Multitude

Q1 profit missed our estimate.

Sortter has had an impressive growth track record.

We expect net operating income to fall as divestments and Swedish interest rate caps weigh on the topline.

Multitude has had an impressive profit growth track record during the last years, while simultaneously derisking its balance sheet.

The 0.55 EUR dividend proposal exceeded our 0.31 EUR estimate.

Multitude’s Q4 profit exceeded our expectations, as well as the company’s own guidance.

Multitude's topline developed in line with our expectations, but the profit exceeded our expectations and the company’s guidance.

Multitude will report its preliminary 2025 results on the morning of March 12.

Multitude announced that the parent company's, Multitude AG's, Long-Term Issuer Default Rating (IDR) was affirmed at 'B+' (stable outlook).

On Investor Day, the focus is on the companies as they each share their updates.

15:31

Antti Kumpulainen, CEO, talks about the digital bank Multitude as an investment. Multitude offers lending and online banking services to consumers, small and medium-sized businesses, and other fintechs overlooked by traditional banks.

Multitude’s Q3 numbers slightly missed our estimates, but on a positive note, asset-light fee income kept growing fast and impairment losses kept decreasing.

Multitude’s growth in Q3 was slower than we had expected, but profit was largely in line with our estimates, driven by very good growth in fee income and a continued positive trend in impairment losses.

We anticipate continued growth driven by smaller segments, such as SME Banking and Wholesale Banking, as well as fee income.

Multitude’s Q2 profit improvement exceeded our expectations and was driven mainly by decreasing impairment losses and good growth in fee income, which can potentially be a good asset-light growth driver in the future. This year’s guidance was reiterated, although we see it as rather conservative and see a chance that it will be adjusted upwards.

Multitude’s growth in Q2 was slower than we estimated, but profit exceeded our expectations clearly, indicating that the company’s focus on profitability is paying off. The profit guidance was reiterated, but based on our initial reaction, we believe the likelihood for another positive guidance revision has increased.

Multitude will report its Q2’25 results on the morning of August 21. We expect continued growth, driven by the smaller business units (SME Banking & Wholesale Banking) and a clear profit improvement from the comparison period, driven mainly by an improved impairment loss ratio.