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

Abstract
LAIQON has reported preliminary H1/26 AuM of €11.0bn (+€1.0bn or +10% vs FY/25), confirming continued execution of its growth strategy and leaving the company well on track to achieve its FY/26 AuM target of €12bn. While the headline figure is encouraging, we believe the underlying momentum is even stronger than it initially appears. After a subdued Q1/26, AuM growth accelerated markedly during May and June, with the group adding ~€0.9bn over the final two months of the period. Importantly, the strongest contribution came from Digital Wealth, where AuM increased 56% organically to €1.3bn and represented ~45% of total group AuM growth during H1/26. Particularly encouraging was the continued acceleration of the LAIC White Label platform, whose AuM more than doubled to €0.6bn (+€334m in H1/26), providing further evidence that the Union Investment partnership is beginning to scale commercially. We view the update as clearly positive and expect the preliminary H1/26 financial results due on 12 August to provide the next important confirmation that accelerating AuM growth is translating into higher revenues and earnings. We reiterate our Buy recommendation and €8.70 price target (upside: >95%).
LAIQON has reported preliminary H1/26 AuM of €11.0bn (+€1.0bn or +10% vs FY/25), confirming continued execution of ist growth strategy and leaving the company well on track to achieve ist FY/26 AuM target of €12bn. While the headline figure is encouraging, we believe the underlying momentum is even stronger than it initially appears. After a subdued Q1/26, AuM growth accelerated markedly during May and June, with the group adding ~€0.9bn over the final two months of the period. Importantly, the strongest contribution came from Digital Wealth, where AuM increased 56% organically to €1.3bn and represented ~45% of total group AuM growth during H1/26. Particularly encouraging was the continued acceleration of the LAIC White Label platform, whose AuM more than doubled to €0.6bn (+€334m in H1/26), providing further evidence that the Union Investment partnership is beginning to scale commercially. We view the update as clearly positive and expect the preliminary H1/26 financial results due on 12 August to provide the next important confirmation that accelerating AuM growth is translating into higher revenues and earnings. We reiterate our Buy recommendation and €8.70 price target (upside: >95%).