IG Group Holdings Plc cut its 2026 revenue forecast months after upgrading it, sending shares down as much as 27.2% on Thursday to their lowest level since April 2025. RBC Capital Markets said weaker over-the-counter income retention and a softer market backdrop drove the shortfall. The new 2026 guidance implies earnings before interest, tax, depreciation and amortization of £490 million to £500 million, 16% below RBC’s estimates. RBC said OTC revenue retention was 70% and that non-OTC revenue also fell short of expectations; the lower retention followed IG Group’s recent decision to hedge less of its OTC book. Third-quarter revenue is expected to fall 14% to about £240 million, with earlier information putting net trading revenue at approximately £210 million. Shares later pared losses and were down 22%; the stock was previously reported down 25% year to date. Shares in peer Plus500 fell 5.4%.