Piraeus Financial Holdings Societe Anonyme

Latest Results (06.01.2026):

Piraeus Financial Holdings Societe Anonyme — Q1 2025: the Group reported a strong start to 2025 with reported net profit of €284mn in Q1.25 and reported EPS of €0.22, supported by continued loan growth, rising fees and solid capital and liquidity metrics.

Profit & EPS

Reported net profit €284mn in Q1 2025 (around +22% y/y) and reported EPS €0.22; management says Q1 performance is in line to meet or exceed full‑year 2025 EPS guidance of ~€0.8.

Revenues mix

Net revenues €649mn (+10% y/y) with net interest income €481mn (down vs Q1.24, reflecting lower 3m Euribor) and net fees €160mn (+10% y/y), representing ~25% of net revenues.

Loan growth

Performing loan book €35bn (+16% y/y); net loan originations +€1.1bn q/q in Q1.25, supporting continued organic credit expansion and a 5‑quarter net credit expansion of ~€5bn noted since Dec.23.

Asset management & AuM

Assets under management reached €12.5bn (+25% y/y), already above the FY.25 target (>€12bn), supported by strong mutual fund inflows (mutual fund AuMs +39% y/y).

Net interest income sensitivity & NIM

NII was €481mn in Q1.25; NIM 2.44% (down 16bps q/q). Management cites sensitivity of roughly -€30mn to a -25bps move in 3m Euribor and reconfirms 2025 NII trajectory under a ~2.15% 3m Euribor assumption for the year.

Funding & deposits

Customer deposits €61.4bn (+5% y/y) with total deposit cost ~0.49% in Mar.25; time deposit repricing is lowering funding costs (time deposit cost ~1.93% in Mar.25 and falling into Apr.25).

Costs & efficiency

Operating expenses (recurring) €224mn in Q1.25; cost‑to‑core income ~35% (best‑in‑class level), reflecting cost discipline despite frontloaded investments and some one‑off timing items.

Asset quality & cost of risk

Historic low organic cost of risk at c.35bps in Q1.25; NPE ratio 2.6% with NPE coverage ~64%; stable NPE balance around €1.1bn.

Capital & liquidity

Proforma CET1 ~14.4% as at Mar.25 (reported CET1 14.2%); strong organic capital generation highlighted, comfortable buffer above the 13% management target; key liquidity metrics LCR ~201% and NSFR ~134%.

Strategic move — Ethniki Insurance

Piraeus announced a planned acquisition of Ethniki Insurance for €600mn in cash; the bank expects the deal to be EPS and RoaTBV accretive (illustratively +~5% EPS and +~1pp RoaTBV) and to diversify fee income (subject to approvals).