The NAGA Group Reports Lower EBITDA For FY 2025 Despite Client Growth And Integration Progress

The NAGA Group AG has reported preliminary financial results for the full year 2025, posting group revenue of EUR 62.4 million, broadly in line with EUR 63.2 million recorded in FY 2024. On a foreign exchange-adjusted basis, revenue grew 3.5% to EUR 65.4 million.
 

EBITDA fell to EUR 3.3 million from EUR 9.0 million in the prior year, with the FX-adjusted figure coming in at EUR 4.7 million. The Hamburg-listed fintech attributed the decline in profitability partly to a low-volatility trading environment that weighed on client activity and spread revenues across the industry.
 

The online trading sector experienced what The NAGA Group described as a structurally challenging year in 2025, with market volatility remaining at historically low levels for much of the period. Major asset classes, particularly precious metals, saw prolonged one-directional price movements that reduced the frequency and diversity of client trading activity. For a platform whose revenues are more closely tied to trading frequency and balanced client positioning, those conditions created structural headwinds.
 

Despite the backdrop, the group reported a number of operational improvements. Marketing spend was increased by 15.6%, resulting in a 37.5% rise in new funded clients at a 15.9% lower cost per acquisition. Average revenue per user rose 6.4%, client deposits held steady year-on-year, and client withdrawals declined 21%, a figure the company points to as evidence of deeper platform engagement.
 

The group also completed the full operational integration of the former CAPEX Group, following the 2024 merger, with the resulting synergies contributing to a reduction in the operating expense run rate.

As of year-end 2025, the platform served over 2.5 million registered users and more than 180,000 funded clients across more than 100 countries. The company is a publicly listed German fintech group operating a multi-asset SuperApp that combines trading, stock and ETF investing, crypto, social trading, and neo-banking in a single application. It has generated more than EUR 475 million in cumulative revenue since inception.

 

Octavian Patrascu, Chief Executive Officer, The NAGA Group AG

Octavian Patrascu, Chief Executive Officer, The NAGA Group AG commented:

"2025 was our second year of transformation since the merger. We restructured our C-suite and top management, digitised our core operational systems, and implemented new processes across the entire organisation -- all while dealing also with a low-volatility market. The heavy lifting is finally done. In 2026, we are pushing to an AI-first approach across marketing, operations, business growth, and execution."
 

For FY 2026, the group has provided an outlook of revenue in the range of EUR 68 million to EUR 75 million and EBITDA of EUR 10 million to EUR 15 million. Management stated that 2026 had started strongly across all metrics. The group said its priorities for the year include deploying AI-first capabilities across marketing, operations, and product development, maintaining a lean operating model, and delivering positive EBITDA and cash flow while continuing to invest in growth.