Eurobank S.a. · ATHEX:EUROB
Eurobank — Eurobank Ergasias Services and Holdings — FY2024 Earnings Presentation
102 slides from Eurobank's earnings presentation, Feb 27, 2025
Slide 1: FY2024 results
FY2024 results 27 February 2025
Slide 2: Disclaimer
Disclaimer By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations: This presentation has been prepared by Eurobank Ergasias Services and Holdings S.A. (“Eurobank Holdings”) and its 100% subsidiary Eurobank S
Slide 3: Table of contents
Table of contents FY24 Operating Performance 4 2025-2027 Business Plan 11 FY24 results highlights 29 Regional Presence 36 Balance sheet 43 Profitability 51 Asset Quality 59 Capital 63 Sustainability 67 Macroeconomic update 79 Appendix I – Supplementary information 89 Appendix II - Glossary 97 3
Slide 4: FY24 Operating Performance
FY 2024 Results FY24 Operating Performance
Slide 5: 2024: Strong organic growth & transformational M&A
2024: Strong organic growth & transformational M&A RoTBV1 EPS 18.5% €0.39; up 25.8% y-o-y 1 Value creation Net Profit1 €1,484m; up 18.2% y-o-y Net Profit1 Hellenic Bank and CNP Cyprus 2 SEE €709m; up 51.4% y-o-y acquisitions completed 50% of 2024 Net Profit2 ; €674m total payout 3 Shareholders’ rewa
Slide 6: 2024: Strong organic growth & transformational M&A
2024: Strong organic growth & transformational M&A Balance sheet Wealth Management Performing loans Δ y-o-y Managed Funds Δ y-o-y 4 Volumes +€3.9bn +€2.1bn; +38% Deposits Δ1 y-o-y PB CAL2 Δ y-o-y +€6.2bn +€2.0bn; +18% 5 Capital CET1 15.7%3 CAD 18.5%3 NPE ratio NPE coverage 6 Asset Quality 2.9% 88.4%
Slide 7: Outperforming profitability targets
Outperforming profitability targets Core Operating Profit RoTBV1 TBV per share (€) +20% over target +350bps over target 2.40 1,782 0.09 DPS3 +21.1% +15.9% >1,500 18.5% €m 1,471 18.1% 15.0% 2.07 2.31 TBV/S FY23 FY24 2 FY24E FY23 FY24 2 FY23 FY24 FY24E 1. Adjusted net profit. 2. Estimates, according t
Slide 8: Outperforming balance sheet targets
Outperforming balance sheet targets Asset quality metrics Capital Position Coverage 86.4% 88.4% CET1 Target achieved despite -195bps impact from HB acquisition (60bps) 17.0% 17.0% 17.1% NPE <3.5% 3.5% ratio 2.9% 15.7% (140bps) 1 FY23 FY24E FY24 2 payout FY24 accrual3 post 1 payout FY23 FY24 FY24E ac
Slide 9: Shareholders’ Reward 2022-2024
Shareholders’ Reward 2022-2024 Cash dividend and share buy back (SBB) 2022-2024 (€ m) 1,110 382 SBB €1.1bn total shareholders’ reward equivalent to: 674 • € 30.4 cents /share4 728 Cash 288 Dividend • 12% of market cap5 386 342 94 FY22 1 FY23 2 FY24 3 Cumulative FY22-24 1. 1.4% HFSF share buy back, o
Slide 10: Outperforming 2024 financial goals
Outperforming 2024 financial goals FY23 FY24E1 FY24 Core Operating Profit2 €1.47bn >€1.5bn €1.8bn RoTBV3 18.1% c.15% 18.5% TBV/S €2.07 c.€2.30 €2.31 CET14 17.0% >17% 17.1%5 NPE ratio 3.5% <3.5% 2.9% Payout ratio 30% c.40% 50%6 1. Estimates according to March 2024 guidance. 2. Core Operating profit=
Slide 11: 2025-2027 Business Plan
FY 2024 Results 2025-2027 Business Plan
Slide 12: Business plan assumptions
Business plan assumptions GDP growth (%, 2024-2027) Interest Rates & other 2024E 2025E 2026E 2027E Greece, Cyprus and Bulgaria ECB DFR (EoP) 3.00% 2.00% 2.00% 2.00% continue outperforming the EU ECB DFR (Avg) 3.73% 2.53% 2.00% 2.00% Euribor 3M (Avg) 3.58% 2.44% 2.00% 2.00% Chart Title Inflation y-o-
Slide 13: Growth drivers and financial goals
Growth drivers and financial goals Sustainable Profitability & Organic growth & M&A actions high distribution capacity 2025-2027 CAGR Hellenic bank – Eurobank % RoTBV3 c.15% Cyprus merger to create the Loans c.+7.5% largest bank in Cyprus with throughout the period €28bn of assets1 % of SEE c.55% 20
Slide 14: TBV and payout scale up driven by sustainable returns
TBV and payout scale up driven by sustainable returns RoTBV1 TBV per share (€) Cumulative payouts (€bn) c.+100% 18.5% 18.1% c.3.20 c.15.0% >2.0 c.2.55 11.4% 2.31 1.1 2.07 8.2% FY21 FY22 FY23 FY24 FY25-27E FY23 FY24 FY25E FY27E 2022-24 2025-27 1. Adjusted net profit. 14
Slide 15: Capacity for additional M&As
Capacity for additional M&As Capital sources and deployment 2024-27 Excess Capital1 c.100 Strategic Optionality c.300 AT1 capacity c.200 Organic capital generation during 2024-27 supports: • c.€15.0bn of loan growth, 4yr Shareholders’ c.500 • €1.4bn capital invested for M&A actions & reward3 • c.€2.
Slide 16: Strengthening regional presence
Strengthening regional presence Assets c.€110bn 56% 26% 14% Net Profit1 Greece Cyprus ≥ €1.5bn Bulgaria 17% 28% Lux 34% Net Loans Deposits c.€60bn 43% 53% c.€85bn 63% 17% 21% 14% Note: 2027E figures. 1. Adjusted net profit. 16
Slide 17: Hellenic Bank: Merger with Eurobank Cyprus & Synergies
Hellenic Bank: Merger with Eurobank Cyprus & Synergies Merger roadmap Synergies 2025-2027 (€ m) c.40% in 2025 c.20 c.120 c.25 c.20 Mandatory tender offer 1Q25 c.25 c.30 Squeeze-out & Delisting 2Q25 Timeline OpEx Interest Inc. Funding CNP Fees Total 3yr Merger approvals 2Q25 Legal Merger 3Q25 OpEx: F
Slide 18: Wealth management: at the core of our strategy
Wealth management: at the core of our strategy HR and IT investments Open architecture model • Strengthening RMs workforce Strategic partnerships with leading Global • New IT system in Cyprus & Luxembourg Asset Managers New Markets Multiple servicing points Explore opportunities in SEE & Eastern Med
Slide 19: Robust operating profit across the cycle
Robust operating profit across the cycle (173bps) 3.73% 3.38% 2.53% 2.00% 2350 0.13% ECB DFR (avg) -0.50% c.€1.9bn 1850 €1.8bn c.€1.7bn €1.5bn 1350 41% 55% 32% 32% 50% €0.9bn 850 68% 68% 59% 33% 45% €0.5bn 50% 39% 67% Core 350 SEE Operating 61% Profit Greece -150 FY21 FY22 FY23 FY24 FY25E FY27E 19
Slide 20: 2025 – 2027 financial goals
2025 – 2027 financial goals FY24 FY25E FY27E Core Operating Profit1 €1.8bn c.€1.7bn c.€1.9bn RoTBV2 18.5% c.15.0% c.15.0% Payout ratio3 50% ≥ 50% ≥ 50% TBV/S €2.31 c.€2.55 c.€3.20 CET15 15.7%4 c.15.8% c.16.0% 1. Core Operating profit= Core PPI minus loan loss provisions. 2. Adjusted net profit. 3. I
Slide 21: Assets growth
Assets growth Loans (organic Δ)1 Investment securities (€ bn) Over Assets 22% 22% >23% (€ bn) 2024 2025E 2025-27E CAGR(%) Retail (0.1) 0.3 1.2 3.5 >25.0 Corporate 2.9 1.6 4.8 8.0 22.5 c.23.0 Greece 2.8 c.1.9 c.6.0 c.6.0 Retail 0.8 0.8 2.4 9.0 Corporate 0.3 0.8 2.8 10.0 SEE 1.1 c.1.6 c.5.2 c.9.5 o/w
Slide 22: Funding & Liquidity
Funding & Liquidity MREL issuances Liquidity Δ (€ bn) 2024 2025E 2025-27E Deposits New 2.5 c.2.0 c.4.6 Group c. 3.0% CAGR o/w Senior 2.2 1.11 3.3 • Greece c. 1.5% CAGR o/w Tier II 0.3 1.02 1.3 • Int’l c. 4.0% CAGR Calls (0.5) c.(1.1) c.(2.5) o/w Senior (0.5) 0.0 (1.0) Net Loans to Deposits o/w Tier
Slide 23: Loan and Deposit Spreads
Loan and Deposit Spreads Performing loan spreads1 (bps) Deposit spreads (bps) FY24 FY25E Δ 3yr FY24 FY25E Δ 3yr Greece 248 c.240 c.(30) Greece 279 c.190 c.(100) o/w Corporate 211 c.185 c.(45) SEE 205 c.160 c.(45) SEE 253 c.260 c.+30 Group 250 c.175 c.(80) Group 250 c.245 c.(5) Time/ total (%) FY24 F
Slide 24: Net Interest Income
Net Interest Income ECB DFR (avg) 3.73% 2.53% 2.00% c.€2.7bn NII evolution (€ m)1 €2.5bn c.220 c.€2.5bn c.140 2025 NII Sensitivity: c.(240) c.(85) c.(25) ±25bps Euribor 3M4: €40m FY24 Δ Rates, Δ Volumes 2 Δ MREL Δ other Δ HB 3 FY25E FY27E spreads & deposit betas 1. Income basis. 2. Including loans,
Slide 25: Fee and commission income
Fee and commission income Fees (€m) Fees / Assets (bps) c.850 666 c.740 c.85 82 c.82 c.80 c.75 FY24 FY25E FY27E 73 Greece Δ CAGR c.+8% Group c.850 FY24 FY25E FY27E 666 Fees / Income (%) c.+30% c.+10% c.28 c.25 24 c.24 c.22 Δ Retail FY27E Δ Wealth mng & FY24 Δ Lending Δ Rental & other Insurance 21 Gr
Slide 26: Operating Expenses
Operating Expenses OpEx (€ m) Organic CAGR <5% c.1,330 c.110 c.25 c.20 c.5 c.1,230 Cost to core Income to remain <40% 1,071 throughout the period 2025-27 Group IT and Digital investments 2025-27: c.€520m 1 2 FY27E FY24 FY25E Δ HB Δ IT costs Δ HR costs Δ G&A & other costs Digital IT & other initiativ
Slide 27: Asset quality metrics
Asset quality metrics NPE ratio NPE coverage 3.5% 2.9% c.2.8% 86.4% 88.4% c.75.0% c.2.5% FY23 FY24 FY25E FY27E FY23 FY24 FY25E-FY27E CoR1 0.85% 0.69% c.0.60% c.0.50% FY23 FY24 FY25E FY27E 1. On net loans. 27
Slide 28: Capital plan
Capital plan c.250bps c. 17.0% >17.0% (c.80bps) (c.10bps) 15.7%1 (c.30bps) c.15.8%4 c.16.0%4 c. 330bps buffer CET1 over OCR FY24 Organic capital Asset growth CNP Basel IV FY25E FY27E OCR generation 3 RWAs €49bn €52bn €59bn Payout accrual2 1. Pro forma Solar securitization & Leon NPE transactions & s
Slide 29: FY24 results highlights
FY 2024 Results FY24 results highlights
Slide 30: FY24 results highlights: Profitability
FY24 results highlights: Profitability ❑ Adjusted Net Profit €1,484m in FY24 P&L (€ m) 4Q24 3Q24 Δ(%) FY24 FY23 Δ(%) Net interest income 677.3 697.7 (2.9) 2,507.0 2,173.7 15.3 ❑ FY24 RoTBV1 at 18.5% Commission income 215.3 167.8 28.3 665.8 543.8 22.4 Other Income (2.3) 26.0 n.a. 69.2 85.9 (19.4) ❑ T
Slide 31: FY24 results highlights: Balance Sheet
FY24 results highlights: Balance Sheet Capital ▪ FY24 CET1 at 15.7%1,7, including Δ y-o-y: Key Balance sheet ratios ▪ Organic capital generation (c.+310bps) ▪ Asset Growth (c.-150bps) Group (%) 4Q24 3Q24 2Q24 1Q24 4Q23 ▪ Hellenic Bank acquisition (-195bps) Capital7 ▪ FY24 Dividend accrual (c.-140bps
Slide 32: Diversified income stream
Diversified income stream Contribution to Net Loans Deposits Wealth Mng Net Profit1 Contribution to Assets (€ bn) Group assets (€ bn) (€ bn) (€ bn) (€m) Group Net profit Greece 58.8 58% 33.7 43.3 12.4 775 52% 27.5 27% 8.7 23.6 4.0 485 33% Cyprus Bulgaria 11.5 11% 7.6 8.8 0.1 208 14% 3% 2% Lux 3.2 0.
Slide 33: NII and fees year-on-year bridges
FY23 2,174 Δ Loans 203 Δ Deposits (201) Δ NII (y-o-y, € m)1 Δ Bonds 116 Core Income Δ Central banks 58 Δ MREL & Tier II Δ Hedging (86) (43) 2 Δ other (9) FY24 NII excl. HB 2,212 +1.8% 1. Analysis based on gross income. 2. Including Repos and Money Market Δ ΗΒ 295 FY24 2,507 +15.3% FY23 544 Δ Lending
Slide 34: Profitability
Profitability Core PPI and Provisions (€ m) Core Operating Profit2 (€ m) +3.8% +15.7% +7.0% +21.1% 1,782 2,101 1,575 1,885 1,471 Core PPI 1,816 FY23 FY24 excl. HB FY24 Profit before Tax3 (€ m) Loan Loss +5.5% +26.0% (345) (310) (319) Provisions FY23 FY24 excl. HB FY24 1,952 1,550 1,574 CoR1 85 73 69
Slide 35: Capital & TBV
Capital & TBV CET11 TBV per share (€) 16.9% +15.9% 16.1% 15.7%2 2.40 2.27 0.09 DPS 2.31 TBV/S 4Q23 3Q24 4Q24 2.07 CAD1 20.1% 19.3% 18.5%2 4Q23 3Q24 4Q24 4Q23 3Q24 4Q24 1. Post Payout accrual. Including period profits, subject to AGM approval. Payout subject to regulatory approval. 2. Pro forma Solar
Slide 36: Regional Presence
FY 2024 Results Regional Presence
Slide 37: Hellenic Bank key P&L metrics
Hellenic Bank key P&L metrics1 FY24 Highlights Core PPI (€ m) Net profit €383m, up 4.7% y-o-y ▪ Core PPI at €395m, up 8.4% y-o-y 111 99 103 101 ▪ NII up 11.7% y-o-y at €599m 91 ▪ FY24 NIM at 3.31% ▪ Commission income down 4.1% y-o-y at €70m ▪ Cost – to – income3 at 36.1% 4Q23 1Q24 2Q24 3Q24 4Q24 Net
Slide 38: Hellenic Bank key B/S metrics
Hellenic Bank key B/S metrics1 Gross loans (€ bn) Key metrics 6.2 6.2 6.1 6.0 5.8 other 4Q24 3Q24 2Q24 1Q24 4Q23 2.5 2.5 Assets (€ bn) 18.4 17.6 17.5 19.8 20.1 2.5 2.4 2.3 NFCs 2 Net loans (€ bn) 5.7 5.9 6.0 6.0 6.0 3.5 3.5 3.5 3.4 3.4 Capital Households CET13 (%) 28.7 28.3 26.6 24.6 22.8 4Q23 1Q24
Slide 39: Eurobank Cyprus key P&L metrics
Eurobank Cyprus key P&L metrics FY24 Highlights Core PPI (€ m) Net profit1 €210m; up 5.2% y-o-y ▪ Core PPI up 2.0% y-o-y at €260m 71 67 66 65 63 ▪ NII stable y-o-y at €273m ▪ FY24 NIM at 3.02% ▪ Commission income up 8.7% y-o-y at €43m ▪ Cost – to – core income at 17.6% 4Q23 1Q24 2Q24 3Q24 4Q24 NPEs
Slide 40: Eurobank Cyprus key B/S metrics
Eurobank Cyprus key B/S metrics Gross loans (€ bn) Key metrics 2.8 2.9 2.8 2.7 2.8 0.2 0.3 0.3 4Q24 3Q24 2Q24 1Q24 4Q23 0.2 0.2 Retail Assets (€ bn) 9.3 8.9 9.6 8.8 8.6 2.5 2.6 2.6 2.7 Net loans (€ bn) 2.9 2.8 2.7 2.7 2.7 2.5 Business Capital CET1 (%)1 37.4 38.4 36.0 34.7 34.1 4Q23 1Q24 2Q24 3Q24 4Q
Slide 41: Bulgaria key P&L metrics
Bulgaria key P&L metrics1 FY24 Highlights Core PPI and provisions (€ m) Net profit2 €208m, up 9.5% y-o-y ▪ Core PPI at €287m, up 22.8% y-o-y 73 74 73 Core 65 68 PPI ▪ NII up 22.0% y-o-y at €394m ▪ FY24 NIM at 3.74% ▪ Commission income up 9.0% y-o-y at €83m (15) (13) (12) (12) (12) Provisions ▪ Cost
Slide 42: Bulgaria key B/S metrics
Bulgaria key B/S metrics1 Gross loans (€ bn) Key metrics 7.4 7.8 Business 4Q24 3Q24 2Q24 1Q24 4Q23 6.7 6.9 7.1 3.5 Assets (€ bn) 11.5 10.6 10.4 10.2 9.8 3.2 3.3 3.3 3.2 Net loans (€ bn) 7.6 7.2 6.9 6.7 6.5 Mortgages 1.9 2.0 2.1 2.2 2.4 Capital 1.7 1.7 1.8 1.9 1.9 Consumer CET1 (%)2 19.4 20.3 19.8 19
Slide 43: Balance sheet
FY 2024 Results Balance sheet
Slide 44: Balance sheet composition
Balance sheet composition Assets (€ bn) Liabilities and Equity (€bn) 101.2 101.2 Net loans 51.0 Deposits 78.6 Investment Securities 22.5 Loans & advances to banks 2.2 Wholesale funding 7.6 Tier I & II 1.9 Cash & Central banks 16.1 Other3 4.2 Investment property 1.4 DTA1 3.8 Equity 8.9 PP&E, intangib
Slide 45: Securities portfolio
Securities portfolio Breakdown per issuer Breakdown per classification Trading & other, 3% FVOCI, 18% CLOs (AAA), 8% Trading & € 22.5bn other, 3% Amortized Cost, 79% Covered Bonds; 12% Greek Sovereign, 26% € 22.5bn Amortized cost breakdown Financial Institutions, 13% Financial Insitutions, 16% Cover
Slide 46: Gross Loans
Gross Loans Breakdown by country (€ bn) Breakdown by type (€ bn) Organic1 growth +€3.9bn in FY24 (+10.6% y-o-y); +€1.8bn q-o-q 52.3 52.3 50.4 Lux 50.4 4.42 Cyprus 4.4 Senior Notes 8.8 42.8 42.7 43.5 8.7 42.8 42.7 43.5 2.8 2.7 2.8 4.5 4.3 4.3 7.8 Bulgaria 6.7 7.1 7.4 6.9 Business 29.2 30.9 25.0 25.1
Slide 47: Deposits
Deposits Breakdown by country (€ bn) Time / Total 35% 36% 37% 36% 36% Group Deposits1 up €6.2bn in FY24 (+10.8% y-o-y); +€4.0bn q-o-q 32% 32% 33% 32% 33% Greece 78.6 74.6 Lux 4Q23 1Q24 2Q24 3Q24 4Q24 23.6 Cyprus 57.4 57.3 58.6 22.5 7.1 7.2 7.5 8.8 Bulgaria Breakdown by customer 8.0 8.2 8.3 8.4 40.0
Slide 48: Liquidity
Liquidity Net loans / Deposits ratio Net ECB position (€ bn) 72.3% 72.5% 7.1 7.7 7.6 14.2 16.1 72.0% 65.8% 64.8% Cash 17.4 16.1 10.9 10.7 10.7 4Q23 1Q24 2Q24 3Q24 4Q24 (3.8) (3.0) (3.1) (3.1) Funding FY23 1Q24 1H24 9M24 FY24 Liquidity coverage ratio (LCR) HQLAs1 Cash , Level 2 Assets, 3% 1% 187.1% 1
Slide 49: MREL position
MREL position MREL (% RWAs) MREL buffer of 160bps ▪ 4Q24 MREL ratio at 29.4%, pro forma for the year-to-date issuances of Tier 2 of ca €600m1 and Senior Preferred Bond of €350m 29.4 27.8 ▪ Updated final MREL target of 27.8%2 to be applicable from 2Q25; Senior preferred 4.3 CBR2 10.1 After Hellenic B
Slide 50: Wealth Management
Wealth Management Managed Funds (AuM, € bn) Private Banking (CAL1 per jurisdiction, € bn) +18% +38% 7.7 12.8 13.0 7.1 12.2 6.9 11.7 11.0 6.3 5.2 5.4 Greece 5.6 5.0 5.0 4.8 5.9 5.2 5.4 Own Mutual Cyprus 4.7 Funds 4.3 3.9 3.9 3.5 3.8 3.2 3rd Party Mutual Luxembourg Funds 0.9 1.0 1.1 1.2 3.1 3.3 3.4 3.
Slide 51: Profitability
FY 2024 Results Profitability
Slide 52: Performing Loan spreads & rates
Performing Loan spreads & rates Client rates (Greece, bps) Lending spreads (Greece, bps)1 4Q23 1Q24 2Q24 3Q24 4Q24 4Q23 1Q24 2Q24 3Q24 4Q24 Corporate 646 641 619 592 554 Corporate 233 228 212 207 200 Retail 627 622 614 597 556 3M avg Euribor 396 392 381 356 300 Consumer 995 985 1,018 1,006 1,003 6M
Slide 53: Net Interest margin & deposit spreads
Net Interest margin & deposit spreads Net Interest margin (bps) Deposit spreads (Greece, bps) 4Q23 1Q24 2Q24 3Q24 4Q24 Savings & Sight 386 387 378 355 303 346 334 333 Time 146 135 123 118 98 327 SEE 312 Total 312 306 295 279 238 290 287 Group 279 281 1M avg Euribor 385 386 377 355 305 270 270 270 Gr
Slide 54: Net Interest Income
Net Interest Income NII breakdown (€ m)1 Δ NII (q-o-q, € m)1 FY24 NII up 15.3% y-o-y (+1.8%2) 3Q24 698 4Q23 1Q24 2Q24 3Q24 4Q24 Δ Loans (17) Loans 580 589 583 662 645 Bonds 151 157 159 201 202 Δ Bonds 1 Central banks 56 59 63 107 100 Money Market & (2.9)% (16) (17) (17) (16) (6) Δ Central banks (8)
Slide 55: Commission Income
Commission Income Commission income breakdown (€ m) Commission income per region (€ m) Fees/ assets FY24 commission income up 22.4% y-oy (+13.5%1) (bps) 71 68 73 68 86 215 215 60bps / assets Lending 62 168 75 168 SEE 147 147 141 40 141 136 136 57 39 33 40 33 33 33 Network transactions 103bps / 76 71
Slide 56: Operating expenses
Operating expenses OpEx per region (€ m) OpEx breakdown (Greece, € m) FY24 Group OpEx +18.8% y-o-y (+3.4%1) 644 663 297 317 Depreciation 89 92 229 229 228 138 SEE 132 66 IT 69 71 68 58 180 142 148 Administrative 160 158 160 165 Greece 4Q23 1Q24 2Q24 3Q24 4Q24 338 359 Staff Cost –to- core income (%)
Slide 57: Pre-provision income (PPI)
Pre-provision income (PPI) Core PPI and other income (€ m) Δ Core PPI (q-o-q, € m) 55 48 (2) 26 (2) Other income 568 575 650 484 478 480 48 145 143 149 261 247 SEE 600 568 575 (20) 339 335 331 328 Greece 550 (20) 308 500 4Q23 1Q24 2Q24 3Q24 4Q24 450 PPI per region (€ m) 400 350 3Q24 Core PPI Δ NII 4
Slide 58: Core Operating Profit
Core Operating Profit Δ Core Operating Profit (y-o-y, € m) Core Operating Profit per region (€ m) +7.0% +21.1% +23.0% Core 1,471 1,575 1,782 Operating Profit 2,101 485 217 483 74 1,885 Lux 1,816 39 Core PPI (43 ) 407 407 394 151 182 Cyprus 63 64 69 55 61 50 62 60 Bulgaria 265 280 270 235 Greece 259
Slide 59: Asset Quality
FY 2024 Results Asset Quality
Slide 60: Asset quality metrics
Asset quality metrics NPEs formation1 (€ m) NPEs ratio (%) Δ NPEs stock (540) (212) 37 1244 68 (q-o-q, €m) 59 66 50 47 3.5% SEE 3.1% 3.0% 2.9% 2.9% Greece 4Q23 1Q24 2Q24 3Q243 4Q24 3 (29) 4Q23 1Q24 2Q24 3Q24 4Q24 Loan loss provision (€ m) NPE coverage (%) 88 68 69 70 72 Cost of Risk2 120 (bps) 90 85
Slide 61: NPE metrics (Group)
NPE metrics (Group) 90dpd bridge to NPEs (€ bn) NPEs per region Provisions & NPE Total NPEs NPE ratio collaterals / 0.3 1.5 coverage NPEs 0.5 (€ m) (%) (%) (%) 0.8 Consumer 78 4.5 137.9 138 (1.4) Mortgages 302 4.1 135.8 225 0.2 Small Business 243 8.7 74.2 146 Corporate 540 2.4 63.8 139 2 90dpd NPF 0
Slide 62: Loans’ stage analysis (Group)
Loans’ stage analysis (Group) Loans’ stage breakdown Provisions stock over NPEs (€ bn) 4Q23 1Q24 2Q24 3Q24 4Q24 92.6% 93.2% 89.9% 88.4% Stage 1 36.3 36.5 37.3 43.7 45.5 86.4% Stage 2 4.9 4.9 4.8 4.9 4.9 Stage 3 1.5 1.3 1.3 1.5 1.5 (NPEs) 2 Total 42.8 42.7 43.4 50.2 52.11 4Q23 1Q24 2Q24 3Q24 4Q24 Sta
Slide 63: Capital
FY 2024 Results & EUROBANK Holdings Capital
Slide 64: Capital ratios (CET1, y-o-y)
Capital ratios (CET1, y-o-y) 44bps 85bps 342bps (32bps) (150bps) 17.1%2 16.1%1 (195bps) 15.7%2 (137bps) 3 FY23 Restructuring FY24 FY24 Adj. Net Other FY24 Payout HB acquisition Ratings & other Asset Growth Payout Accrual 4 Accrual FY24 post regulatory Profit costs 1. Post dividend accrual 2 Pro form
Slide 65: Capital ratios (CET1, q-o-q)
Capital ratios (CET1, q-o-q) 70bps 17.8%2 (44bps) 17.1%3 (89bps) (5bps) 15.7%3 (137bps) 2024 OCR 12.5% 1 1 4Q24 Other Asset Growth 3Q24 4Q24 Adj. 4Q24 post Net Profit 1 acquisition FY24 Payout Dividend Accrual 6 Accrual HB RWAs 47,956 0 1,2464 74 (138)5 49,138 0 49,138 (€ m) Capital 8,520 340 0 (419
Slide 66: Capital ratios (CAD, q-o-q)
Capital ratios (CAD, q-o-q) 70bps 20.9%2 (55bps) 19.9%3 Tier II 3.1% 18.5%3 (103bps) (19bps) c.(137bps) 2.8% 17.8% CET1 2024 CAD OCR 15.7%3 15.2% 1 Other 4Q24 Asset Growth FY24 Payout 4Q24 Adj. Net Profit acquisition 4Q24 post 3Q24 1 6 accrual payout accrual HB RWAs 47,956 0 1,2464 74 (138) 49,138 4
Slide 67: Sustainability
FY 2024 Results Sustainability https://www.eurobankholdings.gr/en/esg-environment-society-governance
Slide 68: Highlights of 2024
Highlights of 2024 Annual Highlights Sustainability Reporting Timeline April 2024 ✓ Consolidated Pillar III Report 2023- ESG Risk Disclosures ❖ Joined the Net Zero Banking Alliance (NZBA), reinforcing its dedication to aligning its loan and investment portfolios with May 2024 the objective of achiev
Slide 69: Operational Impact Strategy – Commitments & Annual Achievements (1/3)
Operational Impact Strategy – Commitments & Annual Achievements (1/3) Commitments Achievements • 95% of leased vehicles are plug-in/electric (new contracts) • Eurobank certified its new Headquarters Building with LEED (Gold) • 98% of total electricity consumed was sourced from Renewable Energy Sourc
Slide 70: Operational Impact Strategy – Commitments & Annual Achievements (2/3)
Operational Impact Strategy – Commitmets & Annual Achievements (2/3) Commitments Achievements Embed a diverse and inclusive • UN Women Empowerment Principles (WEPs) endorsement, promoting gender equality in the workplace internal environment by 2030 • Launch of training programmes to promote Inclusi
Slide 71: Operational Impact Strategy – Commitments & Annual Achievements (3/3)
Operational Impact Strategy – Commitments & Annual Achievements (3/3) Commitments Achievements • New Management System Certification attained in December 2024 as per ISO 20400 Intensify sustainability in procurement practices by 2024 • Activation and monitoring of the Supplier Code of Conduct and Et
Slide 72: Financed Impact Strategy – Key Targets
Financed Impact Strategy – Key Targets Targets Status As of 31/12/2024 €2 billion in new green disbursements to corporates by 2025 (for 2023-2025 period) c. €2 bn 20% of the annual new Corporate & Investment Banking (CIB) portfolio disbursements to be classified as green/ environmentally 21% sustain
Slide 73: Financed Impact Strategy – Key Achievements
Financed Impact Strategy – Key Achievements Sustainability ✓ Implementation of Group’s Sustainability Strategy for 2024, including new green targets as part of our Financed Impact Strategy Strategy ESG Risk ✓ Roll out of ESG Risk Assessment process for our corporate clients leveraging on Interbank E
Slide 74: Financed Impact Strategy – Portfolio Decarbonisation
Financed Impact Strategy – Portfolio Decarbonisation Key enablers to advance decarbonization: Following the guidelines of the NZBA, the Group is committed to reducing Transition pathways for corporate clients, financed emissions from the most carbon-intensive and influential sectors. Transition to a
Slide 75: Financed Impact Strategy – Further advancing in sustainable business
Financed Impact Strategy – Further advancing in sustainable business Green Loans Disbursements (€ bn) Accelerate transition to a sustainable economy – Key Highlights +71% ✓ Successfully issued inaugural Green Senior Preferred Notes in 1.3 the amount of €850m, marking a significant step towards susta
Slide 76: Financed Impact Strategy – Key Figures
Financed Impact Strategy – Key Figures FY 2024 * FY 2023 Key Areas Key Figures Metric Metric Changes 2.6% 2.5% +0.1% GAR Taxonomy-aligned Exposure € 1.9bn € 1.5bn € +0.4bn GAR & Taxonomy alignment Of which Non-Financial Corporations € 1.8bn € 1.5bn € +0.3bn Of which Financial Corporations € 0.1bn €
Slide 77: Sustainability Ratings
Sustainability Ratings Previous Latest Progress Sustainalytics 10.6 9.7 Sustainability Ratings MSCI A A S&P 52 56 CDP B B Specially with respect to Sustainalytics, Eurobank has been ranked in the best risk category "Negligible“ during the latest ESG assessment by the internationally renowned Morning
Slide 78: Sustainability Distinctions
Sustainability Distinctions Distinctions • TIME Magazine – “World's Best Companies in Sustainable Growth 2025” • Eurobank received the distinction of The Best Bank for Sustainable Finance in Greece for 2025 this year, for the 3rd consecutive year, as well as the distinction of The Best Bank in Greec
Slide 79: Macroeconomic update
FY 2024 Results Macroeconomic update
Slide 80: Macro developments and outlook
Macro developments and outlook ▪ Expected growth in Greece at 2.2% and 2.3% in 2024 and 2025 respectively, continuing to over-perform the Euro Area (9M24 2.3% y-o-y vs 0.6% y-o-y in the Euro Area); Economic Sentiment Indicator at 108.6 in Jan-25, vs 95.3 in the Euro Area ▪ 12-month average annual in
Slide 81: Real GDP growth remained robust in Jan-24 to Sep-24
Real GDP growth remained robust in Jan-24 to Sep-24, overperforming compared to the Euro Area Sources: ELSTAT, Eurostat, Eurobank Research 81
Slide 82: Domestic Labour Market
Domestic Labour Market The unemployment rate continues to decline amid labor Employment remains on an upward trajectory shortages, still the 2nd highest in the Euro Area contributing positively to households’ disposable income Long term unemployment decreases, still above the Recovery of productivit
Slide 83: Selected indicators of domestic economic activity
Selected indicators of domestic economic activity ESI decreases marginally at the end of 2024, still above its Operating conditions in manufacturing improve; long-term average; higher relative to the EA higher relative to the EA Manufacturing production decelerated at the end of The drop in retail t
Slide 84: Real estate prices: strong growth continues
Real estate prices: strong growth continues Index of Apartment Prices Index of Retail and Office Prices 3Q07 – 3Q24 1H11 – 1H24 Source: BoG 84
Slide 85: Fiscal and current account balances
Fiscal and current account balances ▪ GG primary surplus of 2.1% of GDP in 2023; expected at 2.9%, 2.9% & 3.2% in 2024, 2025 & 2026 respectively (EC, Autumn Forecasts 2024), at 2.4% of GDP in 2027 and 2028 (MTFS25-28) ▪ Current account deficit at 6.2% of GDP in 2023, from -10.2% in 2022; at €15.1bn
Slide 86: Sovereign debt profile
Sovereign debt profile General Government gross public debt ▪ According to EC Autumn Forecasts, Greece's Gross Public Debt is (% of GDP, ESA terms) projected to decrease to 153.1% in 2024, 146.8% in 2025, and 142.7% in 2026—down from 163.9% in 2023 and a peak of 209.4% in 2020. ▪ The debt figures in
Slide 87: Cyprus
Cyprus ▪ Annual GDP growth deceleration to 2.9% in 4Q24, from 3.6% in 3Q24, FY2024 growth to 3.4%, up from 2.5% in 2023; driven by household consumption, on the back of low unemployment (5.0%, 16-year low in 1Q-3Q24), and improved net exports, due to higher exports of services- fewer imports of good
Slide 88: Bulgaria
Bulgaria ▪ Real GDP growth accelerated to 3.1% in 4Q24, a 2-year high; FY2024 growth to 2.5%, up from 1.9% in 2023; European Commission (November 2024) forecasts acceleration in 2025 and 2026, to 2.9% and 3.0%, respectively ▪ Minimal gap from the inflation reference value for euro access in Dec-24 (
Slide 89: Appendix I – Supplementary information
FY 2024 Results Appendix I – Supplementary information
Slide 90: Credit ratings
Credit ratings Greek Sovereign Credit Eurobank Long Term Eurobank Outlook Rating Ba1 Baa2 Positive BBB- BBB- Stable BBB- BB+ Positive BBB low BBB low Stable Note: Moody’s: Long term senior unsecured debt rating of Eurobank S.A. 90 S&P Global Ratings, Fitch Ratings, Morningstar DBRS: Long term issuer
Slide 91: Group performance
Group performance ERB HB GROUP ERB GROUP P&L (€ m) FY23 FY24 Δ (%) Net Interest Income 2,173.7 2,212.4 294.6 2,507.0 1.8 15.3 Fees & Commissions 543.8 617.4 48.3 665.8 13.5 22.4 Core Income 2,717.5 2,829.8 343.0 3,172.8 4.1 16.8 Other Income 85.9 29.7 39.5 69.2 (65.4) (19.4) Operating Income 2,803.4
Slide 92: Summary performance
Summary performance Balance sheet – key figures Income statement – key figures €m 4Q24 3Q24 €m 4Q24 3Q24 Gross customer loans 52,245 50,351 Net interest income 677.3 697.7 Provisions (1,309) (1,256) Commission income 215.3 167.8 Loans FVTPL 19 11 Operating income 890.3 891.4 Net customer loans 50,95
Slide 93: Consolidated quarterly financials – Income statement
Consolidated quarterly financials – Income statement (€ m) 4Q24 3Q24 2Q24 1Q24 4Q23 Net Interest Income 677.3 697.7 560.9 571.1 572.8 Commission income 215.3 167.8 147.1 135.6 140.8 Other Income (2.3) 26.0 (2.1) 47.7 55.5 Operating Income 890.3 891.4 705.9 754.5 769.0 Operating Expenses (317.2) (297
Slide 94: Consolidated quarterly financials – Balance sheet
Consolidated quarterly financials – Balance sheet (€ m) 4Q24 3Q24 2Q24 1Q24 4Q23 Consumer Loans 4,535 4,482 3,615 3,516 3,436 Mortgages 12,474 12,325 9,791 9,736 9,942 Household Loans 17,008 16,807 13,406 13,251 13,377 Small Business Loans 3,586 3,537 3,353 3,375 3,484 Corporate Loans 27,307 25,653
Slide 95: Consolidated financials
Consolidated financials Income Statement (€ m) FY24 FY23 Δ y-o-y (%) Net Interest Income 2,507.0 2,173.7 15.3 Commission income 665.8 543.8 22.4 Other Income 69.2 85.9 (19.4) Operating Income 3,242.0 2,803.4 15.6 Operating Expenses (1,071.4) (901.9) 18.8 Pre-Provision Income 2,170.6 1,901.6 14.1 Loa
Slide 96: SEE operations key figures – 4Q24
SEE operations key figures – 4Q24 Bulgaria HB ERB Cyp Lux Sum Assets 11,529 18,262 9,273 3,240 42,304 Gross loans 7,799 5,829 2,931 921 17,480 Balance Sheet Net loans 7,601 5,787 2,874 921 17,183 (€m) NPE loans 193 99 69 0 361 Deposits 8,815 15,658 7,889 2,944 35,306 CAD1 21.1% 32.1% 37.4% 23.3% Cor
Slide 97: Appendix II – Glossary
FY 2024 Results Appendix II – Glossary
Slide 98: Glossary – Definition of Alternative Performance Measures
Glossary – Definition of Alternative Performance Measures (APMs) & other selected financial measures / ratios This document contains financial data and measures as published or derived from the published consolidated financial statements which have been prepared in accordance with International Fina
Slide 99: Glossary – Definition of Alternative Performance Measures
Glossary – Definition of Alternative Performance Measures (APMs) & other selected financial measures / ratios Adjusted net profit: Net profit/loss from continuing operations excluding restructuring costs, goodwill impairment / gain on acquisition, gains/losses related to the transformation plan and
Slide 100: Glossary – Definition of Alternative Performance Measures
Glossary – Definition of Alternative Performance Measures (APMs) & other selected financial measures / ratios Fees & commissions over assets ratio: The total of net banking fee and commission income & income from non banking services of the reported period divided by the average balance of continued
Slide 101: Glossary – Definition of Alternative Performance Measures
Glossary – Definition of Alternative Performance Measures (APMs) & other selected financial measures / ratios NPEs Coverage ratio: Impairment allowance for loans and advances to customers and ECL allowance for credit related commitments (off balance sheet items), divided by NPEs at the end of the re
Slide 102: Investor Relations contacts
Investor Relations contacts Dimitris Nikolos +30 214 4058 834 dnikolos@eurobankholdings.gr Yannis Chalaris +30 214 4058 832 ychalaris@eurobankholdings.gr Christos Stylios, CFA +30 214 4058 833 cstylios@eurobankholdings.gr Investor Relations Division +30 214 4058 834 investor_relations@eurobankholdin
Eurobank Ergasias Services and Holdings — FY2024 Earnings Presentation on 6ix