National Bank Of Greece S.a. · ATHEX:ETE
National Bank Of Greece — Q3 2025 Earnings Presentation
50 slides from National Bank Of Greece's earnings presentation, Nov 6, 2025
Slide 1: 3Q25 Financial Results
3Q25 Financial Results 6 November 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 standing out
01 Highlights NBG standing out Leading Franchise Financial Strength Most trusted bank in Greece, with a long history and the largest savings Robust and resilient profitability absorbing rate cuts, deposit franchise underpinned by a loyal client base generating 15.6% RoTE¹ in 9Μ25 (16.1% reported) de
Slide 5: 9M25 solid performance supports FY25 guidance
01 Highlights 9M25 solid performance supports FY25 guidance CORE INCOME RESILIENCE SOLID PROFITABILITY RoTE 15.6% 2 NIM Fees PAT at EPS 1 284bps +14% yoy c€1.0b 3 €1.40 2 FY25 target at >280bps (+8% yoy reported) (16.1% reported) FY25 target c€1.4 3Y CAGR target >8% FY25 target >15% GROWING BALANCE
Slide 6: 9M25 PAT at c€1b, reflecting income resilience
01 Highlights 9M25 PAT at c€1b, reflecting income resilience PAT¹ | € m NII | € m TBVPS | € 7.4 8.4 9.2 NIM | bps 294 323 284 3M Eur avg | bps 327 376 222 1,063 979 916 1,640 1,782 1,606 9M23 9M24 9M25 9M23 9M24 9M25 Fees | € m Cost of Risk | € m Fees / Assets | bps 49 57 60 CoR | bps 66 54 41 37bps
Slide 7: Resilient profitability results in higher distributions; €200m interim dividend in November
01 Highlights Resilient profitability results in higher distributions; €200m interim dividend in November Income & PAT | € m EPS¹ & Payout | € P/E 25E 9.0x² Stoxx Banks FY25E 9.5x 3 €1.40 EPS¹ 1.34 1.41 1.55 1.56 1.44 normalized Total 2,176 2,092 for 1H25 Income 1,976 trading 9M23 FY23 9M24 FY24 9M2
Slide 8: Positive deposit mix effect combines with market share gains in fee-generating FuMs
01 Highlights Positive deposit mix effect combines with market share gains in fee-generating FuMs Deposit¹ mix (%) Assets under Management (€ b) Domestic (€b) 54.4 54.8 55.8 MF Mkt 13% 14% 16% +3pps yoy share (%) in Total MF (+5pps yoy in Bond MF) 22% 21% 19% -€0.8b yoy Institutional Client FuMs³ 8.
Slide 9: 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) Cash & Interbank 2.0 6.0 reserves Excess liquidity at €6.3b Interbank 2.4 Fixed income portfolio is a natural hedge against 21.5 normalizing rates Securities HT
Slide 10: Credit spread tightening continues, testament of our robust B/S and a benign macro environment
01 Highlights Credit spread tightening continues, testament of our robust B/S and a benign macro environment Credit rating | Sovereign and NBG NBG Senior and Tier II (Spreads %) 6.6% 6.3% Rating & Rating & outlook outlook Tier II 4.9% 4.6% Baa3 Baa1 4.2% stable stable 3.2% 3.9% 3.9% 2.9% BBB BBB 2.7
Slide 11: Disciplined capital allocation strategy generating value accretion
01 Highlights Disciplined capital allocation strategy generating value accretion Medium Term Excess Capital Utilization Roadmap (% CET1) 19.0% Capital Allocation Options Shareholder 1 Payout (>60%) Remuneration 2 Incremental Organic Growth 3 International Syndicated Desk Incremental Organic Growth 4
Slide 12: Financial Results in Detail
02 Financial Results in Detail 12
Slide 13: 9M25 PAT reaches €1b absorbing the bulk of interest rate normalization
02 Financial Results in Detail 9M25 PAT¹ reaches €1b absorbing the bulk of interest rate normalization P&L Highlights P&L | Group (€ m) 9M25 9M24 YoY 3Q25 QoQ 9M25 PAT¹ reaches nearly €1b, factoring in most of the benchmark rate normalization impact in NII, NII 1,606 1,782 -9.8% 527 -0.9% cushioned
Slide 14: Our robust Balance Sheet provides strategic flexibility
02 Financial Results in Detail Our robust Balance Sheet provides strategic flexibility Balance sheet Highlights Key Balance sheet items 9M25 6M25 3M25 FY24 9M24 Total Assets (€ b) 76.7 77.6 75.3 75.0 74.0 • 9M25 PEs up by a solid +12%¹ yoy, or +€1.8b¹ ytd, despite seasonality in 3Q25; strong corpora
Slide 15: CET1 +70bps ytd despite a 9M25 60% payout accrual
02 Financial Results in Detail CET1 +70bps ytd despite a 9M25 60% payout accrual 9M25 capital movement¹ 21.8% CAD 21.2% +c2.6% +c0.1% -c0.6% -c1.4% Accrued payout of 60%; final level to be defined in FY25 results announcement 20.4% CET1 18.3% 19.0% 2 3 4 FY24 9M25 Profitability Credit RWAs Other 9M2
Slide 16: 9M25 group PAT at c€1b reflects the bulk of NII normalization
02 Financial Results in Detail 9Μ25 group PAT¹ at c€1b reflects the bulk of NII normalization Group PAT¹ (€ m) Group PAT¹ (€ m) CoR at 41 bps Attrib. +8% reported in 9M25 PAT³ 791 985 970 -1% yoy Yoy -9.8% +14% +6.5%² -15.8% 1,063 979 +68 +22 PAT¹ 916 1,063 979 -8% yoy +24 +25 -24 -12 -175 -11 Refle
Slide 17: NII bottoms out while interest rates stabilize
02 Financial Results in Detail NII bottoms out while interest rates stabilize Group NII (€ m), Group NIM (bps) Domestic NII breakdown (€ m) NIM (Group) -2bps -57bps 320 310 291 qoq from 282 280 peak 563 553 524 507 505 3M Euribor (avg) 356 -10bps -195bps 299 256 qoq from 211 201 peak 589 575 26 548
Slide 18: 9M25 PEs at +12% yoy or +€1.8b ytd; PE yields reflective of current benchmark rates
02 Financial Results in Detail 9M25 PEs at +12%¹ yoy or +€1.8b ytd; PE yields reflective of current benchmark rates Group Performing loan evolution (€ b) Loan disbursements² & expansion (€ b) Greek PE lending yields (bps) Group 31.4 33.6 34.7 +12% yoy 1 Net Credit +2.0 +€1.8b ytd expansion Reflects
Slide 19: Time deposit repricing continues as rates bottom out
02 Financial Results in Detail Time deposit repricing continues as rates bottom out Group deposits evolution (€ b) Greek deposit yields (bps) & NII (€ m) Group 57.0 57.6 56.5 58.2¹ 58.3 +€1.4b yoy Int’l 2.2 2.4 2.4 2.6 2.5 Term New production 202 191 180 165 1 154 coming in at Greece 54.8 55.2 55.6
Slide 20: Bond portfolio exposure provides further support to our NII
02 Financial Results in Detail Bond portfolio exposure provides further support to our NII Bond portfolio by category (€ b) Bond portfolio classification (€ b) +€3.3b yoy +€3.3b yoy +€1.0b ytd +€1.0b ytd 21.0 21.0 19.9 19.9 17.7 17.7 7.4 o/w €6.7b HTC 7.5 7.2 0.6 15.7 0.4 15.7 0.2 14.3 12.1 13.0 10.
Slide 21: Lowest deposit and funding costs showcases a key comparative advantage of NBG
02 Financial Results in Detail Lowest deposit and funding costs showcases a key comparative advantage of NBG Cash, reserves & net interbank (€ b) NBG funding cost (bps) 378 396 392 381 336 356 9.0 299 264 256 6.4 6.3 211 201 3M Euribor (avg) 58 66 77 80 77 73 72 71 65 59 46 CoF (Blended eop) Deposit
Slide 22: Fee growth continues in the mid teens; investment products +74% yoy
02 Financial Results in Detail Fee growth continues in the mid teens (+14%¹ yoy); investment products +74% yoy Group fees (€ m) Retail fees² (€ m) Corporate fees² (€ m) Fees/Assets 57bps 60bps ΥοΥ ΥοΥ ΥοΥ +11% yoy 336 +8% 171 171 -0% excluding State measures 313 11 32 +14% yoy ex 20 123 +13% 12 27 +
Slide 23: 9M25 recurring expenses +6.5% yoy, C:I at 33.3%
02 Financial Results in Detail 9M25 recurring expenses +6.5% yoy, C:I at 33.3%, broadly in line with FY25 guidance 33.3% normalized for high Group C:I (%) 1H25 trading income Group headcount (#k) 19.8 Cost/ income % 29.3% 32.8% +3.4pps yoy 7.8 6.5 at Bank level Personnel cost/ 17.5 10.8 10.1 income
Slide 24: Favorable asset quality trends continue
02 Financial Results in Detail Favorable asset quality trends continue Domestic NPE stock per category | 3Q25 (€ b) NPE balance change (€ b, Bank) o/w: €0.1b or c25% <30dpd o/w: €0.1b or NPE inflows (+) 0.1 0.1 0.1 0.1 0.1 c40% <30dpd 0.7 0.6 -0.1 -0.1 -0.1 -0.1 -0.1 Curings -0.1 -0.0 -0.0 -0.0 -0.0
Slide 25: Forborne stock of <€1b comprised of FPEs and <30dpd FNPEs likely to cure
02 Financial Results in Detail Forborne stock of <€1b comprised of FPEs and <30dpd FNPEs likely to cure NPE ratios and coverage | 3Q25 Domestic forborne stock (€ b) | 3Q25 Collateral coverage¹ 65% 64% 64% FNPEs <30 dpd 0.2 FPEs NPE coverage NPE ratio 3.5% at 101% 0.4 2.5% 2.5% €0.8b 2.1% FNPEs 31-90
Slide 26: 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 55.7% 55.6% 54.8% o/w: 8.4% Coverage 7.6% 8.0% 51.8%
Slide 27: Macro
NATIONAL BANK @ OF GREECE 03 Macro
Slide 28: Greece’s economy remains resilient and adaptable amid global geopolitical pressures
03 Macro Greece’s economy remains resilient and adaptable amid global geopolitical pressures GDP growth picked up to 0.6% q-o-q in 2Q25 from 0.1% in 1Q, with 1H25 growth at Confidence remained 50 50 2.0% yoy, buoyed by fixed capital investment (GFCF), alongside resilient consumption strong in most 4
Slide 29: Additional catalysts to sustain growth momentum ahead
03 Macro Additional catalysts to sustain growth momentum ahead Positive fiscal impulse, as the primary surplus is projected to normalize to 3.6% of Key macroeconomic 190 index, GDP in 2025 and 2.8% in 2026 (2026 Draft State Budget), from 4.7% in 2024. and financial 180 2017=100 180 indicators on the
Slide 30: Greek households’ financial position is set to strengthen further
03 Macro Greek households’ financial position is set to strengthen further Unemployment rate at a 17y 8 yoy 30 Labor compensation back at 10 100 % yoy €b low of 8.2% in September pre-crisis levels in nominal Thousands 8 90 2025, with employment up by 6 terms with the labour cost index 25 6 80 61K yo
Slide 31: The corporate sector remains resilient despite external challenges
03 Macro The corporate sector remains resilient despite external challenges Business turnover and profits 600 70 The Greek manufacturing sector 70 70 €b €b index on a steady upward trend. continues to outperform the euro Acceleration in gross area, despite some softening in 65 65 500 60 operating su
Slide 32: Supportive fiscal and monetary stance to fuel expansion from late 2025
03 Macro Supportive fiscal and monetary stance to fuel expansion from late 2025 Primary fiscal surplus to %GDP 210 Greece is expected to remain 5 %GDP normalize to 3.6% of GDP in 16 surplus among the top fiscal 4 2025 and 2.8% in 2026, and 185 performers in EU in 2025-26 12 3 public debt-to-GDP rati
Slide 33: Transformation Program
04 Transformation Program 33
Slide 34: Our Transformation Program acts as a delivery engine for NBG
04 Transformation Program Our Transformation Program acts as a delivery engine for NBG Corporate & Investment banking Retail banking • Strengthening of commercial and operational set up in • New Individuals service and operating model, incl. Greece and Cyprus to accelerate growth “live banking”, a n
Slide 35: 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 5.4m downloads 288k downloads 266k downloads 4.5 rating 4.7 rating 4.5 rating Digital KPIs Active users 12M Active user
Slide 36: ESG
05 ESG 36
Slide 37: 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 we are concluding the 2.3 2.4 €3.3b energy 500 2.0 allocation of o
Slide 38: Contributions to society with impactful initiatives
05 ESG Contributions to society with impactful initiatives 3Q25 highlights from NBG’s impactful actions towards society Education • "Marietta Giannakou" Program: Renovation of 430 public schools completed under 1st wave, funded with €100m by & Financial the 4 Greek systemic banks (€25m for NBG). Ano
Slide 39: Enhanced sustainability disclosures and strong participation in ESG ratings / indices
05 ESG Enhanced sustainability disclosures and strong participation in ESG ratings / indices ESG ratings & indices 3Q25 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 Emissions Reduction I
Slide 40: Appendix
06 Appendix 40
Slide 41: FY25 guidance reaffirmed with multiple KPIs upgraded on the back of strong results
06 Appendix FY25 guidance reaffirmed with multiple KPIs upgraded on the back of strong results Updated Guidance Actual Performance (Jun25) 9M25 Actual vs P&L 9M25 FY25 FY25 Guidance NIM (bps) 284 >280 NII €1.6b >€2.1b Fees growth (reported / adjusted) 8% / 14%¹ 3Y CAGR >8% OpEx growth (reported / re
Slide 42: Balance Sheet & P&L
06 Appendix Balance Sheet & P&L Balance Sheet | Group P&L | Group €m 3Q25 2Q25 1Q25 4Q24 3Q24 €m 3Q25 2Q25 1Q25 4Q24 3Q24 Cash & Reserves 5,957 7,488 6,210 5,380 8,397 NII 527 531 548 575 589 Interbank placements 2,392 2,331 2,378 2,679 2,662 Net fee & commission income 116 115 106 115 108 Securitie
Slide 43: Geographical segment P&L: Greece & International
06 Appendix Geographical segment P&L: Greece & International Greece International €m 3Q25 2Q25 1Q25 4Q24 3Q24 €m 3Q25 2Q25 1Q25 4Q24 3Q24 NII 505 507 524 553 563 NII 22 24 25 22 26 Net fee & commission Net fee & commission 112 112 102 111 104 4 4 4 4 4 income income Core Income 617 618 626 664 667 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 9M25 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 3Q25 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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