Social trading focused online broker NAGA Group (ETR:N4G) has announced that the company resolved to adjust its guidance for the 2025 financial year.

The decision follows a year in which NAGA said that market conditions remained unusually subdued, with persistently low volatility across global markets throughout large parts of 2025. This environment led to reduced trading activity and volumes, as well as a lower average revenue per active customer across the sector.

While NAGA said that it continued to execute its operational and integration roadmap, these external market factors proved more persistent than initially anticipated. Given the continuation of these trends into the fourth quarter, the Management Board no longer expects the earlier shortfall to be fully compensated by year-end performance.

Accordingly, the Management Board now anticipates Revenues for 2025 to be in the range of approximately €62 million to €66 million (previously: €74 million). NAGA did €32.2 million in Revenue in the first half of the year, so it appears as though on the top line the second half of 2025 will see about the same result as H1 2025.

As the cost base remained stable at NAGA and largely aligned with planned strategic initiatives, the adjusted Revenue guidance primarily affects EBITDA, which is now expected in the range of approximately €3 million to €6 million (previously: €12 million). NAGA’s EBITDA totaled €3.0 million in H1 2025, so the new expectation is for breakeven in the second half of 2025.

NAGA was acquired in 2024 by the owners of CAPEX.com, led by CEO Ocatavian Patrascu. The company has been focused on the launch of its NAGA One super-app, merging payments, investing and trading.