Slides
Page 1
30 July 2025 First Half 2025 Financial Results
Page 2
Contents Executive Summary 01 Performance vs Peers Financial Analysis Annex 02 03 04
Page 3
Executive Summary 01
Page 4
4 01 Executive Summary H1.25: €0.6bn net profit, €0.1bn interim distribution, €0.43 EPS and 15% RoaTBV €559mn net profit €0.43 EPS, in line to meet or exceed guidance of c.€0.8 for 2025 €100mn interim distribution Via share buyback to be executed in Q4; >€500mn total distribution out of 2025 (c.€0.4 per share), 7% yield 15% RoaTBV in H1 Sustainable mid-teens return despite dropping rates, compared to the 2025 target of c.14% +15% loan growth yoy €36bn loan book, +€2.2bn loans in H1, upgrading full year target to >€36.5bn from c.€36bn €687mn net revenues in Q2 Benefitting from strong fees up 4% qoq, with NII at -1.5% qoq compared to -6% qoq in Q1 24% net fees over net revenues Best-in-class in Greece, 0.8% fees over assets; €325mn in H1, at par with upgraded target of c.€0.65bn 34% cost-to-core income ratio Best-in-class efficiency ratio confirming cost discipline, despite inflation and ongoing investments 0.5% organic CoR Cost of risk at 51bps, at par with 2025 target of c.50bps; NPE ratio at 2.6% and NPE coverage at 67.5% +27% AuM yoy €13.2bn AuM, above 2025 target of >€12bn; upgraded 2025 target of >€13.5bn; deposits at €63bn, +5% yoy 20.4% total capital ratio Buffer of c.440bps above P2G, or c.290bps including Ethniki Insurance Note: PnL items and ratios are displayed on reported basis; total capital ratio displayed on a proforma basis (definitions in the APM section of the presentation); TCR on a reported basis stood at 20.2% as at Jun.25; total distribution out of 2025 profit as well as interim distribution are subject to necessary conditions being met a nd supervisory approval; distribution yield calculated on 30 Jun.25 €7.4bn market cap 2 3 4 5 6 7 8 9 1 10
Page 5
5 01 Executive Summary Q2.25 €0.21 EPS with €5.90 TBV per share, up 8% yoy, after €0.30 cash dividend in Jun.25 Note: past periods’ one-off items and cost of risk components are described in the APM section of the presentation; reported net profit attributable to shareholders of the parent; tax line presents also addition of minority interests; impairment on other assets includes associates’ income; normalized operating profit incorporates one-off items post 29% tax rate; inorganic impairments include impairment charges for NPE and REO portfolios classified as HFS; one-off operating costs relate to VES costs; net trading result in Q2.25 includes gains from bonds, FX and other Group Figures (€mn) Q2.24 Q1.25 Q2.25 H1.25 Net interest income 528 481 474 955 Net fee income 167 160 166 325 Net trading result 7 19 47 66 Other operating result 12 (10) 1 (9) Operating expenses (199) (224) (212) (436) Underlying impairment charges (20) (15) (52) (66) Servicer fees & synthetic securitization costs (23) (21) (19) (40) Impairment on other assets & associates’ result (27) (8) (10) (18) Tax (normalized) (120) (99) (102) (201) Normalized operating profit 325 284 292 576 Normalized earnings per share (EPS) (€) 0.25 0.22 0.22 0.44 Inorganic impairments (loss on NPE, NPA sales) 0 0 (23) (23) Non-recurring revenue items 12 0 0 0 Non-recurring operating costs (4) 0 0 0 Tax (adjustment) (2) 0 7 7 Reported net profit 330 284 276 559 Reported earnings per share (EPS) (€) 0.25 0.22 0.21 0.43 Tangible book value (TBV) per share 5.45 6.01 5.90 5.90 plus €0.3 per share cash dividend paid in Jun.25 on track to meet or exceed annual target of ~€0.80 Q2.25 includes €45mn post model adjustment for mortgages
Page 6
6 Performing loans evolution (€bn) €2.2bn net loan growth in H1, with positive loan origination dynamics continuing 01 Executive Summary 33.7 +1.1 34.8 +3.1 -1.9 -0.2 35.9 Dec.24 ΔQ1.25 Mar.25 Disbursements Repayments FX Jun.25 Out of €3.1bn disbursements in Q2: ▪ c.€1.5bn to corporate, structured finance and shipping ▪ c.€1.3bn to small / medium enterprises ▪ c.€250mn to individuals The strong performance of H1, +€2.2bn net growth, leads to upward revision of 2025 to >€3bn, from +€2.5bn before Net loan movement +€1.1bn qoq (+3%) +€3.2bn disbursements -€2.0bn repayments -€0.1bn FX
Page 7
7 9.8 11.7 13.0 16.1 17.9 7.8 8.8 9.3 9.8 10.26.7 6.5 6.2 6.1 6.0 1.7 1.6 1.6 1.7 1.8 2021 2022 2023 2024 Jun.25 Large corporate SME / SB Mortgage loans Consumer loans & credit cards 26.0 28.6 30.1 33.7 01 Executive Summary Credit expansion supported by all business lending segments; household lending increased 10%CAGR 2021-Jun.25 1% Consumer loans & credit cards CAGR ’21-Jun.25 (3%) 8% 19% Mortgage loans CAGR ’21-Jun.25 SME / SB/ Agri loans CAGR ’21-Jun.25 Large corporate CAGR ’21-Jun.25 3.6% 4.0% 6.3% 6.5% 5.0% Performing loans evolution (€bn) Performing loans yields, % ▪ Household lending increased in Q2, +€70mn net ▪ Total of €2.4bn RRF related loans facilitated by Piraeus since 2023 fueling €7bn investments ▪ Sustainable financing amounts to €4.2bn or 12% of total loan book 35.9
Page 8
8 H1.25 CIB net credit expansion breakdown by sector (€mn) Origination leverages unparalleled platform to reach all sectors of the economy 01 Executive Summary Sector Net credit expansion Disbursements # Customers Hospitality 500 600 20 Shipping 350 750 40 Oil refineries 350 420 4 Wholesale and retail trade 250 600 65 SME 200 1,100 1,450 Electricity/Energy/Renewables 200 450 35 International syndicated 150 180 16 Other structured finance 100 220 10 Real estate 100 120 28 Agri 50 200 110 Mining 50 60 1 Total CIB 2,300 4,700 1,780 Includes one large ticket in Q1 (marquee resort in Attika) Handpicked, high quality accounts with LTVs <50% Focus on SME servicing: 31 NPS vs 15-20 market avg in SEE Export oriented, large corporate accounts Increased presence in international deals Emphasis on greenhouse technology solutions Note: net credit expansion refers to disbursements minus repayments; # customers relate to H1.25 disbursements
Page 9
9 01 Executive Summary New selected retail commercial initiatives in Q2.25 Spiti 25 Eco Check 1 Fund An innovative mortgage loan with preferential terms, for individuals, residents of Greece, aged 18-50, who wish to purchase their first home Offering sustainability performance assessment for our clients’ properties; it facilitates the identification of opportunities to reduce the energy consumption Subsidizes the cost of up to €275 per residence, for the issuance of Energy Performance Certificates for its clients currently having an encumbered mortgage with Piraeus to be done gradually in waves Agri e-loan Agri Flex New product enabling remote, fast and secure loan applications via its e-banking, by way of supporting the agricultural economy and expanding the capabilities of its digital channels Service offered to existing and new loan agreements aiming to protect farmers’ cash flow, by automatically extending loan undertakings, under adverse commodities prices ECP Home Reward Innovative deposit / investment product, for young individuals aged 18-30, aiming at educating financially the new generation and providing the tools for investing in their future. 1 Fund 1 προϊόν. Διπλό όφελος. Για νέους 18-30 ετών
Page 10
10 01 Executive Summary Net fee income in H1 at 24% over net revenues, on track to revised full year target of c.€650mn Net fee income (€mn) Q2.24 Q1.25 Q2.25 Q2 yoy H1.25 H1 yoy Financing Loans 30 31 29 -2% 60 18% Letters of guarantee 13 13 13 1% 25 1% Investment banking 1 2 4 >100% 6 0% Investment Bancassurance 14 18 18 26% 36 28% Asset management 19 24 26 41% 51 34% Transaction banking Funds transfers 32 20 21 -34% 42 -28% Cards 32 17 19 -41% 36 -20% Payments 6 3 2 -65% 5 -56% FX fees & other 13 9 10 -23% 19 -17% Rental income Income from rental 20 23 23 16% 46 14% Total 179 160 166 -8% 325 0% ▪ Loan fees supported by material loan disbursements ▪ Asset management fees post strong growth, on the back of ongoing client asset inflows in mutual funds, and private banking / institutional mandates ▪ Bancassurance fees continue showcasing best-in-class results ▪ Funds transfers business and payments fees have trended lower, as expected, on the back of early 2025 government measures, mitigated by trade finance fees of €23mn in H1 ▪ Q2.24 card fees incorporated €12mn one- off fees related with a strategic partnership in the cards space
Page 11
11 Assets under management (€bn) Note: private & institutional portfolios include Iolcus assets; Piraeus Securities assets refer to assets under custody; AuMs include market movements impact; upgraded 2025 target does not assume market effect delta vs Jun.25 Sound growth in assets under management, upgrading target for full year 2025 to >€13.5bn 01 Executive Summary 3.3 4.6 5.4 1.8 2.1 2.7 4.2 4.8 5.2 Dec.23 Dec.24 Jun.25 Piraeus Securities Mutual Funds Private & Institutional Portfolios 11.4 9.3 ▪ Jun.25 AuMs surpassed annual target of >€12.0bn, and we upgrade to >€13.5bn ▪ Upscale investment solutions with focus on o Hybrid advisory service for Private Banking clients supported by Piraeus Wealth Advisor, a Robo4platform o Robo advisory service for retail asset management (Piraeus brainy) ▪ New digitalized client journeys through the Piraeus Bank Mobile App ▪ Wide suite of Piraeus Bank and 3rd parties best of breed asset management products including Alternatives 13.2
Page 12
12 01 Executive Summary NII in Q2: -1.5% qoq from -6% in Q1, despite steep drop in rates; €1.9bn full year guidance confirmed Net interest income (€mn) Q4.24 Q1.25 Delta Q1 Q2.25 Delta Q2 Performing exposures 495 458 (37) 440 (17) Bond portfolio 118 122 +4 126 +4 Cash at central banks 59 37 (22) 23 (14) Customer deposits (85) (79) +6 (68) +12 Debt securities (65) (64) +1 (65) (1) TLTRO (7) 0 +7 0 0 Non maturing deposit hedges (8) 1 +9 11 +10 Other (5) (3) +2 (7) (3) NPE 12 11 -1 12 +1 Total NII 514 481 (33) 474 (7) NIM over assets (%) 2.60% 2.44% (0.16)% 2.38% (0.07)% Euribor 3m (average) 3.00% 2.56% (0.44)% 2.11% (0.46)% Note: non maturing deposit (NMD) hedges correspond to €10bn IRSs in Jun.25; “Other” category includes net interbank costs, bond hedging and L.128 costs; Q2 average Euribor 3m at 2.11%, where as accruing Euribor was at 2.45%, due to lag in volumes repricing NII sensitivity to -25bps Euribor at c.-€30mn: -€60mn loans +€20mn time deposits +€10mn IRSs (NMDs net of bond IRS) and cash ▪ Performing loan interest income down €17mn qoq, with impact from rates at -€30mn, mitigated by solid volume growth producing +€15mn qoq (+€1.1bn credit expansion) ▪ Deposit repricing keeps fueling NII improvement (2x the pace of Q1) ▪ Market expectations for euro risk free rates point to 2.00%-1.75% terminal rate by end 2025, compared to steeper expectations previously ▪ Based on H1 performance, asset growth expectations and current market dynamics, the 2025 €1.9bn ΝΙΙ target is reconfirmed, with 2026 €1.9bn NII presenting upside
Page 13
13 Loan portfolio yield at 5.0% in Q2, with spreads evolution in line with budget Loan portfolio yields Q4.23 Q1.25 Q2.25 Δ vs Q4.23 PE Jun.25 CIB 6.71% 5.37% 4.91% -1.81% €26bn Mortgages 5.03% 4.28% 3.86% -1.17% €6bn Consumer/SB 8.54% 7.71% 7.55% -0.99% €4bn Total PE yield 6.57% 5.44% 5.03% -1.55% €36bn Euribor 3m average 3.96% 2.56% 2.11% -1.85% Loan portfolio spreads Q4.23 Q1.25 Q2.25 Δ vs Q4.23 CIB 2.49% 2.27% 2.20% -0.30% Mortgages 1.91% 1.83% 1.84% -0.07% Consumer/SB 4.74% 4.80% 5.15% +0.42% Total PE spread 2.63% 2.45% 2.43% -0.19% ▪ From the peak of Q4.23, average 3m Euribor is down 185bps, compared to - 155bps for loan yield ▪ c.€27bn are euro floating rate loans, €3.5bn are USD floating rate loans, while c.€5.5bn are fixed or bank determined rate loans ▪ The mortgage rate cap applied in early-2023 has been waived in early 2025, given dropping base rates ▪ The average repricing period of corporate loans is c.6 months, whereas of mortgages c.1 month 01 Performing loan yields & spreads vs peak rates of Q4.23 Note: loan spreads calculated over rolling base rates of related currency and duration; analysis excludes CLOs Executive Summary ▪ Stabilization of spreads (-2bps qoq), with mild contraction observed in CIB (-7bps in qoq), as budgeted Affected by fixed rate loans, otherwise flattish qoq
Page 14
14 Deposit cost evolution vs peak rates of Q4.23 Note: deposit beta refers to deposit cost divided by average euribor 3m for a period; time deposit pass-through refers to delta time deposit cost divided by delta Euribor 3m for a period; first demand deposit costs = sights and savings accounts’ deposit cost s Lower time deposit pricing will drive funding costs lower 01 Executive Summary Deposit costs (stock) Q4.23 Q1.25 Q2.25 Jun.25 Deposits Jun.25 First demand deposits cost (%) 0.06% 0.08% 0.07% 0.06% €50bn Time deposits cost (%) 2.00% 2.02% 1.80% 1.70% €13bn Time deposits (% of total) 22% 22% 21% 21% 21% Total deposits cost (%) 0.51% 0.52% 0.43% 0.49% €63bn Euribor 3m average 3.96% 2.56% 2.11% 1.98% Deposit beta Q4.23 Q1.25 Q2.25 Jun.25 Total deposit beta 13% 20% 21% 21% Time deposit beta 51% 79% 85% 86% Time deposit pass-through (qoq) n.a. 32% 48% 61% ▪ First demand deposit balances have grown by c.€3.6bn over the past year ▪ Time deposit balances have decreased by €0.5bn during the same period ▪ c.65% of time deposits get repriced in the next 3 months and c.90% in the next 6 months ▪ Time deposits downward repricing continues, with new time deposits cost in Jul.25 below 1.70% ▪ Time deposit pass-through demonstrates ongoing improvement in the downward interest rate period
Page 15
15 01 Executive Summary Cost management on budget; CapEx investment to ensure long-term productivity gains Note: operating expenses are illustrated on a recurring basis, net of one-offs (definitions in the APM section of the presentation) Operating expenses (€mn) Q2.24 Q1.25 Q2.25 H1.25 Staff costs 97 99 103 203 G&A costs 73 94 76 170 Depreciation 29 31 32 64 Total OpEx (recurring) 199 224 212 436 Cost-to-core income ratio (%) Domestic FTEs (#k) Domestic branches (#) 7.5 7.4 Jun.24 Jun.25 29% 33% Q2.24 Q2.25 371 368 Jun.24 Jun.25 Higher qoq on the back of variable pay(+€6mn qoq) IT CapEx (€mn) 100 ~140 2022-2023 avg per year 2024-2025 avg per year Down qoq (Q1 burdened by frontloaded property taxes) Technical low, due to peak NII Increase on the back of CapEx IT spending
Page 16
16 1.3 1.3 1.1 1.1 1.1 Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 01 Executive Summary Solid credit quality with NPE ratio at 2.6% and cost of risk at 0.5%, increasing S1/S2 coverage Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 Organic cost of risk (CoR) 0.5% 0.5% 0.4% 0.3% 0.5% o/w underlying CoR 0.2% 0.3% 0.2% 0.1% 0.3% NPE coverage 58.8% 61.4% 64.7% 64.2% 67.5% NPE ratio 3.3% 3.2% 2.6% 2.6% 2.6% NPE beginning of the period 1.3 1.3 1.3 1.1 1.1 o/w inflows 0.1 0.1 0.1 0.1 0.1 o/w outflows (0.1) (0.1) (0.1) (0.1) (0.1) o/w sales & write-offs (0.0) (0.0) (0.3) 0.0 0.0 NPE end of the period 1.3 1.3 1.1 1.1 1.1 NPE formation 0.0 0.0 0.0 0.0 0.0 Note: underlying cost of risk excludes fees paid to the NPE servicer and synthetic securitization costs NPE balance evolution (€bn) From €15mn underlying CoR in Q1, to €52mn in Q2; €45mn mortgage post model adjustment in Q2 for proactive reprofiling of paying loans, including performing CHF mortgages
Page 17
17 Liquidity KPIs Note: LCR refers to Liquidity Coverage Ratio; LDR refers to Loans-to-Deposits ratio; NSFR refers to Net Stable Funding Ratio; Jun.25 NSFR data refer to Mar.25 Superior liquidity profile; deposits at €62.9bn, +5% yoy 01 Executive Summary 241% 219% 206%LCR (%) Dec.23 Dec.24 Jun.25 Cash (€bn) 7.1 7.4 6.2 Deposits (€bn) 59.6 62.9 62.9 Debt securities (€bn) 2.8 4.5 4.9 LDR (%) 61% 63% 67% NSFR (%) 133% 134% 131% ▪ Deposits in Q2 recovered from Q1 seasonality; +5% yoy ▪ Improved funding profile, with new €500mn Green senior preferred bond and €400mn ΑΤ1 instrument issued in H1.25 ▪ The highest Green bond issuance by a Greek bank, totaling €1.65bn via three instruments ▪ HQLA assets at €20.8bn in Jun.25
Page 18
18 Executive Summary Note: Jun.25 CET1 capital incorporates €340mn cumulative deduction for NPE calendar shortfall related with Greek State Guaranteed exposures of €0.4bn net book value; CET1 ratios are displayed on a proforma basis (definitions on the APM section); reported CET1 ratio at 14.2% as at Jun.25 and Mar.25, 14.5% as at Dec.24 14.7% 14.4% +0.9% (0.3%) (0.4%) (0.3%) 14.4% Dec.24 Mar.25 PnL Growth Distribution accrual Other (incl DTC, AT1 cpn etc) Jun.25 CET1 trajectory Q2.25 (%) Strong organic capital generation, absorbing loan growth, increased distribution accrual and DTC 01 50% payoutAbsorbing Europe’s best in class double- digit loan growth (0.2%) to fully cover Greek State Guaranteed exposures calendar shortfall DTC / CET1 at 57%
Page 19
19 01 Executive Summary MREL requirement and position, 290bps buffer 23.6% 3.9% Terminal MREL requirement (30 Jun.25) 27.5% MREL requirement Combined buffers Note: MREL ratio displayed on a proforma basis (definition in the APM section); on a reported basis MREL ratio at 30.1%; MREL requirements and position is monitored at Piraeus Bank Group level; the counter cyclical buffer for Greece will increase effective October 2025 by 25bps (already in the displayed 30 Jun.25 requirement) • Ample buffer to MREL requirements • No subordination requirement based on the latest SRB’s communication • Debt securities outstanding: • €3.5bn Senior Preferred bonds • €1.15bn Tier 2 bonds • €1.0bn AT1 bond 14.4% 6.1% 9.9% MREL position (30 Jun.25) 30.4% CET1 AT1, T2 Senior bonds & other senior liabilities Piraeus Bank Group level Piraeus Bank Group level
Page 20
20 01 Executive Summary Note: Piraeus Pre Transaction data are as per 24 February 2025 guidance communicated to the market; Post Transaction illustr ation is proforma including Ethniki Insurance management business plan forecasts (no synergies incorporated); P2G for 2026-2028 at 16.2% from 16.0% in 2025 (phasing of O-SII buffer) Pre Transaction Post Transaction 2026 guidance 2027 guidance 2028 guidance 2026 guidance 2027 guidance 2028 guidance RoaTBV (%) ~13% ~13.5% ~14% ~14% ~14.5% ~15% EPS (€) ~0.8 ~0.9 ~1.1 ~0.9 ~1.0 ~1.2 Net fees over net revenues (%) ~25% ~25% ~25% ~28% ~28% ~28% Cost-to-core income (%) ~35% ~35% <35% ~35% ~35% <35% Total capital without Danish compromise (%) >20% ~20.5% ~21% >18.5% ~19.5% ~20% Buffer over P2G (bps) ~415 ~440 ~485 ~265 ~320 ~390 The acquisition is EPS and RoaTBV accretive by >5% and 1 percentage point respectively Piraeus to acquire Ethniki Insurance, a leading insurer in Greece, further diversifying its revenue sources and enhancing value for its shareholders Financial KPIs ▪ Ethniki Insurance is a leading insurer in Greece ▪ Market share of c.14.6% (c.17% in life / c.11% in non-life) ▪ 2024 production: 850mn GWP ▪ Consideration: €600mn in cash, on a 100% basis ▪ Post the transaction, Piraeus’ CET1 ratio is expected to land at c.13% and subsequently move higher ▪ Piraeus intends to achieve a FICO status and pursue the Danish Compromise; if attained, CET 1 ratio to expand by c.50bps ▪ The transaction is subject to the approvals of the competent regulatory bodies
Page 21
21 01 Executive Summary Snappi, Greece’s first neobank, serves a dual strategic purpose for the Group • Greenfield development of next-era Retail Banking capabilities (e.g., branchless distribution, embedded banking). Relatively small investment of c.€42mn by Piraeus Financial Holdings for 55% ownership until Jun.25 • Value proposition tailored to Generation Y / Generation Z segments without impacting current customer base • Ringfenced P&L with clear visibility into the returns generated from innovation projects Innovation platform for retail banking Vehicle for international expansion • Low-capex expansion model with no branches • Centralized back-office and support functions in Greece enabling cost advantage vs. local players in expansion markets • Remote service model good fit for cross-border banking relationships Jun ‘22: Founding Jun ‘24: Banking license Sep ‘24: Payments live Start of family testing Q3 ‘25: Greek commercial launch scheduled 2026: European expansion Expanded ‘Friends’ testing Preparing ‘launch readiness’ assessment Apr ‘25: Now: 2k onboarded users 7k Youth Pass beneficiaries 17k users in waiting list
Page 22
22 Note: distribution is subject to necessary conditions being met and supervisory approval; PnL items and ratios are displayed on reported basis; capital ratios are displayed on a proforma basis (definitions in the APM section of the presentation); EPS and RoaTBV are adjusted for AT1 coupon ; FY.25 target CET1 and total capital ratios are displayed without the overlay of the Ethniki Insurance transaction (slide 19) H1.25 continues our track record of delivering strong results 01 Executive Summary Earnings per share (€) €0.81 €0.22 €0.43 ~€0.8 RoaTBV (%) 15.0% 14.7% 14.6% ~14% NII / assets (%) 2.7% 2.4% 2.4% ~2.4% NFI / revenues (%) 23% 25% 24% ~25% Cost-to-core income (%) 30% 35% 34% <35% Organic cost of risk (%) 0.5% 0.35% 0.5% ~0.5% NPE (%) 2.6% 2.6% 2.6% ~2.5% NPE coverage (%) 65% 64% 67% ~65% Performing loans (€bn) €33.7 €34.8 €35.9 >€36.5 CET1 (%) 14.7% 14.4% 14.4% ~14.5% Total capital (%) 19.9% 19.5% 20.4% ~20.0% ECB deposit facility rate assumption (end period, %) 3.00% 2.50% 2.00% 2.00% FY.25 updated targets Q1.25 actual post distribution accrual 50% post distribution accrual 50% H1.25 actual post distribution accrual 50% post distribution accrual 50% FY.24 actual post distribution accrual 35% post distribution accrual 35% post distribution accrual ~50% post distribution accrual ~50%
Page 23
Piraeus’ Performance vs Peers 02
Page 24
24 #1 in performing loans (26% Greek market share) #1 in deposits (28% share) #1 in equities brokerage (26% share) #1 in retail footprint, with 370 branches and 1,300 ATMs 4.5mn clients nationwide “Greece’s Best Performing Bank” by the Banker’s 2025 Top 1000 World Banks 02 Piraeus Performance vs Peers Piraeus: the leading bank in Greece Note: all data refer to Mar.25 based on publicly available information (Bank of Greece, Athens Stock Exchange, Hellenic Bank Association) and Piraeus internal analysis; distribution yield calculated on 30 Jun.25 €7.4bn market cap 7% distribution yield from 50% distribution accrual in 2025
Page 25
25 17.4% 18.9% 13.8% 14.7%2 14.1%2 14.6%2 ~14%2 Q1.25 Q1.25 Q1.25 Q1.25 Q2.25 H1.25 FY.25e RoaTBV 1 (%) Source: SNL Financial Database, Company information. Spanish sample includes Unicaja, Sabadel, Santander, Caixa, BBVA, Bankinter. Italian sample includes Banco BPM, Unicredit, Banca Popolare di Sondrio, Credem, Intesa Sanpaolo, BPER, MPS. Greek peers include Alpha, NBG and Eurobank. The same sample applies for the whole section 2 of the presentation Notes: 1) RoaTBV based on Q1.25 net profit for the period over average tangible book value. Tangible book value excludes other equity instruments. For Greek banks RoaTBV is based on reported net profit for the period; 2) Adjusted for AT1 coupon Piraeus’ return on tangible book sustainably high, with actions in progress to improve further 02 Piraeus Performance vs Peers Greek peers Spain Italy
Page 26
26 3% 1% 12% 16% 15% ~9% Q1.25 Q1.25 Q1.25 Q1.25 Q2.25 FY.25e Performing loan growth 1 (yoy) Source: SNL Financial Database, Company information Note: 1. Excluding senior notes from HAPS scheme and referring to domestic balances for Greek banks. Performing loans calculated as gross loans minus non-performing loans Credit expansion strong, best-in-class across Eurozone Piraeus Performance vs Peers 02 Greek peers Spain Italy upgraded from 8%
Page 27
27 211 190 254 244 238 238 ~240 Q1.25 Q1.25 Q1.25 Q1.25 Q2.25 H1.25 FY.25e Net interest income over average assets (bps) Source: SNL Financial Database, Company information NIM among the best in Southern Europe 02 Piraeus Performance vs Peers Greek peers Spain Italy
Page 28
28 69 112 61 81 83 81 ~80 Q1.25 Q1.25 Q1.25 Q1.25 Q2.25 H1.25 FY.25e Net fees & commission income over average total assets (bps) Source: SNL Financial Database, Company information Leader in fee income in Greece, with actions in progress to converge with Europe’s best-in-class 02 Piraeus Performance vs Peers Greek peers Spain Italy
Page 29
29 23% 33% 18% 25% 24% 24% ~25% Q1.25 Q1.25 Q1.25 Q1.25 Q2.25 H1.25 FY.25e Net fees & commission income over net revenues (%) Fees as a percentage of revenues already high, with a medium-term target of 30% 02 Piraeus Performance vs Peers Greek peers Spain Italy Source: SNL Financial Database, Company information
Page 30
30 43%1 45%1 38%2 35%2 33%2 34%2 <35%2 Q1.25 Q1.25 Q1.25 Q1.25 Q2.25 H1.25 FY.25e Cost-to-income ratio (%) Source: SNL Financial Database, Company information Notes: 1) Operating expenses divided by recurring revenue, 2) Operating expenses excluding one-off expenses items divided by core income Cost champion across the region 02 Piraeus Performance vs Peers Greek peers Spain Italy
Page 31
31 2.8% 2.4% 3.1% 2.6% 2.6% ~2.5% Q1.25 Q1.25 Q1.25 Q1.25 Q2.25 FY.25e NPE ratio (%) Source: SNL Financial Database, Company information Following a radical reduction, NPE ratio is now on par with European average… 02 Piraeus Performance vs Peers Greek peers Spain Italy
Page 32
32 61 21 53 35 46 51 ~50 Q1.25 Q1.25 Q1.25 Q1.25 Q2.25 H1.25 FY.25e Cost of risk1 (bps) Source: SNL Financial Database, Company information Note: 1. Provision for customer loan losses as a percent of average net loans to customers …creating space for cost of risk to stay at low levels 02 Piraeus Performance vs Peers Greek peers Spain Italy
Page 33
33 13.2% 16.0% 17.0%1 14.4%1 14.4%1 ~14.5%1 Q1.25 Q1.25 Q1.25 Q1.25 Q2.25 FY.25e Capital ratios Source: SNL Financial Database, Company information Note: 1. Capital ratios on a pro forma basis Piraeus’ regulatory capital is close to domestic peers and on par with its regional comparables 02 Piraeus Performance vs Peers Regulatory Capital % CET1% 17.3% 20.2% 20.7%1 Greek peers Spain Italy 20.4%1 19.5%1 ~20.0%1
Page 34
34 P/TBV multiple for 20251 (%) Notes: 1. average expected 2025 P/TBV multiple for the selected sample of Spanish and Italian banks. Also displayed the average 2025 P/TBV multiple for those banks from the selected sample that have expected 2025 RoaTBV above 14%; multiples calculated on closing prices as at 25 July 2025 for European peers and for Piraeus Piraeus’ stock still trades below its EU bank comps with similar earnings expectations, implying significant upside 02 Piraeus Performance vs Peers 1.39x 1.50x 1.30x 1.50x P/TBV 25e P/TBV 25e RoaTBV 25e >14% P/TBV 25e P/TBV 25e RoaTBV 25e >14% Spain Italy PB share price 25 Jul.25 €6.7 ~€9.1 ~35% Implied PB share price at P/TBV 25e multiple of Italian banks with RoaTBV >14% P/TBV 25e 1.1x Implied P/TBV 25e ~1.5x
Page 35
Financial Analysis 03
Page 36
▪ Customer loans comprise 51% of assets ▪ Fixed income portfolio comprises 22% of assets ▪ Fixed income holdings of Greek sovereign at €10.8bn, other European sovereigns at €4.9bn and other corporate bonds at €1.8bn ▪ Customer deposits comprise 87% of liabilities ▪ HQLA assets at €20.8bn as at Jun.25, up €1.9bn qoq on the back of deposit inflows and debt issuance 03 Financial Analysis Strong balance sheet with excess liquidity boosting profitability Asset mix vs funding mix - Jun.25 Notes: DTC in regulatory capital as at Jun.25 amounted to €2,947mn; other assets include mainly “Investments in associates” (€1.4bn), “Goodwill & intangible assets” (€0.4bn) and “Financial derivatives” (€0.2bn); other liabilities include “Financial derivatives” (€0.2bn); cash position is cash with Central Banks; NSFR as at Mar.25 4.2 5.2 0.4 3.3 41.8 2.5 17.6 6.2 2.1 8.9 62.9 4.9 2.5 Total81.2 amounts in €bn 81.2 Other1 Cash Total Fixed income Net loans Real estate Interbank loans DTA Held for sale ASSETS Jun.25 LIABILITIES & EQUITY Jun.25 Interbank Deposits Total equity Other1 Debt securities 206% LCR €6.2bn cash position 67% LDR 131% NSFR Ample excess liquidity supporting increased profitability and future balance sheet growth 36
Page 37
550 548 521 480 463 (22) (18) (8) 1 11 Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 21 33 16 15 28 25 21 25 21 19 Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 Net interest income (€mn) Net fee income (€mn) Operating expenses (€mn) Cost of risk (bps) Note: net fee income depicted on a recurring basis and includes rental income and income from non-banking activities Note: operating expenses depicted on a recurring basis NII shows resilience on the back of asset growth and hedges Key drivers of growth: loans, bancassurance, asset management and rental income, absorbing the impact from the new payments’ legislation in Greece as of Jan.25 Non-HR costs down, post Q1 frontloading of property taxes, HR costs increase due to variable pay (+€6mn qoq) Underlying cost of risk in Q2 includes €45mn post model adjustment for mortgage loans 03 Fee dynamics remain robust, while NII drop decelerated materially (-1.5% qoq vs -6% in Q1) NMD cost NII excl. NMD Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 97 100 113 99 103 102 106 112 125 108 Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 Non-HR costs HR costs 212199 54bps 41bps46bps 225 Fees Underlying 514 Note: non maturing deposit hedging cost corresponds to €10bn IRSs in Jun.25 37 474 206 35bps 167530528 156167 Financial Analysis 166 481 160 224 46bps
Page 38
38 03 Financial Analysis Balance sheet evolution pointing to further improvement Group figures (€bn) Jun.24 Mar.25 Jun.25 Cash & due from banks 10.2 7.3 8.7 Net loans to clients 37.7 40.8 41.8 - Net PE book 37.0 40.3 41.3 - Net NPE book 0.7 0.5 0.5 Fixed income securities 15.1 17.2 17.6 Other assets 13.6 13.5 13.1 Due to banks 3.5 2.3 2.5 Deposits from clients 59.8 61.4 62.9 Debt securities & other liabilities 5.6 6.5 7.1 Equity (incl. Additional Tier 1) 7.8 8.6 8.9 Total 76.6 78.8 81.2 Tangible book value 6.8 7.5 7.4 Customer deposits fully fund the Bank’s loan and fixed income portfolios, leaving ample liquidity buffer Net NPE over total net loans down to 1.3% in Jun.25 Tangible book value +8% yoy, absorbing €0.4bn cash dividend paid in Jun.25 Ιnterbank funding drawn below DFR rates Balance sheet items Note: net loans exclude seasonal agri loan to farmers for Mar.25; seasonal agri loan is included in other assets
Page 39
39 6.1% 5.5% 5.4% 4.9% 4.2% 4.2% 6.0% 5.4% 5.4% 4.9% 4.3% 4.1% Q1.24 Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 Piraeus Greek Market 03 Financial Analysis Loan portfolio evolution Q2.25 performing loan movement (€bn) Q2.25 disbursements (€bn) Mar.25 DisbursementsRepayments Other Jun.25 Individuals 7.7 +0.3 -0.2 0.0 7.8 Business 27.1 +2.9 -1.7 -0.2 28.1 Performing loans 34.8 +3.1 -1.9 -0.2 35.9 Yield (quarterly) 5.4% 5.0% Category amount yield % Mortgages 0.1 3.1% Consumer 0.1 10.4% SB 0.2 5.8% SME 0.7 4.4% Shipping 0.5 6.1% Corporate 1.5 4.0% Total 3.1 4.6% New business loans yields (%) Note: SME includes Agri loans; market data up to May.25, source Bank of Greece Business loan pricing at par with market average
Page 40
40 Net credit expansion (€bn) Strong net credit expansion continues 01 Financial Analysis -0.2 +1.2 +0.8 +1.2 +1.2 Q1.24 Q2.24 Q3.24 Q4.24 Q1.25 Q2.25Q1.24 Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 Total -0.2 +1.2 +0.8 +1.7 +1.2 +1.2 Individuals 0.0 0.0 0.0 +0.1 -0.1 +0.1 Businesses -0.1 +1.2 +0.8 +1.5 +1.3 +1.1 o/w Transportation +0.1 +0.4 +0.3 +0.0 +0.1 +0.2 o/wManufacturing -0.3 +0.3 -0.1 +0.3 +0.4 +0.1 o/w Trade +0.1 +0.2 -0.1 0.0 +0.2 +0.1 o/w Hospitality 0.0 0.0 0.0 +0.1 +0.4 +0.1 o/w Construction / RE 0.0 0.0 +0.1 +0.7 +0.0 +0.2 o/w Energy 0.0 0.0 +0.2 +0.1 0.0 +0.2 o/w Other -0.1 +0.2 +0.4 +0.3 +0.2 +0.3 RRF-related +0.1 +0.1 +0.1 +0.1 +0.1 +0.1 Note: transportation sector includes shipping RRF lending since 2023: €0.8bn disbursed €0.6bn contracted €1.0bn in the pipeline €2.4bn until now +€3.4bn +1.7 +€2.4bn
Page 41
41 5% 1% 1% 2% 3% 4% 5% 8% 9% 9% 10% 10% 11% 5% 17% Other* Administrative & support Human health & social Agriculture Transportation & storage Real estate Construction Hospitality Shipping Financial & insurance* Energy Wholesale & retail trade Manufacturing Consumer Mortgages 03 Financial Analysis Retail loans 22% • Loan-to-value of performing mortgage portfolio stands at c.51% • Fixed rate mortgage loan new originations account for c.69% of total Loan concentration stats (Jun.25) • Concentration of the performing loan book to top 20 exposures stands at c.19% Mortgage book stats (Jun.25) Loan portfolio diversification Group loan composition (€35.9bn at Jun.25, %) * Financial & insurance exposures exclude €5.6bn senior tranches Q2.25 CIB disbursements breakdown Note: performing loans include CLOs (€0.8bn) and exclude senior tranches of HAPS securitizations (€5.6bn) Industry mix % Transportation (incl. shipping) 23% Wholesale & retail trade 14% Financial 14% Energy 13% Manufacturing 12% Hospitality 5% Other 19% Total 100% Shipping loan portfolio stats (Jun.25) • €3bn to top quality shipping names, comprising mainly bulkers (c.50%) and tankers (c.20%); c.55% LTV; zero NPEs
Page 42
42 03 Financial Analysis Loan yields affected by base rates; deposit costs de-escalating Group Interest income (€mn) Yields (%) Average balances (€bn) Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 Customer loans 517 522 507 468 452 5.39% 5.30% 4.91% 4.55% 4.24% 37.9 38.6 40.3 41.2 42.2 o/w PEs 488 497 484 447 430 6.59% 6.40% 5.95% 5.44% 5.03% 29.3 30.4 31.8 32.8 33.9 Mortgages 84 81 73 63 57 5.14% 5.08% 4.81% 4.28% 3.86% 6.1 6.1 6.1 6.0 6.0 Consumer 42 43 43 40 41 10.61% 10.31% 10.17% 9.65% 9.64% 1.6 1.6 1.7 1.7 1.7 Business 362 373 368 343 332 6.62% 6.44% 5.97% 5.47% 5.02% 21.6 22.7 24.1 25.1 26.2 o/w NPEs 16 19 12 11 12 3.35% 4.10% 2.84% 2.55% 2.86% 1.9 1.8 1.6 1.5 1.5 Deposit cost 80 84 85 79 68 0.54% 0.55% 0.54% 0.52% 0.43% 59.2 60.0 61.4 61.3 62.0 Sight & savings 8 8 10 9 8 0.07% 0.07% 0.08% 0.08% 0.07% 45.8 46.7 47.7 47.4 48.9 Time 72 76 76 70 60 2.13% 2.22% 2.16% 2.02% 1.80% 13.4 13.4 13.7 13.9 13.1 Note: balances and related income exclude senior tranches of HAPS NPE securitizations and CLOs plus seasonal Agri loan that cumulatively contributed €10mn interest income in Q2.25; NPEs include held-for-sale portfolios, which accrue until final derecognition
Page 43
43 03 Deposits fully recovered from Q1 seasonality, with Q3-to-date trending higher Domestic deposit mix (%) 59.6 -1.0 +1.2 +0.8 +2.3 62.9 -1.4 +1.4 62.9 Dec.23 Δ Q1.24 Δ Q2.24 Δ Q3.24 Δ Q4.24 Dec.24 Δ Q1.25 Δ Q2.25 Jun.25 30% 33% 70% 67% Jun.25 Jun.25 Business Retail 23% 21% 77% 78% Jun.25 Jun.25 Savings-sight deposits Time deposits Greek market Piraeus Greek market Piraeus FY.23 delta FY.24 delta Q1.25 delta Q2.25 delta Jun.25 balance Mass | Farmers +0.8 -0.1 -0.3 +0.1 23.2 Affluent | Private banking +0.5 +0.8 -0.4 +0.2 19.1 SB +0.6 +1.1 -0.5 +0.3 8.4 SME 0.0 +0.4 0.0 +0.4 3.2 Corporate -0.7 +0.9 -0.2 +0.4 6.7 Government & other 0.0 +0.2 +0.0 +0.0 2.3 Total +1.2 +3.3 -1.4 +1.4 62.9 Customer deposit movement (€bn) Deposit movement by segment (€bn) Financial Analysis
Page 44
44 03 Financial Analysis Q2 operating costs on track with annual target, with investment in our people, technology and business growth Note: one-off items are displayed in the APM section of the presentation Operating costs (€mn) Q2.24 Q1.25 Q2.25 yoy Staff costs 101 99 103 3% recurring 97 99 103 7% G&A costs 73 94 76 4% Rents - maintenance 7 7 7 3% IT - telco 8 9 8 7% Legal - business services 5 10 11 >100% Marketing - subscriptions 10 8 8 -17% Taxes 13 28 13 -1% DGS - SRF 0 0 0 n.a. Other 22 18 20 -12% Subsidiaries 9 15 9 4% Depreciation 29 31 32 11% Total operating costs 203 224 212 4% recurring 199 224 212 6% Up 7% on increased variable remuneration (+1% excluding variable) G&A costs normalized post Q1 frontloading of property taxes Depreciation expenses increase as planned due to maturity of IT investments Legal and advisory costs related with transformation projects, Snappi, as well as the execution of the Ethniki Insurance transaction Q1 impacted by frontloading property tax charges
Page 45
45 03 Financial Analysis Capital position metrics • Total capital ratio exceeding by c.440bps the 2025 P2G supervisory guidance of 16.01% (TCR 14.76% + P2G 1.25%) • Comfortable MDA buffer of c.440bps Capital ratios | Jun.25 Regulatory capital requirements €bn | % Reported Pro forma CET-1 capital 5.1 5.1 Tier 1 capital 6.1 6.1 Total capital 7.3 7.3 RWAs 36.1 35.7 CET-1 ratio 14.2% 14.4% Tier 1 ratio 17.0% 17.2% Total ratio 20.2% 20.4% Capital requirement components (%) 2024 2025 Pillar 1 requirement 8.00% 8.00% Pillar 2 requirement 3.00% 2.90% Capital conservation buffer 2.50% 2.50% O-SII buffer 1.00% 1.00% Counter cyclical buffer 0.09% 0.36% CET 1 requirement 9.78% 9.99% Overall capital requirement 14.59% 14.76% Pillar 2 guidance (P2G) 1.25% 1.25% Overall capital requirement plus P2G 15.84% 16.01% • The Pillar 2 capital requirement has been reduced to 2.90% for 2025 from 3.00% in 2024 (Piraeus being the only Greek bank with an improved P2R for 2025) • The counter cyclical buffer for Greece will increase effective October 2025 by 25bps (already in the displayed 2025 requirement) • On 1 August, the 2025 EBA stress test results will be announced. Post the 2023 EBA stress test exercise, and based on the P2G bucket ranges, Piraeus P2G add-on has been reduced to 1.25% from 1.75% since Jan.24
Page 46
46 0.3 0.5 0.3 NPEs per bucket (€bn as at Jun.25) 03 Post meaningful reduction of NPEs, 25% of remaining portfolio in 0dpd 0 dpd 1-89 dpd >90 dpd NPEs Business 0.2 0.0 0.5 0.8 Mortgages 0.1 0.0 0.2 0.2 Consumer 0.0 0.0 0.1 0.1 Total 0.3 0.0 0.8 1.1 NPE mix 25% 4% 71% 100% Jun.25 0 dpd, c.€100mn to be cured within the next 18 months Non denounced > 1dpd, cases of >€200mn to be dealt within the next 18 months 1.1 57% 48% Denounced loans, half to be dealt with settlements / liquidations / write-offs, while the rest are guaranteed by the Greek State 47% Remaining NPEs (€bn as at Jun.25) Cash coverage Financial Analysis
Page 47
47 03 Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 NPEs | beginning of period 1,303 1,264 1,262 1,068 1,097 Redefaults 14 10 15 8 4 Defaults 78 52 100 80 64 Total inflows 92 62 115 89 68 o/w business 30 18 77 36 25 o/w mortgages 44 28 24 36 29 o/w consumer 17 15 13 16 14 Curings, collections, liquidations (118) (57) (56) (56) (54) o/w business (90) (37) (35) (37) (30) o/w mortgages (21) (15) (17) (13) (17) o/w consumer (7) (5) (5) (6) (6) Write-offs (13) (6) (19) (8) (18) Sales 0 0 (234) 5 (1) NPE | end of period 1,264 1,262 1,068 1,097 1,092 NPE movement outlines strong NPE clean-up effort, both organic and inorganic Group NPE movement (€mn) Financial Analysis Note: in Q4.24 three tickets that were restructured; curing anticipated in the next 18 months
Page 48
48 Forborne NPEs (Jun.25) Group NPE decomposition & coverage (€bn | %) Note: additional to the €0.4bn FNPE, there are €0.3bn FPEs (classified as Stage 2) Financial Analysis €1.1bn NPE stock, fully covered by collateral and provisions 0.6 0.6 Collateral Provisions 0.8 0.3 UTP NPL 105% Coverage 1.1 Jun.25 NPE 1.1 NPE 0.7 0.4 FNPE NPE FNPE (€bn) 0dpd 0.2 1-90dpd 0.0 >90dpd 0.2 Total 0.4 1.1 Jun.25 1.1 NPE Note: coverage includes NPE loss reserves 03
Page 49
49 NPE ratio per product category 03 Financial Analysis Group NPE & NPE coverage ratio NPEs (€bn) Jun.25 Mix Business 0.8 70% Mortgages 0.2 22% Consumer 0.1 8% TOTAL 1.1 100% LLRs (€bn) Jun.25 LLR/ Gross Loans Business 0.5 2% Mortgages 0.1 2% Consumer 0.1 5% TOTAL 0.7 2% NPE mix Loan loss reserves 65% 72% 21% 119% 67% 72% 41% 106% Total Business Mortgages Consumer Dec.24 Jun.25 2.6% 2.4% 3.3% 3.9% 2.6% 2.2% 3.9% 4.9% Total Business Mortgages Consumer Dec.24 Jun.25 NPE coverage ratio per product Note: coverage is calculated as total loan loss reserves over NPEs Including €45mn PMA Small increase in NPEs (+€35mn mortgages, +€20mn consumer) on flattish balances
Page 50
50 03 Retail Banking: strong profitability taking advantage of nationwide network and wide clientele base 6.1 6.0 6.0 1.6 1.7 1.8 2.3 2.4 2.5 Jun.24 Mar.25 Jun.25 Mortgages Consumer SB 10.1 10.1 150 138 H1.24 H1.25 €mn H1.24 H1.25 Total net revenues 686 583 Total operating costs (202) (221) Pre provision income 483 362 Impairments (31) (66) Pre tax profit 453 296 NII / assets 9.0% 7.6% NFI / assets 2.5% 2.4% Cost / income 29% 38% 10.3 Performing loans (€bn) Net fee income (€mn) Note: PnL items are displayed on recurring basis for H1.24 (information in the APM section of the presentation) Financial Analysis H1.25 absorbed impact from payments legislation as of Jan.25
Page 51
51 11.0 14.2 14.7 3.0 3.1 3.1 5.8 6.0 6.11.4 1.5 1.6 Jun.24 Mar.25 Jun.25 03 Corporate & Investment Banking: solid profitability driven by best-in-class volume growth 21.2 24.7 111 116 H1.24 H1.25 €mn H1.24 H1.25 Total net revenues 437 435 Total operating costs (88) (92) Pre provision income 349 343 Impairments (37) (32) Pre tax profit 312 310 NII / assets 2.8% 2.3% NFI / assets 1.0% 0.8% Cost / income 20% 21% 25.6 Performing loans (€bn) Net fee income (€mn) Note: PnL items are displayed on recurring basis for H1.24 (information in the APM section of the presentation) Large corporates Shipping SMEs Leasing/ factoring o/w c.€23mn trade finance fees Financial Analysis Shipping balances affected from EUR/USD
Page 52
52 9.9 10.8 10.8 2.9 3.9 4.92.3 2.4 1.8 Jun.24 Mar.25 Jun.25 03 Financial Analysis Treasury & Financial Markets: consistent execution of strategy in fixed income markets Note: PnL items are displayed on recurring basis for H1.24 (information in the APM section of the presentation) Fixed income securities per issuer (€bn) Fixed income securities per category (€bn) 15.1 17.2 €mn H1.24 H1.25 Total net revenues 212 276 Total operating costs (22) (28) Pre provision income 190 249 Impairments 0 0 Pre tax profit 190 249 17.6 Greek sovereign (GGBs & T-bills) EU sovereign Other 13.5 15.0 15.3 0.7 1.2 1.4 1.0 1.0 0.9 Jun.24 Mar.25 Jun.25 Trading AMOC €0.5bn GR €9.4bn GR 15.1 17.2 17.6 FVTOCI €0.8bn GR 2.9% 3.0% 3.0%Yield
Page 53
Annex 04
Page 54
54 04 Annex The Greek economy is well positioned to navigate an uncertain global landscape 0.9% 2.3% Eurozone Greece 2024 ▪ Greek economic outlook remains strong, with GDP continuing to grow steadily, driven by investments and NGEU funds ▪ Investment grade status by all rating agencies, while further upgraded inside IG ▪ Second among EU members in absorbing funds under the EU Partnership Agreement ▪ Raising labor force participation and enhanced productivity ▪ Strengthened financial system, facilitating accelerating credit growth 0.8% 2.1% Eurozone Greece 2025e Exports to US % of GDP (2024) Real GDP, % yoy Economic Sentiment Indicator (Jun.25) 1.2% 3.1% Primary Surplus % GDP (2024) 106.1% 94.0% +4.8% -1.2% Note: Eurostat; Piraeus Economic Research
Page 55
55 04 Annex Greek economy to continue growing at healthy pace 2023 actual 2024 actual 2025 estimate 2026 estimate GDP 2.3% 2.3% 2.1% 1.9% Nominal GDP 8.3% 5.5% 4.6% 4.6% Inflation 3.5% 2.7% 2.7% 2.4% Unemployment rate 11.1% 10.1% 9.6% 8.8% Residential RE 13.9% 8.9% 7.0% 6.0% Commercial RE1 5.9% 4.9% 4.4% 4.1% • Greek GDP growth >2x EU average • Strong foundations for sustainable growth • Tourism, FDI & consumption drive growth • Investment grade status regained • Improved labour market participation and opportunity in productivity gains Source: Eurostat, ELSTAT, Bank of Greece, Piraeus Bank (1) For 2024 the data refer to estimates
Page 56
56 …with moderated headline inflation close to European levels Unemployment kept on a declining track as a result of economic growth… Travel receipts: on track towards new historic highs 04 Annex Strong economic momentum with contained inflation, increasing employment and record tourism Economy on a recovery path both in Nominal & Real terms. GDP expected to grow at higher levels compared to the EU… Jun-25 2.8% Jun-25 3.5% -6.0 -1.0 4.0 9.0 14.0 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Headline Inflation (CPI) Core Inflation Jan-Dec.19,€18.2bn Jan-Dec.20,€4.3bn Jan.Dec.21, €10.5bn Jan-Dec.22,€17.7bn Jan-Dec.23, €20.6bn Apr.25 €1.1bn Apr.24 €0.9bn 0.0 5.0 10.0 15.0 20.0 25.0 Jan Jan-Feb Jan-Mar Jan-April Jan-May Jan-June Jan-July Jan-Aug Jan-Sep Jan-Oct Jan-Nov Jan-Dec 2019 2020 2021 2022 2023 2024 2025May.25 7.9% 7.0 12.0 17.0 22.0 27.0 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19 Jan-20 May-20 Sep-20 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Jan-24 May-24 Sep-24 Jan-25 May-25 Notes: Eurostat, ELSTAT, EC DG-ECFIN, Piraeus Bank 1. Core Inflation: CPI, excluding food, beverages, tobacco and energy 2. Based on Bank of Greece figures 3. Based on European Commission figures Jan-Dec.24, €21.7bn Q1.25 2.2% Q1.25 5.2% -20.0 -10.0 0.0 10.0 20.0 Q1.11 Q3.11 Q1.12 Q3.12 Q1.13 Q3.13 Q1.14 Q3.14 Q1.15 Q3.15 Q1.16 Q3.16 Q1.17 Q3.17 Q1.18 Q3.18 Q1.19 Q3.19 Q1.20 Q3.20 Q1.21 Q3.21 Q1.22 Q3.22 Q1.23 Q3.23 Q1.24 Q3.24 Q1.25 Real GDP (annual % change, sa data) Nominal GDP (annual % change, sa data) Jun-25
Page 57
57 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 04 Annex Favourable Greek economic profile with the sovereign returning to investment grade status and RRF contribution Greece benefiting the most among EU countries from RRF funds 17% 12% 11% 11% 9% 7% 7% 6% 6% 1% Greece Romania Croatia Italy Bulgaria Portugal Slovakia Poland Spain Germany RRF programme allocation relative to GDP1Recovery and Resilience Fund (RRF) programme overview1 €723bn funds available to Member States; €36bn for Greece €385bn of funds in loans; €18bn Greece €338bn of funds in grants; €18bn Greece Caa1/CCC(h) Caa2/CCC Caa3/CCC(l) BB+ BB BB- B+ B B- S&P / Fitch Ba1/BB Ba2/BB(h) Ba3/BB(l) B1/B(h) B2/B B3/B(l) BBB- CCC- CCC CCC+ Baa3/BBB(l) Moody’s/ DBRS • S&P upgraded the Greek sovereign to BBB on 18 Apr.25 • Moody’s upgraded the Greek sovereign to Baa3 on 14 Mar.25 • Fitch upgraded the Greek sovereign to BBB- on 01 Dec.23 • DBRS upgraded the Greek sovereign to BBB on 7 Mar.25 Investment Grade threshold Net Foreign Direct Investment , €bn €41.4bn 2016 - 2024 1. Total allocated RRF amount to be utilised until 2027 for each country shown as a percentage of 2022 GDP for comparative purposes 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 reforms in achieving debt sustainability Apr-25 BBB Baa/BBB 0.0 2.0 4.0 6.0 8.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Page 58
58 04 Annex Shareholder structure skewed to international investors ▪ Shareholder structure of Piraeus Bank presents great diversity; total number of common shareholders c.22k ▪ In Mar.24, Piraeus returned to fully privatized status, following the fully marketed offering of 27% of Piraeus share capital held by the HFSF ▪ Strong international presence with significant part of free float held by foreign institutional investors ▪ Largest Piraeus shareholder is Paulson & Co Inc., with c.14% shareholding Shareholder structure (Jun.25) 6% 7% 87% Individuals International Legal Entities Domestic Legal Entities
Page 59
59 Key milestones of the merger (indicative dates)Rationale and key benefits Annex Merger with absorption of Piraeus Financial Holdings by Piraeus Bank 04 Optimize existing corporate structure • Simplified corporate governance • Unified financial and regulatory reporting Facilitate future dividend distributions • Improved liquidity position post merger • Simplified dividend distribution process Enhanced credit ratings & cost efficiency • Lower issuance costs of debt and capital instruments by leveraging the Bank’s higher credit rating compared to PFH • Enhanced investor confidence 1 2 3 21 Feb BoD approval of merger initiation 31/3 early Nov Dec 22 May Nov 2025 Transformation Balance Sheet of PFH & Piraeus Bank Invitations to convene EGMs of PFH & PB for merger approval Conclusion of PFH & PB merger. Initiation of PB shares trading BoD approval of draft merger agreement EGMs of PFH & PB for merger approval 24 July SSM approval
Page 60
60 04 Annex Credit ratings Moody’s rating refers to long term deposit rating; dates refer to the last publication report date on Piraeus Baa3 Baa2 Stable Baa2 Greek sovereign Credit rating Piraeus Bank Long term Piraeus Bank Outlook Piraeus Bank Senior preferred BBB BB+ Stable BB+ BBB- BB+ Positive BB+ BBB BBB Stable BBB 18 March 2025 31 January 2025 01 April 2025 01 April 2025
Page 61
61 04 Annex Publicly-placed outstanding senior debt issuance €500mn 3.875% 6NC5 SP Green Notes due 2027 €350mn 8.25% 5NC4 SP Notes due 2027 €500mn 7.25% 5NC4 SP Notes due 2028 €500mn 6.75% 6NC5 SP Notes due 2029 €500mn 5.00% 6NC5 SP Notes due 2030 €650mn 4.625% 5NC4 SP Green Notes due 2029 €500mn 3.000% 3.5NC2.5 SP Green Notes due 2028 Issuer Piraeus Bank S.A. Piraeus Bank S.A. Piraeus Bank S.A. Piraeus Bank S.A. Piraeus Bank S.A. Piraeus Bank S.A. Piraeus Bank S.A. Type Fixed Rate Reset Senior Preferred Notes Fixed Rate Reset Senior Preferred Notes Fixed Rate Reset Senior Preferred Notes Fixed Rate Reset Senior Preferred Notes Fixed Rate Reset Senior Preferred Notes Fixed Rate Reset Senior Preferred Notes Fixed Rate Reset Senior Preferred Notes Amount(€) 500,000,000 350,000,000 500,000,000 500,000,000 500,000,000 650,000,000 500,000,000 Coupon 3.875% | Annual 8.25% | Annual 7.25% | Annual 6.75% | Annual 5.00% | Annual 4.625% | Annual 3.000% | Annual Issue Date 03-Nov-21 28-Nov-22 13-Jul-23 05-Dec-23 16-Apr-24 17-Jul-24 03-Jun-25 Call Date 03-Nov-26 28-Jan-26 13-Jul-27 05-Dec-28 16-Apr-29 17-Jul-28 03-Dec-27 Reset Spread 394.8 bps 571.5 bps 369.2 bps 383.7 bps 224.5 bps 172.3 bps 115 bps Maturity 03-Nov-27 28-Jan-27 13-Jul-28 05-Dec-29 16-Apr-30 17-Jul-29 03-Dec-28 Denomination 100k +1k 100k +1k 100k +1k 100k +1k 100k +1k 100k +1k 100k +1k ISIN XS2400040460 XS2559486019 XS2644936259 XS2728486536 XS2802909478 XS2845167613 XS3085616079 Documentation EMTN PROGRAMME EMTN PROGRAMME EMTN PROGRAMME EMTN PROGRAMME EMTN PROGRAMME EMTN PROGRAMME EMTN PROGRAMME
Page 62
62 04 Annex Publicly-placed outstanding capital instruments €600mn 8.75% PerpNC5.5 AT1 Notes €500mn 7.250% 10.25NC5.25 Tier 2 due 2034 €650mn 5.375% 11NC6 T2 Notes due 2035 €400mn 6.75% PerpNC5.5 AT1 Notes Issuer Piraeus Financial Holdings S.A. Piraeus Financial Holdings S.A. Piraeus Financial Holdings S.A. Piraeus Financial Holdings S.A. Type Additional Tier 1 - Fixed Rate Reset Perpetual Contingent Temporary Write- Down Notes Tier 2 Fixed Rate Reset Notes Dated Subordinated, Tier 2 Additional Tier 1 - Fixed Rate Reset Perpetual Contingent Temporary Write- Down Notes Amount(€) 600,000,000 500,000,000 650,000,000 400,000,000 Coupon 8.75% | Semi-Annual 7.25% | Annual 5.375% | Annual 6.75% | Semi-Annual Issue Date 16-Jun-21 17-Jan-24 18-Sep-24 30-Jun-25 Call Date 16-Jun-26 17-Apr-29 18-Sep-30 30-Dec-30 Reset Spread 919.5 bps 477.3 bps 315 bps 459.6 bps Maturity Perpetual 17-Apr-34 18-Sep-35 Perpetual Denomination 200k +1k 100k +1k 100k +1k 200k x 1k ISIN XS2354777265 XS2747093321 XS2901369897 XS3103647031 Documentation STANDALONE EMTN PROGRAMME EMTN PROGRAMME STANDALONE
Page 63
63 04 Annex Outstanding debt redemption profile Outstanding debt call dates (€mn) 400 2026 Tier 2 Senior Preferred AT1 20282027 2029 PerpNC5.5 AT1 Notes Jun.26 6NC5 SP Green Nov.26 5NC4 SP Notes Jan.26 5NC4 SP Notes Jul.27 6NC5 SP Notes Dec.28 10.25NC5.25 Tier 2 Apr.29 6NC5 SP Notes Apr.29 500 600 350 500 500500 500 5NC4 SP Green Jul.28 11NC6 Tier 2 Sep.30 2030 650 3.5NC2.5 SP Green Dec.27 500 650 PerpNC5.5 AT1 Notes Dec.30
Page 64
64 04 Annex Group balance sheet evolution Group balance sheet (€mn) Jun.24 Mar.25 Jun.25 qoq yoy Cash & balances with central banks 8,755 5,129 6,190 21% -29% Loans & advances to banks 1,453 2,166 2,546 18% 75% Gross loans 38,399 42,106 42,542 1% 11% (Loans loss reserves) (743) (705) (737) 5% -1% Securities/derivatives 15,579 17,636 18,083 3% 16% Investments in associates 1,269 1,309 1,404 7% 11% Intangibles & goodwill 366 416 433 4% 18% Real estate (repossessed assets) 1,884 1,518 1,508 -1% -20% Real estate (non-repossessed assets) 1,664 1,801 1,749 -3% 5% Deferred tax assets 5,506 5,266 5,174 -2% -6% Other assets 2,276 1,709 1,936 +13% -15% Assets of discontinued operations & held for sale 218 469 421 -10% 93% Total Assets 76,626 78,820 81,249 3% 6% Due to banks 3,507 2,288 2,460 8% -30% Deposits 59,757 61,439 62,858 2% 5% Debt securities 3,428 4,425 4,923 11% 44% Other liabilities 2,129 2,080 2,143 3% 1% Total liabilities 68,821 70,233 72,385 3% 5% Total equity 7,804 8,588 8,865 3% 14% Total liabilities & equity 76,626 78,820 81,249 3% 6%
Page 65
65 04 Annex Group results | quarterly evolution Note: one-off items are displayed in the APM section of the presentation (€mn) Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 Net interest income 528 530 514 481 474 Net fee income 179 156 167 160 166 Net trading result 7 33 28 19 47 Other operating result (including dividend income) 12 (10) 21 (10) (1) Total net revenues 726 709 730 649 687 Total net revenues (recurring) 714 709 730 649 687 Staff costs (101) (102) (152) (99) (103) Administrative expenses (73) (75) (82) (94) (76) Depreciation & other (29) (31) (31) (31) (32) Total operating costs (203) (208) (264) (224) (212) Total operating costs (recurring) (199) (206) (225) (224) (212) Pre provision income 523 501 466 425 475 Pre provision income (recurring) 515 503 505 425 475 Result from associates (12) (4) (1) (5) (10) Impairment on loans (43) (52) (127) (35) (94) o/w inorganic (losses on NPE sales) 0 0 (86) 0 23 Impairment on other assets (15) (12) (112) (2) 0 o/w one off items 0 0 (89) 0 0 Pre tax result 452 433 226 382 371 Pre tax result (recurring) 445 434 440 382 394 Tax (121) (114) (43) (100) (97) Net result attributable to SHs 330 318 184 284 276 Net result (recurring) 325 320 336 284 292 Minorities 1 0 (1) (2) (2) Discontinued operations result 0 0 0 0 0
Page 66
66 04 Annex Earnings per share calculations Note: one-off items are displayed in the APM section of the presentation; reported net profit from continuing operations attributable to shareholders; EPS are calculated on period-end outstanding number of shares adjusted for treasury shares Earnings per share (€) Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 H1.25 1,245 1,247 1,246 1,247 1,248 1,248 Core operating profit 305 296 287 275 244 519 AT1 coupon (mn) (13) (13) (13) (13) (13) (26) Core operating profit adjusted (mn) 292 283 274 262 231 493 Core EPS 0.23 0.23 0.22 0.21 0.19 0.39 Normalized operating profit 325 320 336 284 292 576 AT1 coupon (mn) (13) (13) (13) (13) (13) (26) Normalized operating profit adjusted (mn) 311 307 323 271 279 549 Normalized EPS 0.25 0.25 0.26 0.22 0.22 0.44 Reported Net Profit 330 318 184 284 276 559 AT1 coupon (mn) (13) (13) (13) (13) (13) (26) Reported net profit adjusted (mn) 317 305 171 271 262 533 Reported EPS adjusted 0.25 0.24 0.14 0.22 0.21 0.43
Page 67
67 Gross loans evolution (€mn) Note: loan balances exclude seasonal agri-loan of €1.5bn for Dec.22, €1.0bn for Dec.23, €0.9bn for Dec.24 and €0.6bn for Mar.25 and SPPI figures Annex Dec.22 Dec.23 Jun.24 Dec.24 Mar.25 Jun.25 qoq yoy Group 37,270 37,395 38,348 40,456 41,478 42,336 2% 10% Senior notes 6,074 5,984 5,849 5,722 5,656 5,573 -1% -5% Business 22,421 23,296 24,361 26,635 27,794 28,648 3% 18% Mortgages 6,879 6,454 6,420 6,304 6,251 6,274 0% -2% Consumer 1,895 1,661 1,718 1,795 1,777 1,841 4% 7% Dec.22 Dec.23 Jun.24 Dec.24 Mar.25 Jun.25 qoq yoy Group 58,372 59,567 59,757 62,853 61,439 62,858 2% 5% Savings 25,795 24,184 23,467 24,509 23,882 23,867 0% 2% Sight 22,246 21,877 22,748 24,663 23,791 25,954 9% 14% Time 10,330 13,505 13,543 13,681 13,767 13,037 -5% -4% Loan and deposit portfolios 04 Deposits evolution (€mn)
Page 68
68 04 Annex IFRS9 stage analysis | Group (1) Excluding seasonal agri-loan of €1.6bn for Dec.17 & Dec.18, €1.5bn for Dec.19, Dec.20, Dec.21 & Dec.22, €1.0bn for Dec.23, €0.9bn for Dec.24 and 0.6bn for Mar.25 . Loans for all periods exclude balances accounted for at FVT P&L (2) Dec.21 Stage 1 exposures exclude €6.2bn senior HAPS tranches, Dec.22 €6.1bn, Dec.23 €6.0bn, Jun.24 €5.8bn, Dec.24 €5.7bn and Jun.25 €5.6bn (3) Stage 2 including POCI not credit impaired, Stage 3 includes POCI credit impaired Gross loans (€bn) Dec.171 Dec.181 Dec.191 Dec.201 Dec.211,2 Dec.221,2 Dec.231,2 Jun.242 Dec.241,2 Jun.251,2 Δ yoy Stage 1 19.1 17.6 18.4 19.6 26.5 30.4 32.3 27.8 36.2 38.5 39% Stage 2 6.3 6.6 5.7 6.0 5.6 4.3 3.8 3.0 3.1 2.8 -9% Stage 3 32.9 27.3 24.5 22.4 4.9 2.6 1.3 1.3 1.1 1.1 -36% Total 58.3 51.5 48.6 48.0 37.0 37.3 37.4 32.5 40.5 42.3 30% Jun.25 (€mn) Stage 1 Stage 2 Stage 33 Total Gross loans LLRs Coverage (%) Gross loans LLRs Coverage (%) Gross loans LLRs Coverage (%) Gross loans LLRs Coverage (%) Mortgages 4,562 24 1% 1,470 42 3% 243 33 14% 6,274 99 2% Consumer 1,474 10 1% 277 26 9% 90 59 66% 1,841 95 5% Business 32,455 34 0.1% 1,007 46 5% 759 463 61% 34,221 543 2% Total 38,491 68 0.2% 2,753 113 4% 1,092 555 51% 42,336 737 2%
Page 69
69 04 Annex Definitions of APMs1 (1) Alternative performance measures 1 CET1 capital ratio (pro forma) CET1 capital ratio, as defined by Regulation (EU) No 575/2013, for Dec.24, Mar.25 and Jun.25 subtracting (-) from the denominator the RWA of the NPE portfolios and real estate assets classified as HFS as at 31 December 2024, 31 March 2025 and 30 June 2025 and expected to be completed until the end 2025 2 Core income Net interest income plus (+) net fee and commission income plus (+) rental income from investment property 3 Core operating profit Profit for the period excluding (-) dividend income, (-) net trading result, (-) other operating result booked in net other income/ (expenses), (-) one-off items (as defined herein) over core operating pre-tax profit. For 2024, adjustments for the corporate tax rate of 29% on the one-off items is taken into account. Q1.25 and Q2.25 incorporated no one-off items, and thus, no normalization has taken place 4 Cost of risk, organic Impairment (losses)/releases excluding (-) Impairment losses/releases on loans and advances to customers at amortized cost related to NPE sales over (/) Net loans, seasonally adjusted (as defined herein) 5 Cost of risk, underlying Impairment (losses)/releases excluding (-) Impairment losses/releases on loans and advances to customers at amortized cost related to NPE sales and excluding (-) other credit-risk related expenses on loans and advances to customers at amortised cost over (/) Net loans, seasonally adjusted (as defined herein); in Q2.25 underlying cost of risk includes € 45 million through a Post Model Adjustment (“PMA”). This adjustment reflects management’s intent to proceed with modifications to certain mortgage products in order to enhance borrower affordability and support the sustainability of repayment terms. The PMA addresses credit risk factors not fully captured by existing models, (eg. potential need for future restructuring), in line with regulatory expectations under the ECB’s Non Performing Loans (“NPL”) guidance and the expectations for forthcoming legislative changes. 6 Cost-to-core income Cost-to-core income ratio is calculated by dividing the recurring operating expenses (as defined herein), over (/) core income (as defined above) 7 Gross loans (Customer loans) Loans and advances to customers at amortized cost, plus (+) loans and advances to customers mandatorily measured at FVTPL, plus (+) ECL allowance for impairment losses grossed up with PPA adjustment and FV adjustment 8 Loan Loss Reserves (LLRs) over (/) Gross loans LLRs equal ECL allowance for impairment losses on loans and advances to customers at amortized cost, plus (+) fair value adjustment on loans and advances to customers mandatorily measured at FVTPL over (/) Gross loans (as defined herein) 9 Earnings Per Share (EPS) normalized, adjusted for AT1 coupon EPS are calculated by dividing the normalized net profit (as defined herein) adjusted for AT1 capital instrument coupon payment for the period, by (/) the total number of shares adjusted for treasury shares outstanding at the end of the period 10 Earnings Per Share (EPS) reported, adjusted for AT1 coupon EPS are calculated by dividing the reported net profit (as defined herein) adjusted for AT1 capital instrument coupon payment for the period, by (/) the total number of shares adjusted for treasury shares outstanding at the end of the period 11 Impairments or provisions ECL Impairment losses on loans and advances to customers at amortised cost plus (+) other credit-risk related expenses on loans and advances to customers at amortised cost, plus (+) impairments (losses)/releases on other assets plus (+) ECL impairment losses on financial assets at FVTOCI plus (+) Impairments on subsidiaries and associates plus (+) Impairment on property, equipment and intangible assets plus (+) Impairment on debt securities, plus (+) Other provision (losses) 12 Liquidity coverage ratio (LCR) The Liquidity Coverage Ratio as defined by Regulation (EU) 2015/61 (amended by Regulation (EU) 2018/1620) is the value of the stock of unencumbered High Quality Liquid Assets (HQLA) held by a credit institution, over its projected total net cash outflows, under a severe 30-day stress scenario 13 Loan-to-deposit ratio (LDR) The loan-to-deposit ratio is calculated by dividing net loans seasonally adjusted (as defined herein) over (/) Deposits 14 MREL MREL is the Minimum Requirement for Own Funds and Eligible Liabilities (“MREL”) regulatory standard that banks are required to maintain at sufficient levels. MREL position is monitored at Piraeus Bank Group Level; on a reported basis, MREL ratio stands at 30.1% as at 30 June 2025 and pro-forma for the RWA relief from the NPE portfolios and real estate assets classified as HFS as at 30 Jun.25 at 30.4% 15 Net fee income (NFI) over Assets Net fee income (NFI) recurring over (/) average total assets adjusted as defined herein (average of Jun.25 and Mar.25 for Q2.25 and average of Dec.24 and Mar.25 for Q1.25 and average of Dec.24 and Sep.24 for Q4.24 (average of Jun.25 and Dec.24 divided by 2 for H1.25 and average of Jun.24 and Dec.23 divided by 2 for H1.24. NFI is calculated on an annualized basis for Q1.25, Q2.25, and Q4.24 and x2 for H1.25 and H1.24. NFI equals Net fee and commission income plus (+) income from non-banking activities (includes also rental income from investment property) 16 Net fee income (NFI) over Net Revenues Net fee income (NFI) recurring over (/) Net Revenues (as defined herein). NFI equals net fee and commission income plus (+) income from non-banking activities (includes also rental income from investment property) 17 Net interest margin (NIM) Net interest margin equals net interest income over (/) total assets adjusted as defined herein (average of Jun.25 and Mar.25 for Q2.25 and average of Dec.24 and Mar.25 for Q1.25 and average of Dec.24 and Sep.24 for Q4.24, (average of Jun.25 and Dec.24 for H1.25 and average of Jun.24 and Dec.23 for H1.24). NII is calculated on an annualized basis for Q1.25, Q2.25, and Q4.24 and x2 for H1.25 and H1.24. 18 Net loans Loans and advances to customers at amortized cost, plus (+) loans and advances to customers mandatorily measured at FVTPL 19 Net loans, seasonally adjusted Net loans minus (-) seasonal funding facility of €574mn as at 31 March 2025 and €919mn as at 31 December 2024 and €0mn as at March and June 2025. The seasonal funding facility refers to agri loan facility provided to the farmer beneficiaries
Page 70
70 20 Net profit, normalized 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 impairment charges on loans and advances related to NPE sales and other impairment charges, defined at any given period and adjusted for the corporate tax rate of 29%. Further analysis is presented in the one-offs item of the APMs 21 Net result/ Net profit Profit / (loss) attributable to the equity holders of the parent 22 Net revenues Total net income 23 Net stable funding ratio (NSFR) 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 minimum amount of funding that is expected to be stable over a one-year time horizon based on liquidity risk factors assigned to assets and off-balance sheet liquidity exposures 24 Non-performing exposures (NPEs) On balance sheet credit exposures before ECL allowance for impairment on loans and advances to customers at amortised cost that include: a) loans measured at amortised cost classified in stage 3; plus (+) b) purchased or originated credit impaired (“POCI”) loans measured at amortised cost that continue to be credit impaired as of the end of the reporting period; plus (+) c) loans and advances to customers mandatorily measured at FVTPL that are credit impaired as of the end of the reporting period; NPEs do not include Greek State Guaranteed exposures, called amounts classified in “Other assets” or not-credit impaired exposures 25 NPE (cash) coverage ratio ECL allowance for impairment losses on loans and advances to customers at amortised cost over (/) NPEs (as defined herein) 26 NPE ratio NPEs (as defined herein) over (/) Gross loans (as defined herein) 27 One-off items For 2024: One-off revenues for Q1.24 refer to -€43mn related to the public offering of 27% of PFH’s shares held by the Hellenic Financial Stability Fund, reflected in line item “Other net income/loss”, and for Q2.24 €12mn non-recurring fees related with the migration to a strategic partnership in the cards space. One-off expenses of voluntary exit scheme (VES) costs of €10mn in Q1.24, €4mn in Q2.24, €2mn in Q3.24 and €39mn in Q4.24, booked in staff costs. Impairment charges of €98mn were related to NPE sales booked in Q1.24 (€12mn) and Q4.24 (€86mn). Further, other impairment charges of €64mn booked in Q4.24 were related to NPA clean-up costs for a repossessed assets portfolio classified as held-for-sale in Dec.24 and €25mn booked in Q4.24 for the contribution to the government program for schools’ renovation/construction. In addition, for FY.24, profit before and after tax normalized is adjusted for fees related with funds transfers and payments of c. €30mn, to be forgone 2025 onwards, as part of Government's induced measures in Dec.24. For H1.2025: € 23 million impairment charges were related to NPE sales classified as held for sale and expected to be concluded in the forthcoming period, namely projects Imola and Solar, booked in Q2.25 28 Operating costs - expenses (OpEx), recurring Total operating expenses minus (-) One-off expenses (as defined herein) 29 Performing exposures (PE) Gross loans (as defined herein) adjusted for the seasonal agri-loan minus (-) NPEs minus (-) NPE securitization senior tranches 30 Pre provision income (PPI), recurring Profit before provisions, impairments and other credit-risk related expenses minus (-) one-off revenues and expenses as defined herein 31 Pre-tax result Profit / (loss) before income tax 32 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 33 Return on average tangible book value (RoaTBV), normalized Net profit, normalized (as defined herein) annualized minus (-) AT1 coupon payment over (/) average Tangible Book Value for the period (as defined herein). Net profit normalized is calculated on an annualized basis for Q1.25, Q2.25, H1.24 and H1.25. TBV is calculated by taking the average of the last two consecutive periods 34 Return on average tangible book value (RoaTBV), reported Net profit, annualized minus (-) AT1 coupon payment over (/) average Tangible Book Value for the period (as defined herein). Net profit normalized is calculated on an annualized basis for Q1.25, Q2.25, H1.24 and H1.25. TBV is calculated by taking the average of the last two consecutive periods Stage 3 (cash) coverage ratio Stage 3 and POCI ECL allowance for impairment losses on NPEs over (/) NPEs 35 Tangible book value/ Tangible equity Tangible equity or Tangible Book Value (TBV) equals capital and reserves attributable to equity holders of the parent excluding other equity instruments, i.e., Additional Tier 1 (AT1) capital and intangible assets 36 Total assets, adjusted Total assets excluding the seasonal agri loan in December each year and assets from discontinued operations. For March 2025, excluding also the seasonal agri loan (€574mn) 37 Total capital ratio (pro forma) Total capital ratio, as defined by Regulation (EU) No 575/2013, for Dec.24 and Jun.25 subtracting (-) from the denominator the RWA of the NPE and repossessed assets classified as HFS as at 31 December 2024 and 30 June 2025 38 Total net revenues, recurring Total net income minus (-) one-off revenues related to the corresponding period (as defined herein) 04 Annex Definitions of APMs
Page 71
71 04 Annex Glossary 1 Assets under management (AuM) Assets under management (AuM) include Piraeus Asset Management MFMC assets, plus (+) Piraeus’ Securities' equity brokerage custody assets and private banking, plus (+) institutional portfolios’ assets which includes Iolcus AuM as of 30 March 2022 2 Deposits / Customer deposits Due to customers 3 DFR The Deposit Facility Rate is one of the three interest rates the ECB sets every six weeks as part of its monetary policy. The rate defines the interest banks receive for depositing money with the central bank overnight 4 DTA Deferred Tax Assets 5 FNPE or NPEF Forborne Non-Performing Exposures (NPEs); i.e., NPEs (as defined in the Alternative Performance Measures - APMs section) forborne and still within the probation period under EBA rules 6 Gross book value (GBV) Value of gross loans (as defined in the Alternative Performance Measures - APMs section) of described portfolio 7 Gross Written Premiums (GWP) Gross written premiums comprise all amounts due during the reporting period in respect of insurance contracts, arising from direct business, regardless of the fact that such amounts may relate in whole or in part to a later reporting period. Amount of taxes or charges should be excluded from the written premiums 8 HAPS (Hellenic Asset Protection Scheme) HAPS is a strategic initiative implemented by the Greek Ministry of Finance which aims at supporting the reduction of non-performing loans held by Greek banks via a state- sponsored asset protection scheme, which enables NPEs to be securitized and sold to investors with Greek government guarantees for the “senior” tranche of securitized notes. There have been three rounds of HAPS tranches; the last one was approved by the European Commission to run until the end of 2024 9 Net credit expansion New loan disbursements minus loan repayments that were realized during the defined period 10 NPE formation Change of the stock of NPEs after adding back write-downs or other adjustments i.e., loan sales or debt to equity transactions 11 NII Net Interest Income 12 Scope 1, 2, 3 Scope 1: refers to GHG emissions stemming directly from Bank’s own operations Scope 2: refers to GHG emissions stemming indirectly from the generation of purchased electricity consumed in the Bank’s buildings Scope 3: refers to GHG emissions stemming indirectly from Bank’s value chain of operations and Group’s asset classes 13 SBB Share Buy-Back 14 SMEs Small and midsize enterprises
Page 72
72 04 Annex 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 Bank”, “Piraeus Bank S.A.” or to the “Bank” should be read and construed to be references to Piraeus Financial Holdings S.A. (formerly Piraeus Bank Société Anonyme) both prior to and after the completion of the demerger οf 30 December 2020, where the core banking operations of the former Piraeus Bank Société Anonyme were contributed into a newly-formed credit institution, i.e., “Piraeus Bank Société Anonyme”, (the “Demerger”), except to the extent otherwise specified or the context otherwise requires, including, among others, in the context of references to the entity acting as a credit institution responsible for the Group’s core banking operations (in which case, such references shall be deemed to refer to (i) the former Piraeus Bank Société Anonyme (now renamed Piraeus Financial Holdings S.A.) prior to 30 December 2020, and (ii) the newly-formed banking entity, Piraeus Bank Société Anonyme, on and after 31 December 2020). The information provided in this presentation is not an offer to sell or a solicitation of an offer to buy or provide a basis for evaluations and does not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. No representation, warranty or undertaking is being made and no reliance may be placed for any purpose whatsoever on the information contained in this presentation in making any investment decision in relation to any form of security issued by the Company or its subsidiaries or affiliates or for any other transaction. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Company/Group. You are solely responsible for seeking independent professional advice in relation to the Company/Group and you should consult with your own advisers as to the legal, tax, business, financial and related aspects and/or consequences of any investment decision. No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of such information. This presentation does not purport to be comprehensive, and no representation, warranty or undertaking is made hereby or is to be implied by any person as to the completeness, accuracy or fairness of the information contained in this presentation and no reliance should be placed on it. Information in this presentation (including market data and statistical information) has been obtained from various sources (including third party sources) and has not been independently verified. The Company does not guarantee the accuracy or completeness of such information. All projections, valuations and statistical analyses are provided for information purposes only. They may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results and to the extent they are based on historical information, they should not be relied upon as an accurate prediction of future performance. The Company/Group, its financial and other advisors, and their respective directors, officers, employees, agents, and representatives expressly disclaim any and all liability which may arise from this presentation and any errors contained herein and/or omissions therefrom or from any use of this presentation or its contents or otherwise in connection therewith, and accept no liability for any loss howsoever arising, directly or indirectly, from any use of the information in this presentation or in connection therewith. Neither the Company/Group nor any other person gives any undertaking, or is under any obligation, to update any of the information contained in this presentation, including forward-looking statements, for events or circumstances that occur subsequent to the date of this presentation. Each recipient acknowledges that neither it nor the Company/Group intends that the Company act or be responsible as a fiduciary to such attendee or recipient, its management, stockholders, creditors or any other person, and that it expressly disclaims any fiduciary relationship and agrees that is responsible for making its own independent judgment with respect to the Company/Group and any other matters regarding this document. Confidentiality For the purposes of this disclaimer, this presentation shall mean and include materials, including and together with any oral commentary or presentation and any question-and-answer session. By attending a meeting at which the presentation is made, or otherwise viewing or accessing the presentation, whether live or recorded, you will be deemed to have agreed to the present terms, conditions and restrictions and acknowledged that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of the presentation or any information contained herein. You also acknowledge that, if electronically transmitted and delivered, the presentation is confidential and intended only for you, and you agree that you will not forward, copy, download or publish the electronic transmission or the presentation to any other person. Forward-looking statements and financial projections Certain information or statements contained in this presentation or made in any meetings that are not statements of historical fact, including, without limitation, any statements preceded by, followed by or including words or phrases such as “targets,” “believes,” “expects,” “aims,” “intends,” “may,” “anticipates,” “would,” “could”, “will”, “might”, “potential”, “plan”, “is designed to” or similar expressions or the negative thereof, constitute forward-looking statements, notwithstanding that such statements are not specifically identified. Examples of forward-looking statements may include, among other things, statements relating to the Company/Group’s strategies, plans, objectives, initiatives and targets, its businesses, outlook, political, economic or other conditions in Greece or elsewhere, the Company/Group’s financial condition, results of operations, liquidity, capital resources and capital expenditures and development of markets and anticipated cost savings and synergies, as well as the intention and beliefs of the Company/Group and/or its management or directors concerning the foregoing. Forward-looking statements and financial projections are not guarantees of future performance and involve numerous known and unknown risks, uncertainties, both generic and specific, and assumptions which are difficult to predict and outside of the control of the Company/Group. We have based these assumptions on information currently available to us at the date the statements are made, and if any one or more of these assumptions turn out to be incorrect, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. While we do not know what impact any such differences may have on our business, if there are such differences, our future results of operations and financial condition, could be materially adversely affected. Therefore, you should not place undue reliance on these forward-looking statements and financial projections. This presentation also includes certain forward-looking business and financial targets. The targets have been prepared by management in good faith, on the basis of certain assumptions which management believes are reasonable. However, there can be no assurance that the facts on which the assumptions are based will not change and, consequently, our ability to achieve these targets may be affected by a number of changes and risks, which are beyond our control and some of which could have an immediate impact on our earnings and/or financial position. No representation is made as to the reasonableness of the assumptions made in this presentation or the accuracy or completeness of any modelling, scenario analysis or back‐testing. We do not undertake any obligation to update these targets, and we reserve the right to change our targets from time to time as we respond to real operating, financial and other macro-economic conditions. The Company/Group has included certain non-IFRS financial measures in this presentation. These measurements may not be comparable to those of other companies. Reference to these non-IFRS financial measures should be considered in addition to IFRS financial measures but should not be considered a substitute for results that are presented in accordance with IFRS.
Page 73
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 Senior IR Manager | Fixed Income & ESG Yvonne Papageorgiou IR Manager | Institutional Investors 4 Amerikis street, 10564 Athens Tel: +30 210 3335026 investor_relations@piraeusholdings.gr Bloomberg TPEIR GA Reuters BOPr.AT ISIN GRS014003032 www.piraeusholdings.gr Contact information