Multitude Q3'26 preview: Sortter and Wholesale Banking expected to drive growth
Summary
- Multitude's Q3'26 net operating income is expected to rise to 59 MEUR, driven by the full-quarter consolidation of Sortter and growth in Wholesale Banking, despite challenges in Consumer Banking.
- Q3 earnings before taxes (EBT) are projected to increase to 9.6 MEUR, supported by Sortter's profitability and slightly lower impairment losses due to strategic shifts.
- Multitude's 2026 net profit guidance of 30 MEUR requires a strong H2, with potential support from Sortter's consolidation and earn-outs from 2025 divestments.
- Key focus areas include the operational performance of SME Banking and Sortter, with SME Banking's profitability turnaround being critical for future growth.
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| Estimates | Q3'25 | Q3'26 | Q3'26e | Q3'26e | Consensus | 2026e | |||
|---|---|---|---|---|---|---|---|---|---|
| MEUR / EUR | Comparison | Actualized | Inderes | Consensus | Low | High | Inderes | ||
| Net operating income | 52,3 | 58,7 | 226 | ||||||
| Impairment losses | -19,0 | -18,8 | -72,6 | ||||||
| Operating expenses | -26,2 | -31,4 | -120,9 | ||||||
| EBT | 7,0 | 9,6 | 34,8 | ||||||
| EPS (adj.) | 0,25 | 0,29 | 1,05 | ||||||
Source: Inderes
Multitude will publish its Q3 report on November 12, 2026, and the earnings webcast can be followed here at 11:00 am EET. We expect the company to deliver solid topline growth, driven mainly by the full-quarter consolidation of Sortter and continued growth in Wholesale Banking. We anticipate profit level to improve significantly year-on-year, supported mainly by Sortter, improved profitability in SME Banking and profit growth in Wholesale Banking. The 2026 net profit guidance of 30 MEUR needs a strong second half, but thanks to the consolidation of Sortter we see it doable.
Topline growth fueled by Sortter and Wholesale Banking
We expect Multitude's Q3 total net operating income to increase to 59 MEUR (Q3'25: 52 MEUR). The growth is primarily driven by a significant jump in net fee and commission income, which we estimate will more than double year-on-year, mostly due to the full-quarter consolidation of Sortter (included in Consumer Banking) as well as solid organic development. In the largest business unit, Consumer Banking, we expect net interest income to still face year-on-year headwinds from the divestment of Micro Loan businesses and Swedish interest rate caps (estimate -6%), although we expect the quarter-on-quarter development to have stabilized and returned to small growth. For SME Banking, we expect only modest net interest income growth (estimate +5%). The modest net interest income development in the older segments is offset by strong growth in Wholesale Banking, which continues to benefit from an expanding loan portfolio. We expect the net interest income of Wholesale Banking to have grown 54% year-on-year.
Fee income and slightly lower impairments boost earnings
We estimate Q3 earnings before taxes (EBT) to increase significantly to 9.6 MEUR (Q3'25: 7.0 MEUR). The profit improvement is supported by the consolidation of Sortter, which is a highly profitable business. However, it's good to note that we don't have yet good visibility into the seasonality of its profitability. Furthermore, we expect the impairment losses to continue a modest decline, reflecting the company's strategic shift towards lower-risk customers and the divestment of the Micro Loan businesses in Consumer Banking. However, we believe the absolute drop in impairment losses is flattening out as the loan portfolio is growing in absolute terms and the comparison periods in terms of impairment losses are getting better. Overall, when it comes to different business units, the profitability should be supported by SME Banking, where the company made restructurings in Q2. The company also commented in the Q2 webcast that they are already close to break-even in the business unit. Thus, the profitability development of SME Banking is of key focus. We also expect Wholesale Banking to continue its profit growth.
Earnings will also be supported by income from associates, driven by Multitude's stake in Lea Bank. However, higher interest on perpetual loans will cause pressure on the EPS. Overall, we expect EPS to land at 0.29 EUR (Q3'25: 0.25 EUR).
Solid H2 required to meet the 2026 guidance
Multitude's guidance for 2026 expects a net profit of 30 MEUR. After the company accumulated a net profit of 13.1 MEUR in H1, the guidance relies on a strong second half. We do see the guidance as realistic, as H2 will be supported by the full consolidation of Sortter and possibly some earn-outs from the 2025 divestments. The exact timing and size of these earn-outs still add some uncertainty to our estimates.
In the Q3 report, our focus will be on the operational performance of the business units, particularly SME Banking. The segment has continued to be loss-making, and reaching profitability this year seems very unlikely, which was the original target for the year. We will look for signs that the recent restructurings are starting to yield results and improve the unit's turnaround prospects. Additionally, we will monitor the performance of Sortter, as we consider it to be a potential significant value driver for Multitude going forward.