Core Viewpoint - Multitude AG, a European FinTech company, has received a 'B-' long-term rating from Fitch Ratings for its subsidiary Multitude Capital Oyj's subordinated hybrid perpetual notes, indicating a focus on enhancing liquidity through bond issuance [1]. Company Overview - Multitude AG is a listed European FinTech company that provides digital lending and online banking services to consumers, SMEs, and institutional clients, operating independently from traditional banks [2]. - The company operates through three business units: Consumer Banking (Ferratum), SME Banking (CapitalBox), and Wholesale Banking (Multitude Bank), supported by the Multitude Growth Platform [2]. - Multitude Group employs over 700 people and offers services across 17 European countries [2]. - In 2025, the Group reported a revenue of 257 million euros [2]. - Founded in Finland in 2005, Multitude is registered in Switzerland and listed on the Prime Standard segment of the Frankfurt Stock Exchange under the symbol 'MULT' [2]. Funding Mechanism - Multitude Capital Oyj serves as the funding vehicle for Multitude Group, issuing bonds to support the liquidity of the Group's operations [3].

Company Overview - Multitude Capital Oyj is a wholly owned subsidiary of Multitude AG, a listed European FinTech company that provides digital lending and online banking services to consumers, small and medium-sized enterprises (SMEs), and other FinTechs [3] - Multitude Group operates through three independent business units: Consumer Banking (Ferratum), SME Banking (CapitalBox), and Wholesale Banking (Multitude Bank), employing over 700 people across 17 European countries [7] Financial Performance - In 2025, Multitude Group achieved a revenue of 257 million euros [7] Reporting and Governance - The Company has published its Annual Report 2025, which includes the Financial Statements, Board of Directors Report, and Corporate Governance Statement [1] - The Financial Statements and Board of Directors Report have been prepared in accordance with European Single Electronic Format (ESEF) reporting requirements, and the auditor, PricewaterhouseCoopers Oy, has issued an Independent Auditor's Reasonable Assurance Report [4] - The Financial Statements and Board of Directors Report are available in English and Finnish on the Multitude Group's website [2][5] Contact Information - The Head of IR and Treasury is Adam Hansson Tönning, who can be contacted via phone or email for further inquiries [6]

Core Points - The Annual General Meeting (AGM) of Multitude AG is scheduled for April 24, 2026, at 10 a.m. in Zurich, Switzerland, and will focus on formal agenda items without a presentation of the 2025 annual results [2][3] - The total number of shares is 21,723,960, with 311,820 treasury shares, resulting in 21,412,140 voting rights [3] - The Board of Directors proposes a dividend of EUR 0.55 per share, totaling EUR 11,776,677, with the remaining earnings of EUR 59,512,429 to be carried forward [6][7] Agenda and Proposals - The Board of Directors proposes the approval of the Combined Management Report, Separate Financial Statements, and Consolidated Financial Statements for 2025, which were confirmed without reservations by the independent auditors [4][5] - The ESG Report 2025, detailing Multitude AG's non-financial matters and commitments to environmental and social issues, is also proposed for approval [8][9] - The Board of Directors seeks discharge for its members for the 2025 business year, asserting no facts preclude full discharge [11] Board Elections - The Board of Directors proposes re-election of all current members, including Ari Tiukkanen as Chairman, ensuring the board's competencies align with the company's goals [12][13] - The People and Culture Committee will also see re-elections for its members, including Ari Tiukkanen and Lea Liigus [15][16] Auditor and Proxy Proposals - PricewaterhouseCoopers AG is proposed for re-appointment as auditors for the 2026 business year, having confirmed their independence [19] - Martin Rechtsanwälte GmbH is proposed for re-election as the Independent Proxy until the next ordinary General Meeting [17][18] Remuneration - The Board proposes approval of the aggregate remuneration of EUR 76,000 paid to the Board members since the company's relocation to Switzerland [22][23] - A maximum aggregate remuneration amount of EUR 200,000 for the Board members until the next ordinary General Meeting is also proposed [24][25] - The maximum aggregate remuneration for the Group Executive Board for the business year 2027 is proposed at EUR 4,900,000 [26][27] Attendance and Voting - Shareholders must be registered by April 13, 2026, to vote, with options for in-person, proxy, or remote voting available [29][31] - The AGM will be conducted in English, and there will be no reception following the meeting [33][34]

Core Viewpoint - Multitude AG has published its Annual Report for the financial year ended 31 December 2025, confirming positive financial results and growth in profitability, alongside a proposed dividend increase for shareholders [1][2][11]. Financial Performance - Group revenue remained stable at EUR 256.9 million, while net operating income was EUR 214.8 million, compared to EUR 263.7 million and EUR 219.0 million in 2024 [3]. - Net profit increased by 31.7% to EUR 26.6 million from EUR 20.2 million in 2024, marking the fifth consecutive year of achieving financial guidance [2][3][11]. - Asset quality improved significantly, with impairment losses decreasing by 15.4% to EUR 81.6 million from EUR 96.4 million in 2024 [4]. Business Unit Performance - Consumer Banking (Ferratum) reported revenue of EUR 199.6 million, with a slight decrease in interest income offset by increased fee income. Net loans and investments rose by 8.4% to EUR 529.8 million [5]. - SME Banking (CapitalBox) achieved revenue of EUR 34.6 million, a 2.8% increase from 2024, with EBT improving significantly from a loss of EUR 10.7 million to a loss of EUR 4.6 million [6]. - Wholesale Banking, which began operations in 2024, saw revenue increase by 67.7% to EUR 22.7 million, with EBT rising from EUR 1.1 million to EUR 2.8 million, and net loans and investments jumping 83.7% to EUR 243.9 million [7]. Shareholder Returns and Future Guidance - The Group plans to distribute between 25% and 50% of profits to shareholders, proposing a dividend of EUR 0.55 per share, a 25% increase from EUR 0.44 per share in 2024 [8][11]. - Multitude has set a capital markets guidance of EUR 30 million net profit for 2026, with a target of 20% annual growth in net profit for 2027 and 2028 [8]. Corporate Governance and Reporting - The Annual Report includes a Combined Management Report, Consolidated Financial Statements, and an ESG Report, highlighting the Group's commitments to environmental, social, and governance matters [10][12].

Group 1 - Multitude AG, a European FinTech company, announced the successful issuance of subordinated perpetual floating rate callable capital notes amounting to EUR 70,000,000, with a framework of up to EUR 120,000,000 [2][3] - The company offered holders of existing notes worth EUR 45,000,000 the opportunity to exchange them for the new capital notes or to tender their existing notes at a price of 102.00% [3][4] - By the end of the tender offer application period, valid tenders of existing notes totaled EUR 3,332,000, and the settlement of the transaction is expected around 26 March 2026 [4][5] Group 2 - After the completion of the exchange and tender offers, Multitude AG and Multitude Capital Oyj will hold existing notes with a total nominal amount of EUR 27,678,000 [5] - Multitude AG operates through three independent business units: Consumer Banking (Ferratum), SME Banking (CapitalBox), and Wholesale Banking (Multitude Bank), employing over 700 people across 17 European countries [6][7] - In 2025, Multitude Group achieved a revenue of EUR 257 million [7]

Group 1 - Multitude AG is a listed European FinTech company providing digital lending and online banking services to consumers, SMEs, and other FinTechs overlooked by traditional banks [2][3] - The company operates through three independent business units: Consumer Banking (Ferratum), SME Banking (CapitalBox), and Wholesale Banking (Multitude Bank) [2] - Multitude employs over 700 people across 25 countries and offers services in 17 countries, achieving a combined turnover of 274 million euros in 2024 [2][3] Group 2 - The FY2025 Preliminary Results Presentation webcast is scheduled for 12 March 2026 at 10:00 am CET [1] - Registration for the webcast can be found on the company's website under the financial calendar section [2]

Core Viewpoint - Bharti Airtel plans to invest 200 billion rupees ($2.2 billion) in its financial arm, Airtel Money, to enhance its digital lending capabilities and diversify its business beyond telecommunications [1][2][3] Group 1: Investment Details - The investment will be allocated to Airtel Money, which recently obtained a non-banking financial company (NBFC) license from the Reserve Bank of India [1] - Bharti Airtel will contribute 70% of the total capital, while key shareholder Bharti Enterprises will provide the remaining 30% [3] Group 2: Market Context - The investment comes amid increasing competition in India's non-bank lending sector, with players like Jio Financial Services and Bajaj Finance expanding their retail credit operations [2] - This strategic move aims to leverage Airtel's extensive customer base to create a new growth engine and further diversify the company's portfolio [3]

Group 1 - Multitude AG is a listed European FinTech company that provides digital lending and online banking services to consumers, small and medium-sized enterprises, and other FinTechs overlooked by traditional banks [2][3] - The company operates through three independent business units: Consumer Banking (Ferratum), SME Banking (CapitalBox), and Wholesale Banking (Multitude Bank) [2] - Multitude Group employs over 700 people across 25 countries and offers services in 17 countries, achieving a combined turnover of 274 million euros in 2024 [2][3] Group 2 - The FY2025 Preliminary Results Presentation webcast is scheduled for 12 March 2026 at 10:00 am CET, inviting financial analysts, investors, and media [1] - Registration for the webcast can be found on the company's website under the financial calendar section [2]

Core Viewpoint - Multitude AG has received a stable outlook from Fitch Ratings, affirming its Long-Term Issuer Default Rating (IDR) at 'B+' and upgrading its standalone credit profile (SCP) to 'bb-' from 'b+' [1] Group Summary - Multitude AG is a European FinTech company providing digital lending and online banking services to consumers, small and medium-sized enterprises, and other FinTechs [2] - The company operates through three independent business units: Consumer Banking (Ferratum), SME Banking (CapitalBox), and Wholesale Banking (Multitude Bank) [2] - Multitude employs over 700 people across 25 countries and offers services in 17 countries, achieving a combined turnover of 274 million euros in 2024 [2] - The company was founded in Finland in 2005, is registered in Switzerland, and is listed on the Prime Standard segment of the Frankfurt Stock Exchange under the symbol 'MULT' [2] Rating Summary - Fitch Ratings has upgraded Multitude Bank PLC, a subsidiary of Multitude AG, to 'BB-' [1] - Multitude AG's senior unsecured notes have been affirmed at 'B+' with a Recovery Rating of 'RR4' [1] - The subordinated hybrid perpetual capital notes of Multitude AG have been rated 'B-' with a Recovery Rating of 'RR6' [1]

Core Insights - The global fintech industry is transitioning from rapid expansion to sustainable growth, characterized by increased collaboration and broader market reach [21][22][30] - Customer growth rate from 2022-2023 is 37%, down from 55% in 2020-2021, indicating market normalization post-pandemic [24][62] - Revenue growth remains strong at 40% and profit growth at 39%, reflecting the industry's shift from user acquisition to value enhancement [24][72][79] Market Performance - The fintech industry shows robust performance metrics, with average customer growth at 37% from 2022-2023, a decline from previous years [24][62] - Revenue growth rates are highest in Latin America and the Caribbean (46%), followed by Asia-Pacific (44%) and the Middle East and North Africa (43%) [71] - Digital banking and savings lead revenue growth at 67%, while digital capital raising and insurtech report the lowest growth rates at 18% and 31% respectively [72][79] Financial Inclusion - Financial inclusion is central to fintech's value proposition, with micro, small, and medium enterprises (MSMEs) making up 57% of customer bases [26] - Low-income populations account for 47% of customers, and women represent 41%, particularly in emerging markets [26][30] Partnerships and Regulatory Environment - 84% of fintechs partner with traditional financial institutions, primarily through API integrations (52%) and technology collaborations (41%) [27] - 62% of fintechs find the regulatory environment adequate for their operations, with 35% citing clarity in regulatory approaches [28] AI Adoption - 80% of fintechs are implementing AI across various business functions, with significant improvements in customer experience (83%) and cost reduction (75%) reported [29] - Despite the benefits, 87% of fintechs express concerns over high deployment and maintenance costs associated with AI [29][30] Future Directions - The industry is focusing on three main areas for development: AI integration, regional interoperability, and open banking [30] - Emerging markets prioritize the need for integrated anti-money laundering platforms and localized digital identity systems, reflecting urgent demands for foundational financial infrastructure [30]