NAGA Group Reports Flat 2025 Revenue as Volatility Slump Weighs on Earnings

NAGA Group (XETRA: NG4), following its merger with the former CAPEX Group, reported 2025 group revenue of EUR 62.4 million, compared with EUR 63.2 million in the prior year. On an FX-adjusted basis, revenue increased 3.5% to EUR 65.4 million.

EBITDA declined to EUR 3.3 million from EUR 9 million a year earlier. The FX-adjusted EBITDA figure stood at EUR 4.7 million. The company cited structural headwinds and subdued market conditions as key factors behind the weaker profitability.

NAGA described 2025 as a “structurally challenging” year for the trading industry. Historically low market volatility for much of the year weighed on trading volumes and revenue generation. The company added that one-sided market movements compressed spreads and reduced copy trading activity, limiting opportunities for diversified trading strategies that typically support platform engagement.

During the year, NAGA increased its client acquisition efforts, leading to higher marketing expenditure. Marketing costs rose 15.6%, while the number of new funded clients increased 37.5%. The cost per acquisition declined by 15.9%, according to the company.

By the end of 2025, NAGA reported more than 2.5 million registered users and over 80,000 funded clients globally.

Looking ahead, the company issued a more optimistic outlook. NAGA expects 2026 group revenue in the range of EUR 68 million to EUR 75 million. EBITDA is projected between EUR 10 million and EUR 15 million.

“In 2026, we are pushing to an AI-first approach across marketing, operations, business growth, and execution,” said Octavian Patrascu, CEO of The NAGA Group AG.

Other retail trading firms have also recently highlighted AI initiatives. However, some of these moves have coincided with cost-cutting measures, including workforce reductions and product closures across parts of the industry.