^ Original-Research: Multitude AG - from NuWays AG

13.11.2026 / 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.

---------------------------------------------------------------------------

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

Cost discipline drives Q3 profitability; chg.

Multitude reported Q3'26 adj. net profit of EUR 8.3m, up 15% yoy and 4% above eNuW. While interest income was softer than our expectations (-5.6% vs eNuW), better cost control more than offset the shortfall.

Revenue grew 12% yoy to EUR 70.2m (eNuW: EUR 73.8m). Interest income was flat yoy at EUR 58.4m (eNuW: EUR 61.8m), but grew sequentially for a third quarter in a row, which signals that the drag from the microloan exits is mostly over. In Consumer Banking, interest income grew 1.9% qoq to EUR 42.0m, while the loan book grew 5% qoq, its strongest quarter in two years, which supports a higher run-rate in Q4. SME Banking stayed flat at EUR 9.0m, with the loan book unchanged since Q1, as CapitalBox prioritises profitability over volume amid a difficult macro backdrop. Wholesale Banking rose 30% yoy to EUR 7.4m (eNuW: EUR 8.5m). The mix continued to move from debt investments to direct lending, with direct loans up c. 15% qoq.

Revenue was lifted by fee and commission income, which tripled and was in line with our expectations at EUR 11.9m (eNuW: EUR 12.0m), supported by the strong performance of the now fully consolidated Sortter. The latter contributed EUR 7.1m (eNuW: EUR 6m), meaning fee and commission income excluding Sortter grew c. 20%.

Net operating income excl. fair value and FX effects reached EUR 58.5m (eNuW: EUR 60.6m). The headline figure of EUR 59.7m includes EUR 1.1m of fair value and FX gains, driven by a EUR 1.7m revaluation of the earn-out from the 2025 divestments and partly offset by EUR 0.6m of FX headwinds, which we treat as non-recurring.

Impairments fell 15% yoy to EUR 16.2m, in line with our EUR 16.4m. The annualised cost of risk dropped to 6.5% from 8.8% a year earlier, as Consumer Banking's cost of risk fell to 9.8% from 12.5% and as the lower-risk Wholesale book gained weight.

Opex excl. impairments rose 25% yoy to EUR 32.6m on the consolidation of Sortter, but came in 7% below our EUR 35.1m. Personnel expense drove most of the saving, falling to EUR 8.9m from EUR 10.6m in Q2 as Multitude cut headcount through process improvements and automation. The cost-to-income ratio was 54.7% (eNuW: 57.7%).

On the bottom line, adj. EBT grew 17% yoy to EUR 9.7m (eNuW: EUR 9.1m), and adj. net profit reached EUR 8.3m (eNuW: EUR 7.9m). Multitude confirmed its FY26 net profit guidance of EUR 30m, which requires only EUR 7.7m in Q4.

The EUR 50m AT1 that settles on 13 November costs c. EUR 6m a year at 3M EURIBOR + 9.00%, which lifts distributions on perpetuals to EUR 13.3m a year (eNuW). While this reduces earnings attributable to shareholders, it lifts capital headroom to support c. EUR 250-300m of incremental loans, which we see mostly deployed in Wholesale Banking but also in Consumer Banking.

As we include the AT1 in our model, we raise impairments in absolute terms on the larger loan book, while the cost of risk keeps falling, in line with Multitude's track record. Further, we lower our FY26 Consumer Banking estimates, as the recovery in interest income takes longer than expected. We lower our FY26 net profit estimate to EUR 30.8m (was EUR 31.3m), which remains above guidance.

We keep our BUY rating but lower our PT to EUR 11 (old: EUR 12), based on our residual income model.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=6696574743b62dc8a297362f2d3cde53 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. ++++++++++

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. View original content: https://eqs-news.com/?origin_id=2f3c2167-df31-11f1-b46d-066675bb9927&lang=en

---------------------------------------------------------------------------

2434216 13.11.2026 CET/CEST

°

Quelle: dpa-Afx