Piraeus Bank S.a. · ATHEX:TPEIR
Piraeus Bank — Piraeus Financial Holdings — FY2024 Earnings Presentation
103 slides from Piraeus Bank's earnings presentation, Feb 24, 2025
Slide 1: Full Year 2024 Financial Results
Full Year 2024 Financial Results 24 February 2025
Slide 2: Contents
Contents 01 2024 Financial Highlights 02 Piraeus’ Performance vs Peers 03 Business Plan 2025-2028 04 Financial Analysis 05 Sustainability 06 Annex
Slide 3: 2024 Financial Highlights
01 2024 Financial Highlights
Slide 4: 2024 performance: €1.1bn net profit, €0.81 EPS and €0.30 dividend
2024 performance: €1.1bn net profit, €0.81 EPS and €0.30 cash dividend per share 1 €1.1bn net profit +36% yoy, vs initial budget of €0.9bn and absorbing €0.2bn one-offs for transformation and cleanup 2 +12% loan growth €33.7bn loan book, up €3.6bn yoy, vs initial target of €1.6bn; retail at breakeve
Slide 5: 2024 continued our track record of delivering strong results
2024 continued our track record of delivering strong results FY.23 FY.24 FY.24 FY.24 actual target target actual (14 Feb) (01 Nov) Earning per share (€) €0.80 reported EPS €0.59 ~€0.80 >€0.90 €0.95 reported EPS €0.81 reported RoaTBV RoaTBV (%) 16.6% 12.3% ~14% >17% 17.5% reported RoaTBV 15.0% 2024 F
Slide 6: EPS grows by 38% and TBV per share by 13% yoy
EPS grows by 38% and TBV per share by 13% yoy reaching €5.8 Group Figures (€mn) Q4.23 Q4.24 FY.23 FY.24 Net interest income 537 514 2,003 2,088 Net fee income 144 167 547 636 Net trading result 32 28 63 65 Other operating result 10 21 2 (1) Operating expenses (196) (225) (793) (823) Underlying impai
Slide 7: NII and NFI dynamics supported by growth, asset quality strong
NII and NFI dynamics supported by growth, while asset quality remains strong Net interest income (€mn) Net fee income (€mn) Resilient NII despite rate 537 518 528 530 Key drivers of growth: 167 167 636 514 2,088 156 cuts, given loan expansion loans, bancassurance, 144 145 and proactive hedging asset
Slide 8: Growing loan book fuels NII, along with bonds and hedging
Growing loan book fuels NII, along with bonds and interest rate hedging Net interest income (€mn) Q4.23 Q3.24 Q4.24 NIM over assets (%) Performing exposures 488 505 495 Bond portfolio 87 112 118 2.77% 2.73% 2.60% 2.70% 12M Cash at central banks 114 77 59 Customer deposits (76) (84) (85) 2024 Financi
Slide 9: Loan portfolio yield at 6.0% in Q4, spreads in line with budget
Loan portfolio yield at 6.0% in Q4, with spreads in line with budget Performing loans’ yields & spreads ▪ Loan pass-through rate from mid.22 is at Loan portfolio yields Q3.22 Q4.23 Q3.24 Q4.24 Δ vs Q3.22 PE Dec.24 the level of 83% ▪ From the peak of Q4.23, average Euribor CIB 3.70% 6.71% 6.39% 5.90%
Slide 10: Disciplined deposit pricing and no shift in deposit mix
Disciplined deposit pricing and no shift in deposit mix Deposit cost evolution Deposits ▪ Time deposit balances have Deposit costs (stock) Q3.22 Q4.23 Q3.24 Q4.24 Dec.24 stabilized for over a year Dec.24 First demand deposits cost (%) 0.04% 0.06% 0.07% 0.08% 0.09% €49.2bn ▪ c.65% of time deposits ge
Slide 11: Net fee income at 0.8% over assets
Net fee income at 0.8% over assets, with diversified model bringing results Net fee income (€mn) NFI over assets (%) Q4.23 Q3.24 Q4.24 yoy 0.74% 0.80% 0.85% 0.82% 12M Financing Loans 21 27 32 52% Letters of guarantee 13 13 13 -1% 2024 Financial Highlights Investment banking 3 0 1 -80% Q4.23 Q3.24 Q4
Slide 12: Maintaining discipline in cost efficiency; capex investment
Maintaining discipline in cost efficiency; capex investment to ensure long-term productivity gains Operating expenses (€mn) Q4.23 Q3.24 Q4.24 Staff costs 105 100 113 +8% yoy, incl 2x yoy variable pay including increased Snappi launch G&A costs 64 75 82 costs, CX and CSR expenses Depreciation 27 31 3
Slide 13: Strong asset quality with best-in class NPE ratio at 2.6%
Strong asset quality with best-in class NPE ratio at 2.6% and historic low underlying CoR at 0.2% NPE balance evolution (€bn) 1.3 1.3 1.3 1.3 1.1 Q4.23 Q1.24 Q2.24 Q3.24 Q4.24 2024 Financial Highlights Q4.23 Q1.24 Q2.24 Q3.24 Q4.24 Organic cost of risk (CoR) 0.6% 0.5% 0.5% 0.5% 0.4% o/w underlying C
Slide 14: Loans +€3.6bn in 2024, at €33.7bn, +12% yoy
Loans +€3.6bn in 2024, at €33.7bn, +12% yoy Performing loans evolution (€bn) Net loan movement +€3.6bn yoy (+12%) ▪ Out of €4.3bn disbursements 2024 Financial Highlights +4.3 in Q4, c.€1.7bn were to small +0.1 33.7 30.1 32.0 / medium enterprises and 28.6 -2.7 individuals and c.€2.6bn to corporate an
Slide 15: Solid credit expansion supported by all business lending segments
Solid credit expansion supported by all business lending segments Performing loans evolution (€bn) Performing loans yields, % 3.6% 4.0% 6.3% 6.5% 2024 Financial Highlights CAGR 2021-2024 33.7 9% 1.7 0% Consumer loans & credit cards ▪ Substantial increase of 8% in 30.1 CAGR ’21-’24 SME/SB and 18% in
Slide 16: 2024 loan growth more than doubles vs 2023 actual and budget
2024 loan growth more than doubles vs 2023 actual and 2024 initial budget Net credit expansion (€bn) +€1.6bn +€3.4bn +1.7 +1.2 +0.8 +0.7 +0.8 +0.2 2024 Financial Highlights -0.2 -0.2 Q1.23 Q1.23 Q2.23 Q2.23 Q3.23 Q3.23 Q4.23 Q4.23 Q1.24 Q1.24 Q2.24 Q2.24 Q3.24 Q3.24 Q4.24 Q4.24 FY.24 Total -0.2 +0.8
Slide 17: Superior liquidity post TLTRO repayments; record deposits at €63bn
Superior liquidity post TLTRO repayments; record balance of deposits at €63bn, +6% yoy Liquidity KPIs 241% Despite full TLTRO repayment, LCR (%) 215% 219% 201% boosted by strong deposit flows 2024 Financial Highlights 5.5 3.5 TLTRO (€bn) 1.0 0.0 Dec.22 Dec.23 Jun.24 Dec.24 Dec.22 Dec.23 Jun.24 Dec.2
Slide 18: 14.7% CET1 ratio, with 460bps MDA
14.7% CET1 ratio, with 460bps MDA; flat CET1 qoq on the back of strong loan growth CET1 trajectory Q4.24 (%) 2024 Financial Highlights 1.1% 14.7% +0.3% 14.7% 13.3% (0.8%) (0.4%) (0.2%) 35% payout 01 Dec.23 Sep.24 PnL pre-tax Growth One-off items Distribution Synthetic Dec.24 accrual securitization N
Slide 19: Already compliant with terminal MREL requirement for end-2025
Already compliant with terminal MREL requirement for end-2025, with 180bps buffer Terminal MREL requirement MREL position (31 Dec.25) (31 Dec.24) 29.2% 27.4% • 2024 issuance activity incorporates: • €500mn 10.25NC5.25 Tier 2 with 7.25% coupon, 3.8% 2024 Financial Highlights Combined buffers 9.1% Sen
Slide 20: Unprecedented delivery pace of large-scale transformation projects
Maintaining an unprecedent delivery pace of large-scale transformation projects Key transformation projects delivered in 2024 Branch of the Future Rebranding • 1st bank to launch & roll-out at full scale • Fresh brand signaling a new era for Piraeus reflecting • 217 branches already transformed (~60
Slide 21: New branding, look and feel, transform our branch model
New branding, look and feel, transform our branch model New look & feel for 217 branches out of 368 total All branches rebranded with new facade Contemporary welcome area Digital corner 2024 Financial Highlights Private advisory & meeting areas Open advisory lounge Virtual teller station 01 21
Slide 22: Innovative workspaces designed to inspire employees
Innovative workspaces designed to inspire employees and foster collaboration New space design that fosters collaboration, integrates technology and meets all working needs; 2 buildings in pilot phase within 2025 2024 Financial Highlights 01 22
Slide 23: Investing in infrastructure for a customer-centric organization
We are investing in a robust infrastructure to translate customer insights into actions and foster a customer-centric organization Listen Act Change NPS infrastructure NPS improvement Governance & pace Robust customer listening system: be Customer-driven action plans NPS integrated into executive KP
Slide 24: Promoting new financial services through digital solutions
Promoting new financial services through digital solutions AREA NEED STRATEGIC ACTIONS • Piraeus in partnership with CFP Green Buildings to launch the Piraeus • Primary energy reduction, in Buildings Retrofitting Tool in 2025 the building sector, by 16% by • This initiative will support the energy t
Slide 25: Piraeus’ Performance vs Peers
02 Piraeus’ Performance vs Peers
Slide 26: Piraeus: the leading bank in Greece
Piraeus: the leading bank in Greece #1 in performing loans (26%), deposits (28%), bancassurance (28%), brokerage (26%) 36% market share in e-banking; 99% of transactions via digital channels Piraeus Performance vs Peers #1 Greek bank to meet terminal MREL; investment grade rating regained (Moody’s B
Slide 27: Return on tangible book among the best in the region
Piraeus’ return on tangible book among the best in the region RoaTBV 1 (%) 18.2% 17.7%2 17.0% 17.5%2 16.9% Piraeus Performance vs Peers 02 9M.24 9M.24 9M.24 9M.24 FY.24 Spain Italy Greek peers Source: SNL Financial Database, Company information. Spanish sample includes Unicaja, Sabadel, Santander, C
Slide 28: Credit expansion strong, above peer averages
Credit expansion strong, above domestic and regional peer averages Performing loan growth 1 (yoy) 12% Piraeus Performance vs Peers 9% 7% 1% (0%) 02 9M.24 9M.24 9M.24 9M.24 FY.24 Spain Italy Greek peers Source: SNL Financial Database, Company information Note: 1. Excluding senior notes from HAPS sche
Slide 29: NIM among the best in Southern Europe
NIM among the best in Southern Europe… Net interest income over average assets (bps) 274 272 270 Piraeus Performance vs Peers 223 184 02 9M.24 9M.24 9M.24 9M.24 FY.24 Spain Italy Greek peers Source: SNL Financial Database, Company information 29
Slide 30: Driven by superior deposit betas
…driven by superior deposit betas Deposit betas (%) 18% 16% 16% Piraeus Performance vs Peers 15% 15% 02 9M.24 9M.24 9M.24 9M.24 FY.24 Spain Italy Greek peers Source: UBS research, Piraeus Bank Notes: Italy average includes Intesa Sanpaolo, Banco BPM, BPER and Unicredit 30
Slide 31: Leader in fee income generation
Leader in fee income generation in a market that is converging to Europe’s best-in-class Net fees & commission income over average total assets (bps) 104 Piraeus Performance vs Peers 83 82 67 56 02 9M.24 9M.24 9M.24 9M.24 FY.24 Spain Italy Greek peers Source: SNL Financial Database, Company informat
Slide 32: Gradually diversifying revenue mix to higher fee contribution
Gradually diversifying revenue mix to higher fee contribution Net fees & commission income over net revenues (%) 32% Piraeus Performance vs Peers 23% 23% 23% 16% 02 9M.24 9M.24 9M.24 9M.24 FY.24 Spain Italy Greek peers Source: SNL Financial Database, Company information 32
Slide 33: Cost champion across the region
Cost champion across the region Cost-to-income ratio (%) 46%1 44%1 Piraeus Performance vs Peers 34%2 29%2 30%2 02 9M.24 9M.24 9M.24 9M.24 FY.24 Spain Italy Greek peers Source: SNL Financial Database, Company information Notes: 1) Operating expenses divided by recurring revenue, 2) Operating expenses
Slide 34: NPE ratio now among the best-in-class
Following a radical reduction, NPE ratio is now among the best-in-class… NPE ratio (%) Piraeus Performance vs Peers 3.6% 3.2% 3.0% 2.6% 2.4% 02 9M.24 9M.24 9M.24 9M.24 FY.24 Spain Italy Greek peers Source: SNL Financial Database, Company information 34
Slide 35: Creating space for cost of risk to decline further
…creating space for cost of risk to decline further Cost of risk1 (bps) Piraeus Performance vs Peers 62 49 46 38 29 02 9M.24 9M.24 9M.24 9M.24 FY.24 Spain Italy Greek peers Source: SNL Financial Database, Company information Note: 1. Provision for customer loan losses as a percent of average net loa
Slide 36: Regulatory capital close to domestic peers
Piraeus’ regulatory capital is close to domestic peers and at par with its regional comparables Capital ratios 20.8%1 20.2% 19.9% 19.9% 17.8% Piraeus Performance vs Peers Regulatory Capital % 16.2% 17.0%1 14.7% 14.7% CET1% 13.2% 02 9M.24 9M.24 9M.24 9M.24 FY.24 Spain Italy Greek peers Source: SNL Fi
Slide 37: Stock trades below EU bank comps, implying upside
Piraeus’ stock, despite the recent rally, trades below its EU bank comps with similar earnings expectations, implying significant upside P/TBV multiple for 20251 (%) P/TBV 25e Implied P/TBV 25e 1.37x 0.77x ~1.27x 1.27x 1.21x 1.19x ~€7.90 Piraeus Performance vs Peers ~65% €4.81 PB share price Implied
Slide 38: Business Plan 2025-2028
03 Business Plan 2025-2028
Slide 39: 2024 achievements pave our way forward
2024 achievements pave our way forward 15.0% 35% €3.6bn €11.4bn 2.6% return on average payout ratio, performing loans growth assets under mngmt, NPE ratio, tangible book value or 6% dividend yield in Greece +23% yoy best-in-class Business Plan 2025-2028 (on 21 Feb.25 market cap) 0.8% 30% 19.7% -10bp
Slide 40: Greek macro drives loan growth; RRF funds
Greek macro drives loan growth; € 18bn remaining from RRF to flow into Greek projects Greek macro and market assumptions 2024 2025 2026 2027 2028 actual estimate estimate estimate estimate ECB deposit facility rate (end of period, %) 3.00% 2.00% 2.00% 2.00% 2.00% Business Plan 2025-2028 Real GDP (gr
Slide 41: Sustainable profitability, >€2bn distributions by 2028
Sustainable profitability to generate increasing shareholder value, >€2bn distributions by 2028 Group highlights 2024 2025 2026 2027 2028 actual guidance guidance guidance guidance Assumption for euribor 3m (average) 3.6% ~2.3% ~2.0% ~2.1% ~2.1% Business Plan 2025-2028 Net profit (€bn) 1.1 ~1.1 ~1.1
Slide 42: Quality and diversification in profitability assumptions
Quality and diversification in the profitability assumptions of the 4-year period Financial KPIs 2024 2025 2026 2027 2028 actual guidance guidance guidance guidance (amounts in €bn) Net interest income 2.1 ~1.9 ~1.9 ~2.0 ~2.2 Net fee income 0.6 ~0.6 ~0.65 ~0.7 ~0.7 Business Plan 2025-2028 Operating
Slide 43: NIM to normalize along with decreasing rates
NIM to normalize along with decreasing rates; stabilized loan spreads Net interest income evolution 2024 2025 2026 2027 2028 actual guidance guidance guidance guidance Selected sensitivities ▪ ±25bps Euribor ~€25mn ▪ ±10bps loan spread ~€20mn Euribor 3m (average) 3.6% ~2.3% ~2.0% ~2.1% ~2.1% ▪ ±10bp
Slide 44: Strong growth, driven by business loans and retail
Strong growth, driven by business loans and recovering retail segments Performing loan portfolio evolution (€bn) Deposits’ evolution (€bn) CAGR 3% Total ~71 CAGR 8% ~65 62.9 Snappi ~2.5 ~13.5 Business Plan 2025-2028 Time 13.7 ~14.5 Total ~45 ~36 Snappi ~28.0 33.7 ~2.0 Sight ~6.5 24.7 ~25.5 ~1.7 Cons
Slide 45: Strong presence in all retail banking sectors
Strong presence in all retail banking sectors, to be further elevated with new strategic initiatives Commercial banking leadership for Piraeus Bank as the strategic advisor of choice of Greek businesses Active clients Deposits Loans Cross-sell ratio Individuals footprint data (Dec.24) (#) (€bn) (€bn
Slide 46: Greek mutual fund market has significant upside
Greek mutual fund market continues to have significant upside potential Greek mutual fund market dynamics Piraeus asset management business in growth momentum AuM (€bn) Mutual funds AuM (€bn) 22 16 market share to grow to 11 ~24% from 21% now 5.0 ~6.5 3.3 4.6 2.2 Business Plan 2025-2028 2022 1 2023
Slide 47: Piraeus capturing the bancassurance potential
Piraeus capturing the bancassurance potential Green insurance & bancassurance market GWP (€bn) Piraeus bancassurance NFI evolution (€mn) Insurance Market GWP (Actual) NFI actual ▪ 1.1mn unique insurance Insurance Market GWP (Forecast) NFI forecast customers in 2028 from Bancassurance Market GWP (Act
Slide 48: Sustainable profit of €1.1bn in 2025
Sustainable profit of €1.1bn in 2025 with 2024 cleanup allowing for further impairment reduction RoaTBV (%) 15.0% +2.6% ▪ Dropping rates put pressure ~14% on 2025 NII +0.0% -1.0% Business Plan 2025-2028 ▪ Mid-single digit increase in -2.6% like-for-like fees, fueled by asset management, ~ zero sum b
Slide 49: 2025 capital evolution impacted by Basel IV and distribution
2025 with same organic capital generation as 2024, impacted by Basel IV and improved distribution Regulatory capital evolution (%) 19.7% Total capital ratio (%) ~20% >20% ~20.5% ~21% 385bps P2G buffer (bps) ~410bps ~415bps ~440bps ~485bps Business Plan 2025-2028 +1.5-2.0% ~16.5% 14.5-15.0% >15.0% ~1
Slide 50: Future-ready workforce: rejuvenation and performance-based compensation
Future-ready workforce: rejuvenation and performance-based compensation Hiring culture shift to attract young talent Increasing contribution of variable pay pursued Number of headcount (#k) Compensation mix (%) ~7.1 5% 6% 10% ~12% Variable compensation 7.4 +0.3 +0.6 -1.2 Fixed compensation 95% 94% 9
Slide 51: Elevating customer experience with Gen-AI innovation
We are elevating customer experience focusing on faster transactions, enhanced journeys and Gen-AI underpinned innovation Faster transactions 12% Unique functionalities boosting experience Improvement in time to complete a transfer (1.09min) – not offered by competition 26% Virtual assistant (Gen AI
Slide 52: Piraeus app enhancing customer engagement
The Piraeus app is enhancing customer engagement, driving comprehensive digital expansion and strengthening its market position Digital Unique functionalities + 15% Mobile active users (vs ’23) 27% Market share Expansion enhancing engagement – not offered by competition 24 Monthly mobile log-on freq
Slide 53: AI and advanced analytics strategy delivering results
Our AI, advanced analytics strategy is robustly established, fully funded and already delivering transformative results across the bank’s business units AI/ML driven business Impact from additional use-cases Empowering our business units with practical and future-ready impact pathway (€mn) identifie
Slide 54: Snappi, Greece’s first neobank, serves a dual strategic purpose
Snappi, Greece’s first neobank, serves a dual strategic purpose for the Group 2026: Innovation platform for retail banking Vehicle for international expansion European expansion • Greenfield development of next-era • Low-capex expansion model with no Q2 ‘25: Retail Banking capabilities (e.g., branch
Slide 55: Snappi: unique position for launch market
Snappi: unique position for launch market, with additional features planned Snappi USP at launch Greek banks App and customer ▪ Empowered: “You Can” service in local Bank anywhere, anytime. Fast, seamless language and built for how you live – get things done your way with zero hassle Local IBAN and
Slide 56: Breakeven in year with 1mn+ customers
Breakeven in year 3 with 1mn+ customers # users, mn Financial projections Revenue, € mn International ~135 Greece ~95 ~20 ~1.9 ~1 Business Plan 2025-2028 ~1.4 Costs, € mn ~85 ~75 ~55 ~30 ~0.6 Net profit, € mn ~15 03 0.1 ~0 ~(20) ~(30) 2025 2026 2027 2028 2025 2026 2027 2028 56
Slide 57: Absorption of Piraeus Financial Holdings by Piraeus Bank
Commencement of the process for the absorption of Piraeus Financial Holdings by Piraeus Bank Rationale and key benefits Key milestones of the merger (indicative dates) 1 Optimize existing • Simplified corporate governance corporate • Unified financial and regulatory reporting BoD approval BoD approv
Slide 58: Piraeus’ sustainability blueprint
Piraeus’ sustainability blueprint Decarbonization Targets Piraeus agenda Reporting Frameworks Piraeus agenda Bank & portfolio net zero target by 2050 Sustainability reporting aligned with CSRD Intermediary targets (2030) -73% Scope 1 & 2 TCFD [Task Force on Climate Related Financial Disclosures] Sci
Slide 59: 2028 vision: #1 financial services group in Greece
2028 vision: #1 financial services group in Greece with mid-teen returns Clients: Shareholders: Simple, accessible Sustained returns products & & distributions diversified financial Business Plan 2025-2028 services Overriding target Return on TBV ~14% Employees: Balance sheet health: Future-ready an
Slide 60: Financial Analysis
HM i<—— HIINSSS \ — ~ | \ » e ~ e . .* % @
Slide 61: Strong balance sheet with excess liquidity boosting profitability
Strong balance sheet with excess liquidity boosting profitability Asset mix vs funding mix - Dec.24 ▪ Customer loans comprise 51% of assets amounts in €bn ▪ Fixed income portfolio comprises 20% of assets Total 80.0 80.0 Total ▪ Fixed income holdings of Greek sovereign at €10.7bn, 2.4 Interbank other
Slide 62: Balance sheet evolution pointing to further improvement
Balance sheet evolution pointing to further improvement Balance sheet items Group figures (€bn) Dec.23 Sep.24 Dec.24 Cash & due from banks 11.6 11.4 9.8 Net loans to clients 36.6 38.3 39.8 - Net PE book 35.9 37.6 39.2 - Net NPE book 0.7 0.6 0.5 Material NPE cleanup effort drove net NPE over total ne
Slide 63: Loan portfolio evolution
Loan portfolio evolution Q4.24 performing loan movement (€bn) Q4.24 disbursements (€bn) Sep.24 Disbursements Repayments Other Dec.24 Category amount yield % Mortgages 0.1 3.4% Individuals 7.8 +0.2 -0.2 0.0 7.8 Consumer 0.1 10.3% SB 0.4 5.6% Business 24.2 +4.1 -2.5 +0.1 25.9 SME 1.0 5.1% Performing l
Slide 64: Corporate lending growth supported by sector diversification
Corporate lending growth supported by wide sector diversification Business performing loan evolution per industry (€bn) Delta qoq (€bn) +0.8 -0.1 +1.3 +0.7 +1.7 25.9 24.2 23.5 3.3 22.3 22.2 3.3 3.4 Financial Analysis 3.2 3.3 3.6 Wholesale 3.4 3.5 3.6 3.2 2.8 Manufacturing 2.8 2.8 3.2 2.7 2.7 Hospita
Slide 65: Loan portfolio diversification
Loan portfolio diversification Group loan composition (€33.7bn at Dec.24, %) Q4.24 CIB disbursements breakdown Mortgages Industry mix % 18% Retail loans 23% Transportation (incl. shipping) 26% Consumer 5% Manufacturing 20% Energy 12% Manufacturing 11% Wholesale & retail trade 11% Wholesale & retail
Slide 66: Stabilizing loan yields; deposit costs remain contained
Stabilizing loan yields for performing exposures; deposit costs remain contained Group Interest income (€mn) Yields (%) Average balances (€bn) Q4.23 Q1.24 Q2.24 Q3.24 Q4.24 Q4.23 Q1.24 Q2.24 Q3.24 Q4.24 Q4.23 Q1.24 Q2.24 Q3.24 Q4.24 Customer loans 511 503 517 522 507 5.30% 5.32% 5.39% 5.30% 4.91% 37
Slide 67: Deposits strong growth in Q4, up 6% yoy
Deposits strong growth in Q4, up 6% yoy and 4% qoq Customer deposit movement (€bn) Deposit movement by segment (€bn) 62.9 +0.9 59.6 +1.2 +0.8 +2.3 58.4 +1.2 +0.3 FY.22 FY.23 Q1.24 Q2.24 Q3.24 Q4.24 Dec.24 -1.2 -1.0 delta delta delta delta delta delta balance Mass | Farmers +1.9 +0.8 -0.6 -0.1 -0.3 +
Slide 68: Q4 operating costs up, driven by variable compensation
Q4 operating costs up, driven by variable compensation and investments Operating costs (€mn) Q4.23 Q3.24 Q4.24 yoy • Staff costs up 8% yoy in Q4.24, on Staff costs 168 102 152 -10% increased variable remuneration recurring 105 100 113 8% • G&A costs impacted by Snappi launch G&A costs 64 75 82 27% c
Slide 69: Capital position metrics
Capital position metrics Capital ratios | Dec.24 €bn | % Reported Pro forma • Total capital ratio exceeding by c.410bps the 2024 P2G CET-1 capital supervisory guidance of 15.84% (TCR 14.59% + P2G 1.25%) 4.9 4.9 Tier 1 capital 5.5 5.5 • Comfortable MDA buffer of c.4.6% Total capital 6.7 6.7 RWAs 34.1
Slide 70: Post meaningful reduction of NPEs, 28% in 0dpd
Post meaningful reduction of NPEs, 28% of remaining portfolio in 0dpd NPEs per bucket (€bn as at Dec.24) Remaining NPEs (€bn as at Dec.24) 1.1 Denounced loans, half to be dealt 0 dpd 1-89 dpd >90 dpd NPEs Cash coverage 0.3 with settlements / liquidations / 60% write-offs, while the rest are Business
Slide 71: NPE movement outlines strong clean-up effort
NPE movement outlines strong NPE clean-up effort, both organic and inorganic Group NPE movement (€mn) Q2.23 Q3.23 Q4.23 Q1.24 Q2.24 Q3.24 Q4.24 NPEs | beginning of period 2,442 2,049 2,045 1,329 1,303 1,264 1,262 Redefaults 23 19 17 17 14 10 15 Defaults 193 61 63 68 78 52 100 three tickets that were
Slide 72: €1.1bn NPE stock, fully covered by collateral and provisions
€1.1bn NPE stock, fully covered by collateral and provisions Group NPE decomposition & coverage (€bn | %) Forborne NPEs (Dec.24) 1.1 1.1 1.1 1.1 109% FNPE (€bn) 0.4 UTP 0dpd 0.2 0.4 FNPE 1-90dpd 0.0 Financial Analysis 0.6 Collateral >90dpd 0.2 Total 0.4 0.7 NPL NPE 0.6 NPE 0.6 Provisions 04 Dec.24 N
Slide 73: Group NPE & NPE coverage ratio
Group NPE & NPE coverage ratio NPE ratio per product category NPE coverage ratio per product Sep.24 Sep.24 Dec.24 119% Dec.24 103% 5.3% 72% 72% 4.7% 61% 65% 3.9% 3.2% 3.3% 2.6% 2.8% 2.4% Financial Analysis 19% 21% Total Business Mortgages Consumer Total Business Mortgages Consumer NPE mix Loan loss
Slide 74: Retail Banking: superior profitability
Retail Banking: superior profitability through favourable liquidity premium and loan yields Performing loans (€bn) Net fee income (€mn) 282 10.1 10.1 10.3 244 €mn FY.23 FY.24 Total net revenues 1,202 1,313 2.3 2.3 2.5 SB Financial Analysis Total operating costs (425) (420) 1.6 1.7 1.7 Consumer Pre p
Slide 75: Corporate & Investment Banking: solid profitability
Corporate & Investment Banking: solid profitability driven by best-in-class volume growth Performing loans (€bn) Net fee income (€mn) 23.4 21.9 Leasing/ 21.0 1.5 factoring 1.5 1.5 217 6.7 SMEs €mn FY.23 FY.24 5.7 188 Total net revenues 807 873 6.5 Financial Analysis Total operating costs (185) (176)
Slide 76: Treasury & Financial Markets
Treasury & Financial Markets: consistent execution of strategy in fixed income markets Fixed income securities per issuer (€bn) Fixed income securities per category (€bn) Yield 2.6% 3.0% 3.0% not including IRS impact 16.4 16.4 15.8 15.8 0.8 €0.4bn GR 2.2 1.0 0.6 €0.6bn GR 13.6 2.4 13.6 0.6 €mn FY.23
Slide 77: Q4.24 other financial developments
Q4.24 other financial developments The Bank completed in December 2024 a synthetic STS (Simple, Transparent and Standardized) Ermis VII securitization of performing loans (namely Ermis VII), comprising corporate/ small-medium sized enterprises with a total gross book value of approximately €2bn Proj
Slide 78: Sustainability
05 Sustainability
Slide 79: Sustainability roadmap under formulation
Sustainability roadmap under formulation to structure the direction of travel 2023 2024 2028 aspiration Sustainable banking Sustainable financing volumes €2.7bn €3.8bn €5.7bn Green funding (deposits & bonds) €1.3bn €1.3bn €2.6bn Sustainable assets under management €0.3bn €0.5bn €0.5bn Clients Net pr
Slide 80: Piraeus carbon footprint and sustainability balances aspiration
Piraeus carbon footprint and sustainability balances aspiration Scope 1, 2 & 3 (Category 1-14) Sustainability balance sheet* 2024-2028 Piraeus 2024 (€bn) Direct emissions CO2,eq (kilo-tonnes) - Scope 1 10.4 Bonds Deposits Indirect emissions CO2,eq (kilo-tonnes) - Scope 2 (location-based) 84.8 Loans
Slide 81: SBTi targets - Achieving decarbonization targets
SBTi targets - Achieving decarbonization targets GHG emissions GHG emissions Actual GHG GHG emissions Actual GHG Actual GHG Scope 1 & 2 Scope 1 & 2 emissions Operations (Piraeus Bank) reduction emissions emissions Progress (tCO2eq) (tCO2eq) reduction % (%) (2023) (2024) (base year 2019) (target year
Slide 82: Corporate Responsibility | Equall programme
Corporate Responsibility | Equall programme Piraeus implements a multifaceted CSR strategy, through the Equall programme, aiming to return to society part of the value it creates. Continuously evolving, Equall expands through targeted training, upskilling, reskilling initiatives, and strategic colla
Slide 83: Supporting nature, education, research, and culture
Supporting nature, education, research, and culture Piraeus is committed to contribute actively to the efforts of the Greek society for sustainable development Financing Creating green Promoting Cultivating restoration learning sustainability in ecological projects spaces education consciousness Sus
Slide 84: Frameworks already in place to drive impact
Frameworks that are already in place and help Piraeus drive impact FRAMEWORK RATIONALE MAIN ADVANTAGES OF THE FRAMEWORK • Structuring of a comprehensive methodology for sustainable • SFF serves as the guide for the classification of financial services and products as sustainable Sustainable financin
Slide 85: Annex
06 Annex
Slide 86: Greek economy to continue growing at healthy pace
Greek economy to continue growing at healthy pace 2023 2024 2025 actual estimate estimate GDP 2.3% 2.2% 2.1% • Greek GDP growth >2x EU average • Strong foundations for sustainable growth Unemployment 11.1% 10.8% 10.6% • Tourism, FDI & consumption drive growth Inflation 3.5% 2.5% 2.5% • Investment gr
Slide 87: Strong economic momentum with contained inflation
Strong economic momentum with contained inflation, increasing employment and record tourism Rapid post-pandemic recovery and resilient GDP …with moderated headline inflation on the back of a massive expected to grow at higher levels compared to the EU… energy inflation decline 20.0 Q3.24 14.0 Headli
Slide 88: Favourable Greek economic profile, investment grade and RRF
Favourable Greek economic profile with the sovereign returning to investment grade status and RRF contribution Solid FDI flows reflecting strong potential in key sectors Greek sovereign upgraded to investment grade by S&P, Fitch & DBRS; reflecting effectiveness of fiscal discipline and reforms in Ne
Slide 89: Shareholder structure skewed to international investors
Shareholder structure skewed to international investors Shareholder structure (Dec.24) ▪ Shareholder structure of Piraeus Bank presents great Retail diversity; total number of common shareholders c.23k 7% Domestic 8% Institutional ▪ In Mar.24, Piraeus returned to fully privatized status, following t
Slide 90: Credit ratings
Credit ratings Greek sovereign Piraeus Bank Piraeus Bank Piraeus Bank Credit rating Long term Outlook Senior preferred 08 July 2024 Ba1 Baa3 Positive Baa3 31 January 2025 BBB- BB+ Stable BB+ 04 September 2024 BBB- BB Positive BB Annex 06 30 September 2024 BBB low BB (high) Positive BB (high) Moody’s
Slide 91: Publicly-placed outstanding debt issuance
Publicly-placed outstanding debt issuance €600mn 8.75% €500mn 3.875% €350mn 8.25% €500mn 7.25% €500mn 6.75% €500mn 7.250% €500mn 5.00% €650mn 4.625% €650mn 5.375% PerpNC5.5 AT1 6NC5 SP Green 5NC4 SP Notes 5NC4 SP Notes 6NC5 SP Notes 10.25NC5.25 Tier 2 6NC5 SP Notes 5NC4 SP Notes 11NC6 T2 Notes Notes
Slide 92: Outstanding debt redemption profile
Outstanding debt redemption profile Outstanding debt call dates (€mn) 5NC4 PerpNC5.5 AT1 SP Green 11NC6 Tier 2 Notes Jul.28 Sep.30 Jun.26 6NC5 SP 5NC4 6NC5 10.25NC5.25 6NC5 Green SP Notes SP Notes Tier 2 SP Notes Nov.26 Jul.27 Dec.28 Apr.29 Apr.29 5NC4 SP Notes Jan.26 650 650 600 500 500 500 500 Ann
Slide 93: Group balance sheet evolution
Group balance sheet evolution Group balance sheet (€mn) Dec.23 Sep.24 Dec.24 qoq yoy Cash & balances with central banks 10,567 9,798 7,423 -24% -30% Loans & advances to banks 1,034 1,636 2,352 44% >100% Gross loans 38,346 38,986 41,375 6% 8% (Loans loss reserves) (819) (774) (691) -11% -16% Securiti
Slide 94: Group results | quarterly evolution
Group results | quarterly evolution (€mn) Q4.23 Q1.24 Q2.24 Q3.24 Q4.24 Net interest income 537 518 528 530 514 Net fee income 144 145 179 156 167 Net trading result 32 (4) 7 33 28 Other operating result (including dividend income) 10 (67) 12 (10) 21 Total net revenues 722 592 726 709 730 Total net
Slide 95: Earnings per share calculations
Earnings per share calculations Earnings per share (€) Q1.23 Q2.23 Q3.23 Q4.23 Q1.24 Q2.24 Q3.24 Q4.24 FY.23 FY.24 Outstanding number of shares (mn) 1,250 1,249 1,244 1,245 1,246 1,245 1,247 1,246 1,245 1,246 Core operating profit 195 205 297 285 307 305 296 287 983 1,174 AT1 coupon (mn) (13) (13) (
Slide 96: Loan and deposit portfolios
Loan and deposit portfolios Gross loans evolution (€mn) Deposits evolution (€mn) Dec.21 Dec.22 Dec.23 Sep.24 Dec.24 qoq yoy Dec.21 Dec.22 Dec.23 Sep.24 Dec.24 qoq yoy Group 37,018 37,270 37,395 38,986 40,456 4% 8% Group 55,442 58,372 59,567 60,540 62,853 4% 6% Senior notes 6,236 6,074 5,984 5,787 5,
Slide 97: IFRS9 stage analysis | Group
IFRS9 stage analysis | Group Gross loans (€bn) Dec.171 Dec.181 Dec.191 Dec.201 Dec.211,2 Dec.221,2 Dec.231,2 Dec.241,2 Δ yoy Stage 1 19.1 17.6 18.4 19.6 26.5 30.4 32.3 36.2 12% Stage 2 6.3 6.6 5.7 6.0 5.6 4.3 3.8 3.1 -17% Stage 3 32.9 27.3 24.5 22.4 4.9 2.6 1.3 1.1 -20% Total 58.3 51.5 48.6 48.0 37.
Slide 98: Definitions of APMs
Definitions of APMs1 CET1 capital ratio, as defined by Regulation (EU) No 575/2013, for FY.2023 subtracting (-) from the denominator the RWA of the NPE portfolios classified as HFS as at 31 December 2023 1 CET1 capital ratio (pro forma) and for FY.2024 subtracting (-) from the denominator the RWA of
Slide 99: Definitions of APMs
Definitions of APMs 19 Net result/ Net profit Profit / (loss) attributable to the equity holders of the parent 20 Net revenues Total net income 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 Parl
Slide 100: 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 as of 30 March 2022 2 Deposits /
Slide 101: Disclaimer
Disclaimer General This presentation pertaining to Piraeus Financial Holdings S.A. (formerly known as Piraeus Bank S.A.) and its subsidiaries and affiliates (the “Group” or “we”), its business assets, strategy and operations is solely for informational purposes. References to the “Company”, “Piraeus
Slide 102: Contact information
Contact information Theo Gnardellis Chief Financial Officer Chryss Berbati Business Planning, IR & ESG Head Xenofon Damalas IRO Amalia Missailidi Senior IR Manager | Credit Ratings Vangelis Pilios Senior IR Manager | Equity Analysts Nina Lykou IR Manager Yvonne Papageorgiou IR Manager 4 Amerikis str
Slide 103: Piraeus Financial Holdings
MM Piraeus Financial Holdings
Piraeus Financial Holdings — FY2024 Earnings Presentation on 6ix