LAIQON turned EBITDA positive in Q2 for the first time in years and Digital Wealth is scaling fast enough to significantly move group AUMs. While Digital Wealth is only c. 12% of group AuM, it contributed c. 45% of H1 net AUM growth. Q2 EBITDA arrived at € 1.1m, implying a € 2.4m qoq improvement, with higher one-off items (€ 1m higher qoq restructuring expenses; € 0.7m qoq M&A gains). The Q2 EBITDA margin stood at 8.4%, up c. 22pp qoq, partially driven by a lower personnel cost base. Similarly, the Q2 EBITDA step-up suggests the operating leverage and cost control are in place to reach the lower-end of the EBITDA guidance as well (€ 4.5m).