NAGA Revises First-Half Profit Up to EUR 1.1 Million in Final Figures

NAGA Group reported final first-half 2026 net income of EUR 1.1 million on Wednesday, EUR 0.2 million above the preliminary figure it published on August 5. The Hamburg-based broker had posted a EUR 2.6 million loss in the same period a year earlier. The half-year numbers are unaudited.

Revenue was unchanged from the preliminary release at EUR 27.7 million, down 14% from the EUR 32.3 million recorded a year earlier. EBITDA edged up to EUR 4.5 million from EUR 4.4 million in the August update, lifting the margin to 16.3% from 15.9%.

Second-half bar stays high

NAGA left its 2026 guidance untouched at EUR 68 million to EUR 75 million in revenue and EUR 10 million to EUR 15 million in EBITDA. Reaching that range implies second-half sales of EUR 40.3 million to EUR 47.3 million, or 45% to 71% above first-half levels, and EBITDA of EUR 5.5 million to EUR 10.5 million. The company said it expects "a significant acceleration in revenue momentum" in the second half.

Both quarters were profitable, NAGA said, without breaking out standalone second-quarter figures. Based on the rounded numbers, first-quarter net income was EUR 0.5 million, leaving roughly EUR 0.6 million for the second quarter. Second-quarter revenue was about EUR 13.3 million against EUR 14.4 million in the first quarter, with EBITDA of roughly EUR 2.2 million versus EUR 2.3 million.

Chief executive Octavian Patrascu, who founded CAPEX.com before its owner Key Way Group merged with NAGA in August 2024, said the group has become "a more scalable and profitable multi-asset fintech group" since the combination.

The results also show a shift in the client mix: newly funded clients were 35% below the prior-year level, while marketing and branding spending fell 26% to EUR 11.2 million from EUR 15.0 million. Proprietary channels generated 53% of revenue, up from 36%. Customer lifetime value rose 32% to EUR 2,757, while acquisition cost was EUR 1,117 versus EUR 1,099 a year earlier. The withdrawal rate dropped to 28% from 43%. Net deposits were flat year over year for the half but rose 39% in the second quarter from the first, and average trade volume more than doubled.

NuWays analyst Simon Keller cut his 2026 sales forecast to EUR 60 million from EUR 64.4 million in an August 6 note, keeping his EBITDA estimate at EUR 9.0 million — both below the bottom of NAGA's ranges — with 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, and short-term borrowings of EUR 9.8 million versus EUR 7.6 million. On October 9 it raised $8 million from Presto and MDream through a 36-month convertible bond carrying an 8% annual coupon and a $4.2615 conversion price, about 57% above the October 8 Xetra close.