Piraeus Bank S.a. · ATHEX:TPEIR
Piraeus Bank — Investor Day (March 2026)
66 slides from Piraeus Bank's investor day presentation, March 2026
Slide 1: Europe's Best Growth Story: The Next Chapter
Europe’s Best Growth Story The Next Chapter March 2026 1
Slide 2: Contents
EUROPE’S BEST GROWTH STORY – THE NEXT CHAPTER 2026-2030 CONTENTS 01 Piraeus Strategic Plan 2026-2030 02 Greece: The Next Chapter 03 Ethniki Insurance: A New Era 04 Why Own Piraeus: Europe’s Best Growth Story 05 Annex 2
Slide 3: Piraeus Strategic Plan 2026-2030
Piraeus Strategic Plan 2026-2030 3
Slide 4: Our 2026-2030 plan: best-performing financial services group in Greece
PIRAEUS STRATEGIC PLAN 2026-2030 Our 2026-2030 plan: the best-performing financial services group in Greece Strategic Priorities Grow Strongly Further Increase Optimize Capital & Profitably Efficiency Allocation Key Enablers Piraeus Risk Services AI and People Franchise Management Platform Technolog
Slide 5: Our core strengths: leading Bank in Greece
PIRAEUS STRATEGIC PLAN 2026-2030 Our core strengths: leading Bank in Greece, with a wide omni-channel platform Leading bank in Greece A one-stop shop for financial services Ranking first across business lines Omni-channel distribution platform Client base Client deposits & Client loans Deposit Branc
Slide 6: Five integrated business segments driving growth
PIRAEUS STRATEGIC PLAN 2026-2030 Five integrated business segments driving growth 2025 total net revenues Businesses ~€1,250mn Individuals ~€840mn Wealth & asset management (WAM) ~€120mn from 8% of total revenues to >10% by 2030 Insurance ~€90mn Financial markets ~€410mn Total ~€2,710mn 6
Slide 7: Highly supportive Greek macro
PIRAEUS STRATEGIC PLAN 2026-2030 Highly supportive Greek macro Market speaks Economy grows Fiscal improves Segments unlock Sovereign credit spreads Outperforming GDP Government primary balance Loans/GDP 84% converged to core Europe growth vs EU average at 4% of GDP Assets under mngt/GDP 12% Investme
Slide 8: Greek sovereign spread has converged with Italy and France
PIRAEUS STRATEGIC PLAN 2026-2030 Greek sovereign spread has converged with Italy and France Greece, Italy, France sovereign spread to German bund (%) 2.5 2 1.5 1 0.5 Greece France Italy 0 2023 2024 2025 2026 8
Slide 9: Greece growing sustainably faster than European average
PIRAEUS STRATEGIC PLAN 2026-2030 Greece growing sustainably faster than European average GDP growth - Greece vs EU (annual % change) 5.5 2.1 2.1 2.1 1.9 1.6 1.5 1.6 2022 2023 2024 2025e 2026e 2027e 2028e 2029e Greece Euro area 9
Slide 10: Unemployment at historic low, trending even lower
PIRAEUS STRATEGIC PLAN 2026-2030 Unemployment at historic low, trending even lower Unemployment - Greece vs EU (annual % change) 12.4 11.1 10.1 9.6 8.8 8.3 8.0 7.9 2022 2023 2024 2025e 2026e 2027e 2028e 2029e Greece Euro area 10
Slide 11: Continued primary surpluses reflect sustained fiscal discipline
PIRAEUS STRATEGIC PLAN 2026-2030 Continued primary surpluses reflect sustained fiscal discipline General Government primary balance (% of GDP) 4.7 3.7 2.8 2.7 2.7 2.7 2.0 -0.1 2022 2023 2024 2025e 2026e 2027e 2028e 2029e 11
Slide 12: Debt to GDP ratio heading sharply lower
PIRAEUS STRATEGIC PLAN 2026-2030 Debt to GDP ratio heading sharply lower General Government public debt (% of GDP) 178 164 154 146 138 132 125 119 2022 2023 2024 2025e 2026e 2027e 2028e 2029e 12
Slide 13: Piraeus: a proven track-record of solid performance
PIRAEUS STRATEGIC PLAN 2026-2030 Piraeus: a proven track-record of solid performance Financial KPIs 2016 2020 2025 Earnings per share (€ cent) <0 <0 82 Cost-to-income (%) 57% 50% 33% Client loans (€bn) 27 26 37 Client deposits (€bn) 42 50 66 Client assets under management (€bn) 0.5 5.0 14.5 Non perf
Slide 14: 2025 results provide the launch-pad
PIRAEUS STRATEGIC PLAN 2026-2030 2025 results provide the launch-pad Significant opportunity +€3.9 bn +€3.2 bn +€3.1 bn 33% Ethniki Insurance to go much +11% yoy +5% yoy +27% yoy best in class acquisition higher: Net new loans New deposits AuM growth Cost-to-income • Retail at inflection point • Wea
Slide 15: Piraeus 2030: strategic priorities and targets
PIRAEUS STRATEGIC PLAN 2026-2030 Piraeus 2030: strategic priorities and targets Return on TBV target Grow strongly and profitably Further increase efficiency ~18% 2030 15%-18% throughout the period Optimize capital allocation 15
Slide 16: Playing to our strengths to seize growth opportunities
STRATEGIC PRIORITIES PIRAEUS STRATEGIC PLAN 2026-2030 Playing to our strengths to seize significant growth opportunities Actions Ambition Loans to clients high single digit CAGR 1 CIB expansion powered by a delivery-focused platform ~56bn 37bn Loans ω Diversified growth across sectors of the economy
Slide 17: Efficiency with purpose: supporting growth with discipline
STRATEGIC PRIORITIES PIRAEUS STRATEGIC PLAN 2026-2030 Efficiency with purpose: supporting growth with discipline Actions Ambition Cost-to-income 1 Five year CapEx of €850mn as a catalyst for value generation Continuous 33% ~30% efficiency and ω Cost discipline to retain best-in class efficiency rati
Slide 18: Optimized capital allocation to maximize value
STRATEGIC PRIORITIES PIRAEUS STRATEGIC PLAN 2026-2030 Optimized capital allocation to maximize value Actions Ambition 1 Preservation of P2G and MDA buffer at all times Manage capital >200bps buffer to 12.5% CET1 ω target of P2G and MDA Organic capital generation will enable funding of growth, distri
Slide 19: Piraeus key strategic enablers
PIRAEUS STRATEGIC PLAN 2026-2030 Piraeus key strategic enablers 1. Piraeus 2. Risk 3. Services 4. AI and 5. People and franchise management platform technology culture 370 branches Centralized Innovative digital 27% digital sales Culture based on and prudent client solutions penetration vs 19% perfo
Slide 20: Key enablers: Piraeus franchise and services platform
KEY ENABLERS: PIRAEUS FRANCHISE AND SERVICES PLATFORM PIRAEUS STRATEGIC PLAN 2026-2030 1. Piraeus franchise power 2. Services platform Piraeus franchise power Services platform Unparalleled branch network delivery; nationwide presence Complete range of physical and digital client solutions Above 30%
Slide 21: Snappi: the Group's neobank
KEY ENABLERS: PIRAEUS FRANCHISE AND SERVICES PLATFORM PIRAEUS STRATEGIC PLAN 2026-2030 Snappi: the Group’s neobank Innovation platform for retail banking Greenfield development of next-era retail banking(e.g., branchless distribution, embedded banking) Value proposition tailored to digital savvy seg
Slide 22: Key enablers: risk management
KEY ENABLERS: RISK MANAGEMENT PIRAEUS STRATEGIC PLAN 2026-2030 3. Disciplined growth, maintaining focus on quality Actions Ambition 1 Proactive risk management and solid control framework Prudent CIB underwriting ω NPE ratio ~1.0% CIB risk-adjusted return at ~16% (2025) 2 Cash coverage of loan portf
Slide 23: Key enablers: AI and technology
KEY ENABLERS: AI AND TECHNOLOGY PIRAEUS STRATEGIC PLAN 2026-2030 4. Concrete actions to accelerate client engagement, fueling growth Agentic AI innovation Digital in progress (examples) Expansion +12% Mobile active users (vs ’24) Network First point of contact Digital customer onboarding 22% (+6% ov
Slide 24: Key enablers: people and culture
KEY ENABLERS: PEOPLE AND CULTURE PIRAEUS STRATEGIC PLAN 2026-2030 5. Talent retention, skillset and high engagement 70% of c.0.9k new hires < 35 yrs (2026-30) Strategic workforce planning: skillset infusion in a structured way > 35 18-25 26-35 Remuneration: increase pay in a dynamic labor market, fr
Slide 25: CIB: expansion powered by delivery-focused platform
PIRAEUS STRATEGIC PLAN 2026-2030 I. CIB: expansion powered by an unparalleled delivery-focused platform Actions Ambition CIB loans at 10% CAGR 1 Diversified expansion: infrastructure, hospitality, energy, shipping, SME, agri Grow strongly and profitably ω Leverage expertise on structured finance €27
Slide 26: Retail: accelerated growth, fueled by innovation
PIRAEUS STRATEGIC PLAN 2026-2030 II. Retail: accelerated growth, fueled by innovation Actions Ambition Retail net credit expansion 1 New mortgages disbursements at €1.2bn from €0.7bn in 2025 Grow strongly and profitably ω €0.3bn ~€0.7bn Consumer to €0.7bn from €0.4bn respectively 2025 2030 Insurance
Slide 27: Wealth & asset management: tailor-made solutions
PIRAEUS STRATEGIC PLAN 2026-2030 III. Wealth & asset management: tailor-made solutions to drive AuM growth Actions Ambition AuM 1 Continuous enhancement of product offerings Grow strongly and profitably ω €14.5bn >€20bn New solutions for next-gen, digital assets and crypto 2025 2030 Fees 2 Rolled ou
Slide 28: Insurance: an area of sizeable opportunity
PIRAEUS STRATEGIC PLAN 2026-2030 IV. Insurance: an area of sizeable opportunity for the Group, bringing growth and profit Actions Ambition GWP 1 Mid-teens CAGR growth for GWP Grow strongly and profitably ω Strong bottom line acceleration €0.8bn ~€1.6bn 2025 2030 Material upside potential within Pira
Slide 29: Piraeus: Europe's best growth story – the next chapter
PIRAEUS STRATEGIC PLAN 2026-2030 Piraeus: Europe’s best growth story – the next chapter ~18% ~30% >20 RoaTBV C:I Client net promoter score 2030, 15%-18% throughout the period average 2026-2030 2030, from current 14 ~10% ~17% 13% EPS Dividend/share TBVPS + DPS CAGR 2025-2030 CAGR 2025-2030 CAGR 2025-
Slide 30: Greece: The Next Chapter
Greece: The Next Chapter 30
Slide 31: Investment and consumption main growth engines (1/2)
GREECE: THE NEXT CHAPTER Investment and consumption are the main growth engines for the Greek economy (1/2) More demand equals higher investment 3.0 2.5 2.0 1.5 1.0 0.5 0.0 -0.5 -1.0 -1.5 -2.0 -2.5 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2025 Business cycle Investment i
Slide 32: Investment and consumption main growth engines (2/2)
GREECE: THE NEXT CHAPTER Investment and consumption are the main growth engines for the Greek economy (2/2) Consumption is driven by higher employment 130 15 120 10 110 5 100 0 90 -5 80 -10 70 -15 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2025 Employment expectations indicator (lef
Slide 33: Capital investments productive and profitable (1/2)
GREECE: THE NEXT CHAPTER Capital investments are both productive and profitable (1/2) Capital productivity (%) 30 28 26 24 22 20 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2024 33
Slide 34: Capital investments productive and profitable (2/2)
GREECE: THE NEXT CHAPTER Capital investments are both productive and profitable (2/2) Total corporate profitability (€bn) 45 40 35 30 25 20 15 10 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2024 34
Slide 35: No cliff-effect after end of RRF (1/2)
GREECE: THE NEXT CHAPTER No “cliff-effect” after the end of Recovery and Resilience Facility (1/2) RRF financing extends well beyond 2026 (€bn) 6 5 4 3 2 1 0 2022 2023 2024 2025e 2026e 2027e 2028e Transfers to the banks Loans contracted by the banks Disbursements to final beneficiaries 35
Slide 36: No cliff-effect after end of RRF (2/2)
GREECE: THE NEXT CHAPTER No “cliff-effect” after the end of Recovery and Resilience Facility (2/2) Substantial fiscal buffers all the way to 2029 (€bn) 25 20 15 10 5 0 2024 2025e 2026e 2027e 2028e 2029e Non allocated expenditure Public investment budget 36
Slide 37: Credit expansion supported by business and housing investment (1/2)
GREECE: THE NEXT CHAPTER Credit expansion will be supported by business and housing investment (1/2) Capital deepening will require further credit growth (€bn) 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2003 2004 2006 2007 2009 2010 2012 2013 2015 2016 2018 2019 2021 2022 2024 2025 Business investment New busine
Slide 38: Credit expansion supported by business and housing investment (2/2)
GREECE: THE NEXT CHAPTER Credit expansion will be supported by business and housing investment (2/2) Mortgage growth expected to catch up with residential investment (€bn) 9 8 7 6 5 4 3 2 1 0 2003 2004 2006 2007 2009 2010 2012 2013 2015 2016 2018 2019 2021 2022 2024 2025 Residential investment New m
Slide 39: Ethniki Insurance: A New Era
Ethniki Insurance: A New Era 39
Slide 40: Long-term upside in an underpenetrated market
ETHNIKI INSURANCE: A NEW ERA Long-term upside in an underpenetrated market Life and Health (L&H) Property and Casualty (P&C) 14% market share in GWP/GDP, % GWP/GDP, % Greece 5.9% 15% in P&C (excl. motor) 17% in L&H 5% in Motor #1 in brand awareness 4.0% #1 in brand consideration 2.6% 2.1% 2.0% 24 ne
Slide 41: Ethniki Insurance to take the lead within an expanding market
ETHNIKI INSURANCE: A NEW ERA Ethniki Insurance to take the lead within an expanding market Gross Written Premia (GWP) per line of business (€bn) Return on equity 8% 11% 13% normalized ~1.6 mid teens CAGR CAGR 2025-2030 ~1.3 Investment & savings >30% 0.8 Life & health high single digit P&C high singl
Slide 42: Unlocking growth, innovation and value for clients
ETHNIKI INSURANCE: A NEW ERA Unlocking growth, innovation and value for clients Priorities 2026 - 2030 Accelerate 360 customer Operational Synergies Capital growth coverage efficiency with Piraeus efficiency Plan 2.0 Data & technology Talent & culture 42
Slide 43: Synergies identification; integration in progress
ETHNIKI INSURANCE: A NEW ERA Synergies identification to extract maximum value; integration in progress TODAY Areas of business Synergies / integration Plan 1.0 Plan 2.0 Commercial Leverage the leading position of the 2 outfits Bancassurance Ethniki aspires expanding its distribution network to incl
Slide 44: Why Own Piraeus: Europe's Best Growth Story
Why Own Piraeus: Europe’s Best Growth Story 44
Slide 45: Why own Piraeus: Europe's best growth story
WHY OWN PIRAEUS: EUROPE’S BEST GROWTH STORY Why own Piraeus: Europe’s best growth story – the next chapter Financial targets Our 2026-2030 plan: the best-performing financial services group in Greece 2025 2028 2030 CAGR EPS €0.82 ~€1.10 >€1.30 ~10% Return on TBV 15.5% ~16.5% ~18% C:I ratio 33% ~32%
Slide 46: Earnings growth engine: 10% EPS CAGR trajectory
WHY OWN PIRAEUS: EUROPE’S BEST GROWTH STORY Earnings growth engine: mapping a 10% EPS CAGR trajectory (€ cents) ~0.10 ~0.15 ~(0.10) ~0.10 ~(0.30) ~0.55 >1.30 0.82 2025 Net Insurance & asset OpEx Loan impairment One-offs Tax 2030 EPS interest income management fees elimination EPS 0.82 ~0.30 ~0.10 ~(
Slide 47: CIB leadership: broad based expansion across key sectors
WHY OWN PIRAEUS: EUROPE’S BEST GROWTH STORY CIB leadership: broad based expansion across key sectors CIB loan portfolio evolution CIB loan portfolio sector mix (€bn) (%) Sector 2025 2030 CAGR 10% ~42 Energy and infrastructure 21% 22% ~36 ~6 Transportation 15% 17% ~5 ~10.5 Hospitality 13% 10% 27 ~9 3
Slide 48: Capturing the retail opportunity: mortgage acceleration
WHY OWN PIRAEUS: EUROPE’S BEST GROWTH STORY Capturing the retail opportunity: mortgage acceleration based on supportive macro and innovation Retail loan portfolio Mortgage disbursements to increase 12% annually (€bn) (€bn) Net credit +0.1 +0.4 +0.5 CAGR 5% 1.2 1.0 ~13.5 Disbursements 0.7 ~12 2025 20
Slide 49: Expansion beyond banking through ecosystems and collaborations
WHY OWN PIRAEUS: EUROPE’S BEST GROWTH STORY Setting the ground for expansion beyond banking, through ecosystems and strategic collaborations Mortgages - Odyssey Agri marketplace Piraeus Youth app The 1st AI-powered end-to-end mortgage Greece's pioneering agri-supplies marketplace, New banking app fo
Slide 50: Client assets: low-cost deposits and high yielding mutual funds
WHY OWN PIRAEUS: EUROPE’S BEST GROWTH STORY Client assets: increase from low-cost deposits and high yielding mutual funds Client deposits’ evolution Assets under management (€bn, excluding Snappi) (€bn) CAGR 3% ~76 CAGR 7% ~72 >20 66 ~15 ~14 ~18 ~3.5 14 Time ~3.5 15 ~27 ~7.0 ~26 3 Securities 25 Savi
Slide 51: Balance sheet growth fully funded by low-cost deposits
WHY OWN PIRAEUS: EUROPE’S BEST GROWTH STORY Balance sheet growth fully funded by low-cost deposits, debt and low yielding assets decrease Assets & liabilities walk - from 2025 to 2030 Sustainable reduction of low (€bn, including Snappi) yielding assets (DTAs, senior tranches of HAPS, foreclosed +3 a
Slide 52: Insurance business contribution to grow to >€200mn
WHY OWN PIRAEUS: EUROPE’S BEST GROWTH STORY Insurance business contribution to grow to >€200mn for topline by 2030 Ethniki Insurance: revenues from services Key metrics - Ethniki Insurance Strong top line growth (€mn) GWP €1.6bn 2025 2027 2030 ~€0.7bn banca Bancassurance repositioned as a ~€0.9bn ot
Slide 53: NII walk 2025-2030: volume led and deposit supported
WHY OWN PIRAEUS: EUROPE’S BEST GROWTH STORY NII walk 2025-2030: volume led and deposit supported (€mn for deltas, excluding Snappi) Loan portfolio yield to ~4.5% in 2030 from ~(150) ~80 ~(80) 5.0% currently ~850 Client deposits yield ~€42bn ~€2bn delta stable deposit at 3.2% cost stable at ~0.4% thr
Slide 54: Revenues from services walk 2025-2030
WHY OWN PIRAEUS: EUROPE’S BEST GROWTH STORY Revenues from services walk 2025-2030: trajectory powered by asset management & insurance (€mn for deltas) Insurance & bancassurance ~30 €125mn higher contribution, ~125 absorbing factory transition ~50 Plan 2.0 Asset management €50mn higher contribution,
Slide 55: OpEX walk 2025-2030: disciplined cost management
WHY OWN PIRAEUS: EUROPE’S BEST GROWTH STORY OpEX walk 2025-2030: disciplined cost management, targeted investments (€mn for deltas, excluding Snappi) CapEx 2026-2030 at ~€800mn o/w ~80% for AI/technology ~20 ~30 On top, ~€50mn CapEx Ethniki ~80 Insurance for ongoing transformation ~25 technology ~15
Slide 56: Fully de-risked balance sheet to leverage returns
PIRAEUS STRATEGIC PLAN 2026-2030 Fully de-risked balance sheet to leverage returns Actions Ambition NPE ratio 1 Prudent management of inflows and outflows to retain downward trend NPE ratio down 2.0% to European ω Minimize cost of risk requirements to leverage returns <1.5% average Close gap to Firs
Slide 57: Capital walk 2025-2030
WHY OWN PIRAEUS: EUROPE’S BEST GROWTH STORY Capital walk 2025-2030 TCR 18.7% ~19.5% Distribution up to 65% of net profit, assumption for 100% cash P2G 275bps ~350bps buffer 1ppt lower dividend payout ~(7.0%) throughout the 5-year period adds ~5bps per year to the CET1 ~22.0% ratio, 25bps in total to
Slide 58: Why own Piraeus: Europe's best growth story
WHY OWN PIRAEUS: EUROPE’S BEST GROWTH STORY Why own Piraeus: Europe’s best growth story – the next chapter Financial targets Our 2026-2030 plan: the best-performing financial services group in Greece 2025 2028 2030 CAGR EPS €0.82 ~€1.10 >€1.30 ~10% Return on TBV 15.5% ~16.5% ~18% C:I ratio 33% ~32%
Slide 59: Annex
Annex
Slide 60: 2030 business plan assumptions
ANNEX 2030 business plan assumptions: sustainable growth, baseline view on rates 2025 2026 2027 2028 2029 2030 actual estimate estimate estimate estimate estimate ECB deposit facility rate 2.00% 2.00% 2.25% 2.25% 2.25% 2.25% (end of period, %) Real GDP (growth, %) 2.1% ~2.0% ~1.5% ~1.5% ~1.5% ~1.5%
Slide 61: The right bank in the right market
ANNEX The right bank in the right market: operating in a growing, efficient and profitable sector Loans Assets under management Insurance gross written premia / GDP / GDP / GDP 109% 94% 84% 12% 8.7% 2.5% 2025 2025 2025 2025 2025 2025 Europe Greece Europe Greece Europe Greece Loan growth Cost-to-inco
Slide 62: 2026 outlook at a glance
ANNEX 2026 outlook at a glance 2025 actual 2026 outlook Earnings per share (reported €) €0.82 ~€0.9 Return on average TBV (normalized %) 15.5% ~15% Net interest income / assets (%) 2.2% ~2.1% Revenues from services / assets (%) 0.8% ~0.9% Cost-to-income (%) 33% <35% Organic cost of risk (%) 0.5% ~0.
Slide 63: NPE management and repossessed assets reduction
ANNEX Sustained effort to NPE management and accelerated reduction of repossessed assets lead to European average NPE & NPA ratio; selective growth strategy for Trastor REIT Non-performing exposures Real estate assets 2025 2028 2030 2025 2028 2030 Repossessed portfolio €1.3bn <€1.0bn <€0.5bn NPE rat
Slide 64: Piraeus Bank ICB: a small presence in Ukraine
ANNEX Piraeus Bank ICB: a small presence in Ukraine, pledge for any favorable future development post war Financial highlights (€mn) Piraeus Bank ICB Financial prospects High loan demand 2030 Network of 15 branches, operating across major cities in Ukraine Need for equity, insurance, and other finan
Slide 65: Managing climate & environmental risks
ANNEX Managing climate & environmental risks, securing long-term value Climate & Environmental Risk Appetite Framework (RAF) Climabiz 2.0 Risk Materiality Assessment Climabiz 2.0 quantifies physical and transition climate risks for business borrowers using sector-based Typical Units (TUs) built on N
Slide 66: Disclaimer
ANNEX 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 1