NAGA Books First Profitable Half, but Q2 Couldn't Match Q1's Pace

The NAGA Group reported its first profitable first half, posting a net profit of €0.9 million for the six months through June, compared with a €2.6 million loss in the same period last year. Group revenue came in at €27.7 million, down from €32.3 million in H1 2025, while on an FX-adjusted basis revenue fell 12% to €28.6 million. EBITDA rose 47% to €4.4 million from €3.0 million, lifting the margin to 15.9% from 9.3%, and FX-adjusted EBITDA climbed 64% to €4.9 million with a 17.1% margin.

The company attributed the improvement to lower marketing spend and a leaner cost base, with marketing and branding expenses falling 25% to €11.2 million and the marketing ratio declining to 40.5% from 46.5%. Personnel, technology and operating costs dropped 20% to €8.8 million. The share of revenue from proprietary, more controllable channels rose to 53% from 36%. Customer lifetime value increased 32% to €2,757 per client, while customer acquisition cost remained roughly flat at €1,117 versus €1,099 a year earlier, pushing the CLV-to-CAC ratio to 2.5x from 2.2x.

Subtracting previously reported Q1 figures—revenue of €14.4 million, EBITDA of €2.3 million, and net profit of €0.5 million—from the H1 totals implies Q2 revenue of roughly €13.3 million, EBITDA of about €2.1 million, and net profit of approximately €0.4 million. CEO Octavian Patrascu said the first half showed the company's strategic repositioning was gaining traction, citing a shift toward long-term customer value. "Our priority is long-term customer value, efficient growth and a platform that gains operating leverage as it scales."

NAGA maintained its full-year 2026 guidance of €68 to €75 million in revenue and €10 to €15 million in EBITDA. The company also secured MiCA authorization for crypto-asset services across the EU in June, and its stock underwent a 10-for-1 reverse split in December 2025 after touching an all-time low of €1.31 in April.