^ Original-Research: LAIQON AG - from NuWays AG

31.08.2026 / 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 8.5 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller

H1 review: profitable Q2 marks earnings inflection

Final H1 results show that LAIQON's enlarged platform has reached a clear earnings inflection. Positive Q2 EBITDA demonstrates that the higher AuM base is now translating into operating earnings, with Asset Management providing the profit base and Digital Wealth representing the fastest-growing component.

Sequential momentum provides the clearest evidence of the earnings step-up. Supported by the MainFirst consolidation, H1 sales rose 63% yoy to EUR 23.2m. EBITDA improved to EUR -0.3m. In Q2, sales increased 23% qoq to EUR 12.8m and EBITDA swung to EUR 1.1m from EUR -1.4m in Q1, corresponding to a Q2 margin of 8.4%. Excluding the EUR 1m restructuring charge and the EUR 0.7m M&A gain, Q2 EBITDA amounted to c. EUR 1.4m, implying an adjusted margin of c. 11%.

Asset Management combines a reliable earnings base with meaningful performance fee potential going forward. Segment AuM increased c. 10% since year-end to EUR 8.2bn at H1, while the segment generated EUR 3.4m of EBITDA at a c. 22% margin. The current market performance trajectory should enable year-end performance fees. Based on our understanding, a visible opportunity is the WHC Super-I share class, which manages EUR 239m and whose latest NAV stood c. 11% above its March 2025 launch value. The class carries a 20% performance fee above a 4% hurdle, subject to the relevant high-water mark, and its first fee period ends in December 2026.

Digital Wealth's white-label ramp-up has reached group-relevant scale. Segment AuM nearly doubled since year-end to EUR 1.5bn by August 25, driven primarily by LAIC's white-label business, which reached EUR 600m at H1. July gross inflows exceeded EUR 100m, consistent with the expected Q3 monthly run-rate. WertAnlage currently covers more than 100 cooperative banks, equivalent to c. 25% of the relevant market, leaving ample room for further penetration. The recently launched AI ETF with Amundi adds another scalable product to the segment. The higher AuM base is already translating into sales, which more than doubled qoq to EUR 1.4m in Q2.

The FY26 guidance requires further sequential improvements, yet looks achievable (eNuW). The confirmed ranges of EUR 53-58m sales and EUR 4.5-7.5m EBITDA require H2 sales of at least EUR 29.8m and EBITDA of EUR 4.8m. We view the lower end as achievable, supported by the higher AuM base, the leaner run-rate cost base and the outlined high-margin performance fee opportunities. The expected H2 earnings improvement also supports a manageable near-term funding bridge. At H1, EUR 10.5m of cash stood against c. EUR 17.2m of current borrowings and purchase price liabilities, excluding leases. A further EUR 1.5m of bond proceeds was received in July and LAIQON targets placing the remaining EUR 2.6m of the 2026/31 bond by September 29. On a simplified basis, this leaves a residual c. EUR 2.6m to be covered by operating cash generation.

In sum, LAIQON has entered profitable quarterly territory with a reliable Asset Management core, accelerating Digital Wealth and an improving financial profile. The current AuM trajectory and the visible operating leverage support our expectation that LAIQON will meet its FY26 guidance. Further platform scaling should translate into continued earnings growth beyond 2026. Estimate changes mainly reflect higher-than-expected PPA amortisation related to the MainFirst acquisition, which weighs on reported EBIT without affecting EBITDA or cash flow. EBITDA therefore remains the more meaningful measure of LAIQON's current operating performance, in our view.

BUY, PT EUR 8.50, based on DCF.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=e6146bd99c7c9ac6ddefb561cd066b89 For additional information visit our website: https://www.nuways-ag.com/research

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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2390710 31.08.2026 CET/CEST

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Quelle: dpa-Afx