NAGA Earnings Signal Industry Stress Amid Low FX Volatility

Frankfurt — NAGA Group (XETRA: NG4) has reported a significant contraction in its 2025 earnings, citing structural headwinds and a low-volatility environment that may indicate wider challenges for the retail Forex brokerage industry.

Key Financial Data

• 2025 Group Revenue: EUR 62.4 million
• 2025 EBITDA: EUR 3.3 million (down from EUR 9 million)
• Adjusted EBITDA: EUR 4.7 million
• 2026 Revenue Outlook: EUR 68 million to EUR 75 million

Financial Contraction

The fintech company ended 2025 with group revenue of EUR 62.4 million, effectively flat compared to the previous year. However, profitability took a substantial hit, with EBITDA falling to EUR 3.3 million from EUR 9 million a year earlier. Even when adjusted for foreign exchange fluctuations, EBITDA stood at only EUR 4.7 million, underscoring the pressure on margins.

Market Conditions Weigh on Performance

Management attributed the weak performance to historically low levels of market volatility throughout 2025. According to the company, one-sided market movements compressed spreads and reduced the efficacy of diversified trading strategies, such as copy trading, which typically drive platform engagement.

Strategic Pivot to AI

Looking ahead to 2026, NAGA has issued a bullish outlook, projecting revenue between EUR 68 million and EUR 75 million. The company plans to adopt an AI-first approach across operations and marketing to drive efficiency. This move mirrors similar pivots by competitors like FXCM and eToro, though analysts remain cautious about whether these technological shifts can fully offset the dampening effects of a low-volatility macro environment.