NAGA Group Eyes AI Growth Amid Market Challenges

NAGA Group posts stable 2025 revenue despite market challenges, grows client base, and targets AI-driven expansion in 2026.

Key points:

• NAGA maintained positive EBITDA, expanded to over 2.5 million users, and increased funded clients by 37.5%.
• The company plans an AI-first strategy in 2026, aiming for EUR 68–75 million revenue and higher EBITDA.

NAGA Group (XETRA: NG4), which merged with the former CAPEX Group, closed 2025 with group revenue of EUR 62.4 million, slightly below the EUR 63.2 million recorded the previous year. On a foreign exchange-adjusted basis, revenue rose 3.5 per cent to EUR 65.4 million.

The company posted an EBITDA of EUR 3.3 million, down from EUR 9 million a year earlier. FX-adjusted EBITDA stood at EUR 4.7 million. The company cited “structural headwinds” affecting its results but highlighted that it maintained positive EBITDA while expanding its client base.

NAGA Group Eyes AI Growth Amid Market Challenges

NAGA described 2025 as a “structurally challenging” year for the trading industry, pointing to historically low market volatility. “One-sided market movements compressed spreads and reduced copy trading activity, as fewer opportunities arose for the diversified trading strategies that typically drive platform engagement,” the company said, stressing that market conditions were beyond its control.

Despite these challenges, NAGA ramped up client acquisition efforts. The company increased marketing spending by 15.6 per cent, resulting in 37.5 per cent more new funded clients at 15.9 per cent lower cost per acquisition. By the end of the year, the platform hosted over 2.5 million users, including more than 180,000 funded clients globally. Average revenue per user grew 6.4 per cent, while client withdrawals fell 21 per cent.

CEO Octavian Patrascu emphasized the company’s growth strategy: “In 2026, we are pushing to an AI-first approach across marketing, operations, business growth, and execution.” NAGA expects group revenue between EUR 68 million and EUR 75 million, with EBITDA projected between EUR 10 million and EUR 15 million.

The company’s AI-first strategy aligns with broader industry trends. While other brokers such as FXCM and eToro cited AI adoption to justify layoffs, some observers criticized these moves as “AI-washing,” as eToro shares struggled and Tradu, FXCM’s sister brand, recently shuttered its CFD offerings. NAGA’s approach, in contrast, appears focused on leveraging AI to enhance user engagement and operational efficiency rather than cost-cutting alone.

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