Stable Q3 ahead // On track to overachieve guidance

Group sales are seen up 3% yoy at € 67.7m (eNuW, 5% qoq). As we see Ferratum’s top-line to remain flattish, with -1% yoy, the uplift is seen to stem from the SME business (CapitalBox), with a 5% growth yoy (eNuW, 4% qoq), while Wholesale banking should grow strongly at 50% yoy (eNuW, +16% qoq), albeit from a still relatively low base of € 5.3m.

EBT is expected to come in at € 7.9m (eNuW, 27% yoy), driven mainly by the brokerage business, where we see the fee and commission income (net) with a strong € 2.7m, translating into a sequential increase of 7%. As a result, net profit is seen to come in at a solid € 6.9m.

With that, Multitude should be well on track to over achieve its already increased FY25 net profit guidance of € 24-26m, as we are projecting net profit figures to come in at € 21m for 9M’25e.

In the upcoming report, we will pay particular attention to the following:

• The overall profitability thanks to a strong brokerage business and a high quality loan book

• The consumer banking business (Ferratum) return to a growth path

• The progress in profitability for the SME (CapitalBox) and Wholesale Banking businesses

The brokerage business is of particular interest, as it has permited Multitude to diversify its income streams, without carrying incremental risks on its books. Here, Multitude earns commission income for providing compliance, licensing, and underwriting services to support Everest Finanse's loan origination. Thus far, the brokerage business has added a solid € 4.5m to the net operating income for H1’25, where we see the positive trend continuing.

In Q2’25, the excellent profitability was also driven by lower impairment levels, having decreased by an impressive 18.6%, from € 52.1m to € 42.4m. Multitude also impressed in Q2’25 with impaired loan coverage ratio coming in at 15.61%. Given this, we see further room for improvement in the already excellent profit margins.

In a nutshell, Multitude should continue on its growth path while delivering very strong profitability, on the back of a diversified and high quality business.

BUY with an unchanged PT of € 12.5 PT, based on our residual income model. Mind you that Multitude is one of our NuWays Alpha picks.