Earnings release
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PRESS RELEASE (ATHEX: TPEIR) (OTCQX: PIRBF ) Nine Month 202 6 Financial Results 30 October 202 6
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Piraeus 9M. 2026 FINANCIAL RESULTS 2 9M.26: €0.68 EPS, +10% yoy, on track to FY 26 target Diversified growth, supported by sustainable profitability and balance sheet strength Sustainable returns O perating efficiency 1 5 .4 % return over tangible book value 33 % cost - to - income €0. 68 earnings per share 2.2% NIM 98bps revenues from services over assets Strong c apital position Low - risk balance sheet 1 8 . 6 % total capital ratio 260 bps buffer to P2G 2. 0 % NPE ratio 57 bps o rganic CoR Broad - based lending growth Growing deposit base € 40 bn client loans + 8% YoY € 69 bn d eposits + 9% YoY Expanding AuM Higher insurance premiums € 17 bn AuM + 19% YoY € 0.7 bn GWP + 4% YoY
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Piraeus 9M. 2026 FINANCIAL RESULTS 3 Q 3 and 9M 2026 highlights Broad - based growth in lending and client assets • Loans reached €39. 6 bn, following € 2.2 bn net credit expansion in 9M , keeping Piraeus on track to meet its 2026 target of more than €3bn • Mortgage recovery continues, with €1 35 mn net increase in 9M and € 0.6b n disbursements , + 37% yoy • Strong growth in c lient deposits +9% yoy , to €6 9 . 2 bn, at 0.39% total cost • Client AuMs + 19 % yoy at €1 6.9 bn, with €1. 3 bn net inflows in 9M , exceeding 2026 target • Ethniki Insurance generated g ross written premi ums (GWP) of € 666 mn in 9M , an increase of 4 % yoy Sustainable profitability and shareholder return s • Record core operating profit of €930mn in 9M 2026, up 1 4 % yoy ; Q3 core operating profit increased 10% yoy to €301mn • Net profit €893mn, up 9% yoy; s trong core operating performance was partly offset by the impact of market volatility on non - core revenues • €0. 68 earnings per share in 9M , +10% yoy, on track to meet the c. € 0. 9 full year EPS target • Normalized r eturn on tangible book value reached 15.4% , in line with the 2026 target of c.15% • Net interest income accelerated to € 542 mn in Q 3 , + 7 % qoq , mainly driven by rates and spread discipline ; 9M net interest margin of 2.2%, in line with 2026 target • Revenues from services reached € 679 mn in 9M , up 3 9 % yoy , with Ethniki Insuranc e leading the acceleration • Best - in - class operating efficiency, with 3 3 % cost - to - income ratio in 9M , and 32% in Q3 • Interim dividend of c. € 124mn out of 202 6 net profit to be paid to Piraeus shareholders in Dec.26 , subject to supervisory approval ; €650mn cash distribution accrued out of 2026 profits Balance sheet strength supports growth , maintaining a low - risk profile • NPE ratio down to 2. 0 % from 2. 2 % a quarter ago , driven by portfolio sales • Controlled organic cost of risk at 57 bps , in line with 2026 updated target of 60bps • L oan - to - deposit ratio at 65% supporting growth ambitions • Superior liquidity coverage ratio at 2 12 %, with ample liquidity headroom Capital ratios with comfortable buffers • CET1 ratio at 1 2 . 9 % , on track to full year 2026 target of > 13% • T otal capital ratio at 1 8 . 6 % with c. 2 60 bps b uffer, above 2026 overall capital requirement including P2G
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Piraeus 9M. 2026 FINANCIAL RESULTS 4 CEO Statement “ Our nine - month 2026 results confirm that Piraeus' strategy is delivering. As Greece's leading bank, we are building a diversified, high - return financial services group, combining best - in - class growth with strong efficiency and a low - risk balance sheet. Earnings per share rose 10% to €0.68, fully on track for our 2026 target of c.€0.90, and normalized return on tangible book value reached 15.4%. Growth is broad - based and structural with continued credit expansion and an increasing contribution from services, insurance and asset management . Our performing loan book expanded 8% year - on - year to €40bn, among the fastest in Europe, with €2.2bn of net credit expansion in nine months. At the same time, we continue to diversify our revenue mix: revenues from services grew 39% yoy i n 9M and now represent 31% of total revenues, led by Ethniki Insurance with € 666mn premiums produced in 9M and by asset management, with €1. 3 bn of net inflows during the same period . Innovation is a central pillar of our strategy. Snappi, our digital bank, has reached c.260k users and c.€130mn of deposits in its first year of operations, attracting approximately c.€1mn of deposits per day, with seven product launches since July. This momentum gives us the confidence to raise our medium - term ambitions for Snappi. Discipline remains at the core of our model. Our cost - to - income ratio of 33% is among the best in Europe, organic cost of risk stood at 57bps and the NPE ratio declined to 2.0%. Organic capital generation continues to support both growth and shareholder returns . Our CET1 ratio stands at 12.9%, while we are accruing for a €650mn cash distribution from 2026 earnings. Subject to supervisory approval, an interim dividend of €10c per share will be paid in Q4. Investment grade ratings from all major agencies further validate this progress. The continuing conflict in the Middle East and higher bond yields in Europe are adding uncertainty to the global and European economic outlook. Nevertheless, t he Greek macro environment remains resilient, supported by a string fiscal position , the continued reduction of public debt and a substantial primary surplus . T he Greek economy is expected to remain on a positive trajectory, supported by a credible fiscal framework, continued reform and sustained investment. Strong execution reinforces our confidence in our 2026 targets, with upside in net interest income and revenues from services. It also provides the foundation for raising our 2027 aspirations . W e now aim for a net interest margin of > 2.4%, revenues from services of c.0.9% of assets, return on tangible book value above 15%, EPS growth of c. 10% yoy and a CET1 ratio above 13.5% . Finally, we are proud to have been certified as a Top Employer Greece 2026 by the Top Employers Institute, the only Greek bank to receive this recognition. We will continue to support our clients and the Greek economy, invest in our people and technology, and create sustainable value for all our stakeholders . ” Christos Megalou Chief Executive Officer Christos Megalou Chief Executive Officer
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Piraeus 9M. 2026 FINANCIAL RESULTS 5 Financial Highlights SELECTED P n L FIGURES 1 | GROUP (€mn) 9M .202 5 9M .202 6 Q 2 .202 6 Q 3 .202 6 Net Interest Income 1,426 1 , 532 509 542 Revenues from S ervices 489 679 251 217 Net Trading Result 85 ( 15 ) 2 1 - 19 Other Operating Result (incl. Dividend Income) (15) (17) 7 - 10 Total Operating Expenses ( 647 ) ( 722 ) (244) ( 231 ) Total R ecurring Operating Expenses ( 636 ) ( 722 ) (244) ( 231 ) Pre Provision Income 1,338 1 , 457 544 499 Cost of Risk (CoR) (197) ( 199 ) ( 65 ) ( 90 ) Organic C oR (17 1 ) (191) (65) (90) Impairment on Other Assets (incl. Associates Income) ( 37 ) (63) (27) ( 39 ) Profit Before Income Tax 1,104 1 , 195 452 370 Core Operating Profit 2 813 930 320 301 N et Profit 3 815 890 337 276 Net Profit Attributable to Shareholders 820 893 336 275 BALANCE SHEET & CUSTOMER FUNDS | GROUP (€mn) 3 0 . 0 9 .202 5 3 1.12.2025 3 0 .0 6 . 2 02 6 3 0 .0 9 . 2 02 6 Total A ssets A djusted 4 83 , 059 90,091 93,399 94 , 590 Gross Loans 5 43,359 44,493 46,3 10 45,7 80 Performing Exposures (PEs) 5 36,7 76 37,335 39,047 39, 621 HAPS Senior Tranches 5 5 , 495 5,458 5,307 5 , 232 Non Performing Exposures (NPEs) 5 1, 088 899 1,011 927 Seasonal Agri L oan - 801 945 - Net Loan s , S easonally A djusted 4 ,5 42 , 568 42,955 44,563 45 , 112 Total Securities (debt and equity securities) 18,072 18, 573 21, 566 21,563 Insurance/ R einsurance C ontract A ssets and I nvestment A ssets R elated to I nsurance B usiness - 3,470 3,502 3 , 488 Customer Deposits 6 63 , 691 66,097 68,377 69 , 172 Insurance/ R einsurance C ontract L iabilities and I nvestment L iabilities R elated to I nsurance B usiness - 3,261 3,235 3 , 112 Tangible Book Value (TBV) 7 , 600 7,278 7,757 7 , 477 T BV per Share (€) (adj for Treasury Stock ) 6.09 5.92 6.30 6 . 07 Total Equity (including AT1) 9 , 127 9,379 9,790 9 , 622 Assets u nder Management 7 14 , 268 14,514 16,329 16 , 925 FINANCIAL KPIs | GROUP 9M .202 5 9M .202 6 Q2 .202 6 Q 3 .202 6 EPS (€) ( after AT1 Coupon ) 0.62 0 . 68 0.26 0 . 21 Net Interest Margin 2 . 3% 2 . 2% 2.2% 2. 3% Revenues from Services / N et Revenues 25% 31% 32% 30% Cost - to - Income Ratio 33% 33% 31% 32% Organic Cost of Risk 0.6% 0.6% 0.6% 0 . 8% NPE Ratio 2 . 5% 2.0% 2 . 2% 2.0% NPE Coverage Ratio 71% 58% 67% 58% RoaTBV normalized (adjusted for AT1 Coupon Payment) 14.7% 15. 4% 16. 9% 13 . 7% CET1 Ratio 14 . 4 % 1 2 . 9 % 12.8% 1 2 . 9 % Total Capital Ratio 20 . 6 % 19.0% 18.6% 1 8 . 6 % COMMERCIAL KPIs | GROUP 3 0 . 0 9 .202 5 3 1.12.2025 3 0 .0 6 . 2 02 6 3 0 .0 9 . 2 02 6 Branches 384 384 384 383 Employees 7 , 751 8,472 8,518 8 , 574 # Active R etail C ustomers (mn) 8 4.5 4.5 4.5 4 . 6 # Avg. weekly online transacting customers (th) 9 1 , 065 1,120 1,049 1 , 048 # Snappi U s ers (th) 30 6 0 210 ~ 2 6 0
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Piraeus 9M. 2026 FINANCIAL RESULTS 6 Financial Highlights (cont’d) 1 P&L figures are presented on a reported basis. 2 Core operating profit: Profit for the period less ( - ) trading income ( - ) other operating income ( - ) dividend income ( - ) extraordinary items (as defined herein) ( - ) non - controlling interest . 3 By way of ensuring comparability with previous periods, we thereby present one - off items included in the normalized items of 9Μ .2025: extraordinary expenses included €11mn related with the Ethniki Insurance acquisition booked in administrative expenses (€2.4mn in Q1.25, €3.8mn in Q2.25, and €4.8mn in Q3.25) and loan impairments incorporate d extraordinary results for NPE sales or NPEs classified as HFS, mainly Projects Imola and Solar of €2 4 mn (loss €0.4mn in Q1.25, €25mn in Q2.25, and €0.5mn in Q3.25) and extraordinary charges for assets’ disposals, i.e., impact from NPAs and participations amounting to €0.5mn reve rsal in Q1.25, €2.4mn reversal in Q2.25, and loss €0.4mn in Q3.25 and €26.4mn in Q3.25 costs for extraordinary CSR actions were booked in other impairments. In 9 Μ .2026, one - off items incorporated impairment charges of €8 mn for NPE sales booked in Q1.2026 and €13mn of other impairment charges ( €6 mn in Q2.26 and €7mn in Q3.26) related to corporate social responsibility initiatives. Further, normalized profits incorporate a tax rate of 29% on the one - off items. Normalized profit at € 863 mn for 9M .2025, € 908 mn in 9M .2026, €340mn in Q2.26 and €281mn in Q3.26 . 4 Total assets adjusted and net loans on a seasonally adjusted basis exclude the seasonal agri - loan. 5 Gross loans, performing exposures, NPEs and net loans include loans and advances to customers measured at FVTPL. Gross loans Include also the HAPS senior tranche. For Sep .25, Dec .25 , Jun .26 , and for Sep.26 performing exposures incorporate €19mn, €147mn, € 1 89 mn , and € 228 mn respectively, paying credit impaired loans classified after the implementation of a restructuring program with the aim to enhance borrower’s repayment capacity . 6 For Sep.25, Dec.25 , Jun .2 6 , and for Sep .26 customer deposits do not incorporate repurchase agreements ( €178mn, € 447mn , 432mn, and €423mn, respectively) . 7 Assets under management include MFMC assets, PB assets, Brokerage and Custody. As of Jan.26 , c ustody equity holdings generating no income for the group are not included in Assets under Management . 8 Active clients, i.e., clients with at least 1 transaction in the last 6 months or hold ing loan / deposit / investment with the Bank >€1k during the last 12 months. 9 Refers to average number of clients conducting online transactions via e - banking on a per week basis.
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Piraeus 9M. 2026 FINANCIAL RESULTS 7 P&L Highlights Rate tailwinds drove Q 3 NII accelerated increase to €542mn , +7% qoq Net interest income (NII) in Q 3 .26 stood at €5 42 mn, up 7 % compared to the previous quarter and 15 % higher yoy, on the back of rate tailwinds kicking - in and spread discipline, while on the other hand deposit costs remain ed contained . Overall, NIM over assets climbed to 2. 3 %, on track to meet the updated 2026 target of c. 2.2% , while b ased on 9M performance and current market dynamics, the 2026 €2.0bn NII target presents upside . Strong r evenues from services performance, up 33% yoy, at market leading 0.9 % over assets * R evenues from services includes net fee income, insurance income, and income from non - banking and non - insurance activities Revenues from services exhibited a strong performance, amounting to €2 17 mn in Q 3 .26, up 33 % yoy , with key business lines accelerating . Ethniki ’s Insurance strong trends continued, with gross written premi ums production ahead of target, driven by solid trends in health , while a sset management , bancassurance and funds transfer exhibited solid performance. Revenues from services over assets stood at the market leading 0.9 % in the quarter, while they contributed 3 0 % to net revenues. Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 471 477 481 509 542 Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 2 51 16 4 206 2 10 (€ mn ) (€ mn ) 2 17
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Piraeus 9M. 2026 FINANCIAL RESULTS 8 P&L Highlights (cont’d) Best - in - class efficiency confirming cost discipline , while investing for growth * Operating expenses depicted on a recurring basis Operating expenses retreated by 5% qoq at €2 31 mn in Q3.26, while increased by 10% yoy, on the back of Ethniki Insurance consolidation. In more detail, staff costs rose by 14 % yoy at €1 13 mn in Q 3 .26 , in line with the Group’s strategy to increase employees fixed and variable compensation to protect talent. Staff costs fell by 10% qoq , as the previous quarter was impacted by the payment of variable remuneration in the form of shares . T he Group’s headcount stood at 8, 574 employees as at 3 0 September 2026, of which 8,1 86 were employed in Greece . G&A costs amounted to € 84 mn , up 7% yoy, and flat compared to the previous quarter. Additionally, d epreciation expenses eased by 1% qoq and rose by 4 % yoy as expected, due to ongoing IT investments . C ost - to - income ratio shaped at 32 % in Q3.26 and 33% in 9M.26, fully on track to the full year target of below 35% . 9M o rganic c ost of risk at 57bps Q 3 .2 6 underlying loan impairment charges reached € 71 mn, from €50mn in the previous quarter . The increase relate s to a loan portfolio classified as held for sale during Q3. Organic cost of risk over net loans (including servicing fees and credit protection costs ) stood at 80 bps in Q 3 .2 6 , vs 59 bps in the previous quarter and 63 bps a year ago . Total loan impairments reached € 90 mn in the quarter , compared to €68mn a year ago . For the 9M.26, total organic loan impairments amounted to € 191mn, corresponding to 57bps, in line with the 2026 guidance for c. 60bps. 19 45 63 36 42 14 14 17 18 15 Q1.26 Q2.26 Q3.26 9M.2025 9M.2026 99 125 109 126 113 107 109 137 119 118 Q3.25 Q4.25 Q1.26 Q2.26 Q3.26 2 31 2 0 6 59 bps Non - HR costs HR costs Fees Underlying 2 46 32 bps 2 34 80 bps 2 4 4 5 7 bps 54 bps (€ mn )
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Piraeus 9M. 2026 FINANCIAL RESULTS 9 Balance Sheet Highlights Strong net credit expansion , on track to meet 2026 target of > €3bn Piraeus’ performing loan portfolio increased by 1 % qoq and 8 % yoy in Q 3. 2 6 , reaching € 39.6 bn. Net credit expansion was driven by businesses, with transportation and energy sectors accounting for the largest share. Out of € 3. 2 bn disbursements in Q 3 , €1. 7 bn were directed to large corporates, €1. 2 bn to SB/SME and € 0.3bn to individuals. Mortgages specifically continued to recover, with disbursements reaching € 189mn in Q3 . Customer assets in upward trajectory Customer assets continue to grow , amounting to € 86.1 bn at the end of Sep. 2 6 , up 10 % yoy and 2% qoq. In detail, assets under management continued their upward trend, rising by 19% yoy and by 4% qoq, reaching €16.9bn . 9M.26 net inflows reached € 1.3bn , surpassing the full year 2026 target, while positive market effect contributed more than €1.0bn in the increase. Customer d eposits increased by 8% yoy and by 1% qoq, standing at € 69.2 bn . Total deposits cost stood at 0.4% in Q3.26, with time deposit cost at 1.7%. Overall, the Group’s diversified and stable deposit structure remains a key strength, while client assets continue to grow . 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 6.0 6.6 6.8 3.0 3.5 3.7 5.6 6.2 6.4 Dec.2025 Jun.2026 Sep.2026 Dec.2025 Jun.2026 Sep.2026 Customer deposit movement (€bn) Loan growth + 6 % y td Net credit expansion +€ 0.5 bn 66.1 68.4 69.2 Sustained AuM growth (€bn) 14.5 16.3 16. 9 Mutual funds Piraeus Securities Private & Institutional portfolios
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Piraeus 9M. 2026 FINANCIAL RESULTS 10 Balance Sheet Highlights (cont’d) Solid asset quality, with NPE ratio reaching 2. 0 % NPE ratio reached 2. 0 % in Q3.26, vs. 2.2% in the previous quarter and 2.5 % a year ago , due to portfolio clean - up initiatives and disciplined organic performance , with NPE coverage down to 58 % from 71% a year ago, on the back of a highly covered NPE portfolio sale in Q3.26 . The Group’s NPEs stood at € 0.9 bn at the end of September 202 6 , compared to € 1.1 bn a year ago. Exceptional liquidity supporting growth * LCR refers to Liquidity Coverage Ratio; LDR refers to Loans - to - Deposits ratio Piraeus ’ Group Liquidity Coverage Ratio (LCR) stood at the very satisfactory level of 212 % as at end Sep. 2 6, while t he strong liquidity profile is also reflected in the Group’s net loan - to - deposit ratio, at 65 % at the end of September 202 6 . 1.1 1.0 0.9 Q3.25 Q2.26 Q3.26 216% 207% 212% Dec.2025 Jun.2026 Sep.2026 NPE (cash) coverage (%) NPE (%) LCR (%) LDR (%) 6 5 % NPE (€bn) 7 1 % 2. 5 % 6 7 % 2. 2 % 5 8 % 2. 0 % 6 5 % 6 5 %
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Piraeus 9M. 2026 FINANCIAL RESULTS 11 Capital P osition Capital position enabling loan growth, distribution accumulation and accelerated DTC amortization : On track to meet the 2026 CET1 target of > 13% * Market movements refers to the impact in trading/other income and OCI from the recent volatility in bond markets; Sep.26 CET1 capital incorporates €334mn cumulative deduction for NPE calendar shortfall related with Greek State Guaranteed exposures of €0.4b n net book value; CET1 ratios are displayed on a reported basis; Distribution out of 2026 profit subject to necessary conditi ons being met and supervisory approval The Common Equity Tier 1 (CET1) of the Group stood at 12.9 % at the end of September 202 6 , vs. 12.8% in the previous quarter and compared to 14.4 % in September 202 5 , absorbing the 57 % distribution accrual, accelerated DTC amortization , as well as loan growth . CET1 ratio is expected to surpass the end - 2026 target of > 13% through organic profitability, SRT synthetic securitizations, as well as the optimization of the excess Solvency position of Ethnkini above the 150%. The total capital ratio stood at 18. 6 % at the end of September 202 6 , comfortably above capital requirements, as well as supervisory guidance . Further information on the financials & KPIs of Piraeus Group can be found on the 9M .2026 Financial Results presentation and the Nine - Month 202 6 Consolidated Financial Report that is expected to be available on the Bank’s C ompany’s website on 30 October 2026 . 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 57% distribution accrual including DTC accelerated amortization 18. 6 % 18.7% TCR 18. 6 % CET 1 trajectory 9M . 26 (%) DTC/CET1 at 5 1 % ▪ +c.10bps CET1 ratio pro forma for Ethniki Insurance Solvency II ratio at 150%
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Piraeus 9M. 2026 FINANCIAL RESULTS 12 Business Developments Capital Markets’ Transactions Piraeus Bank issued €500mn Senior Preferred Bond , priced at record 90bps spread On 28 August 2026, Piraeus announced that it had completed the issuance of a new €500 million Senior Preferred Bond, its first bond issue of 2026 and the Bank's first issuance since attaining full investment - grade status across all rating agencies. The Bond attracted strong investor demand, with total or ders exceeding €2.5 billion, more than 5.0x oversubscribed. The transaction was priced at a credit spread of 90bps over the corresponding mid - swap rate, representing the tightest Senior Preferred spread ever achieved by Piraeus and the tightest spread achieved by a Greek issuer at the time in the same tenor bucket. The Bond carries a fixed annual coupon of 4.00% , has a maturity of six years, callable after five years (6NC5), and was assigned an investment - grade rating of Baa2 by Moody's Ratings. Settlement took place on 3 September 2026 and the notes are listed on the Luxembourg Stock Exchange's Euro MTF market. The net proceeds will be used for general corporate and financing purposes and to support the Bank's ongoing compliance with MREL requirements. Piraeus’ wholly owned subsidiary, Ethniki Insurance issued its inaugural dual - tranche subordinated bond issuance of €200mn On 3 September 2026, Piraeus announce d that its wholly owned subsidiary, Ethniki Insurance ha d completed its inaugural €200 million dual - tranche subordinated bond issuance. The transaction comprise d a €100 m illio n Tier 2 bond (“Tier 2”) with a 5.25% fixed annual coupon, a 10.25 - year maturity and an issuer call after 5.25 years, and a €100 m illio n Restricted Tier 1 (“RT1”) perpetual bond with a 6.875% fixed annual coupon, first callable after 5.5 years. Investor demand was strong, with orders peaking at above €600 m illio n, representing more than 3.0x oversubscription. The bonds were priced 30bps and 37.5bps tighter than initial guidance for the Tier 2 and RT1, respectively. Both notes settled on 9 September 2026 and were listed on the Luxembourg Stock Exchange’s Euro MTF market. The issuance strengthens Ethniki Insurance’s regulatory capital position, diversifies its own - funds sources and establishes direct access to internat ional debt capital markets. Interim Dividend Piraeus will proceed with an extraordinary cash distribution of approximately € 124 million , payable i n December 2026 , subject to the receipt of a ll required approvals under the applicable legal and regulatory framework. Balance Sheet Management Continuing to strengthen its balance sheet through further de - risking , as at 30 September 2026, Piraeus classifi ed as HFS corporate loan portfolios, namely, Parthenon, Pelagos and Albus, as well as SME, mortgage and consumer loans , the Hydra portfolio and other financial assets , amounting to a total gross book value of € 38 0 m illio n. In September 2026, Piraeus completed the synthetic securitization of a consumer loan portfolio , Ermi s Χ , with a total securitized exposure of approximately € 550 m illion . Τ he transaction is expected to deliver RWA relief of approximately € 300 million and capital relief of €4 0 million. The Significant Risk Transfer (SRT) approval is expected to be obtained.
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Piraeus 9M. 2026 FINANCIAL RESULTS 13 Business Developments Piraeus’ Leading Role in Landmark Capital Markets Transactions Piraeus further reinforced its leading position in Greek capital markets, playing a central role in a series of landmark transactions, including Capital Maritime Finance’s €300 million Public Offering and listing on Euronext Athens, acting as Joint Coordinator and Issue Advisor , which attracted aggregate investor demand in excess of €1.0 billion from approximately 14K investors. In addition, Piraeus acted as Bookrunner and Placement Coordinator in Safe Bulkers’ €80 million shares private placement, and as Joint Global Coordinator and Issue Advisor in Seanergy’s €100 million corporate bond offering, further strengthening the connection between international shipping and the Greek capital markets and reinforcing Piraeus’ leading role in supporting Euronext Athens’ development as an international mari time finance hub. Beyond shipping, Piraeus also played a leading role in AKTOR’s €650 million share capital increase, acting as Joint Global Coordinator and Issue Advisor , further underscoring its market - leading capabilities in executing large - scale and complex equity and debt capital markets transactions. Snappi Snappi continues to build strong momentum, reaching c.260k app users, c.23k loans disbursed and c.€130 m illio n in deposits, currently growing at around €1 m illio n per day, while S - Invest has already attracted c.3.5k users since its September launch. Its full - stack digital banking proposition continues to expand, with seven product launches since July, spanning savings, S - invest, Cash Now 2.0 and E - Gov passes, the latter having served 122k beneficiaries. Growth is supported by diversified acquisition channels, deeper main - bank engagement with rewards for customers who make Snappi their everyday bank, and an expanding network of strategic and retail partnerships. Looking ahead, Snappi aims to scale to over 400k customers and c.€0.5 b illio n in deposits in 2027, while broadening its lending proposition towards a full - service digital bank, targeting c.€90 m illio n of new lending. Piraeus partners with Apollo to expand its private markets offering Piraeus became the first bank in Greece and one of the first in Europe to partner with Apollo Management International LLP for the distribution of Apollo’s European Long - Term Investment Funds ( ELTIF ) in Greece , expanding its offering of alternative investment solutions to individual investors. Apollo manages more than $1 t rillio n in assets on behalf of leading institutional investors globally. The partnership provides Piraeus clients with access to private equity, European private credit and diversified global credit strategies, further expanding the Bank’s investment offering and portfolio diversification opportunities. UNEP FI Mediterranean Forum 2026 co - hosted by Piraeus and UNEP FI T he UNEP FI Mediterranean Forum 2026 , co - hosted by Piraeus in Athens, brought together more than 50 representatives from across the Mediterranean , including financial and business leaders, policymakers, investors, and sustainability experts . The Forum focused on how sustainability can strengthen the region’s economic fabric and support a more competitive, inclusive and resilient future. Key discussions and panel sessions addressed financial stability, sustainability and competitiveness, the management of climate - and nature - related risks, and innovative financing approaches for the Mediterranean economy.
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Piraeus 9M. 2026 FINANCIAL RESULTS 14 Credit Ratings Sustainability D evelopments Green Bond Allocation and Impact Summary as of June 2026 Piraeus published the Bond Allocation and Impact Reports for its 2nd Green Senior Preferred Bond issuance of July 2024 (final allocation and impact report) , amounting to €650mn and its 3rd Green Senior Preferred Bond issuance of June 2025, amounting to €500mn. As of 30 June 2026, the net proceeds of the July 2024 Green Bond have been fully allocated to a portfolio of Eligible Green A ssets amounting to €647.8mn. Furthermore, an amount equal to €165.0mn of the €496.7mn net proceeds of the June 2025 Green Bond issu ance was allocated to loans in the Renewable Energy category and Green Buildings. More specifically, loans related to the acquisition, development, manufacturing, construction, operation and maintenance, distribution and transmission of renewable energy ge neration sources such as wind and solar photovoltaics as well as loans related to commercial buildings that meet high energy and environmental standards. Both reports have received independent assurance by external auditor , Deloitte . The material is available on Piraeus’ corporate website . Impact Summary 2nd Piraeus Green Bond Issuance of €650mn (July 2024) 3rd Piraeus Green Bond Issuance of €500mn (June 2025) 53 Total RES projects ( 100% located in Greece ) 6 Total projects ( 100% located in Greece ) 1,828.5 MW Total RES capacity added 669.7 MW Total RES capacity added 2,618,511.4 MWh Annual generation (electricity) – RES projects 819,389.7 MWh Annual generation (electricity) – RES projects 444,556.7 tCO 2 eq Annual GHG emissions avoided (all eligible categories) 62,838.7 tCO 2 eq Annual GHG emissions avoided (all eligible categories) Allocation Summary 2nd Piraeus Green Bond Issuance of €650mn (July 2024) 3rd Piraeus Green Bond Issuance of €500mn (June 2025) €647.8mn (100% of net proceeds allocated) €165.0mn (33.2% of net proceeds allocated) Amount allocated to Eligible Green Assets €243.2mn 37.6% €126.1mn 25.4% Eu taxonomy aligned (€ amount | % over net proceeds) €178.8mn 169.2 MW €58.64mn 82.9 MW Wind €469.0mn 1,659.3 MW €41.3mn 586.8 MW Solar - €65.0mn Leed Platinum EPC: A+ Green Buildings Greek Sovereign Credit Rating Piraeus Bank Long term Piraeus Bank Outlook Piraeus Bank Senior Preferred 2 8 September 202 6 Ba a3 Ba a 1 Positive B a a 2 20 July 202 6 BB B B B B - Stable B B B - 01 July 202 6 BB B B B B - Positive B B B - D a tes refer to the last publication report date on Piraeus
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Piraeus 9M. 2026 FINANCIAL RESULTS 15 Alternative Performance Measures (APMs) Cost - to - income ratio (percentage, %) Cost - to - income ratio is calculated by dividing total operating expenses over (/) total net income. Relevance of use: Efficiency metric Q 3 202 6 Q 3 202 5 Operating expenses (€ mn) 2 3 1 2 1 1 / N et income (€ mn) 7 3 0 6 4 8 = Cost - to - income ratio 3 2 % 3 3 % Cost of risk (CoR) , O rganic (percentage, %) Organic impairment charges: Impairment losses/(releases) (as defined hereunder) excluding ( - ) Impairment losses/(releases) on loans and advances to customers at amortized cost related to NPE sales (/) Net loans seasonally adjusted (as defined herein) . Organic CoR at 80bps f or Q 3 . 202 6 includes approximately € 50 mn impairment losses which are related to the Parthenon loan portfolio classified as HFS as at 30 September 2026 . Impairment losses/(releases) : Impairment losses/(releases) on loans and advances to customers at amortized cost , plus (+) o ther credit - risk related expenses on loans and advances to customers at amortized cost. Seasonally adjusted Net Loans: Loans and advances to customers at amortized cost, plus (+) loans and advances to customers mandatorily measured at FVTPL , minus ( - ) seasonal agri loan as at 30 September 2026 and 30 September 2025 (both €0 million) . The seasonal agri loan refers to the loan facility provided to farmer beneficiaries in December , each year . Relevance of use: Asset quality metric Q 3 202 6 Q 3 202 5 Impairment losses/(releases) (€mn) 90 68 - Impairment losses/(releases) related to NPE sales (€mn) 0 1 = Organic Impairment charges annualized (€mn) 361 27 1 / Net loans , seasonally adjusted (€ mn) 45,112 42,568 = Cost of risk, organic 0. 80 % 0. 6 3 % Earnings per share (EPS), a fter AT1 coupon (€) Earnings per share (EPS) are calculated by dividing the net shareholders’ profit after AT1 capital instrument coupon payment for the period, by (/) the total number of shares adjusted for treasury shares outstanding at the end of the period. Relevance of use: Profitability metric
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Piraeus 9M. 2026 FINANCIAL RESULTS 16 Alternative Performance Measures (APMs) Q 3 202 6 Q 3 202 5 Net Profit attributable to shareholders (€ mn) 2 75 2 6 1 - AT1 coupon payment (€ mn) 1 9 2 0 / Number of shares (mn) 1,2 32 1,24 8 = EPS 0. 2 1 0. 1 9 Liquidity coverage ratio (LCR) (percentage, %) 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. Relevance of use: Liquidity risk regulatory metric September 202 6 September 2 02 5 HQLA (€ mn) 22,609 20,763 / Total net cash outflows over the next 30 calendar days (€ mn) 10,644 9,577 = LCR 212% 217 % Loans to Deposits ratio (LDR) (percentage, %) The loans to deposits ratio is calculated by dividing the seasonally adjusted Net loans (as defined above) over (/) Deposits. Deposits correspond to “ Due to customers” less ( - ) repurchase agreements as of Q4.25 , noting that repurchase agreements amounted to € 423 mn as of September 2026 and €178mn as of September 202 5 . Relevance of use: Liquidity metric September 202 6 September 2 02 5 Net loans , seasonally adjusted (€ mn) 4 5,112 4 2,568 / Deposits (€ mn) 6 9,172 6 3,691 = LDR 6 5 . 2 % 66. 8 % Revenues from services over Assets (percentage, %) Revenue from services annualized over (/) average total assets adjusted (average of Jun .26 and Sept .2 6 for Q 3 . 2 6 and average of Jun .25 and Sept .2 5 for Q 3 .2 5 ). Relevance of use: Profitability metric
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Piraeus 9M. 2026 FINANCIAL RESULTS 17 Alternative Performance Measures (APMs) Q 3 202 6 Q 3 202 5 Revenue from services , annualized (€ mn) 2 1 7 *4 = 8 68 1 6 4 *4 = 6 5 5 / Total assets, adjusted average of 2 periods (€ mn) 9 3 ,994 8 2,154 = Revenues from services /assets 0 .92 % 0.8 0 % Revenues from services over total n et Revenues (percentage, %) Revenue from services over (/) total net income . Relevance of use: Profitability metric Q 3 2026 Q3 2025 Net fee income (€ mn) 21 7 1 6 4 / N et income (€ mn) 73 0 64 8 = Revenues from services / Net revenues 3 0 % 2 5 % Net Interest Margin (NIM) (percentage, %) Net interest income annualized over (/) average total assets adjusted as defined above . Relevance of use: Profitability metric Q 3 2026 Q3 2025 Net interest income, annualized (€ mn) 54 2 *4 = 2,1 68 471*4 = 1,88 5 / Total assets, adjusted average of 2 periods (€ mn) 93,994 82,154 = NIM/assets 2. 3 % 2. 3 % NPE (Cash) Coverage Ratio (percentage, %) NPE (cash) coverage ratio is calculated by dividing ECL allowance for impairment losses on loans and advances to customers at amortized cost over (/) non - performing exposures (NPEs) . NPEs are 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 include paying credit impaired loans of €228mn for September 2026 and €19mn for September 2025 classified after the implementation of a restructuring program with the aim to enhance borrower’s repayment capacity . Relevance of use: Asset quality - credit risk metric
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Piraeus 9M. 2026 FINANCIAL RESULTS 18 Alternative Performance Measures (APMs) Q 3 2026 Q 3 2025 ECL allowance (€ mn) 669 7 91 / NPEs (€ mn) 1, 155 1, 107 = NPE (cash) coverage 58 % 71 % Non - Performing Exposure (NPE) Ratio (percentage, %) NPE ratio is calculated by dividing NPEs by (/) gross loans. Gross loans or Customer loans: Net loans (as defined herein), plus (+) ECL allowance for impairment losses. NPEs do not include Greek State Guaranteed exposures, classified in “Other assets” or no n - credit impaired exposures. NPE ratio is adjusted f or September 202 6 , for € 228 mn and for September 2025, for €19mn paying credit impaired loans classified after the implementation of a restructuring program with the aim to enhance borrower’s repayment capacity. Noting that adding back the € 228 mn and €19mn in ratio’s numerator, the NPE ratio would stand at 2. 5 % and 2.6% in September 202 6 and September 2025, respectively . Relevance of use: Asset quality - credit risk metric Q3 202 6 Q 3 202 5 NPEs (€ mn) 927 1,08 8 / Gross loans (€ mn) 45,780 43,359 = NPE ratio 2. 0 % 2. 5 % Return on average Tangible Book Value (RoaTBV) normalized, adjusted for AT1 coupon (percentage, %) The RoaTBV normalized, adjusted for AT1 coupon, is calculated by dividing normalized net profit for the period, annualized, minus ( - ) AT1 coupon payment annualized over TBV (as defined hereinunder), average of 2 periods ( average of Q 3 .2 6 and Q 2 .2 6 for Q 3 .2 6 and average of Q 3 .2 5 and Q 2 .2 5 for Q 3 .2 5 ). Normalized net profit for Q3.26 subtracts €7 .2 mn one - off result booked in other impairments regarding corporate social responsibility initiatives , while in Q 3 . 2 5 the following one - off items are subtracted : €4.8mn administrative expenses related with the acquisition of Ethniki Insurance, €0.5mn one - off result booked in loan impairments for NPE sales/NPEs classified as HFS, €0.4mn loss, extraordinary charges for assets’ disposals from NPAs and participations , and € 2 6.4 mn for extraordinary CSR actions booked in other impairments . Relevance of use: Efficiency metric Q 3 2026 Q 3 2025 Normalized net profit, annualized (€ mn) 281 *4 = 1, 122 2 84 *4 = 1,1 34 - AT1 coupon payment, annualized (€ mn ) 7 6 79.5 / Tangible book value, average of 2 periods (€ mn) 7, 6 14 7, 4 79 = RoaTBV , normalized 1 3.7 % 1 4 .1 %
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Piraeus 9M. 2026 FINANCIAL RESULTS 19 Alternative Performance Measures (APMs) Tangible Book Value (TBV) (million €) Tangible Book Value (TBV): capital and reserves attributable to equity holders of the parent, less ( - ) other equity instruments, i.e., Additional Tier 1 (AT1) capital and intangible assets. Relevance of use: Efficiency metric S eptember 202 6 September 2 02 5 Capital and reserves attributable to equity holders of the parent 9, 3 54 9 ,048 - Other equity instruments (AT1 capital) 1 , 000 1 , 000 - Intangible assets 8 8 2 4 4 7 = Tangible Book Value (TBV) 7, 4 72 7, 6 00 Total assets, adjusted (million €) Total assets less ( - ) the seasonal agri loan (as defined above under “net loans”) . Relevance of use: Standard banking terminology S eptember 202 6 September 2 02 5 Total assets 94, 5 87 8 3 ,059 - Seasonal agri loan 0 0 = Total assets, adjusted 9 4 ,587 8 3 ,059
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Piraeus 9M. 2026 FINANCIAL RESULTS 20 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 he reby 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 r efer to activities, assets, liab ilities 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 int o account your objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. No representat ion, warranty or undertaking is being made and no reliance may be placed for any purpose whatsoever on the information contained i n 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 mat ters and for making your own independent assessment of the Group. You are solely responsible for seeking ind ependent professional advice in relation to the Group and you should consult with your own advisers as to the legal, tax, business, financial and r elated 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 n o rel iance 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 alterna tive methodologies that produce different results and to the extent they are based on historical information, they should not be r elied 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 omissi ons t herefrom or from any use of this presentation or its contents or otherwise in connection therewith, and accept no liability f or any loss howsoever arising, directly or indirectly, from any use of the information in this presentation or in connection therew ith. 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 d ate 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 expres sly disclaims any fiduciary relationship and agrees that is responsible for making its own independent judgme nt 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 other wise 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, disclo sure or improper circulation of the presentation or any information contained herein. You also acknowledge that, if electronically transmitted and delivered, the present ation 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.
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Piraeus 9M. 2026 FINANCIAL RESULTS 21 Forward - looking statements and financial projections Certain information or statements contained in this presentation or made in any meetings that are not statements of historica l fact, including, without limitation, any statements preceded by, followed by or including words or phrases such as “targets,” “be lieves,” “expects,” “aims,” “intends,” “may,” “anticipates,” “would,” “could”, “will”, “might”, “potential”, “plan”, “is desi gned to” or similar expressions or the negative thereof, constitute forward - looking statements, notwithstanding that such statement s 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 o r dire ctors 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 pre dict 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 assur ance 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 o n 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 w e 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 measure s, but should not be considered a substitute for results that are presented in accordance with IFRS. Diclaimer 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 nine - month period 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. Group Investor Relations 4 Amerikis St., 105 64 Athens Tel. : (+30 ) 210 3335818 Bloomberg: TPEIR GA | Reuters: BOPr.AT ISIN: GRS014003032 investor_relations@piraeus bank .gr www.piraeus group .gr