Annual Review 2025

€86m Revenues

€28.9m total contribution to government revenues including income tax, special contribution for defence, PAYE, VAT, GHS and social insurance contributions

*9.17 Likelihood to recommend PwC to peers and colleagues

(Out of a maximum score of 10)

*4.62 Satisfaction average

(Out of a maximum score of 5)

77% Net promoter score

Figures based on an online Client Relationship
Survey carried out in June 2025

Overview

More than 1,100 People
336 Qualified accountants
855 University graduates

Excellence Awards

3 ACA outstanding performance awards
10 Pancyprian awards at the ACCA professional examinations

Progression

As of 1 July 2025:
1 New Partner
10 New Directors and
215 Promotions and role enhancements to all other grades

Talent Attraction

183 New recruits, including:
109 New university graduates

Professional Qualifications

65 newly qualified accountants

Mobility

31 Outbound international assignments and
2 Inbound international assignments in PwC Network firms around the world

Diverse Perspectives

33 Nationalities

People Survey

74% People Engagement Index

€682,000 towards our Youth Entrepreneurship, Education & Culture and Offering our Hearts & Minds initiatives

4,050 hours of volunteering

Learn more

CEO Message

In FY25 we continued our journey of strategic re-orientation and consolidation, enabling our business to stabilise following our bold geopolitical de-risking of recent years. Our client-centric strategy is strongly founded on our unwavering commitment to quality by investing in the quality of our people and services, as we successfully deliver new value to our local market and our international clients. In addition, we continued building trust by meeting rising public interest expectations of transparency, accountability and stakeholder engagement.

In the year under review, we are proud about how we continued to demonstrate agility and remained on track with the implementation of our responsible business model reinvention, registering significant growth in our Core business (non-Network related) through our strategic focus on the local market and on our priority international markets. On the other hand, the challenging international economic conditions throughout FY25, negatively impacted the degree of support PwC Cyprus could offer to other PwC Network Firms, resulting in a significant contraction of this revenue stream during the year. In combination, in FY25 we achieved an overall Revenue performance of €86 million.

We embrace our responsibility to be bold, collaborative and optimistic in helping our clients and people accelerate what’s possible, so that we can turn our vision into real value in today's dynamic world.

We are committed in creating distinctive outcomes to our local and international clients, public and private companies as well as private equity funds by bringing together multi-skilled solutions, innovation, cutting edge technology and expertise to meet the increasingly complex business needs, across a wide range of industries.

FY25: A Year in Review

Our Deals team is dedicated in the value creation for enterprises and helps organisations identify and execute successful transactions that involve mergers, acquisitions, disposals and restructurings. During FY25 we have acted as lead financial advisors on important, high profile transactions and we have successfully completed, on behalf of our clients, the disposal of companies in the technology, retail, insurance and other sectors, whilst we have advised our clients in executing the acquisition of important businesses or assets including NPL portfolios, lead retail companies, hospitals, photovoltaic parks etc. Whether working with our local and international clients or supporting our Global Network, we have prepared business plans and carried out valuations and due diligence exercises for companies operating both in Cyprus and abroad. In doing so, we have been involved in numerous transactions and other corporate finance projects across key sectors of the economy including banking and insurance, real estate, healthcare, energy, retail, as well as hospitality and leisure.

Our vision is to secure PwC as the pre-eminent assurance firm leading in quality, growth, and operational excellence, ultimately being the number one brand of choice.

FY25: A Year in Review

Achieving this ambitious goal requires maintaining exceptional execution, strategic investments, and nurturing of our capabilities. Our enduring principles of expertise, independence, and client-centricity will help us sustain and improve towards the desired outcomes. Our practice's success is anchored in our high-quality clients, high-quality people, our industry leadership, and an unwavering commitment to quality and excellence.

Helping our clients to navigate the regulatory complexity and to strengthen their organisational trust and transparency is a priority for us. In FY25 we continued our journey of continuous improvement of our audit quality through our people, our technology and our quality management systems and processes. Maintaining high quality in whatever we do is central to our existence. We have successfully navigated the regulatory complexities and risks, staying close to our colleagues and upholding our brand in all our dealings with clients and stakeholders.

The true value of our service line lies in its ability to unlock doors to growth.

With the heavy lifting of compliance managed by our teams, our clients' resources are freed up to focus on what truly matters: innovation, market expansion, and strategic initiatives. We take pride in being partner in growth, allowing clients to turn compliance into a competitive advantage instead of a constrain.

Our Promise: We take away the compliance burden, so that
clients can focus on their business.

FY25: A Year in Review

Consolidation & operational optimisation
In FY25 we invested in our processes and procedures, increased automation and upskilling/reskilling of our people. With the regulatory environment constantly evolving and compliance requirements increasing, our focus remained on safeguarding our clients’ reputation.

We expanded our reach by working with global teams on key global priority accounts. The quality of our people and their work is what drives growth. We proved that a small country like Cyprus can really punch above its weight. Learning from their experiences, we are now applying these insights to help local businesses in Cyprus thrive.

PwC is the leading provider of Tax and Legal services (T&L) in Cyprus, in terms of size, expertise and reputation.

We provide the full range of tax and legal services with a comprehensive and insightful full-scale support and advice on transactions and compliance matters for our clients. During FY25, we have integrated the International Client Services (ICS) unit within T&L, which is focused on providing comprehensive solutions to our international private and corporate clients and act as their trusted business advisor.

FY25: A Year in Review

We serve as a one-stop shop, collaborating closely between teams through a single point of contact. We have specialised teams with the appropriate expertise with our focus always being to add real value and ensure adherence with tax, legal and other compliance obligations in the current demanding regulatory framework.

Our T&L service line in FY25 had the following key offerings:

Corporate Tax Advisory
Indirect Tax
International Client Services
Entity Governance and Compliance
Global Support Services
Private Clients and Family Office
Legal

Brand Refresh

In a world that is constantly changing, Artificial Intelligence, climate change and geopolitical shifts are redefining the global economy. For businesses, new challenges and new priorities are presented.

This year marks a pivotal moment for PwC as we've globally refreshed our brand to resonate more with the Intelligence Age. We embrace a bold vision, nurture a collaborative spirit, and maintain an optimistic outlook. We help our clients and people build, sustain and accelerate momentum so they can thrive in today's fast paced, changing world. Our value proposition is conveyed through a straightforward yet impactful idea: so you can - allowing you to grow, adapt, and lead with clarity amidst volatility.

Clients & Markets

Clients and Markets: Embrace the Shifts and Capture the Value - Unleashing a Sustainable Growth Strategy.

Looking back on the past fiscal year, it is clear that we have successfully conquered a complex landscape, uncovering a wealth of opportunities ripe for the taking. Our journey in this era of profound transformation has been distinctly defined by a strategic focus on climate change, geopolitical shifts, and technological disruption, as these forces, including artificial intelligence (AI), are actively reconfiguring the global economy and changing the way we live and work. They create new customers' needs and preferences, forge new markets and enable new business models. And now is the time to explore new growth domains to capture the value in the decade ahead.

Digital Transformation

FY25 marked a pivotal year in our Digital Transformation & AI agenda, accelerating PwC Cyprus’s journey toward a more connected, efficient, and innovative future, as part of our broader business transformation strategy.

We focused on empowering our people with cutting-edge technology, streamlining our operations, and laying the foundation for sustained growth in the years to come.

Risk & Quality

The quality of our work is at the heart of our organisation and we invest significant and increasing resources in its continuous enhancement across all of our businesses.

This investment is targeted into many different areas, including training (technical, ethical and behavioural), methodologies, adding resources in key areas and exploring new ways of delivering our work. Each investment reflects a common determination to understand the factors that drive quality and identify opportunities for enhancement. We are also investing heavily in new technology to drive continuous improvement.

People

Our People are who we are and the driving force behind our actions.

In FY25, we proudly introduced the evolved PwC Professional. This initiative marks a pivotal step in our journey as we enter the Next Era for PwC, emphasising the behaviours we need to demonstrate consistently across the firm. It underpins how we deliver on our purpose and strategy and live our values in every interaction, every day.