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 revenue guidance.

• Strong digital presence with 3.2 million digital clients, top-ranked mobile app, and Snappi neobank launch reaching 60,000 users.

• Focused on sustainable banking, with €5bn in sustainable financing and €2.2bn in Green bonds.

Financial highlights

• Net interest income for FY25 was €1,903mn, with Q4 NII up 1% sequentially, and NIM at 2.20% in Q4.

• Normalized RoaTBV at 16% (14% reported), EPS after AT1 coupon €0.82, and TBV per share €5.92 post-distribution.

• Payout ratio increased to 55%, with €0.40 per share cash dividend planned for Q2 2026 and €100mn share buyback completed in Q4 2025.

• Loan book expanded by 11% year-on-year, with €3.9bn net credit expansion and deposits at €66.1bn (+5% yoy).

• Cost to core income ratio at 33%, among the best in Europe, and service revenues at €700mn, up 7% year-over-year.

Outlook and guidance

• Guidance for 2026 and Ethniki Insurance integration details to be provided at Capital Markets Day.

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

• NIM expected to stabilize, with some tailwinds anticipated and stable outlook for deposit costs and hedging strategy.

• Upgraded net credit expansion target to over €3.5bn and RoaTBV target to 15% for 2025.

• Revenue diversification efforts reflected in fees over net revenue at 25%.