Multitude Ag · XETR:MULT
Multitude — Investor Day (November 2025)
63 slides from Multitude's investor day presentation, Nov 13, 2025
Slide 1: Capital Markets Day 2025
Capital Markets Day 2025 November 13, 2025 11
Slide 2: Important notice
Important notice This presentation contains, or may be deemed to contain, All forward-looking statements included herein are based on forward-looking statements. These statements relate to future information currently available to Multitude and, accordingly, events or future financial performance of
Slide 3: CMD 2025: Agenda
CMD 2025: Agenda TIME TOPIC SPEAKER 13.00 Welcome & introduction Adam Hansson Tönning, Head of Treasury & IR 13.05 9M 2025 Financial results Antti Kumpulainen, CEO Bernd Egger, CFO 13.35 Q&A Antti Kumpulainen, CEO Bernd Egger, CFO 13.45 20 years of Multitude Jorma Jokela, Founder & Strategic Project
Slide 4: 20 years of Multitude
20 years of Multitude Jorma Jokela Founder & Strategic Projects 4
Slide 5: Celebrating 20 years of Multitude
Celebrating 20 years of Multitude 5
Slide 6: Multitude today, Multitude future
Multitude today Multitude future 20-year track record of Scaling of Multitude profitable FinTech platform to reach innovation focused on our next milestone customers overlooked of becoming a by traditional banks unicorn by 2028 6
Slide 7: Our vision is to build the most valuable financial platform for overlooked customers
Our vision is to build the most valuable financial platform for overlooked customers VISION MISSION Building the most valuable Democratise financial services financial platform for through digitalisation, making overlooked customers them fast, easy & green 7
Slide 8: All our decisions and actions are based on our values
All our decisions and actions are based on our values CUSTOMER ENTREPRENEUR CENTRICITY SPIRIT We put customers at the We act boldly, take ownership, heart of everything we do. and create new opportunities. CANDOR RESPECT We speak openly, honestly, We value people, diversity, and constructively. and
Slide 9: Today we are in the 6th generation of our strategy
Today we are in the 6th generation of our strategy which is focused on scaling the Multitude platform 1 Building the 2 Roll-out to 3 Transition to 4 Accelerate 5 Focus and 6 Scaling the foundation new countries regulated offering with restructuring Multitude environment new products to regain platfo
Slide 10: Multitude's Growth Platform
Multitude’s Growth Platform CONSUMER BUSINESS WHOLESALE INVESTMENTS & PLATFORM BANKING BANKING BANKING PARTNERSHIPS CUSTOMERS PLATFORM Fast Attractive Global Cross-selling CUSTOMER execution funding talent opportunities Scalability VALUE Our three independent business units focus on sales and custom
Slide 11: Three dynamics that will realise our strategy
Three dynamics that will realise our strategy CUSTOMER VALUE REVENUE Value creation to overlooked end-customers and platform COST GROWTH customers REDUCTION Grow the Multitude platform Continuous focus to decrease via Organic, Partnerships, and costs as we scale the platform M&A 11
Slide 12: Multitude Strategy
Multitude Strategy Antti Kumpulainen CEO 12
Slide 13: We continue to build on our unique strengths
We continue to build on our unique strengths Deep understanding of overlooked customers Superb risk management capability Comprehensive data-based insights into overlooked customer Our advanced risk assessment capabilities enabling superior risk- segments that traditional banks underserve. This expe
Slide 14: Key priorities
Key priorities REVENUE GROWTH COST REDUCTION CUSTOMER VALUE Tri-pillar growth model Operational efficiency End-customers Increased focus in Partnerships Improve Cost of Income Ratio to 40% Continue to build differentiation and M&A to drive profitable growth with increased simplification, process foc
Slide 15: Revenue growth: Tri-pillar growth strategy and revenue diversification
Revenue growth: Tri-pillar growth strategy and revenue diversification Consumer Business Wholesale Banking Banking Banking Organic Fee income Partnerships Fee income Fee income Sales partners M&A Growth focus Product focus 15
Slide 16: Cost reduction: Targeting 40% Cost to income
Cost reduction: Targeting 40% Cost to income by decreasing cost and increasing scalability Simplification Process innovation Automation & AI • From 40 to less than 20 entities • Outsourcing of non-core • AI adoption as integral part of in the Group processes to enable focus daily work in all functio
Slide 17: We have delivered on strong profit growth in a challenging market
We have delivered on strong profit growth in a challenging market Multitude Group Net Profit (EUR m) 30 25 FY25 20 Guidance 15 10 9M 2025 5 0 2021* 2022 2023 2024 2025 17 Note: *Continuing operations
Slide 18: Consumer Banking
Consumer Banking Kristjan Kajakas Tribe CEO 18
Slide 19: Unsecured lending for unplanned financial needs
Consumer Banking Unsecured lending for unplanned financial needs PRODUCTS Fully digital unsecured lending including instalment loans, revolving loans, current account in mobile app GEOGRAPHIES Currently operating in 13 countries across Europe, with leadership position in Nordics & Eastern Europe CUS
Slide 20: We help customers with unplanned financial needs locally with global efficiency
We help customers with unplanned financial needs locally with global efficiency Who are our customers? Pic Overlooked, financially responsible, tech-savvy individuals who value speed and convenience in solving unexpected financial needs through digital-first, hassle-free solutions. What value we off
Slide 21: Our levers for success
Our levers Instant decisions and rapid payouts built on Speed for success proprietary scoring & payments tech 100% online, mobile-first experience available Convenience 24/7 Highly localised customer experience with Simplicity minimal friction and paperwork Two decades of proven performance in Tru
Slide 22: Delivering high profitability through scale and quality
Delivering high profitability through scale and quality Revenue (EUR m) 180 • Fee income continues to grow 160 • Restructuring and product Fee income changes will impact short term 140 revenue 120 • Profitability growth driven by 100 lower impairments and fee income 80 Interest Income 60 40 20 0 202
Slide 23: Revenue distribution will balance from ~90% organic business
• Optimise funnel Organic • Scale products • Greenfield expansion Revenue distribution will balance from ~90% organic business to • White-label partners 70/20/10 split between Partnerships • Sales partners the strategic initiatives to accelerate growth • Portfolios M&A • Market entry • Associated co
Slide 24: Disciplined approach to deliver profitable growth
Disciplined approach to deliver profitable growth Optimise funnel Scale products Greenfield expansion • Expand approvals without increasing risk: by • Profit-driven growth: Maintain strict • Selective market entry: Expand into utilising real-time data, state-of –the-art scoring pricing discipline ta
Slide 25: Scaling growth through partnerships
Scaling growth through partnerships B2B2C Sub-partners Integration Partners Sub-partners Direct relationship with Full product stack Consumer Consumers from onboarding to B2C operations Partner manages Partners customer relationship Platform-powered growth High-margin revenue Ecosystem expansion Par
Slide 26: M&A Strategy – Disciplined Growth, Strategic Fit
M&A Strategy – Disciplined Growth, Strategic Fit M&A Type Strategic Purpose • Boost growth in short timeframe Portfolio growth • Improved cost to income ratio • Cross sales opportunities • Access to new markets Market entry • Platform leverage • Synergy to existing markets • Investments to known sec
Slide 27: A Scalable, Profitable Lending Model – With Returns in Focus
A Scalable, Profitable Lending Model – With Returns in Focus • Topline growth via strategy execution • Organic growth • M&A • Partnerships 3-year target +10% • Strong focus on cost decrease • Impairment ratios improving EBT CAGR • Scalability through AI and automations • CAC supported by partnership
Slide 28: Business Banking
Business Banking Mantvydas Štareika Tribe CEO 28
Slide 29: Fully digital lending for small and medium businesses in Europe
Business Banking Fully digital lending for small and medium businesses in Europe PRODUCTS Fully digital and highly automated secured and unsecured lending, factoring, and daily banking GEOGRAPHIES Current focus on 5 countries in Northern Europe, leveraging our accumulated 20+ years of experience CUS
Slide 30: Market problem: Traditional banks can't serve the new SME economy
Market problem: Traditional banks can’t serve the new SME economy Traditional B2B lending SME REAL NEEDS Slow approvals (30–90 days) Lending decision in 3 days Tailored and flexible lending One-size-fits-all products products Paperwork-heavy, manual Digital-first process decisions Personalised live
Slide 31: Our solution: A balance of tailored and automated funding
Our solution: A balance of tailored and automated funding to meet small business needs quickly and digitally 1 3 Easy online application Digital and fast funding Fully digital application Rapid processing with loan approval Completion in 3 min Funds disbursed within 10 min 2 4 Personalised solution
Slide 32: Turning efficiency and retention into profitable growth
Turning efficiency and retention into profitable growth Revenue (EUR m) 30 Increased revenue 25 • Digital-led acquisition and profitable cross-sell across the 20 product suite 15 Increase in profitability • -30% Credit losses YoY 10 • Repeat borrowing 40% of portfolio (+10% YoY) • Active customers +
Slide 33: Focus on organic growth, while building embedded solutions
Expand existing products and focus on retention • AI credit scoring now covers ~70% of unsecured loans. Organic • Profitability with Secured Instalment Loan and Factoring • Utilisation of existing customer database • Leveraging sales channels with focus to most profitable Focus on organic growth, wh
Slide 34: Strategic partnership: A seamlessly integrated financial journey
Strategic partnership: A seamlessly integrated financial journey PARTNER MULTITUDE Finance products WHITE-LABEL for partners customers’ Consumer SMB’s FINANCING customers PARTNERS Finance products direct customers for companies We integrate our financial PARTNER API products into a seamless journey
Slide 35: Strong focus: On efficiency in operational execution
Strong focus: On efficiency in operational execution AI & Automation Pricing discipline Data-driven growth engine • End-to-end automated credit • Smart pricing automation ensures • Leverage analytics and PSD2 data to decisions for unsecured loans. stable yield across risk tiers. identify high-value
Slide 36: Future vision: Expanding beyond lending into a multi-service SME platform
Future vision: Expanding beyond lending and creating a multi- service SME platform 2025 multi product + 2026–2028 lending + Early stage multi channel lending payments & cards / accounts TRANSITION TRANSITION SINGLE MULTI-SERVICE service provider fintech platform Symbolising the company’s expansion i
Slide 37: Road to profitability
Road to profitability Portfolio 23% 180 160.9 160 18% 148.0 144.1 140.8 130.2 134.6 140 123.3 13% % opex / portfolio & linear trend 120 8% % impairments / portfolio & 100 linear trend 3% 80 % EBT / portfolio 60 & linear trend -2% 40 -7% 20 -12% 0 2024-Q1 2024-Q2 2024-Q3 2024-Q4 2025-Q1 2025-Q2 2025-
Slide 38: A Scalable, Profitable Lending Model – With Returns in Focus
A Scalable, Profitable Lending Model – With Returns in Focus Growth and Profitability 3-year target Revenue quality & customer retention • Drive +50 % customer retention using predictive Single digit positive analytics & expand via cross-sell products. EBT 2026 • Prioritise direct and embedded ori
Slide 39: Wholesale Banking
Wholesale Banking Alain Nydegger Tribe CEO 39 39
Slide 40: Wholesale Banking has two business segments
Wholesale Secured Debt Banking has two Tailor-made financing solutions that business segments address overlooked client needs, leveraging our advanced risk management and credit showing promising structuring expertise. revenue growth Payment Services Embedded payment solutions for FinTech PSPs opera
Slide 41: Wholesale Banking: Strong revenue growth with increasing profitability
Wholesale Banking Strong revenue growth with increasing profitability • Strong and accelerating revenue Revenue (EUR m) growth in Wholesale Banking; CAGR 23-25 driven by strong client relationships 18 >100% and expanding product penetration 16 across key verticals Fee income 14 • Rising profitabilit
Slide 42: Secured Debt: Tailor-made financing solutions for overlooked institutional clients
Secured Debt Tailor-made financing solutions for overlooked institutional clients Who are our clients? We serve borrowers, asset owners, and lenders seeking tailored solutions for complex or non-standard transactions. Clients often overlooked by traditional banks but rich in potential. What are our
Slide 43: Secured Debt Portfolio: Evolution & Composition
Secured Debt Portfolio: Evolution & Composition Portfolio (EUR m) Portfolio mix (Q3 25, %) Economics 9.5% 250 100% Other 10% Movable Assets 9% Other 27% Average yield 200 80% Real 2 yrs Estate 150 60% 32% Baltics 36% Weighted TTM 100 40% Direct 11M Lending 50 20% 49% Nordics 37% Average deal size 0
Slide 44: Secured Debt Case example
Secured Debt Case example Unique InSoil is a fintech lender providing secured loans for small and mid-sized farmers challenge Needed scalable, repeatable funding to support rapid growth in EU farm lending Tailored Structured a bankruptcy-remote SPV to purchase loans under a forward-flow agreement We
Slide 45: Secured Debt: strategic focus on scaling
Secured Debt Accelerate velocity through repeatable, sector -focused deal pods Sales Expand reach via Debt Advisors and new distribution Our strategic focus acceleration channels Simplify origination with embedded, data-driven selection is on scaling the criteria early success of the Broaden revenue
Slide 46: Payment Services: Embedded Payment Services for PSPs and FinTechs
Payment Services Embedded Payment Services for PSPs and FinTechs operating in highly regulated verticals. Who are our clients? We serve PSPs across Europe, specializing on overlooked customers in highly regulated merchant verticals. What are our services? We provide clients with API-based accounts a
Slide 47: Payment Services Case examples
Payment Services Case examples Use Case 1: Use Case 2: Expanding Market Access Supporting Regulated Verticals (SEK & EUR) • Client, a payment institution, sought to • Client, a payment institution ready to serve CASPs, Challenge expand into Sweden but lacked access to faced limited banking access du
Slide 48: Scaling Our Dual-Engine
Scaling Our Dual-Engine Secured Debt • Sales acceleration • Originate to distribute (OTD) 3-year target +50% • Risk EBT CAGR Payment Services • Strengthen commercial reach • Broaden currency access (e.g., DKK) • Vertical specialisation 48
Slide 49: Financial Guidance
Financial Guidance Bernd Egger CFO 49
Slide 50: The Multitude investment case
The Multitude investment case 1 We are a growing FinTech 2 We are highly resilient 3 We are a market leader 4 We are increasingly profitable 5 We are dividend paying 50
Slide 51: Diversified growth drivers
Diversified growth drivers Revenue (EUR m) CAGR Portfolio by business & region (%, 9M 2025) 5.4 % (2021-2024) 11.3% (2022-2024) 300 100% 264 100% 300 90% 231 90% 250 214 213 80% 250 80% 70% 59% 48% 200 200 70% 60% 60% 150 150 50% 50% 40% 40% 16% 100 100 30% 18% 30% 50 20% 20% 50 36% 10% 23% 10% 0 0
Slide 52: Our track record: Significant increase in Net Profit
Our track record: Significant increase in Net Profit Net Profit (EUR m) CAGR EBT by Business Segment (EUR m; 9M 2025 vs 9M 2024) 154% 25 30 23 24 20.2 25 20 20 16.4 15 15 10 11.8 5 2 10 0 0 5 -5 (3) 1.2 -10 (9) - -15 2021 2022 2023 2024 Consumer SME Wholesale • Continuous focus on performance improv
Slide 53: Capital Market Guidance – Performance Assessment
Capital Market Guidance – Performance Assessment 1 2021: Back to growth, EBIT EUR 20m 2 2022: EBIT EUR 30m 3 2023: EBIT EUR 45m 4 2024: EBIT EUR 67.5m 5 2025: Net Profit EUR 24-26m On track 53
Slide 54: The way ahead: Net Profit expected to double by 2028
The way ahead: Net Profit expected to double by 2028 Net Profit (EUR m) Future profit drivers: Guidance • Growth in revenue and other 2028 proceeds (investments, earn-out, etc.) • Cost efficiency initiatives • De-risking of assets • Funding costs reduction 2024 EBT Volume Cost efficiency Asset quali
Slide 55: All businesses to contribute to a well-diversified profit composition
All businesses to contribute to a well-diversified profit composition Future profit profile: • All businesses expected to be 200% significantly profit- accretive • Increasing recurring fee income 150% • Investments from Associates to become a strategic profit 100% source 141% 50% 50% 20% 30% 0% 5% -
Slide 56: Cost Income Ratio: We are aiming at significant efficiency gains
Cost Income Ratio: We are aiming at significant efficiency gains Cost-to-Income ratio CIR drivers: • Investments in AI platform 61% • Automation • Degressive cost development 48% • Elimination of non-core activities • Lean Group structure 40% ~ Note: CIR Numerator excludes Credit Losses, 2021 2025 9
Slide 57: Asset Quality: Positive trend is expected to continue
Asset Quality: Positive trend is expected to continue Risk management and asset Impairments / Portfolio quality success factors: 30% • Track record of asset quality improvements even during challenging periods 25% • Technological improvements (e.g. integration of new data 20% sources) • Further enha
Slide 58: Funding focus: Diversification and cost reduction
Funding focus: Diversification and cost reduction Sources of Funds (% Liabilities) • Focus on own deposit 100% Other liabilities distribution channels going Other liabilities Other liabilities 3rd party forward 90% deposits • Direct deposit channels live in Germany, Sweden, Malta, Spain 80% 3rd part
Slide 59: Value Creation: aiming for 20%+ RoTE by 2028
Value Creation through Growth, Focus, and Efficiency: Multitude is aiming for 20%+ RoTE by 2028 Return on tangibe equity Success factors: 25% • Diversified monetarisation • Low capital consumption income streams 20% • Strict focus on Net Profit targets • Operational efficiency • Asset quality 15% •
Slide 60: Capital Market Guidance and indicative targets 2025-2028
Capital Market Guidance and indicative targets 2025-2028 Net Profit Guidance 2025: 1 24-26m EUR confirmed Net Profit Guidance 2026: 2 30m EUR confirmed Net Profit Guidance 2027 & 2028: 3 20% increase p.a. Business Targets: 4 • • Consumer banking: 10% EBT CAGR SME Banking: Single digit positive EBT 2
Slide 61: Q&A
MULTITUDE Q&A
Slide 62: Key takeaways
Key takeaways Guidance 2026 – 2028 annual increase in net profit of 20% We are focusing on our tri-pillar growth model Strong focus on increased usage of data, AI and further automatisation We continue serving customers overlooked by traditional banks Ambition to reach a EUR 1 bn valuation 62
Slide 63: Thank you!
Thank you! 63