LAIQON AG (von NuWays AG): BUY

Original-Research: LAIQON AG - from NuWays AG 07.05.2026 / 09:00 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 NuWays AG to LAIQON AG

Company Name:	LAIQON AG
ISIN:	DE000A12UP29
Reason for the research:	Update
Recommendation:	BUY
Target price:	EUR 8.8
Target price on sight of:	12 months
Last rating change:
Analyst:	Simon Keller

Q1 KPIs mixed, strategic progress intact, chg.

LAIQON’s first Q1 26 KPI release on 27 April showed continued AuM momentum, while profitability remained below our expectations. This came shortly after the audited FY25 figures, which confirmed the preliminary numbers (sales € 34.9m, EBITDA € -2.9m, burdened by c. € 2.5m one-off expenses). Together with the recently detailed financing package, the releases provided a clearer picture of the FY26 setup: AuM scaling remains intact, while we now model a more conservative EBITDA delivery path.

Q1 AuM grew 49% yoy to € 9.8bn (€ 10.1bn as of 15 April), with strong net organic growth of € 1.1bn. Encouragingly, Digital Wealth crossed the € 1bn AuM threshold in April. Group sales reached € 10.6m (+63% yoy, Asset Management +104% driven by MainFirst, Digital Wealth +22%), and EBITDA improved by € 1.6m yoy to € -1.2m. Still, the EBITDA run-rate came in below our expectations, indicating a slower margin pick-up than previously assumed. Against this backdrop, we view the FY26 guidance midpoint as achievable, although no longer the most prudent base case. Delivery in the remaining quarters should come from visible WertAnlage monetisation and initial Amundi ETF traction. We consequently leave sales broadly unchanged, while positioning EBITDA at the lower end of the guidance, with eNuW now at € 53m sales and € 4.6m EBITDA.

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