^ Original-Research: Multitude AG - from NuWays AG

11.03.2026 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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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

Strong profitability expected, set to overachieve guidance

Multitude will report its Q4'25 preliminary results tomorrow. Here is what to expect:

Q4'25 interest income is expected to fall 7% yoy to EUR62.8m, driven by Consumer Banking, where interest income is projected to decline 14.7% yoy to EUR45.9m (eNuW). The decrease is explained by segment divestments realised in Q3'25 and by the lagged effects of a lower interest environment. As mentioned in our previous note, top line is likely to continue facing negative impacts through Q1'26, though a stable interest rate environment going forward should provide a solid base for an improvement in FY26e. In February, the ECB left its rates unchanged for a fifth consecutive time while projecting headline inflation at 1.9% for 2026, slightly down from 2.1% in 2025. A Reuters poll conducted on 9-12 February showed a strong consensus among economists, with 66 out of 74 expecting the deposit rate to stay at 2% at least through 2026.

CapitalBox is seen increasing 1% yoy to EUR 9m (eNuW). The segment is also impacted by the aforementioned prior rate cuts. Further, CapitalBox operates in a rather soft market, as Eurostat data show business registrations up +0.5% qoq versus +2.5% qoq for bankruptcy declarations, suggesting macro-driven volume pressure on top of the group's deliberate de-risking.

Wholesale Banking, piloted in 2023, has quickly evolved into a strong growth avenue, that is set to increase 60% yoy to EUR7.9m (eNuW), on the back of an already strong performance in 9M'25 (+63.5% yoy). Here, Multitude targets overlooked deals outside the expertise of traditional banks, serving customers with specific, tailor-made financing needs.

The net fee and commission income is seen at EUR 4m, up 14.3% sequentially and nearly doubled yoy. The partnership business is highly net profit margin accretive, thanks to its capital-light and scalable setup. Mind you, the partnership model beat our estimates every quarter in FY25, where significant upside is still seen for FY26e with +39.7% yoy expected.

On cost base, impairment losses are seen to continue on their long-term downward trend, declining 3.6% yoy to EUR 22m. Multitude's loan book quality has been steadily improving over the years, as impairment levels have gone down from 31.5% to 15.2% in a seven-year span, despite the loan book increasing from EUR 468m to EUR 880m in the same timeframe.

Net profit is seen at EUR 6.3m, reflecting a margin of 10% (eNuW). While this is a yoy decline from Q4'24 (EUR 7.5m), it is acknowledged that the comparable quarter was very strong thanks to a more favorable interest rate environment. The Q4'25 results should nevertheless position Multitude to overachieve its full year net income guidance of EUR 24-26m, at EUR 26.5m. Dividends of EUR0.31 per share are expected (vs. EUR0.44 last year incl. a EUR0.20 extraordinary component).

We do not make any changes ahead of the results and keep our BUY rating with a PT of EUR 11, based on our residual income model.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=a5d7c015e7f9bc8141bacba98d0bd930 For additional information visit our website: https://www.nuways-ag.com/research-feed

Contact for questions: 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 ++++++++++ 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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2289272 11.03.2026 CET/CEST

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Quelle: dpa-Afx