National Bank Of Greece S.a. · ATHEX:ETE
National Bank Of Greece — Debt Investor Presentation (January 2026)
67 slides from National Bank Of Greece's debt investor presentation, January 2026
Slide 1: New Green Senior Preferred Issuance & Tender Offer
New Green Senior Preferred Issuance & Tender Offer Roadshow Presentation January 2026
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 This presentation may not be published, redistributed, tra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 Senior Preferred 5NC4 Reg S Transaction €500,000,000 7.250% Senior Preferred Notes ▪ Issuer: National Bank of Greece S.A (“NBG”) ▪ Notes due 22 nd November 2027 ▪ EUR-denom, 500m (exp.) size, Green, Reg S Bearer, Senior Pref
Slide 6: Transaction expected to have neutral impact on MREL resources
The proposed transaction is expected to have neutral impact on MREL resources, maintaining a comfortable buffer over target MREL target MREL ratio Static B/S as of 30.09.2025 MREL CBR CET1 Tier 2 Senior Preferred (% of RWAs) 29.8% 29.8% 28.5% 26.8% c.27% ▪ Single point of entry and 8.0% 8.0% issuanc
Slide 7: New ETEGA 5NC4 Green Senior Preferred Termsheet (1/2)
New ETEGA 5NC4 Green Senior Preferred Termsheet (1/2) Issuer: National Bank of Greece S.A. LEI: 5UMCZOEYKCVFAW8ZLO05 Issuer Ratings Baa1 (Moody’s, Stable) / BBB- (S&P, Stable) / BBB- (Fitch, Positive) Expected Issue Ratings: Baa1 (Moody’s) Unsubordinated MREL Notes (as defined in the Issuer’s Base P
Slide 8: New ETEGA 5NC4 Green Senior Preferred Termsheet (2/2)
New ETEGA 5NC4 Green Senior Preferred Termsheet (2/2) Applicable. Upon a notice of not less than 15 nor more than 30 days being given by the Issuer, the Issuer may redeem the Notes then outstanding, at any time from (and including) the MREL Disqualification Event Effective Date, in whole but not in
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 new issue ▪ The purpose of the Offer 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: NBG is the leading franchise in Greece
NBG is the leading franchise in Greece 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% repo
Slide 12: 9M25 Profit After Tax at c€1b, reflecting income resilience
9M25 Profit After Tax (“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 4
Slide 13: NBG with an IG rating from all big rating agencies
NBG with an IG rating from all big rating agencies Ratings and next rating dates as Primary rating relationships Secondary rating relationships of January 2026 Date of last report 19 Sep 2025 17 Oct 2025 14 Nov 2025 | HR Upgrade 5 Sep 2025 Next Sovereign 13 March 2026 24 April 2026 8 May 2026 6 Marc
Slide 14: Strong participation in ratings/indices and recognition of our ESG activity
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: NBG leads renewable energy financing in Greece
NBG leads renewable energy financing in Greece, driving the green transition NBG Green bond issuances (€ m) Corporate RES financing (€ b) Total eligible pool for 3rd Green Bond, post allocation to 1st (2020) and 2nd 2027 (2024) Green Bonds (€ m) Allocated Amount Unallocated Amount Target 1,900 +38%
Slide 16: Profitability
03 Profitability 16
Slide 17: 9M25 PAT reaches €1b absorbing interest rate normalization
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 by strong performance in fees,
Slide 18: Resilient profitability results in higher distributions
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 9M25 9M25 accrued
Slide 19: 9M25 group PAT at c€1b reflects the bulk of NII normalization
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 Reflects the sharp reduction of aver
Slide 20: NII bottoms out while interest rates stabilize
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 22 531 527 25 449 Avg 3M EUR 24
Slide 21: Bond portfolio exposure provides further support to our NII
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 10.3 3.7 4.8 2.8 0.7 0.5 0.4 3Q24
Slide 22: 9M25 performing exposures up 12% yoy; yields reflect benchmark rates
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 the repricing lag +1.2 Int’l +1
Slide 23: Fee growth continues in the mid teens
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 +33% 21 State measures on paymen
Slide 24: 9M25 recurring expenses +6.5% yoy, C:I at 33.3%
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 % 15.8 9.4 1.6 8.8 8.1 1.6 7.9
Slide 25: Capital & Liquidity
04 Capital & Liquidity 25
Slide 26: Our robust Balance Sheet provides strategic flexibility
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 corporate pipeline of approved but yet
Slide 27: Well-capitalized, highly liquid Balance Sheet
Our well-capitalized, highly liquid Balance Sheet is a unique comparative strength Group Assets (€ b) Group Liabilities (€ b) €76,8b €76,8b 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 28: CET1 +70bps ytd despite a 9M25 60% payout accrual
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 9M25 before payout Payout 9M25 RWA
Slide 29: Significant buffer to capital requirements
Significant buffer to capital requirements Requirements vs Actual CET1 Req P2R CCoB CCyB* O-SII buffer Of which 21.8% 2,8% Tier 2 19.0% 7.5% MDA Buffer: 14.3% 7.4% 1.0% 0.1% 2.5% 9.6% 1.0% Including c2% AT1 2.8% Actual 2.5% 0.1% covered by CET1 min 1.6% CET1 req: 8.0% 11.6% 4.5% Min CET1 Req CET1 Q3
Slide 30: Lowest deposit and funding costs showcase comparative advantage
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 cost (avg) 19 31 38 43 46 47 4
Slide 31: Time deposit repricing continues as rates bottom out
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 55.8 c120bps 54.2 Retail FuMs 9
Slide 32: Asset Quality
05 Asset Quality 32
Slide 33: Favorable asset quality trends continue
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 0.2 0.2 Debt fgv, recoveries,
Slide 34: Forborne stock of <€1b likely to cure
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 31-90dpd 0.0 Stage 3 42% 62% 54.8% 5
Slide 35: Leading coverage levels across stages provide a cushion
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% €0.4b FPEs 7.6% Coverage €1.5b
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 as well as the UN SDGs ESG pillars and strategic themes Our core values Environment • Lead the market in sustainable energy financing Responsive • Accelerate the transition to a sustainable economy Growth catalyst • Role-model environmentally
Slide 38: NBG's climate alignment targets
NBG’s climate alignment targets Sector & Scope Metrics Emissions Scopes & Scenario Baseline & Target Types Power Generation -4.1% 169 149 148 164 kgCO2e / MWh 1 2 3 IEA’s NZE 2050 120 120 Transmission & Generation Trading CO2e Distribution 2022 2023 2024 2025H1 2030 IEA 2030 Oil & Gas -5.3% 100 83 9
Slide 39: NBG's climate alignment targets
NBG’s climate alignment targets Sector & Scope Metrics Emissions Scopes & Scenario Baseline & Target Types Commercial Real Estate -10.8% 57 56 57 53 1 2 3 CRREM Greek 30 28 Material Operation / kgCO2e/m2 Construction Maintenance 1.5°C production Lease CO2e 2022 2023 2024 2025H1 NBG CREEM 2030 2030 R
Slide 40: Range of NBG Sustainability-oriented solutions
Range of NBG Sustainability-oriented solutions offered 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
Slide 41: Additional Information
Additional Information Second National Bond Sustainable Framework Party BankOpinion of Greece Second Party Opinion National Bank of Greece Sustainable Bond Framework 41
Slide 42: Sustainable Finance Framework
07 Sustainable Finance Framework 42
Slide 43: Our Sustainable Bond Framework supports our sustainability strategy
Our Sustainable Bond Framework supports our sustainability strategy A brief overview of the key pillars guiding NBG’s Sustainable Bond Framework The updated Framework aligns with ICMA Sustainability Bond Guidelines 2021, Green Bond Principles 2021 and Social Bond Principles 2023. It supports the UN
Slide 44: 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 45: 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 46: 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 47: 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 48: 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 49: 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 50: 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 51: Our inaugural Green Bond was fully allocated in 2 years
Our inaugural Green Bond was fully allocated in 2 years delivering significant impact... Total Investment Total allocated Existing projects New projects mobilized EUR500m 50% 50% EUR1,07b Number of projects allocated by eligible category Geographical distribution Key Performance Indicators1 Allocate
Slide 52: Our 2nd Green Bond fully allocated in 1 year
...while our 2nd one has been fully allocated in 1 year, mobilizing even greater investments 49 TOTAL Total Investment Total allocated Existing projects New projects PROJECTS mobilized EUR650m 47% 53% EUR4,46b Number of projects allocated by eligible category Geographical distribution Key Performanc
Slide 53: NBG Green Bonds in a nutshell
NBG Green Bonds in a nutshell ISIN XS2237982769 XS2940309649 XS3097930138 Called Yes No No Notes Senior Preferred MREL Notes Senior Preferred MREL Notes Senior Preferred MREL Notes Currency EUR EUR EUR Size 500,000,000 650,000,000 750,000,000 Issue Date 8/10/2020 19/11/2024 21/07/2025 Maturity Date
Slide 54: Macro
08 Macro 54
Slide 55: Greece's economy remains resilient amid global geopolitical pressures
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 40 40 busi
Slide 56: Additional catalysts to sustain growth momentum ahead
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 rise 170
Slide 57: Greek households' financial position is set to strengthen further
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 yoy, on ave
Slide 58: The corporate sector remains resilient despite external challenges
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 surplus & m
Slide 59: Supportive fiscal and monetary stance to fuel expansion
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 ratio to decl
Slide 60: Appendix
09 Appendix 60
Slide 61: NBG Outstanding MREL Issuances
NBG Outstanding MREL Issuances Target Issue ETEGA 7.25 ETEGA 8.75 ETEGA 8.00 ETEGA 4.50 ETEGA 5.875 ETEGA 3.50 ETEGA 2.75 ETEGA 3.375 11/22/2027 06/02/2027 01/03/2034 01/29/2029 06/28/2035 11/19/2030 07/21/2029 11/27/2032 Green Format ISIN XS2558592932 XS2562483441 XS2595343059 XS2756298639 XS279033
Slide 62: Balance Sheet & P&L
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 116 115 106 115 108 income Securities 21,531 20,
Slide 63: Geographical segment P&L: Greece & International
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 Core Income 2
Slide 64: ESMA Alternative Performance Measures 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
Slide 65: 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 66: 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
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