NAGA Group AG reported broadly stable third-quarter revenue of EUR 12.7 million while deliberately increasing marketing spend by 32% to fuel customer acquisition and prepare for the imminent launch of its unified trading and payments platform, NAGA One. The Hamburg-based fintech group, listed on XETRA under ticker N4G, posted net revenue growth of 2.2% quarter-over-quarter to EUR 12.1 million, even as EBITDA declined to EUR 1.35 million from EUR 2.24 million in Q2 due to seasonal headwinds and the elevated marketing investment.
- Q3 Group Revenue: EUR 12.7 million
- Q3 EBITDA: EUR 1.35 million (10.6% margin)
- Nine-Month EBITDA: EUR 5.9 million, exceeding the full-year 2025 result of EUR 3.7 million
- Customer Deposits: EUR 23.6 million, up 4.8% quarter-over-quarter
- Trading Volume: EUR 57.8 billion, up 52% quarter-over-quarter
- Conversion Rate: Improved to 7.8% from 7.3%
Revenue remained broadly stable in Q3, while net revenue and key customer metrics improved. EBITDA was lower than in Q2, reflecting seasonality and our deliberate decision to increase marketing investment ahead of Q4. We are preparing for the planned launch of NAGA One and investing in customer acquisition to support the next phase of growth.
– Octavian Patrascu, CEO of The NAGA Group AG
Despite a decline in new registrations, the company demonstrated improving unit economics. First-time depositors rose 4.4% quarter-over-quarter, while customer deposits and trading volume both climbed substantially. Through the first nine months of 2026, NAGA generated EUR 40.5 million in group revenue, already positioning the company to exceed its full-year 2025 performance. The platform serves over 2.5 million registered users across more than 100 countries and operates under multiple regulatory licenses.
NAGA One, the company’s marquee Q4 launch, will consolidate trading, stock and ETF investing, cryptocurrencies, social trading, and neo-banking functionality into a single application. The strategic push comes as the company strengthened its financial position in October through a USD 8 million convertible bond placement from investors Presto and MDream, bolstering capital for growth initiatives and product development. NAGA Group AG is a publicly listed German fintech company operating a multi-asset SuperApp with integrated VISA card functionality and advanced social trading features.
Octavian Patrascu, CEO of The NAGA Group AG. Source: LinkedIn
