Management Statement
“Piraeus first quarter performance reflects a strong business, underpinned by a resilient franchise and disciplined execution. While the ongoing conflict in the Middle East continues to add uncertainty to the global and European economies, Piraeus is well positioned 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-to-GDP 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, generating 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 controlled 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 €494mn 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 delivering our targets and creating sustainable value for our shareholders and customers.”
Christos Megalou
Chief Executive Officer