The publicly listed NAGA Group AG (XETR: N4G) continued its growth trajectory in the first half of 2025, posting modest revenue gains while ramping up marketing spending to attract new users to its “financial superapp”.

NAGA Group Revenue Rises 2% as Marketing Costs Increase

The Hamburg-based company reported revenues of EUR 32.2 million for the six months ended June 30, up 2% from EUR 31.6 million in the same period last year. Net revenues climbed 3% to EUR 28.9 million, while EBITDA jumped 8% to EUR 3.0 million despite higher marketing costs. This aligns with the results for the full year 2024, when NAGA reported revenue of 62 million euros.

NAGA has been deliberately increasing its marketing investments to drive long-term brand awareness and speed up user growth across its SuperApp platform. The company operates in over 100 countries and offers trading, investing, cryptocurrency services and banking features through a single app.

The revenue growth came alongside improved operational efficiency following last year's integration work. NAGA managed to cut costs in several operational areas, which helped offset the increased marketing spend and actually improved profit margins.

"The first half of 2025 remained consistent with our plan: while holding firm on operational discipline, we have invested decisively in growth," CEO Octavian Patrascu said. "The synergies of merging two companies are evident in the year-on-year increases in revenues and EBITDA."

NAGA vs Competitors

In the first quarter, Naga reported revenue of EUR 16.4 million, meaning that the total for H1 2025 suggests second-quarter results remained at a very similar level.

Other platforms positioning themselves as “all-in-one financial superapps” have also recently reported results for the first six months of the year, including newly listed eToro and Polish fintech XTB. In both cases, however, the figures were not well received by investors and shareholders.

You may also like: CFD Brokers NAGA and Swissquote Launch New Campaigns Ahead of Next Season

Margin Expansion Shows Operational Leverage

The company's EBITDA margin expanded to 9.3% from 8.8% in the prior year period, demonstrating that NAGA's unified technology platform is generating the expected cost savings.

Management reaffirmed its full-year guidance, expecting to return to 2023 revenue levels while achieving meaningful EBITDA margin improvements in the mid-double-digit range. The company plans to continue executing its One-Brand strategy while maintaining cost discipline.

N4G’s share price on the German exchange has fallen more than 90 percent from its all-time highs in 2021 and is now trading as a penny stock at just under EUR 0.7. The shares have been in a downward trend for the past four years, losing 33 percent in 2024 and nearly 6 percent in 2025.