National Bank Of Greece S.a. · ATHEX:ETE
National Bank Of Greece — Q1 2026 Earnings Presentation
51 slides from National Bank Of Greece's earnings presentation, May 8, 2026
Slide 1: 1Q26 Financial Results
1Q26 Financial Results 8 May 2026
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: Greece’s strong fundamentals provide resilience to the effects of the geopolitical uncertainty
01 Highlights Greece’s strong fundamentals provide resilience to the effects of the geopolitical uncertainty Strong ECB: strong but manageable headwinds from carry-over • Greece remains in the expansionary phase of the investment cycle the current crisis for the euro area 5 5 effects & • Robust pipe
Slide 5: NBG stands out
01 Highlights NBG stands out Unique Most trusted bank in Greece with deep customer loyalty resulting in the largest savings deposit franchise Franchise Solid corporate governance framework ensures robust controls and strengthens transparency Stand-out Highly liquid, clean and well capitalized B/S, w
Slide 6: Strong 1Q26 financial performance and solid outlook despite geopolitical uncertainty
01 Highlights Strong 1Q26 financial performance and solid outlook despite geopolitical uncertainty CORE INCOME RESILIENCE SOLID PROFITABILITY RoTE 15.3% 1,2 1 1,2 NIM Fees PAT at EPS 272bps +8% yoy (16.3% reported) €0.34b +23% qoq €1.43 (annualized) 20.0% GROWING BALANCE SHEET (adj. for excess capit
Slide 7: Resilient income absorbs normalized rates sustaining strong profitability
01 Highlights Resilient income absorbs normalized rates sustaining strong profitability 3M Euribor & Income | (bps, € m) EPS¹,2 & PAT¹ | (€, €m) 3M Euribor 381 356 (avg) 1.55 1.57 299 EPS¹,² 1.44 1.44 1.36 1.32 1.43 1.23 256 211 201 204 205 FY26 guidance c1.4 715 711 748 716 Total 697 699 692 644 38
Slide 8: Solid 1Q26 performance across key profitability metrics validates FY26 guidance
01 Highlights Solid 1Q26 performance across key profitability metrics validates FY26 guidance NIM | bps Fee growth | % yoy RoTE¹,² | € m Seasonally the strongest quarter 3M Eur avg 2.0% 2.1% EPS ¹,² | € 1.23 1.43 c1.4 (bps) 16% 20.0% Adj. for excess capital high 276 272 >275 8% sds 4Q25 1Q26 Guidanc
Slide 9: NBG client funds up by +€5.5b yoy
01 Highlights NBG client funds up by +€5.5b yoy Client Funds (€ b) Deposit flows (€ b) Customer Deposits +4% +€2.0b yoy +€5.5b 58.5 2.6 0.9 58.5 56.5 56.5 -1.1 -0.4 1Q25 1Q26 Retail Corporate 1 Retail Client FuMs +€1.5b yoy +€0.5b yoy +26% 1Q25 Core Time Core Time & other 1Q26 77.6 7.6 9.6 Mutual Fu
Slide 10: Our well-capitalized, highly liquid Balance Sheet is a unique comparative strength
01 Highlights Our well-capitalized, highly liquid Balance Sheet is a unique comparative strength Group Assets (€ b) Group Liabilities (€ b) Cash & reserves 5.6 Interbank 6.5 Interbank 2.7 Fixed income portfolio with hedges in place Securities 24.8 HTC €19.1b HTCS €4.7b Trading €0.4b Core Deposits 48
Slide 11: Early 2025 issuance of AT1 and SP bonds at tightest ever spreads for Greek paper
01 Highlights Early 2025 issuance of AT1 and SP bonds at tightest ever spreads for Greek paper Credit rating | Sovereign and NBG NBG Senior, Tier II & AT1 Spreads (bps) 399 Rating & Rating & AT1 332 Tier II 313 314 outlook outlook 290 279 Baa3 Baa1 Inaugural AT1 226 NC5.5 priced at stable negative¹
Slide 12: NBG signs an MoU setting out the intention to enter into a strategic partnership with Allianz
01 Highlights NBG signs an MoU setting out the intention to enter into a strategic partnership with Allianz Strategic rationale Clients’ perspective ✓ Boost fee and commission income from bancassurance ✓ Comprehensive, market-leading product suite ✓ Value uplift via: that incorporates global best pr
Slide 13: Partnership boosts Fee growth with significant uplift in RoTE
01 Highlights Partnership boosts Fee growth with significant uplift in RoTE Transaction summary Transaction Impact ✓ NBG and Allianz have signed an MoU setting out the ✓ Insurance Fees growth c4x intention for NBG: o to acquire a 30% minority equity stake in Allianz European Reliance (estimated CET1
Slide 14: Financial Results in Detail
02 Financial Results in Detail 14
Slide 15: 1Q26 PAT at €344m on top line resilience; RoTE at 15.3%
02 Financial Results in Detail 1Q26 PAT¹ at €344m on top line resilience; RoTE¹ at 15.3%² (16.3% reported) P&L | Group (€ m) 1Q26 1Q25 YoY 4Q25 QoQ P&L Highlights 1Q26 PAT¹ of €0.34b is driven by sustained NII recovery and continued strength in Fees and non NII 541 548 -1.3% 530 +2.0% interest incom
Slide 16: Our robust B/S provides security during uncertain times and strategic flexibility
02 Financial Results in Detail Our robust B/S provides security during uncertain times and strategic flexibility Balance sheet Highlights Key Balance sheet items 3M26 FY25 9M25 6M25 3M25 Total Assets (€ b) 82.7 78.9 76.7 77.6 75.3 • Despite geopolitical uncertainty, 1Q26 disbursements accelerated re
Slide 17: Strong organic capital generation continues: 1Q26 +40bps qoq
02 Financial Results in Detail Strong organic capital generation continues: 1Q26 +40bps qoq 1Q26 capital movement¹ +40bps 21.1% CAD 21.5% +c0.8% 2.6% Τ2 Τ2 2.7% Inaugural -c0.3% 1.2% ΑΤ1 AT1 issued -c0.4% in Feb26 at -c0.5% -c0.9% a yield of 5.8% Includes VES costs Recurring at c0.2% payout accrual
Slide 18: 1Q26 Group PAT at €0.34b reflects NII recovery and resilient non interest income
02 Financial Results in Detail 1Q26 Group PAT¹ at €0.34b reflects NII recovery and resilient non interest income Group PAT¹ (€ m) Group PAT¹ (€ m) +8% yoy; qoq negative base effect on CoR at 39 bps strong 4Q25 loan origination in 1Q26 QoQ +2.0% -14% -7% -25% +23% PAT¹ 381 280 344 +23% qoq 344 +8 +5
Slide 19: NII recovery accelerates in 1Q26 despite flat rates qoq
02 Financial Results in Detail NII recovery accelerates in 1Q26 despite flat rates qoq NII (€ m), NIM (bps) NII sensitivity: NII breakdown (€ m) +€40m per +25bps NIM (Group) Group 548 531 527 530 541 291 282 280 276 272 International 25 24 22 22 24 3M Euribor (avg) Domestic 524 507 505 508 517 256 2
Slide 20: PE yield normalization continues to slow as rates stabilize
02 Financial Results in Detail PE yield normalization continues to slow as rates stabilize Greek PE lending yields (bps) Group Performing loan evolution (€ b) Group 33.6 37.0 37.7 +12% yoy 957 Int’l 1.8 2.0 2.0 +13% yoy Consumer¹ ² 936 922 926 933 35.0 35.7 +12% yoy Greece 31.8 SBLs 630 583 Total 50
Slide 21: Credit expansion had a good start to the year despite seasonality and uncertainty
02 Financial Results in Detail Credit expansion had a good start to the year despite seasonality and uncertainty Group Loan disbursements¹ (€ b) Group PE expansion (€ b) +47% yoy +€0.5b credit expansion 2 4.2 2.5 0.2 37.7 37.0 -2.0 0.0 2.6 2.5 3.6 1.9 1.7 2.0 1.9 +55% yoy 1.3 1.2 0.5 0.6 0.6 0.6 0.6
Slide 22: Core deposits +€2b yoy; Deposit yield reduction slows down
02 Financial Results in Detail Core deposits +€2b yoy; Deposit yield reduction slows down Down qoq due to seasonality Group deposits evolution (€ b) Greek deposit yields (bps) & NII (€ m) Group 56.5 58.2 ¹ 58.3 59.6 58.5 +€2.0b yoy Int’l 2.4 2.6 2.5 2.6 2.6 Term 180 165 154 144 141 1 57.0 56.0 Greec
Slide 23: Bond portfolio exposure in alignment with B/S dynamics provides NII support
02 Financial Results in Detail Bond portfolio exposure in alignment with B/S dynamics provides NII support Bond portfolio by category (€ b) Bond portfolio classification (€ b) 24.2 24.2 21.0 21.0 20.0 20.0 7.3 o/w €6.7b HTC 7.4 0.3 7.3 19.1 0.6 15.7 0.4 15.2 16.5 12.3 13.0 4.4 4.8 4.7 0.3 0.4 0.4 1Q
Slide 24: NBG retains the lowest deposit and funding costs in Greece
02 Financial Results in Detail NBG retains the lowest deposit and funding costs in Greece NBG funding cost (bps) Funding structure (%) MREL requirement & resources² | % RWAs 2026 issuances / tender offers SP Green €600m (New) Group Deposits of c€59b comprise 392 SP €500m (Tender) c88% of total net f
Slide 25: Fee growth at +8% yoy, driven by retail fees up +20% yoy
02 Financial Results in Detail Fee growth at +8% yoy, driven by retail fees up +20% yoy Retail fees¹ (€ m) Corporate fees¹ (€ m) Group fees (€ m) ΥοΥ ΥοΥ Fees/Assets 56bps 56bps ΥοΥ +20% 114 +8% 66 43 106 8 3 39 -9% 7 55 1 22 +15% 4 +17% 1 +6% 39 14 19 43 4 +8% 13 -3% 4 6 16 +58% Sustained MF cross
Slide 26: Impressive FuM market share gains continue, fuelling investment fees
02 Financial Results in Detail Impressive FuM market share gains continue, fuelling investment fees (+58% yoy) Assets under Management (€ b) Retail Investment Fees (€ m) +3pps yoy MF Mkt in Total MF 15% 17% 18% (+6pps yoy share (%) in Bond MF) YoY 19.0 19.1 +58% Total FuMs¹ 16.7 9.7 9.5 Institutiona
Slide 27: 1Q26 C:I at 35.7%, well inside our FY26 guidance
02 Financial Results in Detail 1Q26 C:I at 35.7% (34.3% reported), well inside our FY26 guidance Group C:I (%) 35.7% Group headcount (#k) Normalized for 1Q26 high trading 19.8 Lower ytd Cost/ income % 30.3% 34.3% income due to VES 7.8 Personnel cost/ 18.3 6.3 at Bank level 10.8 income % 16.2 10.1 9.
Slide 28: NPE flows remain benign
02 Financial Results in Detail NPE flows remain benign NPE ratios and coverage | 1Q26 Group Cost of Risk (bps), (€ m) Collateral 46 coverage¹ 61% 64% 63% CoR (bps) 39 39 NPE coverage NPE ratio 3.6% at 107% 2.3% 2.4% 1.9% 41 38 39 CoR (€ m) Stage 3 43% coverage 61% 54.0% 55.5% Retail Corporate Total
Slide 29: Leading coverage levels across stages provide comfort during uncertainty
02 Financial Results in Detail Leading coverage levels across stages provide comfort during uncertainty Group gross loan stage evolution (€ b) Group S2 ratio and coverage (%) Group S3 ratio and coverage (%) 0.9 0.9 0.9 1.0 Stage 3 55.7% 55.8% 55.5% Coverage 54.3% 8.2% 8.0% 8.0% 7.9% Coverage Stage 2
Slide 30: Macro
NATIONAL BANK @ OF GREECE 03 Macro
Slide 31: Strengthened fundamentals should help offset the drag from geopolitical headwinds
03 Macro Strengthened fundamentals should help offset the drag from geopolitical headwinds • Solid underlying growth momentum, sufficient to mitigate transitory geopolitical Key macroeconomic and 190 184 financial indicators on a index, headwinds from the ongoing Middle East crisis. steady rise unti
Slide 32: Macroeconomic adaptability & supportive policy measures limit downside risks to growth
03 Macro Macroeconomic adaptability & supportive policy measures limit downside risks to growth • Crude oil prices spiked in March-April to the highest level since the onset of the war Futures markets continue 130 $/brl 130 to anticipate a gradual in Ukraine, while Dutch TTF natural gas prices – imp
Slide 33: Rising disposable income and fiscal support help cushion negative confidence effects
03 Macro Rising disposable income and fiscal support help cushion negative confidence effects The unemployment rate 10 % 30 Inflation pressures are set to 80 yoy 16 yoy index dropped to a 18y low of 8.9% in intensify in the near term, with 2025 and to 8.5% in 1Q26, with 8 indirect effects amplified
Slide 34: Strong corporate fundamentals enhance the capacity to withstand external headwinds
03 Macro Strong corporate fundamentals enhance the capacity to withstand external headwinds New highs in FDI and M&A 15 €b €b 25 A strong and sustained 70 index 70 activity in 2025 support manufacturing outlook efficiency gains and a indicates a gradual shift in 65 65 stronger CAPEX pipeline 12 20 G
Slide 35: Robust fiscal buffers, ongoing risk-rerating and accelerating RRF fund deployment
03 Macro Robust fiscal buffers, ongoing risk-rerating and accelerating RRF fund deployment Strong fiscal performance 15 %GDP %GDP 210 Record-high primary surplus 6 %GDP supports policy flexibility surplus driven by structural fiscal 5 12 185 efficiency gains 4 9 3 6 160 2 3 1 General government 135
Slide 36: Transformation Program
04 Transformation Program 36
Slide 37: Our Growth & Transformation Program serves as the cornerstone of our strategy
05 Transformation Program Our Growth & Transformation Program serves as the cornerstone of our strategy Corporate & Investment banking Retail banking • Scaled-up international Corporate lending & structured • Revamped service model for Small Business with new finance desks sales roles • Best-in-clas
Slide 38: Our digital business and partnerships continue to deliver impressive results
05 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 5.8m downloads 345k downloads 337k downloads 4.4 rating 4.7 rating 4.5 rating Digital KPIs Active users 12M Active user
Slide 39: ESG
05 ESG 39
Slide 40: 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: €3.3b sustainable 750 2.3x 2.5 2.5 650 600 2.3 energy 500 2.0 Q1 2026 mix: Total Green Bo
Slide 41: Contributions to society with impactful initiatives
05 ESG Contributions to society with impactful initiatives 1Q26 highlights from NBG’s impactful actions towards society Education • “Marietta Giannakou” Program: 2nd Phase of public schools’ renovation Program signed (238 schools, €100m by the 4 Greek systemic banks, & Financial €25m for NBG) bringi
Slide 42: Appendix
06 Appendix 42
Slide 43: Balance Sheet & P&L
06 Appendix Balance Sheet & P&L Balance Sheet | Group P&L | Group €m 1Q26 4Q25 3Q25 2Q25 1Q25 €m 1Q26 4Q25 3Q25 2Q25 1Q25 Cash & Reserves 5,617 5,459 5,957 7,488 6,210 NII 541 530 527 531 548 Interbank placements 2,702 2,261 2,392 2,331 2,378 Net fee & commission income 114 133 116 115 106 Securitie
Slide 44: Geographical segment P&L: Greece & International
06 Appendix Geographical segment P&L: Greece & International Greece International €m 1Q26 4Q25 3Q25 2Q25 1Q25 €m 1Q26 4Q25 3Q25 2Q25 1Q25 NII 517 508 505 507 524 NII 24 22 22 24 25 Net fee & commission Net fee & commission 110 130 112 112 102 4 3 4 4 4 income income Core Income 627 638 617 618 626 C
Slide 45: ESMA Alternative Performance Measures (APMs), financial data and ratios definitions
06 Appendix ESMA Alternative Performance Measures (APMs), financial data and ratios definitions Τhe 1Q26 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 46: 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 47: 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 48: Important Notice – Disclaimer
06 Appendix Important Notice – Disclaimer The information, statements and opinions set out in the 1Q26 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 49: Important Notice – Forward Looking Information
06 Appendix Important Notice – Forward Looking Information The Presentation contains forward-looking statements relating to Management’s intent, Therefore, these events constitute additional factors that could cause actual results to differ belief, or current expectations with respect to, inter alia
Slide 50: 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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