Slides
Page 1
Nine Month 202 6 Financial Results 30 October 202 6
Page 2
Executive Summary 01 Piraeus’ Performance vs Peers 02 Sustainability 0 4 Annex 0 5 Financial Analysis & Business Highlights 03 9M.2026 FINANCIAL RESULTS • CONTENTS
Page 3
3 Executive Summary 01
Page 4
4 Greece keeps outgrowing the Eurozone, underpinned by solid fundamentals and sustained investments 01 • EXECUTIVE SUMMARY 1.4 % 2.1 % Eurozone Greece 2025 0.9 % 1.9 % Eurozone Greece 2026e 106. 9 9 6. 8 + 3.6 % - 1.3% Note: Eurostat; European Commission; Europa; Bank of Greece; Hellenic Statistical Authority; Hellenic Republic Ministry of Ec ono my and Finance; Piraeus Economic Research Note 2: NSRF 2021 - 2027; Multiannual Financial Framework 2028 - 2034; new European funds 2026 - 2032 (Social Climate Fund, Islands De carbonisation Fund, Modernisation Fund) - 11.2ppts +1.5ppts Real GDP, % yoy Debt to GDP ( delta Q2.26 - Q2.25 ) Economic Sentiment Indicator (Jan. - Sep.26) Primary Balance % GDP (2026 forecast) 1.2 % 1.7 % Eurozone Greece 2027e H1.26 at 1.9% vs 0.9% in the EZ ▪ The Greek economy is expected to continue outperforming the Eurozone, supported by a sound fiscal framework, ongoing reforms and sustained investment ▪ As the RRF winds down, Greece is expected to sustain growth through c. € 100bn of available EU 2 and national funding and continued reform implementation ▪ c.65ppt decline in debt - to - GDP from the pandemic peak , the largest reduction in the EU, supported by a low debt servicing cost of c.1.9% p.a.; debt - to - GDP expected to reach 137% in 2026 ▪ Record travel receipts of € 18.2 bn in Jan - Aug 2026, up 9.4% yoy ▪ Unemployment declined to a new cycle low of 7.4% in Aug.26, reflecting continued labour market resilience ▪ Higher energy prices are expected to weigh on economic activity in 2026, with inflationary pressures easing in 2027
Page 5
5 9M .26 : EPS € 0.68, +10% yoy, on track for 2026 target of c. € 90c; burgeoning Q3 NII +15% yoy , +7% qoq 01 • EXECUTIVE SUMMARY €930mn core operating profit +14% yoy, driven by strong dynamics in NII, revenues from services and cost efficiency; reported net profit at € 893mn 15.4% RoaTBV in 9M Compared to 14.7% in 9M.25, on track to meet 2026 target of c.15% +7% yoy net interest income 2.2% net interest margin, on track to meet updated 2026 target of c.2.2%; Q3 NII € 542mn +7% qoq , rates tailwinds kicking - in +8% yoy loan growth € 40bn loan book , + €2.8 bn yoy ; + € 2.2bn net credit expansion in 9M; + €135 mn in mortgages, with new originations + 37 % yoy +39% yoy revenues from services €679mn services revenues, 1.0% over assets, in line with >0.90% updated target for 2026; among best - in - class in Europe +15% yoy core revenues growth €2,211mn core revenues, with sustainable diversification of revenue mix towards fees, at 31% over revenues + 19 % yoy AuM € 16.9 bn AuM ; € 1.3bn net inflows in 9M.26, above 2026 target; deposits at € 69bn , +9% yoy or + € 5.5bn , at 0.39% cost 33% cost - to - income ratio Top - tier efficiency confirming cost discipline, on track to 2026 target of <35%; Q3 at 32% despite market movements 2.0% NPE ratio Down from 2.2% in Jun.26, driven by portfolio sales; 57bps organic CoR , in line with 2026 updated target of c.60bps 12.9% CET1 ratio On track to meet end - 2026 target of >13% ; TCR 18.6%, c. 260bps above P2G; € 10c interim dividend to be paid in Q4 Note : definitions in the APM section of the presentation ; interim dividend subject to supervisory approval 2 3 4 5 6 7 8 9 1 10 5
Page 6
6 Q3.26: €30 1mn core operating profit, up 10% yoy, driven by strong top line dynamics 01 • EXECUTIVE SUMMARY Note : definitions in the APM section of the presentation Group Figures ( € mn ) Q3.25 Q 2 .26 Q3.26 9M.26 Net interest income 471 509 542 1,532 Revenues from services 164 251 217 679 Operating expenses (206) (244) (231) (722) Underlying impairment charges (51) (50) (71) (142) Servicer fees & synthetic securitization costs (16) (16) (19) (50) Impairment on other assets & associates’ result 8 (21) (31) (49) Tax normalized (incl. minorities) (99) (118) (106) (309) Core operating profit 274 320 301 930 Net trading result 19 21 (19) (15) Other operating result (5) 7 (10) (17) Tax (adjustment) (4) (8) 8 9 Normalized operating profit 284 340 281 908 Non - recurring o perating costs (5) 0 0 0 Extraordinary loan impairments (1) 0 0 (8) CSR contributions (26) (6) (7) (13) Tax (adjustment) 9 2 2 6 Reported net profit 261 336 275 893 Earnings per share (EPS) after AT1 coupon ( €) 0.19 0.26 0.21 0.68 Tangible book value per share (TBVPS) 6.1 6.3 6.1 6.1 TBVPS plus dividend per share (DPS) 6.5 6. 7 6.9 6.9 up 10% yoy Q3.26 +10% yoy 9M.26 +14% yoy up 7% yoy NII +7% qoq Fees/assets 98bps Core revenues € 2.2bn , +15% yoy
Page 7
7 ΝΙΙ growth accelerated at +7% qoq , driven by rates and spread discipline; NIM climbs to 2.3% 01 • EXECUTIVE SUMMARY Net interest income (€mn) Q1.26 Delta Q2 Q2.26 Delta Q3 Q3.26 Loans 440 +20 460 +28 488 Bonds 144 +18 163 +9 172 Cash at central banks 25 (7) 18 12 29 Customer deposits (48) (5) (53) (15) (67) Debt securities (67) +2 (65) (2) (68) Other (13) (1) (13) 1 (12) Total NII 481 +27 509 +33 542 NIM over assets (%) 2.14% 0.08% 2.22% 0.09% 2.31% Euribor 3m (average) 2.05% 0.19% 2.25% 0.28% 2.52% Accruing € base rate 2.02% 0.07% 2.09% 0.28% 2.37% Note: customer deposit cost net of impact from non maturing deposit hedges (NMD) that correspond to €8.25bn IRSs in Sep.26; “Other” category includes net interbank costs, bond hedging and L.128 costs ▪ Loan interest income in creased 6% qoq , mainly due to rate tailwinds kicking - in ▪ + € 3bn bond positions onboarded in H1, boosting net interest income ▪ Deposit cost at 0.4% in Q3 ▪ Market expectations for euro risk free rates currently point to one more hike for the base rate in 2026, to 2.75% DFR ▪ Based on 9M performance and current market dynamics, there is upside to the 2026 EUR2.0bn NII target ▪ NII sensitivity to 25bps Euribor at c .€40mn
Page 8
8 + € 2.2bn net credit expansion in 9M, on track to meet target of > €3 bn for 2026 01 • EXECUTIVE SUMMARY Out of € 3.2bn disbursements in Q3 : ▪ c. € 1.2bn to small / medium enterprises and agri ▪ c. € 1.7bn to corporate , structured finance and shipping ▪ c. € 290mn to individuals, with c. € 190mn mortgages Mortgages 30 65 40 Consumer 0 15 10 Small Business (100) 70 (5) CIB 1, 330 350 445 Total 1,260 500 490 Performing loans evolution ( €bn) 37.3 + 1.3 0.4 39.0 + 3.2 - 2.7 +0.1 39.6 Dec.25 Δ Q1.26 Δ Q2.26 Jun.26 Disbursements Repayments NPE movement / FX / Other Sep.26 Net credit expansion +€ 0.5bn Net credit expansion (disbursements minus repayments) Loan growth + 6% ytd
Page 9
9 Growing corporate lending with pricing discipline 01 • EXECUTIVE SUMMARY Piraeus business loans spreads vs Greek peers ( %) New corporate loans yields ( %) 3.8% 3.7% 3.9% 4.4% 4.2% 3.8% 3.7% 4.0% 4.3% 4.3% Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 Piraeus Greek Market Note : source for Greek market new business loans yields is Bank of Greece (Jul - Aug . 26 ) ; Greek peers refer to three out of four systemic players reporting loan spreads ; data derived from market disclosures 2.0% 2.0% 2.1% 2.2% 2.5% 3m Euribor (%) 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 2.4% 2.3% 2.2% 2.2% 2.2% 1.8% 1.8% 1.8% 1.7% 1.6% 2.1% 2.1% 2.1% 2.09% 2.05% Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 High Low Close Piraeus
Page 10
10 Deposit cost evolution Orderly time deposit repricing keeps funding costs low Deposit costs (stock) Q 1 .2 6 Q2.26 Q3.26 Sep.26 Deposits Sep.26 First demand deposits cost (%) 0.07% 0.07% 0.09% 0.09% € 55 .2 bn Time deposits cost (%) 1. 56 % 1.58% 1.67% 1.68% € 14.0bn Time deposits (% of total) 20% 20% 20% 20% 20% Total deposits cost net of NMD (%) 0.30% 0.32% 0.39% 0.39% €69.2bn Deposit beta Q 1 .2 6 Q2.26 Q3.26 Sep.26 Total deposit beta 1 4 % 14% 15% 16% Time deposit beta 76 % 70% 66% 6 4% ▪ First demand deposit balances have grown by c. € 4.5bn over the past year ▪ Time deposit balances have increased by € 0.9bn during the same period ▪ c.7 0 % of time deposits get repriced in the next 3 months and c.9 0 % in the next 6 months 01 • EXECUTIVE SUMMARY Note : deposit beta refers to deposit cost net of impact from non maturing deposit hedges (NMD) divided by average Euribor 3 m for a period ; first demand deposit costs = sights and savings accounts’ deposit costs
Page 11
11 Revenues from services ( € mn ) Revenues from services: Ethniki Insurance leads the way in an acceleration across all key business lines 01 • EXECUTIVE SUMMARY Q3.25 Q2.26 Q3.26 Q3 yoy 9M.26 9M yoy Financing Loans 26 48 27 5% 109 27% Letters of guarantee 13 14 15 11% 43 13% Investment banking 3 5 4 34% 16 89% Investment Bancassurance 18 24 23 26% 70 29% Insurance - 46 36 - 102 - Asset management 27 33 33 25% 101 30% Transaction banking Funds transfers 21 22 25 21% 70 13% Cards 21 21 15 - 27% 51 - 10% Payments 3 2 4 16% 9 9% FX fees & other 9 11 8 - 9% 30 5% Rental income Income from rental 24 25 27 15% 77 12% Total 164 251 217 +33% 679 +39% ▪ Solid yoy growth in Q3 loan related fees driven by increasing disbursements. Investment banking fees +34% yoy on the back of increased capital markets activity ▪ Asset management fees continue to grow on the back of client asset inflows and increased stock exchange traded volumes ▪ Bancassurance fees continued showcasing best - in - class results ▪ Revenues from services 9M.26 like - for - like growth +18% yoy ▪ Ethniki Insurance € 102 mn 9M contribution ahead of annual target of c. € 110mn 11
Page 12
12 9M .26 GWP by business line & by channel (%) 44% 41% 31% 34% 20% 14% 4% 11% Ethniki Insurance: 9M performance ahead of targets, driven by solid trends in health 01 • EXECUTIVE SUMMARY P&C Health 66 6 66 6 Investments & Savings Life Protection Brokers Agents Bancassurance Direct Note : GWP (Gross Written Premia), P&C (Property & Casualty), (definitions on the APM section / Glossary and disclaimer on the Disclaimer section) ; ▪ Preparing for the next phase of Group integration, supporting accelerated growth from 2027 onwards ▪ Through the ‘Simply Forward’ initiative, 27 simplification ideas have been implemented, driving operational improvements across the company ▪ Ν ew P&C core system was successfully deployed across Retail Property, together with the Agent Portal, providing a simpler operating model, enhanced business support and a stronger foundation for future growth ▪ Successfully launched a pilot AI Voice Agent for Motor, enhancing customer experience and operational efficiency, while progressing the next phase of deployment across Health and additional business areas ▪ Advancing Data & AI capabilities, with ongoing evaluation of scalable AI use cases and modern data foundations to support future business growth ▪ Ongoing progress towards a fully integrated operating model, with enhanced governance, risk management and regulatory compliance framework On track to exceed 2026 target of c. € 850mn Ethniki Insurance KPIs Solo figures 9M.25 9M.26 9M.26B Operating pre - tax profit ( € mn) 28 80 49 Solvency ratio (%) 187% 175% n.a. GWP ( € mn) 642 66 6 636 Net combined ratio (%) 99% 92% 100% Expense Rate (%) 1 3 % 13% 1 4 % B : budget
Page 13
13 4.6 6.0 6.8 2.1 3.0 3.7 4.8 5.6 6.4 Dec.24 Dec.25 Sep.26 Piraeus Securities Mutual funds Private & Institutional portfolios 11.4 ▪ AuM growth + 17 % year - to - date withstanding increased volatility in markets ▪ FY . 26 budget already met at H 1 ▪ Launch of Optimum International, the new generation of Optimum portfolios, offering access to diversified investment portfolios through various thematic investment options and other portfolios with specialized management approaches ▪ Upscale investment solutions with focus on : o Advisory service for Private Banking clients supported by Piraeus Wealth Advisor, a Robo 4 platform o Robo advisory service for retail asset management (Piraeus brainy) ▪ Wide suite of Piraeus Bank and 3 rd parties best of breed asset management including private markets products 16.9 + 48% 14.5 WAM: Strong growth in AuM continues, with + € 1.3bn net inflows year - to - date above FY target 01 • EXECUTIVE SUMMARY Note: private & institutional portfolios include Iolcus assets; Piraeus Securities assets refer to assets under custody (As of Jan.26 custody equity holdings generating no income for the group are not included in Assets under Management) ; AuMs include market movements impact
Page 14
14 IT CapEx ( € mn) Cost - to - income ratio (%) Domestic FTEs (#k) Domestic branches (#) Investing for growth while maintaining best - in - class efficiency 01 • EXECUTIVE SUMMARY Operating expenses (€mn) Q3.25 Q2.26 Q3.26 9M.26 Staff 98 119 106 328 G&A 70 73 74 241 Depreciation 33 33 33 97 Like - for - like OpEx 200 225 213 666 Snappi 6 8 7 22 Ethniki Insurance transaction 5 0 0 0 Ethniki Insurance OpEx 0 11 12 34 Total OpEx 211 244 231 722 7.4 8.2 Sep.25 Sep.26 33% 32% Q3.25 Q3.26 368 367 Sep.25 Sep.26 100 ~ 140 2022-2023 avg per year 2024-2026 avg per year Including c.700 FTEs in Ethniki Insurance Note: Cost - to - income ratio calculated as total operating expenses over total net revenues Track record safely leads to <35% C:I
Page 15
15 Stage 1 coverage 0.4% 0.3% 0.3% Stage 2 coverage 5.7% 6.0% 5.4% Stage 3 coverage 46% 45% 39% NPE coverage 70% 67% 58% 0.9 1.0 0.9 0.9 Q1.26 Q2.26 Q3.26 9M.26 Solid asset quality maintained with NPE ratio down to 2.0% 01 • EXECUTIVE SUMMARY Q1.26 Q2.26 Q3.26 9M.26 Organic cost of risk ( CoR ) 0.3% 0.6% 0.8% 0.6% o/w underlying CoR 0.2% 0.4% 0.6% 0.4% NPE ratio 2.1% 2.2% 2.0% 2.0% NPE beginning of the period 0.9 0.9 1.0 0.9 o/w inflows 0.1 0.1 0.1 0.3 o/w outflows (0.1) (0.1) (0.2) (0.3) NPE end of the period 0.9 1.0 0.9 0.9 Note : definitions in the APM section of the presentation ; Stage 3 exposures does not include POCI credit impaired exposures, which carry lower provision coverage, while NPEs include POCI credit impaired exposures vs 3% EU average vs 0.2% EU average vs 43% EU average; Q3 drop resulted from highly covered NPE portfolio sale NPE balance evolution ( €bn) o/w 0.4% for held for sale portfolio
Page 16
16 LCR (%) 216% 207% 212% Dec.25 Jun.26 Sep.26 ▪ LCR position sustainably >200% ▪ Deposits up 9% yoy, impacted by increased capital markets activity from Greek corporates ▪ Strong cash position utilized in 9M to fund solid loan growth and fixed income securities book ▪ High Quality Liquid Assets at € 22.6bn in Sep.26 ▪ Utilization of available credit lines to ECB could add more than 4 0ppts to LCR Note : LCR refers to Liquidity Coverage Ratio ; LDR refers to Loans - to - Deposits ratio ; NSFR refers to Net Stable Funding ratio ; Sep . 26 NSFR data refer to Jun . 26 Exceptional liquidity supporting growth and strategic optionality 01 • EXECUTIVE SUMMARY Liquidity KPIs Dec.25 Jun.26 Sep.26 Cash (€bn) 7.5 5.4 6.7 Deposits ( € bn) 66.1 68.4 69.2 Debt securities ( € bn) 5.7 5.4 5. 9 LDR (%) 6 5 % 6 5 % 6 5 % NSFR (%) 129% 126% 126%
Page 17
17 12.7% 12.8% + 0.9% ( 0.3% ) ( 0.5% ) (0.2%) +0.2% 12.9% Dec.25 Jun.26 Core PnL Growth Distribution accrual Market movements SRT/other Sep.26 CET1 trajectory 9M.26 (%) Organic capital generation supports growth and shareholder returns 01 • EXECUTIVE SUMMARY Note : Market movements refers to the impact in trading/other income and OCI from the recent volatility in bond markets ; Sep . 26 CET 1 capital incorporates € 33 4 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 ; Distribution out of 2026 profit subject to necessary conditions being met and supervisory approval 5 7 % distribution accrual including DTC accelerated amortization DTC/CET1 at 5 1 % TCR 18.7% 18. 6 % 18.6% ▪ +c.10bps CET1 ratio pro forma for Ethniki Insurance Solvency II ratio at 150%
Page 18
18 Investment grade across all agencies; comfortable MREL buffer 01 • EXECUTIVE SUMMARY 23.5% 4.1% MREL requirement 2026 27. 6 % MREL requirement Combined buffers 12.9% 5.7% 9.7% MREL position (30 Sep. 26) 28.3% CET1 AT1, T2 Senior bonds & other senior liabilities Piraeus Bank Group level Piraeus Bank Group level Credit and key ESG rating upgrades in the last 12 months AAA from AA Baa2 from Baa3 (stable) BBB - from BB+ (stable) BBB - from BB (positive) Debt securities outstanding (Face value € bn) Senior Preferred (SP) 2.00 Green SP 2.15 Tier 2 1.15 AT1 1.00 Total 6.30 Note : MREL requirements and position is monitored at Piraeus Bank Group level • No subordination requirement based on the latest SRB’s communication ; upcoming call date on Nov . 26 of the € 500 mn 3 . 875 % Green Senior Preferred Bond
Page 19
19 Snappi : 260k users and €130mn deposits, and accelerating 01 • EXECUTIVE SUMMARY Traction to date ~260k App users ~€130mn Deposits gathered at a rate of c. € 1mn a day ~3.5k S - Invest users launched Sep.26 ~23k Loans disbursed Innovation platform for retail banking • Full - stack app : account, card, tiered savings, S - Invest, Cash Now and Pay Later in one app • S - Invest: A fully digital product, with five investment profiles, each backed by a diversified portfolio of ETFs, managed by Piraeus Securities • Fast delivery : 7 product launches since July including S - Invest, Cash Now 2.0 and E - gov Passes • Proven E - gov pass engine : 122k government - pass beneficiaries served Growth drivers Diverse acquisition channels Organic growth, supported by referrals and several partner - led campaigns running in parallel Main - bank engagement Cashback of up to 2%, rewards customers who make Snappi their everyday bank Pay Later Pay Later live at Public and Cosmos Sport, with more major retailers to follow E - gov passes 2 passes launched in Q3; organic traffic up 18% Scaling the franchise • Double the user base, to over 400k • Grow customer deposits to c.€0.5bn Launching lending • Move from a deposit - led model to a full - service digital bank • New lending to grow to c.€90mn • Growth will come from personal loans, embedded financing with strategic partners and merchant financing 2027 aspirations ~25% Snappi customers that are Piraeus customers
Page 20
20 Snappi year one: ahead of leading neobanks at the same point 01 • EXECUTIVE SUMMARY Public launch snappi Sep.25 Peer 1 May.17 Peer 2 Mar.16 Peer 3 Jul.15 Peer 4 Jan.15 Figures at about month 12 after launch Users / card holders ~260k ~210k ~100k ~200k ~100k Share of population 2.6% 0.3% 0.2% 0.3% 0.1% Customer deposits ( € mn ) ~130 ~110 - - - Business model Own banking license Yes Yes Restricted No Yes Deposit guarantee for customers Yes Yes Not for prepaid No Yes Products live at month 12 Current account with own IBAN Yes Yes - - Yes Debit or prepaid card Yes Yes Yes Yes Yes Savings Yes - - - - Consumer credit or overdraft Yes (Cash Now) Yes - - Yes Investments Yes Yes - - - Buy now, pay later Yes - - - - Products live (of 6) 6 4 1 1 3 Note: – = not published or not applicable; Share of population: users / bank - account customers; Greece 10m, UK 66m, Germany + Austria 91; where 12 month figures are not available, closest dates of public announcements are used ; peers refer to (in alphabetical order): Monzo, N26, Revolut, Starling; Sources: annual reports, company releases, Snappi data
Page 21
21 o n track Strong 9M execution reinforces confidence in 2026 targets 01 • EXECUTIVE SUMMARY Earnings per share ( reported € ) € 0.82 € 0.21 € 0.68 ~ € 0.9 RoaTBV (normalized %) 1 5.6 % 13.7 % 15.4 % ~ 1 5 % NII / assets (%) 2.2% 2.3% 2.2% ~2.2% Revenues from services / assets (%) 0.8% 0.9% 1.0% >0.90% Cost - to - income (%) 33 % 32 % 33 % <3 5% Organic cost of risk (%) 0.5 % 0.8 % 0.6 % ~0.6 % Performing loans (€bn) € 37.3 € 39.6 € 39.6 > € 40 CET1 (%) 12.7% 12.9% 12.9% >13% Total capital (%) 18.7% 18.6% 18.6% ~19% ECB deposit facility rate assumption (end period, %) 2.00% 2.50% 2.50% 2.75% FY.26 targets post distribution accrual 57% post distribution accrual 57% 9M.26 actual post distribution accrual 57% post distribution accrual 57% FY.25 actual post distribution accrual 57% post distribution accrual 57% Note : distribution is subject to necessary conditions being met and supervisory approval ; PnL items and EPS are displayed on reported basis ; RoaTBV is presented on a normalized basis ; EPS and RoaTBV are adjusted for AT 1 coupon Q3.26 actual on track upside upside o n track o n track on track on track
Page 22
22 2026 performance sets the foundation for 2027 aspiration revision 01 • EXECUTIVE SUMMARY Earnings per share ( reported yoy % growth) ~10% 9% p.a. ~10% RoaTBV (normalized %) ~15% ~ 1 5 % > 1 5 % NII / assets (%) ~2.2% ~2.3% >2.4% Revenues from services / assets (%) >0.9% ~0.8% ~0.9% Net credit expansion (%) ~8 % high single digit high single digit CET1 (%) >13% ~13.5% >13.5% ECB deposit facility rate assumption (end period, %) 2.75% 2.25% 3.00% Revised 2027 aspiration FY.26 targets Mar.26 CMD 2027 aspiration
Page 23
23 Piraeus’ Performance Vs Peers 02
Page 24
24 #1 in performing loans (26% Greek market share) 02 • PIRAEUS’ PERFORMANCE VS PEERS #1 in equities brokerage (2 5 % share) #1 in retail footprint, with 367 branches and 1, 5 00 ATMs 4.5mn clients nationwide, 2.0mn clients in Ethniki Insurance “Europe’s Best Bank for Corporate Responsibility 2026” by Euromoney Accruing for € 650mn cash distribution out of 2026 profit ; 5% distribution yield Note : all data refer to Sep . 26 based on publicly available information (Bank of Greece, Athens Stock Exchange, Hellenic Bank Association) and Piraeus internal analysis ; distribution yield calculated on 30 Sep . 26 € 13 . 6 bn market cap ; cash distribution out of 2026 , subject to achieving targets and ECB consent #1 in deposits ( 28% share) Piraeus: the leading bank in Greece 24
Page 25
25 Loan growth ahead of EU average Source: ECB Supervisory Banking Statistics Q2.2026 from 111 Significant EU Institutions Performing loan growth (yoy) 02 • PIRAEUS’ PERFORMANCE VS PEERS 25 +6% +8% Jun.26 Sep.26
Page 26
26 Net interest income over average assets (bps) NIM far above European average 02 • PIRAEUS’ PERFORMANCE VS PEERS Source: ECB Supervisory Banking Statistics Q2.2026 from 111 Significant EU Institutions 26 135 221 H1.26 9M.26
Page 27
27 Revenues from services over average total assets (bps) Fees best in Greece and well above EU average 02 • PIRAEUS’ PERFORMANCE VS PEERS Source: ECB Supervisory Banking Statistics Q2.2026 from 111 Significant EU Institutions; Greek peers data derived from H1.26 com pany disclosures 69 98 H1.26 9M.26 Greek peers avg at 71bp s 27
Page 28
28 Cost - to - income ratio (%) Best - in - class cost efficiency 02 • PIRAEUS’ PERFORMANCE VS PEERS Source: ECB Supervisory Banking Statistics Q2.2026 from 111 Significant EU Institutions 28 53% 33% Η1.26 9M.26
Page 29
29 RoaTBV (%) Return on tangible book value well above EU average 02 • PIRAEUS’ PERFORMANCE VS PEERS Source: ECB Supervisory Banking Statistics Q2.2026 from 111 Significant EU Institutions 29 11.6 % 15.4 % H1.26 9M.26
Page 30
30 PB share price ( € ) P/TBV multiple for 2028 1 | LTM loan growth (%) Piraeus trades below EU banks that have similar earnings and yet are growing more slowly than Piraeus 02 • PIRAEUS’ PERFORMANCE VS PEERS 1.5x 1.25x P/TBV 28e RoaTBV 28e 15%-17% P/TBV 28e PB share price 23 Oct.26 Implied PB share price at P/TBV 28e multiple of Banks with RoaTBV 15% - 17% € 9.1 ~ € 11.0 ~20 % P/TBV 28e 1.25x Implied P/TBV 28e ~1. 5 x 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 and the Last Twelve Month (LTM) loan growth for those European banks that have expected 2028 RoaTBV between 15 % - 17 % ; The European banks with average consensus estimate 2028 RoaTBV between 15 % - 17 % are Commerzbank, UBS, Standard Chartered, Allied Irish, Bank of Ireland, DNB, SEB, Danske, Banco BPM, National Bank of Greece ; multiples calculated on closing prices as at 23 October 2026 for peers and for Piraeus 6% 8% LTM loan growth (%) RoaTBV 28e 15%-17% LTM loan growth (%)
Page 31
31 Financial Analysis & Business Highlights 0 3
Page 32
32 Asset vs funding mix - Sep.26 03 • FINANCIAL ANALYSIS & BUSINESS HIGHLIGHTS ▪ Customer loans comprise 48% of assets ▪ Fixed income portfolio comprises 22% of assets ▪ Fixed income holdings of Greek sovereign at € 11.3bn , other European sovereigns at € 8.9bn and other corporate bonds at € 1.0bn ▪ Due to customers comprise 82% of liabilities ▪ HQLA assets at € 22.6bn as at Sep.26 Balance sheet strength driving earnings and growth capacity Note : DTC in regulatory capital as at Sep . 26 amounted to € 2 , 480 mn ; other assets include mainly “Investments in associates” (€ 1 . 3 bn), “Goodwill & intangible assets” (€ 0 . 9 bn), “Equity and MFs” ( € 0 . 4 bn) and “Financial derivatives” (€ 0 . 2 bn) ; other liabilities include “Financial derivatives” (€ 0 . 3 bn) ; cash position is cash with Central Banks ; Sep . 26 NSFR data refer to Jun . 26 5.0 5.0 0.5 3.4 3.5 45.1 4.2 21.2 6.7 2.3 9.6 3.1 69.6 5.9 3.8 Total 94.6 amounts in €bn 94.6 Other 1 Cash Total Fixed income Net loans Real estate Interbank loans DTA Held for sale ASSETS Sep.26 LIABILITIES & EQUITY Sep.26 Interbank Due to customers Total equity Other 1 Debt securities 212 % LCR €6.7bn cash position 65% LDR 12 6 % NSFR Ample excess liquidity supporting increased profitability and future balance sheet growth Insurance assets Insurance liabilities
Page 33
33 Performing loans evolution ( € bn) 9.8 11.7 13.0 16.1 19.0 21.0 7.8 8.8 9.3 9.8 10.4 10.6 6.7 6.5 6.2 6.1 6.2 6.2 1.7 1.6 1.6 1.7 1.7 1.8 2021 2022 2023 2024 2025 Sep.26 Large corporate SME / SB Mortgage loans Consumer loans & credit cards 26.0 28.6 30.1 33.7 Broad - based credit expansion across segments with renewed household growth 03 • FINANCIAL ANALYSIS & BUSINESS HIGHLIGHTS 9% CAGR 2021 - Sep .26 2 % Consumer & credit cards (2%) 7% 17% Mortgage loans SME / SB/ Agri loans Large corporate 3.6% 4.0% 6. 3 % 6. 4 % 5.0% 4.8% Performing loans yields, % ▪ Acceleration of growth in 2024 & 2025; household lending turned positive after 15 years ▪ Total of € 2.1bn RRF related loans facilitated by Piraeus since 2023 fueling € 6.2bn investments ▪ Sustainable financing amounts to € 5.0bn or 13% of total loan book 37.3 CAGR 2021 - Sep.26 39.6 5% 0% 6% 19 % CAGR Sep.24 - Sep.26
Page 34
34 CIB: national champion platform capturing high - quality corporate demand 34 03 • FINANCIAL ANALYSIS & BUSINESS HIGHLIGHTS 9M.26 CIB net credit expansion breakdown by sector ( €mn) Sector Disbursements Net credit expansion # Customers SME 1,605 134 1,575 Shipping 1,622 886 77 Wholesale & retail trade 519 33 61 Hospitality 517 107 27 Agri 368 59 145 Real estate 395 165 33 Energy 562 349 30 Other structured finance 317 43 15 International syndicated 296 205 18 Logistics 111 110 1 Other 2,119 35 949 Total CIB 8,432 2,126 2,931 NCE impacted by a large ticket repayment in Q2 Handpicked, high quality accounts with LTVs <50% Focus on SME servicing: 26 NPS vs 15 - 20 market avg in SEE Increased presence in international deals Emphasis on greenhouse technology solutions Note : other includes Mining, Leasing, Factoring and CLOs ; net credit expansion refers to disbursements minus repayments ; # customers relate to 9 M . 26 disbursements ; NPS refers to client Net Promoter Score Actively engaged in the financing of energy transition New logistics facilities LEED certified in Attica region
Page 35
35 Mortgages ( €mn) Consumer loans ( € mn) 430 589 680 ~800 9M.25 9M.26 2025 2026 target (421) (454) (570) ~(600) 295 302 390 ~430 9M.25 9M.26 2025 2026 target (250) (273) (340) ~(370) ▪ Average LTV c.60% for new disbursements ▪ Leveraging the Piraeus branch network and developing digital platforms; AI - enabled lending platform being introduced in 2026 ▪ Unique sales propositions (Spiti25) with flexible repayment terms, targeting mid to high tier customers; >3,500 applications received amounting to ~ € 500mn since launched (Jul.25) ▪ Leveraging the strong presence in mass retail customer segment (c.1.5mn payroll and pension accounts) NCE +9 NCE +45 +29 +50 ~60 Disbursements Repayments Disbursements Repayments + 135 +110 ~200 Retail: Mortgage disbursements in an accelerating trajectory, up c. 37 % yoy in 9M 03 • FINANCIAL ANALYSIS & BUSINESS HIGHLIGHTS Note : NCE refers to Net Credit Expansion, i . e . disbursements minus repayments
Page 36
36 9% 2% 3% 3% 3% 6% 7% 9% 9% 9% 10% 10% 5% 16% Other Agriculture Transportation & storage Financial & insurance activities Real estate Holding companies Construction Wholesale & retail trade Hospitality Manufacturing Energy Shipping Consumer Mortgages Group loan composition ( € 39.6b n at Sep .26, %) Diversified loan book underpinning resilient growth 03 • FINANCIAL ANALYSIS & BUSINESS HIGHLIGHTS Retail loans 20% • Loan - to - value of performing mortgage portfolio stands at c. 48% • Fixed rate mortgage loan new originations account for c .68 % of total Loan concentration stats (Sep.26) • Concentration of the performing loan book to top 20 exposures stands at c.18% Mortgage book stats (Sep.26) * Holding companies comprise conglomerates of domestic and multinational enterprises Note: performing loans inclu de CLOs (€ 0.9bn) and exclude senior tranches of HAPS securitization s ( € 5.2bn ) Industry mix % Transportation (incl. shipping) 29% Energy 15% Manufacturing 1 1% Wholesale & retail trade 11% Hospitality 9% Financial & Insurance 8% Other 17% Total 100% Shipping loan portfolio stats (Sep.26) • €4 .3bn to top quality shipping names, comprising mainly bulkers (c.35%) and tankers (c.40%); 50% LTV; zero NPEs Q3.26 CIB disbursements breakdown
Page 37
37 Performing loan yields & spreads Loan yields get tailwind from base rates and controlled spread compression 03 • FINANCIAL ANALYSIS & BUSINESS HIGHLIGHTS Loan portfolio yields Q4.25 Q2.26 Q3.26 Δ vs Q4.25 PE Sep.26 CIB 4.47% 4.52% 4.71% 0.24% € 29.0bn Mortgages 3.56% 3.52% 3.67% 0.11% €6 . 2 bn Consumer/SB 7.47% 7.40% 7.38% - 0.09% € 4.5bn Total PE yield 4.62% 4.70% 4.84% 0.22% € 39.6bn Loan portfolio spreads Q4.25 Q2.26 Q3.26 Δ vs Q4.25 CIB 2.15% 2.09% 2.05% - 0.10% Mortgages 1.80% 1.76% 1.67% - 0.13% Consumer/SB 5.38% 5.17% 4.90% - 0.48% Total PE spread 2.38% 2.33% 2.26% - 0.12% ▪ c. € 28.0bn are Euro floating rate loans, c. € 5.0bn are Libor floating rate loans, while c. € 6.5bn are fixed or bank determined rate loans ▪ The average repricing period of corporate loans is c.6 months, whereas of mortgages c.1 month ▪ Q3.26 new loan production priced at 4.8% yield : • Mortgages € 0.2bn at 3.0% • Consumer € 0.1bn at 10.3% • SB € 0.3bn at 5.4% • SME €0.9 bn at 4.5 % • Shipping € 0.6bn at 5.3% • Corporate €1.1 bn at 4.1% Affected by fixed rate loans Note: loan spreads calculated over rolling base rates of related currency and duration; analysis excludes CLOs
Page 38
38 Domestic deposit mix (%) Customer deposit movement ( €bn) 77% 80% 23% 20% Sep.26 Sep.26 Savings & Sight Time Strong deposit growth, + €5.5bn yoy , supporting funding stability and balance sheet expansion 03 • FINANCIAL ANALYSIS & BUSINESS HIGHLIGHTS 59.6 - 1.0 + 1.2 +0.8 + 2.3 62.9 - 1.4 + 1.4 + 1.0 + 2.2 66.1 - 1.2 +3.5 + 0.8 69.2 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 Δ Q1.26 Δ Q2.26 Δ Q3.26 Sep.26 66% 64% 34% 36% Sep.26 Sep.26 Retail Business Greek market Piraeus Greek market Piraeus Dec.25 balance Q1.26 delta Q2.26 delta Q3.26 delta Sep.26 balance Mass | Farmers 24.6 - 0.4 +0.4 - 0.3 24.3 Affluent | Private banking 20.1 - 0.4 +0.3 +0.3 20.3 SB 9.2 - 0.2 +0.8 +0.5 10.4 SME 3.4 - 0.3 +0.3 +0.3 3.8 Corporate 6.7 +0.1 +1.6 - 0.1 8.4 Government & other 2.1 - 0.1 0.0 +0.1 2.1 Total 66.1 - 1.2 +3.5 +0.8 69.2 Deposit movement by segment ( €bn)
Page 39
39 Loan yields and deposit costs are recovering along with base rates 03 • FINANCIAL ANALYSIS & BUSINESS HIGHLIGHTS Group Interest income ( € mn) Yields (%) Average balances ( € bn) Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 Customer loans 437 441 440 460 488 3.99 % 3.97 % 4.00% 4.03% 4.20% 4 2 .9 43.5 44.0 45.1 45.5 o/w PEs 421 423 422 438 464 4.71 % 4.62 % 4.68 % 4.68 % 4.84 % 34. 9 35.8 36.1 37.0 37.5 Mortgages 55 51 52 52 55 3. 62 % 3. 56% 3. 52% 3. 52% 3. 67% 6.0 6.0 6.0 6.0 6.0 Consumer 42 43 41 42 43 9.52% 9.68% 9.57% 9.58% 9.45% 1.8 1.8 1.7 1.7 1.8 Business 324 329 330 344 366 4.66 % 4.60 % 4.64 % 4.64 % 4.82 % 27. 2 28.0 28.4 29.3 29.7 o/w NPEs 8 11 8 11 15 1.99 % 3.53 % 2.70% 3.13% 3.78% 1.5 1.2 1.2 1.3 1.5 Deposit cost 63 63 61 63 72 0.39 % 0.38 % 0.38 % 0.38 % 0.41 % 63.4 65.1 64.7 65.7 68.2 Net of NMD 48 48 48 53 67 0.30% 0.29% 0.30% 0.32% 0.39% 63.4 65.1 64.7 65.7 68.2 Sight & savings 9 9 9 9 12 0.0 7 % 0.0 7 % 0.0 7 % 0.0 7 % 0.09% 50.4 51.7 51.4 52.4 54.2 Time 54 54 52 53 60 1. 62 % 1. 58% 1. 56% 1. 58% 1. 67% 13. 0 13.4 13.3 13.4 14.1 Note : balances and related income exclude senior tranches of HAPS NPE securitizations and CLOs plus seasonal agri loan that cumulatively contributed € 10 mn interest income in Q 3 . 26 , thus loan interest income in Q 3 . 26 for total PEs amounted to € 4 74 mn ; NPEs include held - for - sale portfolios, which accrue until final derecognition 39
Page 40
40 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% 0.5 7 % CET 1 requirement 9 . 9 7% 10. 20 % Overall capital requirement 14. 7 3% 14.96% Pillar 2 guidance (P2G) 1.25% 1.00% Overall capital requirement plus P2G 15. 98 % 15. 9 6% MREL requirement 27.32% 27.55% Regulatory capital requirements Capital ratio | Sep .26 € bn | % Reported CET - 1 capital 4.9 Tier 1 capital 5.9 Total capital 7.0 Eligible liabilities & own funds 3.7 RWAs 37.8 CET - 1 ratio 12.9% Tier 1 ratio 15.5% Total ratio 18.6% MREL ratio 28.3% • The Pillar 2 capital requirement has been reduced to 2.90% since 2025 • The counter cyclical buffer for Greece has increased effective October 2025 by 25bps, further 25bps increase effective October 2026, already part of the requirement displayed • MDA buffer c . 270 bps • P 2 G buffer c . 260 bps • MREL buffer c . 80 bps Capital position exceeds the P2G level by c. 260 bps; P2G requirement at 1.00% 03 • FINANCIAL ANALYSIS & BUSINESS HIGHLIGHTS 40
Page 41
41 Group NPE movement ( € mn ) Forborne NPEs (Sep.26) Active management of NPE inflows and restructurings sustain low risk profile 03 • FINANCIAL ANALYSIS & BUSINESS HIGHLIGHTS Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 NPEs | beginning of period 1,086 1,088 899 930 1,011 Redefaults 7 5 5 4 6 Defaults 47 75 86 138 98 Total inflows 54 80 91 141 104 o/w business 18 36 47 89 23 o/w mortgages 22 31 31 39 65 o/w consumer 13 13 13 14 16 Curings, collections, liquidations (50) (116) (59) (52) (63) o/w business (26) (97) (35) (22) (26) o/w mortgages (17) (13) (17) (24) (30) o/w consumer (6) (7) (7) (6) (7) Write - offs (1) (19) (1) (8) (2) Sales / Held for Sale (1) (134) 0 0 (123) NPE | end of period 1,088 899 930 1,011 927 NPE 0.4 0.5 FNPE NPE FNPE € bn 0dpd 0.4 1 - 90dpd 0.0 >90dpd 0.1 Total 0.5 0.9 Sep.26 0.9 NPE Note : additional to the € 0 . 5 bn FNPE, there are € 0 . 2 bn FPEs (classified as Stage 2 ) Note: NPE displayed on an adjusted basis (definitions in the APM section of the presentation)
Page 42
42 NPE ratio per product category NPE coverage ratio per product NPE coverage supports downside protection 03 • FINANCIAL ANALYSIS & BUSINESS HIGHLIGHTS NPEs ( € bn) Sep.26 Mix Business 0.5 54% Mortgages 0.3 33% Consumer 0.1 13% TOTAL 0.9 100% LLR s (€ bn) Sep.26 LLR/ Gross Loans Business 0.4 1.0% Mortgages 0 . 2 2.8% Consumer 0.1 6.8% TOTAL 0.7 1.5% NPE mix Loan loss reserves 67% 78% 42% 111% 58% 72% 34% 110% Total Business Mortgages Consumer Jun.26 Sep.26 Note : NPE ratio displayed on an adjusted basis (definitions in the APM section of the presentation) 2.2% 1.6% 4.5% 6.0% 2.0% 1.3% 4.8% 6.1% Total Business Mortgages Consumer Jun.26 Sep.26 Note: coverage is calculated as total loan loss reserves over NPEs Includes paying credit impaired mortgage exposures
Page 43
43 Net fee income ( € mn ) Performing loans ( €bn) Retail Banking: leveraging nationwide network and wide clientele base with new business initiatives 03 • FINANCIAL ANALYSIS & BUSINESS HIGHLIGHTS 6.1 6.2 6.2 1.7 1.7 1.8 2.5 2.7 2.6 Dec.24 Dec.25 Sep.26 Mortgages Consumer SB 10.3 10.6 214 243 9M.25 9M.26 € mn 9M.25 9M.26 Total net revenues 861 1,039 Total operating costs (333) (361) Pre provision income 528 678 Impairments (119) (36) Pre tax profit 409 642 NII / assets 7.4% 9.4% NFI / assets 2.4% 2.8% Cost / income 39% 35% 10.6 Note : PnL items are displayed on recurring basis (information in the APM section of the presentation) ; 9 M . 25 and 9 M . 26 balance sheet figures are affected by changes in segmentation (inclusion of Insurance and Snappi) 43
Page 44
44 Net fee income ( € mn ) Performing loans ( €bn) 13.0 15.6 16.7 3.1 3.4 4.3 5.8 6.0 6.3 1.5 1.7 1.6 Dec.24 Dec.25 Sep.26 Corporate & Investment Banking: solid profitability driven by best - in - class volume growth 23.4 26.8 168 212 9M.25 9M.26 € mn 9M.25 9M.26 Total net revenues 634 729 Total operating costs (138) (140) Pre provision income 496 588 Impairments (45) (134 ) Pre tax profit 451 455 NII / assets 2.1% 2.3% NFI / assets 0.8% 0.9% Cost / income 22% 19% 29.0 Large corporates Shipping SMEs Leasin g/ factoring o/w c.€ 43 mn transaction banking fees 03 • FINANCIAL ANALYSIS & BUSINESS HIGHLIGHTS Note : PnL items are displayed on recurring basis (information in the APM section of the presentation) ; 9 M . 25 and 9 M . 26 balance sheet figures are affected by changes in segmentation (inclusion of Insurance and Snappi) 44
Page 45
45 Fixed income securities per category ( €bn) Fixed income securities per issuer ( €bn) 10.7 11.0 11.3 3.5 6.0 8.9 2.2 1.2 1.0 Dec.24 Dec.25 Sep.26 Treasury & Financial Markets: consistent execution of strategy in fixed income markets 03 • FINANCIAL ANALYSIS & BUSINESS HIGHLIGHTS 16.4 18.2 € mn 9M.25 9M.26 Total net revenues 441 299 Total operating costs (43) (35) Pre provision income 398 264 Impairments (1) 0 Pre tax profit 397 263 21.2 Greek sovereign (GGBs & T - bills) EU sovereign Other 15.0 15.3 17.0 0.6 1.5 2.6 0.8 1.4 1.7 Dec.24 Dec.25 Sep.26 Trading AMOC € 0.9 bn GR € 9.2bn GR 16.4 18.2 21.2 FVTOCI € 1. 3 bn GR 3.0% 3.0% 3.3% Yield Note : PnL items are displayed on recurring basis (information in the APM section of the presentation) ; 9 M . 26 net revenues are affected by amendments in allocation methodologies between segments ; 9 M . 25 and 9 M . 26 balance sheet figures are affected by changes in segmentation (inclusion of Insurance and Snappi) 45
Page 46
46 Sustainability 04
Page 47
47 Creating value through sustainable banking 04 • SUSTAINABILITY Strengthening our sustainability performance Sustainability embedded in the core strategy of Piraeus Decarbonization course across own operations and financed emissions under tangible targets SBTi - validated interim targets spanning up to 2030 13.5% reduction in Scope 2 (location - based) emissions (vs 2024) and 100% renewable energy use in Piraeus Bank’s buildings Low - carbon branch network: 97% of branches energy - efficient by 2030 AI - driven digital transformation Responsible banking innovation and digitalization through the launch of Snappi Integrated sustainability governance & robust risk management to mitigate ESG risks Sustainability - linked remuneration: by applying ESG criteria to performance evaluations and variable remuneration, consistent with strategic objectives Accelerating the transition and supporting our clients €5 . 2bn in sustainable financing as of Sep.26 (c.€ 7.1 bn by 20 30 ) powering Greece’s sustainable and inclusive growth Renewable energy & efficiency : wind, solar, energy upgrades, and net metering for houses and SMEs €2.15bn in Green Bond issuances, 100% allocation of total net proceeds by 2027, current allocation at 40% Sustainability - linked loans : embedding ESG targets into corporate lending Agri - food transformation : financing modern greenhouses, smart irrigation and energy autonomy Youth & inclusion finance : examples like Spiti 25 product, 1 Fund product and Snappi, promoting access to housing, long term savings, and financial literacy respectively Delivering positive social impact Sustainability that delivers measurable benefits to people and society Access & inclusion: c.370 branches, c.1,500 ATMs, digital training for the silver age and customers with limited digital skills Employee gender pay gap : decrease from €4mn (2023) to below €2.0mn (2025) → on track for zero by 2027 Employee development : 42.7hrs training per employee (2025) → 45hrs by 2030 EQUALL program : 35,476 beneficiaries (youth, women, vulnerable groups) between 2022 to 2025 Cultural heritage : 300k visitors annually across the Piraeus Cultural Foundation’s 9 - museum network, boosting local communities and economies Recognition : Euromoney’s Europe’s Best Bank for CSR, and Greece’s for ESG (2026) • Reinforces controls and transparency that build investor confidence and long - term value • Reduces exposure to risks • Unlocks access to sustainable finance • Enhances capital markets profile Value creation • Diversifies revenues • Attracts new clients • Drives long - term profitability • Sustainability improves perception by clients Value creation • Builds trust with stakeholders • Supports communities and local economies • Strengthens talent pipeline • Enhances the employer brand and makes Piraeus a more attractive place to work Value creation For our detailed approach, please refer to Piraeus Sustainability Blueprint
Page 48
48 Demonstrating tangible progress with clear targets for long - term value creation 04 • SUSTAINABILITY 1. As of FY.25, unless stated otherwise 2. 2030 targets, unless stated otherwise 3. Delta between average male/ female comp per level 4. Cumulative period 2022 - 2025 Our sustainability performance 1 Targets and ambitions 2 Sustainable banking Sustainable financing volumes (Sep.26) €5. 2 bn ~€7.1 bn New generation of Sustainable financing €1.1 bn ~€2.0 bn Green funding (deposits & bonds) €2.3 bn ~€1.9 bn Sustainable financing volumes / Total assets 5% ~8% Clients Percentage of products accessed by clients via e - banking 77% ~87% Percentage of self - services accessed by clients via e - banking 91% ~96% People Training hours per employee/year 42.7 ~45 Gender pay gap 3 <€2 mn €0 mn (2027) Employee satisfaction rate 63% ~68% Decarbonization of own operations Low carbon branch network (=energy consumption up to 150kWh/ m 2 per annum) 91% ~97% SBTi - validated target ┃ Scope 1 & 2 (market - based) emissions 75% reduction (against 2019 baseline) ~73% reduction in 2030 (against 2019 baseline ) Portfolio decarbonization Green asset ratio – EU taxonomy alignment (turnover) 2.46% ~5.0% Climate Transition Plan scope 1+2 intensity ( ktCO2e/€mn) 0.5 ~0.3 Implementation of transition plan with sectorial approach 6 sectors above 6 sectors Transition plans for high - emitting borrowers (# client engagement) 39 top #150 (> 60% of emissions) High transition risk exposures (long - term horizon) over total business loans 22% ~21% CSR CSR beneficiaries 35,476 4 Expansion of reach to more beneficiaries and communities Governance Actual energy certificates info for residential property collaterals 24.3% ~54% Weighted average Quality Score (PCAF scope 1 – 2) 2.7 ~1.3 MSCI ESG Rating AAA AAA Net promoter score (retail clients) 14 >20 For our detailed approach, please refer to Piraeus Sustainability Blueprint
Page 49
49 Financed emissions sectoral decarbonization targets 04 • SUSTAINABILITY Based on the above, the initial focus of the Climate Transition Plan is directed towards the sectors, where targeted actions can deliver the greatest decarbonization impact . These sectors represent the core of the Bank’s climate exposure and collectively account for the majority of its portfolio financed emissions Sector Scope Emissions covered Unit Scenario / Pathway Base Year Baseline Value 2030 Target Reduction (%) Pathway Divergence 2030 (%) Power Generation Scope 1,2 kgCO 2 e / MWh IEA NZE 2050 (2023 Update) 2024 223 140 - 37% Below Pathway by 25% Oil & Gas Scope 1,2 ktCO 2 e IEA NZE 2050 (2023 Update) 2024 593 569 - 5% Above Pathway by 33% Cement Scope 1,2 kgCO 2 e / t cement IEA NZE 2050 (2023 Update) 2024 672 591 - 12% Above Pathway by 26% Iron & Steel Scope 1,2 kgCO 2 e / t metal IEA NZE 2050 (2023 Update) 2024 460 391 - 15% Above Pathway by 5% Aluminum Scope 1,2 kgCO 2 e / t aluminum IEA NZE 2050 (2023 Update) 2024 9,616 5,177 - 46% Above Pathway by 18% CRE Scope 1,2 kgCO 2 e / m² CRE CRREM 1.5oC pathway 2024 54.7 27 - 51% Alignment with Pathway Piraeus conducted a structured methodology approach for preparing the financed emissions sectoral decarbonization objectives . This methodology reflects the Bank’s strategic objective to proactively manage climate transition risks, identify opportunities, and support clients in aligning with the evolving low - carbon economy . The methodology included the following exercises : portfolio analysis & materiality assessment, sector prioritization & pathways, top - down & bottom analysis and sectoral approach Climate Transition Plan For our detailed approach, please refer to Piraeus Annual Financial Report 2025
Page 50
50 Annex 0 5
Page 51
51 Greek economy to continue growing at healthy pace 05 • ANNEX 2024 actual 2025 actual 2026 estimate 2027 estimate Real GDP 2. 1 % 2. 1 % 1.9% 1.7% Nominal GDP 5.6% 5.1% 5.8% 4.1% Inflation 2.7% 2.5% 4.0% 2.5% Unemployment rate 10.1% 8.9% 8.5% 7.4% Residential RE 9.1% 8. 3% 6.8% 6.1% Commercial RE 5. 1 % 5.1 % 4.5% 3.8% • Greek GDP growth > 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
Page 52
52 Travel receipts: on track towards new historic highs Unemployment on a declining track as a result of economic growth… Economy on a recovery path both in Nominal & Real terms. GDP expected to grow at higher levels compared to the EU… 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 Sep - 26 5.0 % Sep - 26 3.0 % -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 Jul-25 Oct-25 Jan-26 Apr-26 Jul-26 Headline Inflation (CPI) Core Inflation Q2.26 7.9% 7.0 12.0 17.0 22.0 27.0 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 Q1.26 Jan - Dec.25, € 23.6bn Q2.26 1.9% Q2.26 5.9% -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 Q1.26 Real GDP (annual % change, sa data) Nominal GDP (annual % change, sa data) 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 2026 Jan - Aug.26, € 18.2bn Jan - Aug.25, € 16.6bn Solid economic momentum, with increasing employment and record tourism 05 • ANNEX …with headline inflation impacted by energy prices Q2.26
Page 53
53 Greek sovereign upgraded to investment grade by all rating agencies; reflecting effectiveness of fiscal discipline and reforms in achieving debt sustainability Greece benefiting the most among EU countries from RRF funds Solid FDI flows reflecting strong potential in key sectors Favourable Greek economic profile with the sovereign at investment grade status and RRF contribution 05 • ANNEX 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 14 Nov.25 • S&P affirmed the Greek sovereign to BBB on 23 Oct .26 • Moody’s affirmed the Greek sovereign to Baa3 on 18 Sep.26 • DBRS affirmed the Greek sovereign at BBB o n 6 Mar.26 Net Foreign Direct Investment, €bn €52.8 bn 2016 - 20 25 1. Total allocated RRF amount to be utilised until 2027 for each country shown as a percentage of 2022 GDP for comparative purposes BBB Baa/BBB 0.0 2.0 4.0 6.0 8.0 10.0 12.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 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 54
54 Shareholder structure (Sep.26) 5% 6% 29% 44% 16% Shareholder structure skewed to international investors 05 • ANNEX ▪ 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 Individuals Greek Legal Entities USA Europe Rest of World
Page 55
55 Credit ratings 05 • ANNEX Moody’s rating refers to long term deposit rating; dates refer to the last publication report date on Piraeus Baa3 Baa1 Positive Baa2 Greek sovereign Credit rating Piraeus Bank Long term Piraeus Bank Outlook Piraeus Bank Senior Preferred BBB BBB - Stable BBB - BBB BBB - Positive BBB - 28 September 2026 20 July 2026 1 July 2026
Page 56
56 Publicly - placed outstanding senior debt issuance 05 • ANNEX €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 €500mn 4.000% 6NC5 SP Notes due 2032 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. 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 Fixed Rate Reset Senior Preferred Notes Rating (Moody’s/S&P/Fitch) Baa2/BB+/ - Baa2/BB+/ - Baa2/ - /BBB - Baa2/ - /BBB - Baa2/ - / - Baa2/ - / - Baa2/ - / - Baa2/ - / - Amount(€) 500,000,000 500,000,000 500,000,000 500,000,000 650,000,000 500,000,000 500,000,000 500,000,000 Coupon 3.875% | Annual 7.25% | Annual 6.75% | Annual 5.00% | Annual 4.625% | Annual 3.000% | Annual 3.375% | Annual 4.000% | Annual Issue Date 03 - Nov - 21 13 - Jul - 23 05 - Dec - 23 16 - Apr - 24 17 - Jul - 24 03 - Jun - 25 02 - Dec - 25 03 - Sep - 26 Call Date 03 - Nov - 26 13 - Jul - 27 05 - Dec - 28 16 - Apr - 29 17 - Jul - 28 03 - Dec - 27 02 - Dec - 30 03 - Sep - 31 Reset Spread 394.8 bps 369.2 bps 383.7 bps 224.5 bps 172.3 bps 115 bps 98 bps 90 bps Maturity 03 - Nov - 27 13 - Jul - 28 05 - Dec - 29 16 - Apr - 30 17 - Jul - 29 03 - Dec - 28 02 - Dec - 31 02 - Sep - 32 Denomination 100k +1k 100k +1k 100k +1k 100k +1k 100k +1k 100k +1k 100k +1k 100k +1k ISIN XS2400040460 XS2644936259 XS2728486536 XS2802909478 XS2845167613 XS3085616079 XS3244184159 XS3444075413 Documentation EMTN PROGRAMME EMTN PROGRAMME EMTN PROGRAMME EMTN PROGRAMME EMTN PROGRAMME EMTN PROGRAMME EMTN PROGRAMME EMTN PROGRAMME
Page 57
57 Publicly - placed outstanding capital instruments 05 • ANNEX €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. Type Tier 2 Fixed Rate Reset Notes Tier 2 Fixed Rate Reset Notes 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) Ba1/ - /BB Ba1/ - / - B 1 / - / - B 1 / - / - Amount(€) 500,000,000 650,000,000 400,000,000 600,000,000 Coupon 7.25% | Annual 5.375% | Annual 6.75% | Semi - Annual 6.125% | Semi - Annual Issue Date 17 - Jan - 24 18 - Sep - 24 30 - Jun - 25 15 - Oct - 25 Call Date 17 - Jan - 29 18 - Jun - 30 30 - Dec - 30 15 - Oct - 32 Reset Spread 477.3 bps 315 bps 459.6 bps 369.6 bps Maturity 17 - Apr - 34 18 - Sep - 35 Perpetual Perpetual Denomination 100k +1k 100k +1k 200k x 1k 200k x 1k ISIN XS2747093321 XS2901369897 XS3103647031 XS3201977595 Documentation EMTN PROGRAMME EMTN PROGRAMME STANDALONE STANDALONE
Page 58
58 Tier 2 Senior Preferred AT1 2027 2026 6NC5 SP Green Nov.26 5NC4 SP Notes Jul.27 6NC5 SP Notes Dec.28 10.25NC5.25 Tier 2 Jan .29 6NC5 SP Notes Apr.29 5 00 500 5 00 5 00 5 00 5NC4 SP Green Jul.28 11NC6 Tier 2 Jun .30 2029 Outstanding debt redemption profile 58 05 • ANNEX 650 Outstanding debt call dates ( € mn ) 650 600 500 3.5 NC2.5 SP Green Dec.27 5 00 PerpNC5.5 AT1 Notes Dec.30 PerpNC7 AT1 Notes Oct.32 2030 6 NC5 SP Green Dec.30 2028 2032 6NC5 SP Notes Sep.31 5 00 4 00 2031
Page 59
59 Group balance sheet evolution 05 • ANNEX Group balance sheet (€ mn) Sep.25 Jun.26 Sep.26 qoq yoy Cash & balances with central banks 6,616 5,366 6,723 25% 2% Loans & advances to banks 3,037 4,809 4,207 - 13% 39% Gross loans 43,359 46,310 45,780 - 1% 6% (Loans loss reserves) (791) (802) (669) - 17 % - 15% Securities/derivatives 18,253 21,743 21,812 0% 19% Insurance / reinsurance contract assets & related investment assets - 3,502 3,488 0% - Investments in associates 1,411 1,321 1,330 1% - 6% Intangibles & goodwill 433 873 882 1% >100% Real estate (repossessed assets) 1,482 1,282 1,254 - 2% - 15% Real estate (non - repossessed assets) 1,836 2,143 2,130 - 1% - 15% Deferred tax assets 5,090 5,057 4,995 - 1% 16% Other assets 1,879 2,235 2,131 - 5% 13% Assets of discontinued operations & held for sale 454 505 527 4% 16% Total Assets 83,059 94,344 94,590 0% 14% Due to banks 2,978 4,595 3,791 - 17 % 27% Due to customers 63,869 68,810 69,595 1% 9% Debt securities 4,888 5,392 5,924 10% 21% Insurance / reinsurance contract liabilities & related investment liabilities - 3,235 3,112 - 4% - Other liabilities 2,198 2,523 2,546 1% 16% Total liabilities 73,933 84,553 84,968 0% 15% Total equity 9,127 9,790 9,622 - 2% 5% Total liabilities & equity 83,059 94,344 94,590 0% 14% * Total Ethniki Insurance assets, including insurance / reinsurance assets and properties, DTAs and other assets amount to 4. 2bn as at 30 Sep.26
Page 60
60 Group results | quarterly evolution 05 • ANNEX Note: one - off items are displayed in the APM section of the presentation ( € mn) Q 3 .25 Q4.25 Q1.26 Q 2 .26 Q3.26 Net interest income 4 7 1 4 7 7 481 509 542 Revenues from services 164 206 210 251 217 Net trading result 19 35 (18) 21 (19) Other operating result (including dividend income) (5) 4 (14) 7 (10) Total net revenues 64 8 723 660 788 730 Total net revenues (recurring) 64 8 723 660 788 730 Staff costs ( 99 ) (140) (109) (126) (113) Administrative expenses ( 7 8 ) (81) (104) (84) (84) Depreciation & other (3 3 ) (35) (34) (35) (35) Total operating costs (2 1 1 ) (256) (246) (244) (231) Total operating costs (recurring) (2 06 ) (234) (246) (244) (231) Pre provision income 43 7 467 414 544 499 Pre provision income (recurring) 442 488 414 544 499 Result from associates 1 6 (60) 1 (15) (12) o/w extraordinary 0 (35) 0 0 0 Impairment on loans ( 68 ) (92) (44) (65) (90) o/w extraordinary (1) (38) (8) 0 0 Impairment on other assets (35) (41) 1 (12) (27) o/w extraordinary for NPAs 0 (11) 0 0 0 o/w extraordinary for CSR actions (27) (11) 0 (6) (7) Pre tax result 3 5 1 274 373 452 370 Pre tax result (recurring) 383 391 381 458 377 Tax ( 9 2 ) (27) (95) (115) (94) Net result attributable to SHs 261 250 281 336 275 Net result (recurring) 284 333 287 340 281 Minorities (2) (3) (3) 1 0 Discontinued operations result 0 0 0 0 0
Page 61
61 Due to customers evolution ( €mn) Gross loans evolution ( €mn) Loan and deposit portfolios 05 • ANNEX Dec.24 Sep.25 Dec .25 Jun.26 Sep.26 qoq yoy Group 40,456 43,154 43,488 45,312 45,732 1% 6 % Senior notes 5,722 5,495 5,458 5,307 5,232 - 1 % - 5% Business 26,635 29,453 29,763 31,609 32,077 1% 9% Mortgages 6,304 6,319 6,417 6,485 6,478 1% 3% Consumer 1,795 1,888 1,850 1,911 1,944 3% 3% Dec.24 Sep.25 Dec.25 Jun.26 Sep.26 qoq yoy Group 62,853 63,869 66,544 68,810 69,595 1% 9% Savings 24,509 24,017 25,097 25,201 25,063 - 1% 4% Sight & Other 24,663 26,640 27,468 29,240 30,132 3% 13% Time 13,681 13,035 13,531 13,936 13,977 0% 7% Repos 0 178 447 432 423 - 2% >100% Note : loan balances exclude seasonal agri - loan of € 0 . 9 bn for Dec . 24 , € 0 . 8 bn for Dec . 25 and € 0 . 9 bn for Jun . 26 and SPPI figures
Page 62
62 IFRS9 stage analysis | Group 05 • ANNEX 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 Sep.26 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 42.0 7% Stage 2 6.3 6.6 5.7 6.0 5.6 4.3 3.8 3. 1 2.8 2.7 2.5 - 9% Stage 3 32.9 27.3 24.5 22.4 4.9 2.6 1.3 1. 1 1.1 1.0 1.2 4% Total 58.3 51.5 48.6 48.0 37.0 37.3 37.4 40 .5 43.0 43.5 45.7 6% Sep.26 ( € mn) Stage 1 Stage 2 3 Stage 3 3 Total Gross loans LLRs Coverage (%) Gross loans LLRs Coverage (%) Gross loans LLRs Coverage (%) Gross loans LLRs Coverage (%) Mortgages 4,827 65 1% 1,114 56 5% 537 60 11% 6,478 181 3% Consumer 1,571 17 1% 254 30 12% 120 84 70% 1,944 131 7% Business 35,652 55 0.2% 1,159 53 5% 498 248 50% 37,309 356 1% Total 42,049 138 0.3% 2,528 139 5% 1,155 392 34% 45,732 669 1% (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 mandatorily 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 & Dec.25 € 5.5bn, and Sep.26 € 5.2bn (3) Stage 2 including POCI not credit impaired, Stage 3 includes POCI credit impaired; Q3.26 Stage 3 includes €228mn paying m ort gage exposures which have been classified as Stage 3/POCI (€1 89 mn in Q2.26, €147 mn in Q1.26, €110mn in Q 4 .25, € 19mn in Q3.25, €6mn in Q2.25) after Bank - initiated reprofiling
Page 63
63 Definitions of APMs 1 05 • ANNEX (1) Alternative performance measures 1 Core operating profit Profit for the period less ( - ) trading income ( - ) other operating income ( - ) dividend income ( - ) extraordinary items (as defined herein) ( - ) non - controlling interest 2 Core revenues Net interest income plus (+) revenues from services 3 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) 4 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 amortized cost over (/) Net loans, seasonally adjusted (as defined herein) 5 Cost - to - income Cost - to - income ratio is calculated by dividing operating expenses, over (/) total net income 6 Deposits or Customer Deposits “Due to customers” minus ( - ) repurchase agreements of €178mn as at Sep.25, € 447mn as at Dec.25, € 450mn as at Mar.26, € 432mn as at Jun.26, and €423mn as at Sep.26 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 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 adju stm ent on loans and advances to customers mandatorily measured at FVTPL over (/) Gross loans (as defined herein) 9 Earnings per share (EPS) after AT1 coupon EPS are calculated by dividing the reported net profit (as defined herein) adjusted for the AT 1 capital instrument coupon payment (quarterly average cost for quarterly periods and half of the annual cost for H 1 periods), by (/) the total number of shares adjusted for treasury shares outstanding at the end of the period 1 0 Impairments or provisions ECL allowance for impairment losses on loans and advances to customers at amortized 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) 1 1 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 1 2 Loan - to - deposit ratio (LDR) The loan - to - deposit ratio is calculated by dividing net loans seasonally adjusted (as defined herein) over (/) Deposits (as defined herein) 1 3 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 1 4 Revenues from services over Assets Revenues from services on an annualized basis over (/) average total assets adjusted as defined herein (average of the respective end of period balances) 1 5 Revenues from services out of total revenues Revenues from services over (/) Net Revenues, i . e . , total net income 1 6 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 € 0 mn as at Sep . 26 , € 945 mn as at Jun . 26 , € 150 mn as at 31 Mar . 26 , € 801 mn as at 31 Dec . 25 , € 0 mn as at Sep . 25 . The seasonal funding facility refers to agri loan facility provided to the farmer beneficiaries 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 herein 2 0 Net result/ Net profit Profit / (loss) attributable to the equity holders of the parent
Page 64
64 2 1 Net revenues Total net income 2 2 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 2 3 Net trading result Net trading result includes gains from bonds, FX and other. For Q4.25, € 6mn positive earnout from an NPE transaction was booked in other impairments 2 4 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 . NPE balances exclude paying credit impaired mortgages which have been classified as POCI credit impaired (€ 6 mn in Jun . 25 , € 19 mn in Sep . 25 , € 110 mn in Dec . 25 , € 147 mn in Mar . 26 , € 189 mn in Jun . 26 , and € 228 mn in Sep . 26 ) after the implementation of a restructuring program with the aim to enhance borrower’s repayment capacity 2 5 NPE (cash) coverage ratio ECL allowance for impairment losses on loans and advances to customers at amortized cost over (/) NPEs (as defined herein) 2 6 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 . 5 % at end Sep . 26 , 2 . 6 % at end Jun . 26 , 2 . 4 % at end Mar . 26 , 2 . 3 % at end Dec . 25 , 2 . 6 % at end Sep . 25 and 2 . 6 % at end Jun . 25 2 7 One - off items For 2025 : One - off expenses include € 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 . 25 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 incorporate € 8 mn (€ 0 . 5 mn reversal in Q 1 . 25 , € 2 . 4 mn reversal in Q 2 . 25 , and loss € 0 . 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 ) . For 9 M . 2026 , one - off items incorporated impairment charges of € 8 mn for NPE sales ( Pelagos and Ocean portfolios) booked in Q 1 . 26 , other impairment charges related to corporate social responsibility initiatives of € 6 mn booked in Q 2 . 26 and € 7 mn booked in Q 3 . 26 2 8 Operating costs - expenses (OpEx), recurring Total operating expenses minus ( - ) One - off expenses (as defined herein) 2 9 Operating pre - tax profit, adjusted (metric refers to Ethniki Insurance) Profit before tax, adjusted for non - operating, non - recurring and other notable items ; non - operating, non - recurring items may include the following : (i) one - time effects from significant transactions with disposal character, (ii) voluntary exit scheme related expenses, (iii) interest expense from external debt, (iv) realised and unrealised gains/losses from financial assets measured at fair value excluding UL, (v) restructuring, integration and transaction related expenses, (vi) litigation and other expenses/income with a one - off character . “Other notable items” reflect the unexpected impact of events that affect the Company’s results, which may include the revision of non - economic assumptions and any prior - year reserves developments (positive or negative) primarily related to non - life and health business 3 0 Performing exposures (PE) Gross loans (as defined herein) adjusted for the seasonal agri - loan minus ( - ) NPEs minus ( - ) NPE securitization senior tranches . Performing exposures incorporate 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 , € 6 mn in Jun . 25 , € 110 mn in Dec . 25 , € 147 mn in Mar . 26 , € 189 mn in Jun . 26 , and € 228 mn in Sep . 26 ) 3 1 Pre provision income (PPI), recurring Profit before provisions, impairments and other credit - risk related expenses minus ( - ) one - off revenues and expenses as defined herein 3 2 Pre - tax result Profit / (loss) before income tax 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 Definitions of APMs 05 • ANNEX
Page 65
65 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 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 3 6 TBVPS+DPS Tangible book value per share plus total cash dividends per share paid since 2023 (€ 0 . 063 out of 2023 profits, paid in July 2024 , € 0 . 299 out of 2024 profits, paid in June 2025 , € 0 . 4 out of 2025 profits, paid in August 2026 ) 3 7 Tax normalization Normalized profits incorporated a tax rate of 29 % on the one - off items 38 Total assets, adjusted Total assets excluding the seasonal agri loan as defined above 39 Total net revenues, recurring Total net income minus ( - ) one - off revenues related to the corresponding period (as defined herein) Definitions of APMs 05 • ANNEX
Page 66
66 Glossary 05 • ANNEX 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 2 C/I Cost - to - Income 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 CAGR Compound Annual Growth Rate 7 Expense Rate (Insurance) An alternative performance measure of operating efficiency calculated as the ratio of total expenses (operating and non - operating) to total GWP (as defined below) 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 Combined Ratio (CR) Ν CR or CR is a useful financial measure of underwriting profitability for short - term products, calculated as total underwriting costs (claims, commissions, operating expenses) expressed as a percentage of net insurance revenue . It is used to monitor the profitability of lines of business measured under the Premium Allocation Approach ('PAA') . CR is presented on a net of reinsurance basis and includes the impact of discounting (discounted CR) . A CR below 100 % indicates profitable underwriting 13 Net credit expansion New loan disbursements minus loan repayments that were realized during the defined period 14 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 15 NII Net Interest Income 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 29 VES Voluntary Exit Scheme
Page 67
67 Disclaimer 05 • ANNEX 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 . 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 first half of 2026 . Such information has been prepared on the basis of management’s current estimates and is subject to the completion of year - end closing procedures, including the finalization of accounting records, the preparation of statutory financial statements and the completion of external audit and supervisory review processes, where applicable . Accordingly, this information does not constitute statutory financial statements and has not been audited or otherwise independently 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 contained herein, and it should not be relied upon as a basis for investment or other decision - making purposes .
Page 68
Theo Gnardellis Chief Financial Officer Xenofon Damalas Head of Group Investor Relations 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