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Marketing meets a tighter quarter
NAGA Group increased its marketing outlay by 32% in the third quarter, ahead of a planned app launch, while EBITDA dropped 40% from the previous quarter to EUR 1.35 million. Revenue moved down from EUR 13.3 million to EUR 12.7 million. Net revenue, however, advanced 2.2% to EUR 12.1 million, and the EBITDA margin narrowed from 16.8% to 10.6%.
Customer conversion improves
In the first half, NAGA had lowered marketing and branding costs by 26% and recorded its first profitable half-year. Marketing accounted for 40.5% of revenue, against 46.5% a year earlier, FM Intelligence data show.
For the latest quarter, the company reported 4.4% more first-time depositors despite fewer registrations. The funded share of registrations rose to 7.8% from 7.3%; customer deposits increased 4.8% to EUR 23.6 million and trading volume climbed 52% to EUR 57.8 billion.
One app leads the roadmap
NAGA has put NAGA One at the centre of its fourth-quarter priorities. The planned app brings trading, investing, crypto and payments together, and the company also intends to expand its crypto range and social trading functions.
NAGA said in September 2025 that the app would be downloadable in that year's fourth quarter. Its initial release was intended to take the place of NAGA Pay, offering personal IBAN accounts and debit cards, with crypto services to follow.
Rivals are pursuing growth
Marketing investment is also part of competitors' customer-acquisition plans. XTB Chief Executive Omar Arnaout said in June the Polish broker expected to spend more on marketing in Germany than in its home market this year. Plus500 reported 65,723 new customers in the first half, a 17% year-on-year increase, after increasing acquisition spending. Across FM Intelligence's tracker of 199 brokers, combined volume was up 45% in the second quarter compared with the first.
Targets put pressure on Q4
NAGA reported EUR 5.9 million of EBITDA for the first nine months, above the EUR 3.7 million recorded in its audited 2025 accounts for the full year. Revenue for the period was EUR 40.5 million, after quarterly revenue declined from EUR 14.4 million in the first quarter.
On October 14, after lifting its final first-half net income figure to EUR 1.1 million, NAGA retained its 2026 targets of EUR 68 million to EUR 75 million in revenue and EUR 10 million to EUR 15 million in EBITDA. The latest quarterly release did not repeat those targets.
As Finance Magnates reported, NAGA raised $8 million from Presto and MDream in October through a convertible bond, which the company said provides additional financial flexibility. If consolidated revenue is below $75 million or operating cash flow is below $13.5 million in the 13th to 24th months after issuance, holders can opt for repayment or conversion at $1.50 a share. NuWays analyst Simon Keller cut his 2026 sales estimate to EUR 60 million from EUR 64.4 million in an August 6 note.
What to watch next
Meeting the revenue target would require EUR 27.5 million to EUR 34.5 million in the fourth quarter, equal to 2.2 to 2.7 times third-quarter revenue, based on Finance Magnates.com's calculation. The EBITDA range implies EUR 4.1 million to EUR 9.1 million for October to December, versus EUR 1.35 million in the third quarter.
For operations teams, the app plan makes the interfaces between trading, investing, crypto and payments worth checking. How will customer records and account functionality move from NAGA Pay into NAGA One, and when will the later crypto services be brought in? The company has not detailed those implementation steps in the release.
