NAGA Group Posts First Profitable First Half in 2026

NAGA Group records its first profitable first half with €0.9 million net profit as cost cuts drive margin expansion.

Key Points:

• NAGA Group posted a €0.9 million net profit in H1 2026, reversing a €2.6 million loss a year earlier, driven by a 25% cut in marketing spend and a 20% drop in operating costs.
• Q2 revenue slipped to roughly €13.3 million from €14.4 million in Q1, with net profit easing to approximately €0.4 million, signaling a modest step back from the first quarter’s momentum.

NAGA Group Posts First Profitable First Half in 2026

The NAGA Group reported its first profitable first half on Wednesday, posting a net profit of €0.9 million for the six months through June against a €2.6 million loss in the same period a year earlier. The turnaround came not from revenue growth but from a deliberate and sustained reduction in costs across marketing, personnel, and operations.

Group revenue came in at €27.7 million, down from €32.3 million in H1 2025. On an FX-adjusted basis, revenue fell 12% to €28.6 million. Despite the top-line decline, EBITDA rose 47% to €4.4 million from €3.0 million, pushing the margin to 15.9% from 9.3%. FX-adjusted EBITDA climbed 64% to €4.9 million, carrying a 17.1% margin.

Cost Cuts Drive the Turnaround

NAGA attributes the profitability shift to a leaner cost structure across the business. Marketing and branding expenses fell 25% to €11.2 million, bringing the marketing ratio down to 40.5% from 46.5%. Personnel, technology, and operating costs dropped 20% to €8.8 million over the same period.

The company also shifted how it generates revenue. The share of income flowing through proprietary, more controllable channels rose to 53% from 36% a year earlier, reducing reliance on external acquisition sources and improving the quality of revenue coming into the business.

Customer lifetime value increased 32% to €2,757 per client, while customer acquisition cost held nearly flat at €1,117 against €1,099 a year earlier. That combination pushed the CLV-to-CAC ratio to 2.5x, up from 2.2x in H1 2025, reflecting better long-term return on each new client the company brings in.

Q2 Shows a Modest Step Back From Q1

The company disclosed the first half as a single reporting block. Subtracting the previously reported first-quarter figures from the newly released H1 totals places second-quarter revenue at roughly €13.3 million, down from €14.4 million in Q1. EBITDA for the second quarter works out to approximately €2.1 million against €2.3 million in Q1, with the margin holding close to flat at around 15.8%. Net profit for the quarter comes to roughly €0.4 million, easing from €0.5 million in the prior quarter.

The sequential softness in Q2 did not alter the broader direction. CEO Octavian Patrascu said the first half demonstrated that the company’s strategic repositioning was gaining traction, emphasizing a shift toward long-term customer value over pure acquisition volume. He added that the company’s priority remains efficient growth and building a platform that gains operating leverage as it scales.

Guidance Held and MiCA License Secured

NAGA maintained its full-year 2026 guidance of €68 to €75 million in revenue and €10 to €15 million in EBITDA, the same range it set alongside its 2025 annual results in June. The H1 profit builds on Q1, which had already marked the company’s first profitable quarter on record, following a difficult 2025 in which annual EBITDA fell to €3.3 million from €9.0 million in 2024.

Beyond the financial results, NAGA secured MiCA authorization for crypto-asset services across the European Union in June, adding a regulated crypto layer to its existing brokerage platform. The company’s stock also underwent a 10-for-1 reverse split in December 2025 after shares touched an all-time low of €1.31 the previous April.

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