Piraeus Bank S.a. · ATHEX:TPEIR
Piraeus Bank — Q1 2026 Earnings Presentation
67 slides from Piraeus Bank's earnings presentation, June 2026
Slide 1: Corporate Presentation June 2026
Corporate Presentation June 2026
Slide 2: Contents
Contents 01 Executive Summary 02 Performance vs Peers 03 Financial Analysis & Business Highlights (based on Q1.26 financial data) 04 Sustainability 05 Annex
Slide 3: Executive Summary
01 Executive Summary
Slide 4: The Greek economy is well positioned to navigate an uncertain global landscape
The Greek economy is well positioned to navigate an uncertain global landscape Real GDP, % yoy ▪ Greek economic outlook remains solid, 2.1% 1.9% with GDP continuing to grow steadily, driven by investments and NGEU funds 1.4% 0.9% ▪ Under the current high energy prices scenario, Greek GDP growth coul
Slide 5: Piraeus at a glance: the leading banking group in Greece
Piraeus at a glance: the leading banking group in Greece ➢ leading Bank in Greece ➢ a one-stop shop for financial services ranking first across business lines omni-channel distribution platform 4.5mn | 8.1k €90bn 368 1,500 clients | employees total assets branches ATMs €39bn | €80bn 28% 3.0mn 4.7/5.
Slide 6: Q1.26: stellar loan and fee growth, supporting 2026 guidance
Q1.26: stellar loan and fee growth, supporting 2026 guidance 1 €281mn net profit €0.21 EPS generation, in line with guidance of c.€90c EPS for 2026 2 €40cent per share cash dividend €594mn total distribution out of 2025, including €100mn share buyback executed in Q4; 7% total yield 3 15% RoaTBV Q1 R
Slide 7: Q1.26: €0.21 EPS, up 15% qoq; €6.11 TBVPS
Q1.26: €0.21 EPS, up 15% qoq; €6.11 TBVPS, combined with DPS, growing at 6.5% yoy Group Figures (€mn) Q1.25 Q4.25 Q1.26 Net interest income 481 477 481 Core revenues at €692mn, up 8% yoy Revenues from services 160 206 210 Net trading result 19 35 (18) Other operating result (10) 4 (14) Operating exp
Slide 8: €1.3bn net credit expansion in Q1.26, with solid pipeline ahead
€1.3bn net credit expansion in Q1.26, with solid pipeline ahead Performing loans evolution (€bn) Loan growth +11% yoy Out of €3.7bn disbursements in Q1: +3.7 38.6 ▪ c.€1.2bn to small / medium 37.3 +0.0 34.8 enterprises and agri -2.5 ▪ c.€2.1bn to corporate, structured Executive Summary Net credit ex
Slide 9: Europe's strongest corporate loan growth, while maintaining pricing discipline
Europe’s strongest corporate loan growth, while maintaining pricing discipline New corporate loans yields (%) Piraeus business loans spreads vs Greek peers (%) 2.5% 2.5% 2.4% 2.3% 2.3% 2.2% 2.2% 2.1% 2.1% 2.1% 4.2%4.3% 4.2% 4.1% 2.0% 3.9%4.0% 1.9% Executive Summary 3.8% 3.8% 3.7% 3.7% 1.8% 1.8% 1.8%
Slide 10: Revenues from services: stellar Q1, with insurance contribution yet to fully build up
Revenues from services: stellar Q1, with insurance contribution yet to fully build up Revenues from services (€mn) ▪ Loan fees supported by material loan Q1.25 Q4.25 Q1.26 yoy disbursements. Investment banking fees Financing Loans 31 41 34 11% show strong results on the back of increased appetite fo
Slide 11: Sustained AuM growth supported by net inflows and product diversification
Sustained AuM growth supported by net inflows and product diversification Assets under management (€bn) +€3.3bn ▪ Strong net inflows of €0.5bn, partly offset by 14.5 14.7 market effect of -€0.3bn ▪ Upscale investment solutions with focus on: Executive Summary 11.4 o Advisory service for Private Bank
Slide 12: Loan and bond volumes growth drove Q1 NII increase
Loan and bond volumes growth drove Q1 NII increase, with Euribor tailwinds still to come Net interest income Q3.25 Q4.25 Delta Q4 Q1.26 Delta Q1 (€mn) ▪ Loan interest income decreased marginally qoq, mainly due to daycount Loans 437 441 +4 440 (1) effect (-2 days in Q1 vs Q4, amounting to Bonds 130
Slide 13: Cost control allows for comfortably meeting targets
Cost control allows for comfortably meeting targets, while investing for structural efficiency gains Operating expenses (€mn) Q1.25 Q4.25 Q1.26 Staff 98 117 102 Accruals for variable pay & salary adjustments G&A 89 67 94 Including frontloaded property tax charges Depreciation 31 33 32 Increase on th
Slide 14: Minimal inflows sustain superior asset quality, with NPE ratio at 2.1%
Minimal inflows sustain superior asset quality, with NPE ratio at 2.1% NPE balance evolution (€bn) 1.1 0.9 0.9 Q1.25 Q4.25 Q1.26 Q1.25 Q4.25 Q1.26 Executive Summary Organic cost of risk (CoR) 0.3% 0.5% 0.3% o/w underlying CoR 0.1% 0.3% 0.2% NPE ratio 2.6% 2.0% 2.1% NPE beginning of the period 1.1 1.
Slide 15: Strong deposit franchise drives LDR to more productive levels
Strong deposit franchise combined with market leading credit growth drive LDR to more productive levels Liquidity KPIs ▪ Deposits down 2% qoq, impacted LCR (%) 219% 216% by seasonality 191% ▪ Strong cash position utilized in Q1 to fund solid loan growth and fixed income securities book Executive Sum
Slide 16: Organic capital generation absorbed loan growth and distribution accrual
Organic capital generation absorbed loan growth, increased distribution accrual & accelerated DTC acceleration CET1 trajectory Q1.26 (%) 12.7% +0.8% 12.6% DTC / CET1 at 57% (0.4%) (0.5%) (0.0%) Executive Summary 57% distribution accrual including DTC accelerated amortization Dec.25 PnL Growth Distri
Slide 17: MREL requirement and position
MREL requirement and position MREL requirement MREL position 2026 (31 Mar.26) Debt securities outstanding (Face value €bn) Senior Preferred (SP) 1.50 Green SP 2.15 28.5% 27.6% Tier 2 1.15 4.1% Combined AT1 1.00 buffers Senior bonds & other 10.0% Executive Summary senior liabilities Total 5.80 • No s
Slide 18: Ethniki Insurance: GWP on track to annual target
Ethniki Insurance: GWP on track to annual target, banca integration in full swing Q1.26 GWP by business line & by channel (%) Q1.26 highlights Q1 production on track to 217 217 2026 target of c.€850mn ▪ Banca transition into full implementation mode, so as to increase GWP production to c.€1.1bn in L
Slide 19: Snappi reached 100k customers and is scaling as a digital growth platform
Snappi reached 100k customers and is scaling as a capital-light digital growth platform Innovation platform for retail banking • Greenfield digital banking platform built for branchless distribution, embedded finance and faster product experimentation • Distinct value proposition targeting digital-s
Slide 20: Strong start to the year supports FY.26 targets
Strong start to the year supports FY.26 targets FY.25 Q1.26 FY.26 actual actual targets Earnings per share (reported €) €0.82 €0.21 ~€0.9 RoaTBV (normalized %) 15.6% 14.6% ~15% NII / assets (%) 2.25% 2.14% ~2.1% Executive Summary Revenues from services / assets (%) 0.8% 0.9% ~0.9% Cost-to-income (%)
Slide 21: Piraeus' Performance vs Peers
02 Piraeus’ Performance vs Peers
Slide 22: Piraeus: the leading bank in Greece
Piraeus: the leading bank in Greece #1 in performing loans (26% Greek market share) #1 in deposits (28% share) Piraeus Performance vs Peers #1 in equities brokerage (26% share) #1 in retail footprint, with 370 branches and 1,500 ATMs 4.5mn clients nationwide, 1.9mn clients in Ethniki Insurance 7% di
Slide 23: Best-in-class loan growth in Europe
Best-in-class loan growth in Europe Performing loan growth (yoy) Piraeus Performance vs Peers +11% +4% 02 Dec.25 Mar.26 Source: ECB Supervisory Banking Statistics Q4.2025 from 111 Significant EU Institutions 23
Slide 24: NIM far above European average
NIM far above European average Net interest income over average assets (bps) 214 Piraeus Performance vs Peers 130 02 FY.25 Q1.26 Source: ECB Supervisory Banking Statistics Q4.2025 from 111 Significant EU Institutions 24
Slide 25: Fees well above average in Europe and best in Greece
Fees well above average in Europe and best in Greece Revenues from services over average total assets (bps) 94 Piraeus Performance vs Peers 67 Greek peers avg at 67bps 02 FY.25 Q1.26 Source: ECB Supervisory Banking Statistics Q4.2025 from 111 Significant EU Institutions; Greek peers data derived fro
Slide 26: Best-in-class cost efficiency
Best-in-class cost efficiency Cost-to-income ratio (%) Piraeus Performance vs Peers 55% 37% 02 FY.25 Q1.26 Source: ECB Supervisory Banking Statistics Q4.2025 from 111 Significant EU Institutions 26
Slide 27: Return on tangible book value well above EU average
Return on tangible book value well above EU average RoaTBV (%) 14.6% Piraeus Performance vs Peers 9.5% 02 FY.25 Q1.26 Source: ECB Supervisory Banking Statistics Q4.2025 from 111 Significant EU Institutions 27
Slide 28: Piraeus trades below EU banks with similar earnings, implying upside of c.30%
Piraeus trades below EU banks with similar earnings, implying upside of c.30% P/TBV multiple for 20281 (%) PB share price (€) Implied P/TBV 28e ~1.4x P/TBV 28e Piraeus Performance vs Peers 1.1x ~€10.6 ~30% €8.3 1.4x 1.1x 02 PB share price Implied PB share price at P/TBV 28e P/TBV 28e 24 Apr.26 P/TBV
Slide 29: Financial Analysis & Business Highlights
03 Financial Analysis & Business Highlights
Slide 30: Balance sheet strength driving earnings and growth capacity
Balance sheet strength driving earnings and growth capacity Asset vs funding mix - Mar.26 ▪ Customer loans comprise 49% of assets Financial Analysis & Business Highlights amounts in €bn ▪ Fixed income portfolio comprises 23% of assets Total 90.0 90.0 Total ▪ Fixed income holdings of Greek sovereign
Slide 31: Broad-based credit expansion across segments with renewed household growth
Broad-based credit expansion across segments with renewed household growth Performing loans evolution (€bn) Financial Analysis & Business Highlights Performing loans yields, % 3.6% 4.0% 6.3% 6.4% 5.0% 4.7% CAGR CAGR 2021-Mar.26 Mar.24-Mar.26 CAGR 2021-Mar.26 ▪ Acceleration of growth in 10% 38.6 2024
Slide 32: CIB: national champion platform capturing high-quality corporate demand
CIB: national champion platform capturing high-quality corporate demand Q1.26 CIB net credit expansion breakdown by sector (€mn) Financial Analysis & Business Highlights Net credit Sector Disbursements # Customers expansion SME 619 159 924 Focus on SME servicing: 27 NPS vs 15-20 market avg in SEE Sh
Slide 33: Retail: €185mn mortgage disbursements in Q1, up c.95% yoy
Retail: €185mn mortgage disbursements in Q1, up c.95% yoy Mortgages (€mn) Financial Analysis & Business Highlights NCE (55) +30 +110 ~200 ▪ Average LTV c.62% for new disbursements ▪ Leveraging the Piraeus branch network and ~800 developing digital platforms; AI-enabled 680 lending platform being int
Slide 34: Diversified loan book underpinning resilient growth
Diversified loan book underpinning resilient growth Group loan composition (€38.6bn at Mar.26, %) Q1.26 CIB disbursements breakdown Financial Analysis & Business Highlights Industry mix % Mortgages 16% Retail loans 21% Transportation (incl. shipping) 25% Consumer 5% Manufacturing 14% Hospitality 12%
Slide 35: Loan yields stabilizing with controlled spread compression
Loan yields stabilizing with controlled spread compression Performing loan yields & spreads vs peak Financial Analysis & Business Highlights ▪ From the peak of Q4.23, average 3m Euribor Loan portfolio yields Q4.23 Q4.25 Q1.26 Δ vs Q4.23 PE Mar.26 is down 191bps, compared to -189bps for loan yield CI
Slide 36: Strong deposit growth, +€3.4bn yoy, supporting funding stability
Strong deposit growth, +€3.4bn yoy, supporting funding stability and balance sheet expansion Customer deposit movement (€bn) Deposit movement by segment (€bn) Financial Analysis & Business Highlights 64.9 59.6 62.9 +1.4 +1.0 +2.2 66.1 +1.2 +0.8 +2.3 Dec.24 Dec.25 Q1.26 Mar.26 -1.4 -1.2 -1.0 balance
Slide 37: Repricing of time deposits driving lower funding costs
Repricing of time deposits driving lower funding costs Deposit cost evolution vs peak rates Financial Analysis & Business Highlights Deposits ▪ First demand deposit balances have Deposit costs (stock) Q4.23 Q4.25 Q1.26 Mar.26 Mar.26 grown by c.€4.1bn over the past year First demand deposits cost (%)
Slide 38: Loan yields and deposit costs stabilized along with base rates
Loan yields and deposit costs stabilized along with base rates Group Interest income (€mn) Yields (%) Average balances (€bn) Financial Analysis & Business Highlights Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Customer loans 468 452 437 441 440 4.55% 4.2
Slide 39: Capital position exceeds the P2G level by c.260bps
Capital position exceeds the P2G level by c.260bps; P2G requirement at 1.00% Capital ratio | Mar.26 Financial Analysis & Business Highlights €bn | % Reported • MDA buffer c.240bps CET-1 capital 4.7 • P2G buffer c.260bps Tier 1 capital 5.7 Total capital 6.9 • MREL buffer c.90bps Eligible liabilities
Slide 40: Active management of NPE inflows and restructurings sustain low risk profile
Active management of NPE inflows and restructurings sustain low risk profile Group NPE movement (€mn) Forborne NPEs (Mar.26) Financial Analysis & Business Highlights Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 NPEs | beginning of period 1,068 1,097 1,086 1,088 899 Redefaults 8 4 7 5 5 0.9 0.9 Defaults 80 58 47 75
Slide 41: NPE coverage supports downside protection
NPE coverage supports downside protection NPE ratio per product category NPE coverage ratio per product Financial Analysis & Business Highlights Dec.25 Mar.26 Dec.25 Mar.26 117%118% 5.8% 75% 76% 5.5% 73% 70% 4.1% 4.3% 58% 50% 2.0% 2.1% 1.5% 1.5% Total Business Mortgages Consumer Total Business Mortg
Slide 42: Retail Banking: leveraging nationwide network and new business initiatives
Retail Banking: leveraging nationwide network and wide clientele base with new business initiatives Performing loans (€bn) Net fee income (€mn) Financial Analysis & Business Highlights 10.6 10.5 77 10.3 €mn Q1.25 Q1.26 67 Total net revenues 293 323 2.5 2.7 2.6 SB Total operating costs (108) (118) 1.
Slide 43: Corporate & Investment Banking: solid profitability driven by volume growth
Corporate & Investment Banking: solid profitability driven by best-in-class volume growth Performing loans (€bn) Net fee income (€mn) Financial Analysis & Business Highlights 28.2 Leasing/ 26.8 1.6 factoring 1.7 23.4 6.1 SMEs 70 1.5 6.0 €mn Q1.25 Q1.26 57 Total net revenues 217 233 5.8 3.7 Shipping
Slide 44: Treasury & Financial Markets: consistent execution in fixed income markets
Treasury & Financial Markets: consistent execution of strategy in fixed income markets Fixed income securities per issuer (€bn) Fixed income securities per category (€bn) Financial Analysis & Business Highlights Yield 3.0% 3.0% 3.1% 20.4 20.4 18.2 1.6 18.2 1.9 €1.0bn GR €mn Q1.25 Q1.26 16.4 1.8 16.4
Slide 45: Sustainability
04 Sustainability
Slide 46: Creating value through sustainable banking
Creating value through sustainable banking Strengthening our Accelerating the transition Delivering positive social sustainability performance and supporting our clients impact Sustainability embedded in the core strategy €4.7bn in sustainable financing (c.€7.1bn by Sustainability that delivers meas
Slide 47: Demonstrating tangible progress with clear targets for long-term value creation
Demonstrating tangible progress with clear targets for long-term value creation Our sustainability performance1 Targets and ambitions2 Sustainable financing volumes €4.7 bn ~€7.1 bn Sustainable New generation of Sustainable financing €1.1 bn ~€2.0 bn banking Green funding (deposits & bonds) €2.3 bn
Slide 48: Financed emissions sectoral decarbonization targets
Financed emissions sectoral decarbonization targets Climate Transition Plan Piraeus conducted a structured methodology approach for preparing the financed emissions sectoral decarbonization objectives. This methodology reflects the Bank’s strategic objective to proactively manage climate transition
Slide 49: Annex
05 Annex
Slide 50: Greek economy to continue growing at healthy pace
Greek economy to continue growing at healthy pace 2024 2025 2026 2027 actual actual estimate estimate Real GDP 2.1% 2.1% 1.9% 1.6% • Greek GDP growth > EU average 5.4% 4.9% 4.6% 4.4% • Strong foundations for sustainable growth Nominal GDP • Tourism, FDI & consumption drive growth Inflation 2.7% 2.5%
Slide 51: Solid economic momentum, with increasing employment and record tourism
Solid economic momentum, with increasing employment and record tourism Economy on a recovery path both in Nominal & Real terms. …with headline inflation impacted by energy prices GDP expected to grow at higher levels compared to the EU… 20.0 14.0 Headline Inflation (CPI) May-26 Q1.26 Core Inflation
Slide 52: Favourable Greek economic profile with the sovereign at investment grade
Favourable Greek economic profile with the sovereign at investment grade status and RRF contribution Solid FDI flows reflecting strong potential in key sectors Greek sovereign upgraded to investment grade by all rating agencies; reflecting effectiveness of fiscal discipline and Net Foreign Direct In
Slide 53: Shareholder structure skewed to international investors
Shareholder structure skewed to international investors Shareholder structure (Mar.26) Greek ▪ Shareholder structure of Piraeus Bank presents great diversity; total number of common shareholders c.23k Rest of World Legal Entities 16% 6% Individuals 7% ▪ In Mar.24, Piraeus returned to fully privatize
Slide 54: Credit ratings
Credit ratings Greek sovereign Piraeus Bank Piraeus Bank Piraeus Bank Credit rating Long term Outlook Senior Preferred 21 April 2026 Baa3 Baa1 Stable Baa2 27 January 2026 BBB BB+ Positive BB+ Annex 24 October 2025 BBB BBB- Stable BBB- 05 Moody’s rating refers to long term deposit rating; dates refer
Slide 55: Publicly-placed outstanding senior debt issuance
Publicly-placed outstanding senior debt issuance €500mn 3.875% €500mn 7.25% €500mn 6.75% €500mn 5.00% €650mn 4.625% €500mn 3.000% €500mn 3.375% 6NC5 SP Green Notes 5NC4 SP Notes 6NC5 SP Notes 6NC5 SP Notes 5NC4 SP Green Notes 3.5NC2.5 SP Green Notes 6NC5 SP Green Notes due 2027 due 2028 due 2029 due
Slide 56: Publicly-placed outstanding capital instruments
Publicly-placed outstanding capital instruments €500mn 7.250% €650mn 5.375% €400mn 6.75% €600mn 6.125% 10.25NC5.25 Tier 2 due 2034 11NC6 T2 Notes due 2035 PerpNC5.5 AT1 Notes PerpNC7 AT1 Notes Issuer Piraeus Bank S.A. Piraeus Bank S.A. Piraeus Bank S.A. Piraeus Bank S.A. Additional Tier 1 - Fixed Ra
Slide 57: Outstanding debt redemption profile
Outstanding debt redemption profile Outstanding debt call dates (€mn) 5NC4 SP Green 11NC6 Tier 2 PerpNC7 Jul.28 Jun.30 AT1 Notes 5NC4 3.5NC2.5 6NC5 10.25NC5.25 6NC5 6NC5 Oct.32 6NC5 SP Green SP Notes SP Green SP Notes Tier 2 SP Notes SP Green Nov.26 Jul.27 Dec.27 Dec.28 Jan.29 Apr.29 Dec.30 PerpNC5.
Slide 58: Group balance sheet evolution
Group balance sheet evolution Group balance sheet (€mn) Mar.25 Dec.25 Mar.26 qoq yoy Cash & balances with central banks 5,129 7,497 3,648 -51% -29% Loans & advances to banks 2,166 3,924 4,248 8% 96% Gross loans 42,106 44,493 45,093 1% 7% (Loans loss reserves) (705) (737) (758) 3% 8% Securities/deriv
Slide 59: Group results | quarterly evolution
Group results | quarterly evolution (€mn) Q1.25 Q2.25 Q3.25 Q4.25 Q1.26 Net interest income 481 474 471 477 481 Revenues from services 160 166 164 206 210 Net trading result 19 47 19 35 (18) Other operating result (including dividend income) (10) 1 (5) 4 (14) Total net revenues 649 687 648 723 660 T
Slide 60: Loan and deposit portfolios
Loan and deposit portfolios Gross loans evolution (€mn) Due to customers evolution (€mn) Dec.24 Mar.25 Dec.25 Mar.26 qoq yoy Dec.24 Mar.25 Dec.25 Mar.26 qoq yoy Group 62,853 61,439 66,544 65,331 -2% 6% Group 40,456 41,478 43,488 44,740 3% 8% Savings 24,509 23,882 25,097 24,681 -2% 3% Senior notes 5,
Slide 61: IFRS9 stage analysis | Group
IFRS9 stage analysis | Group Gross loans Dec.171 Dec.181 Dec.191 Dec.201 Dec.211,2 Dec.221,2 Dec.231,2 Dec.241,2 Mar.251,2 Dec.251,2 Mar.261,2 Δ yoy (€bn) Stage 1 19.1 17.6 18.4 19.6 26.5 30.4 32.3 36.2 37.3 39.8 41.0 10% Stage 2 6.3 6.6 5.7 6.0 5.6 4.3 3.8 3.1 3.1 2.7 2.7 -13% Stage 3 32.9 27.3 24.
Slide 62: Definitions of APMs
Definitions of APMs1 Net interest income plus (+) revenues from services (net fee and commission Income, plus (+) income from non-banking and non-insurance business, plus (+) net income from the insurance 1 Core revenues business) Impairment (losses)/releases excluding (-) extraordinary impairment l
Slide 63: Definitions of APMs
Definitions of APMs The ratio between the amount of available stable funding relative to the amount of required stable funding based on Regulation 2019/876 of the European Parliament. The standard requires a 21 Net stable funding ratio (NSFR) minimum amount of funding that is expected to be stable o
Slide 64: Glossary
Glossary Assets under management (AuM) include Piraeus Asset Management MFMC assets, plus (+) Piraeus’ Securities' equity brokerage custody assets and private banking, plus 1 Assets under management (AuM) (+) institutional portfolios’ assets which includes Iolcus AuM 2 C/I Cost-to-Income The Deposit
Slide 65: Disclaimer
Disclaimer General This presentation pertaining to Piraeus Bank S.A. (“Piraeus Bank”, “Piraeus Bank S.A.” or to the “Bank”) and its subsidiaries and affiliates (the “Group” or “we”), its business assets, strategy and operations is solely for informational purposes. It is hereby noted that on 19.12.2
Slide 66: Contact information
Contact information Theo Gnardellis Chief Financial Officer Xenofon Damalas Head of Group Investor Relations Amalia Missailidi Senior IR Manager | Credit Ratings Vangelis Pilios Senior IR Manager | Equity Analysts Nina Lykou Senior IR Manager | Fixed Income & ESG Yvonne Papageorgiou Senior IR Manage
Slide 67: Piraeus
// Piraeus