NAGA Group Final H1 Profit Rises to EUR 1.1M, Revenue Flat at EUR 27.7M

NAGA Group reported final first-half net income of EUR 1.1 million, EUR 0.2 million above its preliminary figure, the Hamburg-based broker said on Wednesday. The result compares with a EUR 2.6 million loss in the same period a year earlier. Revenue was unchanged at EUR 27.7 million, the figure NAGA gave when it published preliminary results on August 5, and 14% below the EUR 32.3 million booked a year earlier.

NAGA Group EBITDA and 2026 Guidance

EBITDA came in at EUR 4.5 million against EUR 4.4 million in August, lifting the margin to 16.3% from 15.9%. The half-year figures are unaudited. NAGA kept its 2026 guidance of EUR 68 million to EUR 75 million in revenue and EUR 10 million to EUR 15 million in EBITDA. Hitting that range requires second-half sales of EUR 40.3 million to EUR 47.3 million, or 45% to 71% more than the first six months produced, according to the company's calculation.

NAGA said both quarters of the first half were profitable. It booked net income of EUR 0.5 million in the first quarter as cost cuts lifted its margin, which leaves roughly EUR 0.6 million for the second, by the company's calculation from its rounded figures. The release gives no separate second-quarter figures. On the same arithmetic, second-quarter revenue was about EUR 13.3 million, against EUR 14.4 million in the first quarter, and EBITDA about EUR 2.2 million, against EUR 2.3 million.

Since the merger, NAGA has become "a more scalable and profitable multi-asset fintech group," CEO Octavian Patrascu said in the statement. Patrascu founded CAPEX.com, which joined NAGA through a merger with its owner, Key Way Group, completed in August 2024.

Final numbers have come in above first estimates before. In June, NAGA's audited accounts put 2025 EBITDA at EUR 3.7 million, 12% above the EUR 3.3 million it published in February.

The number of newly funded clients was 35% below the prior-year level, while marketing and branding spending fell 26% to EUR 11.2 million from EUR 15.0 million, the company said. Proprietary channels, which NAGA describes as more controllable, brought in 53% of revenue, up from 36%. Customer lifetime value rose 32% to EUR 2,757, and customer acquisition cost was EUR 1,117, against EUR 1,099 a year earlier. The withdrawal rate, which NAGA defines as the share of customer deposits later withdrawn, fell to 28% from 43%.

The release ran under the headline "NAGA outperforms preliminary results with final H1 2026 figures," and the company said it expects "a significant acceleration in revenue momentum" in the second half. Compared with the August figures, net income rose by EUR 0.2 million and EBITDA by EUR 0.1 million, while revenue was unchanged. By the company's calculation, the EBITDA guidance implies EUR 5.5 million to EUR 10.5 million for July to December, compared with EUR 4.5 million in the first half.

The release also gives two activity figures. Net deposits were stable year over year for the half but rose 39% in the second quarter from the first, and average trade volume more than doubled year over year.

In an August 6 note, NuWays analyst Simon Keller cut his 2026 sales forecast to EUR 60 million from EUR 64.4 million and kept his EBITDA estimate at EUR 9.0 million. Both sit below the bottom of NAGA's ranges. He kept a buy rating and a EUR 7.30 price target.

NAGA ended June with EUR 10.5 million in cash, up from EUR 7.9 million at the end of 2025, while short-term borrowings rose to EUR 9.8 million from EUR 7.6 million. The June figure predates new funding. On October 9, NAGA raised $8 million from Presto and MDream through a 36-month convertible bond with an 8% annual coupon and a conversion price of $4.2615, about 57% above the October 8 Xetra close. If NAGA does not reach consolidated revenue of at least $75 million and operating cash flow of at least $13.5 million in the 13th to 24th months after issuance, the holders may choose repayment or conversion at $1.50 a share, according to the company's announcement. In that case, Patrascu has undertaken to transfer up to 762,742 of his own shares to the two investors free of charge.

When NAGA and CAPEX.com announced their deal in December 2023, they projected more than $250 million in revenue over the next three years. NAGA reported EUR 63.2 million in 2024 and EUR 62.4 million in 2025.