Frankfurt-listed brokerage group NAGA saw revenues of €32.2m in the first half of the year.
The company announced its results in a note published on its investor relations site on Wednesday morning.
That top line revenue number was close to flat on the first half of last year, when revenue was €31.6m.
The results mirror what we’ve seen elsewhere in the online trading industry, with brokers Plus500 and eToro seeing similar revenue figures to 2024 in their most recent financial statements.
However, NAGA’s results were more interesting because of the change in earnings.
Although revenue rose by 2%, EBITDA was up almost 10% to €3m.
The broker also said its EBITDA margin grew to 9.3% – a near 7% increase on the equivalent period in 2024.
This was despite the fact that broker actually spent more on marketing initiatives in the first six months of this year than it did in 2025.
NAGA Group CEO Octavian Patrascu attributed the higher EBITDA and margin levels to operational synergies that the company has accrued over the last 12 months.
NAGA merged with rival broker CAPEX.com last year, with the broker now operating predominantly under the NAGA brand globally.
“The first half of 2025 remained consistent to our plan: while holding firm on operational discipline we have invested decisively in growth,” said Patrascu. “The synergies merging two companies are evident in the year-on-year increases in revenues and EBITDA. In turn, these improvements give us the financial flexibility to allocate even more resources to marketing for the next stage of growth.”
