Piraeus Financial Holdings: First Half 2025 Financial Results

ATHENS, Greece--(BUSINESS WIRE)--Piraeus Financial Holdings (ATHEX: TPEIR) (OTCQX: BPIRY) (OTCQX: BPIRF):

H1.25 continues our track record of delivering strong results

Sustainable profitability		Operating efficiency
15% return over tangible book value		34% cost-to-core income
€0.43 earnings per share		2.4% NIM	€1.3bn net revenues
Capital generation		Solid asset quality
20.4% total capital ratio	+100bps YoY	2.6% NPE ratio	67.5% NPE coverage
Performing book expansion		Client assets
€36bn Jun.25	+15% YoY	€63bn deposits Jun.25	€13bn AuM Jun.25

H1 2025 highlights

Outstanding loan book and client assets growth

• Loans at €36bn, up €2.2bn in H1 and 15% yoy, already meeting the target for end-2025; We upgrade full year target to >€36.5bn loans.
• €6.3bn new loans disbursed in the Greek economy since the beginning of the year, marking our best first half performance on record; Credit expansion supported by all business lending segments; household lending increased +€70mn in Q2
• Client assets under management (AuM) increased by 27% yoy, at €13.2bn, surpassing the full-year target of >€12.0bn; We upgrade our target to >€13.5bn assets under management for end-2025

Sustainable profits and returns

• Solid profitability of €559mn in H1, corresponding to €0.43 earnings per share, well on track to meet the full year target of c.€0.80; 15% return on tangible book value, compared to c.14% target for the full year; tangible book value per share increased to €5.90, up 8% yoy
• Net revenues at €687mn in Q2, up by 6% qoq, due to resilient NII, good performance in fees and trading income; NII dropped by 1.5% qoq, compared to -6% in Q1, despite steep decline in rates
• Net fee income in H1 was stable yoy, at 24% over net revenue
• Piraeus intends to proceed to an interim distribution out of 2025 profit, amounting to €100mn in the form of share buyback, to be executed during fourth quarter 2025, subject to the necessary supervisory and EGM approvals

Discipline in operating efficiency and balance sheet management

• Operating efficiency, with 34% cost-to-core-income ratio in H1, among the best across EU banks, while continuing to invest in our people, technology and business growth
• Strong balance sheet, with organic cost of risk at 0.5%, in line with the full year target. NPE ratio at 2.6% vs. 3.3% a year ago and prudent NPE coverage at 67%, up 9 percentage points yoy
• Superior liquidity profile with €63bn deposits (+5% yoy) and liquidity coverage ratio at 206%

CET1 with comfortable buffers above management target

• Pro forma CET1 ratio stood at 14.4% and total capital ratio at 20.4%, absorbing the 50% distribution accrual for 2025, robust loan growth and DTC amortization
• Buffer of approximately 440bps above P2G (16.0%)
• Aspiration for above €500mn total distribution out of 2025 profits