NAGA Group AG (ETR:N4G0), the multi-asset fintech group behind the NAGA One SuperApp, has followed up its first profitable Q1 earlier this year with continued improved results for the first half of 2026.

NAGA reported that it has achieved a net profit in the first half of 2026 for the first time in the Company’s history. This marks a significant milestone in the execution of its strategic repositioning. The Company’s focus on a leaner cost base, AI-supported operating processes and increasing long-term customer value resulted in a material improvement in profitability.

Profitability

The improvement is immediately reflected in EBITDA. On an FX-adjusted basis, EBITDA rose by 64% year-on-year to €4.9 million, with the EBITDA margin increasing to 17.1%. On a reported basis, EBITDA increased by 47% to €4.4 million (H1 2025: €3.0 million), while the EBITDA margin improved to 15.9% (H1 2025: 9.3%). Net profit for the period improved from negative €2.6 million to positive €0.9 million.

Operating costs

The strategic focus on more efficient and controllable distribution channels delivered results in the first half of the year. Marketing and branding expenses were reduced by 25% compared with the first half of 2025, to €11.2 million, lowering the marketing ratio from 46.5% to 40.5%. In addition, personnel, technology and operating costs declined by 20% to €8.8 million. These measures demonstrate the effectiveness of NAGA’s leaner, AI-supported operating model.

Revenues

FX-adjusted Group revenue totaled €28.6 million in the first half of 2026, down 12% year-on-year. On a reported basis, Group revenue amounted to €27.7 million, compared with €32.3 million in the prior-year period. Revenue development reflects the deliberate prioritization of long-term customer value over pure acquisition volume. The share of revenue generated through proprietary and more controllable channels increased from 36% to 53%.

Client value and acquisition costs

At the same time, Customer Lifetime Value increased by 32% to €2,757 per client, while customer acquisition costs remained broadly stable at €1,117 (H1 2025: EUR 1,099). As a result, Customer Lifetime Value represented 2.5x customer acquisition costs, compared with 2.2x in the prior-year period.

Octavian Patrascu, CEO of The NAGA Group AG said,

“The first half of 2026 demonstrates that our strategic repositioning is gaining traction. We achieved a profit in the first half for the first time in our history, while materially improving the profitability of our business model. Our priority is long-term customer value, efficient growth and a platform that gains operating leverage as it scales. With this foundation, we are focused on scaling revenues further in the second half of the year.”

FY 2026 Guidance Maintained

Based on the development in the first half of 2026, NAGA said it maintains its guidance for the 2026 financial year. The Company continues to expect Group revenue of €68-75 million and EBITDA of €10-15 million.

About NAGA

NAGA is a publicly listed German fintech group operating a multi-asset SuperApp that unifies trading, stock and ETF investing, crypto, social trading, and neo-banking in one platform. Powered by proprietary technology and advanced social features, including autocopy trading, NAGA serves a global community of over 2.5 million registered users across more than 100 countries, supported by 10 local offices and multiple regulatory licenses. The platform features an integrated VISA card with fiat and crypto conversion, dynamic social feeds, and a comprehensive product suite designed to make financial markets accessible to everyone.