NAGA reported preliminary third-quarter 2026 EBITDA of €1.35 million, down 39.7% from €2.24 million in Q2, as it increased marketing ahead of a planned product rollout. The 22 October announcement put group revenue at €12.7 million, compared with €13.3 million in the preceding quarter.[1]
Sequential financial performance
| Measure | Q2 2026 | Q3 2026 | Change |
|---|---|---|---|
| Group revenue | €13.3m | €12.7m | −4.5%, calculated |
| EBITDA | €2.24m | €1.35m | −39.7%, calculated |
| EBITDA margin | 16.8% | 10.6% | −6.2 percentage points |
| Net revenue | Prior amount not separately reproduced | €12.1m | +2.2%, company-reported |
| Marketing expenditure | Comparison base | Amount not disclosed in release | +32%, company-reported |
The rise in net revenue alongside a fall in group revenue is not an arithmetic contradiction: they are different reported measures. Management attributes the lower EBITDA margin to increased marketing, but the release does not provide a full expense bridge isolating every contributor.[1]
Customer and activity measures
| Measure | Q3 result or sequential change |
|---|---|
| First-time depositors | +4.4% |
| Registration-to-depositor conversion | 7.3% to 7.8%; +0.5 percentage points |
| Customer deposits | €23.6m; +4.8% |
| Trading volume | €57.8bn; +52% |
Launch and financing remain separate from operating results
NAGA One, intended to combine trading, investments, cryptocurrency and payments, remained a planned Q4 launch in the release. The company also reported US$8 million in convertible-bond financing from strategic investors Presto and MDream in October. That financing is in dollars and is separate from the euro-denominated operating results.[1]
For January–September, NAGA reported €40.5 million of revenue and €5.9 million of EBITDA. Its comparison with €3.7 million of full-year 2025 EBITDA shows an absolute amount already exceeded, not a valid nine-month year-on-year growth rate.[1]
Sources & further reading
- The NAGA Group AG reports broadly stable Q3 revenue and increases marketing investment ahead of Q4 The NAGA Group AG · 22 Oct 2026 · Accessed 26 Oct 2026