NAGA Group AG (XETRA: N4G), the publicly listed company behind the retail trading app NAGA, reported a 7% year-over-year (YoY) revenue increase in the first quarter of 2025, according to unaudited figures released today (Thursday).
NAGA Group Reports 7% Revenue Growth in Q1 2025
The Hamburg-based fintech saw group revenues climb to €16.4 million in Q1, up from €15.3 million in the same period last year. The growth was primarily driven by higher commission income, new client onboarding, and increased trading activity amid volatile global markets.
NAGA’s quarterly EBITDA stood at €1 million, down from €2 million in Q1 2024, with margin falling temporarily to 6% from 13% in the prior-year period. The company attributed the decline to a strategic increase in marketing expenditure, which rose by €1.6 million compared to Q1 2024.
| Financial Metrics (€ million) | Q1 2025 | Q1 2024 | Change (%) |
|---|---|---|---|
| Group Revenues | 16.4 | 15.3 | +7.0% |
| EBITDA | 1.0 | 2.0 | -51.4% |
| EBITDA Margin | 6.1% | 13.1% | -54.6% |
“With our quarterly reporting and our monthly updates, we are strengthening our capital market communication and offering the international investor community a high degree of transparency and clarity,” said Octavian Patrascu, CEO of NAGA Group. “As CEO, I have set out to truly create a new NAGA Group and show through action that we are leaving the past behind.”
This marks an improvement in performance after full-year 2024 revenues totaled EUR 62.3 million, compared to EUR 77.5 million in 2023.
Client metrics show mixed results
The company reported that newly funded accounts increased 6.5% to 6,088 in Q1 2025, up from 5,717 in the same period last year. Client lifetime value (CLV) also improved significantly, rising 14.2% to €3,290 from €2,880 a year earlier, indicating stronger user engagement and higher per-client revenue generation.
| User & Trading Metrics | Q1 2025 | Q1 2024 | Change (%) |
|---|---|---|---|
| New Registered Users | 73,902 | 88,892 | -16.8% |
| Newly Funded Accounts | 6,088 | 5,717 | +6.5% |
| Client Lifetime Value (€) | 3,290 | 2,880 | +14.2% |
| Avg. Client Acquisition Cost (€) | 1,204 | 801 | +50.3% |
| Daily Trades/Client | 2.31 | 2.09 | +10.5% |
| Copy Trades | 945,047 | 833,446 | +13.4% |
| Volume Traded (€ million) | 47,296 | 64,723 | -26.9% |
However, new registered users decreased to 73,902 from 88,892 in Q1 2024, a decline of 16.8% that the company said was anticipated due to a strategic shift from direct performance campaigns to broader brand-building initiatives.
Daily trading activity per client increased 10.5% to 2.31 trades, while copy trades rose 13.4% to 945,047. Total trading volume fell 26.9% to €47.3 billion, down from €64.7 billion in Q1 2024.
This does not fully align with the company’s statement just a week ago during the update of its SuperApp platform. At the time, Patrascu noted that actions taken in Q1 had contributed to an increase in new account openings and platform activity. However, it is possible that the positive shift occurred only after the first three months of 2025.
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Enhanced transparency initiative
As part of its expanded capital market activities, NAGA announced it will begin publishing regular interim announcements on quarterly results starting with this Q1 2025 report. The company will also disclose monthly key performance indicators on its website.
NAGA confirmed its 2025 financial outlook, stating it remains on track to return to 2023 revenue levels through “organic growth, efficient marketing spent, and operational focus.” Management expects a substantial improvement in EBITDA margin to reach the mid double-digit percentage range, supported by continued synergy realization across the group.