Piraeus Financial Holdings Societe Anonyme

Latest Results (18.02.2026):

Piraeus Financial Holdings Societe Anonyme — Q1 2025: strong start to 2025 with reported net profit of €284mn (EPS €0.22) and return on average tangible book value (RoaTBV) of 14.7%. The group delivered revenue growth, continued loan expansion and outsized growth in client assets under management, while preserving low credit costs and comfortable capital and liquidity buffers.

Profit & returns

Reported net profit €284mn in Q1 2025 (EPS €0.22); RoaTBV 14.7%. Tangible book value per share rose to €6.01 (+14% YoY). Management says results are on track to meet or exceed full‑year targets (~€0.80 EPS and ~14% RoaTBV).

Revenues and margins

Net revenues €649mn, +10% YoY, supported by net fee income. Net fee income €160mn (+10% YoY) and 25% of net revenues. Net interest income €481mn (-7% YoY) as margins eased to a NIM of 2.4% following rate cuts; 2025 NII guidance reaffirmed at ~€1.9bn.

Costs and efficiency

Operating expenses €224mn in Q1 (includes frontloaded taxes, IT/digital and one‑time items related to strategic deals). Cost‑to‑core‑income ratio at 35%, in line with the annual efficiency target.

Asset quality and credit costs

Organic cost of risk 35bps in Q1.25 (underlying CoR 14bps excluding securitization/special items). NPE ratio 2.6% (flat qoq, down from 3.5% YoY) with NPE coverage 64%.

Loan growth and client assets

Performing loans c.€35bn, +16% YoY and +€1.1bn qoq, driven by business lending (including €2.2bn RRF‑related loans). Assets under management €12.5bn, +25% YoY, already surpassing the full‑year AuM target of >€12.0bn.

Liquidity and funding

Customer deposits €61.4bn (+5% YoY, -2% qoq seasonal). Liquidity Coverage Ratio 201% and loan‑to‑deposit ratio ~66%. Reported MREL ratio at 28.2% (Mar.25).

Capital and shareholder returns

Pro forma CET1 14.4% and pro forma total capital ratio 19.5% after absorbing a 50% distribution accrual, DTC amortization and Basel IV effects (reported CET1 ~14.2%). AGM approved a €373mn cash dividend (to be paid 10 June 2025).

Commercial initiatives & M&A

Piraeus signed an SPA to acquire 90.01% of Ethniki Insurance for €600mn (EPS accretive ~5%, RoaTBV +~1pp), invested in UK wealth‑tech Moneybox via Apis, launched digital services (Piraeus FX, robo‑advisory "Piraeus brainy") and continued strong mutual fund net sales through Piraeus Asset Management.