Mixed Q1 Results for THE NAGA GROUP AG, Outlook Remains Optimistic

The NAGA Group AG reported mixed Q1 results for 2026, with revenues slightly underwhelming due to currency fluctuations, while profitability showed strength. Revenues reached €14.4 million, down 12% year-over-year, attributed to adverse currency exchange impacts. Despite this, key performance indicators such as active customers, trading volume, and new first-time deposits saw significant increases, partly driven by volatile market conditions in March.

The company achieved an EBITDA of €2.3 million, marking a 130% year-over-year increase, thanks to controlled operational costs. This resulted in a net profit of €0.5 million, representing the first positive Q1 profit in NAGA’s history. While the strong March momentum is expected to continue into Q2, the annual revenue target of €68-75 million remains ambitious.

The introduction of new product features, like AI-marketing campaigns and the NAGA Portal, is anticipated to bolster future performance, but immediate caution is advised. The recommendation to buy remains, with a target price of €9.50 based on discounted cash flow analysis.