Piraeus Group: First Quarter 2026 Financial Results
Christos Megalou (CEO) Statement
“Piraeus first quarter performance reflects a strong business, underpinned by a resilient franchise and disciplined execution. While t he ongoing conflict in the Middle East continues to add uncertainty to the global and European economies, Piraeus is well position ed to navigate the current situation. Our resilience is reinforced by the strength of the Greek economy, which grew by 2.1% in 2025, well above the Euro area average , with a strong primary surplus and a rapidly declining debt -toGDP ratio . Growth is expected to remain above the EU average, supported by investment, consumer spending, and EU structural funds. In this operating environment, Piraeus had a solid start to 2026, with the first quarter results confirming its good progress towards achieving its full year targets , generat ing 15% return over tangible equity with €6.1 tangible book value per share. Our loan book expanded by €1.3bn in Q1, reflecting strong demand across all business segments, while assets under management grew on the back of solid net inflows. Net interest income remained stable in the first quarter of the year, while revenues from services performed strongly, supported by the contribution of the Ethniki Insurance business, asset management and bancassurance. Fees now represent 32% of net revenues, underlining continued progress in revenue diversification. Our disciplined approach to efficiency and risk management was reflected in a cost to income ratio of 37% and a con trolled organic cost of risk of 32 basis points. Our total capital ratio stood at 18.5%, providing significant headroom above regulatory requirements. In line with our commitment to shareholder returns, the Annual General Meeting approved a cash distribution amounting to €49 4mn or €0.4 per share out of 2025 results, planned to be paid in June . In 2026, the distribution payout ratio will increase to 57% compared to 55% in 2025. We are also encouraged by the continued growth of Snappi, which has reached 100,000 customers , alongside ongoing investments in digital transformation and sustainability, including new fintech partnerships and green financing initiatives. We have entered 2026 with strong momentum, clear capital trajectory and a resilient balance sheet, and we remain focused to deliver ing our targets and creat ing sustainable value for our shareholders and customers .”
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Piraeus Group’s Announcement
In response to recent digital media reports and following a query by the Hellenic Capital Market Commission (HCMC), Piraeus Financial Holdings S.A. would like to apprise the investment community of the following.
Piraeus Group remains fully committed to the execution of its previously communicated business and transformation plan. An important pillar of this plan is the strategy for acceleration of the non-performing exposures (NPE) reduction through a variety of transactions and solutions, closely linked to the achievement of solid profitability and de-risking of the Bank’s balance sheet.
As already announced on 23 November 2020 at the presentation of the 9month 2020 results, the Bank’s capital position and NPE de-risking efforts are expected to be enhanced by the end of 2021, through a combination of strategic initiatives, including capital enhancing actions of €1bn already at implementation stage (gains from sovereign bonds, sale of merchant acquiring business, synthetic securitizations, etc), as well as the successful completion of the €7bn NPE securitizations (projects Phoenix and Vega).
The Bank’s key priority and objective remains the rapid reduction of non-performing exposures on its balance sheet, by leveraging both the current Hellenic Asset Protection Scheme (HAPS) and its anticipated extension, as well as any other tenable scheme that may be available in the future.
In this context, Piraeus Group is constantly exploring, analyzing and planning all available strategic options to enhance its capital position and has proceeded with all the necessary preparations in order to be able to benefit in a timely manner from any favorable opportunities, which may emerge in the markets. At the same time, the Group is working on a range of additional initiatives to maximize value in the interest of its shareholders, with the aim of fully de-risking its balance sheet. One of the options being assessed involves a share capital increase in the future, with the potential participation of the Hellenic Financial Stability Fund (HFSF), alongside private investors, if and when permitted by the applicable legislation and the HFSF decides upon its participation and its amount/size. However, until now, no corporate decision has been taken to implement any of the aforementioned potential options under assessment.
Piraeus Bank will inform the investment community as soon as any tangible and specific developments occur regarding its strategic initiatives, decisions or transactions which will have received the requisite approvals from the appropriate governance bodies, as prescribed in the applicable legislative and regulatory framework.
Piraeus Financial Holdings is closely cooperating with the Hellenic Financial Stability Fund, which, within the context of its institutional role and its legislated scope, maintains a continuous dialogue with the systemic banks in order to evaluate recommendations and options that serve to maintain the stability of the banking system in the public interest.
The release of the Group’s Full Year 2020 results is scheduled for mid-March 2021 and will be accompanied by a detailed update on the development and the stage of implementation of the capital enhancement actions that were made public by the announcement of 23.11.2020.