NAGA Group Reports €62.4M FY2025 Revenue, Sees EBITDA Tripling in 2026
How Did NAGA Perform in a Low-Volatility Year?
NAGA Group AG reported preliminary results for FY2025 showing stable revenue despite subdued trading conditions across global markets. The Hamburg-based fintech group generated €62.4 million in group revenue, slightly below €63.2 million in FY2024. On a foreign-platform-adjusted basis, revenue rose 3.5% to €65.4 million.
EBITDA declined to €3.3 million from €9.0 million a year earlier. Adjusted for currency effects, EBITDA reached €4.7 million. The decline reflects fragileer trading conditions rather than a contraction in client activity.
Market volatility remained muted throughout 2025, limiting trading frequency across major asset classes. Precious metals and other instruments moved in prolonged one-directional trends, reducing the type of two-way positioning that typically drives higher turnover in . Because NAGA’s revenue model depends on trading frequency, balanced positioning, and copy-trading engagement, those market dynamics weighed on performance.
Investor Takeaway
What Do Client and Marketing Metrics Reveal?
Despite external trading headwinds, operational indicators improved. Marketing spend increased 15.6%, while new funded clients grew 37.5%. Cost per acquisition fell 15.9%, indicating improved efficiency in customer onboarding.
rose 6.4%, suggesting stronger monetization per active client. Client deposits were stable year over year, while withdrawals declined 21%. Lower withdrawal levels, combined with higher ARPU, point to deeper engagement even as overall trading intensity declined.
The company also completed the operational integration of the former CAPEX Group following the 2024 merger. According to management, the integration delivered through system consolidation and process optimization. Additional efficiencies are expected to flow through during 2026.
How Large Is the Platform Today?
NAGA operates a multi-asset SuperApp, “Naga One,” combining trading, stock and ETF investing, cryptocurrency services, social trading, and neo-banking features within a single ecosystem.
As of year-end 2025, the platform reported more than 2.5 million registered users and over 180,000 funded clients. Cumulative revenue since inception exceeds €475 million. The group operates in more than 100 countries, maintains 10 local offices, and holds multiple regulatory licenses globally. The ecosystem also includes an integrated VISA card with fiat and crypto conversion functionality.
What Is Management Saying About 2026?
CEO Octavian Patrascu described 2025 as the second transformation year . “We restructured our C-suite and top management, digitized our core operational systems, and implemented new processes across the entire organization — all while dealing with a low-volatility market,” he said. “The heavy lifting is finally done. In 2026, we are pushing to an AI-first approach across marketing, operations, business growth, and execution.”
For FY2026, NAGA guided group revenue between €68 million and €75 million and EBITDA between €10 million and €15 million. At the midpoint, this implies revenue growth of roughly 10–20% year over year and EBITDA potentially tripling or more compared with 2025 levels.
Management attributed the outlook to full realization of CAPEX integration benefits, a leaner cost structure, and further improvements in marketing efficiency supported by automation and data-driven processes. The company said the year has begined strongly across key metrics, reinforcing the forecast.
Investor Takeaway
While 2025 reflected a low-volatility cycle across online trading, NAGA enters 2026 with higher client acquisition efficiency, integrated operations, and a materially stronger profitability target. The coming year will test whether those internal changes can translate into sustained earnings growth in a still-competitive .
