Last week, NAGA reported final FY24 figures that came in slightly above prelims on top and bottom line. Further, the company reported preliminary Q1 figures.

• FY24 Sales came in at € 63.2m (-18% yoy), above preliminary sales of € 62.3m. The decline compared to the previous year is mainly coming from the closure of loss-making non-core subsegments. FY24 EBITDA stood at € 9.0m (6% yoy vs € 8.5m preliminary EBITDA) resulting in an EBITDA-margin of 14.3% (vs 11.5% in FY23), thanks to higher synergy effects from the merger and increasing operational and marketing efficiency.

After the transition year 2024 that was mainly characterized by integration, automation and efficiency processes, NAGA restarted its growth engine in 2025. First measures such as the cooperation with BVB and Mike Tyson were already taken in Q4´24 and Q1´25. First effects on the topline were already visible in Q1 figures:

• Q1´25 sales of € 16.4m (7% yoy) carried by increased avg daily trades per customer of 2.31 (vs 2.09 in Q1´24) and an increased CLV of € 3,290 (vs € 2,880 in Q1´24). EBITDA came in at € 1.0m, burdened by increased marketing spending that should start to materialize within the next quarters, visible in growing topline and scale effects.

In order to fuel topline growth, NAGA is expected to further ramp-up marketing expenses (according to the guidance by >50% yoy in FY25e and another 18% yoy to € 39m in FY26e). As a result, management is expecting topline growth of 19% to € 74m in FY25 (eNuW: € 77.3m) and another 32% to € 97.8m in FY26 (vs eNuW: € 92.7m). Thanks to expected further synergies, efficiency and scale effects, EBITDA should increase to € 12.5m in FY25 (vs eNuW: € 12.4m) and € 27.6m in FY26 (vs eNuW: € 19.1m) implying margins of 17% and 28%.

With Q1 figures the company delivered a solid start into the year. Nevertheless, it needs further sequential improvement to achieve the guidance. We are convinced that the management took the right measures and see the company on track to deliver.

BUY with an unchanged PT of € 1.20 based on DCF.