^ 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 EUR 62.4m (-1% yoy), below our estimates of EUR 64.4m, but in line with the reduced guidance of EUR 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. EUR 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 EUR 3.3m (-61% yoy vs eNuW: EUR 4.6m), which is at the lower end of the guidance range of EUR 3-6m, clearly caused by the FX effects that burdened topline. While marketing spending increased by 18% to EUR 28.2m, overall OPEX (ex marketing) declined slightly from EUR 22.7m to EUR 21.7m (vs eNuW: EUR 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 EUR 68-75m and EBITDA of EUR 10-15m. While the topline is in line with our expectation (eNuW: EUR 70.3m), the EBITDA guidance looks ambitious (eNuW: EUR 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 EUR 9.50 based on DCF.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=718cb607d6a354b9624ea27b8fb95615 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 ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. View original content: https://eqs-news.com/?origin_id=d07326c0-1089-11f1-8534-027f3c38b923&lang=en

---------------------------------------------------------------------------

2279606 23.02.2026 CET/CEST

°

Quelle: dpa-Afx