow data into better pricing, risk and hedging models 3 ENGINEERING ALONGSIDE TRADING Technologists embedded with traders and quants in one organisation, so ideas move quickly into production. 4 DISCIPLINED RISK-TAKING Clear limits, rigorous measurement and accountability, so we can take more considered risk with confidence.
Page 42
42 KEY MESSAGES 1 2 3 4 IG Securities prices and manages risk on IG’s customer flow, alongside Prime and the Group’s platform technology Enhanced risk management measures introduced at end H1 2025 outperforming our long-run average Looking forward, with sharper pricing, a portfolio of risk strategies and more efficient hedging, to deliver increasing OTC RtV Prime extends our reach into a broader institutional business across liquidity, prime brokerage and white label
Page 43
43 TASTYTRADE
Page 44
44 PROFITABLE GROWTH IN AN EXPANDING MARKET 1. OCC exchange-listed options contracts cleared (equity, ETF and index; excludes futures), calendar years 2021–2025; 2026 LTM = October 2025–September 2026 (2025 total less Jan–Sep 2025, plus Jan–Sep 2026). Source: OCC Annual Volume Statistics and Monthly Volume Data (theocc.com), accessed October 2026. 2. Total revenue including credit interest;"tastytrade" includes tastytrade and tastyfx, $m per year. tastytrade internal data (unaudited). 2026 LTM = 12 months ending September 30 2026. 3. tastytrade Financials, September 2026 YTD. CAC payback, 36-month LTV-to-CAC and EBITDA margin (management basis, excluding variable remuneration) are alternative performance measures, defined in the appendix. tastytrade internal data (unaudited). 9.9 10.3 11.1 12.2 15.2 17.5 2021 2022 2023 2024 2025 2026 LTM 181 199 256 297 328 349 2021 2022 2023 2024 2025 2026 LTM tastytrade total revenue, $m2US options contracts, bn1 7 month CAC payback3 3.2x 36-month LTV-to-CAC3 MID-40s % EBITDA margin3 STEADY REVENUE GROWTH AT TASTYTRADE ACCELERATING GROWTH IN THE MARKET STRONG TASTYTRADE UNIT ECONOMICS +92%+77%
Page 45
ROOM TO GROW WITH YOUNGER, MOBILE AND MULTI-PRODUCT CUSTOMERS 1. Estimated age mix of US investors who have traded options, derived from FINRA NFCS 2024 Investor Survey (November 2025), pp. 4 and 7. Mobile: share of US investors who trade on a mobile app, by age, p. 12. Self-reported. 2. tastytrade bar: share of options traders (primary customers with 1+ equity or index option trade) aged under 35, September 2025 to August 2026; age at window end. tastytrade internal data excl. tastyfx (20 October 2026). 3. tastytrade bar: share of funded customers with 1+ trade on iOS, Android or iPad app, September 2025 to August 2026; tastytrade internal data excl. tastyfx. 4. tastytrade internal user survey (self-reported), 3,163 customers: average number of distinct products traded. ‘Other brokers’ = customers holding both a tastytrade account and an account elsewhere (2,606); ‘tastytrade only’ = 557. Options traders under age 35 vs tastytrade1,2 Trade on mobile vs tastytrade1,3 39% 19% US MARKET (EST.) TASTYTRADE Products traded per tastytrade customer 4 3.4 2.5 OTHER BROKERS TASTYTRADE ONLY MULTI-PRODUCTMOBILEYOUNGER 46% 29% US MARKET (EST.) TASTYTRADE 45
Page 46
WHAT IT UNLOCKSWHAT TASTYTRADE IS BUILDING 46 BROADENING OUR REACH, BUILT ON OUR CORE Built on tastytrade's proven platform, service and options expertise AI-NATIVE MOBILE APP Built for the next generation of traders PRODUCT BREADTH Intuitive experiences across more tradeable asset classes REFRESHED BRAND AND CONTENT Refresh the brand and bring more relevant educational content to market Wider top of funnel with more efficient conversion New audiences, new channels and increased cross-sell opportunities A larger, more diverse customer base that creates a more durable business From a niche options platform for expert traders to an accessible, sophisticated platform for every trader Upside potential while maintaining cost structure and margins
Page 47
47 WE’VE BUILT A NEW KIND OF TEAM TO LEAD TASTYTRADE GROWTH-FIRST BUILDERS Scaled consumer tech and fintech to millions of users CORE BROKERAGE OPERATORS Operated trading, clearing and markets at leading brokerages
Page 48
COLLABORATIVE, DIVERSE VIEWPOINTS, MANY WAYS TO TRADE TASTYLIVE'S RESULTS ARE EARLY PROOF WE CAN WIN WITH A WIDER AUDIENCE YouTube Analytics (on-demand views, non-subscriber views, excluding YouTube advertising); and combined Facebook, Instagram, X and LinkedIn analytics (engagements). March–September 2026 vs March–September 2025. Non-subscriber views are used as a proxy for reach into new audiences. ONE VOICE, ONE WAY TO TRADE On-demand views Social engagements New audiences (Non-subscriber views) 4.1M 8.2M 2025 2026 73.8K 193.8K 2025 2026 2.8M 4.7M 2025 2026 +101% +163% +72% TASTYLIVE TODAYTASTYLIVE BEFORE CATEGORY-LEADING FINANCIAL NETWORK ACTIONABLE IDEAS DIVERSE VIEWPOINTS FEATURED GUESTS 48
Page 49
49 KEY MESSAGES 1 2 3 4 tastytrade built a profitable niche primarily in the US options market The next generation of traders is AI-native, mobile-first and multi-product We are building a growth- oriented evolution of our product to meet the needs of this market We are unlocking upside potential in this fast-growing market while maintaining our payback discipline and focus on operating margins
Page 50
50 FINANCIALS
Page 51
51 CLEAR FINANCIAL OBJECTIVES STRONG, DIVERSE REVENUE GROWTH 1 2 3 • Diversify revenue • Increase exposure to secular growth • Deliver more sustainable growth EFFICIENCY AND PROFITABILITY • Lower cost to serve • Invest in product and marketing • Maintain strong margins DISCIPLINED CAPITAL ALLOCATION • Investment grade credit rating • Progressive dividend per share • Disciplined M&A and buybacks expected to resume in 2027 1 1. Subject to share price performance and other demands on capital.
Page 52
52 MORE DIVERSE REVENUE FROM ORGANIC GROWTH AND M&A Total revenue (£m) ORGANIC, CONTINUING OPERATIONS FREETRADE, INDEPENDENT RESERVE & UNDERDOG1 (INC. DISCONTINUED OPERATIONS) OTC DERIVATIVES2 EXCHANGE TRADED DERIVATIVES STOCK TRADING AND INVESTMENTS CRYPTO (OTC, PERPS AND SPOT) NET INTEREST INCOME PREDICTION MARKETS AND DFS 70% 13% 3% 1% 13% 2023 IG total revenue: 2026 Q3 LTM pro forma total revenue1: 1. LTM indicates last 12 months through Q3 2026. Underdog included on a pro forma basis in 2026. 2. All OTC derivatives excluding crypto. 956 1,030 1,096 1,146 427 2023 2024 2025 2026 LTM (PF)1 979 1,052 1,123 1,573 STRONG, DIVERSE REVENUE GROWTH 52% 10%5% 1% 25% 7% Organic total revenue 2023 – 2026 LTM CAGR: +6%+7% +9% Organic total revenue CAGR 2023 – 2026 LTM o/w net trading revenue CAGR
Page 53
53 HIGH-PERFORMANCE CULTURE DRIVING DOWN COST TO SERVE 1. Organic continuing operations total costs (excluding Freetrade, Independent Reserve, marketing expenses, variable remuneration and non-recurring items), divided by the number of funded customers. 2. Peer analysis based on Trading212, eToro, Robinhood, AJ Bell, CMC Markets, Plus500, XTB, Swissquote, Webull, Coinbase, flatexDEGIRO and Flutter. Reported Organic, continuing operations Fewer people, stronger growth (average headcount) Lowering fixed cost to serve1 (£ per funded customer) 2,754 2,551 2,254 2,091 2023 2024 2025 H1 2026 2,754 2,551 2,376 2,349 - 15% - 24% 818 750 642 2024 2025 H1 2026 PEER GROUP MEAN c.300 2 Change in H1 2026 vs 2023, reported and organic respectively EFFICIENCY AND PROFITABILITY ORGANIC, CONTINUING OPERATIONS FREETRADE & INDEPENDENT RESERVE
Page 54
54 EFFICIENCY SAVINGS FUNDING HIGHER MARKETING SPEND AT ATTRACTIVE RETURNS 1. Organic operating costs as a percentage of organic total revenue, adjusted for non-recurring items (£2.0m of restructuring costs in 2024 and £16.4m relating to the strategic review in 2026). 2. Total Group marketing spend as a percentage of total revenue was 10% in 2025 and 12% in H1 2026, on a reported basis including Freetrade and Independent Reserve. 3. Group 36-month LTV:CAC excluding Freetrade and Independent Reserve. EFFICIENCY AND PROFITABILITY Operating costs - % of total revenue (organic)1 Marketing spend – % of total revenue (organic)2 8% 9% 11% 16% 2024 2025 H1 2026 PEER GROUP MEAN H1 2026: 36-month LTV:CAC = 4:13 57% 55% -3ppt -2ppt +3ppt CY24 Fixed remuneration Other costs Marketing H1 2026
Page 55
55 REFRESHED CAPITAL ALLOCATION FRAMEWORK MAINTAIN A STRONG BALANCE SHEET REGULAR DISTRIBUTIONS INORGANIC INVESTMENT ADDITIONAL DISTRIBUTIONS 1 2 3 4 • Committed to an investment grade credit rating • Progressive ordinary dividend per share • Disciplined M&A to accelerate growth • ROIC above WACC in years three to five • Adjusted EPS accretive by year three • Return surplus capital not required for other priorities • Buybacks expected to resume in 2027, subject to share price performance and other demands on capital DISCIPLINED CAPITAL ALLOCATION
Page 56
56 REDOMICILE ALIGNS WITH OUR INTERNATIONAL FOOTPRINT AND INCREASES FINANCIAL FLEXIBILITY 1. Excludes certain non-UK subsidiaries that sit outside the UK parent company’s perimeter including Independent Reserve. 2. Gross debt / EBITDA is calculated on a Group-consolidated basis using Fitch’s methodology. DISCIPLINED CAPITAL ALLOCATION Group structure after redomicile Redomicile on track to complete in late 2026 or early 2027 Debt issued by TopCo, with an investment-grade credit rating GROSS DEBT / EBITDA 2 2026 pro forma: c.2.0x Subsidiaries pay dividends to IG TopCo after meeting local regulatory capital requirements. Regulatory capital requirements apply to subsidiaries not the TopCo 2025 reported: 1.0x IG TopCo Unregulated Underdog CFTC UK parent FCA regulated tastytrade SEC, CFTC UK subsidiaries FCA regulated Non-UK subsidiaries1 Local regulators e.g. ASIC (Australia), MAS (Singapore)
Page 57
57 2026 AND MEDIUM-TERM GUIDANCE 2026 GUIDANCE MEDIUM TERM GUIDANCE, OVER TIME MID-SINGLE- DIGIT % Year-on-year growth in total revenue LOW-40s % Excluding c.£30m of non-recurring redomicile and restructuring costs1, as well as expenses related to the acquisition of Underdog TOTAL REVENUE GROWTH GROUP EBITDA MARGIN 10%+ CAGR MID-40s % ABOVE 10% From a 2025 base of £1,100m, excluding Underdog Excluding Underdog Above IG’s 10%+ CAGR (ex. Underdog) Including Underdog: initially below IG (ex. Underdog), then expanding as Underdog scales ORGANIC TOTAL REVENUE GROWTH GROUP EBITDA MARGIN UNDERDOG REVENUE GROWTH PRO FORMA GROUP EBITDA MARGIN DISCIPLINED CAPITAL ALLOCATION 1. Includes £16.4m of non-recurring redomicile and restructuring costs reported in the Group’s H1 2026 results.
Page 58
CLEAR FINANCIAL OBJECTIVES STRONG, DIVERSE REVENUE GROWTH 1 2 3 • Diversify revenue • Increase exposure to secular growth • Deliver more sustainable growth EFFICIENCY AND PROFITABILITY • Lower cost to serve • Invest in product and marketing • Maintain strong margins DISCIPLINED CAPITAL ALLOCATION • Investment grade credit rating • Progressive dividend per share • Disciplined M&A and buybacks expected to resume in 2027 1 1. Subject to share price performance and other demands on capital. 58
Page 59
CONCLUSION 59
Page 60
60 KEY TAKEAWAYS Scale UK playbook across IG Consumer, funded by strong unit economics and efficiency Convert more OTC flow to revenue and grow institutional offering Grow from a niche options platform into a broader US offering Win share in US fantasy sports, prediction markets and games STRONG, DIVERSE REVENUE GROWTH EFFICIENCY AND PROFITABILITY DISCIPLINED CAPITAL ALLOCATION IG CONSUMER IG SECURITIES TASTYTRADE UNDERDOG
Page 61
61
Page 62
APPENDIX 62
Page 63
63 PRESENTER PROFILES • Joined IG April 2026 • Previously Trading Director at IG Securities and CEO at Finalto Trading. • Joined IG January 2025 • Previously MD of IG UK&I and Commercial Director at Ryanair. • Joined December 2024 • Previously Group CFO at Virgin Money UK and ABN AMRO Bank. • Joined October 2025 • Previously COO for Venmo and Operating Partner at Stripes. • Joined January 2024 • Previously CEO of Zepz and Paddy Power Betfair and led their merger. ANDY BIGGS CEO, IG Securities MICHAEL HEALY CEO, IG Consumer CLIFFORD ABRAHAMS Chief Financial Officer (CFO) MICHAEL VAUGHAN CEO, tastytrade BREON CORCORAN Chief Executive Officer (CEO)