Multitude Q1 preview; soft quarter expected due to divestments - NuWays AG Research
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Multitude Q1 preview; soft quarter expected due to divestments - NuWays AG Research

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.

The path to FY26 guidance of € 30m is likely to be heavily H2-weighted. The guidance remains achievable, as the effects from divestments progressively ease, while Wholesale Banking and the partnership business are expected to continue on their strong performance. Nevertheless, the abovementionned macro backdrop remains a risk.

We do not make any changes ahead of results and keep our BUY rating with a PT of € 11.
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