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Original-Research: Multitude AG - from NuWays AG

22.08.2025 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

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

from: 22.08.2025

Target price: EUR 12.50

Target price on sight of: 12 month

Last rating change:

Analyst: Frederik Jarchow

Strong Q2 figures // Guidance appears conservative; PT up

Yesterday, Multitude published a strong set of Q2 figures. While interest

income was remained flattish, the bottom line beat expectations again. Here

are the details:

Sales are flattish at EUR 63.6m (-2% yoy, -1% qoq vs eNuW: EUR 64.7m), mainly

driven by consumer banking that declined by 6% yoy to EUR 50.4m (-3% qoq v

eNuW: EUR 54.6m). Importantly, interest income of wholesale banking increased

by 61% yoy to 4.6m (vs eNuW: 4.4m) and commission fees by 150% yoy to EUR 3.0m

(vs eNuW: EUR 2.5m), mostly stemming from the partner business, effectively

compensating for the lower interest income.

EBT came in at strong EUR 8.0m (47% yoy), beating our expectation (eNuW: EUR

7.8m) thanks to outstanding risk management visible in the significantly

lower impairments (-15% to EUR 20.2m), despite an increasing loan book (22%

yoy to EUR 852m). This contrary developments paired with the flattish interest

income is indicating a improving quality of the loan portfolio. Apart from

that, the ongoing cost control as well as efficiency and automation measure

kept OPEX rather stable, promising further scale-effects in the future. Net

income came in at EUR 6.9m.

With H1 net income of EUR 14.2m, Multitude is seen well on track to reach it

already increased FY25 net profit guidance of EUR 24-26m (eNuW new: EUR 28.1m),

especially considering the substantially increased loan book that served a

an early indicator for future topline growth in the past. We are hence

convinced that the company should achieve EUR 267m interest income in FY25

(eNuW).

Going forward, further sequential growth of the net loan book in Q3 and Q4

to EUR 880m until YE, combined with ongoing tight cost control should allow an

EBT margin of 12% in FY25 and 14% in FY26. Moreover, interest expenses are

expected to increase only moderately by 10% yoy to EUR 45.1m in FY25 and

should be compensated by increasing topline (interest spread should remain

stable). Apart from that, we see an ongoing dynamic in the commission income

mostly stemming from the partner business as well as from the payment

business within wholesale banking. For FY25, we conservatively anticipate

some EUR 16.3m and for FY26 some EUR 20.3m.

In a nutshell, we continue to look at Multitude as a growing company with

perspectively three profit centers within the Group. While the cash cow of

the Group - the consumer banking segment - should deliver only stable

interest income, but increasing commission fees, we expect growing interest

income in CapitalBox and Wholesale banking going forward. As OPEX are seem

to be well under control, Multitude should continue to enjoy the typical

scale effects of a platform business, driving EBT and net income.

Despite the positive stock price performance since the beginning of the

year, the company does still not look expensive for a growing, highly

profitable, dividend paying company, trading at only 6.9x P/E´25.

We reiterate BUY with a increased PT of EUR 12.50 (old: EUR 12.00), based on our

residual income model. With that, Multitude remains one of our NuWays Alpha

picks.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=e8c37b1ad6deeaabf848a212aaf37361

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

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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschlu

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2187408 22.08.2025 CET/CEST

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