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Sunrisemezz PLC — Earnings Release 2025
Apr 20, 2026
10213_rns_2026-04-20_ff2581d8-b449-48e2-a807-de3f205a25c4.pdf
Earnings Release
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SunriseMezz
Nicosia, 20 April 2026
Update on the financial developments of SunriseMezz PLC for 2025
The Board of Directors of SunriseMezz PLC ("Company"), on its meeting of 20 April 2026, approved the financial statements of the Company for the period 1 January 2025 to 31 December 2025.
The main activity of the Company is the holding and management of 44% of the Mezzanine Notes and 44% of the Junior Notes¹ of the Sunrise portfolio.
The Company's key financial information for the financial year 2025, and respective comparatives, are presented below:
| Selected P&L figures (€mn) | 31/12/25 | 31/12/24 |
|---|---|---|
| Interest income | 1.5 | 0.9 |
| Net gains / (losses)² | (3.4) | 7.5 |
| Expenses³ | (0.3) | (0.4) |
| Operating profit / (loss) | (2.3) | 7.9 |
| Profit / (loss) before tax | (2.2) | 8.3 |
| Net profit / (loss) for the year | (2.3) | 8.2 |
| Selected financial position figures (€mn) | 31/12/25 | 31/12/24 |
| --- | --- | --- |
| Financial assets at fair value through profit or loss | 10.8 | 12.8 |
| Cash at bank | 3.9 | 4.2 |
| Other⁴ | 0.1 | 0.1 |
| Total assets | 14.8 | 17.0 |
¹ The Sunrise Mezzanine and Junior Notes together refer to the Sunrise I and Sunrise II portfolios, with initial gross book value totaling €9.9 billion, transferred by way of securitization in March 2021 and November 2021 accordingly, by Piraeus Financial Holdings to the special purpose companies Sunrise I NPL Finance DAC and Sunrise II NPL Finance DAC (the 'Issuers') respectively, based in Ireland. The portfolios mainly included claims on non-performing loans
² Net gains/(losses) from financial assets at fair value through profit or loss
³ Administration and other expenses
⁴ "Other" refers to receivables and refundable taxes
The fair value of the Notes as at 31 December 2025 was estimated by an independent valuer in accordance with generally accepted principles and appropriate methods followed internationally. A Discounted Expected Cash Flows valuation methodology was used incorporating an estimated 14.5% discount rate as at 31 December 2025, and an assumed residual term of 4 years, for the risk adjusted expected future cash flows.
In Note 7.5, the 2025 Annual Financial Statements incorporate the effect in net profit of possible changes in one of the significant inputs of the valuation methodology, keeping all other inputs constant.
For 2025 the Company has not received any coupon payment in relation to the Notes it holds. The payment of coupons to the holders of the mezzanine notes issued by Sunrise I NPL Finance DAC and Sunrise II NPL Finance DAC in the aforementioned period has been deferred.
For 2025, the Company reported losses from the financial assets at fair value through profit or loss of €3.4 million. The decrease in the fair value of financial assets measured at fair value through profit or loss in the current year is mainly driven by adjustments on the estimated future cash flows of the notes, extrapolating actual recovery rates to date, which are not expected to improve in the foreseeable future in light of recent developments.
In February 2026 the Supreme Court of Greece (Areios Pagos) issued a decision concerning the application of Law 3869/2010 (the "Katseli Law"), providing clarification on the methodology for calculating interest on restructured loans falling within its scope. As at the date of authorization of these financial statements, the detailed reasoning and full text of the decision have not yet been published. The Company holds investments in mezzanine and junior instruments backed by portfolios that may include exposures of Law 3869/2010 and that may be potentially affected by the decision. The ultimate impact of the decision, if any, on the valuation of these instruments and the expected cash flows will depend on the interpretation and application of the ruling, including its incorporation into business plans. At present, the Company does not have sufficient information to reliably estimate the financial effect of this matter.
Further, the geopolitical situation in Middle East escalated on 28 February 2026 due to the armed conflict. As of the date of authorisation of the financial statements, the conflict continues to evolve in Middle East as military activity persists. The Board of Directors has not identified any immediate risks in connection with the operation of the Company, however they will continue to monitor the situation closely and will assess the risks.
It is noted that the Company, as the holder of the Notes, cannot unilaterally influence the formulation or implementation of the Sunrise I and Sunrise II Portfolios' Business Plans, which are being executed by the servicer of the portfolios. Consequently, the Company cannot unilaterally affect its revenues.
Further to the Annual Financial Statements, the Company published today a file containing key financial information related to the mezzanine notes of the Sunrise I, Sunrise II securitisations. This can be accessed on the Company's website.
The Company
SunriseMezz PLC