NAGA Cites “Structural Headwinds” as 2025 Revenue Holds Steady, but EBITDA Falls

NAGA Group (XETRA: NG4), which has merged with the former CAPEX Group, ended 2025 with group revenue of EUR 62.4 million, compared with EUR 63.2 million in the previous financial year. However, the FX-adjusted figure rose 3.5 per cent to EUR 65.4 million.

Its EBITDA for the year came in at EUR 3.3 million, compared with EUR 9 million a year earlier. The FX-adjusted figure was EUR 4.7 million. It cited "structural headwinds" affecting the numbers, while noting the group maintained positive EBITDA and expanded its client base.

A “Structurally Challenging” Year for the Industry

According to the company, 2025 was “structurally challenging” for the entire trading industry. “Historically low levels” of market volatility throughout much of the year impacted its trading activity and revenue generation.

“One-sided market movements compressed spreads and reduced copy trading activity, as fewer opportunities arose for the diversified trading strategies that typically drive platform engagement,” NAGA noted, stressing that the market conditions were beyond its control.

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Meanwhile, the company increased its client acquisition efforts, which was directly reflected in its marketing spending. Its marketing expenses for the year rose 15.6 per cent, resulting in 37.5 per cent more new funded clients at 15.9 per cent lower cost per acquisition.

By the end of 2025, the platform had over 2.5 million users, with more than 180,000 funded clients globally.

It also managed to push average revenue per user up by 6.4 per cent. Client withdrawals on the platform also went down by 21 per cent.

Can It Adhere to Its Outlook?

The company’s outlook, however, appears bullish. It expects group revenue between EUR 68 million and EUR 75 million, while EBITDA is expected to range between EUR 10 million and EUR 15 million.

“In 2026, we are pushing to an AI-first approach across marketing, operations, business growth, and execution,” said Octavian Patrascu, CEO of The NAGA Group.

NAGA's AI-first strategy aligns with broader industry trends, though other brokers, such as FXCM and eToro, cited AI use in their operations to justify large layoffs. However, it appeared to be AI-washing, with struggling eToro shares and Tradu, the sister brand of FXCM, recently shutting its CFD offerings.