Zug, 19 November 2025 - Multitude AG, a listed European FinTech company, offering digital lending and online banking services to consumers, small and medium-sized enterprises, and other FinTechs (WKN: A40VJN, ISIN: CH1398992755) ("Multitude", "Company" or "Group") yesterday presented its strategic outlook and financial guidance for 2028 at its virtual Capital Markets Day 2025.
After celebrating its 20-year anniversary earlier this year, Multitude has outlined its strategy for the coming years. By focusing on the three strategic pillars, organic growth, M&A, and partnerships, the company will leverage data and technology to increase its net profit to EUR 30 million in 2026 and then by 20% each year in 2027 & 2028. The company's vision remains unchanged: to build the most valuable financial platform for overlooked customers.
"Today, our Company has entered its sixth strategy generation cycle since its inception in 2005. Moving first from a single product to a multi-product strategy, today we focus on scaling our Multitude growth platform further" said Antti Kumpulainen, CEO of Multitude. "The key drivers that will help us achieve our projected growth are continuous revenue growth and diversification, cost reduction and enhancing customer value. Additionally, we will focus on leveraging AI and automation ensure Multitude is well-positioned to deliver on its 2028 profitability targets."
Financial guidance and outlook: continued profitable growth with higher efficiency
Multitude confirms its 2025 net profit guidance of EUR 24-26 million and the 2026 guidance of EUR 30 million. For 2027 and 2028, the Group expects net profit to grow by around 20% per annum. Additionally, Multitude declares further operational targets by 2028 to measure its success. As such, Multitude will strive to improve its Cost-to-Income Ratio (CIR) from 48% to 40% with enhanced operational efficiency, increased simplification and further adoption of AI and automation. Lastly, Return on Tangible Equity (RoTE) should reach more than 20% by 2028.
To achieve these goals, all three business units should operate at net profit positive level and contribute to a well-diversified and recurring profit base by 2028. Dividend payments are expected to continue in line with profit growth and capital strength.
So far, the company is well on its way: revenue is continuing to diversify across the three business units with a steady increase and recurring fee income. Net profit has continued to grow from EUR 1.2 million in 2021 to EUR 20.2 million in 2024, while the Cost-to-Income ratio has been reduced from 61% in 2021 to 48% at 9M 2025. Additionally, Multitude was able to significantly increase its asset quality in the last years, reducing the impaired loan coverage ratio from 28.9% in 2020 to 15.2% in 2025. Lastly, Multitude managed to greatly diversify its funding and significantly increase the share of direct deposits, leading to lower funding costs.
Business unit highlights
The Consumer Banking business unit (Ferratum) operates in 13 European markets with EUR 517 million in assets, offering fully digital unsecured lending and mobile banking. Growth in the business unit is planned to increasingly come from partnerships and white-label solutions, new market expansions and increased scalability, complementing the strong organic base. The unit aims to achieve a 10% growth EBT annually (CAGR) over three years, driven by lower impairments, growing fee income, and data-driven automation.
The SME Banking business unit (CapitalBox) operates in five European markets, managing EUR 161 million in assets and serving over 9,000 SMEs. Following a shift to secured lending, the business unit achieved a 28.8% reduction in credit losses. The business unit now aims to evolve into a multi-service platform offering lending, payment, card, and account solutions by 2028. Embedded finance partnerships and predictive analytics are expected to drive growth and retention. The unit targets a single-digit million positive EBT for 2026, followed by 50% growth per annum (CAGR) from 2026 to 2028.
The Wholesale Banking business unit (Multitude Bank) continues to deliver significant, profitable revenue growth with two strong segments: secured debt and payment services. The portfolio grew 79.1% year-to-date. The business unit aims to scale its success while expanding into diversified, sustainable fee income streams in the secured debt segment while broadening currency access in its payment services segment. For its three-year target, Wholesale Banking aims to achieve 50% annual EBT growth (CAGR) from 2026 to 2028.
"In the last couple of years, we have steered Multitude into a position of strength and success. As we enter our third decade, Multitude is stronger, leaner, and more focused than ever," adds Antti Kumpulainen. "With a clear strategic direction, disciplined execution, and our unique culture, we are confident that we can build on this solid foundation to achieve even greater growth and deliver sustainable profitability as well as long-term value for our shareholders, partners, and customers alike."
Contact:
Adam Hansson Tönning
Head of IR and Treasury
Phone: +46733583171
E-Mail: adam.tonning@multitude.com
About Multitude AG:
Multitude is a listed European FinTech company, offering digital lending and online banking services to consumers, small and medium-sized enterprises, and other FinTechs overlooked by traditional banks. The services are provided through three independent business units, which are served by our internal Growth Platform. Multitude's business units are Consumer Banking (Ferratum), SME Banking (CapitalBox), and Wholesale Banking (Multitude Bank). Multitude Group employs over 700 people in 25 countries and offers services in 17 countries, achieving a combined turnover of 264 million euros in 2024. Multitude was founded in Finland in 2005, is registered in Switzerland and is listed on the Prime Standard segment of the Frankfurt Stock Exchange under the symbol 'MULT'.
www.multitude.com
