National Bank Of Greece S.a. · ATHEX:ETE
National Bank Of Greece — Q2 2026 Earnings Presentation
60 slides from National Bank Of Greece's earnings presentation, Jul 30, 2026
Slide 1: 2Q26 Financial Results
2Q26 Financial Results NBG stands out 30 July 2026
Slide 2: Table of Contents
Table of Contents 01 Highlights 02 Strategy & Guidance Update 03 Financial Results in Detail 04 Macro 05 Transformation Program 06 ESG 07 Appendix
Slide 3: Highlights
2Q26 Financial Result 01 Highlights
Slide 4: Why NBG: The safe way to tap Greece's structural growth
01 Highlights Why NBG The safe way to Leading Tech Superior capital Leading RoA tap Greece's investments create resources combines with structural growth unique competitive provide strategic low leverage dynamics advantage optionality Fortress balance sheet, Further automation of Among the strongest
Slide 5: Strong 1H26 financial performance reaffirms solid outlook
01 Highlights Strong 1H26 financial performance reaffirms solid outlook CORE INCOME STRENGTH RoTE SOLID PROFITABILITY 15.5% 1,2 1,2 1 1,2 NIM Fees PAT EPS 273bps +10% yoy €661m €1.45 1,2 (15.7% reported) +3% yoy 20.3% 3 (adj. for excess capital) GROWING BALANCE SHEET SUPERIOR EFFICIENCY 1,2 LEADING
Slide 6: 1H26 results comfortably fulfill FY26 guidance creating upside risk
01 Highlights 1H26 results comfortably fulfill FY26 guidance creating upside risk NIM | bps Fee growth | % yoy RoTE¹,² | € m EPS ¹,² 1.45 c1.4 |€ 10% high Adj. for excess 273 >275 sds capital³ 20.0% 20.3% 1H26 Guidance Feb26 1H26 Guidance Feb26 C:I² | % Cost of Risk | bps RoTE1,2 15.5% c15% 35% <37%
Slide 7: Core income momentum accelerates, supporting recurring profitability
01 Highlights Core income momentum accelerates, supporting recurring profitability Core Income | (€ m) EPS¹,² & PAT¹ | (€, €m) NII -3.1% -0.9% +0.7% +2.0% +2.6% EPS¹,² 1.34 1.43 1.46 1.32 1.26 qoq % 541 555 NII 531 527 530 PAT growth excl. trading & other income +€16m qoq Fees +9% +7% +16% +8% +12%
Slide 8: Client funds impressive growth continues fueling further fee growth
01 Highlights Client funds impressive growth continues fueling further fee growth Client Funds (€ b) Deposit flows (€ b) Customer Deposits +€3.5b yoy +6% 0.9 61.7 +€8.7b 2.7 1.0 1 58.2 -1.2 1 61.7 58.2 1H25 1H26 Retail Corporate +€1.6b yoy +€1.9b yoy 2 Retail Client FuMs 2Q25 Core Time Core Time & o
Slide 9: Superior capital and liquidity define our fortress B/S
01 Highlights Superior capital and liquidity define our fortress B/S… Group Assets (€ b) Group Liabilities (€ b) Cash & reserves 4.8 Interbank 4.3 Interbank 2.6 Fixed income portfolio with Securities 25.1 hedges in place HTC €19.5b HTCS €4.7b Trading €0.4b Core Deposits 50.9 • Deposits comprise 91%
Slide 10: Commanding the tightest spreads in the Greek market
01 Highlights …commanding the tightest spreads in the Greek market Credit rating | Sovereign and NBG NBG Senior, Tier II & AT1 Spreads (bps) 399 Rating & Rating & AT1 332 Tier II 313 outlook outlook 307 290 290 279 Baa3 Baa1 Inaugural AT1 NC5.5 priced at stable negative¹ 226 209 +332bps 187 170 174
Slide 11: Strong macro fundamentals offset heightened inflation
01 Highlights Strong macro fundamentals offset heightened inflation Corporate Resilient Large fiscal Household activity remains tourism and capacity & fundamentals robust goods exports accelerating RRF remain healthy deployment • Business turnover up by 5.4% • Tourism on track for new highs • Sustai
Slide 12: Strategy & Guidance Update
2Q26 Financial Result 24 02 Strategy & Guidance Update
Slide 13: FY26 Guidance Update: Positive NII dynamics fuel higher 2026 EPS and RoTE
02 Strategy & Guidance Update FY26 Guidance Update: Positive NII dynamics fuel higher 2026 EPS and RoTE Revision Profitability 1H26 Previous FY26 Guidance (Feb26) Updated FY26 Guidance NII (%) 1.5% yoy low sds increase % mid sds increase % NIM (bps) 273 >275 c280 NII sensitivity: DFR (%) 2.25% 2.00%
Slide 14: Capital deployment strategy supports growth and superior shareholder returns
02 Strategy & Guidance Update Capital deployment strategy supports growth and superior shareholder returns RWA expansion through: CET1 ratio evolution, % Organic A growth • domestic organic growth >10ppts • international syndications A >3ppts Ordinary • increasing cash payοuts B Capital Payouts • sh
Slide 15: Strategic Transactions: Allianz partnership creates value (1/2)
02 Strategy & Guidance Update Strategic Transactions: Allianz partnership creates value delivering significant uplift in EPS and RoTE (1/2) Strategic Rationale Transaction economics (2027-28) ✓ Boost fee and commission income from bancassurance business • Net Fee impact1 +6ppts ✓ Value uplift via: o
Slide 16: Strategic Transactions: Dromeus Capital partnership (2/2)
02 Strategy & Guidance Update Strategic Transactions: Dromeus Capital partnership enhances and diversifies fee growth (2/2) Strategic Rationale Transaction economics (2027 onwards) ✓ Investment Advisory & Asset Management Agreement with • Net Fee impact2 +3ppts Dromeus Capital for sourcing and manag
Slide 17: Technology: Frontloaded investments in IT put NBG ahead of peers (1/3)
02 Strategy & Guidance Update Technology: Frontloaded investments in IT put NBG ahead of peers (1/3) #1 #1 #1 #1 Bank in Greece and among few Position in digital banking Bank that rolled out a customer Bank that rolled out a in Europe operating with a new with 30% market share facing agent with >14
Slide 18: Technology: A new Core Banking System (2/3)
02 Strategy & Guidance Update Technology: A new Core Banking System; the largest banking tech project ever undertaken in Greece (2/3) PLATFORM PRODUCT CATALOGUE TIME-TO-MARKET THROUGHPUT 1 unified from 40 fragmented 200 active from 5,000+ legacy 3 xfaster on new products & ~3.5B txns/yr headroom for
Slide 19: Technology: AI capabilities span a wide array of use cases (3/3)
02 Strategy & Guidance Update Technology: AI capabilities span a wide array of use cases across front, middle and back offices (3/3) Sophia Digital AI Voice in the Complaints & Requests Assistant Contact Center Management Expands across every digital channel. Real-time voice assistant deployed Agent
Slide 20: Financial Results in Detail
28 03 Financial Results in Detail 20
Slide 21: 1H26 PAT at €661m reflects core income momentum; RoTE at 15.5%
03 Financial Results in Detail 1H26 PAT¹ at €661m reflects core income momentum; RoTE at 15.5% ¹,² P&L Highlights P&L | Group (€ m) 1H26 1Η25 YoY 2Q26 QoQ NII 1,096 1,080 +1.5% 555 +2.6% 1H26 PAT¹ of €0.66b is driven by increasing NII momentum and accelerated growth in Fees Net fee & commission inco
Slide 22: Best in class liquidity profile and capital resources
03 Financial Results in Detail Best in class liquidity profile and capital resources provide operating resilience and strategic flexibility Key Balance sheet items 6M26 3M26 FY25 9M25 6M25 Balance sheet Highlights Total Assets (€ b) 83.4 82.7 78.9 76.7 77.6 • Fending off geopolitical uncertainty, 2Q
Slide 23: Capital generation absorbs accelerated credit growth and superior payouts
03 Financial Results in Detail Capital generation absorbs accelerated credit growth and superior payouts 1H26 capital movement¹ 2Q26 capital movement¹ +60bps 21.0% 21.1% 21.0% CAD 21.5% +c1.6% 2.5% 2.4% 2.4% Τ2 Τ2 2.7% +c0.7% 1.2% +c0.1% 1.2% -c0.9% -c0.1% 1.2% ΑΤ1 -c0.4% -c1.0% -c0.9% -c0.5% CET1 1
Slide 24: Core income momentum up by +5% qoq builds up in 2Q26
03 Financial Results in Detail Core income momentum up by +5% qoq builds up in 2Q26; PAT¹,²+6% qoq Group PAT¹ (€ m) Group Core PAT¹,² (€ m) CoR at 38 bps in 1H26 PAT¹ growth excl. trading & other income +€16m qoq QoQ +2.6% +14% -1% +9% Core PAT¹,² 251 283 299 +6% qoq +16 344 +14 317 +0 +1 +1 -43 -4
Slide 25: NII recovery accelerates in 2Q26 aided by volume and rate effects
03 Financial Results in Detail NII recovery accelerates in 2Q26 aided by volume and rate effects NII (€ m), NIM (bps) NII breakdown (€ m) NIM pivots from 1Q26 ’trough’ NIM (Group) Group 531 527 530 541 555 282 280 276 272 273 International 24 22 22 24 24 3M (avg) Domestic 507 505 508 517 531 211 201
Slide 26: PE yields start to pick up while corporate credit gathers pace
03 Financial Results in Detail PE yields start to pick up while corporate credit gathers pace Greek PE lending yields (bps) Group Performing loan evolution (€ b) Consumer¹ ² Group 34.4 37.7 39.1 +13% yoy 936 933 938 Int’l 1.8 2.0 2.1 +12% yoy 922 926 37.0 +13% yoy 35.7 SBLs 583 Greece 32.6 547 541 5
Slide 27: 1H26 disbursements up by +30% yoy
03 Financial Results in Detail 1H26 disbursements up by +30% yoy; Corporate +33% yoy, Retail +20% yoy Group Loan disbursements¹ (€ b) Group PE expansion (€ b) 1H26 €b yoy Retail 1.3 +20% +€1.9b net credit expansion Corporate 4.3 +33% 4.2 2 Total 5.5 +30% 5.5 3.0 +18% yoy 0.2 39.1 2.6 2.5 -3.7 0.0 3.
Slide 28: Healthy loan growth: retail contributes positively to credit growth
03 Financial Results in Detail Healthy loan growth: retail contributes positively to credit growth Large & SMEs | (€ b) Structured Finance | (€ b) Shipping | (€ b) +11% yoy +29% yoy +25% yoy Domestic Corporate PEs €27.3b 14.1 15.2 15.6 7.2 7.7 3.7 4.1 6.0 3.3 2Q25 1Q26 2Q26 2Q25 1Q26 2Q26 2Q25 1Q26
Slide 29: Core deposits up by c€4b yoy; deposit yields unchanged
03 Financial Results in Detail Core deposits up by c€4b yoy; deposit yields unchanged Group deposits evolution (€ b) Greek deposit yields (bps) & NII (€ m) Group 58.2¹ 58.3 59.6 58.5 61.7 +€3.5b yoy 2.6 2.5 2.6 2.6 2.6 Term Int’l 165 154 144 141 138 59.1 Greece 1 57.0 55.6 55.8 56.0 9.7 9.1 9.4 8.9
Slide 30: Bond portfolio exposure provides NII support
03 Financial Results in Detail Bond portfolio exposure provides NII support Bond portfolio by category (€ b) Bond portfolio classification (€ b) 24.2 24.5 24.2 24.5 c80% in HTC 20.1 7.4 o/w €6.8b HTC 20.1 7.3 0.3 0.3 7.4 19.1 19.5 0.4 15.8 16.5 16.8 12.3 3.9 4.7 4.7 0.4 0.4 0.4 2Q25 1Q26 2Q26 2Q25 1
Slide 31: NBG retains the lowest and most inelastic deposit cost
03 Financial Results in Detail NBG retains the lowest and most inelastic deposit cost NBG funding cost (bps) Funding structure (%) MREL resources² | % RWAs 2026 issuances Deposits of c€62b, c91% • SP Green €600m of total net funding 392 381 • AT1 €500m 356 7% 2% 29.2% 28.4% 3 299 26.7% 256 3M Euribo
Slide 32: Fee growth accelerates to +10% yoy driven by retail and corporate fees
03 Financial Results in Detail Fee growth accelerates to +10% yoy driven by retail and corporate fees Retail fees¹ (€ m) Corporate fees¹ (€ m) Group fees (€ m) ΥοΥ ΥοΥ ΥοΥ 243 +10% 129 +14% 221 16 98 +11% 113 19 88 7 +17% 37 +13% 6 6 >100% 2 98 33 9 +7% 27 -2% 88 27 8 33 +48% Sustained MF 6 -36% 22
Slide 33: FuM growth fuels investment fees, up +48% yoy in 1H26
03 Financial Results in Detail FuM growth fuels investment fees, up +48% yoy in 1H26 Assets under Management (€ b) Retail Investment Fees (€ m) +2pps yoy MF Mkt in Total MF 15% 17% 17% (+6pps yoy share (%) in Bond MF) 21.9 YoY +48% 19.0 Total FuMs¹ 16.7 11.3 9.7 Institutional Client 8.8 FuMs¹ 10.6 +
Slide 34: 1H26 C:I at 35% leads to positive FY26 target revision
03 Financial Results in Detail 1H26 C:I at 35%¹ leads to positive FY26 target revision Group C:I (%) Group headcount (#k) Cost/ Assets % 1.2% 1.2% Lower ytd due to VES 6.3 at Bank level 7.6 7.9 7.7 Cost/ income % 32.5 34.7 Normalized for 1.1 1.2 1.1 Int’l 1Η26 high trading income 6.5 6.7 6.5 Greece
Slide 35: NPE flows unaffected by geopolitical uncertainty
03 Financial Results in Detail NPE flows unaffected by geopolitical uncertainty NPE ratios and coverage | 2Q26 Group Cost of Risk (bps), (€ m) Collateral coverage¹ 60% 64% 62% CoR (bps) 40 39 38 NPE coverage NPE ratio 3.7% at 105% 2.3% 2.4% 1.9% CoR (€ m) 37 39 39 Stage 3 43% coverage 60% 53.4% 54.6
Slide 36: Leading coverage levels provide comfort during uncertainty
03 Financial Results in Detail Leading coverage levels provide comfort during uncertainty Group gross loan stage evolution (€ b) Group S2 ratio and coverage (%) Group S3 ratio and coverage (%) 0.9 0.9 1.0 Stage 3 54.8% 55.8% 54.6% Coverage 8.4% 7.9% 7.7% Coverage Stage 2 2.2 2.5 2.6 6.2% 6.0% Ratio
Slide 37: Macro
2Q26 Financial Result 04 Macro 37
Slide 38: Strong fundamentals continued to cushion external headwinds in 1H26
04 Macro Strong fundamentals continued to cushion external headwinds in 1H26 Key macroeconomic and • Economic activity in Greece continued to markedly outperform the euro area in 1H26, financial indicators on a 190 190 index, steady rise until 1Q26 180 177 as indicated by national accounts data for
Slide 39: Persistent uncertainty to test the economy's resilience
04 Macro Persistent uncertainty to test the economy’s resilience over the period ahead Renewed tensions in 130 130 • Survey-based indicators of business activity proved highly resilient in 2Q26, energy markets amid $/brl rebounding swiftly from the initial impact of the March conflict escalation and
Slide 40: Healthy labor market fundamentals should help offset consumption slowing
04 Macro Healthy labor market fundamentals should help offset the uncertainty-led consumption slowing The labour market rebounded after 8 30 Real disposable income 12 180 yoy % yoy €b a weak 1Q26, as employment grew remained on a sustained upward Thousands by 45K persons, on average, in 1Η26 6 trend
Slide 41: Corporate performance remains solid, bolstering appetite for fixed capital investment
04 Macro Corporate performance remains solid, bolstering appetite for fixed capital investment Business activity held up well 600 50 Greece’s manufacturing sector 70 index 70 €b €b in 1H26, underscoring the remained among the top 65 65 resilience and adaptability of 500 performers in the EU, showing
Slide 42: Robust fiscal performance, accelerating RRF deployment and resilient exports
04 Macro Robust fiscal performance, accelerating RRF deployment and resilient exports Record-high PIB and RRF 18 €b %GDP 10 Gen. Government primary 16 balance: The fiscal €b, spending provides further 16 performance in 5M26 14 cumulative impetus to fixed capital investment 14 8 (+2.0% of GDP) remain
Slide 43: Transformation Program
2Q26 Financial Result 05 Transformation Program 43
Slide 44: 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 • Enhancement of operating model and origination capabilities, • Strengthening frontline capabilities across Mass, Business Banking supporting lending
Slide 45: Our digital business continue to deliver impressive results
05 Transformation Program Our digital business continue to deliver impressive results Retail Business Next 4.6 3.2mn 4.7 144K 4.5 36K rating 12M AU¹ rating 12M AU¹ rating 12M AU¹ Market Shares² Registered users Digital users 12M AU¹ 29% 30% Digital Sales Penetration Time Prepaid Consumer Deposits Ca
Slide 46: AI-powered, Human-centered, Market-leading
05 Transformation Program AI-powered, Human-centered, Market-leading Leading position in greek digital banking 4.6M registered users AI-powered at scale • First bank in Greece to launch fully AI-powered onboarding for new customers • Embedding AI across the customer journey — from transactions to co
Slide 47: ESG
2Q26 Financial Result 06 ESG 47
Slide 48: Creating value for businesses and households while enabling Greece's transition
06 ESG Creating value for businesses and households while enabling Greece's transition C&E theme Key recent developments and metrics Leading €2.5b Green bond issuances (€ m) Corporate RES financing (€ b) sustainable 750 650 2.3x 2.6 2027 target: €3.3b energy financing 600 2.3 2.5 500 July 2026: publ
Slide 49: Contributions to Greece's energy transition
06 ESG Contributions to Greece’s energy transition NBG is committed to play a leading role in financing renewable energy projects in Greece, accelerating the country's transition to a cleaner, more sustainable economy. Through our Green Bonds, we mobilize capital to fund Greece's energy transition,
Slide 50: Contributions to society with impactful initiatives
06 ESG Contributions to society with impactful initiatives, supported by solid corporate governance framework 1Η26 highlights Education, Financial Public Health & Well-being Environment protection Entrepreneurship & Greek heritage, culture & Empowerment innovation creativity • Financial Literacy • D
Slide 51: Appendix
2Q26 Financial Result 07 Appendix 51
Slide 52: Balance Sheet & P&L
07 Appendix Balance Sheet & P&L Balance Sheet | Group 2Q26 1Q26 4Q25 3Q25 2Q25 P&L | Group 2Q26 1Q26 4Q25 3Q25 2Q25 €m €m Cash & Reserves 4,813 5,617 5,459 5,957 7,488 NII 555 541 530 527 531 Interbank placements 2,599 2,702 2,261 2,392 2,331 Net fee & commission income 129 114 133 116 115 Securitie
Slide 53: Balance Sheet & P&L
07 Appendix Balance Sheet & P&L P&L | Domestic 2Q26 1Q26 4Q25 3Q25 2Q25 P&L | International 2Q26 1Q26 4Q25 3Q25 2Q25 €m €m NII 531 517 508 505 507 NII 24 24 22 22 24 Net fee & commission income 127 110 130 112 112 Net fee & commission income 3 4 3 4 4 Core Income 658 627 638 617 618 Core Income 27 2
Slide 54: ESMA Alternative Performance Measures (APMs), financial data and ratios definitions
07 Appendix ESMA Alternative Performance Measures (APMs), financial data and ratios definitions Τhe 2Q26 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 55: Definition of financial data, ratios used and alternative performance measures
07 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 56: Definition of financial data, ratios used and alternative performance measures
07 Appendix Definition of financial data, ratios used and alternative performance measures Name Abbreviation Definition The sum of credit provisions and other impairment charges, excluding (a) a release of €40m related to a specific GGB debt security which was transferred to Stage 1, other impairmen
Slide 57: Important Notice – Disclaimer
07 Appendix Important Notice – Disclaimer The information, statements and opinions set out in the 2Q26 Financial Results Presentation The Presentation includes certain non-IFRS financial measures. These measures are and accompanying discussion (the “Presentation”) have been provided by National Bank
Slide 58: Important Notice – Forward Looking Information
07 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 59: Contact details
07 Appendix Contact details Christos Christodoulou | Group CFO Greg Papagrigoris | Group Head of IR Panagiotis Alevras | Institutional Investors cchristodoulou@nbg.gr +30 210 334 2310 +30 210 334 3031 papagrigoris.gr@nbg.gr Alevras.Pan@nbg.gr Maria Kanellopoulou | Analysts Marios Deportou | Rating a
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