Piraeus Financial Holdings (TPEIR) Q3 2025 earnings summary

Executive summary

• Achieved €854 million normalized net profit for 9M 2025, with a 15% return on tangible equity/book value and €0.62 EPS, on track to exceed full-year guidance.

• Upgraded 2025 targets: return on tangible equity to 15% and net credit expansion to over €3.5 billion; loan book expanded by 15% year-over-year to €37 billion.

• Interim distribution of €100 million via share buyback and total 2025 distribution expected to exceed €500 million, or €0.40 per share (6% yield).

• Investment grade rating now held from three of four major agencies, reflecting strong recurring earnings and market position.

• Digital transformation advanced with launch of Snappi neobank, 3 million digital clients, and award-winning digital banking platform.

Financial highlights

• Net revenues for Q3 were €648 million; net interest income for Q3 at €471 million, nearly flat sequentially, and net fee income at €164 million.

• Net fee income reached €489 million in 9M, supporting an upgraded 2025 target of €650 million and representing 25% of net revenues.

• Cost-to-income ratio at 34%, among the best in Europe; NPE ratio at 2.5%, cost of risk at 49 bps, and NPE coverage at 71%.

• Assets under management rose to €14.3 billion, up 30% year-on-year.

• Client deposits increased 5% annually to €64 billion.

Outlook and guidance

• Upgraded 2025 guidance: return on tangible equity 15%, EPS above €0.80, net credit expansion over €3.5 billion, and NPE ratio around 2.5%.

• Net interest income guidance for 2025 confirmed at €1.9 billion.

• Guidance for 2026 and 2027 on Ethniki Insurance PBT contribution remains at €60–70 million and €90 million, respectively.

• Further business plan and organic fee growth guidance to be detailed with Q4 results.

• Expecting above €500 million total distribution from 2025 profits.