^ Original-Research: Multitude AG - from NuWays AG

17.03.2026 / 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

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.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=7f1426c2d7fd0509efac88d31bba02e2 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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2292402 17.03.2026 CET/CEST

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Quelle: dpa-Afx