NAGA Group’s audited figures have pushed its 2025 EBITDA 12 per cent higher than the preliminary numbers, to EUR 3.7 million. The preliminary figure, published last February, was EUR 3.3 million.
The audited revenue came in at EUR 62.4 million, lower than the previous year’s EUR 63.2 million, while the FX-adjusted figure was EUR 65.4 million.
NAGA Is Profitable
Interestingly, NAGA also closed its first profitable quarter in the first three months of 2026, with half a million euros in net profit. EBITDA for the period came in at EUR 2.3 million, while the EBITDA margin also improved to 15.8 per cent from 6.1 per cent a year earlier.
“The audited financial statements for 2025 confirm the successful completion of an important transformation phase for NAGA,” said Octavian Patrascu, CEO of The NAGA Group. “The strong start to 2026 demonstrates that these efforts are translating into tangible financial results.”
Recently, NAGA also secured a MiCA licence, which cements its crypto ambitions for continental Europe.
“A Leaner” Model
2025 was also an important year for NAGA after its merger with the former CAPEX Group. The integration of platforms, processes, and teams is now complete, optimising NAGA’s operating model and reducing its cost base while continuing to invest in future growth.
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Patrascu also highlighted that the integration has made NAGA “a leaner, more efficient, and increasingly scalable operating model.”
Meanwhile, the audited figures also showed that NAGA's marketing investment increased by 15.6 per cent. The higher spend was also reflected in a 37.5 per cent increase in new funded accounts, while reducing customer acquisition costs by 16.5 per cent.
Interestingly, NAGA has positioned itself as a super app under the Naga One brand. This appears to be the aim of other big players as well. CMC has publicly put forward its three-phase plan to roll out Super App features, while IG is also pursuing a similar ambition.
