Multitude AG (von NuWays AG): BUY

Original-Research: Multitude AG - from NuWays AG 19.05.2026 / 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
Target price:	EUR 11
Target price on sight of:	12 months
Last rating change:
Analyst:	Julius Neittamo

Multitude Q1 preview; soft quarter expected due to divestments

Multitude will report its Q1'26 results Thursday. Here is what to expect:

Consumer Banking interest income is expected down 30% yoy to € 36.3m (eNuW), as the company divested its Micro Loan businesses in 2025 as part of a deliberate de-risking strategy. Additionally, lagged effects of prior rate-cutting cycles are seen to have continued weighing on net interest compression. In March 2025, Sweden lowered the interest rate cap from reference rate +40pp to reference rate +20pp for unsecured consumer credit, likely further impacting yields in Q1'26.

CapitalBox interest income is seen at € 8.1m, down 6% yoy (eNuW). The latest available Eurostat data, for Q4'25, showed EU-27 business registrations at an index of 112.5, up 4.8% yoy, while bankruptcy declarations reached an index of 195.9, up 11% yoy.

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