Corporate news

– NAGA, The FutureDear Shareholders,In this first direct communication to you, I would like to reflect and take stock of the past as well as give you our vision for the future. NAGA has crossed many milestones in the last 3 years: by year-end 2022, we had welcomed more than 90,000 customers on our platforms, delivered in 2021 (2022 figures to follow shortly) revenue growth to EUR 53 million, up from EUR 7.6 million in 2019 yielding a 690% growth, and extended our market share despite aggressive competition as well as a tightening regulatory framework.We are not as bold as saying that everything that happened in the past 3 years has been perfect but at least our decisions have been ours and we have owned them. We feel that we understand the users of the future and all that drives them. There are more people and there is more wealth on this planet right now than ever before and they all want the same thing: a community, social, mobile, tech, access to financial opportunity, payments at their fingertips, share with each other and learn from each other. NAGA brings this future here, today. Through our unique technology, user experience, robust regulation and reputation, we aim to accelerate our growth and by doing so, hope to create a powerful and long- lasting brand, both in established and large but also in emerging markets.We have a window of opportunity as larger players mobilize resources to pursue the technology route, but they have not been where we have and they cannot fathom the depth of our maturity both from a marketing and tech perspective as well as from a regulatory and compliance one. Our goal is to move quickly to solidify and extend our current position whilst we pursue serious acquisition opportunities and welcome them to our family, to our unique ecosystem and technology. NAGA is built for that and is part of our vision as we become a global powerhouse. This strategy is not without risk however: it requires serious investment and crisp execution against established leaders.Protect the short term, focus on the long termWe believe that a fundamental measure of our success will be the shareholder value we create over the long term. This value will be a direct result of our ability to extend and solidify our current market position. The stronger our market share, the more powerful our economic model. A strong Market position can translate directly to higher revenue, higher profitability and subsequently stronger returns on invested capital.Our journey has entered maturity stage. Long Term strategy and maturity requires us to weigh decisions differently than other companies. Accordingly, we want to share with you our fundamental management and decision-making approach so that you, our shareholders, may confirm that it is consistent with your investment philosophy:<ul><li>We will continue to focus on the healthiness of our regulatory compliance status, even if it means sacrificing short term revenues.</li><li>Our investment decisions will be based on a long-term market leadership vision rather than a short-term profitability one.</li><li>We will continue to work hard to achieve a lean culture this year and we will remain focused on it. We understand the importance of continuously reinforcing a cost-conscious culture, particularly because our business incurred net losses in the last years.</li><li>We will continue to measure our marketing approach to different markets and the effectiveness of our investments in that respect, to cut those that do not provide acceptable returns and to step up our investment in those that work best. We will continue to learn from both our successes and our failures.</li><li>We will make bold decisions where we see a sufficient probability of gaining market share. Some of these investments will pay off, others will not, and we will have learned another valuable lesson in each case.</li><li>We will continue to focus on hiring and retaining passionate and talented employees and focus on switching part of their compensation to stock options rather than cash, something currently not in place. We believe our success will be largely affected by our ability to attract and retain a motivated employee base, each of whom must think like and therefore must be, an owner.</li></ul>Our Employees, our SoulThe past year’s success is the product of a talented, smart, hard-working group, and I take great pride in being a part of this team. Setting the bar high in our approach to hiring has been and will continue to be, the single most important element of NAGA’s success.It’s not easy to work at NAGA, but we are working to build something important, something that matters to the world and its people, something that we can all tell stories about. Such things aren’t meant to be easy and are quite often, the subject of criticism. We are incredibly fortunate to have this group of dedicated employees whose sacrifices and passion build NAGA.These proud individuals are the embodiment of the six words that make up our culture:• Passion, Excellence, Sustainability, Leadership, Commitment, Humility.This is who we are, this is what we stand for.Our journey in 2023 and beyondWe will continue to focus on strategic investments to meet the expanding market opportunity. Though we are optimistic, we must remain vigilant and maintain a sense of urgency. Competition is fierce, capable, and well-funded. The goal remains and is clear: Continue to solidify and extend our brand and customer base.This will be achieved via the following 5 set strategic pillars:<ol style="list-style-type:decimal;"><li>Focused expansion in Emerging Markets, from Africa to the Middle East, to Southeast Asia and then across the Globe to Latin America</li><li>Maintain and reinforce our European business from a product and regulatory perspective as we have a strong brand in Europe and an excellent reputation.</li><li>Targeted Acquisitions to accelerate our global footprint and access localized knowledge and expert talent as well as bigger revenues, faster.</li><li>Expansion of our Licensing map so that we are allowed to offer our unique suite of products to as many customers possible in the minimum amount of time.</li><li>Continue to attract the best talent from all over the world to add to our Senior Executive Team and to our Board so they can advise and guide us in our journey into the future.</li></ol>We feel good about what we created and about what we have done thus far but even more excited about what we are about to do. We have had 3 incredible years filled with achievements, learnings and often pain. We are grateful to our customers for their business and trust, to each other for our hard work, and to our shareholders for their support and encouragement.As one may witness on the wallpaper in my own office, The Future is NAGA!Michael Milonas Chief Executive Officer

NAGA has crossed many milestones in the last 3 years: by year-end 2022, we had welcomed more than 90,000 customers on our platforms, delivered in 2021 (2022 figures to follow shortly) revenue growth to EUR 53 million, up from EUR 7.6 million in 2019 yielding a 690% growth, and extended our market share despite aggressive competition as well as a tightening regulatory framework.

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Letter from our Group CEO

Hamburg, July 11th, 2023 – The NAGA Group AG (XETRA: N4G, ISIN: DE000A161NR7), operator of the neo-broker NAGA, the cryptocurrency platform NAGAX and the neo- banking app NAGA Pay, is publishing its preliminary HY1 2023 figures.NAGA is pleased to announce a successful first half year, with revenue of EUR 19.5 million and preliminary EBITDA of EUR 2.3 million for HY1 2023. This marks a significant improvement in performance, with a significant reduction in costs compared to HY1 2022.The company has achieved impressive growth, with 4.9 million trades and a trading volume of EUR 69 billion in the first semester of 2023. Additionally, the number of active traders has increased by 22% compared to the same period last year, and assets under custody have grown by 48%.Looking ahead, NAGA plans to expand internationally, further capitalizing on its success. As Sam Chaney, Chief Commercial Officer of NAGA, stated, “We are thrilled with our performance and future growth prospects. Our focus on cost reduction and improved core KPIs has positioned us well for continued success in the global market.”In HY1 2023, although NAGA significantly decreased its direct marketing expenditure, the impact on the number of new clients depositing for the first time with NAGA was much smaller, whilst the average deposit size from these new clients has nearly doubled compared to 2022, indicating an increased attraction of better-quality depositors.“2023 will be a steppingstone into the future for NAGA. We are extremely satisfied with the turnaround that occurred during the first half year of 2023 and this is confirmed by the preliminary results of the first six months of 2023. Our cost base has been significantly optimized leading to a positive EBITDA compared to last year. Both the teams and management, have and still are collectively striving with one common goal and that is to make NAGA profitable. Our costs are very much under control, and we are now running a much leaner operation. We have reassessed our strategy and have now shifted our attention to global growth, new acquisitions, and expansion of our license base which will make NAGA a strong brand and give a solid footprint in new markets. We are very proud of this joint effort and will overcome any obstacle that may head our way. Challenges will only make us stronger”, commented the CFO of NAGA, Christos Charalambous.With a solid client base in Europe, NAGA plans to expand their client footprint globally. NAGA’s, neo-brokering solutions provide the perfect tools for clients of all levels to trade the financial markets."Expanding our business globally is not just a goal; it's a mindset. We believe that innovation knows no boundaries, and by embracing diverse markets, cultures, and perspectives, we can create a truly global ecosystem for our customers. Together, we will forge new alliances, seize exciting opportunities, and unlock the immense potential of the digital economy. Let's redefine the way the world trades and invests, one step at a time.", further commented the CCO of NAGA.NAGA’s newly appointed Group CEO, Michael Milonas, has explained his vision for NAGA both in terms of brand positioning and growth as well as new strategic direction in his first letter addressed to the Group’s Investors, which can be found here:<a href="https://files.naga.com/Letter-from-our-Group-CEO-EN.pdf?lang=en">(English version)</a><a href="https://files.naga.com/Letter-from-our-Group-CEO-DE.pdf?lang=de">(German version)</a> &nbsp;About NAGA NAGA is an innovative fintech company that seamlessly connects personal finance transactions and investments through its social proprietary trading platform. The company's platform offers a range of products from stock trading, investments and cryptocurrencies to a physical VISA card. Additionally, the platform allows for exchanges with other traders, provides relevant information in the feed, and autocopy features for successful members' trades. NAGA is a synergistic total solution that is easily accessible and inclusive. It provides an improved foundation to trade, invest, network, earn and pay. This applies to both fiat and crypto products.

NAGA is pleased to announce a successful first half year, with revenue of EUR 19.5 million and preliminary EBITDA of EUR 2.3 million for HY1 2023. This marks a significant improvement in performance, with a significant reduction in costs compared to HY1 2022.

NAGA reports a profitable first half year and a reduction in cost base. EUR 19.5 million revenue and EUR 2.3 million preliminary EBITDA for HY1 2023.

London and Hamburg, August 9th, 2023 - Frankfurt listed, German Fintech company The NAGA Group AG (XETRA: N4G, ISIN: DE000A161NR7), operator of the All-in-One Financial Super App, announces a ground-breaking partnership with Rezolve AI Limited. The integration of Rezolve's AI platform, 'Brain', into NAGA's proprietary technology and its social trading app, 'NAGA Trader’ as well as ‘NAGA Pay’ is set to redefine NAGA current and new users experience, provide real time personalised and intelligent market analysis, enhance trading proficiency as well as automate payments across multi languages.NAGA provides an online social trading platform (both Web and App) for Social Trading, allowing its users to invest in different assets such as currencies, stocks, ETF’s, commodities and crypto all together with its own unique ePayments solution. Rezolve’s 'Brain', with its advanced AI algorithms, machine learning, and its NLP engine (natural language processing) capabilities, will enhance NAGA’s ability to offer NAGA users a unique AI experience that is set to revolutionise the traditional way of experiencing online social trading and mobile payments.NAGA users will be able to converse with 'Brain' in any one of 95 languages, as naturally as communicating in real time to a human stockbroker over the phone. They can gain a deep understanding and personalise market trends and insights, receive invaluable guidance for making smart investment decisions, and learn how to optimally use NAGA's social trading platform. This multilingual capacity not only enhances NAGA user experience but also widens NAGA’s global user base.Benjamin Bilski, CIO of NAGA comments: “The timing for this partnership is just perfect. We have been preparing our data infrastructure and indexing capabilities to plug it in with advanced AI language models for months and using 'Brain' transforms our vision into reality. Implementing 'Brain’s AI into NAGA will further automate our client’s journey and lead to the highest degree in personalization. Users will intuitively understand NAGA social trading platform and their own trading performance better than ever before. In addition, NAGA’s unique social graph allows traders to benchmark their performance with other traders automatically. From this day on, our ability to connect real-time market data, economic events, and news intelligently with our users’ portfolios, positions us and gives us a genuine USP over competitors.”<figure class="media"><div data-oembed-url="https://youtu.be/H6Tq1J_XKro"><div style="position: relative; padding-bottom: 100%; height: 0; padding-bottom: 56.2493%;"><iframe src="https://www.youtube.com/embed/H6Tq1J_XKro" style="position: absolute; width: 100%; height: 100%; top: 0; left: 0;" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen=""></iframe></div></div></figure>Michael Milonas, CEO of NAGA, expresses his enthusiasm about this partnership, stating: "By integrating Rezolve's 'Brain' into NAGA, we are enhancing our platform with unprecedented intelligence and accessibility. This is a significant step towards our mission to build a truly unique, global, tech based and now AI driven financial All-in-All Super App that is second to none and in doing that, strive to deliver shareholder value. The future is truly, NAGA!" Dan Wagner, CEO of Rezolve, echoes this sentiment, adding, "Our collaboration with NAGA is a testament to our commitment to revolutionising industries with AI. With 'Brain’s integration, NAGA users can engage in intuitive, conversation-based interactions, unlocking insights and making data-driven decisions. We're excited about setting a new standard in the online trading landscape."The introduction of Rezolve’s 'Brain' into NAGA social trading platform marks an exciting development in the fintech sector, as AI and human insights converge to offer superior multilingual trading experiences.For more information about NAGA and its use of Rezolve's 'Brain', which is expected to go live in Q4 2023, please visit <a href="https://group.naga.com">www.group.naga.com</a>

NAGA provides an online social trading platform (both Web and App) for Social Trading, allowing its users to invest in different assets such as currencies, stocks, ETF’s, commodities and crypto all together with its own unique ePayments solution. Rezolve’s 'Brain', with its advanced AI algorithms, machine learning, and its NLP engine (natural language processing) capabilities, will enhance NAGA’s ability to offer NAGA users a unique AI experience that is set to revolutionise the traditional way of experiencing online social trading and mobile payments.

The All-in-One Financial Super-App