The NAGA Group reported its first profitable first half today (Wednesday), posting a net profit of €0.9 million for the six months through June, compared with a €2.6 million loss in the same period last year.
The group revenue came in at €27.7 million, down from €32.3 million in H1 2025. On an FX-adjusted basis, revenue fell 12% to €28.6 million. EBITDA rose 47% to €4.4 million from €3.0 million, lifting the margin to 15.9% from 9.3%. FX-adjusted EBITDA climbed 64% to €4.9 million, with a 17.1% margin.
NAGA attributed the improvement to lower marketing spend and a leaner cost base. Marketing and branding expenses fell 25% to €11.2 million, cutting the marketing ratio to 40.5% from 46.5%. Personnel, technology and operating costs dropped 20% to €8.8 million. The company said the share of revenue coming through proprietary, more controllable channels rose to 53% from 36%.
Customer lifetime value increased 32% to €2,757 per client, while customer acquisition cost stayed roughly flat at €1,117 versus €1,099 a year earlier. That put the CLV-to-CAC ratio at 2.5x, up from 2.2x in H1 2025.
Q2 Numbers Show a Step Back From Q1
The company's release covers the first half as a single block, but Finance Magnates reported NAGA's first-quarter figures separately in April: revenue of €14.4 million, EBITDA of €2.3 million at a 15.8% margin, and net profit of €0.5 million.
Subtracting those Q1 figures from the newly disclosed H1 totals puts second-quarter revenue at roughly €13.3 million, down from €14.4 million in Q1.
EBITDA for the latest three months works out to about €2.1 million for the quarter, versus €2.3 million in Q1, with the margin holding close to flat at around 15.8%. Net profit for the quarter comes to roughly €0.4 million, down from €0.5 million in Q1.
Read more: NAGA Group Pitches AI-First Model Ahead of Q1 Earnings as Xetra Shares Rebound
Cost Cuts Continue to Reshape the Business
CEO Octavian Patrascu said the first half showed the company's strategic repositioning was gaining traction, pointing to the shift toward long-term customer value over pure acquisition volume. "Our priority is long-term customer value, efficient growth and a platform that gains operating leverage as it scales."
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NAGA maintained its full-year 2026 guidance of €68 to €75 million in revenue and €10 to €15 million in EBITDA, the same range it set out alongside its 2025 annual results in June.
The company's Q1 results in April had already marked its first profitable quarter, following a 2025 in which NAGA cited what it called structural headwinds to explain a drop in annual EBITDA to €3.3 million from €9.0 million in 2024.
Meanwhile, NAGA also secured MiCA authorization for crypto-asset services across the EU in June, and the stock underwent a 10-for-1 reverse split in December 2025 after touching an all-time low of €1.31 in April.
