LAIQON AG

Latest Results (22.12.2025):

LAIQON AG — H1 2025 (first half of 2025): LAIQON reported mixed H1 2025 results with total revenues up ~13.8% to €17.6m (driven largely by €2.8m in state grants), underlying revenues (ex‑grants) broadly flat, EBITDA losses narrowed to about -€0.8m, and assets under management (AuM) rising sharply to €9.75bn as of August 2025. Management confirmed AuM targets for 2025 and 2028 and issued first-ever 2026 revenue/EBITDA guidance while continuing strategic roll‑outs (MainFirst integration, Union partnership, planned AI ETF).

Top line and underlying revenues

Total reported revenues rose to ~€17.6m (H1/25), but gross revenues excluding grants were €14.2m (slightly below prior-year €14.8m), indicating the core business was essentially flat absent one‑off/state grant income.

Profitability / EBITDA

EBITDA improved to approximately -€0.8m (H1/25) versus -€2.95m a year earlier; the quarter included ~€0.2m of transaction costs related to the MainFirst acquisition. On a pro‑forma basis (including MainFirst mandates from Jan 1) H1 EBITDA would have been roughly +€1.4m.

AuM and inorganic growth

AuM climbed to €9.75bn (Aug 2025), largely reflecting the acquisition of >€2.1bn in fund assets from MainFirst. Management reiterated year‑end 2025 AuM guidance of €10–11.5bn and a >€15bn target for 2028.

2026 and 2028 guidance

For the first time LAIQON gave forward guidance: 2026 revenues of €53–58m and EBITDA of €4.5–7.5m. For 2028 the company targets AuM >€15bn, revenues >€82m and EBITDA >€27m.

Business segments

H1 segment revenues: Asset Management €8.1m (‑1% YoY), Wealth Management €3.9m (stable), Digital Wealth €1.0m (‑4% YoY); Group/legacy revenues continue to decline. Performance fees recovered to €1.5m (H1/24: €0.9m).

Partnerships and product roadmap

Strategic distribution is expanding: the Union Investment white‑label solution "WertAnlage" is live in >80 cooperative banks and has generated ~€200m AuM from partnerships to date. LAIQON plans to launch Europe’s first actively managed AI‑driven UCITS ETF (December 2025) in cooperation with a top‑5 ETF provider.

Analyst view / valuation (from the report)

First Berlin’s note keeps a Buy rating and a DCF‑based price target of €10.50 per share (published 16 Sep 2025), while downgrading near‑term forecasts to reflect slower margin pick‑up despite the positive strategic developments.

Risks & near‑term visibility

Key near‑term risks include limited visibility on 2025 revenue/EBITDA (company gave no 2025 financial guidance), integration and transaction costs from MainFirst, reliance on successful scaling of Union and ETF distribution, and general market / client risk cited by management.