Eurobank Ergasias Services and Holdings (EUROB) Q4 2025 earnings summary

Executive summary

• Outperformed 2025 targets with exceptional organic growth in loans, deposits, and assets under management, and achieved adjusted net profit of €1,412m in FY25, with ROTBV at 16.0% and EPS at €0.37.

• Loans expanded by €5.4bn (vs. €3.5bn target), deposits by over €4bn, managed funds up 30%, and private banking up 12%.

• M&A activities consolidated Cyprus operations and enhanced Greek franchise with Eurolife acquisition, strengthening diversification and regional presence.

• 55% payout ratio, including €288m share buyback and €0.118 per share cash dividend, up 12.7% YoY.

• Fourth quarter was particularly strong in volumes and core operating income.

Financial highlights

• Net interest income grew 1.7% year-over-year to €2,549m; commission income up 15.7% to €770m.

• Core operating income increased by 8% from the previous quarter; cost/income ratio at 37.3%.

• NPE ratio improved to 2.6% with coverage at 95.2%.

• CET1 ratio at 15.6%, total capital adequacy at 20.0%, and LCR at 172.2%.

• SEE operations contributed €741m net profit, about half of group profitability.

Outlook and guidance

• ROTBV forecasted to rise to ~17% by 2028, with EPS expected to grow at ~10% CAGR.

• Cumulative shareholder distributions projected to increase by 50% for 2026-2028 vs. prior three years.

• Organic loan growth expected to average 7.5% annually; Cyprus and Bulgaria near 10%.

• Assets under management to grow 21% annually; insurance and wealth management fees to rise 30%.

• Cost-to-income ratio to decline from 37% (2025) to 35% (2028); CET1 ratio to remain at or above 14%.