Piraeus Financial Holdings Societe Anonyme

Latest Results (15.05.2026):

Piraeus Financial Holdings Societe Anonyme — Q1 2025: Piraeus reported a strong start to 2025 with reported net profit €284m (EPS €0.22) for Q1 2025, tangible book value per share at €6.01 (+14% yoy) and RoaTBV about 14.7%, putting the Group on track to meet or exceed its full‑year targets (c.€0.80 EPS and c.14% RoaTBV).

Profitability

Reported net profit was €284m in Q1 2025 (vs €233m in Q1.24). Adjusted RoaTBV stood at ~14.7% and TBV per share rose to €6.01, reflecting solid earnings generation and tangible equity growth.

Revenues and margins

Total net revenues were €649m (+10% yoy). Net interest income was €481m (NIM 2.4%, down vs prior year due to lower 3m Euribor) while net fee income was €160m, representing 25% of net revenues and growing ~10% yoy, confirming diversification of revenue sources.

Loan growth and client assets

Performing loans reached ~€35bn (+16% yoy; +€1.1bn qoq), driven by business lending (including €2.2bn RRF‑related loans). Client assets under management rose to €12.5bn (+25% yoy), already above the full‑year target of >€12bn.

Asset quality and cost of risk

NPE ratio remained low at 2.6% (vs 3.5% a year ago) with NPE coverage at 64%. Organic cost of risk fell to 35bps and underlying CoR (ex‑fees/securitisations) was a record low ~14bps, indicating benign credit trends.

Capital and liquidity

Pro forma CET1 was 14.4% and pro forma total capital ratio 19.5% after absorbing a 50% distribution accrual and Basel IV impact; reported CET1 ~14.2%. Liquidity metrics stayed strong with deposits ~€61.4bn (+5% yoy) and LCR at 201%.

Costs and efficiency

Operating expenses were €224m in Q1 (cost‑to‑core‑income 35%), impacted by front‑loaded taxes, IT/digital investments and one‑off items related to business initiatives; the Group highlights disciplined cost control versus peers.

Shareholder returns and strategic moves

The AGM approved a €373m cash dividend (to be paid 10 Jun 2025; €0.298/share). Piraeus signed an SPA to acquire 90.01% of Ethniki Insurance for €600m—expected to be EPS‑accretive (~+5%) and to further diversify fee income and bancassurance capabilities.

Guidance and outlook

Management reconfirmed 2025 targets: NII guidance of ~€1.9bn for the year, full‑year profitability targets around €0.80 EPS and RoaTBV c.14%, and continued emphasis on fee growth, loan origination and capital generation.