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 released preliminary Q3/26 AuM KPIs, which confirm that the strong growth momentum seen in H1/26 has continued into Q3 and early Q4. Group AuM increased 14.3% yoy to €11.61bn at end-September and reached €11.7bn by 15 October, approaching the company’s €12bn FY/26 target. Digital Wealth remained the principal growth engine, with AuM more than doubling to €1.63bn (+123% yoy), accounting for 62% of the group’s year-on-year AuM increase. Within this segment, LAIC surpassed its €1bn year-end target three months ahead of schedule, reaching €1.02bn at end-Q3 and €1.1bn by mid-October. The successful launch of the first AI ETF in partnership with Amundi and the return to organic inflows in Wealth Management provide further evidence of improving operating momentum. We view the update positively, as it reinforces our confidence in LAIQON achieving its FY/26 AuM target, with scope for an overshoot. The next key milestone will be demonstrating that accelerating AuM growth translates into higher revenues and improving profitability. Based on unchanged estimates, we maintain our Buy rating and €8.70 price target (upside: 102%).