Märkte & Kurse

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Original-Research: Multitude AG - from NuWays AG

17.03.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Multitude AG

     Company Name:                Multitude AG
     ISIN:                        CH1398992755

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 11
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Julius Neittamo

Profit guidance overachieved, mixed underlying picture

Last Thursday, Multitude announced its FY25 preliminary results. The company
overachieved its FY25 net profit guidance of EUR 24-26m, printing EUR 26.6m, in
line with our estimate of EUR 26.5m (eNuW), although the underlying picture
was mixed. Q4'25 in detail:

Interest income decreased 18% yoy to EUR 55.3m (vs eNuW -6.6%/EUR 62.8m ). Per
segment:

  * Consumer Banking decreased 26.4% yoy to EUR 41.2m (vs eNuW -18%/EUR 45.9m )

  * CapitalBox decreased 4.5% yoy to EUR 8.5m (vs eNuW +1%/EUR 9m)

  * Wholesale Banking increased 14.1% yoy to EUR 5.6m (vs eNuW +60%/EUR 7.9m)

The Consumer Banking divestments executed during FY25 are behind the big
drops, while the lagged effect of lower interest rates is still weighing on
interest income. The SME market also remains soft. In Wholesale Banking,
growth was clearly below expectations (+14.1% yoy vs eNuW +60%), however qoq
topline can be volatile, given that individual client contributions can have
large impacts, thus not a cause for concern. In aggregate, net interest
income reduced 21.6% yoy to EUR 44.3m (vs eNuW -9.4%/EUR 51.2m), with interest
expense -5% qoq.

Margins were very resilient. The positive surprise was the net fee and
commission income with a strong beat, showing growth of 157% yoy to EUR 5.2m
(beat vs eNuW +95.7%/EUR 4m). OPEX were EUR 3.5m lower than eNuW expections,
with impairment losses -11.7% yoy to EUR 1.9m, suggesting an improving loan
book quality and positive effects from divestments. Net profit for the
quarter was EUR 6.4m (beat vs EUR eNuW 6.3m).

Multitude delivers on bottom-line. FY25 adj. net profit was EUR 25.9m (excl.
FV & FX losses and other income), still in the upper end of guidance. Mind
you, Multitude raised its guidance once in FY25, from EUR 23m to EUR 24-26m. The
divestments in Consumer Banking should be seen in the context of loan book
de-risking and a tighter risk stance, rather than simply deteriorating
demand. Multitude is increasingly monetising its digital platform and
underwriting capabilities via partnerships, on a more asset-light,
fee-driven business. With improving impairment trends, solid cost control
and a cleaner book, we read FY25 as continued de-risking and repositioning
rather than structural weakness, supporting the CEO's message of growing net
profit through a combination of organic growth, M&A and partnerships.
Noteworthy, Multitude has overachieved its guidance five years in a row.

Multitude places fresh EUR 70m in perpetual bonds. The day prior, Multitude
announced that Multitude Capital Oyj placed EUR 70m in new subordinated
perpetual capital notes (3M Euribor +8.9%, issued at 96% of par) under a EUR
120m framework. Proceeds will be used to fund the tender offer for the
outstanding 2021 hybrid notes (EUR 25.8m of EUR 45m remaining, after EUR 19.2m
exchange) and for general corporate purposes. Compared to the 2021 bonds,
the coupon formula is identical (3M Euribor + 8.90%), but the issue price is
lower (96% vs 99.5%), reflecting a tighter market for high-yield perpetuals.
In parallel, the upsizing from EUR 45m to EUR 70m strengthens the equity-like
capital base, directly supporting capacity to grow the loan book. The new
interest run-rate on perpetuals is estimated at EUR 7.6m (eNuW). While the
issue price was at 96% of par, we view the terms as satisfactory given (i)
the higher nominal size (EUR 70m vs EUR 50m for 2021 notes), (ii) the attractive
switch terms for existing bondholders (allowing to avoid the July 450bp
step-up on the 2021 notes), and (iii) the elevated uncertainty due to the
Iran war.

Estimates adjustments. We lower FY26e interest income growth estimate to
-3.6% yoy (vs prior eNuW +4.6%), reflecting Consumer Banking divestments
through H1'26 and the lagged effect of rates, with recovery expected in
H2'26. Conversely, we raise FY26e fee and commission income estimate to EUR
27.7m (eNuW) on strong momentum after four sequential beats, resulting in
FY26e net profit of EUR 29.9m (vs prior eNuW EUR 30.5m), near the EUR 30m
guidance. The adjustments leave our EUR 11 PT unchanged, and we reiterate our
BUY rating.



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NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2292402 17.03.2026 CET/CEST

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