Eurobank Ergasias Services and Holdings (EUROB) Q2 2025 earnings summary

Executive summary

• Adjusted net profit reached €711 million in H1 2025, with return on tangible book value at 16.6% and reported net profit at €691 million.

• Net interest income rose 12.2% year-over-year to €1,270 million; fee and commission income up 28.9% to €364 million, driven by strong Q2 and consolidation effects.

• Core operating profit reached €866 million, up 6.3% year-over-year; core pre-provisional income exceeded €1 billion, up 7%.

• SEE operations contributed €374 million in net profit, with strong performances in Cyprus and Bulgaria; international operations contributed 53% of adjusted net profit.

• Loan growth robust, with H1 net increase of €2.2 billion and full-year target raised to €4 billion.

Financial highlights

• Operating income grew 13.8% year-over-year to €1,661 million; core income up 15.6% to €1,635 million.

• Net interest income for H1 2025 up 12.2% year-over-year; Q2 NII declined only 0.8% sequentially.

• Fee income reached record €195 million in Q2; total fee and commission income up 28.9% to €364 million.

• Loan loss provisions at €155 million (60 bps), up 8.1% year-over-year; cost of risk improved from 69 bps to 60 bps.

• Total capital ratio at 19.8%, CET1 at 15.5%, both enhanced by AT1 issuance.

Outlook and guidance

• Full-year loan growth target revised up to €4 billion due to strong H1 performance.

• NII guidance reaffirmed at €2.5 billion, assuming ECB terminal rate at 1.5%.

• Return on tangible book value expected to exceed 15% for 2025.

• Fee income guidance has upside potential, with minimum €740 million expected.

• Payout ratio for 2025 committed to at least 50%, with potential to be higher.