Piraeus Financial Holdings: Purchase of Own Shares and Lead Manager of the Programme
“Piraeus Financial Holdings S.A.” (the “Company”), following its announcement of 17.10.2025 with respect to the commencement of the Additional Tranche of the Share Buyback Programme (the “Programme”), which was approved:
by the Annual General Meeting of Shareholders of the Company held on 14 April 2025, as amended by the Extraordinary General Meeting of the Company held on 23 September 2025, and following the decisions of the Board of Directors of the Company on 26 September 2025 and 17 October 2025,
by the decision of the Extraordinary General Meeting of its subsidiary Piraeus Bank S.A. (the “Bank”) on 17 October 2025, and the related decisions of the Board of Directors of the Bank dated 17 October 2025,
and further to the announcement on 27.10.2025 on purchase of own shares, informs the public that during the period 27.10.2025 – 31.10.2025, the Bank repurchased, within the framework of the Programme, a total of 3,305,000 shares issued by the Company (“Own Shares”) and traded on the Athens Stock Exchange (“ATHEX”), with an average purchase price of €6.926975 per share and a total cost of €22,893,653.55.
In particular, the following purchases were made on the ATHEX through its member “Piraeus Securities S.A.”:
Date
Number of shares
Average acquisition price (€)
Total cost(€)
27.10.2025
750,000
6.998318
5,248,738.18
29.10.2025
1,000,000
6.957073
6,957,073.25
30.10.2025
1,050,000
6.961597
7,309,677.28
31.10.2025
505,000
6.689435
3,378,164.84
Total
3,305,000
6.926975
22,893,653.55
Following the above purchases, the Company holds (directly or indirectly through the Bank) in total 12,343,242 Own Shares, representing 0.99% of the paid-up – as of the date of the resolution of the Annual General Meeting that approved the Programme – share capital.
Further to the above, the Company informs the investment community that going forward, the Lead Manager of the Additional Tranche of the Share Buy Back Programme will be Goldman Sachs Bank Europe SE (“Goldman Sachs”), who will be making purchases through the Athens Stock Exchange. Goldman Sachs will independently decide on and carry out such purchases, without any influence, guidance and coordination from the Company or the Bank, concerning the timing and pricing, under the terms and conditions of the Programme, as announced on 17 October 2025.
This announcement is issued in accordance with Regulation (EU) No. 596/2014 of the European Parliament and the Council of April 16, 2014, and the Commission Delegated Regulation (EU) 2016/1052 of March 8, 2016.
Piraeus Financial Holdings – Purchase of Own Shares
Piraeus Financial Holdings S.A.” (the “Company”), following its announcement of 29.09.2025 with respect to the commencement of the Initial Tranche of the Share Buyback Programme (“Programme”), which was approved by the Annual General Meeting of Shareholders of the Company held on 14 April 2025, as amended by the Extraordinary General Meeting of the Company held on 23 September 2025, and following the decision of its Board of Directors on 26 September 2025, informs the public that during the period 29/09/2025 – 03/10/2025, it repurchased, within the framework of the Programme, a total of 1,652,890 shares issued by the Company (“Own Shares”) and traded on the Athens Stock Exchange (“ATHEX”), with an average purchase price of €7.343194 per share and a total cost of €12,137,491.72.
In particular, the following purchases were made on the ATHEX through its member “Piraeus Securities S.A.”:
Date
Number ofshares
Averageacquisitionprice (€)
Acquisitioncost (€)
29.09.2025
250,000
7.289987
1,822,496,78
30.09.2025
302,890
7.235978
2,191,705.41
01.10.2025
500,000
7.328322
3,664,161.03
02.10.2025
350,000
7.402133
2,590,746.71
03.10.2025
250,000
7.473527
1,868.381.79
Total
1,652,890
7.343194
12,137,491.72
Following the above purchases, the Company holds in total 2,772,752 Own Shares, representing 0.22% of the paid-up – as of the date of the resolution of the Annual General Meeting that approved the Programme – share capital.
This announcement is issued in accordance with Regulation (EU) No. 596/2014 of the European Parliament and the Council of April 16, 2014, and the Commission Delegated Regulation (EU) 2016/1052 of March 8, 2016.
Piraeus Financial Holdings: Sale of Kea Leitourgia kai Diacheirisi Diktyon ATM
Piraeus Financial Holdings S.A. announces that its subsidiary, Piraeus Bank S.A. (“Piraeus”), following the completion of the spin-off of its non-core ATM business with the establishment of Kea Leitourgia kai Diacheirisi Diktyon ATM S.M.S.A. (“KEA”), has successfully concluded the sale of 80.10% in KEA to Printec Cash Network S.A., a member of Printec Group. The total net assets of KEA as of March-25 stand at €11m.
Piraeus will retain the ATM fleet located within its branch network premises, as well as a large number of owned off-site ATM (circa 360), sufficient to ensure that its nationwide customer base will continue to receive uninterrupted service.
UBS Europe, EY and Moratis Passas acted as financial, technical and legal advisors, respectively, to Piraeus in connection with the transaction.
Piraeus Financial Holdings Q1.25: Strong start to the year, with loan growth and client AuMs outperforming targets
Robust profits and returns
• Solid profitability of €284mn, corresponding to €0.22 earnings per share and 14.7% RoaTBV, well on track to meet or exceed the full year targets of c.€0.80 and c.14% respectively; tangible book value per share increased to €6.01, up 14% yoy
• Net revenues at €649mn, up by 10% yoy, supported by net fee income; fees grew by 10% yoy, benefiting from strong growth of client balances
• 25% fees over net revenue, up by 2 percentage points qoq
• NII dropped by 7% yoy, reflecting the reduction of 135bps in 3m Euribor respectively
• €373mn cash dividend out of 2024 net profits, to be paid to Piraeus shareholders on 10 Jun.25
Discipline in operating efficiency and balance sheet management
• Disciplined operating efficiency, with 35% cost-to-core-income ratio, among the best across EU banks; operating expenses at €224mn, as budgeted for Q1, burdened by frontloaded tax costs and investments to IT and digital banking
• Strong balance sheet, with historic low level of cost of risk at 35bps, down from 51bps a year ago. NPE ratio at 2.6% vs. 3.5% a year ago and prudent NPE coverage at 64%, up 4 percentage points yoy. Excluding NPE servicing fees and synthetic securitization costs, underlying cost of risk landed at record low 14bps, down from 17bps in Q1.24
Outstanding loan book and client assets growth
• Performing loans at €35bn, up 16% yoy with €1.1bn growth in Q1.25, driven by business lending; Piraeus RRF related loans stand at €2.2bn at end-Q1.25
• Superior liquidity profile with €61bn deposits (+5% yoy) and liquidity coverage ratio at 201%
• Client assets under management (AuM) increased by 25% yoy, at €12.5bn, already surpassing the full-year target of >€12.0bn, driven by mutual funds (+39% yoy), as well as institutional mandates and private banking inflows
CET1 with comfortable buffers above management target
• Pro forma CET1 ratio stood at 14.4% and total capital ratio at 19.5%, absorbing the 50% distribution accrual for 2025, c.€90mn DTC amortization, robust loan growth and the Basel IV impact; MREL ratio reached 28.2% in Mar.25
CEO (Christos Megalou) Statement
“The global macro environment has entered a volatile era. That said, the Greek economy is well positioned to navigate the current landscape, recording GDP increase of 2.3% in 2024, significantly exceeding the Eurozone average of 0.9%, with primary surplus at 4.8% of GDP, well ahead of target. GDP growth is expected to be sustained at similar level in 2025, while the low exposure of Greek exports to the US, implies manageable impact from tariffs. Importantly, the Greek sovereign has regained its investment grade status by all the major credit rating agencies, signifying the accomplishment of another milestone for the country and the banking sector.
In this operating environment, Piraeus had a strong start to 2025, with the first quarter results confirming its good progress towards achieving or surpassing full year targets. In Q1, we delivered another solid set of financial results, generating €0.22 earnings per share and 15% RoaTBV. Piraeus achieved sustainable profitability and capital accumulation, through diversified revenue sources and cost discipline, while maintaining prudent credit risk management.
Our top line exhibited resilience supported mainly by fee generation. Net interest margin stood at 2.4%, while net fee margin reached 0.8%. Our net fee income grew mainly on the back of loan disbursements, bancassurance and asset management. Our revenue-diversifying efforts are clearly reflected in our fees over net revenue at 25%.
Our loan portfolio continued the strong momentum of 2024, increasing by 16% yoy or €1.1bn in Q1, driven by business lending, while retail lending was almost at breakeven. Effectively, we have increased our loans by €5bn in 5 quarters. Client assets under management increased to €12.5bn, already surpassing the full-year target of >€12.0bn, mainly driven by strong mutual fund performance.
Our focus on operating efficiency kept our cost-to-core income ratio at 35%. Our cost of risk dropped to the historic low level of 35bps, or 14bps excluding fees, an outcome of the successful management of NPE inflows. Our NPE ratio remained at the low level of 2.6%, and NPE coverage stood at 64%.
Our CET1 ratio has strengthened to 14.4%, up by 70 basis points compared to a year ago, absorbing the 2025 50% distribution accrual, c.€90mn DTC amortization, the Q1 €1bn loan growth and the Basel IV impact that kicked in in Jan.25. Furthermore, Piraeus Annual General Meeting of Shareholders in April, approved a cash dividend amounting to €373mn or €0.298 per share for 2024 results, which will be paid on 10 June 2025.
Lastly during Q1, we entered into a Share Purchase Agreement to acquire 90.01% stake in Ethniki Insurance, a leading insurer in Greece. The transaction is expected to further diversify the revenue sources of Piraeus, enhancing value creation for shareholders, while it will complement our product range, covering the whole spectrum of banking, protection and investment solutions.”
Piraeus increases its net profit in Q3 by 15% yoy, to €320mn
Q3 & 9M 2024 highlights
• Record 9M normalized net profit of €932mn, corresponding to €0.72 EPS, leading to updated target of >€0.90 for 2024. Q3 net profit reached €320mn, or €0.25 EPS, +15% yoy
• 18% RoaTBV in 9M, leading to updated target of >17% for 2024; tangible book value per share increased to €5.69 in Sep.24, up 15% yoy
• Q3 net interest income increased qoq to €530mn from €528mn in Q2, despite Jun.24 rate cut, benefitting from strong growth of client balances
• 9M net interest income reached €1,575mn, +7% yoy, with net interest margin standing at 2.7%
• Best-in-class net fee income at 0.8% over assets in 9M, amounting to €480mn, mainly driven by financing fees, cards issuance, funds transfers and asset management. Net fee income amounted to €156mn in Q3, +11% yoy
• Client assets under management increased by 29% yoy, to €11bn in Sep.24, driven by the #1 position in mutual fund net sales in 9M, as well as institutional mandates and private banking inflows
• Best-in-class operating efficiency, with 30% cost-core-income ratio in Q3 and recurring operating expenses reaching €206mn, up 6% yoy, incorporating increased talent retention remuneration and IT investments. 9M recurring expenses amounted to €598mn, flat yoy, maintaining cost discipline
• Organic cost of risk remained stable at low levels for third consecutive quarter, standing at 54bps in Q3 and 49bps in 9M. Excluding NPE servicing fees and synthetic securitization costs, underlying cost of risk landed at 33bps in Q3 and 23bps in 9M
• Solid asset quality, with NPE ratio at 3.2%, vs. 5.5% a year ago, and prudent NPE coverage at 61%, up 4 percentage points yoy. 2024 target updated to <3.0% NPE ratio, on the back of best-in-class organic management and a small NPE sale under preparation
• +€1.9bn performing loan book growth achieved in 9M, reaching €32bn, leading to updated target of €33bn for end-2024, which corresponds to 10% growth; out of €2.8bn disbursements in Q3, c.€1.3bn were to small, medium enterprises and individuals and c.€1.3bn to corporates; €1.5bn Piraeus loan pipeline related with RRF, on top of €0.5bn disbursed
• 14.7% CET1 ratio already meets 2024 target; 2024 distribution accrual increases to 35%, while we have updated our distribution policy to provide for a 50% payout ratio for next year. Total capital ratio stood at 19.9%, exceeding by c.410bps the 2024 P2G supervisory guidance; MREL ratio reached 29.1% in Sep.24. Piraeus has already met the terminal MREL requirement, more than a year ahead of target
• Superior liquidity profile, with liquidity coverage ratio at 244%, and loan-to-deposit ratio at 63%
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Announcement according to the provisions of article 24 par. 2(a) L.3461/2006
According to the provisions of article 24 paragraph 2(a) of the Law 3461/2006, and further to the 09.02.2023 publication of the mandatory tender offer of Piraeus Bank S.A. to MIG Holdings S.A. (the “Company”) shareholders for the acquisition of the total number of common registered voting shares they hold, Piraeus Financial Holdings S.A., parent entity of Piraeus Bank, notifies that the latter acquired on 19 April 2023 through the Athens Stock Exchange, 91,782,112 shares of the Company, at the price of €0.2170 per share, which equals the mandatory tender offer price. The acquired shares correspond to 9.7691% of the Company’s voting rights.
Following the acquisition, Piraeus Bank holds 687,896,747 ownership rights, corresponding to 73.2186% of the total voting rights of the Company.
Piraeus Financial Holdings: 36.22% total shareholding in MIG – Launching a mandatory tender offer
Piraeus Financial Holdings S.A. announces that, on 6 February 2023, its subsidiary Piraeus Bank S.A. (“Piraeus Bank”) acquired 47,242,062 shares in Marfin Investment Group Holdings S.A. (“MIG”), bringing its total shareholding in MIG to 340,308,728, representing 36.22% of the total common shares outstanding.
As a result, in line with provisions of the L.3461/2006, and subject to the review and approval by the Hellenic Capital Markets Commission, Piraeus Bank will launch a mandatory tender offer for the common shares in MIG that it does not already own.
Said mandatory offer and the acquisition of additional shares in MIG is in line with our long-term strategy of executing on opportunities that create synergies within our investment portfolio and maximize returns for the benefit of our shareholders.
Piraeus Bank: 2023 Financial Calendar
Piraeus Financial Holdings S.A. (the “Company”), in order to provide accurate information to investors and in compliance with the requirement under the articles 4.1.2 and 4.1.3.15.1 of the Athens Exchange Rulebook, announces its Financial Calendar for year 2023.
Friday, 24 February 2023
Announcement of the FY.2022 Financial Results and analysts briefing
Friday, 05 May 2023
Announcement of the 1Q.2023 Financial Results and analysts briefing
Monday, 31 July 2023
Announcement of the 1H.2023 Financial Results and analysts briefing
Friday, 03 November 2023
Announcement of the 9M.2023 Financial Results and analysts briefing
The date of the Ordinary General Meeting of shareholders of the Company will be specified with a later announcement.
The publication of the financial results is made on the Athens Exchange website (www.athegroup.gr) and on the Company’s website (www.piraeusholdings.gr).
Piraeus Financial Holdings S.A. reserves the right to change the aforementioned dates, following relevant timely information of the public.
Piraeus Financial Holdings: Completion of the process for the sale of shares that derived from the aggregation of fractional balances
Further to the announcement dated 16.12.2022, Piraeus Financial Holdings S.A. (“Company”) announced the completion as at 19.12.2022 of the sale of the 7,477 registered ordinary shares that derived from the aggregation of the fractional balances of the shares issued by SUNRISEMEZZ Plc (“SUNRISEMEZZ”) and held by the Company that were distributed to the shareholders of the latter in the context of the Company’s share capital decrease in kind, and of equal value to said capital decrease, at a ratio of 1 share of SUNRISEMEZZ for every 7 shares of the Company that the shareholders of the Company held on the below mentioned record date, as resolved at the Ordinary General Meeting of the Company’s shareholders held on 22.07.2022.
The final net proceeds from the sale amount to €806.54. Beneficiaries of the sale proceeds are the shareholders of the Company who were registered in the Dematerialized Securities System (the “DSS”) of the Athens Exchange on 26.10.2022 (record date).
The payment of the attributable amount to the beneficiaries from the sale proceeds will be made on Tuesday, 03.01.2023 by the paying bank “PIRAEUS BANK S.A.” (“Paying Bank”), as follows:
1. Through the Participants of the beneficiaries in the DSS (Banks and investments firms) in accordance with the applicable ATHEXCSD rules of operation (Greek Central Securities Depository S.A.) and their relevant decisions.
2. Especially in the case of payment to heirs of deceased beneficiaries whose securities are held in the Special Account of the deceased’s Share in the DSS, under the supervision of ATHEXCSD, the process of payment will be carried out after completion of the heirs’ legalisation, through the branch network of the Paying Bank.
3. In addition, in the event that beneficiaries held their securities through a credit institution/investment firm that has been placed in special liquidation, the payment of the amount attributable to them will be made through the Paying Bank’s branch network.
For further information, shareholders may contact the Company’s Shareholders’ Registry at 9, Mitropoleos Street, GR 105 57 Athens (tel. 210 3288737, 210 3739301 and 210 3335039), during working days and hours.
2022 Eu-Wide Climate Stress Test conducted by the European Central Bank – Piraeus Financial Holdings results
Piraeus Financial Holdings (“Piraeus”) takes notice of the announcement made on 8 July 2022 by the European Central Bank (“ECB”) regarding the results of the first EU-Wide Climate Stress Test Exercise (“Exercise”), to assess supervised institutions’ level of preparedness for properly managing climate risk. The Exercise was ambitious and demanding, as it included a qualitative part focusing on evaluating banks’ internal related procedures (module 1), a comparative analysis of banks in terms of climatesensitivity of their income and exposures (module 2), as well as an exercise to analyze the impact of various scenarios on lending portfolios (module 3). To ensure proportionality, medium to smaller-sized banks, including Piraeus Bank, were not required to include projections for the stress test.
Overall, Piraeus scored at par with the average of the European participating banks in the Exercise, demonstrating that the status of challenges the economy and the Bank itself face regarding climate change are similar. The results indicated an advanced climate risk stress testing framework (module 1),where Piraeus achieved a top ranking among European peers, while it also performed well on data quality. On the other hand, income reliance on carbon intensive activities was higher than the EU average, also reflecting country-specific characteristics.
Piraeus will use the results of the Exercise to deeper investigate how to further engage with its clients to steer them on a low-carbon path and hence manage potential sensitivities to long-term transition risk, high concentration of corporate exposures into carbon intensive counterparties, as well as shortterm transition and physical risks.
Piraeus will be stepping up its effort to incorporate climate and environmental risks in its systems, processes, and business decisions, and work together with clients to collectively address the effects of climate change. Piraeus has already embarked on a strategic plan to become net-zero by 2050 or earlierand has defined targets by 2030 in selected asset classes, representing well over 50% of its financed emissions. To this direction, Piraeus prepares intensively for commitment to an international climate target-setting pledge within 2022.