Multitude SE Financial Results Q1 2023 | Strategic Growth and Robust Financials with IR

Multitude SE Financial Results Q1 2024 | EBIT Surges by 31% - Strategic Growth and Robust Financials with IR
Multitude SE Q1 2024: Key Takeaways
In this comprehensive presentation, Lasse Mäkelä, Investor Relations representative at Multitude SE, delves into the company’s exceptional financial performance for the first quarter of 2024.
Mäkelä begins by highlighting the significant 31% increase in EBIT, which rose to EUR 11.6 million from EUR 8.9 million in the same period of the previous year. This substantial growth underscores Multitude SE’s successful strategic initiatives and robust operational execution, reinforcing the company’s financial strength and growth potential.
Revenue for Q1 2024 increased substantially by 18.3%, reaching EUR 64.2 million compared to EUR 54.2 million in Q1 2023.
This growth is one of the strongest quarterly performances in the company’s history. The consolidated net profit also demonstrated solid progress, increasing by 13% to EUR 2.6 million. Earnings per share (EPS) experienced a significant boost of 48.8%, rising to EUR 0.07, reflecting the company’s enhanced profitability and shareholder value.
Mäkelä underscores the strategic advancements made by Multitude SE
Particularly the official commencement of its new business unit, Wholesale Banking. This segment, which includes Secured Debt and Payment Solutions, has already proven to be a success, with an EBIT of EUR 1.0 million in its first quarter. The Wholesale Banking unit reported a remarkable volume growth of 179.8% over twelve months, reaching EUR 69.2 million. This expansion highlights the effectiveness of Multitude SE’s growth ambitions and its ability to diversify and strengthen its service offerings, reassuring stakeholders of its long-term viability.
Further strengthening its market position, Multitude SE acquired Omniveta Finance
An invoice purchasing specialist, during the first quarter. This acquisition, integrated under the CapitalBox brand, enhances the company’s capabilities in the SME banking sector and supports its goal of becoming a prominent alternative lender alongside traditional banks. The transaction is a testament to Multitude SE’s unwavering commitment to continuous organic growth, strategic partnerships, and acquisitions, instilling confidence in its future prospects.
Despite a slight decrease in total assets from EUR 990.9 million to EUR 960.3 million
Primarily due to a planned reduction in cash and cash equivalents by 20.7% to EUR 225.0 million, the company’s balance sheet remains robust. The equity increased to EUR 185.2 million, resulting in a stable equity ratio of 19.2%. Mäkelä notes that the net equity ratio remained essentially unchanged at 25.2% in Q1 2024, providing a solid foundation for our future growth and stability.
Multitude SE has also maintained efficient risk management practices
With impairment losses averaging around 4% and reaching 4.2% in the first quarter. This indicates the company’s proactive approach to addressing elevated credit losses in parts of the business and implementing corrective underwriting measures.
Looking ahead, Mäkelä reaffirms Multitude SE’s optimistic outlook for 2024.
The company targets an EBIT growth of 50% and aims to reach EUR 67.5 million. The company also projects a consolidated profit after tax of EUR 30 million by the end of 2026. The presentation underscores Multitude SE’s strategic focus on maintaining financial stability, reducing risks, and leveraging its diversified business model to drive future growth.
Overall, Mäkelä’s presentation provides a comprehensive overview of Multitude SE’s strong financial health, strategic initiatives, and promising outlook, reinforcing the company’s position as a leading player in the European FinTech industry.
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00:00 Multitude SE
00:10 Key Takeaways
01:10 Multitude Group Highlights Q1 2024 The Focus On H1 Is To Accelerate Growth Initiatives
02:15 Consumer Banking Highlights Q1 2024 Excellent Performance From Ferratum Continues
03:10 Sme Banking Highlights Q1 2024 Focus On Growth With Increased Provisions For Risk
04:02 Wholesale Banking Highlights Q1 2024 Huge Addressable Market, Robust Growth Whilst Maintaining Strong Filters
04:48 Financial Overview: Revenue Growth Is Accelerating
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