Alpha Bank S.a. · ATHEX:ALPHA
Alpha Bank — Q1 2026 Earnings Presentation
83 slides from Alpha Bank's earnings presentation, May 20, 2026
Slide 1: Alpha Bank Q1 2026 Results
Alpha Bank Q1 2026 Results Investor presentation 20th May 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared and issued by Alpha Bank S.A. (“Alpha Bank”), solely for informational purposes. It is hereby noted that on 27.6.2025, the merger by absorption of “Alpha Services and Holdings S.A.” by Alpha Bank was completed. References to “Alpha Services and Holdings
Slide 3: Pages
Pages Business Update 3 Financial Performance Financial Performance 12 Macroeconomic Update Macroeconomic Update 20 Alpha Bank PL P&L 22 Balance Sheet Balance Sheet 34 Asset Quality Asset Quality 46 Capital Capital 52 Segmental Information Segmental Information 58 Recent MA Recent M&A 64 Digital Dig
Slide 4: Q1 2026 results
Q1 2026 results Q1 2026 Group Results Return on Tangible Equity1 Reported Profit After Tax €182mn (17%) 12.6% or 8.6% reported Set strong profitability foundation Normalised Profit After Tax €221mn (6%) Net Interest Income €416mn +5% y/y Earnings Per Share2 Resilient Top line & Growth in Fees Fee se
Slide 5: Greece entered 2026 with improved credibility and strengthened macroeconomic performance
Greece entered 2026 with improved credibility and strengthened macroeconomic performance De-escalation of Public Debt Greek Economy Dashboard 200 177.8 180 164.3 Greece Euro area Real GDP growth Investment growth Exports growth 154.2 160 146.1 140 120 2.1% 8.9% 1.7% (% GDP) 90.6 2025 2025 2025 100 8
Slide 6: Macroeconomic implications of the war in the Middle East
Macroeconomic implications of the war in the Middle East Uncertainty over the duration, nature, scale and spillover effects Recent revisions of 2026 macroeconomic projections* Directionally, the conflict could affect the Greek economy through several interconnected economic and sectoral channels: 3.
Slide 7: Value-accretive M&A accelerating our strategy
Value-accretive M&A accelerating our strategy: >9% EPS accretion at <100bps of Capital Full Capital Announced Closing integration EPS ROTE impact Retail date Fintech factoring platform enhancing our solutions Accretive for SMEs in Greece and Cyprus 28/01/25 05/08/25 Q1 26 n/a Minimal in 2025 Consoli
Slide 8: Alpha Trust reinforces our leading position in Wealth Management
Alpha Trust reinforces our leading position in Wealth Management Acquisition of 69.61% in Alpha Trust Holdings and VTO1 for remainder. M&A criteria Alpha Trust is a leading independent asset manager with >€2.2bn of AuMs fully met (+19% CAGR 2022-2025) retail, private and institutional clients. c. 1%
Slide 9: In 2026 we are going to increase EPS by 11%
In 2026 we are going to increase EPS by 11% EPS1 € +11% Investor Day 0.40 ▪ 11% growth in EPS benefiting from increased contribution of fee-generating business on the back of 0.36 investment in the preceding years ▪ Ongoing initiatives and synergies arising from H2 completed M&A to further boost EPS
Slide 10: Structural advantages accelerating earnings growth
Structural advantages accelerating earnings growth Alpha Bank’s structural advantages Outlook • Significant investment in corporate solutions bearing fruit Comprehensive coverage • Accelerating growth in transaction banking and IB of corporate clients… • Further upside from franchise positioning …su
Slide 11: Significant potential to create and return value to shareholders
Significant potential to create and return value to shareholders 1 Organic RWA expansion in wholesale and retail segments in Greece and Cyprus Organic growth 2 Increasing ordinary payout over 2025-2027 Ordinary payout Capital allocation A Share buybacks & extraordinary dividends framework 3 B Bolt-o
Slide 12: Pages
Pages Business Update Business Update 3 Financial Performance 12 Macroeconomic Update Macroeconomic Update 20 Alpha Bank PL P&L 22 Balance Sheet Balance Sheet 34 Asset Quality Asset Quality 46 Capital Capital 52 Segmental Information Segmental Information 58 Recent MA Recent M&A 64 Digital Digital 7
Slide 13: Group Profit & Loss Summary
Group Profit & Loss Summary Profit & Loss (€ mn) Q1 2025 Q1 2026 Δ% Q4 2025 Q1 2026 Δ% Net Interest Income 395 416 5% 413 416 1% Fee services income 108 140 29% 136 140 3% Trading & Other Income 47 31 (34%) 33 31 (7%) Operating Income 550 587 7% 583 587 1% Total Operating Expenses (200) (229) 15% (2
Slide 14: Q1 Group Profit and Loss
Q1 26 Group Profit and Loss +1% Group, € mn 583 587 550 558 520 Q1 y/y Operating income ▪ Net interest income +2.2% q/q excluding M&A impact and Operating Income +7% less calendar days ▪ Fee services income +4.4% q/q excluding M&A impact +1% Operating expenses Operating Expenses +15% ▪ Costs -3.1% q
Slide 15: Q1 Group Balance Sheet
Q1 26 Group Balance Sheet +2% Group, € bn 38.2 34.5 34.9 35.7 37.5 Q1 y/y Performing loans ▪ €0.5bn net credit expansion in Q4 Performing loans1 +11% ▪ Growth continues to be driven by corporates +6% Customer funds 82.0 77.5 ▪ Deposit up €0.3bn in the quarter against seasonal trend 71.6 74.2 Custome
Slide 16: Net interest income and Fees
Net interest income and Fees Interest Income / Interest Expense breakdown Fee services income Group, € mn Group, € mn 395 140 399 413 416 135 136 402 122 32 41 108 41 33 30 28 Loans PE 439 417 417 417 38 410 37 5 32 30 5 3 7 42 7 32 32 36 29 14 10 4 2 Bonds 106 110 110 112 116 1 18 11 14 14 14 Loans
Slide 17: Performing loans and Customer Funds
Performing loans and Customer Funds Performing loan book expansion Customer Funds evolution Group, € bn Group, € bn YoY +18% +6% +11% +2% 82.0 +5% 38.2 4.0 37.5 77.5 0.3 0.2 +2% 1 +1% 2.7 66% 35.7 2.6 Including 34.9 69.7 €5.8bn 26.6 34.5 1.8 22.4 single ticket transfer 1.7 (2%) 1.6 7.2 7.3 AuMs 19.3
Slide 18: Asset quality
Asset quality NPE ratio Group % NPE ratio at 3.7% stable 3.7% 3.6% 3.6% 3.7% year on year 3.5% 58 52 44 10 44 Cost of Risk 9 39 8 7 Servicing fees Cost of Risk at 44bp in Group, bps 13 8 11 10 8 Securitization expenses line with coverage 12 40 30 26 29 Underlying reflecting benign 16 environment 57%
Slide 19: Q1 evolution in Capital
Q1 26 evolution in Capital FL CET1 Phased in 15.0% % 0.2% 0.8% (0.1%) (0.5%) (0.1%) (0.1%) 0.3% Organic Capital Generation (0.1%) 15.0% 15.1% 14.7% Dec-25 Q1 26 Organic DTA DTC RWAs AT1 other capital Transactions Mar-26 Mar-26 post capital elements dividend accrual RWAs €bn 33.2 34.3 19
Slide 20: Pages
Pages Business Update Business Update 3 Financial Performance Financial Performance 12 Macroeconomic Update 20 Alpha Bank PL P&L 22 Balance Sheet Balance Sheet 34 Asset Quality Asset Quality 46 Capital Capital 52 Segmental Information Segmental Information 58 Recent MA Recent M&A 64 Digital Digital
Slide 21: Solid growth dynamics amid heightened geopolitical uncertainty
Solid growth dynamics amid heightened geopolitical uncertainty Robust real GDP growth, mainly driven by investment in 2025… …and resilient Economic Sentiment Indicator, both outpacing EA 12% 120 (Contributions to GDP growth) 8% 115 110 4% 105 0% 100 -4% 95 -8% 90 *Including statistical discrepancies
Slide 22: Pages
Pages Business Update Business Update 3 Financial Performance Financial Performance 12 Macroeconomic Update Macroeconomic Update 20 Alpha Bank P&L 22 Balance Sheet Balance Sheet 34 Asset Quality Asset Quality 46 Capital Capital 52 Segmental Information Segmental Information 58 Recent MA Recent M&A 6
Slide 23: Group Profit & Loss Summary
Group Profit & Loss Summary Profit & Loss Q1 Q1 yoy % Q1 Q4 qoq % Reported Profit After Tax (€ mn) 2026 2025 change 2026 2025 change (17%) (23%) Net Interest Income 416 395 5% 416 413 1% €304mn €237mn Fee services income 140 108 29% 140 136 3% €218mn €184mn €182mn Trading & Other Income 31 47 (34%)
Slide 24: Profit & Loss - Detailed
Profit & Loss - Detailed qoq% yoy% (€ mn) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 change change Net Interest Income 395.3 399.3 402.2 413.3 416.3 0.7% 5.3% Fee services income 108.4 135.3 121.5 136.1 139.7 2.7% 29.0% Income from financial operations 47.3 7.1 (8.0) 14.2 26.3 85.4% (44.4%) Other incom
Slide 25: Main P&L items
Main P&L items Net Interest Income1 Fee services income Group, € mn Group, € mn 413 416 135 136 140 402 122 399 395 108 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Recurring operating expenses Cost of Risk2 Group, € mn €mn & bps over net loans 58bps 233 52bps 229 44bps 44bps 212 211
Slide 26: Net Interest Income driver headlines
Net Interest Income driver headlines Performing loan spreads3 Individuals Deposit costs Greece, % Business Deposit beta1 Greece, % 24% 24% 22% 21% 20% 2.99% 3.01% 2.98% 2.98% 2.97% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Term Deposit pass-through2 EUR, % 70 64% 65% 65% 64% 63% 2.56% 60 2.47% 50 2.39% 40 2.32%
Slide 27: Loan and deposit spreads
Loan and deposit spreads Net loan balances & spreads Deposit mix & cost evolution € bn bps, € bn 201 190 170 174 180 263 256 250 245 300 % Total 241 51.3 52.9 55.1 55.4 50.4 41.7 43.5 44.1 200 13.7 14.4 14.9 15.3 40.2 41.0 14.3 28% 100 37.6 38.5 40.2 40.1 72% End of 36.1 quarter balances 0 Q1 25 Q2
Slide 28: Sensitivity to interest rates
Sensitivity to interest rates Balance Sheet structure as of Q1 2026 40.1 32.3 Securities 13% Due from banks 4% 46% Time Deposits Loans 75% 23% Hedging 9% Debt issued 22% Due to banks Cash 8% Floating rate Floating rate Liabilities 7.8bn c. 20mn per 25bp Assets 28
Slide 29: Fee services income
Fee services income € mn € mn Group Segments 140 140 135 136 135 136 122 122 32 32 41 28 108 41 108 43 33 36 30 30 28 48 52 38 37 5 32 41 30 42 3 7 37 5 42 7 32 32 42 36 33 43 29 33 36 14 10 4 2 5 7 1 18 1 8 11 14 14 14 5 14 5 10 1 1 2 (1) 2 0 4 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25
Slide 30: Costs
Costs € mn € mn Group Segments Cost-Income 36% 38% 41% 40% 39% ratio 233 229 233 229 212 211 212 211 200 200 102 108 102 100 99 100 88 97 94 94 51 53 97 86 49 50 79 82 87 44 17 18 15 15 16 32 32 22 21 23 33 33 35 35 11 12 12 12 30 12 15 16 10 18 15 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4
Slide 31: Operating Expenses
Operating Expenses Group, € mn Q1 26 Q1 25 yoy % Q1 26 Q4 25 qoq % Recurring Operating Expenses evolution €mn Staff costs (107.9) (88.2) 22.3% (107.9) (101.7) 6.1% 233 229 General Administrative 212 211 (86.5) (78.9) 9.6% (86.5) (96.7) (10.6%) 200 expenses Depreciation and 102 108 Staff costs (34.9)
Slide 32: Reported to Normalised
Reported to Normalised Profit & Loss (€ mn) Bridge between reported and normalised profit Q1 2026 Published Delta Normalised Net Interest Income 416 0 416 Fee services income 140 (4) 136 Trading income 26 0 26 Other income 5 4 8 Operating Income 587 587 Staff costs (108) 0 (108) General Administrati
Slide 33: Reported to Normalised
Reported to Normalised Bridge between Reported and Normalised Profit - Quarterly (€ mn) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Reported Profit/ (Loss) after income tax 111 191 195 121 213 111 171 158 218 304 184 237 182 Net Interest In
Slide 34: Pages
Pages Business Update Business Update 3 Financial Performance Financial Performance 12 Macroeconomic Update Macroeconomic Update 20 Alpha Bank PL P&L 22 Balance Sheet 34 Asset Quality Asset Quality 46 Capital Capital 52 Segmental Information Segmental Information 58 Recent MA Recent M&A 64 Digital D
Slide 35: Q1 2026 Group Balance Sheet Summary
Q1 2026 Group Balance Sheet Summary Balance Sheet Tangible Book Value Mar 2026 Dec 2025 Mar 2025 q/q (€ bn) Group, € bn +6% +1% Total Assets 79.3 77.5 73.2 1.9 7.6 7.7 7.6 7.5 Securities 18.2 17.7 17.3 0.5 Cash & Cash Balances 4.3 3.5 3.5 0.8 7.2 Net Loans 44.1 43.5 40.2 0.6 Q1 25 Q2 25 Q3 25 Q4 25
Slide 36: Balance sheet composition
Balance sheet composition Asset split Liabilities and Equity split € bn 77.5 79.3 € bn 77.5 79.3 Cash 3.5 Cash 4.3 2.3 ECB 2.8 ECB Due from Banks 2.8 Due from Banks 2.5 4.2 Due to Banks 4.7 Due to Banks Securities 17.7 Securities 18.2 14.9 Time Deposits 15.3 Time Deposits 55.1 55.4 40.2 Core Deposit
Slide 37: Business Volumes
Business Volumes (€ mn) Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 % YoY Group Gross Loans 40,786 41,687 42,361 44,181 44,820 9.9% Mortgages 6,846 6,744 6,767 6,972 6,967 1.8% Consumer Loans 1,197 1,217 1,233 1,315 1,337 11.7% Credit Cards 943 942 950 1,017 983 4.3% Small Business Loans 1,835 1,83
Slide 38: Net Credit Expansion trends
Net Credit Expansion trends Net credit expansion Individuals Businesses Greece, € bn 2.0 1.3 0.2 0.3 0.5 Disbursements 1.2 0.7 0.1 0.9 0.2 0.6 0.2 0.2 3.9 0.1 3.9 0.2 2.9 2.8 3.0 0.2 1.9 2.4 2.6 1.7 (1.7) (1.9) (1.7) (1.9) (1.7) (1.7) (2.1) Repayments (2.8) (2.5) (0.2) (0.2) (0.2) (0.2) (0.1) (0.2)
Slide 39: Net credit expansion breakdown
Net credit expansion breakdown Performing loans New disbursements – per category Greece, € bn Greece, € mn Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Beginning of period 36.8 38.9 39.1 39.8 40.4 41.5 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Disbursements 4.0 2.5 2.8 3.0 4.2 3.2 Individuals 187
Slide 40: Loan portfolio breakdown
Loan portfolio breakdown Information Total Group loans – per segment Group Loans portfolio structure1 and € bn € bn Consumer loans Households communication Credit Cards 3% 21% 1% 2% Small Business Loans Financial and insurance activities Administrative 4% 19% and Mortgages support 16% Transportation
Slide 41: Securities portfolio
Securities portfolio Securities portfolio Group, Book value, Dec-25, € bn ▪ The “Other/ECB eligible” bonds of €9.4bn is broken down to the following T-bills Mutual Funds & Equities categories: 0.5 0.4 o/w 15.8bn • €5.6bn other sovereign bonds HQLAs • €1.1bn bonds issued by supranationals GGBs 18.2bn
Slide 42: Customer Funds trends
Customer Funds trends Customer Funds evolution Deposit Mix Group, € bn Greece, € bn +18% +6% 49.1 49.2 48.9 46.7 47.4 1% 1% 2% 82.0 State 1% 1% 77.5 4.0 0.3 0.2 24% 23% 23% 69.7 23% 26.6 Time 25% 22.4 AUMS 19.3 76% 75% 76% 75% Core 74% 55.1 55.4 Deposits 50.4 Mar 2025 Dec 2025 Deposits Net Sales Val
Slide 43: Deposits flow per quarter
Deposits flow per quarter Alpha Bank deposits evolution in Greece Deposits breakdown – March 2026 Greece, € bn Q2: Q3: Q4: Q1: €0.7bn €1.7bn (€0.2bn) €0.3bn Time 1.4 0.9 0.8 49.1 0.4 48.9 0.3 49.2 25% 46.7 47.4 (0.7) (0.6) 0.0 Δ Core Δ Time 75% Core Mar-25 Core Time Jun-25 Core Time Sep-25 Core Time
Slide 44: ECB Balances and Liquidity metrics
ECB Balances and Liquidity metrics ECB balances Group LCR & LDR Group, € bn % % over 17% 17% 12% 7% 7% 5% 5% 3% 4% 4% 3% 3% 3% 4% 203% 194% 194% 195% Total 184% Assets 176% 13.0 ECB Collateral pledged ▪ Credit claims LCR ▪ Other bonds LDR 9.0 78% 80% 80% 79% 79% 80% 11.6 11.2 11.2 11.3 5.0 5.0 5.0 4
Slide 45: Funds under management
Funds under management Asset Management balances Private Banking Group, € bn Group, € bn 9.0 9.0 26.6 8.5 9.3 8.1 0.3 Money Market 7.9 22.4 2.8 2.3 2.5 3rd-party 2.1 21.3 9.2 20.3 1.7 1.9 19.3 Alpha Asset 6.2 Management 9.3 8.9 8.3 2.9 2.7 2.7 7.6 2.4 2.6 2.4 0% Mkt Share 2.9 16% MM 2.9 2.8 3.0 Equi
Slide 46: Pages
Pages Business Update Business Update 3 Financial Performance Financial Performance 12 Macroeconomic Update Macroeconomic Update 20 Alpha Bank PL P&L 22 Balance Sheet Balance Sheet 34 Asset Quality 46 Capital Capital 52 Segmental Information Segmental Information 58 Recent MA Recent M&A 64 Digital D
Slide 47: NPE flows and Cost of Risk trends
NPE flows and Cost of Risk trends NPE 0.0 0.1 0.1 0.0 0.1 Cost of Risk formation bps (over net loans) Greece, € bn 58 52 10 9 44 44 8 0.20 0.20 0.20 Inflows 39 0.18 8 7 0.17 13 11 8 10 12 40 Cures & 30 29 (0.09) (0.10) (0.09) (0.10) 26 (0.11) repayments 16 (0.02) CPs (0.02) (0.02) (0.03) & write off
Slide 48: Gross organic NPE formation in Greece per segment
Gross organic NPE formation in Greece per segment Gross formation (Organic) - Wholesale Gross formation (Organic) - Retail Greece, € mn Greece, € mn 334 80 170 70 102 84 76 58 105 7 (10) (11) (5) (16) (14) (38) (155) (186) (192) (254) (284) (353) (461) (994) 2018 2019 2020 2021 2022 2023 2024 Q1 Q2
Slide 49: Auctions and repossession activity evolution
Auctions and repossession activity evolution Auctioned properties (Conducted) 1Q2026 1.729 1.344 749 653 ▪ The auction activity continues to exhibit a downward trend. During 1Q2026, the volume of conducted auctions remained low, which is 236 199 reasonable, given the historically low levels of aucti
Slide 50: Detailed overview of asset quality by portfolio - Greece
Detailed overview of asset quality by portfolio - Greece (€ bn) Wholesale SBL Mortgages Consumer Total Gross loans 31.9 1.9 6.0 2.2 42.0 (-) Accumulated Provisions (0.2) (0.2) (0.3) (0.2) (0.8) Net loans 31.7 1.7 5.7 2.0 41.2 NPLs 0.1 0.2 0.5 0.2 1.0 NPL ratio 0.3% 12.3% 8.5% 7.0% 2.4% NPEs 0.2 0.3
Slide 51: Detailed overview of asset quality by portfolio - Group
Detailed overview of asset quality by portfolio - Group (€ bn) Wholesale SBL Mortgages Consumer Total Gross loans 33.6 1.9 7.0 2.3 44.8 (-) Accumulated Provisions (0.2) (0.2) (0.3) (0.2) (0.9) Net loans 33.4 1.7 6.6 2.1 43.9 NPLs 0.1 0.2 0.6 0.2 1.1 NPL ratio 0.4% 12.3% 8.4% 7.4% 2.5% NPEs 0.2 0.3 0
Slide 52: Pages
Pages Business Update Business Update 3 Financial Performance Financial Performance 12 Macroeconomic Update Macroeconomic Update 20 Alpha Bank PL P&L 22 Balance Sheet Balance Sheet 34 Asset Quality Asset Quality 46 Capital 52 Segmental Information Segmental Information 58 Recent MA Recent M&A 64 Dig
Slide 53: Quarterly evolution in Capital
Quarterly evolution in Capital FL CET1 q/q % 0.8% 0.2% (0.1%) (0.5%) (0.1%) (0.1%) (0.1%) 15.0% 15.1% 14.7% 0.3% Organic Capital Generation Dec-25 Q1 26 Organic DTA DTC RWAs AT1 other capital Transactions Mar-26 Mar-26 post capital elements dividend accrual RWAs q/q % €1.12bn 33.2 1.1 0.0 0.0 34.3 0
Slide 54: Actuals and regulatory requirements
Actuals and regulatory requirements 30.6% 27.5% 19.7% 16.7% 14.7% 14.9% 30.6% 0.7% 12.1% 2.0% 27.5% 10.1% 0.5% CCyB 1.5% 0.5% 19.7% P2R 1.6% 16.7% 1.0% 14.7% O-S II 2.5% CCB Pillar 1 4.5% 1 Q1 2026 CET1 Q1 2026 FL CET1 Q1 2026 T1 Q1 2026 FL T1 Q1 2026 OCR Q1 2026 FL CAD 31.03.2026 MREL Q1 2026 MREL
Slide 55: Regulatory Capital composition
Regulatory Capital composition Equity to regulatory capital bridge € mn 9.7% Tangible book value / Tangible Assets 8,162 7,654 (508) 1,024 6,756 700 5,732 (1,806) (179) 5,032 (636) Ordinary Intangibles Tangible DTA deduction DTC Other CET1 AT1 & Hybrids Tier 1 Lower Tier II Total CAD Equity Book Val
Slide 56: Group RWAs and Regulatory Capital
Group RWAs and Regulatory Capital Group Risk Weighted Assets evolution Credit Risk Weights per portfolio € bn % €1.13bn 1.1 0.0 34.3 100% 33.2 0.0 3.5 3.5 45% 46% 0.6 0.5 Performing Net NPE Total Loan Portfolio RWA Density 29.2 30.3 DTA & Tax Credit with CET1 Capital € bn CET1 5.0 5.0 DTC 2.7 2.7 De
Slide 57: Further progress towards meeting MREL Requirements
Further progress towards meeting MREL Requirements ▪ No subordinated MREL requirement +3.04% surplus ▪ Expect Alpha Bank to continue to be a regular issuer in the debt capital markets 30.58% 0.38% 27.54% ▪ MREL ratio as of 31.03.2026 stands at 28.8%, well above 3.96% the final MREL binding target of
Slide 58: Pages
Pages Business Update Business Update 3 Financial Performance Financial Performance 12 Macroeconomic Update Macroeconomic Update 20 Alpha Bank PL P&L 22 Balance Sheet Balance Sheet 34 Asset Quality Asset Quality 46 Capital Capital 52 Segmental Information 58 Recent MA Recent M&A 64 Digital Digital 7
Slide 59: Retail
Retail Key figures REVENUES / VOLUMES PROFITABILITY (in €mm) Q1 2026 Q1 2025 ∆difference, % +€8mn €0.5bn Net loans 8,703 8,928 (3%) Revenues y/y Deposits y/y Deposits 34,888 34,355 2% (€9mn) +0.5mn (0.2bn) Total revenues 183 175 4% Profits3 y/y Net Loans y/y Recurring Operating (100) (94) 6% expense
Slide 60: Wholesale
Wholesale Key figures REVENUES / VOLUMES PROFITABILITY (in €mm) Q1 2026 Q1 2025 ∆difference, % +€22mn €0.7bn Net loans 30,706 27,945 10% Revenues y/y Deposits y/y Deposits 10,659 9,957 7% +€10mn €2.8bn Total revenues 256 234 10% Profits3 y/y Net Loans y/y Recurring Operating (53) (44) 21% expenses N
Slide 61: Wealth
Wealth Key figures REVENUES / VOLUMES PROFITABILITY (in €mm) Q1 2026 Q1 2025 ∆difference, % +€8mn €1.6bn Assets under 26,558 19,299 38% Revenues y/y Mutual Funds y/y Management Total revenues 48 40 21% +€4mn €5.7bn Recurring Operating (18) (15) 24% Profits3 y/y Other AUMs y/y expenses Normalised Pro
Slide 62: International
International Key figures REVENUES / VOLUMES PROFITABILITY (in €mm) Q1 2026 Q1 2025 ∆difference, % +€8mn €2.5bn Net loans 2,663 1,573 69% Revenues y/y Deposits y/y Deposits 6,171 3,626 70% (€14mn) €1.1bn Total revenues 53 46 16% Profits y/y Net Loans y/y Recurring Operating (32) (22) 46% expenses No
Slide 63: NPAs and Corporate Center
NPAs and Corporate Center Non Performing Assets (NPAs) Corporate Center (in €mm) Q1 2026 Q1 2025 ∆difference, % (in €mm) Q1 2026 Q1 2025 ∆difference, % Net loans 1,380 1,157 19% Assets 21,633 20,632 5% Assets 2,207 2,405 (8%) TBV 1,689 1,448 17% Total revenues 9 4 109% Total revenues 37 51 (28%) Rec
Slide 64: Pages
Pages Business Update Business Update 3 Financial Performance Financial Performance 12 Macroeconomic Update Macroeconomic Update 20 Alpha Bank PL P&L 22 Balance Sheet Balance Sheet 34 Asset Quality Asset Quality 46 Capital Capital 52 Segmental Information Segmental Information 58 Recent M&A 64 Digit
Slide 65: Flexfin expands factoring platform enhancing solutions for SMEs
Flexfin expands factoring platform enhancing solutions for SMEs Innovative factoring platform, primarily serving Greek and Cypriot M&A criteria small and medium enterprises. fully met Focus on an underpenetrated market segment with significant growth potential and strong risk-adjusted returns 100% c
Slide 66: AstroBank acquisition consolidates third largest bank position in Cyprus
AstroBank acquisition consolidates third largest bank position in Cyprus 100% cash acquisition of the banking operations of AstroBank Key financials2 Fast growing Eurozone economy with real GDP growth of 4th 2.5% over 2025-2026, outpacing broader Euro area (1.6%)1 Largest bank in Cyprus by net loans
Slide 67: Significant EPS & RoTE accretion with limited impact on capital
Significant EPS & RoTE accretion with limited impact on capital M&A criteria Impact of transaction on Alpha Bank: fully met Combined entity in Cyprus will contribute c. €100mn of net c. 5% income to Alpha Bank Group post cost synergies EPS accretion from year 2 Exposure in Cyprus will increase from
Slide 68: AXIA acquisition to form the regional IBCM leader
AXIA acquisition to form the regional IBCM leader Creating the largest and only vertically integrated Investment M&A criteria Banking and Capital Markets (IBCM) platform in Greece and Cyprus fully met AXIA's expertise in financial advisory complements Alpha's existing IBCM and financing services, ex
Slide 69: Scaling our top3 presence in Cyprus
Scaling our top3 presence in Cyprus Alpha Bank announced agreement on the key commercial and legal terms of M&A criteria strategic insurance transactions in Cyprus between Universal Life and Altius: fully met ▪ The acquisition of 100% of Altius Insurance ▪ And the Merger of Universal Life and Altius
Slide 70: Alpha Trust reinforces our leading position in Wealth Management
Alpha Trust reinforces our leading position in Wealth Management Acquisition of 69.61% in Alpha Trust Holdings and VTO1 for remainder. M&A criteria Alpha Trust is a leading independent asset manager with >€2.2bn of AuMs fully met (+19% CAGR 2022-2025) retail, private and institutional clients. c. 1%
Slide 71: Pages
Pages Business Update Business Update 3 Financial Performance Financial Performance 12 Macroeconomic Update Macroeconomic Update 20 Alpha Bank PL P&L 22 Balance Sheet Balance Sheet 34 Asset Quality Asset Quality 46 Capital Capital 52 Segmental Information Segmental Information 58 Recent MA Recent M&
Slide 72: Continuous improvement in key digital metrics
Continuous improvement in key digital metrics +18% 31.5% >4 in 5 34% Mobile Transactions YoY Digital Sales Consumer loans Credit cards issued (of total sales) originated digitally Digitally (like for like) Overall Digital Penetration Metric 2023 2024 2025 2026 Q1 Transaction Individual Business Digi
Slide 73: Pages
Pages Business Update Business Update 3 Financial Performance Financial Performance 12 Macroeconomic Update Macroeconomic Update 20 Alpha Bank PL P&L 22 Balance Sheet Balance Sheet 34 Asset Quality Asset Quality 46 Capital Capital 52 Segmental Information Segmental Information 58 Recent MA Recent M&
Slide 74: Our approach to ESG business opportunities
Our approach to ESG business opportunities Sustainability growth strategy Value creation impact » Setting Science-Based Targets for material sectors, to align our portfolio with the Paris 64% of in-scope emissions & c. 80% of exposure Objectives, mitigate transition risk & allocate capital to suppor
Slide 75: Net Zero targets disclosed
Net Zero targets disclosed Commitment Strategy Governance Progress › Target setting and monitoring › Engaging with our clients › Processes = › Transition paths for disclosed targets › Risk management › Engaging with other stakeholders › Roles › Expansion of portfolio coverage › Transition products ›
Slide 76: Driving Sustainable Progress
Driving Sustainable Progress Support an Environmentally Foster Healthy Economies Ensure Robust and Sustainable Economy and Societal Progress Transparent Governance € 2.5 billion 87% branches 45% Women for Sustainable Disbursements since 2025 of the Group are accessible1 at Board of Directors Advanci
Slide 77: Recognition of our commitment to Sustainability
Recognition of our commitment to Sustainability CCC B BB BBB A AA AAA Severe Risk High Risk Medium Risk Low Risk Negligible Risk (100-40) (40-30) (30-20) (20-10) (30-20) D- D C- C B- B A- A Disclosure Awareness Management Leadership E 10 9 8 7 6 5 4 3 2 1 S 10 9 8 7 6 5 4 3 2 1 Poor Below Average Av
Slide 78: Glossary (1/5)
Glossary (1/5) Reference Terms Definitions Relevance of the metric Abbreviation number Accumulated Provisions and Sum of Provision for impairment losses for loans and advances to customers, the Provision for impairment losses for the total amount of off balance Standard banking 1 LLR FV adjustments
Slide 79: Glossary (2/5)
Glossary (2/5) Reference Relevance of the Terms Definitions Abbreviation number metric Impairment losses on 18 Represent the impact of incorporating sale scenario in the estimation of expected credit losses. Asset quality metric transactions Sum of Impairment losses of fixed assets and equity invest
Slide 80: Glossary (3/5)
Glossary (3/5) Reference Terms Definitions Relevance of the metric Abbreviation number Non Performing Loan Collateral NPL collateral 32 Value of collateral received for Non Performing Loans (30) divided by NPLs (36) at the end of the reference period. Asset quality metric Coverage Coverage Accumulat
Slide 81: Glossary (4/5)
Glossary (4/5) Reference Terms Definitions Relevance of the metric Abbreviation number Sum of Impairment losses of fixed assets and equity investments, Gains/(Losses) on disposal of fixed assets and equity investments, o/w Impairment losses, provisions to cover credit risk on other financial instrum
Slide 82: Glossary (5/5)
Glossary (5/5) Reference Terms Definitions Relevance of the metric Abbreviation number Net profit/(loss) attributable to: Equity holders of the Bank (annualised), less “Payment of AT1 dividend”, as disclosed in Consolidated Statement of Return on Tangible Equity RoTBV or RoTE 53 Changes in Equity di
Slide 83: Alpha Bank Contacts
Alpha Bank Contacts Vasileios Kosmas CFO +30 210 326 2291 vgk-cfo-office@alpha.gr Iason Kepaptsoglou Stella Traka Selini Milioni Director Manager Senior Specialist Investor Relations Division Investor Relations Division Investor Relations Division +30 210 326 2271 +30 210 326 2274 +30 210 326 2273 i