Piraeus Financial Holdings (TPEIR) Q1 2026 earnings summary

Executive summary

• Net profit reached EUR 281 million in Q1 2026, with EPS at EUR 0.21, up 15% sequentially and in line with the full-year target of EUR 0.90.

• Return on average tangible book value at 14.6%, supporting a 15% target for 2026.

• Loan book expanded by EUR 1.3 billion in Q1, up 11% year-on-year to EUR 39 billion, with fee income up 32% year-on-year to EUR 210 million.

• Cost-to-income ratio at 37%, reflecting strong cost discipline and ongoing investments.

• Cash dividend of EUR 0.40 per share and EUR 100 million share buyback, totaling a 7% yield on 2025 profits.

Financial highlights

• Core revenues up 8% year-on-year to EUR 692 million, with net interest income stable at EUR 481 million.

• Services revenues reached EUR 210 million, representing 32% of total revenues.

• Assets under management rose 17% year-on-year to EUR 14.7 billion, with EUR 0.5 billion net inflows in Q1.

• Deposits increased 6% year-on-year to EUR 65 billion, funding 90% of credit expansion.

• NPE ratio at 2.1%, cost of risk at 32 bps, NPE coverage at 70%, and total capital ratio at 18.5%.

Outlook and guidance

• Full-year 2026 targets reaffirmed: EPS EUR 0.90, RoaTBV 15%, NII/assets 2.1%, cost-to-income below 35%, and performing loans above EUR 40 billion.

• Distribution payout ratio set to increase to 57% in 2026, up from 55% in 2025.

• Guidance for net credit growth above or at EUR 3 billion for the year, with no significant negative impact expected from macro volatility.

• Capital guidance for year-end CET1 ratio at 13% remains intact, supported by SRT transactions and organic capital generation.

• Continued focus on digital transformation, sustainability, and growth in client assets and loan book.