Slide 1: Full Year 2025 Financial Results
Full Year 202 5 Financial Results 26 February 2026
Slide 2: Contents
Contents 01 Executive Summary 02 Performance vs Peers 03 Financial Analysis & Business Highlights 04 Annex
Slide 3: Executive Summary
01 Executive Summary
Slide 4: 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 €91bn 370 1,500 clients | employees total assets branches ATMs €37bn | €66bn 28% 3.2mn 4.7/
Slide 5: FY.25: 16% RoaTBV, Ethniki Insurance acquisition completed, payout ratio increased to 55%
FY .25: 16% RoaTBV, Ethniki Insurance acquisition completed, payout ratio increased to 55% 1 €1.2bn normalized profit €1.1bn on a reported basis, as guided; beat on revenues, with strong finish in Q4 2 €0.82 EPS after AT1 coupon Exceeding guidance of €0.80 for the year, fully absorbing the fast decu
Slide 6: FY.25: €0.82 EPS with €5.92 TBV per share post distribution and Ethniki Insurance acquisition
FY.25: € 0.82 EPS with € 5.92 TBV per share post distribution and Ethniki Insurance acquisition Group Figures (€mn ) Q4.24 Q3.25 Q4.25 FY.25 Net interest income 514 471 477 1,903 Revenues from services 167 164 206 696 Net trading result 28 19 35 119 Other operating result 21 (5) 4 (10) Operating exp
Slide 7: 11% loan book growth in 2025, with solid pipeline ahead
11% loan book growth in 2025 , with solid pipeline ahead Performing loans evolution ( €bn) Loan growth +11% yoy Out of €3.8bn disbursements in Q4 : ▪ c.€1.7bn to small / medium +1.0 +0.7 37.3 +1.1 enterprises and agri 33.7 +1.2 -0.4 ▪ c.€1.7bn to corporate , structured Executive Summary finance and
Slide 8: CIB: largest national platform reaches all sectors of the economy
CIB: largest national platform reaches all sectors of the economy FY.25 CIB net credit expansion breakdown by sector ( € mn) Net credit Sector Disbursements # Customers expansion SME 2,341 237 1,967 Focus on SME servicing: 27 NPS vs 15 -20 market avg in SEE Shipping 1,418 622 80 Handpicked, high qua
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 (%) Business loan 2.6% pricing on par with 2.5% 2.5% market average 2.4% 2.29 % 2.27% 2.21% 4.9% 4.9% 2.15% 2.12% 4.2% 4.3% 4.2% 4.1% 2.0% 2.0%
Slide 10: Retail: 1st year of net mortgage loan growth indicates expansion only just beginning
Retail: 1st year of net mortgage loan growth indicates expansion only just beginning Mortgages ( € mn) NCE (330) (270) (290) (90) +110 ▪ Average LTV c.60% for new disbursements ▪ Leveraging the Piraeus branch network and 680 3rd party mediators; AI -enabled lending 500 Disbursements 260 340 340 plat
Slide 11: Record services revenues of €0.7bn, with growth from new operating model still to come
Record services revenues of € 0.7bn, with growth from new operating model still to come Revenues from services ( € mn) ▪ Fees up +7% in 2025 , absorbing government Q4.24 Q3.25 Q4.25 yoy FY.25 yoy measures and competitive pressure Financing Loans 32 26 41 29% 127 16% ▪ Loan fees supported by material
Slide 12: Continued growth in assets under management, above target for full year 2025
Continued growth in assets under management, above target for full year 2025 of > € 13.5bn Assets under management ( €bn) +€3.1bn ▪ Strong net inflows of €1.5bn, also supported 14.5 by solid market effect, lead to + €3.1bn increase in AuM in 2025 ▪ Upscale investment solutions with focus on: Executi
Slide 13: NII in Q4: +1% qoq, well past the trough of the cycle
NII in Q4: +1% qoq , well past the trough of the cycle Net interest income Q2.25 Q3.25 Delta Q3 Q4.25 Delta Q4 (€mn) ▪ Loan interest income increased sequentially in Q4, with Loans 452 437 (15) 441 +4 improvement reflecting CIB volume Bonds 126 130 +4 135 +5 growth impact and stabilization of base r
Slide 14: Cost discipline keeps G&A under control, while still making extensive IT investments
Cost discipline keeps G&A under control, while still making extensive IT investments Operating expenses ( €mn) Q4.24 Q3.25 Q4.25 FY.25 Staff 111 98 117 414 Accruals for variable pay & salary adjust. reserves G&A 78 70 67 296 Ongoing discipline and cost control Depreciation 31 33 33 128 Increase on t
Slide 15: Solid credit quality with NPE ratio at 2.0% and strengthened provision coverage
Solid credit quality with NPE ratio at 2.0% and strengthened provision coverage NPE balance evolution ( €bn) 1.1 1.1 0.9 Q4.24 Q3.25 Q4.25 Q4.24 Q3.25 Q4.25 Executive Summary Organic cost of risk ( CoR ) 0.4% 0.6% 0.5% o/w underlying CoR 0.2% 0.5% 0.3% NPE ratio 2.6% 2.5% 2.0% NPE beginning of the p
Slide 16: Superior liquidity profile; deposits at €66.1bn, +5% yoy
Superior liquidity profile; deposits at € 66.1bn, +5% yoy Liquidity KPIs 241% ▪ Deposits in Q4 continued to grow; LCR (%) 219% 216% +5% yoy ▪ Improved funding profile, with new €1bn Green senior preferred bond and €1bn ΑΤ1 instruments issued in 2025 Executive Summary ▪ High Quality Liquid Assets at
Slide 17: Organic capital generation absorbed loan growth, increased distribution accrual & DTC acceleration
Organic capital generation absorbed loan growth, increased distribution accrual & DTC acceleration CET1 trajectory Q4.25 (%) +€0.2% organic capital generation 14.4% +0.9% 0.1% (0.2% ) 12.7% DTC / CET1 at 60% (0.5% ) (0.1%) (0.0%) Executive Summary from 76% Dec.23 (1.7%) 55% distribution Including ac
Slide 18: Ethniki Insurance profitability significantly improved in 25
Ethniki Insurance profitability significantly improved in 2025 GWP by business line (%) GWP by channel (%) 2025 highlights 850 835 850 835 8% 8% Life Protection 11% 11% Direct 20% Investments & 17% 27% 24% Bancassurance Savings 14% 1.9mn 30% P&C 32% market share customers Brokers 27% 28% Executive S
Slide 19: Snappi, the Group's neobank, grew to 60k users, launching new products
Snappi, the Group’s neobank, grew to 60k users, launching new products Innovation platform for retail banking • Greenfield development of next -era retail banking capabilities (e.g., branchless distribution, embedded banking) • Value proposition tailored to digital savvy segments without impacting c
Slide 20: Piraeus' Performance vs Peers
02 Piraeus’ Performance vs Peers
Slide 21: 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 (24% share) #1 in retail footprint, with 370 branches and 1, 500 ATMs 4.5mn clients nationwide 7% distribution yield; €40 c per share r
Slide 22: Best-in-class loan growth in Europe
Best -in-class loan growth in Europe Performing loan growth ( yoy) Piraeus Performance vs Peers +11% +3% 02 Sep.25 Dec.25 Source: ECB Supervisory Banking Statistics Q3.2025 from 111 Significant EU Institutions 22
Slide 23: NIM far above European average
NIM far above European average Net interest income over average assets (bps) 225 Piraeus Performance vs Peers 130 02 9M.25 FY.25 Source: ECB Supervisory Banking Statistics Q3.2025 from 111 Significant EU Institutions 23
Slide 24: Fees well above average in Europe and best in Greece
Fees well above average in Europe and best in Greece Net fees & commission income over average total assets (bps) 82 Piraeus Performance vs Peers 66 Greek peers avg at 65bps 02 9M.25 FY.25 Source: ECB Supervisory Banking Statistics Q3.2025 from 111 Significant EU Institutions; Greek peers data deriv
Slide 25: Best-in-class cost efficiency
Best -in-class cost efficiency Cost -to-core -income ratio (%) Piraeus Performance vs Peers 63% 33% 02 9M.25 FY.25 Source: ECB Supervisory Banking Statistics Q3.2025 from 111 Significant EU Institutions 25
Slide 26: Return on tangible book value well above EU average
Return on tangible book value well above EU average RoaTBV (%) 15.6% Piraeus Performance vs Peers 9.9% 02 9M.25 FY.25 Source: ECB Supervisory Banking Statistics Q3.2025 from 111 Significant EU Institutions 26
Slide 27: 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 2028 1 (%) PB share price ( € ) Implied P/TBV 28e ~1.5x P/TBV 28e ~€10.4 Piraeus Performance vs Peers 1.2x ~30 % €8.1 1.5x 1.2x 02 PB share price Implied PB share price at P/TBV 28e P/TBV 28e 20 Feb.25 P
Slide 28: Financial Analysis & Business Highlights
03 Financial Analysis & Business Highlights
Slide 29: Strong balance sheet with excess liquidity boosting profitability
Strong balance sheet with excess liquidity boosting profitability Asset vs funding mix - Dec.25 ▪ Customer loans comprise 48% of assets amounts in €bn ▪ Fixed income portfolio comprises 20% of assets Financial Analysis & Business Highlights Total 90.9 90.9 Total ▪ Fixed income holdings of Greek sove
Slide 30: Credit expansion supported by all business lending segments; household lending increased
Credit expansion supported by all business lending segments; household lending increased Performing loans evolution ( € bn) Financial Analysis & Business Highlights Performing loans yields, % 3.6% 4.0% 6.3% 6.4% 5.0% CAGR Growth 2021-2025 2025 yoy CAGR 2021-2025 9% ▪ Acceleration of growth in 37.3 C
Slide 31: Loan portfolio diversification
Loan portfolio diversification Group loan composition ( €37.3bn at Dec .25, %) Q4.25 CIB disbursements breakdown Financial Analysis & Business Highlights Industry mix % Mortgages 16% Retail loans 21% Construction 17% Consumer 5% Hospitality 16% Transportation (incl. shipping) 12% Manufacturing 10% M
Slide 32: Loan portfolio yield at 4.6% in Q4, with mild spread movement at year end
Loan portfolio yield at 4.6% in Q4, with mild spread movement at year end Performing loan yields & spreads vs peak Financial Analysis & Business Highlights ▪ From the peak of Q4.23, average 3m Loan portfolio yields Q4.23 Q3.2 5 Q4.2 5 Δ vs Q 4.23 PE Dec.25 Euribor is down 19 2bps, compared to -195bp
Slide 33: Deposits up +€3.2bn yoy
Deposits up +€ 3.2bn yoy Customer deposit movement ( €bn) Deposit movement by segment ( €bn) Financial Analysis & Business Highlights 62.9 +2.2 66.1 59.6 +1.2 +2.3 +1.4 +1.0 +0.8 FY.23 FY.24 Q3.25 Q4.25 Dec.25 -1.0 -1.4 delta delta delta delta balance Mass | Farmers +0.8 -0.1 +0.2 +1.2 24.6 Affluent
Slide 34: Lower time deposit pricing drives funding cost lower
Lower time deposit pricing drives funding cost lower Deposit cost evolution vs peak rates ▪ Financial Analysis & Business Highlights Deposits First demand deposit balances have Deposit costs (stock) Q4.23 Q3.25 Q4.25 Dec.25 Dec.25 grown by c. €3.8bn over the past year First demand deposits cost (%)
Slide 35: 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 Q4.24 Q1.25 Q2.25 Q3.25 Q4.25 Q4.24 Q1.25 Q2.25 Q3.25 Q4.25 Q4.24 Q1.25 Q2.25 Q3.25 Q4.25 Customer loans 507 468 452 437 441 4.91%
Slide 36: Capital position exceeds the P2G level by c.275bps; P2G requirement reduced to 1.00%
Capital position exceeds the P2G level by c.275bps; P2G requirement reduced to 1.00% Capital ratios | Dec.25 Financial Analysis & Business Highlights €bn | % Reported • On the 2025 EBA stress test results, announced on 1st CET -1 capital August, Piraeus achieved the 12th strongest (lowest) 3year 4.6
Slide 37: MREL requirement and position, c.165bps buffer
MREL requirement and position, c.165bps buffer MREL requirement MREL position 2025 (31 Dec.25) Financial Analysis & Business Highlights • No subordination requirement based 2025 Issuance (€bn) on the latest SRB’s communication 29.0 % • Debt securities outstanding : 27.3% Green SP 1.0 • €3.5bn Senior
Slide 38: Management of NPE inflows and restructurings bring the NPE ratio to 2.0%
Management of NPE inflows and restructurings bring the NPE ratio to 2.0% Group NPE movement ( € mn) Forborne NPEs (Dec.25) Financial Analysis & Business Highlights Q1.25 Q2.25 Q3.25 Q4.25 NPEs | beginning of period 1,068 1,097 1,086 1,088 Redefaults 8 4 7 5 0.9 0.9 Defaults 80 58 47 75 Total inflows
Slide 39: NPE coverage ratio strengthening
NPE coverage ratio strengthening NPE ratio per product category NPE coverage ratio per product Financial Analysis & Business Highlights Sep.25 Dec.25 Sep.25 Dec.25 117% 104% 5.1% 5.5% 71% 73% 72% 75% 3.8% 4.1% 56% 58% 2.5% 2.0% 2.1% 1.5% Total Business Mortgages Consumer Total Business Mortgages Con
Slide 40: Retail Banking: leveraging nationwide network and wide clientele base with 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 10.3 10.3 293 €mn FY.24 FY.25 282 2.7 Total net revenues 1,313 1,151 2.5 2.5 SB Total operating costs (420)
Slide 41: Corporate & Investment Banking: solid profitability driven by best-in-class 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 26.4 26.8 1.7 Leasin g/ 1.6 23.4 factoring 1.5 6.0 SMEs €mn FY.24 FY.25 6.0 241 217 Total net revenues 873 865 5.8 3.4 Sh
Slide 42: Treasury & Financial Markets: consistent execution of strategy 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% 3.0% 18.2 18.2 17.7 17.7 1.4 €0.9bn GR 16.4 1.7 1.8 16.4 1.1 Trading 0
Slide 43: Annex
04 Annex
Slide 44: 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 moderated headline inflation close to European levels GDP expected to grow at higher levels compared to the EU… 20.0 14.0 Headline Inflation (CPI) Q3.25 Core Inflatio
Slide 45: Favourable Greek economic profile with the sovereign returning to investment grade status 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 all rating agencies ; reflecting effectiveness of fiscal discipline and Net Foreig
Slide 46: Shareholder structure skewed to international investors
Shareholder structure skewed to international investors Shareholder structure (Dec.25) 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 47: Credit ratings
Credit ratings Greek sovereign Piraeus Bank Piraeus Bank Piraeus Bank Credit rating Long term Outlook Senior Preferred 18 March 2025 Baa3 Baa2 Stable Baa2 27 January 2026 BBB BB+ Positive BB+ Annex 24 October 2025 BBB BBB - Stable BBB - 04 Moody’s rating refers to senior debt rating; dates refer to
Slide 48: 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 du
Slide 49: Publicly-placed outstanding capital instruments
Publicly -placed outstanding c apital instruments €600mn 8.75% €500mn 7.250% €650mn 5.375% €400mn 6.75% €600mn 6.125% PerpNC5.5 AT1 Notes* 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 Ba
Slide 50: Outstanding debt redemption profile
Outstanding debt redemption profile Outstanding debt call dates (€ mn) 5NC4 PerpNC5.5 SP Green 11NC6Tier 2 PerpNC7 AT1 Notes Jul.28 Sep.30 AT1 Notes Jun.26* 6NC5 SP 5NC4 3.5NC2.5 6NC5 10.25NC5.25 6NC5 6NC5 Oct.32 Green SP Notes SP Green SP Notes Tier 2 SP Notes SP Green Jul.27 Dec.28 Apr.29 Nov.26 D
Slide 51: Group balance sheet evolution
Group balance sheet evolution Group balance sheet (€mn ) Dec.24 Sep.25 Dec.25 qoq yoy Cash & balances with central banks 7,423 6,616 7,497 13% 1% Loans & advances to banks 2,352 3,037 3,924 29% 67% Gross loans 41,425 43,359 44,493 3% 7% (Loans loss reserves) (691) (791) (737) -7% 7% Securities/deriv
Slide 52: Group results | quarterly evolution
Group results | quarterly evolution (€mn) Q4.24 Q1.25 Q2.25 Q3.25 Q4.25 Net interest income 514 481 474 471 477 Revenues from services 167 160 166 164 206 Net trading result 28 19 47 19 35 Other operating result (including dividend income) 21 (10) 1 (5) 4 Total net revenues 730 649 687 648 723 Total
Slide 53: Loan and deposit portfolios
Loan and deposit portfolios Gross loans evolution ( € mn) Due to customers evolution ( € mn) Dec.23 Dec.24 Sep.25 Dec .25 qoq yoy Dec.23 Dec.24 Sep.25 Dec.25 qoq yoy Group 37,395 40,456 43,154 43,488 1% 7% Group 59,567 62,853 63,869 66,544 4% 6% Senior notes 5,984 5,722 5,495 5,458 -1% -5% Savings 2
Slide 54: IFRS9 stage analysis | Group
IFRS9 stage analysis | Group Gross loans ( €bn) Dec.171 Dec.18 1 Dec.19 1 Dec.2 0 1 Dec.21 1,2 Dec.22 1,2 Dec.23 1,2 Dec.24 1,2 Sep.25 1,2 Dec.25 1,2 Δ yoy Stage 1 19.1 17.6 18.4 19.6 26.5 30.4 32.3 36.2 39.3 39.8 10% Stage 2 6.3 6.6 5.7 6.0 5.6 4.3 3.8 3.1 2.8 2.7 -14% Stage 3 32.9 27.3 24.5 22.4 4
Slide 55: Definitions of APMs
Definitions of APMs 1 Net interest income plus (+) net fee income . NFI incorporates net fee and commission income plus (+) income from non -banking and non -insurance activities plus (+) net income from insurance 1 Core income activities . For Ethniki Insurance, the total revenue contribution to Pi
Slide 56: Definitions of APMs
Definitions of APMs Net profit normalized is the profit/ (loss) attributable to the equity holders of the parent minus (-) one -off items defined herein . Overall, one -off items include revenues, expenses and 19 Net profit, normalized extraordinary impairment charges on loans and advances to custom
Slide 57: Definitions of APMs
Definitions of APMs 33 RARoC Risk Adjusted Return on Capital is computed based on recurring profitability (i.e., net income recurring) divided (/) by regulatory capital consumed, i.e., RWA multiplied by overall capital requirement Net profit, normalized (as defined herein) annualized minus (-) AT 1
Slide 58: 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 59: 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.
Slide 60: Disclaimer
Disclaimer Disclaimer on Ethniki Insurance : The financial information included herein comprises certain preliminary and unaudited financial data of Ethniki Insurance ( Ethniki Hellenic General Insurance Co SA) for the financial year 2025. Such information has been prepared on the basis of managemen
Slide 61: Contact information
Contact information Theo Gnardellis Chief Financial Officer Chryssanthi Berbati Deputy CFO |Strategic Planning & Sustainability Xenofon Damalas IRO Amalia Missailidi Senior IR Manager | Credit Ratings Vangelis Pilios Senior IR Manager | Equity Analysts Nina Lykou Senior IR Manager | Fixed Income & E
Slide 62: Piraeus
// Piraeus