LAIQON: Q1 KPIs mixed, strategic progress intact, chg. - NuWays AG Research

LAIQON’s first Q1 26 KPI release on 27 April showed continued AuM momentum, while profitability remained below our expectations. This came shortly after the audited FY25 figures, which confirmed the preliminary numbers (sales € 34.9m, EBITDA € -2.9m, burdened by c. € 2.5m one off expenses). Together with the recently detailed financing package, the releases provided a clearer picture of the FY26 setup: AuM scaling remains intact, while we now model a more conservative EBITDA delivery path.

BUY reiterated, new PT € 8.80 (old: € 9.10), based on DCF.

Länk till analysen i sin helhet: https://www.nuways-ag.com/company/laiqon-ag/research/q1-kpis-mixed-strategic-progress-intact-chg