Slides
Page 1
Full Year 202 5 Financial Results 26 February 202 6
Page 2
Contents Executive Summary 01 Performance vs Peers Financial Analysis & Business Highlights Annex 02 03 0 4
Page 3
Executive Summary 01
Page 4
4 0 1 Executive Summary Piraeus at a glance: the leading banking group in Greece ➢ leading Bank in Greece ranking first across business lines 4.5mn | 8.1k clients | employees € 91bn total assets € 37bn | € 66bn client loans | client deposits 28% deposit market share ➢ a one - stop shop for financial services omni - channel distribution platform 370 branches 1,500 ATMs 3.2mn digital clients 4.7/5.0 Piraeus app rating ➢ financial strength earnings power and solid balance sheet 16% | 33% RoaTBV | C/I Investment Grade Moody’s | Fitch | DBRS + € 3.9bn credit expansion +11% loan growth 18.7% | 216% % TCR | % LCR ➢ a sustainable way of banking creating positive impact € 2.7bn loans to small businesses 700 k farmers serviced € 4.7bn sustainable financing € 2.15bn Green bonds circa € 1bn allocated
Page 5
5 01 Executive Summary FY .25 : 16% RoaTBV, Ethniki Insurance acquisition completed, payout ratio increased to 55% € 1.2bn normalized profit € 1.1bn on a reported basis, as guided; beat on revenues, with strong finish in Q4 € 0.82 EPS after AT1 coupon Exceeding guidance of € 0.80 for the year, fully absorbing the fast decumulation of base rates € 40c per share cash dividend On top of € 100mn share buyback executed in Q4; € 592mn total distribution out of 2025 , 7% total yield € 3.9bn net credit expansion Europe - leading +11% loan growth yoy , with pricing discipline maintained; € 0.3bn net credit expansion in retail 33% cost - to - core income ratio Best - in - class efficiency ratio confirming cost discipline, despite inflation and ongoing investments € 0.7bn revenues from services Best - in - class in Greece; 0.82% fees over assets, 26% revenues from services out of total revenues € 2.7bn net revenues Revenues from services up 7% ; NII up qoq , marking prior quarter as the trough 52bps organic CoR NPE ratio at 2.0%, NPE coverage at 73% vs 65% a year ago +27% AuM yoy € 14.5 bn AuM ; € 1.5bn net inflows in 2025; deposits at € 66bn , up € 3.2bn, +5% yoy , funding 90% of credit expansion 18.7% total capital ratio Buffer of c.275bps above P2G, CET1 ratio at 12.7% ; MREL at 29.0% with c.165bps buffer above requirement Note : definitions in the APM section of the presentation ; distribution out of 2025 profit subject to necessary conditions being met and supervisory approval ; distribution yield calculated on 31 Dec . 25 € 8 . 4 bn market cap 2 3 4 5 6 7 8 9 1 10
Page 6
6 01 Executive Summary FY.25: € 0.82 EPS with € 5.92 TBV per share post distribution and Ethniki Insurance acquisition Note : definitions in the APM section of the presentation Group Figures ( € mn ) Q4.24 Q3.25 Q4.25 FY.25 Net interest income 5 14 471 477 1,903 Revenues from services 1 67 164 20 6 69 6 Net trading result 28 19 35 1 19 Other operating result 21 (5) 4 ( 10 ) Operating expenses (225) (2 06 ) (2 34 ) ( 870 ) Underlying impairment charges ( 16 ) (51) ( 33 ) (1 48 ) Servicer fees & synthetic securitization costs (2 5 ) (16) (21) (77) Impairment on other assets & associates’ result ( 24 ) 8 ( 43 ) ( 56 ) Tax normalized (incl. minorities) (1 0 4) ( 99 ) ( 58 ) (3 60 ) Normalized operating profit 3 36 2 84 333 1,1 96 Non - recurring o perating costs ( 39 ) (5) ( 21 ) ( 32 ) Extraordinary loan impairments (61) (1) (38) (63) Extraordinary impact from NPAs & participations (89) (2) (45) (44) CSR actions (25) (27) (11) (38) Tax (adjustment) 62 9 34 51 Reported net profit 184 261 25 0 1,070 Earnings per share (EPS) after AT1 coupon ( €) 0. 1 4 0.19 0.19 0.82 Tangible book value (TBV) per share 5.78 6.09 5.92 5.92 + € 30c per share cash dividend paid in Jun.25 , + € 8c per share SBB in Nov.25 and Ethniki Ins. acquisition impact exceeding annual target of ~ € 0.8 0 VES and Ethniki Ins. Integration costs CHF FX impact net of HFS corporate ticket reversal
Page 7
7 33.7 + 1.2 + 1.1 +1.0 + 0.7 - 0.4 37.3 Dec.24 Q1.25 Q2.25 Q3.25 Q4.25 FX/Other Dec.25 Performing loans evolution ( €bn) 11% loan book growth in 2025 , with solid pipeline ahead 01 Executive Summary Out of € 3.8bn disbursements in Q4 : ▪ c. €1 .7bn to small / medium enterprises and agri ▪ c. € 1.7bn to corporate , structured finance and shipping ▪ c. € 340mn to individuals, with a record € 250mn mortgages Mortgages (55) 20 45 100 110 Consumer 5 15 20 10 50 Small Business (60) 60 (35) 180 145 CIB 1,260 1,040 920 420 3,640 Total 1,150 1,135 950 710 3,945 Net credit expansion (disbursements minus repayments) Loan growth +11% yoy Net credit expansion + € 3.9bn
Page 8
8 FY.25 CIB net credit expansion breakdown by sector ( € mn ) CIB: largest national platform reaches all sectors of the economy 01 Executive Summary Sector Disbursements Net credit expansion # Customers SME 2,341 237 1,967 Shipping 1,418 622 80 Electricity / Energy / Renewables 1,156 366 53 Wholesale & retail trade 758 71 80 Hospitality 925 745 36 International syndicated 629 392 33 Oil refineries 449 19 4 Other structured finance 714 440 12 Agri 442 96 163 Real estate 499 197 36 Other services 162 93 4 Mining 104 96 3 Leasing / factoring & other 1,508 266 960 Total CIB 11,105 3,640 4,571 Includes one large ticket (marquee resort in Attika) Handpicked, high quality accounts with LTVs <50% Focus on SME servicing: 27 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 FY . 25 disbursements ; NPS refers to client Net Promoter Score ; SEE refers to South Eastern Europe A - rated projects from key electricity producers
Page 9
9 4.9% 4.2% 4.2% 3.8% 3.7% 4.9% 4.3% 4.1% 3.8% 3.7% Q4.24 Q1.25 Q2.25 Q3.25 Q4.25 Piraeus Greek Market 01 Executive Summary Europe’s strongest corporate loan growth, while maintaining pricing discipline New corporate loans yields ( %) Business loan pricing on par with market average Piraeus business loans spreads vs Greek peers ( %) Note : source for Greek market new business loans yields is Bank of Greece ; Greek peers refer to three out of four systemic players reporting loan spreads ; data derived from market disclosures 3.0% 2.6% 2.1% 2.0% 2.0% 3m Euribor (%) 2.6% 2.5% 2.5% 2.4% 2.0 % 2.0 % 1.9 % 1.8% 2.29 % 2.27 % 2.21 % 2.15 % 2.12 % Q4.24 Q1.25 Q2.25 Q3.25 Q4.25 High Low Close Piraeus High refers to the peer with the highest spread for the period and low refers to the peer with the lowest spread for the period
Page 10
10 01 Executive Summary Retail: 1st year of net mortgage loan growth indicates expansion only just beginning Mortgages ( € mn ) Consumer loans ( € mn ) Note : NCE refers to Net Credit Expansion, i.e. disbursements minus repayments 260 340 340 500 680 2021 2022 2023 2024 2025 (590) (610) (630) (590) (570) 250 260 300 360 390 2021 2022 2023 2024 2025 (260) (270) (300) (310) (340) ▪ Average LTV c.60% for new disbursements ▪ Leveraging the Piraeus branch network and 3rd party mediators; AI - enabled lending platform to be introduced in 2026 ▪ Unique sales propositions (Spiti25) with flexible repayment terms, targeting mid to high tier customers; >1,500 applications received amounting to ~ € 200mn in c.6months NCE (330) (270) (290) (90) NCE (10) (10) (0) +50 ▪ c.10% annual growth in consumer loan disbursements since 2021 ▪ Leveraging the strong presence in mass retail customer segment (c.1.5mn payroll and pension accounts) Disbursements Repayments Disbursements Repayments + 110 +50
Page 11
11 01 Executive Summary Record services revenues of € 0.7bn, with growth from new operating model still to come Revenues from services ( € mn ) Q4.24 Q3.25 Q4.25 yoy FY.25 yoy Financing Loans 32 26 41 29% 127 16% Letters of guarantee 13 13 14 10% 53 3% Investment banking 1 3 7 >100% 15 >100% Investment Bancassurance 21 18 26 23% 80 28% Insurance - - 10 - 10 - Asset management 21 27 29 39% 106 38% Transaction banking Funds transfers 26 21 22 - 16% 85 - 27% Cards 14 21 17 24% 74 - 3% Payments 6 3 3 - 42% 12 - 47% FX fees & other 9 9 11 22% 39 - 4% Rental income Income from rental 25 24 26 2% 95 10% Total 167 164 206 +23% 696 +7% ▪ Fees up + 7 % in 2025 , absorbing government measures and competitive pressure ▪ Loan fees supported by material loan disbursements, up 12 % qoq . Investment banking fees show strong results ▪ Asset management fees improved on the back of ongoing client asset inflows in mutual funds, and private banking / institutional mandates ▪ Bancassurance fees continued showcasing best - in - class results ; Ethniki Insurance € 10 mn contribution for circa one month in 2025 ▪ Funds transfers business and payments fees trended lower, as expected, on the back of early 2025 government measures, mitigated by transaction banking fees of € 50 mn in 2025
Page 12
12 Assets under management ( €bn) Note: private & institutional portfolios include Iolcus assets; Piraeus Securities assets refer to assets under custody; AuMs include market movements impact Continued growth in assets under management, above target for full year 2025 of > € 13.5bn 01 Executive Summary 3.3 4.6 6.0 1.8 2.1 3.0 4.2 4.8 5.6 Dec.23 Dec.24 Dec.25 Piraeus Securities Mutual Funds Private & Institutional Portfolios 11.4 9.3 ▪ Strong net inflows of € 1.5bn , also supported by solid market effect, lead to + € 3.1 bn increase in AuM in 20 25 ▪ Upscale investment solutions with focus on: o Advisory service for Private Banking clients supported by Piraeus Wealth Advisor, a Robo4platform o Robo advisory service for retail asset management (Piraeus brainy) ▪ Wide suite of Piraeus Bank and 3rd parties best of breed asset management including private markets products 14.5 + € 3.1bn
Page 13
13 01 Executive Summary NII in Q4: +1% qoq , well past the trough of the cycle Net interest income ( €mn) Q2.25 Q3.25 Delta Q3 Q4.25 Delta Q4 Loans 452 437 (15) 441 +4 Bonds 126 130 + 4 135 +5 Cash at central banks 23 29 +6 31 +2 Customer deposits (57) (48) + 9 (48) (0) Debt securities (65) (68) (3) (70) (2) Other (7) (9) (2) (12) (3) Total NII 474 471 (2) 477 +6 NIM over assets (%) 2.38% 2.29% (0.08)% 2.20% (0.09)% Euribor 3m (average) 2.11% 2.01% (0.09)% 2.04% 0.03% Accruing € base rate 2.40% 2.06% (0.34)% 2.05% (0.01%) Note: customer deposit cost net of impact from non maturing deposit hedges (NMD) that correspond to €9bn IRSs in Dec.25; “Other” category includes net interbank costs, bond hedging and L.128 costs ▪ Loan interest income increased sequentially in Q4, with improvement reflecting CIB volume growth impact and stabilization of base rate; spread erosion milder in Q4 - 3bps compared to - 6bps in Q3 ▪ Deposit cost stabilized at 0.29% in Q4 ▪ Market expectations for euro risk free rates point to a stable 2.00% Euro base rate for 2026
Page 14
14 01 Executive Summary 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 G&A 78 70 67 296 Depreciation 31 33 33 128 Like - for - like OpEx 220 200 217 838 VES 39 0 15 15 Snappi 6 6 10 25 Ethniki Insurance transaction 5 7 17 Ethniki Insurance OpEx 7 7 Total OpEx 264 211 256 903 Cost - to - core income ratio (%) Domestic FTEs (#k) Domestic branches (#) 7.4 8.1 Dec.24 Dec.25 33% 34% Q4.24 Q4.25 370 370 Dec.24 Dec.25 Accruals for variable pay & salary adjust. reserves IT CapEx ( € mn ) 100 ~ 140 2022-2023 avg per year 2024-2025 avg per year Ongoing discipline and cost control Increase on the back of CapEx IT spending Integration costs Including Ethniki Insurance
Page 15
15 Stage 1 coverage 0.2% 0.3% 0.4% Stage 2 coverage 2.8% 4.8% 5.5% Stage 3 coverage 51.7% 50.8% 43.5% NPE coverage 64.7% 71.4% 73.1% 1.1 1.1 0.9 Q4.24 Q3.25 Q4.25 01 Executive Summary Solid credit quality with NPE ratio at 2.0% and strengthened provision coverage Q4.24 Q3.25 Q4.25 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 period 1.3 1.1 1.1 o/w inflows 0.1 0.1 0.1 o/w outflows (0.3) (0.1) (0.3) NPE end of the period 1.1 1.1 0.9 Note : definitions in the APM section of the presentation NPE balance evolution ( €bn) vs 3% EU average vs 0.2% EU average vs 43% EU average; qoq impacted by a corporate ticket restructuring € 0.1bn corporate ticket classified as HFS
Page 16
16 Liquidity KPIs Note: LCR refers to Liquidity Coverage Ratio; LDR refers to Loans - to - Deposits ratio; NSFR refers to Net Stable Funding Ratio Superior liquidity profile; deposits at € 6 6 . 1 bn , + 5% yoy 01 Executive Summary 241% 219% 216% LCR (%) Dec.23 Dec.24 Dec.25 Cash ( €bn) 7.1 7.4 7.5 Deposits ( € bn) 59.6 62.9 66.1 Debt securities ( € bn) 2.8 4.5 5.7 LDR (%) 61% 63% 6 5 % NSFR (%) 133% 134% 129% ▪ Deposits in Q4 continued to grow; +5% yoy ▪ Improved funding profile, with new € 1bn Green senior preferred bond and € 1bn ΑΤ1 instruments issued in 2025 ▪ High Quality Liquid Assets at € 22.0bn in Dec.25
Page 17
17 Executive Summary Note : Dec . 25 CET 1 capital incorporates € 334 mn cumulative deduction for NPE calendar shortfall related with Greek State Guaranteed exposures of € 0 . 4 bn net book value ; CET 1 ratios are displayed on a reported basis ; one - off definitions on the APM section 14.4% + 0.9% ( 0.2% ) ( 0.5% ) (0.1%) 0.1% (0.0%) ( 1.7% ) 12.7% Sep.25 PnL Growth Distribution accrual AT1 cost Other SRT / one-offs Ethniki Insurance Dec.25 CET1 trajectory Q4.25 (%) Organic capital generation absorbed loan growth, increased distribution accrual & DTC acceleration 01 55% distribution accrual including DTC accelerated amortization DTC / CET1 at 60% from 76% Dec.23 + € 0.2% organic capital generation Including Q4 one - offs and 5% distribution uplift for 9M.25, mitigated by SRT
Page 18
18 37% 40% 28% 32% 24% 17% 11% 11% Dec.24 Dec.25 0 1 Executive Summary Ethniki Insurance profitability significantly improved in 2025 GWP by business line (%) GWP by channel (%) 38% 42% 27% 30% 27% 20% 8% 8% Dec.24 Dec.25 P&C Health 850 835 Investments & Savings Life Protection Brokers Agents 850 8 35 Bancassurance Direct 14% market share 1.9m n customers 3.0% Investment yield 177 % Solvency II Financial Results ( € mn ); unaudited for FY.25 FY.24 FY.25 Net operating insurance result 15 30 Expenses & other costs (46) (48) Investment income 57 63 Profit excl. non - operating & other notable items 26 45 One - offs and notable items (12) 3 Profit before tax ( reported) 15 48 2025 highlights Note : GWP (Gross Written Premia), P&C (Property & Casualty), SII (Solvency II) (definitions on the APM section and disclaimer on the Disclaimer section) ▪ Ethniki Insurance profitability improved in 2025 ▪ The company’s transformation journey continues ▪ Fully mobilized integration plan into Piraeus ▪ Synergistic potential to be gradually unlocked
Page 19
19 Innovation platform for retail banking 0 1 Executive Summary Snappi, the Group’s neobank, grew to 60k users, launching new products • Greenfield development of next - era retail banking capabilities ( e.g., branchless distribution, embedded banking) • Value proposition tailored to digital savvy segments without impacting current customer base • Products : bank account, debit card, payments, savings account, pay later, cash now, 24/7 customer service • Low - capex expansion model with no branches • First week of Sep.25 operationally launched Commercial activities Product Innovation Cash Now, instant interest - free loan up to € 1,000 Savings account, 1% interest Advertising and Experiential Snappi Hub launch, Radio, Digital PR, Influencers, Social Media, Programmatic, Airports Placements, CRM campaigns Greek Basketball League sponsorship Partnerships with Tier - 1 brands Vodafone CU, Public, AB , Goodys , Everest, Freenow by Lyft, Sky Express Gamification - Community Creation Lucky Bills - rewards to customers that pay their bills via Snappi Lotteries with rewards to most active customers Traction to date App users 1 Brand awareness 2 17 % Brand Familiarity 3 Partnerships with high - visibility brands 60K+ 7 45% Note : 1 . Includes 8 k YouthPass Beneficiaries (state subsidy of € 150 targeting 18 - 19 yrs Greek citizens) ; 2 . People that have at least heard of Snappi ; Research performed for Snappi by QED in 2 waves via Web on e - banking users ; nationwide, 7 - 10 / 11 / 2025 ; 3 . People that are familiar or know a lot about Snappi ; same research as note 2 Snappi Pay Later Merchants 60+
Page 20
Piraeus’ Performance vs Peers 02
Page 21
21 #1 in performing loans (26% Greek market share) #1 in deposits (28% share) #1 in equities brokerage (24% share) #1 in retail footprint, with 370 branches and 1, 5 00 ATMs 4.5mn clients nationwide “Greece’s Best Performing Bank” by t he Banker’s 2025 Top 1000 World Banks 0 2 Piraeus Performance vs Peers Piraeus: the leading bank in Greece Note: all data refer to Dec.25 based on publicly available information (Bank of Greece, Athens Stock Exchange, Hellenic Bank As sociation) and Piraeus internal analysis; distribution yield calculated on 31 Dec.25 € 8.4bn market cap ; cash distribution out of 2025 subject to ECB consent and AGM approval on 21 Apil 2026 7% distribution yield; €40 c per share remaining cash out of 2025 profit, on top of € 100mn SBB
Page 22
22 02 Piraeus Performance vs Peers Best - in - class loan growth in Europe Performing loan growth ( yoy ) Source: ECB Supervisory Banking Statistics Q3.2025 from 111 Significant EU Institutions +3% +11% Sep.25 Dec.25
Page 23
23 02 Piraeus Performance vs Peers NIM far above European average Net interest income over average assets (bps) Source: ECB Supervisory Banking Statistics Q3.2025 from 111 Significant EU Institutions 130 225 9M.25 FY.25
Page 24
24 02 Piraeus Performance vs Peers Fees well above average in Europe and best in Greece Net fees & commission income over average total assets (bps) Source: ECB Supervisory Banking Statistics Q3.2025 from 111 Significant EU Institutions; Greek peers data derived from 9M.25 com pany disclosures 66 82 9M.25 FY.25 Greek peers avg at 65bps
Page 25
25 02 Piraeus Performance vs Peers Best - in - class cost efficiency Cost - to - core - income ratio (%) Source: ECB Supervisory Banking Statistics Q3.2025 from 111 Significant EU Institutions 63% 33% 9M.25 FY.25
Page 26
26 02 Piraeus Performance vs Peers Return on tangible book value well above EU average RoaTBV (%) Source: ECB Supervisory Banking Statistics Q3.2025 from 111 Significant EU Institutions 9.9% 15.6% 9M.25 FY.25
Page 27
27 02 Piraeus Performance vs Peers Piraeus trades below EU banks with similar earnings, implying upside of c.30% Source : FactSet, SNL for average consensus estimate for 2028 RoaTBV, P/TBV multiples of 50 European banks and Piraeus . Also displayed the average consensus estimate for 2028 P/TBV multiple for those European banks that have expected 2028 RoaTBV between 14 % - 16 % ; The European banks with average consensus estimate 2028 RoaTBV between 14 % - 16 % are Allied Irish, Bank of Cyprus, Bank of Ireland, Commerzbank, Danske, DNB, Eurobank, National Bank of Greece, SEB, Standard Chartered, UBS ; multiples calculated on closing prices as at 20 February 2025 for peers and for Piraeus 1.5x 1.2x P/TBV 28e RoaTBV 28e 14%-16% P/TBV 28e P/TBV multiple for 2028 1 (%) PB share price ( € ) PB share price 20 Feb.25 Implied PB share price at P/TBV 28e multiple of Banks with RoaTBV 14% - 16% € 8.1 ~ € 10.4 ~30 % P/TBV 28e 1. 2 x Implied P/TBV 28e ~1.5x
Page 28
Financial Analysis & Business Highlights 03
Page 29
▪ Customer loans comprise 48% of assets ▪ Fixed income portfolio comprises 20% of assets ▪ Fixed income holdings of Greek sovereign at € 11.0bn , other European sovereigns at € 5.4bn and other corporate bonds at € 1.8bn ▪ Due to customers comprise 82% of liabilities ▪ HQLA assets at € 22.0bn as at Dec.25 0 3 Strong balance sheet with excess liquidity boosting profitability Asset vs funding mix - Dec.25 Note : DTC in regulatory capital as at Dec . 25 amounted to € 2 , 763 mn ; other assets include mainly “Investments in associates” ( € 1 . 4 bn), “Goodwill & intangible assets” ( € 0 . 8 bn) and “Financial derivatives” ( € 0 . 2 bn) ; other liabilities include “Financial derivatives” ( € 0 . 3 bn) ; cash position is cash with Central Banks 4.9 5.3 0.4 3.5 3.5 43.8 3.9 18.2 7.5 2.4 9.4 3.3 66.5 5.7 3.6 Total 90.9 amounts in €bn 90.9 Other 1 Cash Total Fixed income Net loans Real estate Interbank loans DTA Held for sale ASSETS Dec. 25 LIABILITIES & EQUITY Dec.25 Interbank Due to customers Total equity Other 1 Debt securities 216 % LCR €7.5 bn cash position 65 % LDR 129 % NSFR Ample excess liquidity supporting increased profitability and future balance sheet growth 29 Financial Analysis & Business Highlights Insurance assets Insurance liabilities
Page 30
30 9.8 11.7 13.0 16.1 19.0 7.8 8.8 9.3 9.8 10.4 6.7 6.5 6.2 6.1 6.2 1.7 1.6 1.6 1.7 1.7 2021 2022 2023 2024 2025 Large corporate SME / SB Mortgage loans Consumer loans & credit cards 26.0 28.6 30.1 33.7 0 3 Financial Analysis & Business Highlights Credit expansion supported by all business lending segments; household lending increased 9% CAGR 2021 - 2025 1 % Consumer & credit cards (2%) 7% 18% Mortgage loans SME / SB/ Agri loans Large corporate 3.6% 4.0% 6. 3 % 6. 4 % 5.0% Performing loans evolution ( € bn) Performing loans yields, % ▪ Acceleration of growth in 2025, including household lending after 15 years ▪ Total of € 2.7bn RRF related loans facilitated by Piraeus since 2023 fueling € 8.1bn investments ▪ Sustainable financing amounts to € 4.7bn or 13% of total loan book 37.3 CAGR 2021 - 2025 1% 1% Growth 2025 yoy
Page 31
31 10% 2% 2% 3% 3% 6% 6% 9% 9% 9% 9% 10% 5% 16% Other Agriculture Administrative & support Transportation & storage Real estate Construction Holding companies Shipping Wholesale & retail trade Energy Hospitality Manufacturing Consumer Mortgages 03 Financial Analysis & Business Highlights Retail loans 21% • Loan - to - value of performing mortgage portfolio stands at c. 50 % • Fixed rate mortgage loan new originations account for c. 55% of t otal Loan concentration stats ( Dec .25) • Concentration of the performing loan book to top 20 exposures stands at c. 18 % Mortgage book stats ( Dec .25) Loan portfolio diversification Group loan composition ( €37.3bn at Dec .25, %) * Holding companies comprise conglomerates of domestic and multinational enterprises Q4.25 CIB disbursements breakdown Note: performing loans include CLOs ( € 0. 9 bn) and exclude senior tranches of HAPS securitization s ( € 5.5bn ) Industry mix % Construction 17% Hospitality 16% Transportation (incl. shipping) 12% Manufacturing 1 2% Wholesale & retail trade 11% Real estate 9% Other 23% Total 100% Shipping loan portfolio stats ( Dec .25) • €3.4bn to top quality shipping names, comprising mainly bulkers (c.40%) and tankers (c.30%); c.50% LTV; zero NPEs
Page 32
32 Loan portfolio yield at 4.6% in Q4, with mild spread movement at year end Loan portfolio yields Q4.23 Q3.2 5 Q4.2 5 Δ vs Q 4 .2 3 PE Dec.25 CIB 6.71% 4.53% 4.47% - 2. 24 % € 2 6.8 bn Mortgages 5.03% 3.62% 3.34% - 1. 69 % €6 . 2 bn Consumer/SB 8.54% 7.46% 7.47% - 1.0 7 % € 4. 4 bn Total PE yield 6.57% 4.71% 4.62% - 1. 95 % € 3 7. 3 bn Loan portfolio spreads Q4.23 Q3.25 Q4.25 Δ vs Q 4 .2 3 CIB 2.49% 2.15% 2.1 2 % - 0.3 7 % Mortgages 1.91% 1.82% 1.8 0 % - 0. 12 % Consumer/SB 4.74% 5.30% 5.3 8 % +0. 64 % Total PE spread 2.63% 2.41% 2. 38 % - 0.2 4 % ▪ From the peak of Q4.23, average 3m Euribor is down 19 2 bps, compared to - 1 95 bps for loan yield ▪ c. € 27.3bn are Euro floating rate loans, c. € 4bn are Libor floating rate loans, while c. € 6.0bn are fixed or bank determined rate loans ▪ The average repricing period of corporate loans is c.6 months, whereas of mortgages c.1 month ▪ Q 4 .25 new loan production priced at 4. 4 %: • Mortgages € 0.25bn at 2. 6 % • Consumer € 0.1bn at 10. 0 % • SB € 0. 4 bn at 5. 5 % • SME € 0. 8 bn at 4.2% • Shipping € 0. 3 bn at 5.5 % • Corporate € 2.0 bn at 4.4% 0 3 Performing loan yields & spreads vs peak Note: loan spreads calculated over rolling base rates of related currency and duration; analysis excludes CLOs Financial Analysis & Business Highlights Affected by fixed rate loans
Page 33
33 0 3 Deposits up + € 3 .2 bn yoy Domestic deposit mix (%) 59.6 - 1.0 + 1.2 +0.8 + 2.3 62.9 - 1.4 + 1.4 + 1.0 + 2.2 66.1 Dec.23 Δ Q1.24 Δ Q2.24 Δ Q3.24 Δ Q4.24 Dec.24 Δ Q1.25 Δ Q2.25 Δ Q3.25 Δ Q4.25 Dec.25 70% 66% 30% 34% Dec.25 Dec.25 Retail Business Greek market Piraeus Greek market Piraeus FY.23 delta FY.24 delta Q3.25 delta Q4.25 delta Dec.25 balance Mass | Farmers +0.8 - 0.1 +0.2 +1.2 24.6 Affluent | Private banking +0.5 +0.8 +0.4 +0.6 20.1 SB +0.6 +1.1 +0.6 +0.2 9.2 SME 0.0 +0.4 +0.1 0.0 3.4 Corporate - 0.7 +0.9 - 0.4 +0.4 6.7 Government & other 0.0 +0.2 +0.1 - 0.2 2. 1 Total +1.2 +3.3 +1.0 + 2.2 66.1 Customer deposit movement ( €bn) Deposit movement by segment ( €bn) Financial Analysis & Business Highlights 77% 80% 23% 20% Dec.25 Dec.25 Savings & Sight Time
Page 34
34 Deposit cost evolution vs peak rates Note : deposit beta refers to deposit cost net net of impact from non maturing deposit hedges (NMD), divided by average Euribor 3 m for a period ; time deposit pass - through refers to year - to - date delta time deposit cost divided by year - to - date delta Euribor 3 m ; first demand deposit costs = sights and savings accounts’ deposit costs Lower time deposit pricing drives funding cost lower 0 3 Financial Analysis & Business Highlights Deposit costs (stock) Q4.23 Q3.25 Q4.25 Dec.25 Deposits Dec.25 First demand deposits cost (%) 0.06% 0.0 7 % 0.0 7 % 0.08% € 5 3 . 0 bn Time deposits cost (%) 2.00% 1. 62% 1.58 % 1.48% € 13. 1 bn Time deposits (% of total) 22% 20% 20% 20% 20% Total deposits cost incl. NMD (%) 0.51% 0. 30 % 0. 29 % 0.29% €6 6 . 1 bn Deposit beta Q4.23 Q3.25 Q4.25 Dec.25 Total deposit beta 13% 15% 14% 14% Time deposit beta 51% 80% 77 % 77% Time deposit pass - through (qoq) n.a. 55% 61 % - ▪ First demand deposit balances have grown by c. € 3.8bn over the past year ▪ Time deposit balances have decreased by € 0.6bn 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 deposit pass - through demonstrated ongoing improvement in the downward interest rate period
Page 35
35 0 3 Financial Analysis & Business Highlights Loan yields and deposit costs stabilized along with base rates Group Interest income ( € mn ) Yields (%) Average balances ( € bn) Q4.24 Q1.25 Q 2 .25 Q3.25 Q4.25 Q 4 .24 Q1.25 Q 2 .25 Q3.25 Q4.25 Q4.24 Q1.25 Q 2 .25 Q3.25 Q4.25 Customer loans 507 468 4 52 437 441 4.91% 4. 55 % 4. 24 % 3.99 % 3.97 % 40.3 41.2 4 2 .2 4 2 .9 43.5 o/w PEs 484 447 4 30 421 423 5.95% 5.44% 5. 03 % 4.71 % 4.62 % 31.8 32.8 3 3 . 9 34. 9 35.8 Mortgages 73 63 57 55 51 4.81% 4.28% 3.86 % 3. 62 % 3. 34% 6.1 6.0 6.0 6.0 6.0 Consumer 43 40 4 1 42 43 10.17% 9.65% 9.6 4 % 9.52% 9.68% 1.7 1.7 1.7 1.8 1.8 Business 368 343 3 32 324 329 5.97% 5. 47 % 5. 02 % 4.66 % 4.60 % 24.1 25.1 2 6 . 2 27. 2 28.0 o/w NPEs 12 11 1 2 8 11 2.84% 2.5 5 % 2. 86 % 1.99 % 3.53 % 1.6 1.5 1.5 1.5 1.2 Deposit cost 85 79 68 63 63 0.54% 0.52% 0. 43 % 0.39 % 0.38 % 61.4 61.3 6 2 . 0 63.4 65.1 Net of NMD - 93 - 79 - 57 - 48 - 48 - 0.59% - 0.51% - 0.36% - 0.30% - 0.29% 61.4 61.3 6 2 . 0 63.4 65.1 Sight & savings 10 9 8 9 9 0.08% 0.08% 0.0 7 % 0.0 7 % 0.0 7 % 47.7 47.4 4 8 . 9 50.4 51.7 Time 76 70 6 0 54 54 2.16% 2.02% 1.80 % 1. 62 % 1. 58% 13.7 13.9 13. 1 13. 0 13.4 Note : balances and related income exclude senior tranches of HAPS NPE securitizations and CLOs plus seasonal agri loan that cumulatively contributed € 7 mn interest income in Q 4 . 25 , thus loan interest income in Q 4 . 25 for total PEs amounted to € 441 mn ; NPEs include held - for - sale portfolios, which accrue until final derecognition
Page 36
36 0 3 Financial Analysis & Business Highlights Capital position exceeds the P2G level by c.275bps; P2G requirement reduced to 1.00% • On the 2025 EBA stress test results, announced on 1 st August, Piraeus achieved the 12 th strongest (lowest) 3 year fully - loaded impact among the 64 EU banks in the EBA sample Capital ratios | Dec.25 Regulatory capital requirements € bn | % Reported CET - 1 capital 4.6 Tier 1 capital 5.6 Total capital 6.8 RWAs 36.0 CET - 1 ratio 12.7% Tier 1 ratio 15.5% Total ratio 18.7% Capital requirement components (%) 2025 2026 Pillar 1 requirement 8.00% 8.00% Pillar 2 requirement 2.90% 2.90% Capital conservation buffer 2.50% 2.50% O - SII buffer 1.00% 1.00% Counter cyclical buffer 0.33% 0.56% CET 1 requirement 9 . 9 7% 10.19 % Overall capital requirement 14. 7 3% 14.96% Pillar 2 guidance (P2G) 1.25% 1.00% Overall capital requirement plus P2G 15. 98 % 15. 96 % • The Pillar 2 capital requirement has been reduced to 2 . 90 % for 2025 from 3 . 00 % in 2024 • The counter cyclical buffer for Greece has increased effective October 2025 by 25 bps, further 25 bps increase effective October 2026 , already part of the requirement displayed Maximum Depletion CET1 end - period (Adverse) Stress test 2021 - 6.1% 8.6% Stress test 2023 - 3.2% 9.1% Stress test 2025 - 2.2% 11.8%
Page 37
37 0 3 Financial Analysis & Business Highlights MREL requirement and position, c.165bps buffer 23.5% 3.8% MREL requirement 2025 27.3% MREL requirement Combined buffers 12.7% 6.0% 10.2% MREL position (31 Dec.25) 29.0 % CET1 AT1, T2 Senior bonds & other senior liabilities Piraeus Bank Group level Piraeus Bank Group level Credit and key ESG rating upgrades in 2025 AAA from AA Baa2 from Baa3 BB+ from BB BBB - from BB 2025 Issuance ( € bn) Green SP 1.0 AT1 1.0 Total 2.0 Note : MREL ratio displayed on a reported basis MREL requirements and position is monitored at Piraeus Bank Group level • No subordination requirement based on the latest SRB’s communication • Debt securities outstanding : • € 3 . 5 bn Senior Preferred bonds • € 1 . 15 bn Tier 2 bonds • € 1 . 0 bn AT 1 bond
Page 38
38 03 Financial Analysis & Business Highlights Management of NPE inflows and restructurings bring the NPE ratio to 2.0% Group NPE movement ( € mn ) Forborne NPEs (Dec.25) 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 Defaults 80 58 47 75 Total inflows 89 62 54 80 o/w business 36 25 18 36 o/w mortgages 36 23 22 31 o/w consumer 16 14 13 13 Curings, collections, liquidations (56) (54) (50) (116) o/w business (37) (30) (26) (97) o/w mortgages (13) (17) (17) (13) o/w consumer (6) (6) (6) (7) Write - offs (8) (18) (1) (19) Sales / Held for Sale 5 (1) (1) (134) NPE | end of period 1,097 1,086 1,088 899 NPE 0.5 0.4 FNPE NPE FNPE € bn 0dpd 0.3 1 - 90dpd 0.0 >90dpd 0.1 Total 0.4 0.9 Dec.25 0.9 NPE Note : additional to the € 0 . 4 bn FNPE, there are € 0 . 3 bn FPEs (classified as Stage 2 ) Note: NPE displayed on an adjusted basis (definitions in the APM section of the presentation)
Page 39
39 NPE ratio per product category 0 3 Financial Analysis & Business Highlights NPE coverage ratio strengthening NPEs ( € bn) Dec.25 Mix Business 0.5 61% Mortgages 0.2 28% Consumer 0.1 12% TOTAL 0.9 100% LLR s ( € bn) Dec.25 LLR/ Gross Loans Business 0.4 1.1% Mortgages 0 . 2 3.3% Consumer 0.1 6.5% TOTAL 0.7 1.7% NPE mix Loan loss reserves 71% 72% 56% 104% 73% 75% 58% 117% Total Business Mortgages Consumer Sep.25 Dec.25 2.5% 2.1% 3.8% 5.1% 2.0% 1.5% 4.1% 5.5% Total Business Mortgages Consumer Sep.25 Dec.25 NPE coverage ratio per product Note: coverage is calculated as total loan loss reserves over NPEs Note : NPE ratio displayed on an adjusted basis (definitions in the APM section of the presentation)
Page 40
40 0 3 Retail Banking: leveraging nationwide network and wide clientele base with new business initiatives 6.1 6.1 6.2 1.7 1.8 1.7 2.5 2.5 2.7 Dec.24 Sep.25 Dec.25 Mortgages Consumer SB 10.3 10 .3 282 293 FY.24 FY.25 € mn FY.24 FY.25 Total net revenues 1,313 1,151 Total operating costs (420) (448) Pre provision income 893 703 Impairments (44) (166) Pre tax profit 819 537 NII / assets 8.5% 7.5% NFI / assets 2.3% 2.5% Cost / income 32% 39% 10.6 Performing loans ( €bn) Net fee income ( € mn ) Note : PnL items are displayed on recurring basis (information in the APM section of the presentation) Financial Analysis & Business Highlights 2025 absorbed impact from payments legislation as of Jan.25 increasing PE coverage
Page 41
41 13.0 15.5 15.6 3.1 3.3 3.4 5.8 6.0 6.0 1.5 1.6 1.7 Dec.24 Sep.25 Dec.25 0 3 Corporate & Investment Banking: solid profitability driven by best - in - class volume growth 23.4 26.4 217 241 FY.24 FY.25 € mn FY.24 FY.25 Total net revenues 873 865 Total operating costs (176) (180) Pre provision income 697 685 Impairments (100) (76 ) Pre tax profit 597 609 NII / assets 2.5% 2.1% NFI / assets 0.8% 0.8% Cost / income 20% 21% 26.8 Performing loans ( €bn) Net fee income ( € mn ) Note : PnL items are displayed on recurring basis (information in the APM section of the presentation) Large corporates Shipping SMEs Leasin g/ factoring o/w c. € 50mn transaction banking fees Financial Analysis & Business Highlights
Page 42
42 10.7 11.0 11.0 3.5 5.1 5.4 2.2 1.7 1.8 Dec.24 Sep.25 Dec.25 0 3 Financial Analysis & Business Highlights Treasury & Financial Markets: consistent execution of strategy in fixed income markets Note : PnL items are displayed on recurring basis (information in the APM section of the presentation) Fixed income securities per issuer ( €bn) Fixed income securities per category ( €bn) 16.4 17.7 € mn FY.24 FY.25 Total net revenues 519 609 Total operating costs (49) (57) Pre provision income 470 552 Impairments (1) (6) Pre tax profit 469 546 18.2 Greek sovereign (GGBs & T - bills) EU sovereign Other 15.0 15.3 15.3 0.6 1.4 1.5 0.8 1.1 1.4 Dec.24 Sep.25 Dec.25 Trading AMOC € 0.9bn GR € 9.4 bn GR 16.4 17.7 18.2 FVTOCI € 0.8bn GR 3.0% 3.0% 3.0% Yield
Page 43
Annex 04
Page 44
44 …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 0 4 Annex Solid economic momentum, with 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… Jan - 26 2.5 % Jan - 26 3.3 % -6.0 -1.0 4.0 9.0 14.0 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 Sep-25 Jan-26 Headline Inflation (CPI) Core Inflation Jan - Dec .19, € 18.2 bn Jan - Dec .20, € 4.3 bn Jan - Dec.21, €10.5bn Jan - Dec .22, € 17.7 bn Jan - Dec .23, € 20.6 bn Jan - Dec.24 €21.6bn 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 2025 Q3.25 8.2 % 7.0 12.0 17.0 22.0 27.0 Q1.17 Q2.17 Q3.17 Q4.17 Q1.18 Q2.18 Q3.18 Q4.18 Q1.19 Q2.19 Q3.19 Q4.19 Q1.20 Q2.20 Q3.20 Q4.20 Q1.21 Q2.21 Q3.21 Q4.21 Q1.22 Q2.22 Q3.22 Q4.22 Q1.23 Q2.23 Q3.23 Q4.23 Q1.24 Q2.24 Q3.24 Q4.24 Q1.25 Q2.25 Q3.25 Note: 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.25, € 23.6bn Q3.25 2.0 % Q3.25 5.1 % -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 Q3.25 Real GDP (annual % change, sa data) Nominal GDP (annual % change, sa data)
Page 45
45 0 4 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 GDP 1 Recovery and Resilience Fund (RRF) programme overview 1 €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 Ba2/BB(h) Ba3/BB(l) B1/B(h) B2/B B3/B(l) BBB - CCC - CCC CCC+ Moody’s/ DBRS • Fitch upgraded the Greek sovereign to BBB on 16 Nov.25 • S&P upgraded the Greek sovereign to BBB on 18 Apr .2 5 • Moody’s upgraded the Greek sovereign to Baa3 on 14 Mar.25 • DBRS upgraded the Greek sovereign to BBB o n 7 Mar.25 Net Foreign Direct Investment , €bn € 41.4bn 2016 - 20 2 4 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 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 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Nov - 25 Ba1/BB Baa3/BBB(l) Investment Grade threshold
Page 46
46 6% 7% 27% 44% 16% 0 4 Annex Shareholder structure skewed to international investors ▪ Shareholder structure of Piraeus Bank presents great diversity; total number of common shareholders c.23k ▪ 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 (Dec.25) Individuals Greek Legal Entities USA Europe Rest of World
Page 47
47 0 4 Annex Credit ratings Moody’s rating refers to senior debt 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+ Positive BB+ BBB BBB - Stable BBB - 1 8 March 2025 27 January 2026 2 4 October 2025
Page 48
48 0 4 Annex Publicly - placed outstanding senior debt issuance €500mn 3.875% 6NC5 SP Green 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 €500mn 3.375% 6NC5 SP Green Notes due 2031 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 Rating (Moody’s/S&P/Fitch) Baa2/BB+/ - Baa2/BB+/ - Baa2/ - /BBB - Baa2/ - /BBB - Baa2/ - / - Baa2/ - / - Baa2/ - / - Amount( €) 500,000,000 500,000,000 500,000,000 500,000,000 650,000,000 500,000,000 500,000,000 Coupon 3.875% | Annual 7.25% | Annual 6.75% | Annual 5.00% | Annual 4.625% | Annual 3.000% | Annual 3.375% | Annual Issue Date 03 - Nov - 21 13 - Jul - 23 05 - Dec - 23 16 - Apr - 24 17 - Jul - 24 03 - Jun - 25 02 - Dec - 25 Call Date 03 - Nov - 26 13 - Jul - 27 05 - Dec - 28 16 - Apr - 29 17 - Jul - 28 03 - Dec - 27 02 - Dec - 30 Reset Spread 394.8 bps 369.2 bps 383.7 bps 224.5 bps 172.3 bps 115 bps 98 bps Maturity 03 - Nov - 27 13 - Jul - 28 05 - Dec - 29 16 - Apr - 30 17 - Jul - 29 03 - Dec - 28 02 - Dec - 31 Denomination 100k +1k 100k +1k 100k +1k 100k +1k 100k +1k 100k +1k 100k +1k ISIN XS2400040460 XS2644936259 XS2728486536 XS2802909478 XS2845167613 XS3085616079 XS3244184159 Documentation EMTN PROGRAMME EMTN PROGRAMME EMTN PROGRAMME EMTN PROGRAMME EMTN PROGRAMME EMTN PROGRAMME EMTN PROGRAMME
Page 49
49 0 4 Annex Publicly - placed outstanding c apital 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 €600mn 6.125% PerpNC7 AT1 Notes Issuer Piraeus Bank S.A. Piraeus Bank S.A. Piraeus Bank S.A. Piraeus Bank S.A. Piraeus Bank 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 Additional Tier 1 - Fixed Rate Reset Perpetual Contingent Temporary Write - Down Notes Rating (Moody’s/S&P/Fitch) B 1 /B - / - Ba1/ - /BB Ba1/ - / - B 1 / - / - B 1 / - / - Amount( €) 600,000,000 500,000,000 650,000,000 400,000,000 600,000,000 Coupon 8.75% | Semi - Annual 7.25% | Annual 5.375% | Annual 6.75% | Semi - Annual 6.125% | Semi - Annual Issue Date 16 - Jun - 21 17 - Jan - 24 18 - Sep - 24 30 - Jun - 25 15 - Oct - 25 Call Date 16 - Jun - 26 17 - Apr - 29 18 - Sep - 30 30 - Dec - 30 15 - Oct - 32 Reset Spread 919.5 bps 477.3 bps 315 bps 459.6 bps 369.6 bps Maturity Perpetual 17 - Apr - 34 18 - Sep - 35 Perpetual Perpetual Denomination 200k +1k 100k +1k 100k +1k 200k x 1k 200k x 1k ISIN XS2354777265 XS2747093321 XS2901369897 XS3103647031 XS3201977595 Documentation STANDALONE EMTN PROGRAMME EMTN PROGRAMME STANDALONE STANDALONE * Outstanding amount €204,196,000 after cash tender offer completed on 15.10.2025
Page 50
50 650 400 600 500 2032 0 4 Outstanding debt redemption profile Outstanding debt call dates ( € mn ) Tier 2 Senior Preferred AT1 2027 2026 PerpNC5.5 AT1 Notes Jun.26* 6NC5 SP Green Nov.26 5NC4 SP Notes Jul.27 6NC5 SP Notes Dec.28 10.25NC5.25 Tier 2 Apr.29 6NC5 SP Notes Apr.29 5 00 600 500 5 00 5 00 5 00 5NC4 SP Green Jul.28 11NC6 Tier 2 Sep.30 2029 650 3.5 NC2.5 SP Green Dec.27 5 00 PerpNC5.5 AT1 Notes Dec.30 PerpNC7 AT1 Notes Oct.32 * Outstanding amount €204,196,000 after cash tender offer completed on 15.10.2025 Annex 2030 6 NC5 SP Green Dec.30 0 4 2028
Page 51
51 0 4 Annex 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 2 9 % 67% Gross loans 41,425 43,359 44,493 3% 7% (Loans loss reserves) (691) (791) (737) - 7 % 7% Securities/derivatives 16,837 18,253 18,744 3% 11% Insurance / reinsurance contract assets & related investment assets - - 3,470 - - Investments in associates 1,295 1,411 1,352 - 4% 4% Intangibles & goodwill 417 447 818 83% 96% Real estate (repossessed assets) 1,520 1,482 1,346 - 9% - 11% Real estate (non - repossessed assets) 1,790 1,836 2,118 1 5% 18% Deferred tax assets 5,363 5,090 5,257 3% - 2% Other assets 1,848 1,865 2,220 19% 20% Assets of discontinued operations & held for sale 465 454 391 - 14% - 16% Total Assets 80,044 83,059 90,893 9% 14% Due to banks 2,378 2,978 3,629 2 2 % 53% Deposits 62,853 63,869 66,544 4% 6% Debt securities 4,518 4,888 5,700 17% 26% Insurance / reinsurance contract liabilities & related investment liabilities - - 3,261 - - Other liabilities 2,023 2,198 2,381 8% 18% Total liabilities 71,771 73,933 81,514 10% 14% Total equity 8,273 9,127 9,379 3% 13% Total liabilities & equity 80,044 83,059 90,893 9% 14% * Total Ethniki Insurance assets, including properties, DTAs and other assets amount to 4.1bn as at 31 Dec.25
Page 52
52 0 4 Annex Group results | quarterly evolution Note: one - off items are displayed in the APM section of the presentation ( € mn ) Q4.24 Q1.25 Q 2 .25 Q 3 .25 Q4.25 Net interest income 514 481 4 74 4 7 1 4 7 7 Revenues from services 167 160 16 6 164 206 Net trading result 28 19 47 19 35 Other operating result (including dividend income) 21 (10) 1 (5) 4 Total net revenues 730 649 6 87 64 8 723 Total net revenues (recurring) 730 649 6 87 64 8 723 Staff costs (152) (99) ( 103 ) ( 99 ) (140) Administrative expenses (82) (94) ( 76 ) ( 7 8 ) (81) Depreciation & other (31) (31) (3 2 ) (3 3 ) (35) Total operating costs (264) (224) (2 12 ) (2 1 1 ) (256) Total operating costs (recurring) (225) (222) (2 08 ) (2 06 ) (234) Pre provision income 466 425 4 7 5 43 7 467 Pre provision income (recurring) 505 428 479 442 488 Result from associates (1) (5) ( 10 ) 1 6 (60) o/w extraordinary 0 0 0 0 (35) Impairment on loans (127) (35) ( 94 ) ( 68 ) (92) o/w extraordinary (86) 0 ( 2 5) (1) (38) Impairment on other assets (112) (2) 0 (35) (41) o/w extraordinary for NPAs (64) 1 2 (27) (11) o/w extraordinary for CSR actions (25) 0 0 0 (11) Pre tax result 226 382 3 71 3 5 1 274 Pre tax result (recurring) 440 385 3 9 7 383 391 Tax (43) (100) ( 97 ) ( 9 2 ) (27) Net result attributable to SHs 184 284 2 76 261 250 Net result (recurring) 336 285 294 284 333 Minorities (1) (2) (2) (2) (3) Discontinued operations result 0 0 0 0 0
Page 53
53 Gross loans evolution ( € mn ) Note : loan balances exclude seasonal agri - loan of € 1 . 5 bn for Dec . 22 , € 1 . 0 bn for Dec . 23 , € 0 . 9 bn for Dec . 24 and € 0 . 8 bn for Dec . 25 and SPPI figures Annex Dec.23 Dec.24 Sep.25 Dec .25 qoq yoy Group 37,395 40,456 43,154 43,488 1% 7 % Senior notes 5,984 5,722 5,495 5,458 - 1 % - 5% Business 23,296 26,635 29,453 29,763 1% 12% Mortgages 6,454 6,304 6,319 6,417 2% 2% Consumer 1,661 1,795 1,888 1,850 - 2 3% Dec.23 Dec.24 Sep.25 Dec.25 qoq yoy Group 59,567 62,853 63,869 66,544 4% 6% Savings 24,184 24,509 24,017 25,097 5% 2% Sight 21,877 24,663 26,817 27,915 4% 13% Time 13,505 13,681 13,035 13,531 4% - 1% Loan and deposit portfolios 0 4 Due to customers evolution ( € mn )
Page 54
54 0 4 Annex IFRS9 stage analysis | Group (1) Excluding seasonal agri - loan of € 1.6bn for Dec.17 & Dec.18, €1.5 bn for Dec.19, Dec.20, Dec.21 & Dec.22, € 1.0bn for Dec.23, € 0.9bn for Dec.24 and 0.8bn for Dec.25. Loans for all periods exclude balances accounted for at FVT P&L (2) Dec . 21 Stage 1 exposures include € 6.2bn senior HAPS tranches, Dec.22 €6. 1bn, Dec.23 € 6.0bn, Dec.24 € 5.7bn, Sep.25 € 5.5bn and Dec.25 € 5.5bn (3) Stage 2 including POCI not credit impaired, Stage 3 includes POCI credit impaired; Q4.25 Stage 3 include €110mn paying mo rtg age exposures which have been classified as Stage 3/POCI ( €19 mn in Q3.25, €6mn in Q2.25) after Bank - initiated reprofiling Gross loans ( € bn) Dec.1 7 1 Dec.1 8 1 Dec.1 9 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 4.9 2.6 1.3 1. 1 1.1 1.0 - 6% Total 58.3 51.5 48.6 48.0 37.0 37.3 37.4 40 .5 43.2 43.5 7% Dec.25 ( € mn ) Stage 1 Stage 2 Stage 3 3 Total Gross loans LLRs Coverage (%) Gross loans LLRs Coverage (%) Gross loans LLRs Coverage (%) Gross loans LLRs Coverage (%) Mortgages 4,770 88 2% 1,277 74 6% 370 52 14% 6,417 214 3% Consumer 1,474 18 1% 275 30 11% 102 71 70% 1,850 119 6% Business 33,532 45 0.1% 1,152 44 4% 537 315 59% 35,221 404 1% Total 39,776 150 0.4% 2,704 148 5% 1,008 438 43% 43,488 737 2%
Page 55
55 0 4 Annex Definitions of APMs 1 (1) Alternative performance measures 1 Core income 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 activities . For Ethniki Insurance, the total revenue contribution to Piraeus Group is included in NFI . 2 Cost of risk, organic Impairment (losses)/releases excluding ( - ) extraordinary impairment losses/releases on loans and advances to customers at amorti zed cost over (/) Net loans, seasonally adjusted (as defined herein) 3 Cost of risk, underlying Impairment (losses)/releases excluding ( - ) extraordinary Impairment losses/releases on loans and advances to customers at amorti zed cost and excluding ( - ) other credit - risk related expenses on loans and advances to customers at amorti z ed cost over (/) Net loans, seasonally adjusted (as defined herein); in FY.25 underlying cost of risk includes reserve for proactive reprofiling of paying mortgages 4 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) 5 Deposits or Customer Deposits “Due to customers” minus ( - ) repurchase agreements of € 447mn as at Dec.25 and € 178mn as at 30 Sep.25 6 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 7 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 adju stm ent on loans and advances to customers mandatorily measured at FVTPL over (/) Gross loans (as defined herein) 8 Earnings per share (EPS) after AT1 coupon EPS are calculated by dividing the reported net profit (as defined herein) adjusted for AT 1 capital instrument coupon payment for the period, by (/) the total number of shares adjusted for treasury shares outstanding at the end of the period . 9 Impairments or provisions ECL Impairment losses on loans and advances to customers at amorti z ed 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) 10 Investment Yield ( Ethniki Insurance KPI) Investment Income (excluding unit - linked and rental income and including realized & unrealized gains/losses) divided (/) by Average Book Value of Assets 11 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 12 Loan - to - deposit ratio (LDR) The loan - to - deposit ratio is calculated by dividing net loans seasonally adjusted (as defined herein) over (/) Deposits . 13 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 14 Net fee income (NFI) over Assets or Revenue from services over Assets Net fee income (NFI) recurring over (/) average total assets adjusted as defined herein (average of the respective end of period balances . NFI is calculated on an annualized basis . NFI as defined herein 15 Revenues from services out of total revenues or Net fee income (NFI) over Net Revenues Net fee income (NFI) recurring over (/) Net Revenues (as defined herein) . NFI as defined herein 16 Net interest margin (NIM) Net interest margin equals net interest income over (/) total assets adjusted as defined herein (average of the respective end of period balances) . NII is calculated on an annualized basis 17 Net loans Loans and advances to customers at amortized cost, plus (+) loans and advances to customers mandatorily measured at FVTPL 18 Net loans, seasonally adjusted Net loans minus ( - ) seasonal funding facility of € 801 mn as at 31 December 2025 , € 0 mn as 30 June, and 30 September 2025 , € 574 mn as at 31 March 2025 and € 919 mn as at 31 December 2024 . The seasonal funding facility refers to agri loan facility provided to the farmer beneficiaries
Page 56
56 19 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 extraordinary impairment charges on loans and advances to customers at amortized cost and extraordinary impact from NPAs and participations, 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 2 0 Net result/ Net profit Profit / (loss) attributable to the equity holders of the parent 21 Net revenues Total net income 22 Net stable funding ratio (NSFR) The ratio between the amount of available stable funding relative to the amount of required stable funding based on Regulatio n 2 019/876 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 23 Net trading result Net trading result includes gains from bonds, FX and other . For Q4.25 € 6mn reflecting a positive earnout from an NPE transaction are included in other impairments 24 Non - performing exposures (NPEs) On balance sheet credit exposures before ECL allowance for impairment on loans and advances to customers at amortized cost that include : a) loans measured at amortized cost classified in stage 3 ; plus (+) b) purchased or originated credit impaired (“POCI”) loans measured at amortized cost that continue to be 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 . Dec . 25 NPEs exclude € 110 mn paying credit impaired mortgages which have been classified as POCI credit impaired ( € 19 mn in Sep . 25 and € 6 mn in Jun . 25 ) after the implementation of a restructuring program with the aim to enhance borrower’s repayment capacity . 25 NPE (cash) coverage ratio ECL allowance for impairment losses on loans and advances to customers at amortized cost over (/) NPEs (as defined herein) 26 NPE ratio NPEs (as defined herein) over (/) Gross loans (as defined herein . Accounting for the paying credit impaired mortgage exposures, the respective NPE ratio would be 2 . 3 % at end Dec . 25 , 2 . 6 % at end Sep . 25 and 2 . 6 % at end Jun . 25 27 One - off items For 2024 : One - off revenues for Q 1 . 24 refer to - € 43 mn 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 Q 2 . 24 € 12 mn 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 € 10 mn in Q 1 . 24 , € 4 mn in Q 2 . 24 , € 2 mn in Q 3 . 24 and € 39 mn in Q 4 . 24 , booked in staff costs . Impairment charges of € 98 mn were related to NPE sales booked in Q 1 . 24 ( € 12 mn) and Q 4 . 24 ( € 86 mn) . Further, other impairment charges of € 64 mn booked in Q 4 . 24 were related to NPA clean - up costs for a repossessed assets portfolio classified as held - for - sale in Dec . 24 and € 25 mn booked in Q 4 . 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 . € 30 mn, to be forgone 2025 onwards, as part of Government's induced measures in Dec . 24 . For 2025 : One - off expenses includ e € 15 mn voluntary redundancy costs booked in staff costs in Q 4 . 25 and € 17 mn integration costs related with the Ethniki Insurance acquisition booked in administrative expenses throughout FY . 2025 ( 2 . 4 mn in Q 1 . 25 , 3 . 8 mn in Q 2 . 25 , 4 . 8 mn in Q 3 . 25 and 6 . 4 mn in Q 4 . 25 ) . Loan impairments for FY . 2025 incorporate extraordinary results of € 6 mn for NPE sales or NPEs classified as HFS, mainly Projects Imola, Solar, and Ocean (loss 0 . 4 mn in Q 1 . 25 , 25 mn in Q 2 . 25 , 0 . 5 mn in Q 3 . 25 and 1 . 3 mn in Q 4 . 25 plus 20 . 8 mn reversal in Q 4 . 25 ) and € 57 mn provisions booked in Q 4 . 25 for post - model adjustments to address the potential impact of Law 5264 / 2025 which introduced a statutory framework enabling the conversion of loans denominated in swiss franc into euro . Further, extraordinary impact from NPAs and participations for FY . 2025 incorporat e € 8 mn ( 0 . 5 mn reversal in Q 1 . 25 , 2 . 4 mn reversal in Q 2 . 25 , and loss 25 . 4 mn in Q 3 . 25 , and 10 . 8 mn in Q 4 . 25 ) of extraordinary charges for assets’ disposals and € 35 mn impact from participations revaluations booked in associates’ income in Q 4 . 25 . Further, 38 mn of costs for extraordinary CSR actions were booked in other impairments during 2025 ( 26 . 4 mn in Q 3 . 25 and 11 . 4 mn in Q 4 . 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 . For Dec . 25 performing exposures incorporate € 110 mn paying credit impaired loans classified after the implementation of a restructuring program with the aim to enhance borrower’s repayment capacity ( € 19 mn in Sep . 25 and € 6 mn in Jun . 25 ) 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 Profit excluding non - operating & other notable items ( Ethniki Insurance KPI) One off items : One - off result from significant transactions with disposal character, VES expenses, interest expense on external debt, realized and unrealized gains/losses, restructuring and integration & transaction related expenses, litigation and other expenses with one off character Notable items : Unexpected impact of events that affect the Company’s results, but that were unknown and the Company could not anticipate when it devised its business plan . Such items may include revision of non economic assumptions and positive or negative prior year reserve developments, aiming at assisting investors have a better understanding of the Company’s results and to evaluate and forecast those results 0 4 Annex Definitions of APMs
Page 57
57 3 3 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 3 4 Return on average tangible book value (RoaTBV), normalized Net profit, normalized (as defined herein) annualized minus ( - ) AT 1 coupon payment over (/) average Tangible Book Value for the period (as defined herein) . Net profit normalized is calculated on an annualized basis for each quarterly period . TBV is calculated by taking the average of the last two consecutive periods 3 5 Return on average tangible book value ( RoaTBV ), reported Net profit, annualized minus ( - ) AT 1 coupon payment over (/) average Tangible Book Value for the period (as defined herein) . Net profit is calculated on an annualized basis for each quarterly period TBV is calculated by taking the average of the last two consecutive periods Stage 1 (cash) coverage ratio Stage 1 ECL allowance for impairment losses over (/) Stage 1 exposures excluding HAPS senior tranches and seasonal agri - loan Stage 2 (cash) coverage ratio Stage 2 ECL allowance for impairment losses over (/) Stage 2 exposures including POCI not credit impaired for both allowance and exposures 3 6 Stage 3 (cash) coverage ratio Stage 3 ECL allowance for impairment losses on NPEs over (/) Stage 3 exposures including POCI credit impaired for both allowance and exposures 3 7 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 (AT 1 ) capital and intangible assets . For Dec . 25 TBV includes a deduction of 236 mn goodwill arising from Ethniki Insurance acquisition after the finalization of the price purchase allocation exercise 38 Tax normalization As of Q 1 . 24 , normalized profits incorporated a tax rate of 29 % on the one - off items 39 Total assets, adjusted Total assets excluding the seasonal agri loan as defined above 40 Total net revenues, recurring Total net income minus ( - ) one - off revenues related to the corresponding period (as defined herein) 0 4 Annex Definitions of APMs
Page 58
58 0 4 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 excluding repurchase agreements with the State ( € 0 . 5 bn in Dec . 25 ) 3 C/I Cost - to - Core Income 4 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 5 DTA Deferred Tax Assets 6 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 7 CAGR Compound Annual Growth Rate 8 Gross book value (GBV) Value of gross loans (as defined in the Alternative Performance Measures - APMs section) of described portfolio 9 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 10 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 11 LTV ratio Loan - to - Value ratio 12 Net credit expansion New loan disbursements minus loan repayments that were realized during the defined period 13 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 14 NII Net Interest Income 15 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 16 SBB Share Buyback 17 SMEs Small and midsize enterprises 18 Solvency II (SII) Solvency II : Primary ratio used for regulatory compliance calculated as Eligible Own funds divided by Solvency Capital Requirement Eligible Own Funds : Represent the insurer’s capital (assets minus liabilities) in accordance with the quantitative limits provided by legislation Solvency Capital Requirement : The financial capital that an insurance company must have in order to reduce the probability of bankruptcy to 0 . 5 % , over a period of 12 months 19 VES Voluntary Exit Scheme
Page 59
59 0 4 Annex Disclaimer General This presentation pertaining to Piraeus Bank S . A . (“Piraeus Bank”, “Piraeus Bank S . A . ” or to the “Bank”) and its subsidiaries and affiliates (the “Group” or “we”), its business assets, strategy and operations is solely for informational purposes . It is hereby noted that on 19 . 12 . 2025 , the merger by absorption of “Piraeus Financial Holdings S . A . ” (former parent company of the Bank) by Piraeus Bank was completed . Certain information contained in this presentation relates to periods prior to said absorption and may refer to activities, assets, liabilities or results of operations of Piraeus Financial Holdings S . A .. References to the “Group” or similar terms shall be construed accordingly . 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 Group 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 Group . You are solely responsible for seeking independent professional advice in relation to the 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 Group 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 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 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 Group intends that the Group 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 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 Group’s strategies, plans, objectives, initiatives and targets, its businesses, outlook, political, economic or other conditions in Greece or elsewhere, the 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 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 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 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 60
60 0 4 Annex 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 management’s current estimates and is subject to the completion of year - end closing procedures, includi ng the finalization of accounting records, the preparation of statutory financial statements and the completion of external a udi t and supervisory review processes, where applicable. Accordingly, this information does not constitute statutory financial statements and has not been audited or otherwise indepe nde ntly verified. As a result, it may be subject to further adjustments and revisions, which could be material. No representation or warranty, express or implied, is made as to the accuracy, completeness or fairness of the information co nta ined herein, and it should not be relied upon as a basis for investment or other decision - making purposes.
Page 61
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 & ESG Yvonne Papageorgiou Senior IR Manager | Institutional Investors 4 Amerikis s t reet , 10564 Athens Tel : +30 210 3335026 investor_relations@piraeusbank.gr Bloomberg TPEIR GA Reuters BOPr.AT ISIN GRS831003009 www.piraeusgroup.gr Contact information