Multitude SE Delivers Strong Q3 Performance

Multitude SE has reported robust Q3 results, showcasing improved profitability and reaffirming its FY24 EBIT guidance. Interest income reached €65.1 million, driven by significant growth in SME and Wholesale Banking. Consumer Banking saw a modest 4% year-on-year increase. The company’s net loan book expanded to €726 million, marking a 24% year-on-year growth.

EBIT surged to €18.9 million, underpinned by a 10% reduction in credit losses, which now constitute 33% of sales. Despite an increase in interest expenses to €12.8 million, the company anticipates a decline in the future. The EBT aligned with expectations at €6.2 million, aided by reduced credit losses.

With a strong financial outlook, Multitude SE remains profitable, guiding for a net profit of €23 million in FY25. CEO Jorma Jokela will step down, with Antti Kuplainen stepping up as the new CEO. The company retains a "Buy" recommendation with a target price of €12.