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Original-Research: LAIQON AG - from NuWays AG

07.05.2026 / 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 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 EUR
34.9m, EBITDA EUR -2.9m, burdened by c. EUR 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 EUR 9.8bn (EUR 10.1bn as of 15 April), with strong net
organic growth of EUR 1.1bn. Encouragingly, Digital Wealth crossed the EUR 1bn
AuM threshold in April. Group sales reached EUR 10.6m (+63% yoy, Asset
Management +104% driven by MainFirst, Digital Wealth +22%), and EBITDA
improved by EUR 1.6m yoy to EUR -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
EUR 53m sales and EUR 4.6m EBITDA.

On the financing side, the cash capital increase was placed on 31 March at EUR
4.30 per share for c. EUR 6.6m in total (1.54m new shares, c. 7% of total).
For the new 6.50% bond 2026/31, c. EUR 5.7m has been subscribed so far, with a
further EUR 5m strategic investor contribution expected. Taken together with a
debt/equity swap, the measures should help LAIQON work through the financial
legacy of its acquisition phase.

In sum, the equity story remains intact. With the platform built, MainFirst
integrated and the Amundi AI-ETF launch approaching in summer, 2026 should
be the year in which strategy starts becoming visible in the financials.
WertAnlage remains the key growth contributor for Digital Wealth. Monthly
inflows have reached c. EUR 50m and continue to accelerate, supported by the
stepwise rollout across cooperative banks. Of the c. 400 cooperative banks
currently addressable, c. 100 have already been connected, of which 68% are
active and 32% are still in onboarding or contracting. Operating leverage
ought to translate incremental AuM disproportionately into earnings,
supporting management's maiden dividend ambition for FY 2026.

Axel Hörger adds relevant capital markets and distribution experience. As
CSTRO since the beginning of the year, the former UBS Deutschland CEO is
responsible for Asset and Wealth Management as well as Group Sales, with a
clear mandate to strengthen partner networks. This also came across clearly
at our recent Madrid conference and looks particularly relevant for
WertAnlage, where bank activation is now key for monetisation.

BUY reiterated, new PT EUR 8.80 (old: EUR 9.10), based on DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=e8f3f683491cd0860d64780d57dddbcd
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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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