NAGA’s 2025 Profits Slide as Low-Volatility Markets Squeeze Trading Activity

By Staff Writer

12th Feb 2026

Brokers

Brokers

Key Takeaways

• NAGA’s EBITDA dropped sharply in 2025 to €3.3m (from €9.0m) as low-volatility markets weighed on trading activity.
• Revenue stayed broadly flat at €62.4m, though FX-adjusted revenue rose 3.5% to €65.4m.
• The group boosted marketing spend and grew funded clients, while completing the CAPEX integration and targeting a profitability push in 2026.

NAGA Group reported their preliminary results for 2025, showing that profitability fell sharply despite stable revenue and a growing client base.

The company said group revenue came in at €62.4 million, broadly flat versus €63.2 million in 2024. On an FX-adjusted basis, revenue increased 3.5% to €65.4 million, but that improvement wasn’t enough to offset a steep drop in earnings.

EBITDA fell to €3.3 million, down from €9.0 million a year earlier (FX-adjusted EBITDA was €4.7 million).

NAGA cited much of the pressure on a structurally difficult backdrop for online trading firms. The company pointed to historically low market volatility through much of the year, a key driver of retail trading volume, alongside extended one-directional moves in major asset classes, including precious metals.

Client Growth Improves, but Margins Still Disappoint

While profitability weakened, NAGA highlighted stronger acquisition metrics. Marketing spend rose 15.6%, helping drive a 37.5% jump in new funded clients, while cost per acquisition improved, falling 15.9%. The company also reported a 6.4% increase in average revenue per user, stable deposit levels year-on-year, and a 21% decline in withdrawals, which it framed as a sign of deeper engagement.

NAGA also completed the full operational integration of CAPEX Group during 2025, saying synergies have already reduced its operating expense run-rate, with further benefits expected in 2026.

“Heavy lifting is done” Management Says

CEO Octavian Patrascu described 2025 as the second year of post-merger transformation, citing management restructuring, system digitisation, and new internal processes. He said the group is now looking to shift to an “AI-first” approach across marketing, operations and execution.

NAGA added that 2026 has started strongly across key metrics, supporting a more optimistic outlook, though after a significant EBITDA drop in 2025, investors will likely be watching closely for proof that improved acquisition efficiency and integration savings can translate into a meaningful profitability rebound.

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