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

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
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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