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Quarterly costs rise ahead of NAGA One
NAGA Group reported third-quarter EBITDA of EUR 1.35 million, 40% below the second quarter, after lifting marketing outlay 32% ahead of a planned app launch, according to figures released on 22 October 2026. Revenue was EUR 12.7 million, down from EUR 13.3 million in the prior quarter. Net revenue moved in the opposite direction, increasing 2.2% to EUR 12.1 million. The EBITDA margin narrowed to 10.6%, from 16.8%.
NAGA's first-half results were profitable, with marketing and branding expenditure 26% lower. FM Intelligence data put marketing at 40.5% of revenue for the period, against 46.5% a year earlier. The company says its fourth-quarter priority is NAGA One, an app bringing trading, investing, crypto and payments together. It also intends to expand its crypto range and social trading features. NAGA announced the app in September 2025, initially targeting a fourth-quarter release that year. Its first version was expected to replace NAGA Pay with personal IBAN accounts and debit cards, with crypto services to follow.
More depositors funded accounts
First-time depositors rose 4.4% quarter on quarter even as registrations declined, NAGA said. The proportion of sign-ups that funded an account increased to 7.8% from 7.3%. Customer deposits reached EUR 23.6 million, up 4.8% on the quarter, while trading volume climbed 52% to EUR 57.8 billion, according to the company. Chief executive Octavian Patrascu attributed the weaker EBITDA to seasonal effects and the deliberate increase in marketing ahead of Q4.
NAGA's nine-month EBITDA of EUR 5.9 million is already above the EUR 3.7 million recorded in its audited 2025 accounts. Revenue for the nine months was EUR 40.5 million, although quarterly revenue has fallen in each period this year, from EUR 14.4 million in the first quarter. On 14 October, alongside final first-half net income of EUR 1.1 million, NAGA retained its 2026 forecast. Its third-quarter release did not refer to that outlook.
- Meeting the EUR 68 million to EUR 75 million revenue range requires EUR 27.5 million to EUR 34.5 million in Q4, or 2.2 to 2.7 times third-quarter revenue. The EUR 10 million to EUR 15 million EBITDA range requires EUR 4.1 million to EUR 9.1 million in Q4, against EUR 1.35 million in Q3, calculations by Finance Magnates show.
- In October, NAGA raised $8 million from Presto and MDream through a convertible bond. The company said the financing provides additional financial flexibility. If consolidated revenue does not reach at least $75 million and operating cash flow at least $13.5 million in months 13 to 24 after issuance, holders can choose repayment or conversion at $1.50 a share.
- In an August 6 note, NuWays analyst Simon Keller lowered his 2026 sales estimate to EUR 60 million from EUR 64.4 million, below NAGA's guidance floor.
The integration question
For platform and operations teams, the release leaves implementation details to establish. How will the planned NAGA One services connect trading and investing with payments and crypto? What migration path will apply to NAGA Pay users, personal IBAN accounts and debit cards, and when will crypto services join the first version?
Operators will also need clarity on how balances and activity across those services are reconciled and reported, and where controls for crypto and social trading sit in the customer workflow. The company has not set out those details here. The immediate checks are the app's delivery scope, its dependencies on existing systems and the operational work required to support the expanded product set.
