Piraeus Financial Holdings Societe Anonyme

Latest Results (04.04.2026):

Piraeus Financial Holdings Societe Anonyme — Q1 2025: The group reported a strong start to 2025 with reported net profit attributable to shareholders of €284m (EPS €0.22) and RoaTBV of c.14.7%, net revenues of €649m (+10% yoy) and tangible book value per share of €6.01 (+14% yoy). Results were supported by fee growth, a 16% yoy rise in performing loans to ~€35bn, client AuM up 25% to €12.5bn, low organic cost of risk and comfortable capital and liquidity buffers; the Board approved a €373m cash dividend payable 10 June 2025.

Profitability

Reported Q1.2025 net profit €284m, EPS €0.22 (adjusted for AT1 coupon). RoaTBV ~14.7% in Q1 and TBV per share €6.01 (+14% yoy). Management reconfirmed full‑year targets (c.€0.80 EPS and c.14% RoaTBV).

Revenues & margins

Net revenues €649m (+10% yoy). Net interest income €481m (NIM 2.4%, impacted by lower 3m Euribor) while net fee income €160m (+10% yoy) lifted fees to 25% of net revenues and NFI/ assets ~0.8%.

Costs & efficiency

Operating expenses €224m in Q1.25 (burdened by front‑loaded tax, IT/digital investments and Snappi launch costs). Cost‑to‑core‑income ratio 35%, in line with annual target and positioned among efficient EU peers.

Asset quality

Organic cost of risk 0.35% (35bps) with underlying CoR ~14bps excluding servicing/securitization items. NPE ratio 2.6% (vs. 3.5% a year ago) and NPE cash coverage 64%.

Balance sheet & commercial metrics

Performing loans ~€34.8–35.0bn, up 16% yoy (net +€1.1bn qoq). Customer deposits €61.4bn (+5% yoy). Assets under management €12.5bn (+25% yoy), already above the full‑year target. LCR 201% and loan‑to‑deposit ratio ~66.5%.

Capital & shareholder returns

Pro forma CET1 14.4% and pro forma total capital ratio 19.5% after absorbing distribution accrual, DTC amortization and Basel IV impact; reported CET1 ~14.2% at Mar‑25. AGM-approved cash dividend €373m (≈€0.298/share) to be paid 10 Jun 2025.

Strategic / business developments

Signed SPA to acquire 90.01% of Ethniki Insurance for €600m (expected ~5% EPS accretion and higher fee generation). Continued digital/wealth initiatives: Piraeus FX for corporates, robo‑advisory (Piraeus brainy), investment in UK wealth‑tech Moneybox and expanded bancassurance offerings.