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The NAGA Group posts first profitable first quarter on cost cuts and efficiency gains

The NAGA Group reported its first profitable first quarter, with net profit of €0.5 million, as a leaner cost base and efficiency measures took effect. Revenue declined year on year, but EBITDA more than doubled and margins improved, supported by an AI-focused operating model.

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Market performance chart Q1 2026

The NAGA Group reported its first profitable first quarter on Thursday, posting net profit of €0.5 million as cost reductions and operational efficiencies began to feed through its business. The Hamburg-based multi-asset fintech behind the Naga One superapp highlighted a leaner cost base and technology-led initiatives as key drivers of the improvement.

Group revenue for the quarter came in at €14.4 million, compared with €16.4 million a year earlier. The company said that, adjusted for foreign exchange effects, sales were flat year on year. EBITDA rose to €2.3 million from €1.0 million, with the EBITDA margin increasing to 15.8% from 6.1% in the first quarter of 2025. The swing to net profit from a €1.7 million loss a year earlier was presented by management as evidence that operational changes implemented during 2025 were starting to show in the financial results.

Cost base, AI strategy and operating model

Management attributed the margin expansion to a more efficient operating model underpinned by a structurally lower cost base. The company cited technology-led initiatives, including AI-driven tools deployed across marketing, customer support and internal processes. CEO Octavian Patrascu said NAGA has been "pushing to an AI-first approach" since early in the year.

User growth and trading activity

On the operational side, NAGA reported 87,500 new user registrations during the quarter, up from 73,902 in the first quarter of 2025. New funded accounts, however, declined to 4,903 from 6,088, a decrease of about 19%. The company said this drop was partly offset by rising net deposits, lower client withdrawals and higher platform activity.

Reported trading volume reached $80.7 billion, compared with €47.3 billion in the same period of 2025. NAGA said March was the strongest month of the quarter for trading activity and provided positive momentum heading into the second quarter.

Peer comparison and outlook

The release noted that NAGA's figures contrast with those of larger listed CFD peers reporting around the same time. Plus500, the London-listed broker, recorded first-quarter 2026 revenue of $242.1 million, up 18% year on year, and EBITDA of $95.7 million at a 40% margin.

Management reaffirmed full-year 2026 guidance previously given alongside the 2025 annual results, maintaining a revenue target of €68 million to €75 million and an EBITDA range of €10 million to €15 million. The company also highlighted a newly signed distribution partnership and ongoing white-label discussions. "Q1 2026 marks an important step forward for NAGA," Patrascu said in the earnings release.

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Frequently Asked Questions

Common questions about this article

NAGA maintained its full-year 2026 targets of €68 million to €75 million in revenue and €10 million to €15 million in EBITDA.
Revenue declined to €14.4 million from €16.4 million, while EBITDA more than doubled to €2.3 million from €1.0 million, with the margin rising to 15.8% from 6.1%.
The NAGA Group reported net profit of €0.5 million for the first quarter of 2026, compared with a loss of €1.7 million a year earlier.

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