NAGA Group Posts First Ever Profitable First Half

NAGA Group posts EUR 1.1 million net income in H1 2026, its first-ever profitable first half, as EBITDA surges 51%.

Key Points:

• NAGA Group reports H1 2026 consolidated net income of EUR 1.1 million, its first profitable first half in company history, with EBITDA rising 51% to EUR 4.5 million.
• Marketing costs fell 26% and operating cash flow surged to EUR 4.6 million as the company shifts toward proprietary, more controllable revenue channels.

NAGA Group Posts First Ever Profitable First Half

NAGA Group AG has reported positive consolidated net income for the first time in a first half period in the company’s history, with final unaudited results for H1 2026 coming in ahead of the preliminary figures the broker published in August.

The Hamburg-based social trading broker, which recently raised $8 million from strategic investors Presto and MDream, confirmed that the stronger final numbers underscore the effectiveness of its focus on long-term customer value, more efficient distribution channels, and a cash-generative business model. For the second half of 2026, NAGA expects a significant acceleration in revenue momentum while maintaining operational discipline.

Revenue Reflects a Deliberate Quality-Over-Volume Shift

Consolidated revenue reached EUR 27.7 million in H1 2026, down from EUR 32.3 million in H1 2025. The decline reflects a conscious decision to prioritize long-term customer value over pure acquisition volume. The number of newly funded clients fell 35% below the prior-year level, yet the share of revenue flowing through proprietary and more controllable channels, including digital marketing, influencer partnerships, and organic reach, rose to 53% from 36%.

Average trade volume more than doubled year-on-year, and while net deposits held stable across the full first half, they rose 39% in the second quarter compared with the first, pointing to improving momentum as the period progressed.

EBITDA and Net Profit Both Beat Preliminary Estimates

EBITDA rose 51% to EUR 4.5 million, ahead of the preliminary estimate of EUR 4.4 million and up sharply from EUR 3.0 million in H1 2025. The EBITDA margin improved to 16.3% from 9.3% a year earlier. Marketing and branding expenses fell 26% to EUR 11.2 million, bringing the marketing ratio down to 40.2% from 46.5%. Personnel, technology, and other operating expenses declined approximately 20% to EUR 11.0 million.

EBIT reached EUR 2.5 million against a loss of EUR 1.3 million a year earlier. Consolidated net income came in at EUR 1.1 million, ahead of the preliminary EUR 0.9 million and reversing a EUR 2.6 million loss in H1 2025. Earnings per share reached EUR 0.05 against minus EUR 0.11 a year earlier. Both quarters within the first half generated positive consolidated net income.

Customer Quality Improves Alongside Profitability

The strategic shift toward quality growth showed up clearly in customer metrics. Customer Lifetime Value rose 32% to EUR 2,757 per customer, while customer acquisition cost held broadly stable at EUR 1,117 against EUR 1,099 a year earlier. That pushed the CLV-to-CAC ratio to 2.5 times from 2.2 times in H1 2025. The withdrawal rate, measuring the proportion of customer deposits subsequently withdrawn, fell to 28% from 43%, a meaningful improvement in the quality and stickiness of the customer base.

Cash Flow and Financial Position Strengthen

Operating cash flow reached EUR 4.6 million in H1 2026, up from EUR 0.2 million a year earlier and representing approximately 102% of EBITDA. Key drivers included profit before tax of approximately EUR 1.2 million and non-cash depreciation and amortization of roughly EUR 2.0 million.

Cash and cash equivalents grew to EUR 10.5 million as of June 30, 2026, up from EUR 7.9 million at the end of 2025. Equity rose to EUR 79.0 million from EUR 78.0 million, though the equity ratio eased slightly to 83.4% from 85.0% as total assets expanded at a faster pace. Short-term borrowings increased to EUR 9.8 million from EUR 7.6 million, contributing to the asset growth.

CEO Octavian Patrascu said the results demonstrate that integration, stronger operational discipline, and a focus on quality growth are delivering results, and described the H1 performance as a solid foundation to accelerate growth in the second half. The Management Board confirmed its full-year 2026 guidance of EUR 68 million to EUR 75 million in consolidated revenue and EUR 10 million to EUR 15 million in EBITDA.

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