Multitude AG Shows Resilience Amid Market Challenges

Multitude AG announced its Q3'25 results, showcasing its resilience despite challenging conditions. The company reported a robust EBT of €7.1 million, slightly under analyst expectations (€7.9 million) but reflecting strength in its partnership business and wholesale banking. Despite a 10% decline in overall sales to €58.5 million, Multitude's diversified strategy, especially its capital-light partnership model, proves promising.

The Consumer Banking segment faced a downturn, with sales dropping 17% due to divestments and lower interest rates. However, Wholesale Banking surged by 62%, contributing substantially to the group's profitability. Multitude's growth strategy, emphasizing partnerships and M&A, supports its expansion without increasing balance sheet risk.

Encouragingly, net fee and commission income grew significantly, underscoring the success of the partnership model. The company's focus on cost efficiency and decreasing impairment levels further boosts confidence. With a revised price target of €11, Multitude remains a recommended buy, highlighting its strategic growth initiatives.