Multitude SE with continued strong growth at the start of 2024

EBIT increases by 31 percent to EUR 11.6 million

Multitude SE with continued strong growth at the start of 2024: EBIT increases by 31 percent to EUR 11.6 million

Key takeaways:

• Significant EBIT growth of 31.0% to EUR 11.6 million compared to the same period of the previous year
• Revenue increases by 18.3% to EUR 64.2 million
• Consolidated net profit increases by 13.0% to EUR 2.6 million,
  EPS by 48.8% to EUR 0.07
• Multitude SE strengthens market position with the acquisition of Omniveta's business
• On track to achieve EBIT forecast of EUR 67.5 million in 2024
  
  

Helsinki, 16 May 2024 – Multitude SE, a listed European FinTech company, offering digital lending and online banking services to consumers, small and medium-sized businesses, and other FinTechs (ISIN: FI4000106299, WKN: A1W9NS) (“Multitude”, “Company” or “Group”) has published its quarterly figures for Q1 2024, which show a continued positive development in all business units Consumer banking (Ferratum), SME banking (CapitalBox) and Wholesale banking (Multitude Bank).

Key figures, EUR million	Q1 2024	Q1 2023*	% change
Interest income	64.2	54.2	+18.3
Net interest Income	55.6	50.3	+10.5
Profit before interest expense and taxes (EBIT)	11.6	8.9	+31.0
Profit for the period	2.6	2.3	+13.0

*numbers are restated as of Q1 2023

Strong growth continues  

In the first quarter of the new year, the Group continued to show solid financial development and managed to accelerate growth compared to the same period of the previous year. Revenue increased by 18.3% to EUR 64.2 million (Q1 2023: EUR 54.2 million), being one of the strongest growth quarters of the company. Multitude's EBIT increased by 31.0% to EUR 11.6 million compared to the same period of the previous year (Q1 2023: EUR 8.9 million). Net AR increased significantly by 23.1% from EUR 543.3 million to EUR 657.6 million in a 12-month comparison. This resulted in a 10.5% increase in net interest income from EUR 50.3 million to EUR 55.6 million. At EUR 2.6 million, profit for the period was 13% higher than the previous year's figure of EUR 2.3 million despite elevated credit losses in parts of the business during Q1 2024.