LAIQON AG

Latest Results (02.05.2026):

LAIQON AG — H1 2025: results were mixed. Total revenue rose ~13.8% to €17.6m (driven by ~€2.8m in state research grants) while underlying revenues ex-grants were broadly flat. EBITDA losses narrowed to about -€0.8m (H1/24: -€2.95m), AuM jumped to €9.75bn (as of Aug 2025) driven by the MainFirst asset transfer, and the company issued its first 2026 revenue/EBITDA guidance while reiterating medium‑term AuM and 2028 financial targets. First Berlin keeps a Buy and a €10.50 price target.

Revenue

H1/25 total revenues €17.6m (+13.8% YoY) including €2.8m state grants; gross revenues ex-grants €14.2m and underlying (core) revenues broadly flat versus prior year.

Profitability / EBITDA

EBITDA loss narrowed to approx. -€0.82m (vs -€2.95m in H1/24). Report notes ~€0.2m of one-off transaction costs tied to the MainFirst deal; on a pro‑forma basis including MainFirst mandates from 1 Jan, H1/25 EBITDA would have been positive (~€1.4m).

Assets under Management (AuM)

AuM rose to €9.75bn as of August 2025 (up from ~€7.0bn mid‑year), mainly from the acquisition of >€2.1bn in fund assets from MainFirst. Company reiterates year‑end 2025 AuM target €10–11.5bn and >€15bn for 2028.

Segments

H1/25 segment revenues: Asset Management €8.1m (-1% YoY), Wealth Management €3.9m (~flat), Digital Wealth €1.0m (-4%); Group/legacy activities fell ~28% to €1.1m, reflecting run‑down of legacy lines.

Guidance

No revenue/EBITDA guidance for full‑year 2025 was provided. For 2026 the company gave first-time guidance: revenues €53–58m and EBITDA €4.5–7.5m (First Berlin’s forecasts differ modestly, expecting higher EBITDA).

Strategic milestones

Partnership with Union Investment (“WertAnlage”) live in >80 cooperative banks; partnerships to date generated ~€200m AuM. LAIQON plans to launch an actively managed, AI‑driven UCITS ETF in Dec 2025 with a top‑5 ETF provider — a key distribution and validation step for LAIC.

Valuation & outlook

First Berlin reduced near‑term forecasts but kept a Buy rating and a DCF‑based price target of €10.50 (published 16 Sep 2025). Management reiterated ambition to be dividend‑ready from FY26 and set 2028 targets of AuM >€15bn, revenues >€82m and EBITDA >€27m.