LAIQON AG (von First Berlin Equity Research GmbH): BUY

Original-Research: LAIQON AG - from First Berlin Equity Research GmbH 16.09.2025 / 21:46 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 First Berlin Equity Research GmbH to LAIQON AG

Company Name:	LAIQON AG
ISIN:	DE000A12UP29
Reason for the research:	Update
Recommendation:	BUY
from:	16.09.2025
Target price:	EUR 10.50
Target price on sight of:	12 months
Last rating change:	-
Analyst:	Christian Orquera

First Berlin Equity Research has published a correction of the research update on LAIQON AG (ISIN: DE000A12UP29) originally published earlier today. Analyst Christian Orquera reiterated his BUY rating and decreased the price target from EUR 10.60 to EUR 10.50.

Abstract:
LAIQON AG reported H1/25 results, which were mixed. Total revenues grew by 13.8% to €17.6m, (FBe: €17.5m), chiefly driven by €2.8m in state research grants. Underlying revenues excluding grants were broadly flat. EBITDA losses narrowed significantly to €-0.82m (FBe: €-0.5m; H1/24: €-2.95m), though transaction costs of around €0.2m linked to the MainFirst deal weighed on performance. LAIQON reported that its AuM rose sharply to €9.75bn as of August 2025, chiefly driven by the acquired fund assets from MainFirst, and confirmed the 2025 AuM outlook. The company also for the first time provided revenue and EBITDA guidance for 2026. The numbers are below our previous forecasts. Despite this, LAIQON continues to deliver on strategic milestones. Following the Union Investment partnership, 'WertAnlage' is now operating at more than 80 cooperative banks. LAIQON has built up AuM of ~€200m to date from its partnerships with Union Investment and 'meine Volksbank Raiffeisenbank eG'. In addition, management is preparing to launch Europe's first actively managed AI-powered ETF by year-end 2025 with one of the continent's largest ETF providers, representing a second high-profile validation of LAIC's technology. These initiatives, combined with the integration of MainFirst from August, underline the expected robust revenue and profitability growth into 2026-28. Incorporating our adjusted financial projections into our DCF model yields a new price target of €10.50 (previously €10.60). We maintain our Buy rating (upside: 132%).