LAIQON AG: BUY Rating Reiterated by First Berlin Equity Research

First Berlin Equity Research has maintained its BUY recommendation on LAIQON AG. Analyst Christian Orquera updated the price target slightly downward from €10.60 to €10.50 after evaluating the company's H1/25 results. Despite mixed outcomes, revenues grew 13.8% to €17.6 million, supported by significant state research grants of €2.8 million. EBITDA losses narrowed considerably to €-0.82 million, though impacted by €0.2 million in transaction costs related to the MainFirst acquisition.

The company's assets under management (AuM) surged to €9.75 billion by August 2025, largely due to the acquisition of MainFirst assets. LAIQON maintains its 2025 AuM outlook and provided initial revenue and EBITDA guidance for 2026, albeit below previous estimates. Strategic milestones include a forthcoming launch of Europe's first AI-powered ETF by year-end, in collaboration with a major ETF provider. These factors signal a promising revenue and profitability trajectory through 2026-28.