Piraeus Financial Holdings (TPEIR) Q2 2025 earnings summary

Executive summary

• Achieved net profit of €559 million in H1 2025, with EPS at €0.43 and return on average tangible book value at 15%, surpassing full-year targets and supporting guidance of ~€0.8 for 2025.

• Loan book grew 15% year-over-year to €36 billion, with upgraded full-year guidance to over €36.5 billion; assets under management rose 27% to €13.2 billion, exceeding 2025 targets.

• Announced intention to introduce an interim €100 million share buyback in Q4 2025, as part of a total distribution exceeding €500 million for 2025.

• Recognized as Greece's Best Performing Bank and for digital and ESG leadership.

• Return on average tangible book value reached 15%, with sustainable mid-teens return despite dropping rates.

Financial highlights

• Net interest income for H1 2025 was €955 million; net fee income €325 million; operating expenses €436 million; cost-to-core income ratio at 34%.

• Net revenues in Q2 2025 reached €687 million, up 6% sequentially; net interest margin at 2.4% in H1 2025.

• NPE ratio at 2.6% with coverage at 67%; cost of risk at 0.5%, in line with target.

• Assets under management at €13.2 billion, deposits at €63 billion, both up 5% year-over-year.

• CET1 ratio pro forma at 14.4%; total capital ratio at 20.4%; liquidity coverage ratio at 206%.

Outlook and guidance

• Upgraded 2025 guidance for loans (now >€36.5 billion) and assets under management (now >€13.5 billion).

• NII guidance for 2025 reaffirmed at €1.9 billion, with potential upside for 2026 if volumes and rates hold.

• Net loan growth target for 2025 revised up to above €3 billion.

• CET1 guidance slightly reduced to ~14.5% due to higher loan growth.

• Full-year EPS guidance of ~€0.8 reaffirmed; RoaTBV target ~14%.