GlobeNewswire by notified

Multitude Group Annual Report 2023 published - on track for substantial profitable growth in 2024 and beyond


Multitude Group Annual Report 2023 published - on track for substantial profitable growth in 2024 and beyond

  • Guidance for 2023 achieved: EBIT plus 44.8% to EUR 45.6 million
  • Revenue up 8.5 % to EUR 230.5 million
  • Net profit jumped to EUR 16.4 million, basic earnings per share amount to EUR 0.51
  • Loans to customers and debt investments increased by 20.8% to EUR 638.1 million, impaired loan coverage ratio decreased to 16.6%
  • Dividend proposal of EUR 0.19 per share
  • Strong confidence for outlook:
    • 2024: EBIT guidance of EUR 67.5 million 
    • Mid-term 2026: net profit growth to EUR 30 million

Helsinki, 28 March 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”) announces that the Group's Annual Report, Corporate Governance Statement and Remuneration Report for the financial year ended 31 December 2023 have been published on the company’s website today.

With the publication of the audited figures in the annual report for 2023 Multitude confirms its preliminary numbers, showing a strong performance in 2023 and significant growth across all relevant key figures. As such, loans to customers rose by 13.6% to EUR 575.9 million and debt investments increased by 194.3% from EUR 21.1 million to EUR 62.1 million. This and an improved cost efficiency resulted in a strong growth of the EBIT from EUR 31.6 million in 2022 to EUR 45.6 million in 2023, signifying a 44.8% increase. Following this, net profit also rose sharply by 39.6% to EUR 16.4 million in 2023 and the basic earnings per share jumped from EUR 0.38 to EUR 0.51.

“With our very strong performance in 2023, Multitude has exceeded its guidance for the third year in a row and underlined its potential for further sustainable growth in the years to come”, commented CEO Jorma Jokela. “We are happy to confirm the success of our strategy, which has been further developed along the value chain. Based on the strong growth drivers of our FinTech platform we are very confident about increasing our EBIT by another 50% to EUR 67.5 million. Furthermore, we confirm our mid-term guidance to almost double Multitude`s net profit to EUR 30 million by the end of 2026.

Improved balance sheet quality and risk management

Multitude continued its focus on growth, increasing the Group’s total assets significantly to EUR 990.9 million, a difference of 31.5 % compared to EUR 753.2 million in 2022. The gain in assets is largely attributable to the rise in loans to customers from EUR 507.1 million at the end of 2022 to EUR 575.9 million at the end of 2023, representing an increase of EUR 68.9 million (13.6%). Additionally, the strategic concentration on growth also showed itself in the Group’s substantial expansion of the debt investments by 194.3% from EUR 21.1 million in 2022 to EUR 62.1 million. Despite the significant increase of total loans to customers the strict focus on risk control has continued to bear fruit and Multitude was able to decrease the impaired loan coverage ratio by 1.6% from 18.2% to 16.6% in 2023. The Group’s shareholders’ equity increased to EUR 183.6 million, representing an equity ratio of 18.5%. The net equity ratio as one of the main measures for capital adequacy reached 26.0% at the end of 2023 (December 31, 2022: 30.0%). With the overall growth in assets also comes a rise in cash and cash equivalents by 85.0% to EUR 283.7 million from EUR 153.3 million.

Key figures, in EUR million20232022*% change
Impairment loss on loans to customers(89.3)(84.6)5.5%
Profit before interest expense and taxes (‘EBIT’)45.631.544.8%
Profit before income taxes19.013.639.7%
Profit for the year16.411.839.6%
Basic earnings per share (in EUR)0.510.3834.2%

* Restated
**Refers to interest income from the consolidated financial statements

The Annual Report includes the consolidated financial statements, the Board of Directors' report, and the Multitude SE separate financial statements. The non-financial part of the Annual Report includes the ESG Report and an overview of the legal and regulatory environment. The ESG report highlights the Group’s commitments and progress towards managing environmental, social, and governance matters and provides insight on positive impact creation.

Multitude has prepared the consolidated financial statements and Board of Directors' Report in accordance with European Single Electronic Format (ESEF) reporting requirements. The audit firm PricewaterhouseCoopers Oy has provided an independent auditor's reasonable assurance report on Multitude's ESEF financial statements in accordance with ISAE 3000 (Revised).

The Annual Report is available in PDF and XHTML formats at: Results, reports and publications 2023 – Multitude

The Corporate Governance Statement and Remuneration Report have also been published as separate PDF files at: Results, reports and publications 2023 – Multitude


Lasse Mäkelä 
Chief Strategy and IR Officer
Phone: +41 79 371 34 17

About Multitude SE:

Multitude is a listed European FinTech company, offering digital lending and online banking services to consumers, small and medium-sized businesses, and other FinTechs overlooked by traditional banks. The services are provided through three independent business units, which are served by our internal Banking-as-a-Service Growth Platform. Multitude’s business units are consumer banking (Ferratum), SME banking (CapitalBox) and wholesale banking (Multitude Bank). Multitude Group employs over 700 people in 25 countries and offers services in 16 countries, achieving a combined turnover of 230 million euros in 2023. Multitude was founded in Finland in 2005 and is listed on the Prime Standard segment of the Frankfurt Stock Exchange under the symbol 'FRU'.


To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Nokia Corporation: Repurchase of own shares on 12.04.202412.4.2024 21:30:00 CEST | Press release

Nokia Corporation Stock Exchange Release 12 April 2024 at 22:30 EEST Nokia Corporation: Repurchase of own shares on 12.04.2024 Espoo, Finland – On 12 April 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code)Number of sharesWeighted average price / share, EUR*XHEL557,4733.19CEUX--BATE--AQEU--TQEX--Total557,4733.19 * Rounded to two decimals On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 4 April 2023 started on 20 March 2024 and ends by 18 December 2024 with a maximum aggregate purchase price of EUR 300 million. Total cost of

EPH European Property Holdings PLC Suggests Amendments to the Terms of its Listed Bonds ISIN CH117734830212.4.2024 20:00:00 CEST | Press release

12th April 2024, Limassol, Cyprus I Ad hoc announcement pursuant to Art. 53 LR EPH European Property Holdings PLC (the “Company” or “EPH”) has decided to suggest to the holders of the Company’s bonds with ISIN CH1177348302 and with a total nominal value of EUR 122,175,000 to amend certain terms of these bonds: Replacement of the current interest rate of 2.25 % p.a. with an interest rate of 3.50% p.a.; andA term prolongation of 5 years of the Bonds until 31 May 2029 The bondholders are requested to consent or reject the suggested amendments until 13th May 2024. Subject to having received consents by all bondholders the amendments to the Terms of the Bonds shall become effective on 1st June 2024. EPH EUROPEAN PROPERTY HOLDINGS PLC is an investment company listed on SIX Swiss Exchange and holds a commercial property portfolio with a total value of approx. EUR 900 million, including real estate assets in Berlin, Hamburg, Stuttgart, Dresden, Switzerland and Vienna. Additional information on

Nexstim Plc Resolved on a New Stock Option Plan 2024H12.4.2024 20:00:00 CEST | Press release

Company Announcement, Helsinki, 12 April 2024 at 9 PM (EEST) Nexstim Plc Resolved on a New Stock Option Plan 2024H Nexstim Plc (NXTMH:HEX) ("Nexstim" or "Company") announces that the Board of Directors of Nexstim resolved on 12 April, 2024, to launch a new stock option plan 2024H aimed at the Board of Directors of the Company by virtue of an authorization granted by the Annual General Meeting of Shareholders of the company on March 28, 2024, and according to the AGM resolution. The Company has a weighty financial reason for the issue of stock options since the stock options are intended to form part of the incentive and commitment program. The purpose of the stock options is to encourage the members of the Board of Directors to work and co-operate on a long-term basis to increase shareholder value. The purpose of the stock options is also to commit the members of the Board of Directors to the Company. The maximum total number of stock options 2024H issued is 37,500 and they entitle the

SalMar - Nøkkelinformasjon ved kontantutbytte for SalMar ASA12.4.2024 19:16:00 CEST | Pressemelding

Utbyttebeløp: 35,0 kroner per aksje Annonsert valuta: NOK Siste dag inklusive: 06.06.2024 Ex-dato: 07.06.2024 Record date (eierregisterdato): 10.06.2024 Betalingsdato: På eller omkring: 20.06.2024 Vedtaksdato: 06.06.2024 For mer informasjon, kontakt: Håkon Husby, IR-ansvarlig Tel: +47 936 30 449 Email: Denne opplysningen er informasjonspliktig etter verdipapirhandelloven §5-12

SalMar - Key information relating to the cash dividend to be paid by SalMar ASA12.4.2024 19:16:00 CEST | Press release

Dividend amount: 35.0 per share Declared currency: NOK Last day including right: 06.06.2024 Ex-date: 07.06.2024 Record date: 10.06.2024 Payment date: On or about 20.06.2024 Date of approval: 06.06.2024 For more information, please contact: Håkon Husby, Head of Investor Relations Tel: +47 936 30 449 Email: This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

HiddenA line styled icon from Orion Icon Library.Eye