NAGA Group Hits First Profitable Half-Year With 47% EBITDA Surge

NAGA Group's preliminary H1 2026 print, as reported by FX News Group, marks the Frankfurt-listed multi-asset broker's first profitable first half in its corporate history: EBITDA rose 47% year-on-year to €4.4 million on a reported basis, while net profit swung from a €2.6 million loss in the prior-year period to a €0.9 million gain. For our audience, this is less a fintech earnings story than a live read on the unit economics of the retail brokerage complex — and the print tells us the cost of acquiring a client is finally being reweighted across the sector.

The mechanics of the margin expansion

The headline numbers conceal a more interesting shape. FX-adjusted Group revenue actually contracted 12% year-on-year to €28.6 million, with reported revenue at €27.7 million against €32.3 million in H1 2025. What shifted was the cost stack. Marketing and branding expenses fell 25% to €11.2 million, dragging the marketing ratio from 46.5% to 40.5%, while personnel, technology, and operating costs declined 20% to €8.8 million. We read this as a deliberate culling of low-yield acquisition spend — a deliberate prioritization of long-term customer value over pure acquisition volume, in the company's own framing — rather than a cyclical revenue softness.

The channel mix is where the trade lives

The structural move sits in the revenue share generated through proprietary and more controllable channels, which climbed from 36% to 53% of Group revenue. Concurrently, Customer Lifetime Value rose 32% to €2,757 per client, while customer acquisition costs held broadly stable at €1,117 against €1,099 in H1 2025. The resulting CLV/CAC multiple expanded from 2.2x to 2.5x — a figure we consider material, as it indicates that incremental client cohorts are no longer subsidized by marketing. For traders mapping broker health, this is the ratio to anchor on, far more than the top line, and the cleanest sector signal yet that the retail FX complex is rotating from acquisition-led growth to retention-led profitability.

Guidance held; H2 sequencing is the watch

Management has maintained 2026 guidance of €68–75 million in Group revenue and €10–15 million in EBITDA, which implies that H2 must do the heavy lifting to validate the trajectory given the H1 run-rate. We will be watching three things through the back half of the year: the trajectory of FX-adjusted revenue in Q3, whether the marketing ratio holds below 41% as the NAGA One SuperApp scales, and any re-acceleration in the proprietary channel share toward the 55% threshold — a move that would compound the operating leverage narrative already expressed in the EBITDA margin's jump from 9.3% to 15.9%. Capital flows across the retail brokerage complex tend to front-run these pivots, and the H1 print gives us a defined set of price-and-fundamental levels to monitor as the year closes.