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Multitude delivers strong profitability growth and continued operational progress in 9M 2025
Against economic and political uncertainties, Multitude has delivered a significant increase in profitability on the basis of a solid revenue performance, and further strengthened its balance sheet through disciplined risk management and structural simplification. In the first nine months of 2025, the company achieved a profit of EUR 20.3 million, reflecting an increase of 59.3% (9M 2024: EUR 12.8 million). This improvement was primarily driven by continued positive trends in the reduction of impairment loss on loans to customers, strong development in net fee and commission income, and increased contributions from the share of results of associates.
Group revenue of EUR 195.9 million continued on a stable year-on-year trajectory (9M 2024: EUR 193.9 million). Interest income decreased slightly to EUR 186.6 million in 9M 2025 from EUR 193.9 million in 9M 2024, as higher loan volumes only partly offset the effects of lower interest rates and divestment of entities. The decrease in interest income was compensated by high levels in fee and commission income of EUR 7.7 million (9M 2024: EUR 0.1 million).
Impairment losses further decreased by 16.5% to EUR 61.5 million from EUR 73.6 million in 9M 2024, reflecting significant improvements in credit operations and underwriting capabilities. The Group’s share of results of associates improved significantly, transitioning from a loss of EUR 0.2 million in 9M 2024 to a profit of EUR 2.0 million in 9M 2025.
Total assets grew by 20.7% to EUR 1,325.6 million (December 2024: EUR 1,098.7 million). Net exposure, which includes loans to customers and debt investments, rose significantly by 15.4% to EUR 880.1 million compared to the end of the previous year (December 2024: EUR 762.5 million).
Deposits, the Group’s main source of funding, increased by 22.8% to EUR 983.1 million. The Group’s equity rose to EUR 201.0 million, resulting in a relatively stable net equity ratio of 22.5% (December 2024: 23.2%).
In the Consumer Banking business unit, the revenue development was relatively stable year-on-year at EUR 154.0 million (9M 2024: EUR 160.7 million), with a slight uplift in EBT to EUR 24.2 million (+3.1%). Fee and commission income for the segment rose to EUR 7.7 million (9M 2024: EUR 0.1 million), on the back of revenue diversification initiatives. Net exposure rose steadily by 8.1% year-on-year to EUR 517.0 million at the end of 9M 2025.
The SME Banking business unit delivered revenue growth of 5.7% to EUR 26.1 million. Following a strong start to the year, revenue growth momentum eased slightly in subsequent months. Impairments decreased by 28.8%, reflecting effective credit risk control and improved operational efficiency. EBT performance improved significantly year-on-year, with losses decreasing by 70.7% to EUR 2.7 million (9M 2024: EUR 9.2 million). Loans to customers grew significantly by 19.5% year-on-year and reached EUR 160.9 million, with a higher share of secured portfolio (September 2024: EUR 134.6 million).
The Wholesale Banking business unit, which commenced operations at the beginning of 2024, continued to grow both in revenue and profitability. Revenue increased by 82.2% to EUR 15.8 million. EBT growth was exceptionally strong, rising from EUR 0.3 million in 9M 2024 to EUR 1.8 million in 9M 2025, while net exposure increased by 79.1% year-on-year to EUR 202.3 million, highlighting the high scalability of the business unit.
“The performance of the Multitude Group in the first nine months of 2025 is in line with our expectations, as we continue the journey on our profitable growth path. The increase in net profit reflects the continued strengthening of asset quality and successful implementation of advanced risk modelling as well as operational improvements we have made this year. Looking ahead, Multitude will continue to serve overlooked customers across Europe while executing on our tri-pillar growth strategy: organic growth, partnerships, and M&A”, CEO Antti Kumpulainen comments on the published results.
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The company will host its virtual 9M Earnings Call and Capital Markets Day today at 13:00 CET. In addition to presenting the current nine-month figures, the Leadership Team will provide an overview of the corporate strategy and overall business performance.
Registration for the virtual event is available at the following link
Adam Hansson Tönning
Head of IR and Treasury
Phone: +46733583171
E-Mail: adam.tonning@multitude.com
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