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THE NAGA GROUP AG (von NuWays AG): BUY 23.02.2026, 09:00 Uhr von EQS Research Jetzt kommentieren: 0

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The Naga Group 1,59 EUR -7,69 % Lang & Schwarz

Original-Research: THE NAGA GROUP AG - from NuWays AG

23.02.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.


Classification of NuWays AG to THE NAGA GROUP AG

Company Name: THE NAGA GROUP AG
ISIN: DE000A41YCM0
 
Reason for the research: Update
Recommendation: BUY
Target price: EUR 9.5
Target price on sight of: 12 months
Last rating change:
Analyst: Frederik Jarchow

Mixed FY25 prelims // Promising EBITDA guidance for FY26

NAGA recently reported preliminary FY25 figures that came in as a mixed bag with slightly softer than expected sales but stable OPEX. Further, the company provided a dnew guidance for FY26e. In detail:

Sales came in at € 62.4m (-1% yoy), below our estimates of € 64.4m, but in line with the reduced guidance of € 62-66m, published in December 2025. The comapny reached the only the lower end of the guidance due to FX-effects that amount to c. € 3m, related to the weak UDS. In general, topline in FY25 was burdened by a low average volatility environment that should have caused lower trading activity, that should have been been visible in a only flat number of closed trades (eNuW: 7.6m, vs 7.6m in FY24). Positively, number of registered users increased by 13% yoy and overall trading volume rose by 36% yoy to $ 334bn, hence, underlying platform attractiveness remained well perceived.

EBITDA stood at € 3.3m (-61% yoy vs eNuW: € 4.6m), which is at the lower end of the guidance range of € 3-6m, clearly caused by the FX effects that burdened topline. While marketing spending increased by 18% to € 28.2m, overall OPEX (ex marketing) declined slightly from € 22.7m to € 21.7m (vs eNuW: € 21.5m), driven by synergy effects from the merger and increasing operational efficiency and automation.

Overall 2025 was a rather disappointing year characterized by a low volatility environment that weighed heavy on trading activity and revenues. Still, management improved processes and increased automation as well as operational efficiency. With increased marketing spending in a low volatility environment, NAGA invested anti-cyclically in client acquisition using lower CPA. With that NAGA looks well prepared for a phase of higher volatility to restart its growth engine. Note that the full effects of improved processes and efficiency will be visible from FY26 onwards.

In light of a good start into 2026 (revenues in January up 117% yoy), NAGA provided a new outlook for FY26, now expecting to reach sales of € 68-75m and EBITDA of € 10-15m. While the topline is in line with our expectation (eNuW: € 70.3m), the EBITDA guidance looks ambitious (eNuW: € 9.5m). Still, a normalized volatility level throughout 2026 as well as certain volatility spikes would change the picture. Further, a full year lower cost run-rate following efficiency gains, should additionally increase EBITDA levels. Still, we remain cautious for the moment and leave some room for potential upside in our estimates.

We reiterate BUY with a unchanged PT of € 9.50 based on DCF.
 

You can download the research here: the-naga-group-ag-2026-02-23-previewreview-en-a09c7
For additional information visit our website: https://www.nuways-ag.com/research-feed

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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2279606  23.02.2026 CET/CEST

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