Multitude AG: Q3 Profitability Boosted by Cost Discipline

Multitude AG, recently surveyed by NuWays AG, has shown promising Q3 '26 results with an adjusted net profit of €8.3 million, surpassing expectations by 4%. Despite softer-than-expected interest income, effective cost management helped to offset this shortfall.

The company reported a 12% year-over-year revenue growth to €70.2 million, although slightly below the estimated €73.8 million. Consumer Banking's interest income rose 1.9% quarter-on-quarter, bolstered by a 5% increase in the loan book.

Fee and commission income tripled, aligning with forecasts, powered by Sortter's solid performance. Impairments were reduced by 15% year-over-year, with the cost of risk falling to 6.5%.

Operating expenses increased by 25% due to Sortter's integration, yet remained under forecast. The cost-to-income ratio improved to 54.7%. Adjusted profit before tax grew by 17% while net profit guidance of €30 million was reaffirmed.

Multitude AG adjusted its full-year net profit estimates, maintaining a BUY rating but reducing the target price to €11.