National Bank Of Greece S.a. · ATHEX:ETE
National Bank Of Greece — Q4 2025 Earnings Presentation
63 slides from National Bank Of Greece's earnings presentation, Feb 27, 2026
Slide 1: 4Q25 Financial Results
4Q25 Financial Results 27 February 2026
Slide 2: Table of Contents
Table of Contents 01 Highlights 02 Business Plan targets 2026-28 03 Financial Results in Detail 04 Macro 05 Transformation Program 06 ESG 07 Appendix 2
Slide 3: 01 Highlights
01 Highlights 3
Slide 4: Highlights: strong FY25 performance and special distribution proposal
01 Highlights Strong FY25 performance and robust BS support proposal for a special distribution², over and above the 60%² ordinary payout CORE INCOME RESILIENCE SOLID PROFITABILITY RoTE 15.5% PAT at 1 1 NIM Fees EPS 1 283bps +10% yoy c€1.3b €1.38 (incl. excess capital) GROWING BALANCE SHEET SUPERIOR
Slide 5: FY25 results overperform with solid credit expansion and fee income
01 Highlights FY25 results overperform with solid credit expansion and fee income FY25 NIM Actual Guidance (Feb25) Updated Guidance (Jul25) absorbs lower benchmark rates, Actual vs remaining above 280bps P&L FY25 FY25 FY25 Guidance NIM (bps) 283 >280 >280 NII €2.14b >€2.1b >€2.1b Fees growth 10% 3Y
Slide 6: FY25 PAT at c€1.3b reflects income resilience despite rate normalization
01 Highlights FY25 PAT at c€1.3b reflects income resilience despite rate normalization PAT¹ | € m NII | € m TBVPS | € 7.8 8.6 9.2 +7% yoy NIM | bps 302 319 283 Δ of -36bps yoy 3M Eur avg | bps 344 357 217 Δ of -140bps yoy 1,422 1,290 1,259 2,263 2,356 2,136 FY23 FY24 FY25 FY23 FY24 FY25 Fees | € m C
Slide 7: Ordinary FY25 payout of 60% and additional capital distribution proposal
01 Highlights Ordinary FY25 payout of 60%¹ on FY25 earnings; proposal for additional capital distribution of €0.3b¹ in 2026 Payout | € b EPS² & Payout | € €1.0b Additional capital €0.3b¹ P/E 25 8.2x³ Stoxx Banks distribution FY25 10.6x Ordinary 30% 50% 60%¹ Payout (%) 1.56 1.41 1.38 >2x EPS² Total 0
Slide 8: 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 2.7 reserves 5.5 Excess liquidity at €5.0b Interbank 2.3 Fixed income portfolio is a natural hedge against normalizing rates Securities 22.2 HT
Slide 9: AT1 and SP bonds issued by NBG at tightest ever spreads for Greek paper
01 Highlights AT1 and SP bonds issued by NBG at tightest ever spreads for Greek paper Credit rating | Sovereign and NBG AT1 capital Issuance NBG Senior and Tier II (Spreads %) • €500m PNC5.5 new AT1 bond with a yield of 5.8% • Priced at a spread of 332bps over mid-swap rate, the 6.6% tightest achiev
Slide 10: 02 Business Plan targets 2026-28
02 Business Plan targets 2026-28 10
Slide 11: Be the “Bank of First Choice”, creating value for all stakeholders
02 Business Plan targets 2026-28 Be the “Bank of First Choice”, creating value for all stakeholders We aspire to be the undisputed “Bank of First Choice” for Human Trustworthy Our vision We place the needs and choices We operate with transparency, customers, talent, of our customers at the centre of
Slide 12: RoTE of 17% in 2028
02 Business Plan targets 2026-28 2026-28 Key strategic priorities Capitalize on favorable economic Continue modernization conditions to accelerate core of our technology and income expansion operating model Capital deployment (New Core Banking in 2026-28 supports System rollout robust organic Deepen
Slide 13: High level KPIs for 2028 – continued value creation
02 Business Plan targets 2026-28 High level KPIs for 2028 – continued value creation Balance Sheet Profitability PE growth (%) high sds % NII growth (%) c7% (3Y CAGR) (3Y CAGR) Fee growth (%) high sds % PE growth (€b) >€10b Not incl. positive impact from prospective bancassurance agreement (3Y CAGR)
Slide 14: Business plan 2026-28 financial targets
02 Business Plan targets 2026-28 Business plan 2026-28 financial targets Actual Business Plan 2026-28 Profitability FY25A FY26E FY28E NII (€b) 2.1b low sds increase % c7% (3Y CAGR) NIM (bps) 283 >275 >290 3M Euribor avg (bps) 217 191 230 Not incl. positive impact from Fees growth (%) 10% high sds %
Slide 15: Strong credit expansion and favorable low-cost core deposit mix
02 Business Plan targets 2026-28 Strong credit expansion and favorable low-cost core deposit mix... Corporate Loans Retail Loans Deposits € 3Y CAGR € 3Y CAGR 3Y CAGR 2025A 25b 9b Large low dds1 Mortgages low sds Savings low sds Corporates mid sds mid sds Sight & low sds SMEs Consumer Other Shipping
Slide 16: 7% CAGR in NII complemented by high sds fee growth
02 Business Plan targets 2026-28 ...drive a 7% CAGR in NII complemented by cross-sell-led high sds fee growth Net Interest Income Fees & Commissions EPS € 3Y CAGR 3Y CAGR 3Y CAGR 2025A 2.1b €1.40 Credit growth Investment Fees mid teens Total Income high sds /rates (AM/ Bancass.) Excess Liquidity Tra
Slide 17: Frontloaded investments in technology puts NBG ahead of peers
02 Business Plan targets 2026-28 Frontloaded investments in technology puts NBG ahead of peers and supports a steady state C:I ratio of 36% IT Capex, €b ▪ Core banking replacement is the biggest ▪ 1st Greek bank in Digital with more than 30% >€1b market share in both customers and project ever made
Slide 18: Capital buffers supported by profitability drive growth and higher distributions
02 Business Plan targets 2026-28 Capital buffers supported by increasing profitability drive growth and higher distributions CET1 ratio, % 3Y Capital Plan ▪ Strong organic capital generation across the 3Y period supports robust RWA expansion >25% ▪ Capital to be deployed towards increasing sharehold
Slide 19: Will continue to deliver superior distributions
02 Business Plan targets 2026-28 Will continue to deliver superior distributions Payout ratios, % Additional capital ▪ Our strategy is to consistently 0.3b1 distribution (2026)1 increase cash payouts going forward, Ordinary 30% 50% 60%1 using buybacks as an additional Payout ratio1 20% shareholder r
Slide 20: Business plan macroeconomic assumptions
02 Business Plan targets 2026-28 Business plan macroeconomic assumptions Real GDP yoy growth CPI yoy growth Greek Government Bond 10Y yield aop 2.0% 2.1% 3.7% 2.7% 3.6% 1.7% 3.5% 1.6% 2.2% 2.2% 3.4% 2.1% 2025E 2026E 2027E 2028E 2025E 2026E 2027E 2028E 2025A 2026E 2027E 2028E RRE prices yoy growth Un
Slide 21: 03 Financial Results in Detail
03 Financial Results in Detail 21
Slide 22: 4Q25 Core income and PAT edge higher qoq; FY25 PAT at €1.3b
03 Financial Results in Detail 4Q25 Core income and PAT¹ edge higher qoq; FY25 PAT¹ at €1.3b P&L | Group (€ m) FY25 FY24 YoY 4Q25 QoQ P&L Highlights FY25 PAT¹ of nearly €1.3b absorbs c190bps of benchmark rate normalization, cushioned by NII 2,136 2,356 -9.3% 530 +0.7% solid credit expansion, strong
Slide 23: Our robust Balance Sheet provides strategic flexibility
03 Financial Results in Detail Our robust Balance Sheet provides strategic flexibility Balance sheet Highlights Key Balance sheet items FY25 9M25 6M25 3M25 FY24 Total Assets (€ b) 78.9 76.7 77.6 75.3 75.0 • Disbursements accelerated in 4Q25 – driven by multiple sectors – yielding an impressive FY25
Slide 24: CET1 up +50bps ytd accommodates credit growth and distributions
03 Financial Results in Detail CET1 up +50bps ytd accommodates strong credit growth and increased distributions FY25 capital movement¹ 21.5% CAD 21.2% +c3.5% +c0.3% -c1.4% -c1.9% Accrued payout of 60%⁴ 20.7% CET1 18.3% 18.8% 2 3 4 FY24 FY25 Profitability RWAs Other FY25 before payout Payout FY25 RWA
Slide 25: FY25 Group PAT reaches €1.3b absorbing negative impact of rates
03 Financial Results in Detail FY25 Group PAT¹ reaches €1.3b absorbing the negative impact of rates on our NII Group PAT¹ (€ m) Group PAT¹ (€ m) CoR at 40 bps Attrib. in FY25 PAT² 1,106 1,158 1,160 +0% yoy Yoy -9.3% +10% +7.3% -15.1% 1,422 +74 1,259 +34 PAT¹ 1,290 1,422 1,259 -11% yoy +42 -21 -24 -2
Slide 26: 4Q25 marks the onset of NII recovery
03 Financial Results in Detail 4Q25 marks the onset of NII recovery Group NII (€ m), Group NIM (bps) Group NII breakdown (€ m) NIM (Group) -61bps Group 575 548 531 527 530 310 291 282 280 276 from peak International 22 25 24 22 22 3M Euribor (avg) 299 -192bps Domestic 553 524 507 505 508 Turnaround
Slide 27: FY25 PEs up by +€3.5b or +10% yoy
03 Financial Results in Detail FY25 PEs up by +€3.5b or +10% yoy; PE yield normalization slows down Greek PE lending yields (bps) Group Performing loan evolution (€ b) Group 30.5 33.6 37.0 +10% yoy Consumer¹ 928 923 Int’l 1.6 1.8 2.0 +12% yoy 886 874 871 35.0 +10% yoy Greece SBLs 678 31.8 630 28.8 T
Slide 28: Credit expansion picks up strongly in 4Q25
03 Financial Results in Detail Credit expansion picks up strongly in 4Q25, supporting NII recovery in 2026 Loan disbursements¹ (€ b) Credit expansion (€ b) 9.7 FY25 €9.7b 3.9 Mostly in: Energy Shipping Hotels Construction & RE Manufacturing 2.4 -5.5 0.0 37.0 3.4 -0.8 1.7 1.6 2.0 1.3 33.6 1.2 0.4 0.4
Slide 29: Core deposit balances higher by +€2b yoy
03 Financial Results in Detail Core deposit balances higher by +€2b yoy; Time depo repricing continued in 4Q25 Group deposits evolution (€ b) Greek deposit yields (bps) & NII (€ m) Group 57.6 56.5 58.2 ¹ 58.3 59.6 +€2.0b yoy Int’l 2.4 2.4 2.6 2.5 2.6 Term 191 180 165 154 1 57.0 144 Greece 55.2 55.6
Slide 30: Bond portfolio exposure grows in alignment with B/S dynamics
03 Financial Results in Detail Bond portfolio exposure grows in alignment with B/S dynamics, providing NII support Bond portfolio by category (€ b) Bond portfolio classification (€ b) +€1.7b yoy +€1.7b yoy 21.7 21.7 19.9 19.9 16.7 7.2 o/w €6.6b HTC 16.7 7.5 0.6 6.8 17.1 0.4 15.7 0.9 13.4 13.9 12.1 9
Slide 31: NBG retains the lowest deposit and funding costs in Greece
03 Financial Results in Detail NBG retains the lowest deposit and funding costs in Greece Cash, reserves & net interbank (€ b) NBG funding cost (bps) 378 396 392 381 336 356 299 264 256 6.4 6.3 211 201 204 3M Euribor (avg) 5.0 58 66 77 80 77 73 72 71 65 59 62 46 CoF (Blended eop) Deposit cost (avg)
Slide 32: Fee growth at +10% yoy, driven by investment product fees
03 Financial Results in Detail Fee growth at +10% yoy, driven by investment product fees up +70% yoy Retail fees¹ (€ m) Corporate fees¹ (€ m) Group fees (€ m) ΥοΥ ΥοΥ Fees/Assets 58bps 61bps ΥοΥ 469 +10% 236 +1% 233 427 56 177 +16% Impacted by State 13 +5% 41 67 -21% measures 153 7 +62% 85 12 5 177
Slide 33: FuMs market share gains translate into increased investment fees
03 Financial Results in Detail FuMs market share gains of 3pps translate into increased investment fees Assets under Management (€ b) Retail Investment Fees (€ m) MF Mkt Fees over FUMs 41 54 11% 14% 17% +3pps yoy share (%) in Total MF (bps) (+5pps yoy in Bond MF) CAGR +56% 9.3 +35% yoy Institutional
Slide 34: FY25 C:I at 34.1%, well inside guidance
03 Financial Results in Detail FY25 C:I at 34.1¹%, well inside our FY25 guidance Group C:I (%) Group headcount (#k) 19.8 Cost/ income % 30.6% 34.1% 7.8 6.5 at Bank level Personnel cost/ 17.9 10.8 income % 16.5 10.1 9.4 1.6 8.8 8.1 1.6 7.9 7.6 7.9 1.6 1.4 G&As/ 1.2 1.2 1.1 1.2 Int’l 7.7 8.8 12.0 inco
Slide 35: Forborne stock of €0.7b likely to cure
03 Financial Results in Detail Forborne stock of €0.7b comprised of FPEs and <30dpd FNPEs likely to cure NPE ratios and coverage | 4Q25 Group Cost of Risk (bps), (€ m) Collateral 53 64% 62% 63% coverage¹ CoR (bps) 49 NPE coverage 40 at 106% 39 NPE ratio 3.5% 2.3% 2.4% 2.1% CoR (€ m) 43 180 38 151 St
Slide 36: Leading coverage levels across stages provide a cushion
03 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 Stage 3 0.9 0.9 0.9 0.9 +0.0 54.8% 55.7% 55.8% Coverage 55.6% 8.4% 8.0% 7.6% 7.9%
Slide 37: 04 Macro
NATIONAL BANK @ OF GREECE 04 Macro
Slide 38: The Greek economy remains in a virtuous cycle
04 Macro The Greek economy remains in a virtuous cycle underpinned by stronger fundamentals Greek GDP is estimated to have expanded at a steady pace of around 2% in 2025, Key macroeconomic and 190 182 financial indicators on a index, supported by a more diversified growth trajectory. steady rise 180
Slide 39: Core drivers to sustain growth despite international volatility
04 Macro Core drivers to sustain growth despite international volatility The strengthened financial position of both corporates and households, together with Rising credit impulse and 100 €b 100 Thousands private sector deposits 90 90 positive demand prospects, is expected to encourage investment de
Slide 40: Rising disposable income and financial tailwinds drive household spending
04 Macro Rising disposable income and financial tailwinds drive household spending Unemployment rate at an 18y 8 yoy 30 Labour compensation at 6.9% yoy 10 100 % yoy €b low of 7.5% in December in 9M25, with the economy wide Thousands 8 90 2025, with employment up by 6 25 labour cost index surging by
Slide 41: Corporate resilience persists amid global volatility
04 Macro Corporate resilience persists amid global volatility Business turnover and profits 600 50 Continuing outperformance of 70 70 on a steady upward trend. €b €b index Greek manufacturing sector Gross operating surplus of the 65 65 500 reflects changes in Greece’s corporate sector at all-time 40
Slide 42: Robust fiscal buffers, RRF fund deployment and capital inflows
04 Macro Robust fiscal buffers, accelerating RRF fund deployment and high-quality capital inflows 15 210 30 €b 30 Primary fiscal surplus to %GDP Upside risks %GDP A new all-time high in FDI inflows exceed Budget forecasts of for 2025 (€12 b in FY25 from €6.3 b in FY24) 12 3.7% of GDP for 2025, 185 f
Slide 43: 05 Transformation Program
05 Transformation Program 43
Slide 44: Our Transformation Program acts as a delivery engine for NBG
05 Transformation Program Our Transformation Program acts as a delivery engine for NBG Corporate & Investment banking Retail banking • Scaled-up service & operating model for international • New Individuals service model incl. in-branch RMs for Corporate lending & structured finance to accelerate hi
Slide 45: Best-in-class Corporate & Investment Banking service and operating model
05 Transformation Program Best-in-class Corporate & Investment Banking service and operating model Corporate • Growing client base of c. 6k Corporate clients across all sub-segments (Large Groups, Client Midcaps, SMEs, Structured Finance, Shipping) Coverage • Specialized RM teams (by sector and comp
Slide 46: Customer-centric Retail Banking service model
05 Transformation Program Customer-centric Retail Banking service model, focused on sales and service Retail • Branch network focused on sales and improved customer Market shares (FY2025) frontline experience: New loan disbursements o Dedicated RMs for Business Banking and Premium customers Mortgage
Slide 47: 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 5.6m downloads 320k downloads 316k downloads 4.3 rating 4.6 rating 4.5 rating Digital KPIs Active users 12M Active user
Slide 48: New Core Banking System creates new long-term benefits
1. EXECUTIVE SUMMARY 05 Transformation Program New Core Banking System (CBS) creates new long-term benefits for NBG Benefits of the new CBS Key milestones 2020 New CBS selection 01 Simplification 02 High parameterization Consolidation product implementations, Flexible software, able to support new 2
Slide 49: 06 ESG
06 ESG 49
Slide 50: 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 Green bond issuances (€ m) Corporate RES financing (€ b) Leading 2027 target: €3.3b sustainable 750 2,3x 2.5 650 600 2.3 energy 500 2.0 FY25 mix: Total Green Bond 1.6
Slide 51: Commitment to net-zero by 2050 with interim targets
06 ESG Commitment to net-zero by 2050, with interim targets and transition plans in place NBG is the first Greek systemic bank to have joined PCAF1 and have committed to sector-specific targets Sector/ Scopes Unit of Reference Scenario / 2022 2025 2030 Delta 2025 Transition Portfolio Covered Measure
Slide 52: Contributions to society with impactful initiatives
06 ESG Contributions to society with impactful initiatives FY25 highlights from NBG’s impactful actions towards society Education • “Marietta Giannakou” Program: Renovation of 430 public schools in 2025 (€100m by the 4 Greek systemic banks - €25m for NBG), & Financial plus additional €100m committed
Slide 53: Strong participation in ratings and indices
06 ESG Strong participation in ratings and indices, and recognition of our ESG activities Year of ESG ratings & indices 2023 2024 2025 Comments coverage ESG rating A A A 12th Industry-adjusted score: 7.0 ISS Corporate rating C- C (Prime) C (Prime) 8th Top 20% banks globally ISS ESG score (E | S | G)
Slide 54: 07 Appendix
07 Appendix 54
Slide 55: Balance Sheet & P&L
07 Appendix Balance Sheet & P&L Balance Sheet | Group P&L | Group €m 4Q25 3Q25 2Q25 1Q25 4Q24 €m 4Q25 3Q25 2Q25 1Q25 4Q24 Cash & Reserves 5,459 5,957 7,488 6,210 5,380 NII 530 527 531 548 575 Interbank placements 2,261 2,392 2,331 2,378 2,679 Net fee & commission income 133 116 115 106 115 Securitie
Slide 56: Geographical segment P&L: Greece & International
07 Appendix Geographical segment P&L: Greece & International Greece International €m 4Q25 3Q25 2Q25 1Q25 4Q24 €m 4Q25 3Q25 2Q25 1Q25 4Q24 NII 508 505 507 524 553 NII 22 22 24 25 22 Net fee & commission Net fee & commission 130 112 112 102 111 3 4 4 4 4 income income Core Income 638 617 618 626 664 C
Slide 57: ESMA Alternative Performance Measures definitions
07 Appendix ESMA Alternative Performance Measures (APMs), financial data and ratios definitions Τhe FY25 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 58: Definition of financial data, ratios 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 59: Definition of financial data, ratios and alternative performance measures
07 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 60: Important Notice – Disclaimer
07 Appendix Important Notice – Disclaimer The information, statements and opinions set out in the 4Q25 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 61: Important Notice – Forward Looking Information
07 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
Slide 62: 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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National Bank of Greece — Q4 2025 Earnings Presentation on 6ix