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

NAGA Group reported its first profitable first half on Wednesday, posting a net profit of €0.9 million for the six months through June. That compares 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% year over year to €4.4 million, lifting the margin to 15.9% from 9.3%. On an FX-adjusted basis, EBITDA climbed 64% to €4.9 million, representing a 17.1% margin. The company attributed the improvement to lower marketing spend and a leaner cost structure. Marketing and branding expenses fell 25% to €11.2 million, cutting the marketing ratio to 40.5% from 46.5%, while personnel, technology and operating costs dropped 20% to €8.8 million. NAGA also said the share of revenue generated through proprietary, more controllable channels rose to 53% from 36%.

Customer lifetime value increased 32% to €2,757 per client, while customer acquisition cost stayed roughly flat at €1,117 versus €1,099 a year earlier. That pushed the CLV-to-CAC ratio to 2.5x, up from 2.2x in H1 2025.

Q2 Slows After Q1 Milestone

The company reported the first half as a single block, but subtracting previously disclosed Q1 figures points to a softer second quarter. Revenue in Q2 came to roughly €13.3 million, down from €14.4 million in Q1. EBITDA worked out to about €2.1 million for the quarter, versus €2.3 million in Q1, with the margin holding near 15.8%. Net profit for the quarter was approximately €0.4 million, down from €0.5 million in Q1.

CEO Octavian Patrascu said the first half showed the company's strategic repositioning was gaining traction, citing a shift toward long-term customer value rather than pure acquisition volume. "Our priority is long-term customer value, efficient growth and a platform that gains operating leverage as it scales," he said.

NAGA maintained its full-year 2026 guidance of €68 million to €75 million in revenue and €10 million to €15 million in EBITDA, unchanged from the range set alongside its 2025 annual results in June. The company's Q1 results in April had already marked its first profitable quarter, following a 2025 in which NAGA blamed structural headwinds for a drop in annual EBITDA to €3.3 million from €9.0 million in 2024. Separately, NAGA 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.