LAIQON AG

Latest Results (03.02.2026):

LAIQON AG — H1 2025 (first half 2025): Results mixed but progress toward profitability. Total revenues rose ~13.8% to €17.6m (First Berlin est. €17.5m), helped by €2.8m in state grants; underlying revenues excluding grants were broadly flat. EBITDA loss narrowed to around -€0.8m (H1/24: -€2.95m), with one-off MainFirst transaction costs of ~€0.2m. Assets under management (AuM) jumped to €9.75bn as of August 2025 following the MainFirst asset acquisition, and management confirmed AuM targets for 2025 and 2028 while issuing first-time 2026 revenue/EBITDA guidance.

Top-line and composition

Total group revenues increased to ~€17.6m (+13.8% YoY). State research grants of €2.8m were the main driver; gross revenues ex-grants were €14.2m and broadly stable versus prior year. Segment revenues: Asset Management €8.1m, Wealth Management €3.9m, Digital Wealth €1.0m, Group/legacy €1.1m.

Profitability

EBITDA improved to about -€0.8m (versus -€2.95m in H1/24). Reported H1/25 EBITDA was slightly below the broker forecast (≈-€0.5m) due to ~€0.2m one-off transaction costs for MainFirst. On a pro forma basis (including MainFirst mandates from 1 Jan), H1/25 EBITDA would have been positive at ~€1.4m, indicating near-term earnings potential.

AuM and outlook

AuM rose sharply to €9.75bn as of August 2025, driven mainly by the acquisition of >€2.1bn in fund assets from MainFirst and new distribution wins. Management reaffirmed year-end 2025 AuM guidance of €10–11.5bn and a >€15bn target for 2028.

2026 guidance

LAIQON published 2026 guidance for the first time: revenues of €53–58m and EBITDA of €4.5–7.5m, with stronger growth expected in H2. Management also signalled an ambition to be dividend-ready from FY26 (first possible payout to be proposed at the 2027 AGM).

Strategic developments

Key strategic drivers: (1) integration and asset addition from MainFirst, (2) Union Investment white‑label partnership (“WertAnlage”) now in >80 cooperative banks and ~€200m AuM from Union and Volksbank partnerships, and (3) planned launch of an actively managed, AI‑driven UCITS ETF in December 2025 with a top‑5 ETF provider.

Analyst view & valuation (as reported)

First Berlin notes continued improvement but a slightly slower path to profitability than expected, trimmed near‑term forecasts and maintained a Buy rating with a price target of €10.50 (published 16 Sept 2025). The note highlights mid‑to‑long‑term confidence driven by MainFirst, Union and the ETF launch.