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 H1/26 revenue and EBITDA figures, confirming that the accelerating AuM growth reported on 14 July is now translating visibly into financial performance. Group gross revenues rose 63% YoY to €23.16m in H1/26 (FBe: €24.0m; H1/25: €14.17m), with Q2/26 revenues of €12.76m rising 23% QoQ (Q1/26: €10.40m). Management expects a further acceleration in revenue growth during H2/26, supported by continued momentum in Asset Management and Digital Wealth, particularly LAIC’s rapidly expanding white-label platform. More importantly, Q2/26 EBITDA turned positive at €1.08m, an improvement of €2.45m versus Q1/26 (€-1.37m), representing the first positive quarterly EBITDA under the current GROWTH 28 strategy. The Q2 result includes €1.02m of restructuring charges related to the cost reduction programme launched in March 2026. Excluding these, the underlying quarterly EBITDA run rate was ca. €2.1m, which provides encouraging support for our FY/26 EBITDA forecast of €4.5m. H1/26 EBITDA improved to €-0.29m, or ca. €0.73m on an adjusted basis (FBe: €1.0m; H1/25: €-0.82m). Overall, we view the preliminary results as clearly positive and believe the company remains well on track to meet our FY/26 forecasts. The AGM on 27 August and the full H1/26 report on 28 August will provide the next layer of detail. Based on unchanged estimates, we reiterate our Buy recommendation and €8.70 price target (upside: ~95%).