LAIQON AG Maintains BUY Rating Despite Revised Price Target

First Berlin Equity Research GmbH has updated its analysis on LAIQON AG, maintaining a 'BUY' recommendation while lowering the price target from €10.50 to €8.70. The decision follows LAIQON AG's first-ever Q1 2026 KPI report, revealing revenues of €10.6 million, a 63% increase compared to the previous year, and a reduced EBITDA loss of €-1.2 million.

Despite positive trends, the annualized figures fall short of the 2026 targets, highlighting execution risks and the required ramp-up in the second half. The FY 2025 results were below expectations due to one-off charges from transactions and restructuring. Nonetheless, the pro-forma adjusted EBITDA of €3.2 million reveals a stronger earnings trajectory.

LAIQON AG's new financing package has progressed, although at the cost of dilution with the issuance of approximately 3.3 million new shares. The required execution in H2 2026 remains crucial for meeting performance targets.