First Berlin Equity Research has published a research update on LAIQON AG (ISIN: DE000A12UP29). Analyst Christian Orquera reiterated his BUY rating and decreased the price target from EUR 10.50 to EUR 8.70.

Abstract
LAIQON AG published its first-ever Q1/26 KPI disclosure alongside the FY 2025 annual report, providing a comprehensive operational update. Q1 revenues of €10.6m (+63% YoY) and EBITDA of €-1.2m (Q1/25: €-2.8m) confirm the positive directional trend, and are consistent with the company’s own guidance for a H2-weighted year, though the magnitude of the required acceleration is substantial. That said, annualised run-rates remain well below full-year targets (€53-58m revenues; €4.5-7.5m EBITDA), implying a significant H2 ramp and continued execution risk. The FY 2025 results came in below expectations, even if adjusted for ~€2.5m of one-off charges related to the MainFirst transaction and restructuring measures linked to the cost-cutting programme. However, on a pro-forma adjusted basis, FY EBITDA reached €3.2m, confirming the underlying earnings trajectory is stronger than reported figures suggest. The recently launched three-pronged financing package is advancing: (1) the capital increase ?BarKE? (€6.6m) is closed; (2) the new bond 2026/31 has a guaranteed floor of €9.2m, with the placement initially scheduled to close on 15 May but still ongoing; and (3) the debt swap ?SachKE? was completed on 28 May 2026, with €13.4m of debt converted, €10.7m into equity (1.7m new shares at €6.25, including ~€3.3m from CEO Plate’s family office) and €2.7m into new bond notes. Additionally, €8.5m of earn-out obligations have been deferred to May/June 2027 via creditor agreements. The package came at the cost of meaningful dilution of ~3.3m new shares. We have updated our estimates and lower our price target to €8.70 (previously: €10.50). We maintain our Buy rating, supported by improving underlying profitability, scaling of the LAIC platform and increased funding visibility, though delivery of the required H2 acceleration remains the key determinant of 2026 performance.