National Bank Of Greece S.a. · ATHEX:ETE
National Bank Of Greece — Q2 2025 Earnings Presentation
50 slides from National Bank Of Greece's earnings presentation, Jul 31, 2025
Slide 1: 2Q25 Financial Results
2Q25 Financial Results 31 July 2025
Slide 2: Table of Contents
Table of Contents 01 Highlights 02 Financial Results in Detail 03 Macro 04 Transformation Program 05 ESG 06 Appendix 2
Slide 3: Highlights
01 Highlights 3
Slide 4: NBG stands out
01 Highlights NBG stands out Leading Franchise Financial Strength Most trusted bank in Greece, with a long history and the largest savings Robust and resilient profitability profile absorbing rate cuts, deposit franchise underpinned by a loyal client base generating 16.3% RoTE¹ in 1H25 (17.5% report
Slide 5: 1H25 performance supports our FY25 guidance creating upside potential
01 Highlights 1H25 performance supports our FY25 guidance creating upside potential CORE INCOME RESILIENCE SOLID PROFITABILITY RoTE 2 NIM +14% yoy Fees 1 16.3% PAT 3 €1.43 EPS 2 287bps (+8% yoy reported) (17.5% reported) €701m FY25 target c€1.3 FY25 target at >280bps nearly flat vs 1H24 3Y CAGR targ
Slide 6: 1H25 PAT of €0.7b, flat yoy, absorbs sharply lower benchmark rates
01 Highlights 1H25 PAT of €0.7b, flat yoy, absorbs sharply lower benchmark rates PAT¹ | € m NII | € m TBVPS | € 7.2 8.4 8.9 NIM | bps 278 323 287 3M Eur avg | bps 301 387 233 708 701 563 1,052 1,192 1,080 1H23 1H24 1H25 1H23 1H24 1H25 Fees | € m Cost of Risk | € m Fees / Assets | bps 47 56 58 CoR |
Slide 7: Resilient income supports profitability and higher distributions
01 Highlights Resilient income supports profitability and higher distributions Income & PAT | € m EPS¹ & Payout | € Payout 30% 50% 60%² P/E 6.9x³ Stoxx Banks 1,452 1,461 1,426 1,448 FY25E 8.9x 4 Total 1,286 Income 1.56 €1.43 1.55 1.54 normalized for 1H25 trading 1.41 1.23 727 707 713 701 PAT¹ 563 1H
Slide 8: Deposit mix improves, as market share gains in fee-generating FUMs continue to grow
01 Highlights Deposit mix improves, as market share gains in fee-generating FUMs continue to grow Deposit¹ mix (%) Assets under Management (€ b) MF Mkt 11% 14% 15% +4pps yoy 54.9 share (%) Domestic (€b) 53.8 56.6 Bond MF Mkt 17% 22% 24% +6pps yoy share (%) 21% 21% 20% Institutional Client FuMs⁴ 7.9
Slide 9: NBG's €750m Green SP bond issued at the tightest spread by a Greek bank
01 Highlights NBG’s €750m Green SP bond was issued at the tightest spread ever achieved by a Greek bank Credit rating | Sovereign and NBG Successful LME and New Issuance NBG Senior and Tier II (Spreads %) • July 25 tender offer in respect of: i. €500m 2.75% Green Senior Preferred due 2026 (acceptanc
Slide 10: Our well-capitalized, highly-liquid Balance Sheet is a unique comparative strength
01 Highlights Our well-capitalized, highly-liquid Balance Sheet is a unique comparative strength Group Assets (€ b) Group Liabilities (€ b) 2.3 Cash & 7.5 Interbank reserves Excess liquidity at €6.6b¹ Interbank 2.3 Fixed income portfolio is a natural hedge against 20.6 normalizing rates Securities H
Slide 11: FY25 guidance reaffirmed with multiple KPIs upgraded on the back of strong 1H results
01 Highlights FY25 guidance reaffirmed with multiple KPIs upgraded on the back of strong 1H results Previous Actual Guidance Guidance update (Mar25) P&L 1H25 FY25 FY25 NIM (bps) 287 >280 Affirmed NII €1.1b >€2.1b Affirmed Fees growth (reported / adjusted) 8% / 14%¹ 3Y CAGR >8% Upside risk OpEx growt
Slide 12: A disciplined excess capital allocation strategy generating value accretion
01 Highlights A disciplined excess capital allocation strategy generating value accretion Medium Term Excess Capital Utilization Roadmap (% CET1) >18% Potential Uses Capital Allocation Options 1 Higher Payout (>60%) Shareholder 2 Remuneration Incremental Organic Growth 3 International Syndicated Des
Slide 13: Financial Results in Detail
02 Financial Results in Detail 13
Slide 14: 1H25 group PAT at €0.7b, flat yoy on the back of resilient income
02 Financial Results in Detail 1H25 group PAT¹ at €0.7b, flat yoy on the back of resilient income P&L | Group (€ m) 1H25 1H24 YoY 2Q25 QoQ P&L Highlights 1H25 PAT¹ stands €0.7b, absorbing sharply lower rates NII 1,080 1,192 -9% 531 -3% Net fee & commission Key drivers in detail: 221 205 +8% 115 +9%
Slide 15: Highly liquid and robust B/S with capital buffers, providing strategic flexibility
02 Financial Results in Detail Highly liquid and robust B/S with capital buffers, providing strategic flexibility Balance sheet Highlights Key Balance sheet items 6M25 3M25 FY24 9M24 6M24 Total Assets (€ b) 77.6 75.3 75.0 74.3 73.7 • 1H25 PEs up by a solid +12%¹ yoy, or +€1.5b¹ ytd (+€1.2b in 2Q25)
Slide 16: Resilient profitability comfortably absorbs RWA expansion and a 60% payout accrual
02 Financial Results in Detail Resilient profitability comfortably absorbs RWA expansion and a 60% payout accrual 1H25 capital movement¹ Target a 4Q25 interim⁵ dividend of c1/3rd of the 2025 payout 21.7% CAD 21.2% +c1.9% +c0.2% -c0.5% -c1.0% Payout at 60% of 1H25 earnings 19.9% 18.9% CET1 18.3% 2 3
Slide 17: Income resilience despite lower rates produces a 1H25 group PAT of €0.7b
02 Financial Results in Detail Income resilience despite lower rates produces a 1H25 group PAT¹ of €0.7b Group PAT¹ (€ m) Group PAT¹ (€ m) CoR at 43 bps Attrib. +8% reported in 1H25 PAT³ 530 670 697 +4% yoy Yoy -9% +14% +5%² -18% 701 708 708 701 -1% yoy +83 +18 +19 +16 -18 PAT¹ 563 -4 -8 -113 4Q24 V
Slide 18: NII and NIM normalize in line with guidance
02 Financial Results in Detail NII and NIM normalize in line with guidance Group NII (€ m), Group NIM (bps) Domestic NII breakdown (€ m) NIM (Group) -9bps -58bps 322 320 310 291 qoq from 282 peak 561 563 553 524 507 3M Euribor (avg) 381 356 -45bps -185bps 299 256 qoq from 211 peak 587 589 575 26 26
Slide 19: 1H25 PEs at +12% yoy or +€1.5b ytd; yield movement aligns with benchmark rates
02 Financial Results in Detail 1H25 PEs at +12%¹yoy or +€1.5b ytd; Yield movement broadly aligns with benchmark rates Group Performing loan evolution (€ b) Loan disbursements² & expansion (€ b) Greek PE lending yields (bps) +€1.5b ytd Group 31.4 33.6 34.4 +12% yoy 1 PE yield drop follows the avg 3M
Slide 20: Time deposit yield repricing picks up; NMD hedges increasingly in the money
02 Financial Results in Detail Time deposit yield repricing picks up; NMD hedges increasingly in the money Group deposits evolution (€ b) Greek deposit yields (bps) & NII (€m) Group 57.1 57.0 57.6 56.5 59.2 +€1.2b yoy¹ net of €1b Int’l 2.2 2.2 2.4 2.4 2.6 one-off Term 212 202 191 180 New 165 56.6 pr
Slide 21: Bond portfolio exposure is supportive to our NII
02 Financial Results in Detail Bond portfolio exposure is supportive to our NII Bond portfolio by category (€ b) Bond portfolio classification (€ b) +€2.9b yoy +€2.9b yoy +€0.2b ytd +€0.2b ytd 19.9 20.1 19.9 20.1 17.2 17.2 7.5 7.4 o/w €6.8b HTC 7.0 0.4 0.4 15.7 15.8 0.3 14.1 12.1 12.3 9.8 3.7 3.9 2.
Slide 22: Our funding cost continues to drop, remaining at the lowest level of the market
02 Financial Results in Detail Our funding cost continues to drop, remaining at the lowest level of the market Cash, reserves & net interbank (€ b) NBG funding cost (bps) 378 396 392 381 336 356 9.1 299 1 264 256 6.4 6.6 211 3M Euribor (avg) 58 66 77 80 77 73 72 71 65 46 CoF (Blended eop) Deposit co
Slide 23: Fees +14% yoy, driven by core banking businesses; investment products +66% yoy
02 Financial Results in Detail Fees +14%¹ yoy, driven by core banking businesses; investment products +66% yoy Group fees (€ m) Retail fees² (€ m) Corporate fees² (€ m) Fees/Assets 56bps 58bps ΥοΥ ΥοΥ ΥοΥ +16% yoy 221 +8% excluding State 113 +3% measures 109 205 7 20 +14% yoy ex 81 +13% 8 State meas
Slide 24: Recurring expenses up by +5% yoy, C:I at 31%
02 Financial Results in Detail Recurring expenses up by +5% yoy, C:I at 31% 32.5% normalized for high Group C:I (%) 1H25 trading income Group headcount (#k) Most of 4Q24 VES exits to materialize in the next 3 19.8 quarters Cost/ income % 28.8 31.2 +2.3pps yoy 7.8 6.4 at Bank level Personnel cost/ 16
Slide 25: Asset quality trends continue to be benign
02 Financial Results in Detail Asset quality trends continue to be benign Domestic NPE stock per category | 2Q25 (€ b) NPE balance change (€ b, Bank) o/w: €0.1b or c25% <30dpd o/w: €0.1b or c50% <30dpd NPE inflows (+) 0.1 0.1 0.1 0.1 0.1 0.7 0.6 -0.1 -0.1 -0.1 -0.1 -0.1 Curings -0.1 0.0 0.0 -0.0 -0.
Slide 26: Forborne stock is comprised of FPEs and <30dpd FNPEs likely to cure
02 Financial Results in Detail Forborne stock is comprised of FPEs and <30dpd FNPEs likely to cure NPE ratios and coverage | 2Q25 Domestic forborne stock (€ b) | 2Q25 Collateral coverage¹ 66% 63% 64% FNPEs <30 dpd 0.2 NPE coverage FPEs NPE ratio 3.4% at 100% 0.5 2.5% 2.5% 2.2% €0.9b FNPEs 31-90dpd 0
Slide 27: Leading coverage levels across stages provide a cushion during uncertain times
02 Financial Results in Detail Leading coverage levels across stages provide a cushion during uncertain times Group gross loan stage evolution (€ b) Group S2 ratio and coverage (%) Group S3 ratio and coverage (%) Δ yoy 1.2 0.9 0.9 0.9 Stage 3 -0.2 55.6% 54.3% 54.8% 8.2% 8.4% o/w: Coverage 7.6% 7.6%
Slide 28: Macro
NATIONAL BANK @ OF GREECE 03 Macro
Slide 29: Greece: Resilient growth trajectory amid global headwinds
03 Macro Greece: Resilient growth trajectory amid global headwinds Positive signs from activity indicators for the 1st semester of the year suggesting a Increasing activity in 50 50 consistent growth momentum and a sustained outperformance against the euro area: all key sectors 40 40 according to ─T
Slide 30: Strengthened fundamentals to offset external risks and transitory supply pressures
03 Macro Strengthened fundamentals to offset external risks and transitory supply pressures Fixed capital investment to pick up steam over the course of the year on the back of: Key macroeconomic 190 index, and financial 182 ─High capacity utilization rates in industry and services (79.5 and 90.6, r
Slide 31: Buoyant labor market supports household disposable income and consumption
03 Macro Buoyant labor market supports household disposable income and consumption Unemployment rate at a 15y 8 yoy % 30 Rising real wages and 14 14 yoy low of 7.9% in May 2025, with consumer credit support 12 12 employment up by 1.2% yoy, 6 25 private consumption 10 10 on average, in 5M25 8 8 4 20
Slide 32: Corporate activity remains resilient to external headwinds
03 Macro Corporate activity remains resilient to external headwinds Business turnover and 600 70 Continuing outperformance 70 index 70 €b €b profits at pre-crisis highs of Greek manufacturing 65 65 with some signs of 60 sector against the euro area 500 60 60 stabilization in 1Q25 (gross operating su
Slide 33: Fiscal and financial conditions to become more supportive in 2H25
03 Macro Fiscal and financial conditions to become more supportive in 2H25 Primary surplus at an all- %GDP 210 Primary fiscal surplus 16 €b 16 %GDP time high in 2024 with 12 surplus (modified cash basis) outrperformance continues to exceed 14 14 185 continuing into 1H25, initial targets, boding 8 12
Slide 34: Transformation Program
04 Transformation Program 34
Slide 35: Our Transformation Program acts as a competitive advantage for NBG
04 Transformation Program Our Transformation Program acts as a competitive advantage for NBG Corporate & Investment banking Retail banking • Continued improvement of Corporate service model • New Individuals service and operating model, incl. and customer experience (e.g., further enhancement “live
Slide 36: Our digital business and partnerships continue to deliver impressive results
04 Transformation Program Our digital business and partnerships continue to deliver impressive results Dedicated Est. Est. digital 2023 2024 assets Retail app Business app NEXT app 5.2m downloads 250k downloads 220k downloads 4.6 rating 4.7 rating 4.6 rating Digital KPIs Active users 12M Active user
Slide 37: ESG
05 ESG 37
Slide 38: Creating value for businesses and households while enabling Greece's transition
05 ESG Creating value for businesses and households while enabling Greece's transition C&E theme Key recent developments and metrics Green bond issuances (€ m) Corporate RES financing (€ b) Leading 2027 target: 750 2x sustainable 650 2.3 2.4 €3.3b energy 500 2.0 Green Bonds >50% of 1.6 22% H1.25 mix
Slide 39: Long-tradition of contributions to society continued, with impactful initiatives
05 ESG Long-tradition of contributions to society continued, with impactful initiatives Social themes 2Q25 highlights Financial • "Marietta Giannakou" Program: Renovation of 431 public schools underway, funded with empowerment €100m by the 4 Greek systemic banks (€25m for NBG). & inclusion • ENNOIA1
Slide 40: Enhanced sustainability disclosures and strong participation in ESG ratings / indices
05 ESG Enhanced sustainability disclosures and strong participation in ESG ratings / indices Integrated reporting ESG ratings & indices 2Q25 Comments ESG rating A Industry-adjusted score: 7.0 ISS Corporate rating C (Prime) Top 20% banks globally, #1 in Greece ISS ESG score (E | S | G) (1|1|2) A for
Slide 41: Appendix
06 Appendix 41
Slide 42: Balance Sheet & P&L
06 Appendix Balance Sheet & P&L Balance Sheet | Group P&L | Group €m 2Q25 1Q25 4Q24 3Q24 2Q24 €m 2Q25 1Q25 4Q24 3Q24 2Q24 Cash & Reserves 7,488 6,210 5,380 8,397 8,356 NII 531 548 575 589 587 Interbank placements 2,331 2,378 2,679 2,662 2,573 Net fee & commission income 115 106 115 108 106 Securitie
Slide 43: Geographical segment P&L: Greece & International
06 Appendix Geographical segment P&L: Greece & International Greece International €m 2Q25 1Q25 4Q24 3Q24 2Q24 €m 2Q25 1Q25 4Q24 3Q24 2Q24 NII 507 524 553 563 561 NII 24 25 22 26 26 Net fee & commission Net fee & commission 112 102 111 104 102 4 4 4 4 4 income income Core Income 618 626 664 667 662 C
Slide 44: ESMA Alternative Performance Measures (APMs), financial data and ratios definitions
06 Appendix ESMA Alternative Performance Measures (APMs), financial data and ratios definitions Τhe 2Q25 Financial Results Presentation presents the Financial Results and other basic financial information of National Bank of Greece S.A. (the “Bank”) (together with its consolidated subsidiaries (the
Slide 45: Definition of financial data, ratios used and alternative performance measures
06 Appendix Definition of financial data, ratios used and alternative performance measures Name Abbreviation Definition Assets held for sale -- Non-current assets held for sale Cash and Reserves -- Cash and balances with central banks Combined Buffer Requirement CBR Total CET1 capital required to me
Slide 46: Definition of financial data, ratios used and alternative performance measures
06 Appendix Definition of financial data, ratios used and alternative performance measures Loan / Lending Yield -- Annualized (or annual) loan interest income over gross performing exposures Loans-to-Deposits Ratio L:D ratio Loans and advances to customers over due to customers at year/period end Mi
Slide 47: Important Notice – Disclaimer
06 Appendix Important Notice – Disclaimer The information, statements and opinions set out in the 2Q25 Results Presentation and The Presentation includes certain non-IFRS financial measures. These measures are accompanying discussion (the “Presentation”) have been provided by National Bank of presen
Slide 48: Important Notice – Forward Looking Information
06 Appendix Important Notice – Forward Looking Information The Presentation contains forward-looking statements relating to management’s intent, Forward-Looking Statements are provided for illustrative purposes only and are not belief or current expectations with respect to, inter alia, the Bank’s b
Slide 49: Contact details
Contact details Christos Christodoulou | Group CFO Greg Papagrigoris | Group Head of IR cchristodoulou@nbg.gr +30 210 334 2310 papagrigoris.gr@nbg.gr Maria Kanellopoulou | Analysts Panagiotis Alevras | Institutional Investors +30 210 334 1537 +30 210 334 3031 mkanellopoulou@nbg.gr Alevras.Pan@nbg.gr
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