Multitude AG publishes H1 2026 results: Strategy execution supports profitable growth
- Portfolio expansion and improving asset quality continued to support the Group's profitable performance
- Fee income more than doubled year-on-year, increasing its contribution to the Group's overall revenue mix
- Multitude completed the acquisition of Sortter Oy, demonstrating execution of the Group's tri-pillar growth strategy and adding an incremental fee income stream
- On track to deliver FY2026 net profit guidance
Zug, 13 August 2026 – Multitude AG, a listed European FinTech company offering digital lending and online banking services to consumers, SMEs, and institutional clients (“Multitude”, the “Company” or the “Group”), published its H1 2026 results for the period ending 30 June 2026 today.
Multitude Group Results
Group revenue amounted to EUR 126.9 million (H1 2025: EUR 133.4 million), with interest income amounting to EUR 114.3 million (H1 2025: EUR 128.0 million) as the Group continued to optimise its lending portfolio and improve asset quality. This was mostly offset by a 136% increase in fee and commission income to EUR 12.6 million (H1 2025: EUR 5.3 million), driven by continued execution of the Group's revenue diversification initiatives through growth in partnerships, payment services and additional fee income through the acquisition of Sortter Oy. Following the acquisition completed in May 2026, Sortter Oy is now fully consolidated within the Consumer Banking business unit, demonstrating the execution of the Group's tri-pillar growth strategy – organic, partnerships, and selective M&A, while contributing an incremental fee income stream.
Net loans and investments expanded by 15.0% to EUR 979.5 million (H1 2025: EUR 852.1 million). Asset quality continued to improve, with impairment losses decreasing by 17.7% to EUR 34.9 million (H1 2025: EUR 42.4 million), supported by continued portfolio optimisation initiatives.
Customer deposits increased by 12.1% to EUR 1.2 billion and continue to represent the Group's primary funding source. Total assets increased to EUR 1.6 billion from EUR 1.4 billion at the end of 2025, strengthening the Group's balance sheet and supporting future business growth. Group equity rose by 16.9% to EUR 243.1 million, supported by the successful issuance of EUR 70 million of capital notes during the period, with the net equity ratio reaching 24.0%.
Net profit for H1 2026 amounted to EUR 13.1 million (H1 2025: EUR 14.2 million), reflecting the expected phasing of profitability through FY2026.
“The first half of 2026 shows the continued execution of our strategy. We achieved portfolio growth across all business units while further improving asset quality, expanded recurring fee income and further expanded our growth platform through the acquisition of Sortter. Together, these developments reinforce our confidence in delivering our 2026 guidance and achieving our long-term financial targets,” said Antti Kumpulainen, Multitude’s CEO.
Results of the Business Units
Consumer Banking (Ferratum Brand)
Revenue amounted to EUR 93.5 million (H1 2025: EUR 106.5 million), reflecting the continued optimisation of the lending portfolio and asset quality improvement initiatives. Fee income continued to grow, supported by partnerships, recurring fee-based activities and the contribution from Sortter, further supporting revenue diversification. Impairment losses decreased by 20.5% year-on-year, while net loans and investments increased by 6.2% to EUR 537.4 million (H1 2025: EUR 506.0 million). EBT amounted to EUR 15.1 million (H1 2025: EUR 17.4 million), reflecting the lower interest income associated with this strategic shift and changes to the portfolio composition.
SME Banking (CapitalBox Brand)
Revenue grew slightly by 2.4% to EUR 17.7 million (H1 2025: EUR 17.3 million), while net loans and investments increased by 15.5% to EUR 170.9 million (H1 2025: EUR 148.0 million). The business unit continued to pursue profitable growth while improving risk-adjusted returns. Revenue from recently originated loans is expected to materialise progressively over time while the temporarily higher cost base, associated with organisational transformation, product development and technology investments continued to weigh on profitability. As a result, EBT was negative EUR 3.5 million (H1 2025: negative EUR 1.5 million).
Wholesale Banking (Multitude Bank Brand)
Wholesale Banking continued its strong growth trajectory during the first half of 2026 as well. Revenue increased by 64.5% to EUR 15.7 million (H1 2025: EUR 9.6 million), while EBT increased more than eightfold to EUR 3.5 million (H1 2025: EUR 0.4 million). Net loans and investments expanded by 37.0% to EUR 271.3 million (H1 2025: EUR 198.0 million), supported by continued execution on the secured debt deal pipeline and the continued expansion of payment services.
Outlook
Multitude Group remains on track to achieve its net profit guidance of EUR 30 million for 2026 and continues to target an annual net profit growth of 20% in both 2027 and 2028. The outlook is supported by continued execution of the Group’s tri-pillar growth strategy, increasing revenue diversification, strong asset quality, and the ongoing scaling of its FinTech platform. While positive EBT for SME Banking is now expected latest 2027, Group guidance and long-term financial targets remain unchanged.
H1 2026 Results Earnings call: Webcast and telephone conference to be held today, 13 August 2026, at 10:00 CEST
Registration link: https://multitude.events.inderes.com/q2-2026
Telephone conference: https://events.inderes.com/multitude/q2-2026/dial-in
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, SMEs, and institutional clients, overlooked by traditional banks. The services are provided through three independent business units, which are served by the Multitude Growth Platform: Consumer Banking (Ferratum), SME Banking (CapitalBox), and Wholesale Banking (Multitude Bank). Multitude Group employs over 700 people, offering services in 17 European countries. In 2025, the Group achieved a revenue of 257 million euros. 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' (WKN: A40VJN, ISIN: CH1398992755).
www.multitude.com
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