^ Original-Research: Multitude AG - from NuWays AG

14.08.2026 / 09:01 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 12 Target price on sight of: 12 months Last rating change: Analyst: Julius Neittamo

Q2 review: Sortter acquisition looks very attractive; PT UP

Multitude reported Q2'26 results yesterday. Consumer Banking interest income came in at EUR 41.2m (-18% yoy, +0.4% qoq), below eNuW EUR 42.8m, as FY25 divestments still negatively impacted topline. SME Banking posted EUR 8.9m (+2% yoy, +0.7% qoq; eNuW EUR 9.2m), while Wholesale Banking came in at EUR 7.5m (+64% yoy, +9.2% qoq; eNuW EUR 7.8m) on the back of the expanding secured debt book, confirming the segment as the group's growth engine at a 26% EBT margin. At group level, interest income totalled EUR 57.6m (-10% yoy, +1.6% qoq; eNuW EUR 59.8m). Fee and commission income jumped to EUR 7.7m (+161% yoy; EUR +1.8m vs eNuW), lifting its share to 11.8% of revenue (+7.4pp yoy). The beat was inorganic, however, as Sortter was fully consolidated from May 20th and contributed EUR 2.9m in fee and commission income, implying adj. fee income of EUR 4.8m (+62% yoy; EUR -1.1m vs eNuW). Total revenue was thus EUR 65.3m (-2% yoy, +6% qoq; vs eNuW EUR 65.7m).

Net operating income grew 3.5% yoy to EUR 56.6m (EUR 55.2m; eNuW). The beat was driven by (i) higher fee and commission income following Sortter's consolidation (EUR +1.6m vs eNuW), (ii) EUR 2.5m from the revaluation of the previously held ~20% Sortter stake and (iii) EUR 0.5m of fair value and FX gains, which included a EUR 1.3m gain on the revaluation of the FY25 divestment earn-outs, partly offset by FX and derivative losses.

Loan book de-risking continues steadily. Impairments fell to a new low of EUR 16.9m (EUR 19.1m; eNuW), taking the annualised cost of risk to 6.8% (-2.7pp yoy). This reflects Multitude's strategic shift: originating in lower-risk, lower-yield markets while monetising the riskier ones through its platform and brokerage capabilities.

Costs remained stable. Cost-income-ratio was 52% in Q2'26 (-1pp vs eNuW), driven by lower personnel and G&A expenses (EUR -1.3m vs eNuW), though selling and marketing expenses were higher (EUR +1.6m vs eNuW). Here, Multitude sees elevated cost-income-ratio through FY26, due to investments in Wholesale banking, the partnership business as well as due to PPA amortisations.

The large profit beat rested largely on non-recurring elements. Reported EBT came in at EUR 10.0m in Q2'26 (EUR +3.2m vs eNuW), with net profit of EUR 8.7m (EUR +2.8m vs eNuW). Adjusted for the Sortter revaluation, fair value and FX gains as well as the EUR 0.5m inorganic EBT contribution from Sortter, organic adj. EBT was EUR 6.6m (EUR 6.8m; eNuW).

The Sortter acquisition looks very attractive and shifts the group's revenue mix toward fees. Multitude paid EUR 7.0m for the remaining ~80%, implying EUR 8.8m equity value for the full stake. Sortter also carried EUR 9.0m of debt owed to Multitude, cancelled on consolidation. Net of EUR 3.5m cash acquired, the implied EV is EUR 14.2m, which would put the deal at 0.6x EV/sales. Management guides Sortter to a EUR 25m revenue run-rate (+47% yoy) with EUR 5m net profit, implying a 1.8x P/E on the equity consideration. The low price reflects a share option over the remaining shares, agreed in 2023 when Multitude first took a 19.97% stake.

We consolidate Sortter and raise our estimates. We now forecast FY26 net profit of EUR 31.9m (old: EUR 29.3m), above guidance of EUR 30m, as (i) Sortter will contribute a full six months in H2, (ii) impairments are seen to trend lower while (iii) consumer lending is set to return to growth.

In light of the above, we raise our PT to EUR 12 (old: EUR 11) and confirm our BUY rating based on residual income model.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=b3b1e080e13070c24f7fd1a812ec5328 For additional information visit our website: https://www.nuways-ag.com/research

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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2382936 14.08.2026 CET/CEST

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Quelle: dpa-Afx