Multitude AG (von NuWays AG): Buy

Original-Research: Multitude AG - from NuWays AG 07.11.2025 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of NuWays AG to Multitude AG

Company Name:	Multitude AG
ISIN:	CH1398992755
Reason for the research:	Update
Recommendation:	Buy
from:	07.11.2025
Target price:	EUR 12.50
Target price on sight of:	12 months
Last rating change:
Analyst:	Frederik Jarchow / Julius Neittamo

Stable Q3 ahead // On track to overachieve guidance

Next Thursday, Multitude will publish Q3´25 figures. Overall, we expect profitability to come in very solid, thanks to the company’s improving loan book quality and diversified income streams. The company is clearly set to overachieve its already increased profit guidance. Here is what to expect in detail:

Group sales are seen up 3% yoy at € 67.7m (eNuW, 5% qoq). As we see Ferratum’s top-line to remain flattish, with -1% yoy, the uplift is seen to stem from the SME business (CapitalBox), with a 5% growth yoy (eNuW, 4% qoq), while Wholesale banking should grow strongly at 50% yoy (eNuW, +16% qoq), albeit from a still relatively low base of € 5.3m.