NAGA Group reported its first profitable first half on Wednesday, posting net profit of €0.9 million for the six months ending June, reversing a €2.6 million loss from the same period last year. Revenue fell to €27.7 million from €32.3 million, down 12% on an FX-adjusted basis. However, EBITDA surged 47% to €4.4 million, pushing margins to 15.9% from 9.3%, driven by aggressive cost cutting. Marketing spend dropped 25% to €11.2 million while personnel and technology costs fell 20%.
Quarter-on-quarter momentum appears to be slowing. Calculated Q2 figures show revenue declining to approximately €13.3 million from €14.4 million in Q1, with net profit slipping to roughly €0.4 million from €0.5 million. The fintech broker improved customer lifetime value 32% to €2,757 while keeping acquisition costs flat, lifting its CLV-to-CAC ratio to 2.5x. NAGA maintained full-year 2026 guidance of €68 to €75 million revenue and €10 to €15 million EBITDA.
FXnCO Insight
Sequential quarterly deceleration suggests NAGA’s profitability pivot may be stabilizing but not yet accelerating, warranting close monitoring of Q3 trading volumes and marketing efficiency metrics.
Source: Finance Magnates