Original-Research: LAIQON AG (von NuWays AG): BUY

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Original-Research: LAIQON AG - from NuWays AG

01.04.2026 / 09:00 CET/CEST

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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

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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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