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 published its full H1/26 report, confirming the preliminary revenue and EBITDA figures released on 12 August while providing additional detail on profitability, cash flow and the balance sheet. The most important new information, in our view, is the continued growth in AuMto €11.5bn as at 25 August (30 June: €11.0bn), improving cash generation and a strengthened short-term liquidity profile following the financial measures and earn-out deferrals. The report also provides further evidence that Digital Wealth is becoming the group’s principal growth engine, while management announced at the investor webcast several strategically important milestones, including the first institutional AI mandate, the introduction of performance fee arrangements for the Global Growth fund management team from 1 October, coinciding with the migration of the MainFirst funds into LAIQON’s new Luxembourg SICAV structure, and the commercial launch of the Amundi AI ETF. The additional disclosures in the full H1 report have led us to fine-tune our financial model, while leaving our valuation unchanged. Although acquisition-related liabilities remain the principal financial risk and will most likely require additional refinancing during H1/27, we believe the improving operational trajectory materially strengthens the investment case. We therefore reiterate our Buy recommendation and €8.70 price target (upside: ~87%).