Alpha Bank S A : Αποτελέσματα Α’ τριμήνου 2026

About this update from Alpha Bank S.a.

Alpha Bank Q1 2026 Results Investor presentation 20 th May 2026 ‌Pages Business Update 3 Alpha Bank Financial Performance 12 Macroeconomic Update 20 P&L 22 Balance Sheet 34 Asset Quality 46 Capital 52 Segmental Information 58 Recent M&A 64 Digital 71 ESG 73 3 Q1 2026 results Q1 2026 Group Results Set strong profitability foundation Reported Profit After Tax Normalised Profit After Tax Net Interest Income €182mn (17%) €221mn (6%) €416mn +5% y/y Return on Tangible Equity 1 12.6% or 8.6% reported Earnings Per Share 2 Resilient Top line & Growth in Fees Fee services income €140mn +29% y/y €0.08 or €0.06 reported Low NPE ratio & Cost of Risk de-escalation Increase in customer balances Excess capital growth allows for distribution NPE ratio Cost of Risk Performing loans Customer funds Organic capital generation Growth in Tangible Book Value 4 3.7% 44bp +11% y/y +18% y/y +25bp +10% y/y Fully Loaded CET1 Ratio 14.7% 3 ccrual 0.0 Payout a 55% or €100mn of Q1 26 reported profit 4 1| Based on normalized profit after tax over average TBV; Calculated after deduction of AT1 coupon payments; Adjusted excluding capital above management target and dividends accrued but not paid; 2| Earnings per share Diluted; based on 4 normalized profit after tax post AT1 coupon; 3| Subject to regulatory approval; out of which 111mn interim dividend was paid in December 2025; 4| Adjusted for dividend and buyback Greece entered 2026 with improved credibility and strengthened macroeconomic performance De-escalation of Public Debt Greek Economy Dashboard 200 180 160 140 (% GDP) 120 100 80 60 40 20 0 177.8 164.3 Greece 154.2 Euro area 146.1 90.6 88.1 88.1 88.8 2022 2023 2024 2025 Real GDP growth 2.1 % 2025 …outperforming the EA average (1.4%) for the fifth consecutive year HICP inflation Investment growth 8.9 % 2025 …accounting for the largest contribution to GDP growth for the first time in the post-pandemic period Unemployment Exports growth 1.7 % 2025 …remaining on an upward trajectory since 2021 and reaching 40% of GDP compared to 22% in 2010 Travel Receipts 2.9 % 8.9 % € 23.6 bn 2025 2025 2025 Sizable primary surpluses, compared to deficits in the euro area 6 Greece Euro area 2.0 -0.1 -1.7 -1.2 -1.2 -1.8 5 4 3 (% GDP) 2 1 0 -1 -2 -3 4.8 4.9 …mainly driven by services but picking up in Mar-26 (3.4%) and Apr-26 (4.6%) due to Middle East war and rising energy prices Residential Real Estate + 7.8 % 2025 …surpassing the pre-crisis peak …breaching the 10% threshold after 15 years Sovereign Credit Rating BBB Fitch, Nov-25 …standing one notch above the investment-grade threshold …increasing by 9.4% to a new record high Economic Sentiment 105.7 Apr-2026 …receding in Mar-26 and Apr-26 but still exceeding the EA and EU averages since Jul-22 2022 2023 2024 2025 Sources: ELSTAT, Eurostat, Bank of Greece, European Commission, Fitch Ratings. 5 Macroeconomic implications of the war in the Middle East Uncertainty over the duration, nature, scale and spillover effects Directionally, the conflict could affect the Greek economy through several interconnected economic and sectoral channels: Recent revisions of 2026 macroeconomic projections* 2.2% 2.3% 1.9% 3.3% Energy supply shock Supply chain disruptions Pass-through into CPI Widening of the trade deficit Tourism shock Regional risk affecting Eastern Mediterranean travel Hit in cruises activity Pressures on travel receipts in peak quarters Potential substitution effect (Arab Spring experience) Shipping & Logistics Longer routes, higher freight and insurance costs impact maritime activity, exports and supply-chain predictability Capacity shortages leading to higher freight rates Uncertainty shock Prolonged uncertainty can delay investment decisions Re-pricing of risks GDP growth Inflation Pre-war Post-war Risks to the outlook are tilted to the downside for GDP , reflecting weaker demand, lower inbound tourist flows, and higher-for-longer interest rates, while risks to inflation are tilted to the upside , driven by higher energy prices and potential second-round effects in other categories, such as food. *Sources: Average of forecasts by Ministry of Economy and Finance (November 2025 vs. April 2026), International Monetary Fund WEO (October 2025 vs. April 2026) and Bank of Greece (December 6 2025 vs. March 2026). Value-accretive M&A accelerating our strategy: >9% EPS accretion at <100bps of Capital Retail Announced Closing Full integration date EPS ROTE Capital impact Fintech factoring platform enhancing our solutions for SMEs in Greece and Cyprus 28/01/25 05/08/25 Q1 26 Accretive in 2025 n/a Minimal Consolidating 3 rd largest bank position in Cyprus with complementary franchise, doubling profitability and improving performance in the country 27/02/25 31/10/25 Q3 26 +5% in 2027 + c.60bp c. 40bp Enhancing fee-generating capabilities by creating the leading IB platform in Greece and Cyprus expanding our corporate offering 31/03/25 16/12/25 Q2 26 + 1.4% in 2027 + c. 15bp < 20bp Strategic combination of insurance activities in Cyprus, between Universal Life Insurance and Altius 19/12/25 H2 26 2027 +2% in 2027 + >30bp c. 23bps Acquisition of 69.61% of Alpha Trust, a leading independent asset manager in Greece 07/04/26 Q2 26 Q2 27 +1% + >10bps c. 17bps Alpha Trust reinforces our leading position in Wealth Management Acquisition of 69.61% in Alpha Trust Holdings and VTO 1 for remainder. Alpha Trust is a leading independent asset manager with >€2.2bn of AuMs (+19% CAGR 2022-2025) retail, private and institutional clients. Expands client base , including a meaningful number of HNWI 2 , supporting further growth in AuMs Enhances product offering, with a wider suite of mutual funds and alternative investment solutions Supports the development of the offshore wealth proposition Addition of a seasoned management team and a strong pool of private banking and asset management professionals. Completion of the transaction is expected by end of Q2 2026 , subject to regulatory approvals M&A criteria fully met c. 1% EPS accretion >15% Return on Capital employed >10bps ROTE uplift c. 17bps CET1 impact In 2026 we are going to increase EPS by 11% EPS 1 € 0.36 +11% 0.40 11% growth in EPS benefiting from increased contribution of fee-generating business on the back of investment in the preceding years Ongoing initiatives and synergies arising from completed M&A to further boost EPS ambition going forward Positive impact from proposed buybacks a further tailwind to EPS growth (€259m proposed) not captured in the 11% growth Investor Day H2 2026 FY 25 FY 26 9 1| Earnings per share; based on normalized profit after tax after deduction of AT1 coupon payments; 2026 based on 2,275 number of outstanding ordinary shares for diluted earnings per share 9 as of 27/02/2025 Structural advantages accelerating earnings growth Alpha Bank's structural advantages Outlook Comprehensive coverage of corporate clients… Significant investment in corporate solutions bearing fruit Accelerating growth in transaction banking and IB Further upside from franchise positioning …supporting individuals across the financial services spectrum… …all further supported by UniCredit partnership… …and a performance led culture Integrated wealth engine serving all segments Retail advisory mandates increasing AuM penetration Significant enhancement in recurring fee income Positioning franchise as bank of choice for cross-border activity Broader product palette to improve cross-selling Unify commercial framework to mutually benefit both groups Efficiency gains fund investments to grow, preserving discipline Technology investments directly supporting revenue growth Employee proposition promoting mobility and performance Accelerating earnings growth and capital generation 10 10 Significant potential to create and return value to shareholders 1 Organic growth Organic RWA expansion in wholesale and retail segments in Greece and Cyprus Capital allocation framework 2 Ordinary payout Increasing ordinary payout over 2025-2027 A Share buybacks & extraordinary dividends 3 B Bolt-on acquisitions Excess capital Strict criteria for any M&A Accelerating delivery on our strategy No change to distribution policy Return on investment of >15% RoCET accretive EPS accretive in 2-3 years ‌Pages Financial Performance 12 Business Update 3 Alpha Bank Macroeconomic Update 20 P&L 22 Balance Sheet 34 Asset Quality 46 Capital 52 Segmental Information 58 Recent M&A 64 Digital 71 ESG 73 Group Profit & Loss Summary Profit & Loss (€ mn) Q1 2025 Q1 2026 Δ % Q4 2025 Q1 2026 Δ % Net Interest Income 395 416 5% 413 416 1% Fee services income 108 140 29% 136 140 3% Trading & Other Income 47 31 (34%) 33 31 (7%) Operating Income 550 587 7% 583 587 1% Total Operating Expenses (200) (229) 15% (227) (229) 1% Pre Provision Income 350 358 2% 356 358 0% Impairment Losses (52) (48) (7%) (61) (48) (22%) Profit/ (Loss) before income tax 302 304 0% 312 304 (3%) Income Tax (72) (79) 10% (84) (79) (6%) Impact from NPA transactions, discontinued operations & other adjustments (12) (43) … 9 (43) … Reported Profit/ (Loss) after income tax 218 182 (17%) 237 182 (23%) Normalised Profit After Tax 234 221 (6%) 225 221 (2%) Q1 26 Group Profit and Loss +1% Group, € mn 550 558 520 583 587 Operating Income Q1 y/y +7% Operating income Net interest income +2.2% q/q excluding M&A impact and less calendar days Fee services income +4.4% q/q excluding M&A impact Operating Expenses Impairment losses +1% (200) (212) (211) (227) (229) (22%) (52) (40) (45) (61) (48) (23%) 304 +15% (7%) Operating expenses Costs -3.1% q/q excluded M&A impact (+7.8% y/y) 39% const-income ratio in line with guidance Impairment losses Cost of Risk at 44bp in Q1 Asset quality environment remains benign Profit After Tax 218 184 237 182 (17%) Reported Profit After Tax Bottom line -23% q/q impacted by one-offs 1 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Normalised profit of €221mn in the quarter Q1 26 Group Balance Sheet +2% Performing loans 1 Group, € bn 34.5 34.9 35.7 37.5 38.2 Q1 y/y +11% Performing loans €0.5bn net credit expansion in Q4 Growth continues to be driven by corporates Customer Funds 69.7 Tangible Book Value 7.2 +6% 82.0 71.6 74.2 77.5 +2% 2 7.5 7.6 7.6 7.7 +18% +10% 2 Customer funds Deposit up €0.3bn in the quarter against seasonal trend AuM net sales at €0.2bn, Tangible Book Value Growth before payouts at 2% q/q and 10% y/y CET1 ratio 16.2% 15.7% 15.7% (36bp) 15.0% 14.7% (149bp) CET1 ratio 25bp of organic capital generation in the quarter, affected by RWA growth Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 €100mn of dividend accrual Net interest income and Fees Interest Income / Interest Expense breakdown Group, € mn 116 417 110 417 106 439 417 395 399 402 413 416 Fee services income Group, € mn 108 135 122 41 136 140 14 42 5 28 32 7 30 30 36 2 5 32 33 410 Loans PE 37 3 Bonds Loans NPE Funding & Other 19 (70) (75) 18 110 (70) 15 112 (68) 16 (70) 16 7 38 41 29 11 1 Q1 25 14 Q2 25 14 Q3 25 32 10 14 Q4 25 32 4 18 Q1 26 Deposits Q1 25 Q2 25 (63) Q3 25 (64) Q4 25 (63) (82) (86) Q1 26 1 Business credit related Asset management Bancassurance Cards & Payments Real estate income Investment Banking & Other Performing loans and Customer Funds Performing loan book expansion Group, € bn Customer Funds evolution Group, € bn +11% +2% +5% 38.2 37.5 +2% +1% 35.7 34.5 34.9 25.5 25.9 26.6 27.7 28.3 7.4 7.3 7.2 1.6 7.3 1.7 7.2 1.8 2.6 2.7 YoY +18% +6% 22.4 77.5 4.0 82.0 66% 1 (2%) AuMs 69.7 0.3 0.2 26.6 Including €5.8bn single ticket transfer 50.4 19.3 +11% 55.1 55.4 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Deposits International Greece Individuals Greece Businesses Mar 2025 Dec 2025 Deposits Net Sales Valuation & Other Mar 2026 Asset quality NPE ratio Group % 3.7% 3.5% 3.6% 3.6% 3.7% NPE ratio at 3.7% stable year on year 52 58 10 44 44 29 8 Cost of Risk Group, bps NPE coverage Group % 50% 39 11 16 12 57% 8 26 10 55% 8 40 58% 7 55% Servicing fees Securitization expenses Underlying Cost of Risk at 44bp in line with coverage reflecting benign environment Coverage at 55% Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 18 18 30 13 9 Q1 26 evolution in Capital 15.0% Phased in CET1 0.2% 0.8% (0.1%) (0.5%) (0.1%) (0.1%) 0.3% Organic Capital Generation (0.1%) 15.0% 15.1% 14.7% FL % Dec-25 Q1 26 Organic capital DTA DTC RWAs AT1 other capital elements Transactions Mar-26 Mar-26 post dividend accrual RWAs 34.3 33.2 €bn ‌Pages Alpha Bank Business Update 3 Macroeconomic Update 20 Financial Performance 12 P&L 22 Balance Sheet 34 Asset Quality 46 Capital 52 Segmental Information 58 Recent M&A 64 Digital 71 ESG 73 Solid growth dynamics amid heightened geopolitical uncertainty Robust real GDP growth, mainly driven by investment in 2025… …and resilient Economic Sentiment Indicator, both outpacing EA (Contributions to GDP growth) 12% 8% 4% 0% -4% -8% -12% *Including statistical discrepancies 2019 2020 2021 2022 2023 2024 2025 120 115 110 105 100 95 90 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Oct-25 Dec-25 Feb-26 Apr-26 85 Investment Private Consumption Public Consumption Inventories* Net Exports GDP growth, Greece GDP growth, Euro area Greece Euro area HICP inflation edged up in Mar-Apr 2026 due to energy prices Residential RE prices continue to grow at a moderating pace 5 (Contributions to inflation) 120 4 100 3 80 2 60 1 40 0 20 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 -1 0 15% 10% 5% 0% -5% -10% 2024 2025(p) -15% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Core inflation** Food Energy Headline HICP (annual % change) Index (2007=100), lhs % change ‌Pages Alpha Bank Business Update 3 Financial Performance 12 P&L 22 Macroeconomic Update 20 Balance Sheet 34 Asset Quality 46 Capital 52 Segmental Information 58 Recent M&A 64 Digital 71 ESG 73 Group Profit & Loss Summary Reported Profit After Tax (17%) €304mn (23%) €218mn €237mn €184mn €182mn Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 (6%) (2%) €234mn €231mn €216mn €225mn €221mn Normalised Profit After Tax 2 Profit & Loss (€ mn) Q1 2026 Q1 2025 yoy % change Q1 2026 Q4 2025 qoq % change Net Interest Income 416 395 5% 416 413 1% Fee services income 140 108 29% 140 136 3% Trading & Other Income 31 47 (34%) 31 33 (7%) Operating Income 587 550 7% 587 583 1% Recurring Operating Expenses (229) (200) 15% (229) (233) (2%) Extraordinary 0 0 0 7 (100%) Total Operating Expenses (229) (200) 15% (229) (227) 1% Pre Provision Income 358 350 2% 358 356 0% Impairment Losses (48) (52) (7%) (48) (61) (22%) Profit/ (Loss) before income tax 304 302 0% 304 312 (3%) Income Tax Impact from NPA transactions 1 , (79) (72) 10% (79) (84) (6%) discontinued operations & other adjustments (43) (12) … (43) 9 … 221 234 (6%) 221 225 (2%) Normalised Profit After Tax 2 Reported Profit/ (Loss) after income tax 182 218 (17%) 182 237 (23%) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 1| Q1 2026 includes 10mn impact from NPA transactions. 2| Normalised Profit After Tax of €221mn in Q1 2026, is Reported Profit /(Loss) After Tax of 182mn excluding (a) NPA transactions impact of€10mn, (b) €50mn on other 23 adjustments and tax charge related to the above. Profit & Loss - Detailed (€ mn) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 qoq% change yoy% change Net Interest Income 395.3 399.3 402.2 413.3 416.3 0.7% 5.3% Fee services income 108.4 135.3 121.5 136.1 139.7 2.7% 29.0% Income from financial operations 47.3 7.1 (8.0) 14.2 26.3 85.4% (44.4%) Other income (0.6) 16.4 4.3 19.1 4.8 (75.1%) … Operating Income 550.4 558.1 519.9 582.7 587.0 0.7% 6.7% Staff costs (88.2) (97.0) (93.9) (101.7) (107.9) 6.1% 22.3% General Administrative Expenses (78.9) (81.6) (87.4) (96.7) (86.5) (10.6%) 9.6% Depreciation and amortization (33.0) (33.0) (30.0) (34.8) (34.9) 0.3% 5.7% Recurring Operating Expenses (200.2) (211.6) (211.2) (233.2) (229.3) (1.7%) 14.6% Extraordinary costs 0.0 0.0 0.0 6.7 0.0 ... … Total Operating expenses (200.2) (211.6) (211.2) (226.5) (229.3) 1.2% 14.6% Core Pre-Provision Income 303.0 339.4 316.7 335.3 331.4 (1.1%) 9.4% Ιmpairment losses (51.6) (39.7) (45.4) (61.5) (48.0) (21.9%) (7.0%) Other items 3.9 (0.4) 12.9 17.4 (6.0) … … Impairments & Gains/(Losses) on financial instruments, fixed assets and equity investments (1.8) (2.2) 1.6 (6.6) (1.4) (79.2%) (23.5%) Provisions and transformation costs (0.2) (0.1) (2.2) 2.3 1.3 (43.0%) … Share of profit/(loss) of associates and joint ventures 5.9 2.0 13.4 21.7 (6.0) … … Profit/ (Loss) before income tax 302.5 306.4 276.1 312.1 303.7 (2.7%) 0.4% Income Tax (71.8) (78.7) (73.5) (84.4) (79.1) (6.3%) 10.1% Profit/ (Loss) after income tax from continuing operations 230.7 227.7 202.6 227.7 224.6 (1.4%) (2.6%) Impact from NPA transactions (12.1) (76.8) (2.5) (4.8) 10.1 … … Profit/ (Loss) after income tax from discontinued operations 3.8 2.9 13.7 8.2 (3.6) … … Other adjustments (3.9) 149.9 (29.4) 5.4 (49.5) … … Profit/ (Loss) after Income tax 218.5 303.7 184.5 236.6 181.5 (23.3%) (16.9%) Net interest Margin (NIM) 2.18% 2.18% 2.17% 2.18% 2.12% Main P&L items Net Interest Income 1 Fee services income Group, € mn Group, € mn 413 416 135 136 140 395 399 402 108 122 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Recurring operating expenses Cost of Risk 2 Group, € mn €mn & bps over net loans 200 212 211 233 229 52bps 39bps 44bps 58bps 44bps 52 40 45 61 48 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Net Interest Income driver headlines Performing loan spreads 3 Greece, % Individuals Business Deposit costs Deposit beta 1 Greece, % 22% 21% 20% 24% 24% 2.99% 2.98% 2.98% 3.01% 2.97% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 2.56% 2.47% 2.39% 2.32% 2.27% Term Deposit pass-through 2 EUR, % 64% 65% 65% 64% 63% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 1| Deposit beta refers to total cost of deposits in Greece versus 3M Euribor. 2| Time deposit pass through refers to the deposit rate offered to a client over the relevant reference rate at the time of offer. 3| Spreads contain MFR 26 methodology modification impact calculation now uses long term curves to take into account the estimated average life of the products Loan and deposit spreads Net loan balances & spreads € bn 263 256 250 245 241 Deposit mix & cost evolution bps, € bn % Total 201 190 170 174 180 14.3 36.1 38.5 37.6 40.1 40.2 15.3 14.9 14.4 13.7 50.4 51.3 52.9 55.1 55.4 28% 40.2 41.0 41.7 43.5 44.1 s Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 End of quarter balance Group Loans Spread Net Loans 72% Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Group Deposits Spread Time Deposits Core Deposits Lending spreads (Greece and International) Deposit spreads (Greece and International) bps 741 747 746 737 740 285 Consumer Credit SBL International Loans Large Corporates Mortgages bps 210 218 243 203 176 230 165 152 157 157 International Deposits Sight & Savings Time Deposits 268 268 253 169 252 246 165 264 244 238 268 265 160 246 230 163 252 225 158 97 83 74 73 74 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q4 24 Q1 25 Q2 25 Q4 25 Q1 26 Sensitivity to interest rates Balance Sheet structure as of Q1 2026 40.1 32.3 8% 22% 9% 23% 75% 46% 13% Securities Due from banks Loans Cash 4% Time Deposits Hedging Debt issued Due to banks Floating rate Assets Floating rate Liabilities 7.8bn c. 20mn per 25bp Fee services income € mn Group € mn Segments 135 136 140 135 136 140 108 7 30 30 29 122 14 14 42 5 28 32 5 32 33 41 37 3 32 32 36 14 18 10 2 4 108 30 37 33 122 28 32 43 36 48 52 41 42 33 42 43 36 7 38 41 5 7 11 1 14 1 2 5 14 (1) 2 0 5 10 1 8 4 1 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Business credit related Asset management Bancassurance Cards & Payments Real estate income Investment Banking & Other Retail Wholesale Wealth International NPAs Corporate Center Costs 32 15 € mn Group € mn Segments Cost-Income ratio 36% 38% 41% 40% 39% 233 229 233 229 200 212 211 200 212 211 88 97 94 102 108 94 99 100 102 100 79 33 82 33 87 30 97 35 86 35 44 15 22 11 15 49 15 21 12 16 50 16 23 12 10 51 17 32 12 18 53 18 12 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Staff costs General Administrative expenses Retail International General expenses Wholesale NPAs Wealth Corporate Center Operating Expenses Group, € mn Q1 26 Q1 25 yoy % Q1 26 Q4 25 qoq % Staff costs (107.9) (88.2) 22.3% (107.9) (101.7) 6.1% General Administrative expenses (86.5) (78.9) 9.6% (86.5) (96.7) (10.6%) Depreciation and (34.9) amortisation (33.0) 5.7% (34.9) (34.8) 0.3% Recurring Operating (229.3) Expenses (200.2) 14.6% (229.3) (233.2) (1.7%) Extraordinary costs 0.0 0.0 … 0.0 6.7 ... Total Operating (229.3) (200.2) 14.6% (229.3) (226.5) 1.2% Recurring Operating Expenses evolution € mn 79 88 200 233 229 86 108 97 102 212 211 82 97 Staff costs General Administrative Expenses Depreciation Expenses 33 33 30 35 35 & amortization 87 94 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Employees Branches Greece 8,147 7,354 7,503 5,925 5,940 5,678 5,513 5,637 5,585 5,691 5,822 5,882 Greece 1 443 394 336 313 284 265 263 265 262 262 261 261 VSS Gr Albania Fexfin +26 -523 VSS Gr 2 -836 Cepal -818 -410 VSS Gr -550 AXIA +50 629 581 520 Astrro +15 465 431 279 277 279 276 276 288 288 Astrro 11,314 10,530 10,528 8,529 8,460 +317 6,138 6,011 6,154 6,106 6,213 6,699 6,750 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Dec 2018 Dec 2019 Dec 2020 Dec 2021 Dec 2022 Dec 2023 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Reported to Normalised Profit & Loss (€ mn) Bridge between reported and normalised profit Q1 2026 Published Delta Normalised Net Interest Income 416 416 Fee services income 140 (4) 136 Trading income 26 26 Other income 5 4 8 Operating Income 587 587 Staff costs (108) (108) General Administrative Expenses (86) (86) Depreciation and amortization (35) (35) Recurring Operating Expenses (229) (229) Extraordinary 0 0 Total Operating Expenses (229) (229) Core Pre Provision Income 331 331 Pre Provision Income 358 358 Impairment Losses (48) (48) o/w Underlying 31 o/w servicing fees 8 o/w securitization expenses 9 Other impairments (1) (1) Impairment losses of fixed assets and equity investments (0) (0) (0) Gains/(Losses) on disposal of fixed assets and equity investments (0) (0) Provisions and transformation costs 1 1 Share of profit/(loss) of associates and joint ventures (6) (6) Profit/ (Loss) before income tax 304 304 Income Tax (79) (79) Profit/ (Loss) after income tax 225 225 Impact from NPA transactions 10 (10) 0 Profit/ (Loss) after income tax from discontinued operations (4) (4) Other adjustments (50) 50 0 Reported Profit/ (Loss) after income tax 182 39 221 Reported to Normalised Bridge between Reported and Normalised Profit - Quarterly (€ mn) Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Reported Profit/ (Loss) after income tax 111 191 195 121 213 111 171 158 218 304 184 237 182 Net Interest Income 0 0 0 0 0 0 0 (1) (3) (3) (4) (2) 0 Fee services income 0 0 0 0 (0) (2) 0 (0) (1) (14) (2) (10) (4) Trading income 0 0 0 0 0 0 0 1 3 3 4 2 0 Other income 0 0 0 0 0 2 (0) 0 1 14 2 10 4 Staff costs 0 0 0 0 0 0 0 0 0 0 0 0 0 General Administrative Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 Depreciation and amortization 0 0 0 0 (2) 0 0 (5) 0 0 0 0 0 Extraordinary (0) 5 0 (5) 3 1 0 5 0 0 0 (7) 0 Impairment Losses 0 0 0 0 0 (0) 0 0 0 0 0 0 0 Other impairments 0 0 0 0 0 0 0 0 0 0 0 0 0 Impairment losses of fixed assets and equity investments 0 0 0 0 0 0 0 0 0 0 0 0 (0) Gains/(Losses) on disposal of fixed assets and equity investments 0 0 0 0 0 0 0 0 0 0 0 0 0 Provisions and transformation costs (0) 0 0 0 0 0 0 0 0 (0) 0 0 0 Share of profit/(loss) of associates and joint ventures 0 0 0 0 0 0 0 0 0 0 0 0 0 Income Tax (0) (1) 0 2 1 (1) 9 0 0 0 0 (4) 0 Impact from NPA transactions 23 (5) (2) 109 5 102 18 19 12 77 2 5 (10) Profit/ (Loss) after income tax from discontinued operations 0 0 0 12 0 2 1 0 0 0 0 0 0 Other adjustments 27 5 22 (22) 3 (1) 34 12 4 (150) 29 (5) 50 Normalised Profit After Tax 162 195 215 216 224 215 233 189 234 231 216 225 221 ‌Pages Alpha Bank Business Update 3 Financial Performance 12 Macroeconomic Update 20 Balance Sheet 34 P&L 22 Asset Quality 46 Capital 52 Segmental Information 58 Recent M&A 64 Digital 71 ESG 73 Q1 2026 Group Balance Sheet Summary Balance Sheet (€ bn) Mar 2026 Dec 2025 Mar 2025 q/q Total Assets 79.3 77.5 73.2 1.9 Securities 18.2 17.7 17.3 0.5 Cash & Cash Balances 4.3 3.5 3.5 0.8 Net Loans 44.1 43.5 40.2 0.6 ECB balances 2.8 2.3 2.8 0.5 Deposits 55.4 55.1 50.4 0.3 Tangible Equity 7.7 7.6 7.2 0.1 CET1 ratio (Fully loaded) 14.7% 15.0% 16.2% … Total Capital ratio (Fully loaded) 19.7% 20.2% 21.7% … NPE ratio 3.7% 3.6% 3.7% … NPE Cash Coverage 55% 58% 50% … Tangible Book Value Group, € bn +6% +1% 7.6 7.7 7.5 7.6 7.2 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 CET1 (Fully loaded) Group, € bn +0.1% +1% 5.0 5.0 5.0 5.0 4.9 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Balance sheet composition Asset split Liabilities and Equity split € bn Cash 77.5 3.5 Cash 79.3 4.3 € bn 77.5 2.3 ECB 79.3 2.8 ECB 17.7 Due from Banks Securities 2.8 Due from Banks Securities 2.5 4.2 Due to Banks 40.2 14.9 Time Deposits 4.7 Due to Banks 4.1 40.1 15.3 Time Deposits 44.1 43.5 18.2 55.1 55.4 Net loans Net loans Core Deposits Core Deposits PPE DTA Other (incl. HFS) 0.6 4.8 4.6 Dec-25 PPE DTA Other (incl. HFS) 0.7 4.8 4.8 Mar-26 3.8 8.8 3.2 Dec-25 Debt securities Equity Other 8.9 Mar-26 Debt securities Equity 3.4 Other Business Volumes (€ mn) Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 % YoY Group Gross Loans 40,786 41,687 42,361 44,181 44,820 9.9% Mortgages 6,846 6,744 6,767 6,972 6,967 1.8% Consumer Loans 1,197 1,217 1,233 1,315 1,337 11.7% Credit Cards 943 942 950 1,017 983 4.3% Small Business Loans 1,835 1,831 1,845 1,921 1,920 4.6% Medium and Large Business Loans 29,170 30,226 30,875 32,251 32,825 12.5% CLOs 795 727 691 705 787 (1.0%) of which: Domestic 39,134 39,834 40,424 41,488 42,023 7.4% Mortgages 6,218 6,062 6,060 6,068 6,048 (2.7%) Consumer Loans 1,133 1,149 1,164 1,190 1,199 5.8% Credit Cards 937 936 943 1,006 972 3.7% Small Business Loans 1,818 1,813 1,826 1,880 1,900 4.5% Medium and Large Business Loans 28,233 29,148 29,740 30,638 31,116 10.2% of which: Shipping Loans 3,812 3,682 3,903 3,989 4,264 11.9% CLOs 795 727 691 705 787 (1.0%) International 1,652 1,853 1,936 2,693 2,797 69.3% Accumulated Provisions 1 (626) (715) (718) (723) (731) 16.8% Group Net Loans 40,183 40,997 41,667 43,483 44,112 9.8% Customer Assets 69,661 71,572 74,222 77,469 81,968 17.7% of which: Group Deposits 50,363 51,306 52,884 55,084 55,410 10.0% Sight & Savings 36,051 37,604 38,487 40,210 40,125 11.3% Time deposits 14,311 13,702 14,397 14,873 15,285 6.8% Domestic 46,737 47,450 49,111 48,925 49,239 5.4% Sight & Savings 34,483 35,866 36,748 37,139 37,130 7.7% Time deposits 12,254 11,584 12,363 11,786 12,109 (1.2%) International 3,626 3,856 3,773 6,159 6,171 70.2% Mutual Funds 7,567 8,281 8,916 9,321 9,169 21.2% Fixed Income 2,960 2,857 2,817 2,875 2,871 (3.0%) Equities 7,752 8,057 8,481 9,029 13,369 72.4% Managed Accounts 1,019 1,072 1,124 1,161 1,150 12.9% Total Private Banking Balances (incl. Deposits) 7,853 8,068 8,482 8,954 9,003 14.7% Net Credit Expansion trends Net credit expansion Greece, € bn Individuals Businesses 0.2 0.3 1.2 0.1 0.5 0.2 3.9 0.6 0.1 2.4 0.9 0.2 0.7 0.2 3.9 0.2 1.7 0.2 2.9 2.6 2.8 3.0 (1.7) (0.2) (1.9) (0.1) (1.7) (0.2) (1.9) (0.2) (1.7) (0.2) (1.7) (0.2) (2.1) (2.8) (2.5) (0.2) (0.2) Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 o/w 0.31 syndication Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 (0.2) Q4 25 Q1 26 Business net credit expansion 4 quarter rolling average Disbursements 2.0 1.3 4.1 4.1 1 2.8 2.9 1 3.2 3.2 3.1 2.2 2.6 2.6 1.2 1.4 1.6 1 0.7 1.1 0.2 Repayments 1 4.6 Net credit expansion breakdown Performing loans Greece, € bn New disbursements - per category Greece, € mn Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Beginning of period 36.8 38.9 39.1 39.8 40.4 41.5 Disbursements 4.0 2.5 2.8 3.0 4.2 3.2 Repayments (2.1) (1.9) (1.9) (2.3) (2.9) (2.7) Net Flows to/from NPE (0.1) (0.1) (0.1) (0.1) (0.1) 0.0 Other Movements 0.2 (0.2) (0.0) (0.0) (0.1) (0.1) End of period 38.9 39.1 39.8 40.4 41.5 42.0 Net Credit Expansion 2.0 0.6 0.9 0.7 1.3 0.5 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Individuals 187 162 144 180 145 217 237 300 234 Business 1,713 1,916 2,892 3,860 2,360 2,555 2,759 3,904 2,981 Total 1,900 2,078 3,035 4,040 2,505 2,772 2,996 4,204 3,215 Loan portfolio breakdown Total Group loans - per segment Group Loans portfolio structure 1 Information € bn Credit Cards 2% Consumer loans 3% Small Business Loans 4% Mortgages 16% € bn Financial and insurance activities 19% Transportation Households communication and 21% 1% Administrative and support service activities Wholesale loans 75% €44.8bn 12% Manufacturing 10% Trade 8% €44.8bn 1% Professional, scientific and technical activities 1% Shipping loans portfolio structure € bn VLCC (Tankers) Energy 8% Tourism Construction 3% Other Tankers 40% Suezmax (Tankers) 5% 14% Aframax (Tankers) 10% Containers 10% LNG 12% 7% 3% Real Estate 6% Panamax (Tankers) 3% Product (Tankers) 8% Capesize (Bulk Carriers) €4.3bn Passenger Vessels 1% Cruise Vessels 1% Handysize/Handymax (Bulk Carriers) 7% Panamax (Bulk Carriers) 7% 22% Dry Bulk 36% Securities portfolio Securities portfolio Group, Book value, Dec-25, € bn T-bills Mutual Funds & Equities o/w 15.8bn HQLAs 18.2bn Other/ECB eligible 9.4 0.5 0.4 GGBs 7.9 The "Other/ECB eligible" bonds of €9.4bn is broken down to the following categories: €5.6bn other sovereign bonds €1.1bn bonds issued by supranationals €1.4bn bonds investment grade bonds by other issuers €1.3bn bonds issued by Greek corporates Portfolios evolution 22% €18.2bn Mod. Duration c.2.4Y Group, Book value % of total assets 14% 14% 17% 21% 21% 22% 22% 23% 23% 23% 23% 22% €16.5bn €16.7bn €16.9bn €17.3bn €17.2bn €17.2bn €17.7bn % % % % % % €15.6bn €15.7bn 1% 6 1 % 6 1 % 7 2% 7 2% 7 2% 7 2% 6 2% FVTPL FVOCI Amortized Cost €10.1bn 2% 65% 33% €10.6bn 2% 62% 35% €13.4bn % 14 2% 84% 9 1% % 90% 8 1% % 91% 8 91% 92% 93% 92% 91% 91% 92% % % 92% Dec-20 Dec-21 Dec-22 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

View stock analysis, news, and events for Alpha Bank S.a.