Piraeus Financial Holdings (TPEIR) Q2 2026 earnings summary

Executive summary

• Achieved record H1 2026 net profit of EUR 617 million, EPS at EUR 0.47, and return on tangible book value at 16%, with Q2 EPS at EUR 0.26, up 23% year-over-year.

• Core revenues grew 13% year-over-year to EUR 1,451 million, with net interest income at EUR 990 million and services revenues up 42% year-over-year.

• Loan book expanded to EUR 39 billion (+9% year-over-year), with EUR 1.8 billion net credit expansion in H1 and strong growth in mortgages and SME lending.

• Recognized as investment grade by all major rating agencies and received multiple international awards for corporate responsibility and ESG leadership.

• Strategy focuses on sustainable, profitable growth, revenue diversification, technology investment, and capital strength.

Financial highlights

• Net interest income for H1 2026 reached EUR 990 million (+4% yoy), with NIM at 2.2%, and revenues from services rose 42% yoy to EUR 462 million.

• Assets under management increased 24% year-over-year to EUR 16.3 billion, with EUR 1 billion net inflows.

• Deposits up 9% year-over-year to EUR 68 billion; cost-to-income ratio at 34%.

• NPE ratio at 2.2%, organic cost of risk at 45 bps, NPE coverage at 67%.

• CET1 ratio at 12.8% and total capital ratio at 18.6%, both above regulatory requirements.

Outlook and guidance

• Upgraded 2026 targets: EPS ~EUR 0.90, NII ambition to EUR 2 billion, revenues from services target to EUR 850 million (>0.90% over assets), and NIM at 2.2%.

• CET1 ratio expected to surpass 13% by year-end 2026.

• Cost of risk expectation updated to 60 bps for 2026 to further strengthen the balance sheet.

• Guidance remains conservative due to global uncertainties; further upgrades possible as the year progresses.

• Loan growth expected to exceed EUR 3 billion for 2026, with continued focus on SME and mortgage lending.