NAGA Group Sees 3.5% Increase in 2025 Revenue to €65.4 Million

Online trading brokerage operator The NAGA Group AG (ETR:N4G0) has released preliminary financial results for fiscal year 2025, its first full year after merging with CAPEX.com. The company reported group revenue of €62.4 million, roughly flat compared to €63.2 million in 2024. On a currency-adjusted basis, revenue grew 3.5% to €65.4 million. EBITDA came in at €3.3 million, down sharply from €9.0 million the prior year, reflecting continued investment in integration and client acquisition amid a low-volatility market environment.

NAGA attributed the revenue headwinds to a structurally challenging market: historically low volatility and one-sided price moves in major asset classes like precious metals reduced trading frequency and compressed spreads. The company responded by increasing marketing investment by 15.6%, which drove a 37.5% rise in new funded clients while lowering cost per acquisition by 15.9%. Client withdrawals fell 21%, indicating deeper platform engagement, while average revenue per user increased 6.4%.

The integration of the former CAPEX Group was completed during the year, leading to a reduced operating expense run rate. NAGA said the full benefits of these synergies are expected to materialise in 2026. The company also noted that January 2026 trading volumes were well above 2025 levels, supported by heightened market volatility.

CEO Octavian Patrascu said: “2025 was our second year of transformation since the merger. We restructured our C-suite and top management, digitized our core operational systems, and implemented new processes across the entire organization – all while dealing also with a low-volatility market. The heavy lifting is finally done. In 2026, we are pushing to an AI-first approach across marketing, operations, business growth, and execution.”

For fiscal year 2026, NAGA provided guidance for group revenue between €68 million and €75 million and EBITDA in the range of €10 million to €15 million. The outlook reflects plans to deploy AI-first capabilities, maintain a lean operating model, and deliver positive EBITDA and cash flow while investing in growth. As of year-end 2025, NAGA’s platform served over 2.5 million registered users and more than 180,000 funded clients globally, with cumulative revenue exceeding €475 million since inception.