National Bank Of Greece S.a. · ATHEX:ETE
National Bank Of Greece — Debt Investor Presentation (July 2025)
63 slides from National Bank Of Greece's debt investor presentation, July 2025
Slide 1: New Green Senior Preferred Issuance & Tender Offer
New Green Senior Preferred Issuance & Tender Offer Roadshow Presentation July 2025
Slide 2: Disclaimer
Disclaimer Not an offer for sale This presentation, which has been prepared by the National Bank of Greece (the Bank), is confidential and is being made available to selected recipients only and solely for the information of such recipients. This presentation may not be published, redistributed, tra
Slide 3: Contents
Contents 01 New Green Senior Preferred Issuance & Tender Offer 02 Key Highlights 03 Profitability 04 Capital & Liquidity 05 Asset Quality 06 Sustainability Strategy 07 Sustainable Finance Framework 08 Macro 09 Appendix 3
Slide 4: New Green Senior Preferred Issuance & Tender Offer
01 New Green Senior Preferred Issuance & Tender Offer 4
Slide 5: Key Transaction Highlights
Key Transaction Highlights Transaction Overview Tender Offer Euro Benchmark Green Senior Preferred 4NC3 Reg S Transaction ▪ £200,000,000 8.750% Senior Preferred Notes & €500,000,000 2.750% Green Senior Preferred ▪ Issuer: National Bank of Greece S.A (“NBG”) Notes ▪ Notes due 2 nd June 2027 (ISIN XS2
Slide 6: Neutral impact on MREL resources, comfortable buffer over target
The proposed transaction is expected to have neutral impact on MREL resources, maintaining a comfortable buffer over target MREL targets MREL resources Static B/S as of 31.03.2025 MREL CBR CET1 Tier 2 Senior Preferred ▪ Single point of entry and issuance from Parent Company National Bank of Greece S
Slide 7: New ETEGA Green 4NC3 Senior Preferred Termsheet (1/2)
New ETEGA Green 4NC3 Senior Preferred Termsheet (1/2) Issuer National Bank of Greece S.A. LEI 5UMCZOEYKCVFAW8ZLO05 IssuerRatings Baa1 (Moody’s, Stable) / BBB- (S&P, Stable) /BBB- (Fitch, Stable) Expected IssueRatings Baa1 (Moody’s) Description 4-year Non-Call 3-year SeniorPreferred, Unsecured, Reg S
Slide 8: New ETEGA Green 4NC3 Senior Preferred Termsheet (2/2)
New ETEGA Green 4NC3 Senior Preferred Termsheet (2/2) Events of Default Enforcement events apply as per Condition 14.2 of the Base Prospectus Extended Gross-Up Not applicable Clean-up Call Option Applicable. If at least 75% (“Clean-up Call Minimum Percentage”) of the principal amount of the Notes or
Slide 9: Tender Offer Key Terms Overview
Tender Offer Key Terms Overview Offeror • National Bank of Greece S.A. (Ticker: ETEGA) Transaction • Tender offer launched alongside concurrent newissue ▪ The purpose of the Offers in conjunction with the issue of the New Notes is to proactively manage and optimise the Offeror’s debt profile. Ration
Slide 10: Key Highlights
02 Key Highlights 10
Slide 11: Strong capital buffers, profitability, liquidity and funding allow NBG to stand out
Strong capital buffers, increased profitability, best-in-class liquidity level and funding structure allow NBG to stand out Leading Most trusted bank in Greece, with the largest savings and a very loyal deposit franchise Franchise Resilient Strong profitability profile absorbs rate cuts, with RoTE o
Slide 12: Solid 1Q25 performance across all fronts
Solid 1Q25 performance across all fronts Profitability Loans ❑ RoTE 19.1%¹ / 16.5%² ❑ Disbursements €1.6b +41% yoy ❑ PAT¹ €0.4b ❑ Performing Loans €34b +12% yoy ❑ EPS €1.67¹ / €1.44² ❑ NPE ratio 2.6% -1.1pps yoy Cost Capital ❑ NIM 291bps ❑ CET1³ 18.7% ❑ C:I 30.3%¹ / 33.2%² ❑ Total Capital³ 21.5% ❑ C
Slide 13: Following Fitch's upgrade, NBG has an IG rating from all main agencies
Following Fitch’s upgrade, NBG has now an IG rating from all main rating agencies Ratings and next rating dates as Primary rating relationships Secondary rating relationships of July 2025 Date of last report 14 Mar 2025 | Upgrade 18 Apr 2025 | Upgrade 16 May 2025 | Outlook Upgrade 7 Mar 2025 I Upgra
Slide 14: Strong participation in ESG ratings/indices and recognition
Strong participation in ratings/indices and recognition of our ESG activity & best practices Years of ESG ratings & indices 2022 2023 2024 Comments coverage ESG rating BBB A A 11th ISS Corporate rating C- C- C (Prime) 7th Top 20% banks globally, #1 in Greece ISS ESG score (E | S | G) (1|2|2) (1|1|2)
Slide 15: Our Sustainable Bond Framework supports our sustainability strategy
Our Sustainable Bond Framework supports our sustainability strategy NBG’s Sustainable Bond Framework aligns with 4 Pillars of ICMA Principles link: Sustainable Bond Framework 1 2 3 4 Post Issuance Project Evaluation & Management of Use of Proceeds Allocation and Impact Selection Proceeds Reporting •
Slide 16: Profitability
03 Profitability 16
Slide 17: Income resilience supports 1Q25 group PAT at €381m
Income resilience supports 1Q25 group PAT¹ at €381m P&L | Group (€ m) 1Q25 1Q24 YoY 4Q24 QoQ P&L Highlights NII 548 606 -9% 575 -4% 1Q25 PAT¹ reaches €0.4b, reflecting strong income Net fee & commission 106 100 +6% 115 -8% Key drivers in detail: income Core Income 654 705 -7% 689 -5% • 1Q25 NII lowe
Slide 18: 1Q25 P&L KPIs continue to well absorb lower rates
1Q25 P&L KPIs continue to well absorb lower rates PAT¹ | € m NII | € m TBVPS | € 6.9 8.1 8.9 NIM | bps 260 326 291 3M Eur avg | bps 392 299 256 381 606 548 379 497 270 1Q23 1Q24 1Q25 1Q23 1Q24 1Q25 Fees | € m Cost of Risk | € m Fees / Assets | bps 45 54 57 CoR | bps 70 55 46 +13% yoy excluding 106 i
Slide 19: Robust income supports profitability
Robust income supports profitability Income & PAT | € m EPS¹ | € €1.44 normalized for 1Q25 trading normalized 762 765 715 711 748 for 1Q24 690 697 trading 652 1.67 Total 634 Income 1.56 1.55 1.55 1.56 1.41 1.34 1.23 1.18 374 379 359 381 353 329 354 PAT¹ 294 270 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q2
Slide 20: Income resilience leads 1Q25 group PAT to €0.4b
Income resilience leads 1Q25 group PAT¹ to €0.4b Group PAT¹ (€ m) Group PAT¹ (€ m) Attrib. PAT³ 260 358 371 +4% yoy Yoy -9% +6% +5%² -23% 381 +1% yoy 381 379 379 +35 +22 +13 +6 PAT¹ 270 -8 -4 -4 -57 4Q24 VES exit benefit will fully materialize in 2H25 Reflects the sharp onwards reduction of average
Slide 21: NII and NIM adjust to lower rates in line with guidance
NII and NIM adjust to lower rates in line with expectations and guidance Group NII (€ m), Group NIM (bps) Domestic NII breakdown (€ m) NIM¹ (Group) -19bps -46bps 326 322 320 310 291 qoq from peak 578 561 563 553 524 3M Euribor (avg) 392 381 -43bps -140bps 356 299 qoq from 256 peak 606 587 589 575 28
Slide 22: 1Q25 performing exposures up 12% yoy; yields drop on lower rates
1Q25 PEs at +12%¹yoy; yields drop on sharply lower rates Group Performing loan evolution (€ b) Loan disbursements² & expansion (€ b) Greek PE lending yields (bps) PE yield drops commensurately with the Group 30.2 33.6 33.6 +12% yoy 1 avg EUR reduction of 4Q24 and 1Q25 Net Credit Int’l 1.6 1.8 1.8 +9
Slide 23: Fee growth +13% yoy, led by core banking fees and investment products
Fee growth +13%¹ yoy, led by core banking fees and investment product cross sell Group fees (€ m) Retail fees² (€ m) Corporate fees² (€ m) Fees/Assets 54bps 57bps ΥοΥ ΥοΥ ΥοΥ +15% yoy 106 +6% excluding State 55 +6% 100 4 measures 4 52 4 +13% yoy ex 43 +35% 12 Includes c€7m State measures 11 +26% 3 -
Slide 24: Recurring expenses up by +5% yoy, C:I at 30%
Recurring expenses up by +5% yoy, C:I at 30% Group C:I (%) Group headcount (#k) More than 2/3rds of 4Q24 VES exits to 19.8 materialize in 2H25 Cost/ income % 27.6 30.3 +2.7pps yoy 7.8 6.3 at Bank level Personnel cost/ 10.8 income % 16.2 10.1 9.4 14.8 1.6 8.8 8.1 1.6 7.9 7.6 7.7 1.6 1.4 G&As/ 1.2 1.2
Slide 25: Capital & Liquidity
04 Capital & Liquidity 25
Slide 26: Best in class balance sheet with strengthening comparative advantages
Best in class balance sheet with strengthening comparative advantages Key Balance sheet items 3M25 FY24 9M24 6M24 3M24 Balance sheet Highlights Total Assets (€ b) 75.3 75.0 74.3 73.7 72.4 • 1Q25 performing loans up by a solid +12%¹ yoy, compare favorably to our 3yr CAGR of Performing Loans (€ b) 33.
Slide 27: Well-capitalized, highly-liquid Balance Sheet provides comparative advantage
Our well-capitalized, highly-liquid Balance Sheet, provides a comparative advantage Group Assets (€ b) Group Liabilities (€ b) Cash & Interbank 2.8 reserves 6.2 Excess liquidity at €5.8b Interbank 2.4 Fixed income portfolio is a natural hedge against normalizing rates Securities 20.4 HTC €15.2b HTCS
Slide 28: Strong profitability absorbs a 60% payout accrual for 2025
Strong profitability comfortably absorbs a 60% payout accrual for 2025 1Q25 capital movement¹ 21.5% 21.2% CAD +c1.0% +c0.1% -c0.2% -c0.5% Payout at 60% of 2025 earnings 18.3% 19.2% 18.7% CET1 2 3 4 FY24 1Q25 Profitability Credit RWAs Other 1Q25 before payout Payout 1Q25 RWAs €37.4b €37.4b 1 Includin
Slide 29: Significant buffer to capital requirements
Significant buffer to capital requirements Requirements CET1 Req P2R CCoB CCyB* O-SII buffer Of which 21.5% 2,8% Tier 2 18.7% 7.2% MDA Buffer: 14.3% 7.1% 1.0% 11.6% 0.1% 2.5% Including c2% AT1 9.6% covered by CET1 1.0% 2.8% 0.1% 2.5% 1.6% 8.0% 4.5% Min CET1 Req Actual min CET1 Req CET1 Q125 Total Ca
Slide 30: Fixed income securities exposure shields NII as ECB rates decline
Fixed income securities exposure shields NII as ECB rates decline Cash & reserves, Net Interbank (€ b) NBG Funding Cost (bps) 378 396 392 381 336 356 9.1 299 264 256 3M Euribor (avg) 6.4 Excess cash funds 5.8 placed in fixed income securities, up by €2.9b yoy 58 66 77 80 77 73 72 71 46 CoF (Blended
Slide 31: Deposit yields edge lower and deposit hedges increasingly in the money
Deposit yields edge lower and deposit hedges increasingly in the money Group deposits evolution (€ b) Greek deposit yields (bps) & NII (€m) Group 55.6 57.1 57.0 57.6 56.5 +€0.9b yoy Int’l Term 209 212 202 191 180 54.9 54.8 55.2 54.2 Greece 53.6 10.1 9.8 9.9 9.3 10.2 Total Corporate deposits in 46 47
Slide 32: Asset Quality
05 Asset Quality 32
Slide 33: Favorable asset quality trends are sustained
Favorable asset quality trends are sustained Domestic NPE stock per category | 1Q25 (€ b) NPE balance change (€ b, Bank) o/w: €0.1b or c23% <30dpd o/w: €0.1b or c53% <30dpd 0.2 0.1 0.1 NPE inflows (+) 0.1 0.1 0.7 0.6 -0.1 -0.1 -0.1 -0.1 -0.1 Curings -0.1 0.0 -0.0 0.3 -0.0 -0.0 0.2 Debt fgv, recoveri
Slide 34: FNPEs, mostly <30dpd, support organic NPE reduction
FNPEs, mostly comprised of <30dpd exposures, support organic NPE reduction NPE ratios and coverage | 1Q25 Domestic forborne stock (€ b) | 1Q25 Collateral coverage¹ 69% 60% 64% FNPEs <30 dpd 0.2 NPE ratio 3.5% NPE coverage FPEs at 97% 0.6 2.6% 2.6% 2.2% €1.0b FNPEs 31-90dpd 0.0 FNPEs >90dpd 0.1 Stage
Slide 35: Leading coverage levels across stages provide a comfortable cushion
Leading coverage levels across stages provide a comfortable cushion Group gross loan stage evolution (€ b) Group S2 ratio and coverage (%) Group S3 ratio and coverage (%) Δ yoy 1.3 1.2 0.9 0.9 -0.3 Stage 3 55.6% 54.3% 8.2% 52.4% 51.8& Coverage o/w: 7.5% 7.6% 7.6% Coverage €0.6b FPEs €1.5b SICR €0.3b
Slide 36: Sustainability Strategy
06 Sustainability Strategy 36
Slide 37: Our strategy is aligned with the Bank's purpose, values and UN SDGs
Our strategy1 is aligned with the Bank's purpose & values and the UN SDGs ESG pillars and strategic themes Our core values Environment • Lead the market in sustainable energy financing Responsive • Accelerate transition to a sustainable economy Growth catalyst • Role-model environmentally responsibl
Slide 38: Inaugural Green Bond fully utilized in 2 years delivering significant impact
Our inaugural Green Bond was fully utilized in 2 years delivering significant impact Total Investment Total allocated Existing projects New projects mobilized 500m 250m 250m 1,07b Number of projects allocated by eligible category Geographical distribution Key Performance Indicators1 21 773,420 Onsho
Slide 39: Commitment to net-zero by 2050, with interim targets
Commitment to net-zero by 2050, with interim targets and transition plans in place NBG is the first Greek systemic bank to join PCAF1 and commit to sector-specific targets2 in the context of the NZBA3 Sector/ Scopes Unit of Reference Scenario / 2022 2024 2030 Delta 2024 Transition Portfolio Covered
Slide 40: NBG sustainability-oriented solutions to businesses and households
Range of NBG sustainability-oriented solutions to businesses and households Corporates Small Business / SMEs Households • Corporate RES financing • Green SB loans for photovoltaic and • Green Estia mortgage loan for • Recovery and Resilience Facility (RRF) other RES acquisition & renovation loans (f
Slide 41: Additional Information
Additional Information Second National Bond Sustainable Framework Party BankOpinion of Greece Second Party Opinion Sustainability and Green Bond Frameworks Sustainability and Green Bond Frameworks National Bank of Greece Sustainable Bond Framework 41
Slide 42: Sustainable Finance Framework
07 Sustainable Finance Framework 42
Slide 43: Use of Proceeds: Eligible Categories and Exclusions
Use of Proceeds (UoP) Green Categories Social Categories 1. Renewable Energy 1. Access to Affordable Healthcare Services 2. Green Buildings 2. Access to Education and Vocational Training 3. Energy Efficiency 3. Access to Financial Services Eligible Categories 4. Clean Transportation • SME located in
Slide 44: Project evaluation and selection: Sustainable Bond Committee
Project evaluation and selection: Sustainable Bond Committee The Sustainable Bond Committee comprises representatives from Treasury, CSR & Sustainability, Strategy, Risk, Corporate, Real Estate/Property Valuation, and IT. The Committee reports directly to the ESG Management Committee, which is chair
Slide 45: Management of proceeds
Management of proceeds The net proceeds of the Green, Social, and/or Sustainability Instrument(s) issued under this Framework will be managed by NBG's Treasury on a portfolio basis NBG is committed to transparency and will make information about the expected allocation of proceeds from Green, Social
Slide 46: Post issuance allocation and impact reporting
Post issuance allocation and impact reporting Allocation Reporting Transparency and Impact Reporting Allocation and impact reports published annually, starting 1 year after any 1 The aggregated amount of net proceeds instrument issuance and at least until the full allocation of proceeds Information
Slide 47: Sustainable Bond Framework: detailed Use of Proceeds (1/3)
Sustainable Bond Framework: detailed Use of Proceeds (1/3) Eligibility criteria for Green categories Eligible Categories EU Taxonomy Objective Associated UN SDGs Description of Eligibility Criteria • Construction, operation, acquisition, installation, and maintenance of electricity generation facili
Slide 48: Sustainable Bond Framework: detailed Use of Proceeds (2/3)
Sustainable Bond Framework: detailed Use of Proceeds (2/3) Eligibility criteria for Green categories Eligible Categories EU Taxonomy Objective Associated UN SDGs Description of Eligibility Criteria Climate Change • Climate Change • Financing or refinancing used for engineering activities and related
Slide 49: Sustainable Bond Framework: detailed Use of Proceeds (3/3)
Sustainable Bond Framework: detailed Use of Proceeds (3/3) Eligibility criteria for Social categories Eligible Categories ICMA Social Bond Principle Associated UN SDGs Description of Eligibility Criteria • Construction, expansion, or refurbishment of buildings, facilities, and equipment relating to
Slide 50: Macro
08 Macro 50
Slide 51: Strong carryover effects and healthy fundamentals offset external headwinds
Strong carryover effects and healthy fundamentals should offset external headwinds Greece’s economy remains on a steady upward trajectory, as evidenced by economic Key macroeconomic 180 index, 170 activity indicators available for the first months of the year: and financial 170 2017=100 indicators o
Slide 52: Growth catalysts increase economy's resilience to external shocks
Important growth catalysts increase the economy’s resilience to external shocks Forward-looking indicators point to a steady pace of GDP growth, despite increasing Robust economic 130 Wildfires and 130 Covid-19 historic flood uncertainty, amid escalating trade tensions, and heightened financial vola
Slide 53: Solid labor market trends support household consumption and investment
Solid labor market trends to support household consumption and investment Unemployment rate at a 15y Increasing labor income and 15 15 8 yoy % 30 yoy yoy low of 8.9% in 1Q25, with consumer credit bolster employment up by 1.1% yoy 6 household spending as 25 10 10 inflation pressures subside 4 20 5 5
Slide 54: Corporate activity remains resilient to external headwinds
Corporate activity remains resilient to external headwinds on strengthened fundamentals Business turnover and 500 €b €b 70 Continuing outperformance 70 70 profits at pre-crisis highs of Greek manufacturing index 450 65 65 60 against euro area peers 400 60 60 350 50 55 55 300 40 50 50 250 Business tu
Slide 55: Supportive fiscal stance, strong credit trends and lower policy rates
Supportive fiscal stance in 2025 along with strong credit trends and lower policy rates Primary surplus at an all- 210 Greece remains among 6 time high in 2024, enabling %GDP %GDP surplus the top fiscal performers a more supportive fiscal 12 under the new EU fiscal 5 stance in 2025. Debt-to- 185 reg
Slide 56: Appendix
09 Appendix 56
Slide 57: Balance Sheet & P&L
Balance Sheet & P&L Balance Sheet | Group P&L | Group €m 1Q25 4Q24 3Q24 2Q24 1Q24 €m 1Q25 4Q24 3Q24 2Q24 1Q24 Cash & Reserves 6,210 5,380 8,397 8,356 8,307 NII 548 575 589 587 606 Interbank placements 2,378 2,679 2,662 2,573 2,527 Net fee & commission 106 115 108 106 100 income Securities 20,422 20,
Slide 58: Geographical segment P&L: Greece & International
Geographical segment P&L: Greece & International Greece International €m 1Q25 4Q24 3Q24 2Q24 1Q24 €m 1Q25 4Q24 3Q24 2Q24 1Q24 NII 524 553 563 561 578 NII 25 22 26 26 28 Net fee & commission Net fee & commission 102 111 104 102 96 4 4 4 4 4 income income Core Income 626 664 667 662 673 Core Income 28
Slide 59: NBG Outstanding Issuances
NBG Outstanding Issuances Target Notes Target Notes ETEGA 2.75 ETEGA 7.25 ETEGA 8.75 ETEGA 8.00 ETEGA 4.50 ETEGA 5.875 ETEGA 3.50 10/08/2026 11/22/2027 06/02/2027 01/03/2034 01/29/2029 06/28/2035 11/19/2030 ISIN XS2237982769 XS2558592932 XS2562483441 XS2595343059 XS2756298639 XS2790334184 XS29403096
Slide 60: Definition of financial data, ratios and alternative performance measures
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 meet the requi
Slide 61: Definition of financial data, ratios and alternative performance measures
Definition of financial data, ratios used and alternative performance measures Minorities -- Non-controlling interest MREL -- The minimum requirement for own funds and eligible liabilities under the BRRD. Net Interbank -- Due from banks less due to banks, excluding the TLTRO facility Net Interest Ma
Slide 62: ESMA Alternative Performance Measures and definitions
ESMA Alternative Performance Measures (APMs), financial data and ratios definitions This presentation contains financial data, which is compiled as a normal part of our financial reporting and management information systems. For instance, financial items are categorized as foreign or domestic on the
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