^ Original-Research: LAIQON AG - from NuWays AG

01.04.2026 / 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.

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Classification of NuWays AG to LAIQON AG

Company Name: LAIQON AG ISIN: DE000A12UP29

Reason for the research: Update Recommendation: BUY Target price: EUR 9.1 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller

Prelims soft, strategic progress intact, chg.

LAIQON's preliminary FY25 release came in below eNuW on H2 sales and EBITDA (see p.2). More importantly, however, the group continues to make progress in building a larger and more scalable platform, as reflected in the contribution from MainFirst and continued inflow momentum in Digital Wealth. Against that backdrop, the weak H2 EBITDA is less representative of the underlying earnings trajectory, given the material burden from one-off restructuring expenses.

H2 sales increased 28% yoy to EUR 20.7m, driven by the first-time contribution from MainFirst of c. EUR 5.8m (eNuW). On a FY pro-forma basis, revenues reached EUR 44.2m, up 43% yoy and thus broadly reflective of the c. 54% yoy AUM growth to EUR 10bn.

Profitability in H2 was affected by temporary burdens. EBITDA declined EUR 1.3m to EUR -2.1m, including c. EUR 2.5m of one-off expenses, mostly related to restructuring. The reported figure therefore appears to overstate the weakness of the underlying operating development. In our view, FY25 still reflects a transition year in which LAIQON invested into integration, platform expansion and organisational adjustments that should support the next phase of growth and scalability. Importantly, H2 25 adj. EBITDA turned positive at EUR 0.4m, marking the expected step-up. Including MainFirst on a pro-forma basis, FY EBITDA would have reached EUR 0.7m, compared with EUR -3.8m in 2024.

Encouragingly, momentum in client inflows appears intact. In Digital Wealth, monthly inflows have reached c. EUR 50m and continue to accelerate, supported by the stepwise rollout across cooperative banks. Of a relevant universe of c. 400 banks, c. 100 have already been connected. Of these, 59% are active, while 41% are still in onboarding or contracting, pointing to further significant activation and roll-out potential. This strong inflow run-rate is already reflected in white-label partnership AuMs, which have risen by 40% YTD, indicating healthy client demand and distribution traction. At the same time, this helps illustrate the building blocks of 2026e growth: of the expected EUR 19m sales increase, c. EUR 9m should come from the consolidation effect of MainFirst, c. EUR 3m from Digital Wealth and c. EUR 7m from growth in Asset Management (eNuW).

Meanwhile, the financing package should primarily be seen as a post-acquisition reset of the capital structure. At its core, the package is less about meaningful new funding and more about restructuring existing obligations: net new debt appears limited to c. EUR 2m (+5%), while only c. EUR 6.5m-10.1m of fresh equity (c. 7-11% of total) is set to come in via the cash capital increase. Another important part consists of debt/equity swaps and a reset of the maturity profile, helping to improve funding visibility and reduce near-term balance-sheet pressure. In our view, the measures should help LAIQON largely work through the financial legacy of its acquisition phase and leave the now integrated platform on a firmer footing for the next stage of monetisation.

In sum, the headline numbers were held back by temporary effects, while the more relevant strategic datapoints continue to support the investment case: a larger platform, ongoing inflows and further progress in white-label distribution.

BUY. Unchanged PT of EUR 9.10, based on DCF. While our revised estimates reflect the preliminary FY25 figures, they do not yet incorporate the dilutive effect of the announced capital measures, pending further detail.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=f162469bd45eb0d3c20f1e0aa21ae1c2 For additional information visit our website: https://www.nuways-ag.com/research-feed

Contact for questions: NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++

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2301958 01.04.2026 CET/CEST

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Quelle: dpa-Afx