Alpha Bank S.a. · ATHEX:ALPHA
Alpha Bank — Q1 2025 Earnings Presentation
79 slides from Alpha Bank's earnings presentation, May 9, 2025
Slide 1: Alpha Bank Q1 2025 Results
Alpha Bank Q1 2025 Results Investor presentation 9th May 2025
Slide 2: Disclaimer
Disclaimer This presentation has been prepared and issued by Alpha Services and Holdings S.A. and its 100% subsidiary, Alpha Bank S.A., solely for informational purposes. It is hereby noted that on 16.4.2021, the demerger of the credit institution under the former name “Alpha Bank S.A.” (which has b
Slide 3: Pages
Pages • Business Update 3 Alpha Bank • • Financial Performance Appendix 14 ▪ ESG 22 ▪ Digital 31 ▪ Segmental Information 33 ▪ P&L 39 ▪ Balance Sheet 51 ▪ Asset Quality 63 ▪ Capital 69 3
Slide 4: Q1 2025 performance reinforces outlook
Q1 2025 performance reinforces outlook Q1 2025 Group Results Return on Tangible Equity1 Reported Profit After Tax €223mn +5% y/y 15.4% or 12.4% reported Set strong profitability foundation Normalised Profit After Tax €239mn +8% y/y Net Interest Income €395mn (6%) y/y Earnings Per Share2 Resilient To
Slide 5: Limited direct effect of US Tariffs on Greece
Limited direct effect of US Tariffs on Greece Exports of goods (as a % of total exports and GDP) in EU-27 (2024 data) Greece vs US trade in goods 3 32.5% 12% 14% 2 Exports to US as a % of total exports 10% 12% 1 Exports to US as a % of GDP, rhs 10% 8% 0 8% 6% -1 6% 4% -2 4% 2% -3 2% -4 0% 0% 2010 20
Slide 6: Indirect implications more substantial but manageable
Indirect implications more substantial but manageable Travel receipts, arrivals and expenditure per overnight stay in 2024 20% 120 Foreign Demand Channel • European tariff-sensitive countries (e.g., Germany, Italy) are our 100 primary trade partners in goods and the main source countries of 16% inbo
Slide 7: The relevance for Alpha Bank is measured
The relevance for Alpha Bank is measured Alpha Bank’s positioning Potential impact Lowest rate sensitivity • Gearing to rates at the lower end on the spectrum in relative terms amongst peers … • Yield curve P&L positive as re-investments of securities and roll-over of hedges occur at better yields S
Slide 8: The potential impact on profitability is mild
The potential impact on profitability is mild 33 Balance Sheet structure Impact on 2027 EPS: Mar-25, Group, € bn Securities 38.9 43% Time Deposits Due from banks 5% 16% Hedging 23% Rates Loans 72% 9% Debt issued 1% Cash 25% Due to banks 7% EPS per 25bp Floating Floating rate Liabilities 5.8bn = 15mn
Slide 9: 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 10: 2027 to land higher than previously expected
2027 to land higher than previously expected Key financial targets Reported ROTE ROTE EPS CET1 c13% in 2027 Reported EPS 2027 Outlook (as per March guidance) c. 12% >0.42 >17% >0.45 in 2027 Astrobank +60bp +5% -40bp AXIA +15bp +1.4% -20bp Total Capital Generated >3bn cumulative 2025 – 2027 2027 Upda
Slide 11: Structural advantages leading to earnings growth
Structural advantages leading to earnings growth Alpha Bank’s structural advantages Outlook for 2027 • Dynamic management of interest rate sensitivity Positioned to absorb rate • Significant potential from structural growth dynamics cuts and grow NII… • Further upside from balance sheet and franchis
Slide 12: EPS expansion to continue across 2025-2027
EPS expansion to continue across 2025-2027 0.553 +16%2 On track to sustain EPS trajectory1 EPS CAGR in 2024-2027 positive EPS trajectory: including buyback effect • +2% EPS growth in 2025 • +11% EPS CAGR in 0.45 +8% 2026-2027 Guided EPS CAGR in 2024-2027 excluding buyback effect c. 0.42 Lower gearin
Slide 13: 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 in A Share buybacks & extraordinary dividends 2025-2027 3 B Bol
Slide 14: Pages
Pages • Business Update 3 • Alpha Bank Financial Performance 14 • Appendix ▪ ESG 22 ▪ Digital 31 ▪ Segmental Information 33 ▪ P&L 39 ▪ Balance Sheet 51 ▪ Asset Quality 63 ▪ Capital 69 14
Slide 15: Group Profit & Loss Summary
Group Profit & Loss Summary Profit & Loss (€ mn) Q1 2024 Q1 2025 Δ% Q4 2024 Q1 2025 Δ% Net Interest Income 422 395 (6%) 406 395 (3%) Net fee and commission Income 97 108 11% 114 108 (6%) Trading & Other Income 37 56 52% 57 56 (3%) Operating Income 555 559 1% 578 559 (3%) Total Operating Expenses (20
Slide 16: Q1 25 Group Profit and Loss
Q1 25 Group Profit and Loss (3%) Group, € mn 578 559 555 542 544 Q1 y/y Operating income: ▪ Net interest income reaching a plateau Operating Income +1% ▪ Growth in fees continues fueled by asset management (15%) Operating expenses: 0% ▪ Quarter benefitting from seasonality Operating Expenses (204) (
Slide 17: Q1 25 Group Balance Sheet
Q1 25 Group Balance Sheet +1% Group, € bn 33.7 30.9 33.3 Q1 y/y Performing loans: 29.9 29.8 ▪ Growth fueled by corporates with FX headwinds Performing loans1 +13% ▪ €0.6bn net credit expansion at 25% of annual guidance +0.3% Customer funds: 69.5 69.7 67.9 65.8 ▪ Deposit outflows following usual seas
Slide 18: Net interest income and Fees
Net interest income and Fees Interest Income / Interest Expense breakdown Fees o/w c. (€5mn) impact from government Group, € mn o/w (€8.8mn) Group, € mn measures days effect q/q 422 411 408 406 114 109 108 395 100 97 29 38 30 24 30 Loans PE 475 472 466 463 22 430 22 25 30 19 5 5 4 6 7 38 40 34 31 29
Slide 19: Performing loans and Customer Funds
Performing loans and Customer Funds Performing loan book expansion Customer Funds evolution Group, € bn Group, € bn YoY +13% +8% +0.3% +8% +1% 69.5 69.7 (0.7) 0.1 0.8 4% 33.3 33.7 64.5 0% 1.6 24% 30.9 1.6 18.5 19.3 29.9 29.8 1.5 AuMs 17.2 1.3 1.3 7.5 7.4 (4.6)% 7.6 7.7 7.7 24.2 24.7 +18% 21.9 51.0 5
Slide 20: Asset quality
Asset quality NPE ratio Group % 6.0% NPEs flat on solid organic trends and 4.7% 4.6% management actions 3.8% 3.8% 75 67 Cost of Risk 13 57 58 53 12 Group, bps 14 13 14 12 10 Servicing fees Cost of Risk at 53bp 13 12 13 Securitization expenses 49 31 32 43 30 for the year reflecting Underlying benign
Slide 21: Quarterly evolution in Capital
Quarterly evolution in Capital FL CET1 % 0.2% 0.8% 0.1% (0.1%) (0.1%) (0.1%) (0.1%) (0.3%) 0.7% Organic Capital Generation 16.9% 16.7% 16.3% 16.3% 1 Dec-24 Q1 25 DTA DTC RWAs AT1 coupon other capital Transactions CRR III Mar-25 Mar-25 post Mar-25 Organic elements impact dividend pro forma RWAs capit
Slide 22: Pages
Pages • Business Update 3 • Financial Performance 14 Alpha Bank • Appendix ▪ ESG 22 ▪ Digital 31 ▪ Segmental Information 33 ▪ P&L 39 ▪ Balance Sheet 51 ▪ Asset Quality 63 ▪ Capital 69 22
Slide 23: Accelerating our journey to Net Zero
Accelerating our journey to Net Zero 2019 - 2022 2023 2024 2025- Scale up Set the foundations Fully embed Set sustainable finance for our sustainability sustainability into science-based to achieve full Strategy our Business Plan net-zero targets potential 2019 UNEP FI signatory and adoption 2023 Fi
Slide 24: Our strategy for a resilient, net-zero economy by 2050
Our strategy for a resilient, net-zero economy by 2050 Setting Science-Based Targets for selected material-impact sectors, including Transition Pathways to support corporate clients to meet the Bank’s climate targets Sustainable Finance Framework lays the groundwork for sustainability strategy, incl
Slide 25: Financed emissions targets set on 4 sectors in Nov 2024 (1/2)
Financed emissions targets set on 4 sectors in Nov 2024 (1/2) Alpha Bank commitment 2030 targets Impact Next Steps Alpha Bank has set out an The Bank has set 2030 The targets for these The Bank will publish a transition plan ambition to support the transition financed emissions targets sectors decar
Slide 26: Financed emissions targets set on 4 sectors in Nov 2024 (2/2)
Financed emissions targets set on 4 sectors in Nov 2024 (2/2) Sector 2030 target xx% Percent reduction from 2022 to 2030 IEA NZE1 186 Power scope 1, kgCO2e / MWh 223 -41% 132 IEA NZE1 77 Oil & Gas scope 1+2, indexed to 2022 = 100 -26% 100 74 IEA NZE1 Cement 465 scope 1+2, kgCO2e / t Cement -15% 687
Slide 27: Our Sustainable Finance Framework as an enabler in our Sustainability Strategy
Our Sustainable Finance Framework as an enabler in our Sustainability Strategy Resource efficiency Energy Efficiency Green Buildings Renewable Energy Sustainable Transport and pollution control Green Loan • Transmission and Distribution • Construction/ Purchase of new • Generation of electricity fro
Slide 28: Best-practice Climate & Environmental Risk Management embedded in credit decisions
Best-practice Climate & Environmental Risk Management embedded in credit decisions and loan pricing ESG Assessment of all Clients Transaction Assessment • Assessment via interbank ESG questionnaire since 2023 • Assesses Environmental and Social impact of specific • Sector-based questionnaires, inclu
Slide 29: Sustainability highlights: Delivering tangible results
Sustainability highlights: Delivering tangible results1 Support an Foster healthy Ensure robust environmentally economies & transparent sustainable Economy & Societal progress Governance € 2.0 billion 86% 33% Women for Sustainable Disbursements since 2024 of the Group’s branches are accessible at Bo
Slide 30: Recognition of our commitment to Sustainability
Recognition of our commitment to Sustainability Rating Performance Decile Rank 52.05 3 Memberships C Trend Transparency Prime Status Very High Prime NEGL LOW HIGH MED SEVERE 0-10 10-20 20-30 30-40 40+ 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 JUNE JUNE A A E: 2 E: 1 C C S: 3 S: 2 G
Slide 31: Pages
Pages • Business Update 3 • Financial Performance 14 Alpha Bank • Appendix ▪ ESG 22 ▪ Digital 31 ▪ Segmental Information 33 ▪ P&L 39 ▪ Balance Sheet 51 ▪ Asset Quality 63 ▪ Capital 69 31
Slide 32: Continuous improvement in key digital metrics
Continuous improvement in key digital metrics Q1 ’25 Key Achievements Investor Day KPIs +31% Increase in Mobile Transactions YoY 2023 2024 Q1/2025 2025 Target +28% Digital Sales Items in 3m YoY (31% of total sales) Digital Sales 23% 27% 31% 30% 4 out of 5 Consumer Loans digitally Daily Banking 43% o
Slide 33: Pages
Pages • Business Update 3 • Financial Performance 14 Alpha Bank • Appendix ▪ ESG 22 ▪ Digital 31 ▪ Segmental Information 33 ▪ P&L 39 ▪ Balance Sheet 51 ▪ Asset Quality 63 ▪ Capital 69 33
Slide 34: Retail
Retail Key figures REVENUES / VOLUMES PROFITABILITY (in €mm) Q1 25 Q1 24 ∆difference, % (€24mn) €1.2bn Net loans 8,928 9,166 (3%) Revenues y/y Deposits y/y Deposits 3% 34,355 33,193 (€23mn) +0.5mn (0.2mn) Total revenues 175 199 (12%) Profits3 y/y Net Loans y/y Recurring Operating (98) (97) 1% expens
Slide 35: Wholesale
Wholesale Key figures REVENUES / VOLUMES PROFITABILITY (in €mm) Q1 25 Q1 24 ∆difference, % +€8mn €1.4bn Net loans 27,922 24,514 14% Revenues y/y Deposits y/y Deposits 9,957 8,531 17% +€5mn €3.4bn Total revenues 232 223 4% Profits3 y/y Net Loans y/y Recurring Operating (42) (41) 2% expenses Normalise
Slide 36: Wealth
Wealth Key figures REVENUES / VOLUMES PROFITABILITY (in €mm) Q1 25 Q1 24 ∆difference, % +€9mn €1.6bn Assets under 19,299 17,209 12% Revenues y/y Mutual Funds y/y Management Total revenues 40 31 27% +€5mn €0.5bn Recurring Operating (14) (12) 11% Profits3 y/y Other AUMs y/y expenses Normalised Profit
Slide 37: International
International Key figures REVENUES / VOLUMES PROFITABILITY (in €mm) Q1 25 Q1 24 ∆difference, % +€7mn €0.4bn Net loans 1,573 1,242 27% Revenues y/y Deposits y/y Deposits 3,626 3,240 12% +€4mn €0.3bn Total revenues 46 39 17% Profits y/y Net Loans y/y Recurring Operating (22) (18) 21% expenses Normalis
Slide 38: NPAs and Corporate Center
NPAs and Corporate Center Non Performing Assets (NPAs) Corporate Center (in €mm) Q1 25 Q1 24 ∆difference, % (in €mm) Q1 25 Q1 24 ∆difference, % Net loans 1,158 1,602 (28%) Assets 20,650 18,967 9% Assets 2,694 3,426 (21%) TBV 1,205 1,618 (26%) Total revenues 7 15 (54%) Total revenues 59 47 25% Recurr
Slide 39: Pages
Pages • Business Update 3 • Financial Performance 14 Alpha Bank • Appendix ▪ ESG 22 ▪ Digital 31 ▪ Segmental Information 33 ▪ P&L 39 ▪ Balance Sheet 51 ▪ Asset Quality 63 ▪ Capital 69 39
Slide 40: Group Profit & Loss Summary
Group Profit & Loss Summary Profit & Loss Q1 Q1 yoy % Q1 Q4 qoq % Reported Profit After Tax (€ mn) 2025 2024 change 2025 2024 change +5% +35% Net Interest Income 395 422 (6%) 395 406 (3%) €212mn €223mn Net fee and commission Income 108 97 11% 108 114 (6%) €167mn €165mn Trading & Other Income 56 37 5
Slide 41: Profit & Loss - Detailed
Profit & Loss - Detailed qoq% yoy% (€ mn) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 change change Net Interest Income 421.6 411.1 408.2 405.7 395.3 (2.6%) (6.2%) Net fee and commission income 96.8 100.1 108.8 114.4 107.5 (6.0%) 11.1% Income from financial operations 31.2 13.3 17.6 43.5 47.3 8.6% 51.5%
Slide 42: Main P&L items
Main P&L items Net Interest Income Net fee and commission income Group, € mn Group, € mn 422 114 411 109 108 408 406 100 395 97 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Recurring operating expenses Cost of Risk1 Group, € mn €mn & bps over net loans 75bps 234 67bps 57bps 58bps 211
Slide 43: Net Interest Income driver headlines
Net Interest Income driver headlines Performing loan spreads3 Deposit costs Individuals Greece, % Deposit beta1 Greece, % Business 24% 22% 17% 18% 17% 3.13% 3.11% 3.07% 3.04% 2.99% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 2.88% Term Deposit pass-through2 EUR, % 2.83% 70 64% 60% 2.73% 60 53% 56% 52% 50 2.66% 40
Slide 44: Loan and deposit spreads
Loan and deposit spreads Net loan balances & spreads Deposit mix & cost evolution € bn bps, € bn 276 274 274 221 201 293 287 300 % Total 278 273 264 47.3 48.2 49.7 51.0 50.4 13.1 13.1 13.9 14.9 14.3 28% 39.0 39.4 250 End of 36.9 34.2 35.0 35.9 36.1 36.1 72% 36.3 35.8 quarter balances Q1 24 Q2 24 Q3
Slide 45: Sensitivity to interest rates
Sensitivity to interest rates Balance Sheet structure Balance Sheet structure Dec-24, Group, € bn Mar-25, Group, € bn 37.9 38.9 32 33 Securities 16% Securities 16% Due from banks 5% Due from banks 5% 47% Time Deposits 43% Time Deposits Loans 74% Loans 72% 23% Hedging 23% Hedging 9% Debt issued 10% D
Slide 46: Fees
Fees € mn € mn Group Segments 114 114 109 108 109 108 100 100 97 97 29 38 35 30 30 24 44 30 32 40 22 22 25 30 41 33 19 5 5 4 29 33 29 6 7 38 40 34 31 29 37 29 32 26 28 10 12 13 14 11 5 5 5 5 5 0 2 0 (1) 0 2 0 1 0 2 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Business credit related C
Slide 47: Costs
Costs € mn € mn Group Segments Cost-Income 36% 39% 39% 41% 36% ratio 234 234 211 211 211 211 200 204 200 204 97 107 87 93 92 88 102 100 98 97 92 49 72 78 73 41 44 45 42 80 16 12 13 14 14 21 18 19 20 22 16 17 41 40 45 45 35 16 16 14 15 17 15 23 14 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q1 24 Q2 24 Q3 24 Q4 24
Slide 48: Operating Expenses
Operating Expenses Group, € mn Q1 25 Q1 24 yoy % Q1 25 Q4 24 qoq % Recurring Operating Expenses evolution €mn Staff costs (88.2) (87.3) 1.0% (88.2) (97.3) (9.4%) 234 General Administrative 211 211 (80.4) (71.9) 11.7% (80.4) (91.9) (12.5%) 200 204 expenses 97 Staff costs Depreciation and 93 92 (35.1)
Slide 49: Reported to Normalised
Reported to Normalised Profit & Loss (€ mn) Bridge between reported and normalised profit Q1 2025 Published Delta Normalised Net Interest Income 395 (3) 393 Net fee and commission Income 108 0 108 Trading income 47 3 50 Other income 9 0 9 Operating Income 559 559 Staff costs (88) 0 (88) General Admi
Slide 50: Reported to Normalised
Reported to Normalised Bridge between Reported and Normalised Profit - Quarterly (€ mn) Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Reported Profit/ (Loss) after income tax 123 115 70 59 111 191 195 121 212 110 167 165 223 Net Interest Inco
Slide 51: Pages
Pages • Business Update 3 • Financial Performance 14 Alpha Bank • Appendix ▪ ESG 22 ▪ Digital 31 ▪ Segmental Information 33 ▪ P&L 39 ▪ Balance Sheet 51 ▪ Asset Quality 63 ▪ Capital 69 51
Slide 52: Q1 2025 Group Balance Sheet Summary
Q1 2025 Group Balance Sheet Summary Balance Sheet Tangible Book Value Mar 2025 Dec 2024 Mar 2024 q/q (€ bn) Group, € bn +9% +3% Total Assets 73.1 72.1 73.1 1.1 7.2 7.0 Securities 18.1 17.7 16.3 0.4 6.8 6.7 Cash & Cash Balances 3.5 3.0 4.5 0.5 6.6 Net Loans 39.4 39.0 36.3 0.3 Q1 24 Q2 24 Q3 24 Q4 24
Slide 53: Balance sheet composition
Balance sheet composition Asset split Liabilities and Equity split € bn € bn 72.1 73.1 72.1 73.1 Cash 3.5 2.6 ECB 2.8 ECB Cash 3.0 Due from Banks 2.3 Due from Banks 2.3 3.9 Due to Banks 5.3 Due to Banks Securities 17.7 Securities 18.1 14.9 Time Deposits 14.3 Time Deposits 51.0 50.4 36.1 Core Deposit
Slide 54: Business Volumes
Business Volumes (€ mn) Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 % YoY Group Gross Loans 37,243 36,541 37,638 39,703 39,991 7.4% Mortgages 7,299 7,083 7,065 6,888 6,846 (6.2%) Consumer Loans 1,281 1,253 1,255 1,212 1,197 (6.6%) Credit Cards 1,023 1,003 976 994 943 (7.8%) Small Business Loans 2,1
Slide 55: Disbursements
Net Credit Expansion trends Net credit expansion Individuals Businesses Greece, € bn 2.0 0.2 1.2 Disbursements 1.1 0.1 0.2 0.6 0.0 0.1 0.1 0.0 3.9 0.1 0.2 0.1 0.1 0.2 2.9 2.7 2.4 1.6 1.9 1.7 1.7 1.9 Repayments (1.7) (1.6) (1.6) (1.7) (1.7) (1.8) (1.9) (1.9) (1.9) (0.2) (0.2) (0.2) (0.2) (0.2) (0.2)
Slide 56: Net credit expansion breakdown
Net credit expansion breakdown Performing loans New disbursements – per category Greece, € bn Greece, € mn Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Beginning of 27.3 26.9 27.3 27.5 28.4 28.6 28.5 29.5 31.8 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 period Disbursements 1.7 2.
Slide 57: 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% 22% 1% 2% Small Business Loans Financial and insurance activities Administrative 5% 16% and Mortgages support 17% Transportation
Slide 58: Securities portfolio
Securities portfolio Securities portfolio Group, Book value, Mar-25, € bn ▪ The “Other/ECB eligible” bonds of €9.0bn is broken down to the following T-bills Mutual Funds & Equities categories: 0.5 0.3 o/w 15.1bn • €4.8bn other sovereign bonds HQLAs • €0.9bn bonds issued by supranationals GGBs 18.1bn
Slide 59: Customer Funds trends
Customer Funds trends Customer Funds evolution Deposit Mix Group, € bn Greece, € bn +8% +0.3% 47.4 46.2 46.7 69.5 69.7 44.0 44.8 1% 1% 1% (0.7) 0.1 0.8 1% 64.5 State 1% 25% 26% 25% 18.5 19.3 Time 25% 25% AUMS 17.2 51.0 50.4 Core 74% 75% 74% 73% 74% Deposits 47.3 Mar 2024 Dec 2024 Deposits Net Sales
Slide 60: Deposits flow per quarter
Deposits flow per quarter Alpha Bank deposits evolution in Greece Deposits breakdown – March 2025 Greece, € bn Q2: Q3: Q4: Q1: €0.8bn €1.4bn €1.2bn (€0.7bn) Time 0.6 46.2 0.2 1.0 47.4 46.7 26% 0.9 44.8 0.8 44.0 (0.1) (0.6) (0.1) Δ Core Δ Time 74% Core Mar-24 Core Time Jun-24 Core Time Sep-24 Core Ti
Slide 61: 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% 203% 199% 192% 190% Total 184% Assets 13.0 ECB Collateral pledged ▪ Credit claims LCR ▪ GGBs & T-bills LDR ▪ Other bonds 9.0 78% 77% 74% 74% 77% 12.9 5.0 5.0 5.0 12.4 12.0 4.0 4.0 Co
Slide 62: Wealth management
Wealth management Asset Management balances Private Banking Group, € bn Group, € bn 8.7 19.3 8.5 18.5 8.3 18.2 7.6 8.1 17.6 0.3 7.9 17.2 Money Market 2.0 2.2 1.8 3rd-party 1.8 1.9 1.7 7.6 6.8 7.3 6.0 6.5 Alpha Asset 5.1 Management 2.2 2.3 2.1 2.1 2.4 3.0 3.0 3.2 3.4 3.2 1% Mkt Share 14% MM Equity 2.
Slide 63: Pages
Pages • Business Update 3 • Financial Performance 14 Alpha Bank • Appendix ▪ ESG 22 ▪ Digital 31 ▪ Segmental Information 33 ▪ P&L 39 ▪ Balance Sheet 51 ▪ Asset Quality 63 ▪ Capital 69 63
Slide 64: NPE flows and Cost of Risk trends
NPE flows and Cost of Risk trends NPE (0.0) (0.1) 0.0 (0.0) 0.0 Cost of Risk formation bps (over net loans) Greece, € bn State 75 guaranteed 0.11 loans 67 13 57 58 12 14 53 0.19 0.20 Inflows 13 14 0.17 0.18 12 0.14 10 13 12 13 Cures & (0.09) (0.12) repayments (0.16) 49 (0.18) 43 CPs 32 (0.02) (0.08)
Slide 65: 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 170 334 80 70 32 102 4 18 8 (4) (29) (11) (28) (50) (186) (155) (284) (353) (192) (254) (461) (994) 2018 2019 2020 2021 2022 2023 Q1 Q2 Q3 Q4 Q1 2018 2
Slide 66: Auctions and repossession activity evolution
Auctions and repossession activity evolution Auctioned properties (Conducted) 1Q2025 ▪ The auction process continues to exhibit an upward trend. During 1Q2025, the volume of conducted auctions remained elevated, which is particularly notable 1.729 given the historically lower levels of auction activ
Slide 67: Detailed overview of asset quality by portfolio - Greece
Detailed overview of asset quality by portfolio - Greece (€ bn) Wholesale SBL Mortgages Consumer Total Gross loans 28.2 1.8 6.2 2.1 38.3 (-) Accumulated Provisions (0.2) (0.2) (0.2) (0.1) (0.7) Net loans 28.0 1.6 6.0 1.9 37.6 NPLs 0.1 0.2 0.5 0.1 0.9 NPL ratio 0.4% 11.8% 7.3% 6.6% 2.4% NPEs 0.2 0.3
Slide 68: Detailed overview of asset quality by portfolio - Group
Detailed overview of asset quality by portfolio - Group (€ bn) Wholesale SBL Mortgages Consumer Total Gross loans 29.2 1.8 6.8 2.1 40.0 (-) Accumulated Provisions (0.2) (0.2) (0.2) (0.1) (0.8) Net loans 29.0 1.6 6.6 2.0 39.2 NPLs 0.1 0.2 0.5 0.1 0.9 NPL ratio 0.3% 11.7% 7.0% 6.4% 2.3% NPEs 0.2 0.3 0
Slide 69: Pages
Pages • Business Update 3 • Financial Performance 14 Alpha Bank • Appendix ▪ ESG 22 ▪ Digital 31 ▪ Segmental Information 33 ▪ P&L 39 ▪ Balance Sheet 51 ▪ Asset Quality 63 ▪ Capital 69 69
Slide 70: Quarterly evolution in Capital
Quarterly evolution in Capital 0.2% FL CET1 q/q 0.8% 0.1% % (0.1%) (0.1%) (0.1%) (0.1%) (0.3%) 16.7% 16.3% 16.9% 16.3% 0.7% Organic Capital Generation Dec-24 Q1 25 DTA DTC RWAs AT1 coupon other capital Transactions CRR III Mar-25 Mar-25 post Mar-25 1 Organic elements impact dividend pro forma capita
Slide 71: Actuals and regulatory requirements
Actuals and regulatory requirements 30.3% 27.3% 22.7% 19.2% 16.9% 14.7% 30.3% 0.8% 27.3% 11.9% 2.0% CCyB 9.9% 0.6% 22.7% 1.5% 0.2% 19.2% P2R 1.7% 16.9% 1.0% O-S II 2.5% CCB Pillar 1 4.5% 1 1 1 1 Q1 2025 CET1 Q1 2025 CET1 Q1 2025 T1 Q1 2025 T1 Q1 2025 OCR Q1 2025 CAD 30.06.2025 MREL Q1 2025 MREL Requ
Slide 72: Regulatory Capital composition
Regulatory Capital composition Equity to regulatory capital bridge € mn 10.3% Tangible book value / Tangible Assets 7,652 7,223 (429) 1,028 6,750 700 5,722 (1,703) 5,022 (498) Ordinary Equity Intangibles Tangible DTA deduction Other CET1 AT1 & Hybrids Tier 1 Lower Tier II Total CAD Book Value 72
Slide 73: Group RWAs and Regulatory Capital
Group RWAs and Regulatory Capital Group Risk Weighted Assets evolution Credit Risk Weights per portfolio € bn % €0.61bn 100% 30.3 0.7 0.0 30.9 44% 43% 3.6 (0.1) 3.6 0.4 0.4 Performing Net NPE Total Loan Portfolio RWA Density 26.3 26.9 DTA & Tax Credit with CET1 Capital € bn CET1 5.0 5.0 3.0 3.0 Dec
Slide 74: Further progress towards meeting MREL Requirements
Further progress towards meeting MREL Requirements ▪ No subordinated MREL requirement ▪ Expect Alpha Bank to continue to be a regular issuer in the debt capital markets 30.27% 0.57% 6.70% ▪ MREL ratio as of 31.03.2025 stands at 29,26%, well above the interim non- 27.25% binding target of 01.01.2025
Slide 75: Glossary (1/4)
Glossary (1/4) 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 76: Glossary (2/4)
Glossary (2/4) 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 and Impairments & Gains/(Losses) on Impairment losses, provisions to cover credit
Slide 77: Glossary (3/4)
Glossary (3/4) Reference Terms Definitions Relevance of the metric Abbreviation number Non Performing Loan Total Accumulated Provisions and FV adjustments (1) plus the value of the NPL collateral, plus CET 1 deductions used to cover calendar provisioning NPL Total 34 Asset quality metric Coverage sh
Slide 78: Glossary (4/4)
Glossary (4/4) Reference Terms Definitions Relevance of the metric Abbreviation number 43 Profit/ (Loss) before income tax Operating Income (37) for the period less Total Operating Expenses (56) plus Impairment losses on loans (16), plus Other items (40) Profitability metric Profit/ (Loss) after inc
Slide 79: Alpha Bank Contacts
Alpha Bank Contacts Lazaros Papagaryfallou Vasileios Kosmas Deputy CEO CFO +30 210 326 2261 +30 210 326 2291 deputy.ceo@alpha.gr vgk-cfo-office@alpha.gr Iason Kepaptsoglou Stella Traka Selini Milioni Director Manager Senior Specialist Investor Relations Division Investor Relations Division Investor