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Multitude Group publishes restated interim results for 2023 due to prior period adjustments and changes in presentation

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EQS-News: Multitude SE / Schlagwort(e): Sonstiges
Multitude Group publishes restated interim results for 2023 due to prior
period adjustments and changes in presentation (News mit Zusatzmaterial)

15.05.2024 / 08:00 CET/CEST
Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich.

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Multitude Group publishes restated interim results for 2023 due to prior
period adjustments and changes in presentation

Helsinki, 15 May 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 in 2023 the Group
changed its accounting policies, particularly regarding the presentation of
the financial statements as well as corrected certain identified errors.
These changes led to the presentation of the 2023 financial statements in
the new format, including the restatement of the comparative statements for
the year ended on 31 December 2022.

This document aims to provide an overview of these changes, their reasons,
and the impact into comparative interim periods of Q1 2023, H1 2023, and 9M
2023 (see sections a) and b)).

In addition to these changes, Multitude restructured its organisational
structure as of 1 January 2024. As a result, there is a restatement of
comparative interim disclosures of reportable segments for the comparative
periods of Q1 2023, H1 2023, 9M 2023 and full year 2023 (see section c).

a) Change in accounting policy - Adoption of new presentation:

In 2023, the Group undertook a strategic initiative to enhance the
presentation of its financial statements, with the aim of providing reliable
and more relevant information about the Group's financial position and
performance, aligning the presentation of primary statements with the common
practice within the financial industry. As a result, the Group, starting
with the financial year ended on 31 December 2023:

  * changed the presentation of the statement of financial position from
    current / non-current classification to presentation based on the order
    of liquidity;

  * has restructured the statement of profit or loss to present the net
    interest income, net fair value and foreign exchange gains and losses
    and other items;

  * made corresponding changes in the presentation of the statement of cash
    flows, to align it with the financial industry and to include the cash
    flows of operating financial assets and financial liabilities in the
    cash flows from operating activities in line with IAS 7.

These adjustments need to be read in conjunction with the annual
consolidated financial statements for 2023.

b) Correction of prior period errors:

The following corrections have been made:

1. Inclusion of collection costs in the calculation of expected credit
losses

Previously, the Group recognised collection costs as incurred and presented
them in general and administrative expense. Debt collection costs are
considered incremental and directly attributable to the recovery of cash
flows of the granted loans in the event of a default, and as such, they
should rather be incorporated into the estimate of the expected credit
losses. After the correction, debt collection costs are included in the
calculation of expected credit losses by incorporating them in the net
expected cash flows of loans to customers to which the collection costs
directly relate to.

2. Classification of reminder fees as interest income

The Group has revised its treatment of reminder fees. Historically, these
fees have been classified as fee and commission income in the statement of
profit or loss and accounted for under IFRS 15. Reminder fees are a standard
feature of loans to customers, and they are collected from the inception of
the loan contract over the lifetime of loan similarly to interest. From the
financial year ended 31 December 2023 onwards, the Group accounts for these
fees in line with IFRS 9 and factors the reminder fees in the calculation of
interest income by applying the effective interest method.

3. Scoring costs

Scoring costs consist of credit information, credit rating and similar
checks conducted when a client applies for a loan or product and reaches a
certain stage in this process. Historically, scoring costs have been
recognised as incurred and presented in general and administrative expense.
However, whenever such scoring costs relate to a loan which is granted to
the client, the costs should be treated as a directly attributable
transaction cost to such loan and should be included in the loan balance at
inception and in the calculation of the effective interest rate of that
loan, thus decreasing the interest income. This restatement only applies to
scoring costs related to loans issued.

These changes, together with any potential impact in recognised deferred
taxes, have been applied consistently, by adjusting the comparative period
and the opening balances for the earliest period presented for each affected
financial statement line item.

The following tables show the restatement of consolidated statements of
financial position for interim periods of Q1 2023, H1 2023 and 9M 2023 due
to the change in accounting policy (a) and correction of prior period errors
(b).

Restatement of condensed interim consolidated statement of financial
position for Q1 2023

  EUR '000                         Reported  Adjust-    Adjust-  Restated
                                   31 March  ment       ment     31 March
                                   2023      amount     number   2023
  Old FSLI          New FSLI
  ASSETS            ASSETS
  Non-current
  assets
  Deferred tax      Deferred tax   6,817     394        6        7,211
  assets            assets
  Loans to          Loans to       107,897   401,837    1, 5     509,734
  customers         customers
  Other             Debt           32,061    (7,494)    3        24,567
  non-current       investments
  financial assets
  Current assets
  Loans to          Loans to       404,167   (404,167)  1        -
  customers         customers
  Other current     Other          17,185    5,275      2, 3     22,460
  financial assets  financial
                    assets
  Prepaid expenses  Prepaid        1,004     2,218      2        3,222
  and other         expenses and
  current assets    other assets
  Total assets      Total assets   838,527   (1,936)    -        836,591
  EQUITY            EQUITY
  Retained          Retained       78,561    (1,936)    4, 5     76,625
  earnings          earnings
  Total equity      Total equity   183,401   (1,936)    -        181,465
  LIABILITIES       LIABILITIES
  Non-current
  liabilities
  Deposits from     Deposits from  123,639   460,767    6, 9     584,406
  customers         customers
  Lease             Lease          2,670     1,551      7        4,221
  liabilities       liabilities
  Current
  liabilities
  Deposits from     Deposits from  457,118   (457,118)  6        -
  customers         customers
  Lease             Lease          1,551     (1,551)    7        -
  liabilities       liabilities
  Trade payables    Provisions,    6,610     10,395     8, 9     17,005
                    accruals and
                    other
                    liabilities
  Accruals and      Provisions,    14,044    (14,044)   8        -
  other current     accruals and
  liabilities       other
                    liabilities
  Total             Total          655,126   -          -        655,126
  liabilities       liabilities
  Total equity and  Total equity   838,527   (1,936)    -        836,591
  liabilities       and
                    liabilities

Description of adjustments to condensed interim consolidated statement of
financial position for Q1 2023

   N-    Amount     Description
   u-    EUR
   m-    '000
   b-
   e-
   r
   1     404,167    Current and non-current loans to customers have been
                    merged due to change of the presentation of
                    consolidated statement of financial position based on
                    the order of liquidity.
   2     2,218      Part of the prepaid expenses (which in economic terms
                    should be presented as financial assets, such as
                    receivables under the depositor compensation scheme)
                    has been reclassified into other financial assets
                    financial statement line item for a more accurate
                    presentation of information.
   3     7,494      Current portion of debt investments has been
                    reclassified from other financial assets line item to
                    debt investments line item.
   4     394        An additional deferred tax asset generated as a result
                    of compliance with IAS 8 has been recognised as result
                    of increased ECL provision.
   5     2,330      An additional ECL generated as a result of compliance
                    with IAS 8 has been recognised due to collection costs
                    classification as part of ECL.
   6     457,118    Current and non-current deposits from customers have
                    been merged due to change of the presentation of
                    consolidated statement of financial position based on
                    the order of liquidity.
   7     1,551      Current and non-current lease liability have been
                    merged due to change of the presentation of
                    consolidated statement of financial position based on
                    the order of liquidity.
   8     14,044     Trade payables line item has been merged with accruals
                    and other current liabilities line item and renamed to
                    provisions, accruals and other liabilities.
   9     3,649      Interest accrual liability has been reclassified from
                    provisions, accruals and other liabilities to deposit
                    from customers.

Restatement of condensed interim consolidated statement of financial
position for H1 2023

  EUR '000                             Repor-   Adjust-    Adjust-  Re-
                                       ted 30   ment       ment     stated
                                       June     amount     number   30 June
                                       2023                         2023
  Old FSLI            New FSLI
  ASSETS              ASSETS
  Non-current assets
  Deferred tax        Deferred tax     6,536    394        5        6,930
  assets              assets
  Loans to customers  Loans to         109,750  408,794    1, 6     518,544
                      customers
  Other non-current   Debt             41,809   (3,424)    3, 4     38,385
  financial assets    investments
  Investments         Investments      1,012    16         3        1,028
  accounted for       accounted for
  using the equity    using the
  method              equity method
  Current assets
  Loans to customers  Loans to         411,067  (411,067)  1        -
                      customers
  Other current       Other financial  12,029   4,662      2, 4     16,691
  financial assets    assets
  Prepaid expenses    Prepaid          4,411    (1,254)    2        3,157
  and other current   expenses and
  assets              other assets
  Total assets        Total assets     826,512  (1,879)             824,633
  EQUITY              EQUITY
  Retained earnings   Retained         78,226   (1,879)    5, 6     76,347
                      earnings
  Total equity        Total equity     181,501  (1,879)             179,622
  LIABILITIES         LIABILITIES
  Non-current
  liabilities
  Deposits from       Deposits from    149,206  423,922    7, 10    573,128
  customers           customers
  Lease liabilities   Lease            3,649    1,916      8        5,565
                      liabilities
  Current
  liabilities
  Deposits from       Deposits from    418,214  (418,214)  7        -
  customers           customers
  Lease liabilities   Lease            1,916    (1,916)    8        -
                      liabilities
  Trade payables      Provisions,      6,703    10,250     9, 10    16,953
                      accruals and
                      other
                      liabilities
  Accruals and other  Provisions,      15,958   (15,958)   9        -
  current             accruals and
  liabilities         other
                      liabilities
  Total liabilities   Total            645,011  -          -        645,011
                      liabilities
  Total equity and    Total equity     826,512  (1,879)    -        824,633
  liabilities         and liabilities

Description of adjustments to condensed interim consolidated statement of
financial position for H1 2023

   Nu-    Amount     Description
   mb-    EUR
   er     '000
   1      411,067    Current and non-current loans to customers have been
                     merged due to change of the presentation of
                     consolidated statement of financial position based on
                     the order of liquidity.
   2      1,254      Part of the prepaid expenses (which in economic terms
                     should be presented as financial assets, such as
                     receivables under the depositor compensation scheme)
                     has been reclassified into other financial assets
                     financial statement line item for a more accurate
                     presentation of information.
   3      16         Reclassification of capitalised cost incurred to
                     purchase investment in Sortter from Debt investment in
                     Investment accounted via equity method
   4      3,408      Current portion of debt investments has been
                     reclassified from other financial assets line item to
                     debt investments line item.
   5      394        An additional deferred tax asset generated as a result
                     of compliance with IAS 8 has been recognised as result
                     of increased ECL provision.
   6      2,273      An additional ECL generated as a result of compliance
                     with IAS 8 has been recognised due to collection costs
                     classification as part of ECL.
   7      418,214    Current and non-current deposits from customers have
                     been merged due to change of the presentation of
                     consolidated statement of financial position based on
                     the order of liquidity.
   8      1,916      Current and non-current lease liability have been
                     merged due to change of the presentation of
                     consolidated statement of financial position based on
                     the order of liquidity.
   9      15,958     Trade payables line item has been merged with accruals
                     and other current liabilities line item and renamed to
                     provisions, accruals and other liabilities.
   10     5,708      Interest accrual liability has been reclassified from
                     provisions, accruals and other liabilities to deposit
                     from customers.

Restatement of condensed interim consolidated statement of financial
position for 9M 2023

  EUR '000                       Reported   Adjust-    Adjust-  Restated
                                 30         ment       ment     30
                                 September  amount     number   September
                                 2023                           2023
  Old FSLI         New FSLI
  ASSETS           ASSETS
  Non-current
  assets
  Deferred tax     Deferred tax  6,348      394        6        6,742
  assets           assets
  Loans to         Loans to      111,193    434,831    1, 5     546,024
  customers        customers
  Other            Debt          43,368     (3,046)    3        40,322
  non-current      investments
  financial
  assets
  Current assets
  Loans to         Loans to      437,046    (437,046)  1        -
  customers        customers
  Other current    Other         11,604     1,744      2, 3     13,348
  financial        financial
  assets           assets
  Prepaid          Prepaid       1,477      1,302      2        2,779
  expenses and     expenses and
  other current    other assets
  assets
  Total assets     Total assets  819,534    (1,821)    -        817,713
  EQUITY           Equity
  Retained         Retained      82,798     (1,821)    4, 5     80,977
  earnings         earnings
  Total equity     Total equity  184,368    (1,821)    -        182,547
  LIABILITIES      LIABILITIES
  Non-current
  liabilities
  Deposits from    Deposits      192,164    364,148    6, 9     556,312
  customers        from
                   customers
  Lease            Lease         3,353      1,942      7        5,295
  liabilities      liabilities
  Current
  liabilities
  Deposits from    Deposits      355,504    (355,504)  6        -
  customers        from
                   customers
  Lease            Lease         1,942      (1,942)    7        -
  liabilities      liabilities
  Trade payables   Provisions,   10,615     10,953     8, 9     21,568
                   accruals and
                   other
                   liabilities
  Accruals and     Provisions,   19,597     (19,597)   8        -
  other current    accruals and
  liabilities      other
                   liabilities
  Total            Total         635,167    -          -        635,167
  liabilities      liabilities
  Total equity     Total equity  819,534    (1,821)    -        817,713
  and liabilities  and
                   liabilities

Description of adjustments to condensed interim consolidated statement of
financial position for 9M 2023

   N-    Amount     Description
   u-    EUR
   m-    '000
   b-
   e-
   r
   1     437,046    Current and non-current loans to customers have been
                    merged due to change of the presentation of
                    consolidated statement of financial position based on
                    the order of liquidity.
   2     1,302      Part of the prepaid expenses (which in economic terms
                    should be presented as financial assets, such as
                    receivables under the depositor compensation scheme)
                    has been reclassified into other financial assets
                    financial statement line item for a more accurate
                    presentation of information.
   3     3,046      Current portion of debt investments has been
                    reclassified from other financial assets line item to
                    debt investments line item.
   4     394        An additional deferred tax asset generated as a result
                    of compliance with IAS 8 has been recognised as result
                    of increased ECL provision.
   5     2,215      An additional ECL generated as a result of compliance
                    with IAS 8 has been recognised due to collection costs
                    classification as part of ECL.
   6     355,504    Current and non-current deposits from customers have
                    been merged due to change of the presentation of
                    consolidated statement of financial position based on
                    the order of liquidity.
   7     1,942      Current and non-current lease liability have been
                    merged due to change of the presentation of
                    consolidated statement of financial position based on
                    the order of liquidity.
   8     19,597     Trade payables line item has been merged with accruals
                    and other current liabilities line item and renamed to
                    provisions, accruals and other liabilities.
   9     8,644      Interest accrual liability has been reclassified from
                    provisions, accruals and other liabilities to deposit
                    from customers.

The following tables show the restatement of consolidated statements of
profit or loss for interim periods of Q1 2023, H1 2023 and 9M 2023 due to
the change in accounting policy (a) and correction of prior period errors
(b).

Restatement of condensed interim consolidated statement of profit or loss
for Q1 2023

  EUR '000                           Reported  Adjust-  Adjust-  Restated
                                     Q1 2023   ment     ment     Q1 2023
                                               amount   number
  Old FSLI          New FSLI
  Interest revenue  Interest income  53,248    988      2, 6,    54,236
                                                        7, 9
  Fees              Fee and          774       (772)    6        2
                    commission
                    income
  Impairment loss   Impairment loss  (19,817)  (1,062)  3, 4     (20,879)
  on loans to       on loans to
  customers         customers
  Bank and lending  General and      (3,044)   3,044    1        -
  costs             administrative
                    expense
  Selling and       Selling and      (3,309)   (61)     11       (3,370)
  marketing         marketing
  expense           expense
  General and       General and      (6,160)   (2,881)  1, 3,    (9,041)
  administrative    administrative                      7, 8,
  expense           expense                             10, 11
  Profit before     Profit before    9,607     (744)             8,863
  interests and     interest
  taxes (EBIT)      expense and
                    taxes (EBIT)
  Finance income    Interest income  320       (320)    2        -
  Finance costs     Interest         (7,043)   3,130    5, 8, 9  (3,913)
                    expense
  Finance costs     Fair value and   -         (1,918)  5        (1,918)
                    foreign
                    exchange gains
                    and losses
  Profit before     Profit before    2,885     148               3,033
  income tax        income tax
  Income tax        Income tax       (662)     (90)     10       (752)
  expense           expense
  Profit for the    Profit for the   2,223     58                2,281
  period            period

Description of adjustments to condensed interim consolidated statement of
profit or loss for Q1 2023

   Nu-    Amoun-    Description
   mb-    t EUR
   er     '000
   1      3,044     Bank and lending costs line item has been merged with
                    general and administrative expenses.
   2      320       Finance income in relation to interest from loans to
                    related parties and deposits with other banks has been
                    merged with the interest income financial statement
                    line item.
   3      1,120     Invoicing and collection costs have been reclassified
                    from general and administrative expense to impairment
                    loss on loans to customers financial statement line
                    item.
   4      58        Impairment loss adjustment due to change in ECL
                    estimate for collection costs.
   5      1,918     A new financial statement line item titled fair value
                    and foreign exchange losses has been separated from
                    interest expense previously reported under finance cost
                    line item.
   6      772       Reminder fee has been reclassified from fee and
                    commission income to interest income financial
                    statement line item.
   7      118       Scoring costs have been reclassified from general and
                    administrative expense to interest income as part of
                    effective interest income.
   8      1,225     Depositor compensation scheme contributions have been
                    reclassified from interest expense to general and
                    administrative expense.
   9      13        Finance cost has been renamed to interest expense and
                    reclassified to net interest income.
   10     90        Withholding tax on consumer loans has been reclassified
                    from general and administrative expense to income tax
                    expense.
   11     61        Bank and lending costs related to loan handling costs
                    have been merged with general and administrative
                    expense.

Restatement of condensed interim consolidated statement of profit or loss
for H1 2023

  EUR '000                           Reported  Adjust-  Adjust-  Restated
                                     H1 2023   ment     ment     H1 2023
                                               amount   number
  Old FSLI          New FSLI
  Interest revenue  Interest income  108,033   2,053    2, 6,    110,086
                                                        7, 9
  Fees              Fee and          1,495     (1,487)  6        8
                    commission
                    income
  Impairment loss   Impairment loss  (40,197)  (2,012)  3, 4     (42,209)
  on loans to       on loans to
  customers         customers
  Bank and lending  General and      (5,960)   5,960    1        -
  costs             administrative
                    expense
  Selling and       Selling and      (7,044)   (120)    11       (7,164)
  marketing         marketing
  expense           expense
  General and       General and      (11,191)  (4,267)  1, 3,    (15,458)
  administrative    administrative                      7, 8,
  expense           expense                             10, 11
  Profit before     Profit before    20,909    127      -        21,047
  interests and     interest
  taxes (EBIT)      expense and
                    taxes (EBIT)
  Finance income    Interest income  771       (771)    2        -
  Finance costs     Interest         (12,346)  3,514    5, 8, 9  (8,832)
                    expense
  Finance costs     Fair value and   -         (2,563)  5        (2,563)
                    foreign
                    exchange gains
                    and losses
  Profit before     Profit before    9,346     307      -        9,653
  income tax        income tax
  Income tax        Income tax       (1,865)   (192)    10       (2,057)
  expense           expense
  Profit for the    Profit for the   7,481     115      -        7,596
  period            period

Description of adjustments to condensed interim consolidated statement of
profit or loss for H1 2023

   Nu-    Amoun-    Description
   mb-    t EUR
   er     '000
   1      5,960     Bank and lending costs line item has been merged with
                    general and administrative expenses.
   2      771       Finance income in relation to interest from loans to
                    related parties and deposits with other banks has been
                    merged with the interest income financial statement
                    line item.
   3      2,127     Invoicing and collection costs have been reclassified
                    from general and administrative expense to impairment
                    loss on loans to customers financial statement line
                    item.
   4      115       Impairment loss adjustment due to change in ECL
                    estimate for collection costs.
   5      2,563     A new financial statement line item titled fair value
                    and foreign exchange losses has been separated from
                    interest expense previously reported under finance cost
                    line item.
   6      1,487     Reminder fee has been reclassified from fee and
                    commission income to interest income financial
                    statement line item.
   7      235       Scoring costs have been reclassified from general and
                    administrative expense to interest income as part of
                    effective interest income.
   8      981       Depositor compensation scheme contributions have been
                    reclassified from interest expense to general and
                    administrative expense.
   9      30        Finance cost has been renamed to interest expense and
                    reclassified to net interest income.
   10     192       Withholding tax on consumer loans has been reclassified
                    from general and administrative expense to income tax
                    expense.
   11     120       Bank and lending costs related to loan handling costs
                    have been merged with general and administrative
                    expense.

Restatement of condensed interim consolidated statement of profit or loss
for 9M 2023

  EUR '000                           Reported  Adjust-  Adjust-  Restated
                                     9M 2023   ment     ment     9M 2023
                                               amount   number
  Old FSLI          New FSLI
  Interest revenue  Interest income  165,222   3,236    2, 6,    168,458
                                                        7, 9
  Fees              Fee and          2,171     (2,124)  6        47
                    commission
                    income
  Impairment loss   Impairment loss  (61,452)  (2,920)  3, 4     (64,372)
  on loans to       on loans to
  customers         customers
  Bank and lending  General and      (8,913)   8,913    1        -
  costs             administrative
                    expense
  Selling and       Selling and      (10,821)  (176)    11       (10,997)
  marketing         marketing
  expense           expense
  General and       General and      (16,708)  (6,232)  1, 3,    (22,940)
  administrative    administrative                      7, 8,
  expense           expense                             10
  Profit before     Profit before    32,470    697               33,201
  interests and     interest
  taxes (EBIT)      expense and
                    taxes (EBIT)
  Finance income    Interest income  1,428     (1,428)  2        -
  Finance costs     Interest         (18,781)  4,574    5, 8, 9  (14,207)
                    expense
  Finance costs     Fair value and   -         (3,670)  5        (3,670)
                    foreign
                    exchange gains
                    and losses
  Profit before     Profit before    15,151    173               15,324
  income tax        income tax
  Income tax        Income tax       (2,796)   -                 (2,796)
  expense           expense
  Profit for the    Profit for the   12,355    173               12,528
  period            period

Description of adjustments to condensed interim consolidated statement of
profit or loss for 9M 2023

   Nu-    Amoun-    Description
   mb-    t EUR
   er     '000
   1      8,913     Bank and lending costs line item has been merged with
                    general and administrative expenses.
   2      1,428     Finance income in relation to interest from loans to
                    related parties and deposits with other banks has been
                    merged with the interest income financial statement
                    line item.
   3      3,093     Invoicing and collection costs have been reclassified
                    from general and administrative expense to impairment
                    loss on loans to customers financial statement line
                    item.
   4      173       Impairment loss adjustment due to change in ECL
                    estimate for collection costs.
   5      3,670     A new financial statement line item titled fair value
                    and foreign exchange losses has been separated from
                    interest expense previously reported under finance cost
                    line item.
   6      2,124     Reminder fee has been reclassified from fee and
                    commission income to interest income financial
                    statement line item.
   7      353       Scoring costs have been reclassified from general and
                    administrative expense to interest income as part of
                    effective interest income.
   8      940       Depositor compensation scheme contributions have been
                    reclassified from interest expense to general and
                    administrative expense.
   9      36        Finance cost has been renamed to interest expense and
                    reclassified to net interest income.
   10     176       Bank and lending costs related to loan handling costs
                    have been merged with general and administrative
                    expense.

The following tables show the restatement of consolidated statements of cash
flows for interim periods of Q1 2023, H1 2023 and 9M 2023 due to the change
in accounting policy (a) and correction of prior period errors (b).

Restatement of condensed interim consolidated statement of cash flows for Q1
2023

  EUR '000                               Reported  Adjust-   Ad-    Restated
                                         Q1 2023   ment      just-  Q1 2023
                                                   amount    ment
                                                             num-
                                                             ber
  Old FSLI             New FSLI
  Profit for the       Profit for the    2,223     58        1      2,281
  year                 period
  Adjustments for:     Adjustments
                       for:
  Impairments on       Impairment loss   19,817    1,063     1, 4,  20,879
  loans                on loans to                           2
                       customers
  Depreciation and     Depreciation      3,416     265       3      3,681
  amortisation         and
                       amortisation
  Finace costs, net    Net interest      5,505     (55,828)  6      (50,323)
                       income
  Fair value and       Fair value and              1,918     5, 11  1,918
  foreign exchange     foreign
  gains and losses     exchange gains
                       and losses
  Tax on income from   Income tax        662       90        4      752
  operations           expense
  Other adjustments    Other             388       (265)     3      122
                       adjustments
  Working capital      Changes in
  changes:             operating
                       assets:
  Increase (-) /       Increase (-) /    (4,399)   (1,633)   12,    (6,032)
  Decrease (+) in      Decrease (+) in                       14,
  current              Other Assets                          16
  receivables
                       Increase (-) /    -         (21,151)  2,     (21,151)
                       Decrease (+) in                       10,
                       Loans to                              15,
                       Customers                             17
                       Increase (-) /    -         (3,460)   18     (3,460)
                       Decrease (+) in
                       Other Financial
                       Assets
                       Increase (-) /    -         994       8, 12  994
                       Decrease (+) in
                       Derivative
                       Financial
                       Instruments
                       (net)
  Changes in           Changes in
  operating            operating
  liabilities:         liabilities:
  Deposits from        Increase (+) /    -         80,847    7, 14  80,847
  customers            decrease (-) in
                       Deposits from
                       customers
  Increase (+) /       Increase (+) /    (3,339)   4,767     16,    (1,429)
  Decrease (-) in      decrease (-) in                       17,
  trade payables and   Other                                 18
  other liabilities    liabilities
  Interest paid        Interest paid     (2,623)   697       13     (1,926)
  Interest received    Interest          91        48,313    6,     48,405
                       received                              13,
                                                             15
  Income taxes paid    Income taxes      159       -         -      159
                       paid
  Movements in gross                     (23,222)  23,222    10     -
  portfolio
  Net cash from        Net cash from     (1,322)   79,896    -      78,575
  operating            operating
  activities           activities
  Cash flows from      Cash flows from
  investing            investing
  activities           activities
  Proceeds from sale   Increase (-) /    1,233     (1,233)   8      -
  of investments and   Decrease (+) in
  other assets         Derivative
                       Financial
                       Instruments
                       (net)
  Purchase of          Purchase of       -         (242)     9      (242)
  tangible and         tangible assets
  intangible assets
  Purchase of          Purchase of       (2,642)   242       9      (2,400)
  tangible and         intangible
  intangible assets    assets
  Net cash used in     Net cash used     (1,409)   (1,233)   26     (2,642)
  investing            in investing
  activities           activities
  Cash flows from      Cash flows from
  financing            financing
  activities           activities
  Perpetual bonds      Repayment of      (1,365)   -         -      (1,365)
  interest             perpetual bonds
                       interest
  Repayment of         Repayment of      (562)     -         -      (562)
  finance lease        lease
  liabilities          liabilities
  Deposits from        Increase (+) /    79,204    (79,204)  7      -
  customers            decrease (-) in
                       Deposits from
                       customers
  Net cash used in     Net cash used     77,277    (79,204)  7      (1,928)
  financing            in financing
  activities           activities
  Cash and cash        Cash and cash     153,325   -         -      153,326
  equivalents at       equivalents at
  beginning of the     beginning of
  period               the period
  Exchange             Exchange          (701)     541       11     (160)
  gains/(losses) on    gains/(losses)
  cash and cash        on cash and
  equivalents          cash
                       equivalents
  Net                  Net               74,546    (541)     11     74,005
  increase/(decrease-  increase/decrea-
  ) in cash and cash   se in cash and
  equivalents          cash
                       equivalents
  Cash and cash        Cash and cash     227,171   -         -      227,171
  equivalents at the   equivalents at
  end of the period    the end of the
                       period

Description of adjustments to condensed interim consolidated statement of
cash flows for Q1 2023

   Nu-    Amount    Description
   mb-    EUR
   er     '000
   1      58        Change in accounting treatment of collection costs that
                    led to increase in ECL provision for the loans to
                    customers.
   2      1,210     Invoicing and collection cost has been reclassified
                    from general and administrative expense to impairment
                    loss on loans to customers and hence deducted from
                    movement in loans to customers.
   3      265       Impairment on non-financial assets has been
                    reclassified from other adjustments line.
   4      90        An adjustment has been made regarding the change in
                    accounting treatment of collection costs that led to
                    increase in ECL provision for the loans to customers,
                    resulting in corresponding deferred tax implications on
                    the change in the amount of deferred tax asset.
   5      2,459     Finance cost, net has been split between net interest
                    income and foreign exchange gain or loss in the
                    statement of profit or loss.
   6      53,369    Finance cost, net has been split between net interest
                    income and Fair value and foreign exchange gains and
                    losses.
   7      79,204    Reclassification of movement in deposits from customers
                    to operating cash flow with subsequent renaming of line
                    item.
   8      1,233     Reclassification of changes in derivative assets and
                    liabilities.
   9      242       Separation of purchase of tangible assets from purchase
                    of intangible assets.
   10     23,222    Reclassification of movement of loans to customers with
                    subsequent renaming of line item.
   11     541       Reclassification of part of exchange gains/(losses) on
                    cash and cash equivalents to fair value and foreign
                    exchange gains and losses.
   12     239       Reclassification of part of accrued gain or loss from
                    derivatives from other assets to movement in
                    derivatives.
   13     697       Adjustment of net interest income with netting of
                    interest received and interest paid line items.
   14     1,643     Reclassification of change in prepayment related to
                    issue costs to loans to customers.
   15     4,359     Separation of movement on interest accrual from loans
                    to customers.
   16     229       Netting of other liabilities with other assets to match
                    movement on the statement of financial position.
   17     1,078     Reclassification of movements in other liabilities
                    related to unallocated payments to loans to customers
                    to match movement on the statement of financial
                    position.
   18     3,460     Netting of other liabilities to other financial assets
                    to match movement on the statement of financial
                    position.

Restatement of condensed interim consolidated statement of cash flows for H1
2023

  EUR '000                            Reported  Adjust-    Ad-    Restated
                                      H1 2023   ment       just-  H1 2023
                                                amount     ment
                                                           num-
                                                           ber
  Old FSLI         New FSLI
  Profit for the   Profit for the     7,481     115        1      7,596
  year             period
  Adjustments      Adjustments for:
  for:
  Impairments on   Impairment loss    40,197    2,013      1, 2   42,210
  loans            on loans to
                   customers
  Depreciation     Depreciation and   7,171     419        3      7,590
  and              amortisation
  amortisation
  Finace costs,    Net interest       10,613    (111,867)  5, 6   (101,254)
  net              income
  Fair value and   Fair value and               2,563      5, 11  2,563
  foreign          foreign exchange
  exchange gains   gains and losses
  and losses
  Tax on income    Income tax         1,865     192        4      2,057
  from             expense
  operations
  Other            Other adjustments  704       (419)      3      286
  adjustments
  Working          Changes in
  capital          operating assets:
  changes:
  Movements in     Increase (-) /     9,291     (60,582)   10,    (51,291)
  gross            Decrease (+) in                         12,
  portfolio        Loans to                                14,
                   Customers                               16,
                                                           17
                   Increase (-) /               (17,279)   2, 4,  (17,277)
                   Decrease (+) in                         15,
                   Other Financial                         17,
                   Assets                                  19
                   Increase (-) /               230        18     230
                   Decrease (+) in
                   Derivative
                   Financial
                   Instruments (net)
                   Increase (-) /               (198)      8, 12  (198)
                   Decrease (+) in
                   Other Assets
  Changes in       Changes in
  operating        operating
  liabilities:     liabilities:
  Deposits from    Increase (+) /     -         69,750     7, 14  69,750
  customers        decrease (-) in
                   Deposits from
                   customers
  Increase (+) /   Increase (+) /     (2,288)   3,665      16,    1,377
  Decrease (-)     decrease (-) in                         18
  in trade         Other liabilities
  payables and
  other
  liabilities
  Interest paid    Interest paid      (4,004)   (671)      13     (4,675)
  Interest         Interest received  457       99,209     6,     99,666
  received                                                 13,
                                                           15
  Income taxes     Income taxes paid  (486)     -          -      (486)
  paid
  Movements in     Increase (-) /     (65,323)  65,323     10     -
  gross            Decrease (+) in
  portfolio        Loans to
                   Customers
  Net cash from    Net cash from      5,678     52,463     -      58,143
  operating        operating
  activities       activities
  Cash flows       Cash flows from
  from investing   investing
  activities       activities
  Proceeds from    Increase (-) /     (21)      21         8      -
  sale of          Decrease (+) in
  investments      Derivative
  and other        Financial
  assets           Instruments (net)
  Proceeds from    Increase (-) /     (12,800)  12,800     19     -
  sale of          Decrease (+) in
  investments      Derivative
  and other        Financial
  assets           Instruments (net)
  Purchase of      Purchase of        -         146        9      146
  tangible and     tangible assets
  intangible
  assets
  Purchase of      Purchase of        (4,863)   (146)      9      (5,009)
  tangible and     intangible assets
  intangible
  assets
  Net cash used    Net cash used in   (18,700)  12,821     45     (5,879)
  in investing     investing
  activities       activities
  Cash flows       Cash flows from
  from financing   financing
  activities       activities
  Perpetual        Repayment of       (2,845)                     (2,845)
  bonds interest   perpetual bonds
                   interest
  Repayment of     Repayment of       (1,104)   -          -      (1,104)
  finance lease    lease liabilities
  liabilities
  Deposits from    Increase (+) /     66,002    (66,002)   7      -
  customers        decrease (-) in
                   Deposits from
                   customers
  Net cash used    Net cash used in   57,589    (66,002)   7      (8,413)
  in financing     financing
  activities       activities
  Cash and cash    Cash and cash      153,325   -          -      153,326
  equivalents at   equivalents at
  beginning of     beginning of the
  the period       period
  Exchange         Exchange           (1,186)   718        11     (469)
  gains/(losses)   gains/(losses) on
  on cash and      cash and cash
  cash             equivalents
  equivalents
  Net              Net                44,568    (718)      11     43,850
  increase/(decr-  increase/decrease
  ease) in cash    in cash and cash
  and cash         equivalents
  equivalents
  Cash and cash    Cash and cash      196,707   -          -      196,707
  equivalents at   equivalents at
  the end of the   the end of the
  period           period

Description of adjustments to condensed interim consolidated statement of
cash flows for H1 2023

   Nu-    Amount     Description
   mb-    EUR
   er     '000
   1      115        Change in accounting treatment of collection costs
                     that led to increase in ECL provision for the loans to
                     customers.
   2      2,128      Invoicing and collection cost has been reclassified
                     from general and administrative expense to impairment
                     loss on loans to customers and hence deducted from
                     movement in loans to customers.
   3      419        Impairment on non-financial assets has been
                     reclassified from other adjustments line.
   4      192        An adjustment has been made regarding the change in
                     accounting treatment of collection costs that led to
                     increase in ECL provision for the loans to customers,
                     resulting in corresponding deferred tax implications
                     on the change in the amount of deferred tax asset.
   5      3,281      Finance cost, net has been split between net interest
                     income and foreign exchange gain or loss in the
                     statement of profit or loss.
   6      108,586    Finance cost, net has been split between net interest
                     income and Fair value and foreign exchange gains and
                     losses.
   7      66,002     Reclassification of movement in deposits from
                     customers to operating cash flow with subsequent
                     renaming of line item.
   8      21         Reclassification of changes in derivative assets and
                     liabilities.
   9      146        Separation of purchase of tangible assets from
                     purchase of intangible assets.
   10     65,323     Reclassification of movement of loans to customers
                     with subsequent renaming of line item.
   11     718        Reclassification of part of exchange gains/(losses) on
                     cash and cash equivalents to fair value and foreign
                     exchange gains and losses.
   12     177        Reclassification of part of accrued gain or loss from
                     derivatives from other assets to movement in
                     derivatives.
   13     671        Adjustment of net interest income with netting of
                     interest received and interest paid line items.
   14     3,748      Reclassification of change in prepayment related to
                     issue costs to loans to customers.
   15     10,048     Separation of movement on interest accrual from loans
                     to customers.
   16     3,895      Netting of other liabilities with other assets to
                     match movement on the statement of financial position.
   17     12,207     Reclassification of movements in other liabilities
                     related to unallocated payments to loans to customers
                     to match movement on the statement of financial
                     position.
   18     230        Netting of other liabilities to other financial assets
                     to match movement on the statement of financial
                     position.
   19     12,800     Reclassification of debt investment purchase from
                     purchase of non-current financial investments to other
                     financial assets.

Restatement of condensed interim consolidated statement of cash flows for 9M
2023

  EUR '000                            Reported   Adjust-    Ad-    Restated
                                      9M 2023    ment       just-  9M 2023
                                                 Amount     ment
                                                            num-
                                                            ber
  Old FSLI            New FSLI
  Profit for the      Profit for      12,356     172        1      12,528
  year                the period
  Adjustments for:    Adjustments
                      for:
  Impairments on      Impairment      61,452     2,920      1, 2   64,372
  loans               loss on loans
                      to customers
  Depreciation and    Depreciation    11,582     (85)       3      11,497
  amortisation        and
                      amortisation
  Finance costs,      Net interest    16,435     (170,686)  5, 6   (154,251)
  net                 income
  Fair value and      Fair value      -          3,670      5, 11  3,670
  foreign exchange    and foreign
  gains and losses    exchange
                      gains and
                      losses
  Tax on income       Income tax      2,492      304        4      2,796
  from operations     expense
  Other adjustments   Other           347        85         3      432
                      adjustments
  Working capital     Changes in
  changes:            operating
                      assets:
  Movements in        Increase (-)    20,805     (121,739)  10,    (100,934)
  gross portfolio     / Decrease                            12,
                      (+) in Loans                          14,
                      to Customers                          16,
                                                            17
                      Increase (-)    -          (19,214)   2, 4,  (19,215)
                      / Decrease                            15,
                      (+) in Other                          17,
                      Financial                             19
                      Assets
                      Increase (-)    -          819        18     819
                      / Decrease
                      (+) in
                      Derivative
                      Financial
                      Instruments
                      (net)
                      Increase (-)    -          3,524      8, 12  3,524
                      / Decrease
                      (+) in Other
                      Assets
  Changes in          Changes in
  operating           operating
  liabilities:        liabilities:
  Deposits from       Increase (+)    -          52,935     7, 14  52,935
  customers           / decrease
                      (-) in
                      Deposits from
                      customers
  Increase (+) /      Increase (+)    (3,034)    9,025      16,    5,991
  Decrease (-) in     / decrease                            18
  trade payables      (-) in Other
  and other           liabilities
  liabilities
  Interest paid       Interest paid   (7,545)    (83)       13     (7,628)
  Interest received   Interest        819        158,340    6,     159,159
                      received                              13,
                                                            15
  Income taxes paid   Income taxes    (547)                        (547)
                      paid
  Movements in        Increase (-)    (115,421)  115,421    10     -
  gross portfolio     / Decrease
                      (+) in Loans
                      to Customers
  Net cash from       Net cash from   (259)      35,408            35,149
  operating           operating
  activities          activities
  Cash flows from     Cash flows
  investing           from
  activities          investing
                      activities
  Proceeds from       Increase (-)    4,774      (4,774)    8      -
  sale of             / Decrease
  investments and     (+) in
  other assets        Derivative
                      Financial
                      Instruments
                      (net)
  Proceeds from       Increase (-)    (14,600)   14,600     19     -
  sale of             / Decrease
  investments and     (+) in
  other assets        Derivative
                      Financial
                      Instruments
                      (net)
  Purchase of         Purchase of     -          (126)      9      (126)
  tangible and        tangible
  intangible assets   assets
  Purchase of         Purchase of     (8,036)    126        9      (7,910)
  tangible and        intangible
  intangible assets   assets
  Net cash used in    Net cash used   (18,879)   9,826      45     (9,052)
  investing           in investing
  activities          activities
  Cash flows from     Cash flows
  financing           from
  activities          financing
                      activities
  Perpetual bonds     Repayment of    (4,426)    -          -      (4,426)
  interest            perpetual
                      bonds
                      interest
  Repayment of        Repayment of    (1,802)    -          -      (1,802)
  finance lease       lease
  liabilities         liabilities
  Deposits from       Increase (+)    46,316     (46,316)   7      -
  customers           / decrease
                      (-) in
                      Deposits from
                      customers
  Net cash used in    Net cash used   34,232     (46,316)   7      (12,084)
  financing           in financing
  activities          activities
  Cash and cash       Cash and cash   153,326    -          -      153,326
  equivalents at      equivalents
  beginning of the    at beginning
  period              of the period
  Exchange            Exchange        (1,380)    1,082      11     (298)
  gains/(losses) on   gains/(losses-
  cash and cash       ) on cash and
  equivalents         cash
                      equivalents
  Net                 Net             15,094     (1,082)    11     14,012
  increase/(decreas-  increase/de-
  e) in cash and      crease in
  cash equivalents    cash and cash
                      equivalents
  Cash and cash       Cash and cash   167,040    -          -      167,040
  equivalents at      equivalents
  the end of the      at the end of
  period              the period

Description of adjustments to condensed interim consolidated statement of
cash flows for 9M 2023

   Nu-    Amount     Description
   mb-    EUR
   er     '000
   1      172        Change in accounting treatment of collection costs
                     that led to increase in ECL provision for the loans to
                     customers.
   2      3,092      Invoicing and collection cost has been reclassified
                     from general and administrative expense to impairment
                     loss on loans to customers and hence deducted from
                     movement in loans to customers.
   3      85         Impairment on non-financial assets has been
                     reclassified from other adjustments line.
   4      304        An adjustment has been made regarding the change in
                     accounting treatment of collection costs that led to
                     increase in ECL provision for the loans to customers,
                     resulting in corresponding deferred tax implications
                     on the change in the amount of deferred tax asset.
   5      4,752      Finance cost, net has been split between net interest
                     income and fair values and foreign exchange gain or
                     loss in the statement of profit or loss.
   6      165,934    Finance cost, net has been split between net interest
                     income and Fair value and foreign exchange gains and
                     losses.
   7      46,316     Reclassification of movement in deposits from
                     customers to operating cash flow with subsequent
                     renaming of line item.
   8      4,774      Reclassification of changes in derivative assets and
                     liabilities.
   9      126        Separation of purchase of tangible assets from
                     purchase of intangible assets.
   10     115,421    Reclassification of movement of loans to customers
                     with subsequent renaming of line item.
   11     1,082      Reclassification of part of exchange gains/(losses) on
                     cash and cash equivalents to fair value and foreign
                     exchange gains and losses.
   12     1,250      Reclassification of part of accrued gain or loss from
                     derivatives from other assets to movement in
                     derivatives.
   13     83         Adjustment of net interest income with netting of
                     interest received and interest paid line items.
   14     6,619      Reclassification of change in prepayment related to
                     issue costs to loans to customers.
   15     7,677      Separation of movement on interest accrual from loans
                     to customers.
   16     9,844      Netting of other liabilities with other assets to
                     match movement on the statement of financial position.
   17     8,895      Reclassification of movements in other liabilities
                     related to unallocated payments to loans to customers
                     to match movement on the statement of financial
                     position.
   18     819        Netting of other liabilities to other financial assets
                     to match movement on the statement of financial
                     position.
   19     14,600     Reclassification of debt investment purchase from
                     purchase of non-current financial investments to other
                     financial assets.

c) Changes in organisational structure

In November 2023, Multitude announced plans to improve its organisational
structure and introduce a new business unit, Wholesale banking. This was
done by reorganising part of the SweepBank business. Operational since
January 1, 2024, the new business unit is active under the Multitude Bank
brand and offers two products: Secured Debt and a Payment Solution.

Simultaneously, in its financial reports, the Group renamed the Ferratum
business unit to the Consumer banking business unit while keeping the brand
Ferratum. CapitalBox's business unit was renamed SME banking, keeping
CapitalBox as the brand name. The reorganisation led to the reallocation of
revenues, direct expenses and receivables of Prime Loans to Ferratum, Sales
Finance to CapitalBox and the redistribution of overhead costs among the
three business units. These changes have been incorporated into the segment
reporting, and the financial results of business units for the comparative
periods have been restated to ensure comparability.

The following tables show the restatement of profit or loss disclosure of
operating and reportable segments for interim periods of Q1 2023, H1 2023,
9M 2023 and full year 2023 due to the change in accounting policy, amendment
of prior period error and change in organisational structure.

Restatement of operating and reportable segments for Q1 2023

Old New R- Re- Re- Restated Re- R- Re- Re- Re- Re- Re- Re-

  FSLI   FSL-  e-  stat-  sta-  Consumer  po-  e-  sta-  st-  po-  st-  sta-  state-
         I     p-  emen-  te-   banking   rt-  s-  te-   at-  rt-  at-  te-   d
               o-  t      men-  Q1 2023   ed   t-  men-  ed   ed   em-  men-  Whole-

r- amou- t Ca- a- t SM- Sw- en- t sale t- nt num- pi- t- num- E ee- t num- ban- e- ber ta- e- ber ba- p am- ber king d l m- nk- Ba- ou- Q1
F- Bo- e- in- nk nt 2023

               e-                         x    n-        g    Q1
               r-                         Q1   t         Q1   20-
               r-                         20-  a-        20-  23
               a-                         23   m-        23
               t-                              o-
               u-                              u-
               m                               n-
               Q-                              t
               1
               2-
               0-
               2-
               3

Inte- In- 4- 4,53- 9, 47,913 5,- 4- 17, 5,- 4,- (3- 18, 801

  rest   te-   3-  7      16,             47-  5   20    52-  39-  ,5-  21,
  reve-  res-  ,-         19,             5              1    7    95-  30
  nue    t     3-         25,                                      )
         in-   7-         30
         co-   7
         me
  Ser-   Fee   7-  (752-  9,    2         -    -   -     -    20   (2-  31    -
  vi-    and   5-  )      31                                       0)
  cing   com-  4
  fee    mis-
  reve-  si-
  nue    on
         in-
         co-
         me

Im- Im- (- (4,5- 3, (20,060) (7- (- 4, (8- (3- 3,- 15, (3)

  pair-  pai-  1-  93)    13,             86-  3-  14    16-  ,5-  56-  32,
  ment   rme-  5-         32              )    0-        )    64-  2    33
  loss   nt    ,-                              )              )
  on     los-  4-
  lo-    s     6-
  ans    on    7-
  to     lo-   )
  cu-    ans
  sto-   to
  mers   cu-
         sto-
         mer-
         s
  Bank   Ge-   (-  2,54-  6     -         (2-  2-  7     -    (2-  21-  8     -
  and    ne-   2-  8                      81-  8-             15-  5
  len-   ral   ,-                         )    1              )
  ding   and   5-
  cost-  ad-   4-
  s      mi-   8-
         nis-  )
         tra-
         ti-
         ve
         ex-
         pen-
         se
  Per-   Per-  (-  (1,2-  34    (6,405)   (1-  (-  35    (1-  (1-  1,-  34,   (332)
  son-   son-  5-  33)                    ,4-  2-        ,6-  ,7-  45-  35
  nel    nel   ,-                         42-  2-        65-  88-  6
  ex-    ex-   1-                         )    3-        )    )
  pen-   pen-  7-                              )
  se     se    2-
               )

Sel- Sel- (- (198- 22, (2,734) (6- (- 23, (6- (1- 14- 24, (26)

  ling   lin-  2-  )      36              06-  4-  37    10-  67-  1    36,
  and    g     ,-                         )    )         )    )         37
  mar-   and   5-
  ke-    mar-  3-
  ting   ke-   6-
  ex-    tin-  )
  pen-   g
  se     ex-
         pen-
         se
  Gene-  Ge-   (-  (3,4-  5,    (7,353)   (8-  (-  7,    (1-  (1-  97-  8,    (412)
  ral    ne-   3-  29)    6,              51-  4-  11,   ,2-  ,3-  3    12,
  and    ral   ,-         10,             )    2-  14,   75-  85-       15,
  admi-  and   9-         13,                  5-  17,   )    )         18,
  nis-   ad-   2-         16,                  )   23,                  24,
  tra-   mi-   4-         22,                      39                   38,
  tive   nis-  )          38                                            39
  ex-    tra-
  pen-   ti-
  se     ve
         ex-
         pen-
         se

De- De- (- (1,4- 40 (3,418) (1- (- 41 (2- (1- 1,- 40, (23)

  pre-   pre-  1-  69)                    98-  4-        40-  ,5-  51-  41
  cia-   cia-  ,-                         )    2-        )    34-  1
  tion   ti-   9-                              )              )
  and    on    4-
  amor-  and   9-
  tisa-  amo-  )
  tion   rti-
         sa-
         ti-
         on

Othe- Oth- (- 31 26, 29 - (- 27, (6- - (4- 42, (5)

  r      er    2-         42                   6-  43    )         )    43
  inco-  in-   )                               )
  me,    co-
  net    me
  Othe-  Oth-  -   (19)   26    (19)      -    (-  27    (2-  -    -    -     -
  r      er                                    2-        )
  inco-  ex-                                   )
  me,    pen-
  net    se
  Pro-   Pro-  1-  (4,5-  -     7,955     1,-  (-        90-  (4-  4,-  -     -
  fit    fit   2-  77)                    31-  4-        7    ,2-  23-
  (los-  be-   ,-                         1    0-             36-  8
  s)     fo-   5-                              6-             )
  befo-  re    3-                              )
  re     in-   3
  inte-  te-
  rest-  res-
  s      t
  and    ex-
  ta-    pen-
  xes    se
  ('EB-  and
  IT')   ta-
         xes
         (EB-
         IT)
  Allo-  In-   (-  169    10,   (2,927)   (9-  1-  11,   (8-  (1-  1,-  12,   (133)
  ca-    te-   3-         19,             53-  0-  20,   53-  ,2-  11-  21,
  ted    res-  ,-         29,             )    1   29,   )    52-  9    44,
  fi-    t     0-         45                       45         )         45
  nanc-  ex-   9-
  e      pen-  6-
  cost-  se    )
  s,
  net
  Unal-  Fai-  -   (1,5-  1,    (1,579)   -    (-  2,    (3-  -    -    -     -
  loca-  r         79)    25,                  3-  29    39-
  ted    va-              29                   3-        )
  for-   lue                                   9-
  eign   and                                   )
  ex-    for-
  chan-  eig-
  ge     n
  los-   ex-
  ses,   cha-
  net    nge
         gai-
         ns
         and
         los-
         ses
  Pro-   Pro-  9-  (5,9-  -     3,450     35-  (-  -     (2-  (5-  5,-  -     (133)
  fit    fit   ,-  87)                    8    6-        85-  ,4-  35-
  befo-  be-   4-                              4-        )    88-  7
  re     fo-   3-                              4-             )
  inco-  re    7                               )
  me     in-
  ta-    co-
  xes    me
         tax

Description of adjustments to operating and reportable segments for Q1 2023

   Nu-    Amoun-    Description
   mb-    t EUR
   er     '000
   1      1,171     Allocation of foreign currency exchange losses to
                    business unit Ferratum previously reported under
                    "Central" segment.
   2      251       Allocation of foreign currency exchange losses to
                    business unit Capital Box previously reported under
                    "Central" segment.
   3      35        Change in impairment of loans to customers due to
                    inclusion of collection costs into ECL in Ferratum
                    business unit as a result of IAS 8 amendment of prior
                    period error.
   4      23        Change in impairment of loans to customers due to
                    inclusion of collection costs into ECL in CapitalBox
                    business unit as a result of IAS 8 amendment of prior
                    period error.
   5      90        Reclassification of withholding tax paid on interest
                    from loans to customers in Romania from general and
                    administrative expense to income tax expense as a result
                    of IAS 8 change in presentation.
   6      2,548     Reclassification of bank and lending costs to general
                    and administrative in Ferratum as a result of IAS 8
                    change in presentation.
   7      281       Reclassification of bank and lending costs to general
                    and administrative in CapitalBox as a result of IAS 8
                    change in presentation.
   8      215       Reclassification of bank and lending costs to general
                    and administrative in SweepBank business unit as a
                    result of IAS 8 change in presentation.
   9      772       Reclassification of reminder fee from fee income to
                    interest income in Ferratum business unit as a result of
                    IAS 8 amendment of prior period error.
   10     715       Reclassification of depositor compensation scheme fees
                    from interest expense to general and administrative
                    expense in Ferratum business unit as a result of IAS 8
                    change in presentation.
   11     220       Reclassification of depositor compensation scheme fees
                    from interest expense to general and administrative
                    expense in CapitalBox business unit as a result of IAS 8
                    change in presentation.
   12     289       Reclassification of depositor compensation scheme fees
                    from interest expense to general and administrative
                    expense in SweepBank business unit as a result of IAS 8
                    change in presentation.
   13     874       Reclassification of invoicing and collection costs from
                    general and administrative expense to impairment loss on
                    loans to customers in Ferratum business unit as a result
                    of IAS 8 amendment of prior period error.
   14     44        Reclassification of invoicing and collection costs from
                    general and administrative expense to impairment loss on
                    loans to customers in CapitalBox business unit as a
                    result of IAS 8 amendment of prior period error.
   15     201       Reclassification of invoicing and collection costs from
                    general and administrative expense to impairment loss on
                    loans to customers in SweepBank business unit as a
                    result of IAS 8 amendment of prior period error.
   16     96        Reclassification of scoring costs from general and
                    administrative expense to interest income in Ferratum
                    business unit as a result of IAS 8 amendment of prior
                    period error.
   17     12        Reclassification of scoring costs from general and
                    administrative expense to interest income in CapitalBox
                    business unit as a result of IAS 8 amendment of prior
                    period error.
   18     10        Reclassification of scoring costs from general and
                    administrative expense to interest income in SweepBank
                    business unit as a result of IAS 8 amendment of prior
                    period error.
   19     187       Reclassification of interest from loans to related
                    parties and deposits with other banks from finance
                    income to interest income line item in Ferratum business
                    unit as a result of IAS 8 change in presentation.
   20     58        Reclassification of interest from loans to related
                    parties and deposits with other banks from finance
                    income to interest income line item in CapitalBox
                    business unit as a result of IAS 8 change in
                    presentation.
   21     76        Reclassification of interest from loans to related
                    parties and deposits with other banks from finance
                    income to interest income line item in SweepBank
                    business unit as a result of IAS 8 change in
                    presentation.
   22     47        Reclassification of bank and sms cost related to loan
                    handling cost from selling and marketing expense to
                    general and administrative expense in Ferratum business
                    unit as a result of IAS 8 change in presentation.
   23     11        Reclassification of bank and sms cost related to loan
                    handling cost from selling and marketing expense to
                    general and administrative expense in CapitalBox
                    business unit as a result of IAS 8 change in
                    presentation.
   24     3         Reclassification of bank and sms cost related to loan
                    handling cost from selling and marketing expense to
                    general and administrative expense in SweepBank business
                    unit as a result of IAS 8 change in presentation.
   25     13        Netting of directly attributable issue cost from finance
                    expense to interest income in Ferratum business unit.
   26     19        Gross up of other income and expense previously reported
                    at net value in Ferratum business unit.
   27     2         Gross up of other income and expense previously reported
                    at net value in CapitalBox business unit.
   28     395       Reclassification of foreign currency exchange losses
                    that were reported under net finance cost to separate
                    line item in Ferratum business unit.
   29     88        Reclassification of foreign currency exchange losses
                    that were reported under net finance cost to separate
                    line item in CapitalBox business unit.
   30     3,661     Allocation of SweepBank revenue from Prime Loans to
                    Consumer banking business unit as result of
                    reorganisation of reportable segments.
   31     20        Allocation of SweepBank revenue from Prime Loans to
                    Consumer banking business unit as result of
                    reorganisation of reportable segments.
   32     3,754     Allocation of impairment losses on loans to customers of
                    SweepBank business unit to Consumer banking business
                    unit as result of reorganisation of reportable segments.
   33     9         Allocation of impairment losses on loans to customers of
                    SweepBank business unit to SME banking business unit as
                    result of reorganisation of reportable segments.
   34     1,233     Allocation of personnel expense of SweepBank business
                    unit to Consumer banking business unit as result of
                    reorganisation of reportable segments.
   35     223       Allocation of personnel expense of SweepBank business
                    unit to CapitalBox business unit as result of
                    reorganisation of reportable segments.
   36     151       Allocation of selling and marketing expense of SweepBank
                    business unit to Consumer banking business unit as
                    result of reorganisation of reportable segments.
   37     7         Allocation of selling and marketing expense of SweepBank
                    business unit to SME banking business unit as result of
                    reorganisation of reportable segments.
   38     1,272     Allocation of general and administrative expense of
                    SweepBank business unit to Consumer banking business
                    unit as result of reorganisation of reportable segments.
   39     9         Allocation of general and administrative expense of
                    SweepBank business unit to SME banking business unit as
                    result of reorganisation of reportable segments.
   40     1,469     Allocation of depreciation and amortisation of SweepBank
                    business unit to Consumer banking business unit as
                    result of reorganisation of reportable segments.
   41     42        Allocation of depreciation and amortisation of SweepBank
                    business unit to SME banking business unit as result of
                    reorganisation of reportable segments.
   42     12        Allocation of other income of SweepBank business unit to
                    Consumer banking business unit as result of
                    reorganisation of reportable segments.
   43     8         Allocation of other income of SweepBank business unit to
                    SME banking business unit as result of reorganisation of
                    reportable segments.
   44     755       Allocation of interest expense of SweepBank business
                    unit to Consumer banking business unit as result of
                    reorganisation of reportable segments.
   45     150       Allocation of interest expense of SweepBank business
                    unit to SME banking business unit as result of
                    reorganisation of reportable segments.

Restatement of operating and reportable segments for H1 2023

  Old   New   Re-  Re-   Re-   Restated  Re-  Re-   Re-   R-  Re-  R-  Re-   Re-
  FSL-  FSL-  po-  sta-  sta-  Consumer  po-  sta-  sta-  e-  po-  e-  sta-  state-
  I     I     rt-  te-   te-   banking   rt-  te-   te-   s-  rt-  s-  te-   d
              ed   men-  men-  H1 2023   ed   men-  men-  t-  ed   t-  men-  Whole-

Fe- t t Ca- t t a- Sw- a- t sale rr- amo- num- pi- amo- num- t- ee- t- num- ban- at- unt ber ta- unt ber e- p e- ber king um l d Ba- m- H1
H1 Bo- S- nk e- 2023

              20-                        x                M-  H1   n-
              23                         H1               E   20-  t
                                         20-              b-  23   a-
                                         23               a-       m-
                                                          n-       o-
                                                          k-       u-
                                                          i-       n-
                                                          n-       t
                                                          g
                                                          H-
                                                          1
                                                          2-
                                                          0-
                                                          2-
                                                          3

In- In- 87- 9,3- 9, 97,097 11- 165 17, 1- 9,- (- 18, 1,823

  te-   te-   ,7-  87    16,             ,0-        20,   1-  32-  7-  21,
  res-  res-  10         19,             00         47    ,-  2    ,-  30,
  t     t                25,                              1-       5-  47
  re-   in-              30                               6-       0-
  ve-   co-                                               6        0-
  nue   me                                                         )
  Ser-  Fee   1,-  (1,-  9,    8         -    -     -     -   45   (-  31    -
  vi-   and   44-  442-  31                                        4-
  cin-  com-  9    )                                               5-
  g     mis-                                                       )
  fee   si-
  re-   on
  ve-   in-
  nue   co-
        me
  Im-   Im-   (2-  (10-  3,    (39,742)  (2-  (50-  4,    (-  (8-  8-  15,   (5)
  pai-  pai-  9,-  ,66-  13,             ,4-  )     14    2-  ,7-  ,-  32,
  rme-  rme-  07-  7)    32              13-              ,-  09-  7-  33
  nt    nt    6)                         )                4-  )    0-
  los-  los-                                              6-       4
  s     s                                                 2-
  on    on                                                )
  lo-   lo-
  ans   ans
  to    to
  cu-   cu-
  sto-  sto-
  mer-  mer-
  s     s
  Ban-  Ge-   (4-  4,9-  6     -         (5-  549   7     -   (4-  4-  8     -
  k     ne-   ,9-  16                    49-                  95-  9-
  and   ral   16-                        )                    )    5
  len-  and   )
  din-  ad-
  g     mi-
  cos-  nis-
  ts    tra-
        ti-
        ve
        ex-
        pen-
        se

Per- Per- (1- (2,- 34 (12,704) (2- (60- 35 (- (3- 2- 34, (683)

  son-  son-  0,-  319-                  ,8-  1)          3-  ,6-  ,-  35
  nel   nel   38-  )                     03-              ,-  04-  9-
  ex-   ex-   5)                         )                4-  )    2-
  pen-  pen-                                              0-       0
  se    se                                                4-
                                                          )

Sel- Sel- (5- (39- 22, (5,707) (1- (14- 23, (- (3- 2- 24, (41)

  lin-  lin-  ,3-  6)    36              ,4-  )     37    1-  31-  9-  36,
  g     g     11-                        02-              ,-  )    0   37
  and   and   )                          )                4-
  mar-  mar-                                              1-
  ke-   ke-                                               6-
  tin-  tin-                                              )
  g     g
  ex-   ex-
  pen-  pen-
  se    se

Ge- Ge- (7- (5,- 5, (12,417) (1- (85- 7, (- (2- 1- 8, (731)

  ne-   ne-   ,2-  137-  6,              ,4-  2)    11,   2-  ,4-  ,-  12,
  ral   ral   80-  )     10,             58-        14,   ,-  54-  7-  15,
  and   and   )          13,             )          17,   3-  )    2-  18,
  ad-   ad-              16,                        23,   1-       3   24,
  mi-   mi-              22,                        39    0-           38,
  nis-  nis-             38                               )            39
  tra-  tra-
  ti-   ti-
  ve    ve
  ex-   ex-
  pen-  pen-
  se    se

De- De- (4- (2,- 40 (7,020) (4- (82- 41 (- (2- 2- 40, (50)

  pre-  pre-  ,4-  588-                  38-  )           5-  ,7-  ,-  41
  cia-  cia-  32-  )                     )                2-  19-  6-
  ti-   ti-   )                                           0-  )    7-
  on    on                                                )        0
  and   and
  amo-  amo-
  rti-  rti-
  sa-   sa-
  ti-   ti-
  on    on
  Oth-  Oth-  16-  8     26,   172       (5-  17    27,   1-  (4-  1-  42,   11
  er    er    4          42              )          43    2   )    5   43
  in-   in-
  co-   co-
  me,   me
  net
  Oth-  Oth-  -    -     26    -         -    (40-  27    (-  -    -   -     -
  er    er                                    )           4-
  in-   ex-                                               0-
  co-   pen-                                              )
  me,   se
  net
  Not   Pro-  -    -     -     -         -    -     -     -   -    1-  46    12
  al-   fit                                                        2
  lo-   (lo-
  ca-   ss)
  ted   for
        the
        pe-
        ri-
        od
        fro-
        m
        in-
        ves-
        tme-
        nt
        in
        as-
        so-
        cia-
        tes
  Pro-  Pro-  27-  (8,-  -     19,686    1,-  (90-  -     1-  (8-  9-  -     335
  fit   fit   ,9-  238-                  93-  8)          ,-  ,9-  ,-
  (lo-  be-   23   )                     2                0-  49-  2-
  ss)   fo-                                               2-  )    8-
  be-   re                                                7        5
  fo-   in-
  re    te-
  in-   res-
  te-   t
  res-  ex-
  ts    pen-
  and   se
  ta-   and
  xes   ta-
  ('E-  xes
  BIT-  (EB-
  ')    IT)

Al- In- (5- (1,- 10, (6,615) (1- (22- 11, (- (2- 1- 12, (355)

  lo-   te-   ,5-  115-  19,             ,6-  3)    20,   1-  ,1-  ,-  21,
  ca-   res-  00-  )     29,             38-        29,   ,-  98-  8-  44,
  ted   t     )          45              )          45    8-  )    4-  45
  fi-   ex-                                               6-       2
  nan-  pen-                                              2-
  ce    se                                                )
  cos-
  ts,
  net
  Una-  Fai-  -    (2,-  1,    (2,104)   -    (45-  2,    (-  -    -   -     -
  llo-  r          104-  25,                  9)    29    4-
  ca-   va-        )     29                               5-
  ted   lue                                               9-
  for-  and                                               )
  eig-  for-
  n     eig-
  ex-   n
  cha-  ex-
  nge   cha-
  los-  nge
  ses-  gai-
  ,     ns
  net   and
        los-
        ses

Pro- Pro- 22- (11- - 10,967 29- (1,- - (- (1- 1- - (20)

  fit   fit   ,4-  ,45-                  4    590-        1-  1,-  1-
  be-   be-   23   7)                         )           ,-  14-  ,-
  fo-   fo-                                               2-  7)   1-
  re    re                                                9-       2-
  in-   in-                                               3-       7
  co-   co-                                               )
  me    me
  ta-   tax
  xes

Description of adjustments to operating and reportable segments for H1 2023

   Nu-    Amoun-    Description
   mb-    t,
   er     EUR
          '000
   1      1,838     Allocation of foreign currency exchange losses to
                    business unit Ferratum previously reported under
                    "Central" segment.
   2      401       Allocation of foreign currency exchange losses to
                    business unit Capital Box previously reported under
                    "Central" segment.
   3      69        Change in impairment of loans to customers due to
                    inclusion of collection costs into ECL in Ferratum
                    business unit as a result of IAS 8 amendment of prior
                    period error.
   4      46        Change in impairment of loans to customers due to
                    inclusion of collection costs into ECL in CapitalBox
                    business unit as a result of IAS 8 amendment of prior
                    period error.
   5      192       Reclassification of withholding tax paid on interest
                    from loans to customers in Romania from general and
                    administrative expense to income tax expense as a result
                    of IAS 8 change in presentation.
   6      4,916     Reclassification of bank and lending costs to general
                    and administrative in Ferratum as a result of IAS 8
                    change in presentation.
   7      549       Reclassification of bank and lending costs to general
                    and administrative in CapitalBox as a result of IAS 8
                    change in presentation.
   8      495       Reclassification of bank and lending costs to general
                    and administrative in SweepBank business unit as a
                    result of IAS 8 change in presentation.
   9      1,487     Reclassification of reminder fee from fee income to
                    interest income in Ferratum business unit as a result of
                    IAS 8 amendment of prior period error.
   10     638       Reclassification of depositor compensation scheme fees
                    from interest expense to general and administrative
                    expense in Ferratum business unit as a result of IAS 8
                    change in presentation.
   11     128       Reclassification of depositor compensation scheme fees
                    from interest expense to general and administrative
                    expense in CapitalBox business unit as a result of IAS 8
                    change in presentation.
   12     215       Reclassification of depositor compensation scheme fees
                    from interest expense to general and administrative
                    expense in SweepBank business unit as a result of IAS 8
                    change in presentation.
   13     1,539     Reclassification of invoicing and collection costs from
                    general and administrative expense to impairment loss on
                    loans to customers in Ferratum business unit as a result
                    of IAS 8 amendment of prior period error.
   14     128       Reclassification of invoicing and collection costs from
                    general and administrative expense to impairment loss on
                    loans to customers in CapitalBox business unit as a
                    result of IAS 8 amendment of prior period error.
   15     461       Reclassification of invoicing and collection costs from
                    general and administrative expense to impairment loss on
                    loans to customers in SweepBank business unit as a
                    result of IAS 8 amendment of prior period error.
   16     191       Reclassification of scoring costs from general and
                    administrative expense to interest income in Ferratum
                    business unit as a result of IAS 8 amendment of prior
                    period error.
   17     24        Reclassification of scoring costs from general and
                    administrative expense to interest income in CapitalBox
                    business unit as a result of IAS 8 amendment of prior
                    period error.
   18     20        Reclassification of scoring costs from general and
                    administrative expense to interest income in SweepBank
                    business unit as a result of IAS 8 amendment of prior
                    period error.
   19     454       Reclassification of interest from loans to related
                    parties and deposits with other banks from finance
                    income to interest income line item in Ferratum business
                    unit as a result of IAS 8 change in presentation.
   20     135       Reclassification of interest from loans to related
                    parties and deposits with other banks from finance
                    income to interest income line item in CapitalBox
                    business unit as a result of IAS 8 change in
                    presentation.
   21     182       Reclassification of interest from loans to related
                    parties and deposits with other banks from finance
                    income to interest income line item in SweepBank
                    business unit as a result of IAS 8 change in
                    presentation.
   22     90        Reclassification of bank and sms cost related to loan
                    handling cost from selling and marketing expense to
                    general and administrative expense in Ferratum business
                    unit as a result of IAS 8 change in presentation.
   23     24        Reclassification of bank and sms cost related to loan
                    handling cost from selling and marketing expense to
                    general and administrative expense in CapitalBox
                    business unit as a result of IAS 8 change in
                    presentation.
   24     6         Reclassification of bank and sms cost related to loan
                    handling cost from selling and marketing expense to
                    general and administrative expense in SweepBank business
                    unit as a result of IAS 8 change in presentation.
   25     30        Netting of directly attributable issue cost from finance
                    expense to interest income in Ferratum business unit.
   26     -         Gross up of other income and expense previously reported
                    at net value in Ferratum business unit.
   27     40        Gross up of other income and expense previously reported
                    at net value in CapitalBox business unit.
   28     236       Reclassification of foreign currency exchange losses
                    that were reported under net finance cost to separate
                    line item in Ferratum business unit.
   29     58        Reclassification of foreign currency exchange losses
                    that were reported under net finance cost to separate
                    line item in CapitalBox business unit.
   30     7,607     Allocation of SweepBank revenue from Prime Loans to
                    Consumer banking business unit as result of
                    reorganisation of reportable segments.
   31     45        Allocation of SweepBank revenue from Prime Loans to
                    Consumer banking business unit as result of
                    reorganisation of reportable segments.
   32     9,197     Allocation of impairment losses on loans to customers of
                    SweepBank business unit to Consumer banking business
                    unit as result of reorganisation of reportable segments.
   33     32        Allocation of impairment losses on loans to customers of
                    SweepBank business unit to SME banking business unit as
                    result of reorganisation of reportable segments.
   34     2,319     Allocation of personnel expense of SweepBank business
                    unit to Consumer banking business unit as result of
                    reorganisation of reportable segments.
   35     601       Allocation of personnel expense of SweepBank business
                    unit to CapitalBox business unit as result of
                    reorganisation of reportable segments.
   36     306       Allocation of selling and marketing expense of SweepBank
                    business unit to Consumer banking business unit as
                    result of reorganisation of reportable segments.
   37     10        Allocation of selling and marketing expense of SweepBank
                    business unit to SME banking business unit as result of
                    reorganisation of reportable segments.
   38     1,595     Allocation of general and administrative expense of
                    SweepBank business unit to Consumer banking business
                    unit as result of reorganisation of reportable segments.
   39     351       Allocation of general and administrative expense of
                    SweepBank business unit to SME banking business unit as
                    result of reorganisation of reportable segments.
   40     2,588     Allocation of depreciation and amortisation of SweepBank
                    business unit to Consumer banking business unit as
                    result of reorganisation of reportable segments.
   41     82        Allocation of depreciation and amortisation of SweepBank
                    business unit to SME banking business unit as result of
                    reorganisation of reportable segments.
   42     8         Allocation of other income of SweepBank business unit to
                    Consumer banking business unit as result of
                    reorganisation of reportable segments.
   43     23        Allocation of other income of SweepBank business unit to
                    SME banking business unit as result of reorganisation of
                    reportable segments.
   44     1,535     Allocation of interest expense of SweepBank business
                    unit to Consumer banking business unit as result of
                    reorganisation of reportable segments.
   45     274       Allocation of interest expense of SweepBank business
                    unit to SME banking business unit as result of
                    reorganisation of reportable segments.
   46     12        Inclusion of results from participation in associates in
                    Wholesale banking previously not allocated to reportable
                    segments. This includes investment in Sortter Oy.
   47     54        Allocation of SweepBank interest revenue from Sale
                    Finance business to SME banking business unit.

Restatement of operating and reportable segments for 9M 2023

  Old   New   Re-  Re-   Re-   Restated  R-  Re-   Re-   R-  Repor-  Re-  Re-   Re-
  FSL-  FSL-  po-  sta-  sta-  Consumer  e-  sta-  sta-  e-  ted     st-  sta-  st-
  I     I     rt-  te-   te-   banking   p-  te-   te-   s-  Sweep   at-  te-   at-

ed men- men- 9M 2023 o- men- men- t- Bank em- men- ed

              Fe-  t     t               r-  t     t     a-  9M      en-  t     Wh-
              rr-  amo-  num-            t-  amo-  num-  t-  2023    t    num-  ol-
              at-  unt   ber             e-  unt   ber   e-          am-  ber   es-
              um                         d               d           ou-        al-

9M C- S- nt e

              20-                        a-              M-                     ba-
              23                         p-              E                      nk-
                                         i-              b-                     in-

t- a- g a- n- 9M l k- 20-
B- i- 23

                                         o-              n-
                                         x               g
                                         9-              9-
                                         M               M
                                         2-              2-
                                         0-              0-
                                         2-              2-
                                         3               3
  In-   In-   13-  14,-  9,    148,185   1-  290   17,   1-  14,56-  (1-  18,   3,-
  te-   te-   3,-  304   16,             6-        20,   7-  9       1,-  21,   21-

res- res- 88- 19, ,- 47 ,- 35- 30, 1

  t     t     1          25,             7-              0-          8)   47
  re-   in-              30              7-              6-
  ve-   co-                              1               1
  nue   me

Ser- Fee 2,- (2,- 9, 47 - - - - 67 (6- 31 -

  vi-   and   10-  057-  31                                          7)
  cin-  com-  5    )
  g     mis-
  fee   si-
  re-   on
  ve-   in-
  nue   co-
        me
  Im-   Im-   (4-  (15-  3,    (59,908)  (-  (51-  4,    (-  (12,9-  12-  15,   (5-

pai- pai- 4,- ,83- 13, 4- ) 14 4- 68) ,9- 32, )

  rme-  rme-  07-  2)    32              ,-              ,-          62   33
  nt    nt    6)                         4-              4-
  los-  los-                             0-              5-
  s     s                                8-              9-
  on    on                               )               )
  lo-   lo-
  ans   ans
  to    to
  cu-   cu-
  sto-  sto-
  mer-  mer-
  s     s

Ban- Ge- (7- 7,3- 6 - (- 793 7 - (797) 79- 8 -

  k     ne-   ,3-  23                    7-                          7
  and   ral   23-                        9-
  len-  and   )                          3-
  din-  ad-                              )
  g     mi-
  cos-  nis-
  ts    tra-
        ti-
        ve
        ex-
        pen-
        se
  Per-  Per-  (1-  (3,-  34    (18,920)  (-  (89-  35    (-  (5,39-  4,-  34,   (1-
  son-  son-  5,-  360-                  4-  0)          5-  5)      25-  35    ,1-
  nel   nel   56-  )                     ,-              ,-          0          45-

ex- ex- 0) 2- 1- )

  pen-  pen-                             4-              3-
  se    se                               2-              2-
                                         )               )
  Sel-  Sel-  (8-  (51-  22,   (8,730)   (-  (17-  23,   (-  (404)   35-  24,   (4-

lin- lin- ,2- 7) 36 2- ) 37 2- 7 36, 6)

  g     g     13-                        ,-              ,-               37
  and   and   )                          2-              2-
  mar-  mar-                             0-              2-
  ke-   ke-                              5-              1-
  tin-  tin-                             )               )
  g     g
  ex-   ex-
  pen-  pen-
  se    se
  Ge-   Ge-   (1-  (7,-  5,    (18,419)  (-  (1,-  7,    (-  (3,67-  2,-  8,    (1-
  ne-   ne-   0,-  583-  6,              2-  227-  11,   3-  5)      57-  12,   ,0-
  ral   ral   83-  )     10,             ,-  )     14,   ,-          9    15,   98-

and and 7) 13, 1- 17, 4- 18, )

  ad-   ad-              16,             9-        23,   2-               24,
  mi-   mi-              22,             6-        39    2-               38,
  nis-  nis-             38              )               )                39
  tra-  tra-
  ti-   ti-
  ve    ve
  ex-   ex-
  pen-  pen-
  se    se
  De-   De-   (6-  (3,-  40    (10,581)  (-  (10-  41    (-  (3,90-  3,-  40,   (1-
  pre-  pre-  ,9-  680-                  6-  7)          7-  6)      78-  41    19-

cia- cia- 01- ) 9- 9- 7 )

  ti-   ti-   )                          0-              7-
  on    on                               )               )
  and   and
  amo-  amo-
  rti-  rti-
  sa-   sa-
  ti-   ti-
  on    on

Oth- Oth- (3- 337 26, 2 - - 27, - - - 42, -

  er    er    35-        42                        43                     43
  in-   in-   )
  co-   co-
  me,   me
  net

Oth- Oth- - (33- 26 (335) - (2) 27 (- - - - -

  er    er         5)                                    2-
  in-   ex-                                              )
  co-   pen-
  me,   se
  net

Not Pro- - - - - - - - - - 34 46 34

  al-   fit
  lo-   (lo-
  ca-   ss)
  ted   for
        the
        pe-
        ri-
        od
        fro-
        m
        in-
        ves-
        tme-
        nt
        in
        as-
        so-
        cia-
        tes
  Pro-  Pro-  42-  (11-  -     31,342    2-  (1,-  -     1-  (12,5-  13-  -     83-

fit fit ,7- ,40- ,- 211- ,- 09) ,3- 2

  (lo-  be-   41   0)                    2-  )           0-          41
  ss)   fo-                              3-              2-
  be-   re                               7               7
  fo-   in-
  re    te-
  in-   res-
  te-   t
  res-  ex-
  ts    pen-
  and   se
  ta-   and
  xes   ta-
  ('E-  xes
  BIT-  (EB-
  ')    IT)
  Al-   In-   (8-  (2,-  -     (10,659)  (-  (46-  -     (-  (3,27-  2,-  -     (6-
  lo-   te-   ,6-  009-                  2-  0)          2-  1)      62-        48-

ca- res- 50- ) ,- ,- 4 )

  ted   t     )                          4-              9-
  fi-   ex-                              4-              0-
  nan-  pen-                             0-              0-
  ce    se                               )               )
  cos-
  ts,
  net

Una- Fai- - (3,- - (3,058) - (61- - (- - - - -

  llo-  r          058-                      2)          6-
  ca-   va-        )                                     1-
  ted   lue                                              2-
  for-  and                                              )
  eig-  for-
  n     eig-
  ex-   n
  cha-  ex-
  nge   cha-
  los-  nge
  ses-  gai-
  ,     ns
  net   and
        los-
        ses
  Pro-  Pro-  34-  (16-  -     17,625    (-  (2,-  -     (-  (15,7-  15-  -     18-

fit fit ,0- ,46- 2- 283- 2- 80) ,9- 4

  be-   be-   91   7)                    0-  )           ,-          65
  fo-   fo-                              3-              4-
  re    re                               )               8-
  in-   in-                                              6-
  co-   co-                                              )
  me    me
  ta-   tax
  xes

Description of adjustments to operating and reportable segments for 9M 2023

   Nu-    Amount-    Description
   mb-    , EUR
   er     '000
   1      2,483      Allocation of foreign currency exchange losses to
                     business unit Ferratum previously reported under
                     "Central" segment.
   2      508        Allocation of foreign currency exchange losses to
                     business unit Capital Box previously reported under
                     "Central" segment.
   3      103        Change in impairment of loans to customers due to
                     inclusion of collection costs into ECL in Ferratum
                     business unit as a result of IAS 8 amendment of prior
                     period error.
   4      69         Change in impairment of loans to customers due to
                     inclusion of collection costs into ECL in CapitalBox
                     business unit as a result of IAS 8 amendment of prior
                     period error.
   5      -          Reclassification of withholding tax paid on interest
                     from loans to customers in Romania from general and
                     administrative expense to income tax expense as a
                     result of IAS 8 change in presentation.
   6      7,323      Reclassification of bank and lending costs to general
                     and administrative in Ferratum as a result of IAS 8
                     change in presentation.
   7      793        Reclassification of bank and lending costs to general
                     and administrative in CapitalBox as a result of IAS 8
                     change in presentation.
   8      797        Reclassification of bank and lending costs to general
                     and administrative in SweepBank business unit as a
                     result of IAS 8 change in presentation.
   9      2,124      Reclassification of reminder fee from fee income to
                     interest income in Ferratum business unit as a result
                     of IAS 8 amendment of prior period error.
   10     610        Reclassification of depositor compensation scheme fees
                     from interest expense to general and administrative
                     expense in Ferratum business unit as a result of IAS 8
                     change in presentation.
   11     124        Reclassification of depositor compensation scheme fees
                     from interest expense to general and administrative
                     expense in CapitalBox business unit as a result of IAS
                     8 change in presentation.
   12     207        Reclassification of depositor compensation scheme fees
                     from interest expense to general and administrative
                     expense in SweepBank business unit as a result of IAS 8
                     change in presentation.
   13     2,218      Reclassification of invoicing and collection costs from
                     general and administrative expense to impairment loss
                     on loans to customers in Ferratum business unit as a
                     result of IAS 8 amendment of prior period error.
   14     222        Reclassification of invoicing and collection costs from
                     general and administrative expense to impairment loss
                     on loans to customers in CapitalBox business unit as a
                     result of IAS 8 amendment of prior period error.
   15     653        Reclassification of invoicing and collection costs from
                     general and administrative expense to impairment loss
                     on loans to customers in SweepBank business unit as a
                     result of IAS 8 amendment of prior period error.
   16     286        Reclassification of scoring costs from general and
                     administrative expense to interest income in Ferratum
                     business unit as a result of IAS 8 amendment of prior
                     period error.
   17     36         Reclassification of scoring costs from general and
                     administrative expense to interest income in CapitalBox
                     business unit as a result of IAS 8 amendment of prior
                     period error.
   18     31         Reclassification of scoring costs from general and
                     administrative expense to interest income in SweepBank
                     business unit as a result of IAS 8 amendment of prior
                     period error.
   19     860        Reclassification of interest from loans to related
                     parties and deposits with other banks from finance
                     income to interest income line item in Ferratum
                     business unit as a result of IAS 8 change in
                     presentation.
   20     243        Reclassification of interest from loans to related
                     parties and deposits with other banks from finance
                     income to interest income line item in CapitalBox
                     business unit as a result of IAS 8 change in
                     presentation.
   21     325        Reclassification of interest from loans to related
                     parties and deposits with other banks from finance
                     income to interest income line item in SweepBank
                     business unit as a result of IAS 8 change in
                     presentation.
   22     134        Reclassification of bank and sms cost related to loan
                     handling cost from selling and marketing expense to
                     general and administrative expense in Ferratum business
                     unit as a result of IAS 8 change in presentation.
   23     36         Reclassification of bank and sms cost related to loan
                     handling cost from selling and marketing expense to
                     general and administrative expense in CapitalBox
                     business unit as a result of IAS 8 change in
                     presentation.
   24     7          Reclassification of bank and sms cost related to loan
                     handling cost from selling and marketing expense to
                     general and administrative expense in SweepBank
                     business unit as a result of IAS 8 change in
                     presentation.
   25     37         Netting of directly attributable issue cost from
                     finance expense to interest income in Ferratum business
                     unit.
   26     335        Gross up of other income and expense previously
                     reported at net value in Ferratum business unit.
   27     2          Gross up of other income and expense previously
                     reported at net value in CapitalBox business unit.
   28     538        Reclassification of foreign currency exchange losses
                     that were reported under net finance cost to separate
                     line item in Ferratum business unit.
   29     104        Reclassification of foreign currency exchange losses
                     that were reported under net finance cost to separate
                     line item in CapitalBox business unit.
   30     11,569     Allocation of SweepBank revenue from Prime Loans to
                     Consumer banking business unit as result of
                     reorganisation of reportable segments.
   31     67         Allocation of SweepBank revenue from Prime Loans to
                     Consumer banking business unit as result of
                     reorganisation of reportable segments.
   32     13,717     Allocation of impairment losses on loans to customers
                     of SweepBank business unit to Consumer banking business
                     unit as result of reorganisation of reportable
                     segments.
   33     102        Allocation of impairment losses on loans to customers
                     of SweepBank business unit to SME banking business unit
                     as result of reorganisation of reportable segments.
   34     3,360      Allocation of personnel expense of SweepBank business
                     unit to Consumer banking business unit as result of
                     reorganisation of reportable segments.
   35     890        Allocation of personnel expense of SweepBank business
                     unit to CapitalBox business unit as result of
                     reorganisation of reportable segments.
   36     383        Allocation of selling and marketing expense of
                     SweepBank business unit to Consumer banking business
                     unit as result of reorganisation of reportable
                     segments.
   37     19         Allocation of selling and marketing expense of
                     SweepBank business unit to SME banking business unit as
                     result of reorganisation of reportable segments.
   38     2,288      Allocation of general and administrative expense of
                     SweepBank business unit to Consumer banking business
                     unit as result of reorganisation of reportable
                     segments.
   39     604        Allocation of general and administrative expense of
                     SweepBank business unit to SME banking business unit as
                     result of reorganisation of reportable segments.
   40     3,680      Allocation of depreciation and amortisation of
                     SweepBank business unit to Consumer banking business
                     unit as result of reorganisation of reportable
                     segments.
   41     107        Allocation of depreciation and amortisation of
                     SweepBank business unit to SME banking business unit as
                     result of reorganisation of reportable segments.
   42     2          Allocation of other income of SweepBank business unit
                     to Consumer banking business unit as result of
                     reorganisation of reportable segments.
   43     2          Allocation of other income of SweepBank business unit
                     to SME banking business unit as result of
                     reorganisation of reportable segments.
   44     2,297      Allocation of interest expense of SweepBank business
                     unit to Consumer banking business unit as result of
                     reorganisation of reportable segments.
   45     445        Allocation of interest expense of SweepBank business
                     unit to SME banking business unit as result of
                     reorganisation of reportable segments.
   46     34         Inclusion of results from participation in associates
                     in Wholesale banking previously not allocated to
                     reportable segments. This includes investment in
                     Sortter Oy.
   47     83         Allocation of SweepBank interest revenue from Sale
                     Finance business to SME banking business unit.

Restatement of operating and reportable segments for 2023

  Old    New      R-  Re-   Re-  Restated  R-  Re-   Re-  Re-  Repor-  Re-  Re-  Re-
  FSLI   FSLI     e-  sta-  st-  Consumer  e-  sta-  st-  st-  ted     st-  st-  sta-
                  p-  te-   at-  banking   p-  te-   at-  at-  Sweep   at-  at-  ted
                  o-  men-  em-  2023      o-  men-  em-  ed   Bank    em-  em-  Who-
                  r-  t     en-            r-  t     en-  SM-  2023    en-  en-  le-
                  t-  amo-  t              t-  amo-  t    E            t    t    sa-
                  e-  unt   nu-            e-  unt   nu-  ba-          am-  nu-  le
                  d         mb-            d         mb-  nk-          ou-  mb-  ban-
                  F-        er             C-        er   in-          nt   er   kin-

e- a- g g r- p- 20- 202-
r- i- 23 3

                  a-                       t-
                  t-                       a-
                  u-                       l
                  m                        B-
                  2-                       o-
                  0-                       x
                  2-                       2-
                  3                        0-
                                           2-
                                           3
  Reve-  Inte-    1-  8,9-  1    201,690   2-  (98-  2    23-  23,13-  (1-  3    5,0-
  nue    rest     9-  59                   4-  8)         ,6-  7       8,-       71
         income   2-                       ,-             98           06-
                  ,-                       6-                          6)
                  7-                       8-
                  3-                       6
                  1

Not Fee - 63 4 63 - - - - - - - -

  re-    and
  por-   commis-
  ted    sion
         income
  Cre-   Impair-  (-  (19-  5    (82,649)  (-  (12-  6    (6-  (16,1-  16-  7    151
  dit    ment     6-  ,88-                 6-  0)         ,7-  97)     ,3-
  los-   loss     2-  9)                   ,-             55-          48
  ses    on       ,-                       6-             )
         loans    7-                       3-
         to       6-                       5-
         custo-   0-                       )
         mers     )
  Not    Person-  -   (25-  8    (25,425)  -   (7,-  9    (7-  -       (1-  10   (1,-
  re-    nel          ,42-                     022-       ,0-          ,6-       629-

por- expen- 5) ) 22- 29- )

  ted    se                                               )            )
  Not    Sel-     -   (10-  11   (10,819)  -   (3,-  12   (3-  -       (3-  13   (37-

re- ling ,81- 324- ,3- 7) )

  por-   and          9)                       )          24-
  ted    marke-                                           )
         ting
         expen-
         se
  Not    Gene-    -   (25-  14   (25,559)  -   (4,-  15   (4-  -       (1-  16   (1,-
  re-    ral          ,55-                     830-       ,8-          ,5-       587-

por- and 9) ) 30- 87- )

  ted    admi-                                            )            )
         nistra-
         tive
         expen-
         se
  Not    Depre-   -   (13-  17   (13,781)  -   (1,-  18   (1-  -       (1-  19   (16-
  re-    ciati-       ,78-                     069-       ,0-          67-       7)
  por-   on and       1)                       )          69-          )
  ted    amorti-                                          )
         sation

Not Other - 8 20 8 - 14 21 14 - 8 22 8

  re-    income
  por-
  ted

Not Other - (49- 23 (495) - (7) 24 (7- - - - -

  re-    expen-       5)                                  )
  por-   se
  ted

Not Profit - - - - - - - - - 6 25 6

  re-    (loss)
  por-   for
  ted    the
         period
         from
         invest-
         ment
         in
         asso-
         ciates
  EBIT   Profit   5-  (16-  -    43,033    1-  (1,-  -    70-  (15,2-  17-  -    1,8-
  (rep-  before   9-  ,04-                 ,-  029-       6    58)     ,0-       16
  or-    inte-    ,-  6)                   7-  )                       74
  ted    rest     0-                       3-
  to     expen-   7-                       5
  CODM-  se and   9
  )      taxes
         (EBIT)
  Not    Inte-    -   (16-  26   (16,582)  -   (4,-  27   (4-  -       (1-  28   (1,-
  re-    rest         ,58-                     402-       ,4-          ,2-       254-

por- expen- 2) ) 02- 54- ) ted se ) )
Not Fair - (3,- 29 (3,557) - (77- 30 (7- - - - -

  re-    value        557-                     1)         71-
  por-   and          )                                   )
  ted    for-
         eign
         ex-
         change
         gains
         and
         losses
  Not    Profit   5-  (36-  -    22,894    1-  (6,-  -    (4-  (15,2-  15-  -    562
  re-    before   9-  ,18-                 ,-  202-       ,4-  58)     ,8-
  por-   income   ,-  5)                   7-  )          67-          20
  ted    tax      0-                       3-             )
                  7-                       5
                  9

Description of adjustments to operating and reportable segments for full
year 2023

   Nu-    Amount    Description
   mb-    EUR
   er     '000
   1      8,959     Direct allocation of interest income to Consumer
                    banking business unit adjusted for organisation change
                    previously not reported in annual statement 2023.
   2      988       Direct allocation of interest income to SME banking
                    business unit adjusted for organisation change
                    previously not reported in annual statement 2023.
   3      18,066    Direct allocation of interest income to Wholesale
                    banking business unit adjusted for organisation change
                    previously not reported in annual statement 2023.
   4      63        Direct allocation of fee income to Consumer banking
                    business adjusted for organisation change unit
                    previously not reported in annual statement 2023.
   5      19,889    Direct allocation of impairment losses on loans to
                    customers to Consumer banking business unit adjusted
                    for organisation change previously not reported in
                    annual statement 2023.
   6      120       Direct allocation of impairment losses on loans to
                    customers to SME banking business unit adjusted for
                    organisation change previously not reported in annual
                    statement 2023.
   7      16,348    Direct allocation of impairment losses on loans to
                    customers to Wholesale banking business unit adjusted
                    for organisation change previously not reported in
                    annual statement 2023.
   8      25,425    Direct allocation of personnel expense to Consumer
                    banking business unit adjusted for organisation change
                    previously not reported in annual statement 2023.
   9      7,022     Direct allocation of personnel expense to SME banking
                    business unit adjusted for organisation change
                    previously not reported in annual statement 2023.
   10     1,629     Direct allocation of personnel expense to Wholesale
                    banking business unit adjusted for organisation change
                    previously not reported in annual statement 2023.
   11     10,819    Direct allocation of selling and marketing expense to
                    Consumer banking business unit adjusted for
                    organisation change previously not reported in annual
                    statement 2023.
   12     3,324     Direct allocation of selling and marketing expense to
                    SME banking business unit adjusted for organisation
                    change previously not reported in annual statement
                    2023.
   13     37        Direct allocation of selling and marketing expense to
                    Wholesale banking business unit adjusted for
                    organisation change previously not reported in annual
                    statement 2023.
   14     25,559    Direct allocation of general and administrative
                    expense to Consumer banking business unit adjusted for
                    organisation change previously not reported in annual
                    statement 2023.
   15     4,830     Direct allocation of general and administrative
                    expense to SME banking business unit adjusted for
                    organisation change previously not reported in annual
                    statement 2023.
   16     1,587     Direct allocation of general and administrative
                    expense to Wholesale banking business unit adjusted
                    for organisation change previously not reported in
                    annual statement 2023.
   17     13,781    Direct allocation of depreciation and amortization to
                    Consumer banking business unit adjusted for
                    organisation change previously not reported in annual
                    statement 2023.
   18     1,069     Direct allocation of depreciation and amortization to
                    SME banking business unit adjusted for organisation
                    change previously not reported in annual statement
                    2023.
   19     167       Direct allocation of depreciation and amortization to
                    Wholesale banking business unit adjusted for
                    organisation change previously not reported in annual
                    statement 2023.
   20     8         Direct allocation of other income to Consumer banking
                    business unit adjusted for organisation change
                    previously not reported in annual statement 2023.
   21     14        Direct allocation of other income to SME banking
                    business unit adjusted for organisation change
                    previously not reported in annual statement 2023.
   22     8         Direct allocation of other income to Wholesale banking
                    business unit adjusted for organisation change
                    previously not reported in annual statement 2023.
   23     495       Direct allocation of other expense to Consumer banking
                    business unit adjusted for organisation change
                    previously not reported in annual statement 2023.
   24     7         Direct allocation of other expense to SME banking
                    business unit adjusted for organisation change
                    previously not reported in annual statement 2023.
   25     6         Direct allocation of financial results from
                    participation in associates to Wholesale banking
                    business unit previously not reported in annual
                    statement 2023.
   26     16,582    Direct allocation of interest expense to Consumer
                    banking business unit adjusted for organisation change
                    previously not reported in annual statement 2023.
   27     4,402     Direct allocation of interest expense to SME banking
                    business unit adjusted for organisation change
                    previously not reported in annual statement 2023.
   28     1,254     Direct allocation of interest expense to Wholesale
                    banking business unit adjusted for organisation change
                    previously not reported in annual statement 2023.
   29     3,557     Direct allocation of foreign currency exchange losses
                    to Consumer banking business unit adjusted for
                    organisation change previously not reported in annual
                    statement 2023.
   30     771       Direct allocation of foreign currency exchange losses
                    to SME banking business unit adjusted for organisation
                    change previously not reported in annual statement
                    2023.

Contact:

Lasse Mäkelä
Chief Strategy and IR Officer
Phone: +41 79 371 34 17
E-Mail: lasse.makela@multitude.com

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'.


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Zusatzmaterial zur Meldung:

Datei:
https://eqs-cockpit.com/c/fncls.ssp?u=265bdec22e420520fcdb30fa94273e53
Dateibeschreibung: Restatement 2024 stock exchange release

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15.05.2024 CET/CEST Veröffentlichung einer Corporate News/Finanznachricht,
übermittelt durch EQS News - ein Service der EQS Group AG.
Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich.

Die EQS Distributionsservices umfassen gesetzliche Meldepflichten, Corporate
News/Finanznachrichten und Pressemitteilungen.
Medienarchiv unter https://eqs-news.com

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   Sprache:        Deutsch
   Unternehmen:    Multitude SE
                   Ratamestarinkatu 11 A
                   00520 Helsinki
                   Finnland
   E-Mail:         ir@multitude.com
   Internet:       https://www.multitude.com/
   ISIN:           FI4000106299
   WKN:            A1W9NS
   Börsen:         Regulierter Markt in Frankfurt (Prime Standard);
                   Freiverkehr in Berlin, Düsseldorf, Hamburg, Hannover,
                   München, Stuttgart, Tradegate Exchange; Stockholm
   EQS News ID:    1903213

Ende der Mitteilung EQS News-Service
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1903213 15.05.2024 CET/CEST

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Quelle: dpa-AFX