Piraeus Financial Holdings (TPEIR) Q4 2025 earnings summary

Executive summary

• Achieved leading market position in Greece with 4.5 million clients, €91bn in assets, and #1 in loans, deposits, and digital banking.

• Completed Ethniki Insurance acquisition, boosting group profitability and integration synergies.

• Delivered €1.2bn normalized profit, €0.82 EPS, and €592mn total distribution (7% yield), exceeding guidance.

• Maintained best-in-class cost-to-core income ratio at 33%, with 26% of revenues from services.

• Workforce of 8,100 and a strong omni-channel presence, including 3.2 million digital clients.

Financial highlights

• Net interest income for FY25 was €1,903mn, with Q4 NII up 1% sequentially; NIM at 2.2% in Q4.

• Revenues from services reached €700mn (+7% yoy), with fees at 0.82% of assets and 26% of total revenues.

• Net credit expansion of €4bn (+11% yoy), with €0.3bn in retail and €3.6bn in CIB.

• Deposits grew to €66.1bn (+5% yoy), funding 90% of credit expansion.

• Cost to core income ratio at 33%, among the best in Europe.

Outlook and guidance

• Guidance for 2026 and further details to be provided at the upcoming Capital Markets Day.

• Stable outlook for deposit costs and net interest margin, with NIM expected to have reached its low.

• Loan growth pipeline remains solid, with continued focus on SME, corporate, and retail expansion.

• Capital distribution strategy favors cash dividends for 2026.

• Calendar provisioning expected to reduce by 50% over the next five years.