Αποτελέσματα Β’ τριμήνου 2025

Alpha Bank Q2 2025 Results

Investor presentation

1st August 2025

‌Pages

Alpha Bank

Financial Performance 10

Macroeconomic Update 19

P&L 21

Balance Sheet 32

Asset Quality 44

Capital 50

Segmental Information 56

Digital 62

ESG 64

3

Business Update

3

H1 2025 performance reinforces outlook

H1 2025 Group Results

Set strong profitability foundation

Resilient Top line & Growth in Fees

Low NPE ratio &

Cost of Risk de-escalation

Increase in customer balances

Excess capital growth allows for distribution

Reported Profit After Tax €517mn +60% y/y

Normalised Profit After Tax €460mn +5% y/y

Net Interest Income €795mn (5%) y/y

Fee Income €229mn +16% y/y

NPE ratio 3.5%

Cost of Risk 45bp

Performing loans +15% y/y

Customer funds +9% y/y

Organic capital generation +111bp Growth in Tangible Book Value5 +14% y/y

Return on Tangible Equity1

14.2% or 11.7% reported

Earnings Per Share2

€0.19 or €0.21 reported

Fully Loaded CET1 Ratio

15.7% or 16.2% pro-forma3

Payout accrual4

50% or €259mn

of H1 25 reported profit

€111mn interim

proposed to be paid4 in Q4

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| Pro-forma for remaining RWA relief from NPA transactions including mainly Skyline and Athena; 4| Subject to regulatory approval; 5| Adjusted for dividend and buyback

ELTA: strategic partnership for nationwide financial inclusion

Rationale of the partnership

Signed a new exclusive partnership to deliver a full suite of financial services via

ELTA's 1,100

service points

across Greece.…

… promoting financial inclusion for > 1 million citizens, especially in rural, island, and underserved urban areas

Alpha Bank's technology and expertise will support ELTA's transformation into a modern, customer-centric financial hub

Expands Alpha Bank's physical footprint to 1,400+ locations, enhancing access for individuals and SMEs

02 01 03

Opens new revenue and liquidity pools for Alpha Bank, whilst initial set-up costs are small and shared among partners

Services will be rolled out gradually starting H2 25, and ELTA Branches will offer:

• Daily banking (account opening, deposits, payments)

• Exclusive access to Alpha Bank product suite, including loans,

insurance, investments

Is aligned with our longterm sustainability and growth strategy

5

Unicredit partnership reinforced

COMMERCIAL PARTNERSHIP

WEALTH & ASSET MANAGEMENT WHOLESALE

• Continued successful collaboration in Wealth with onemarkets Funds launched in 2024, and offering being continuously enhanced - "One-stop shop" investment solution, offering access to global capital markets to over 200k Private and Gold Alpha Bank customers

• Other initiatives launched include collaboration on structured notes and the

  leveraging of UniCredit's brokerage capabilities

• Ongoing collaboration on Unit Linked products

  Highlights:

  • onemarkets - c.€605mn of funds already distributed1

  • Structured notes - 5 private placement since partnership commenced

  • Three AlphaLife Unit Link product issuances in collaboration with UniCredit in

    2024 and 2025 YTD (c.€110mn total notional)

• Providing Alpha Bank's clients with access to UniCredit's pan-European network, thus solidifying our position as the bank of choice for our over 5k wholesale group of companies

• Collaboration already well underway in:

  • Trade finance and Transaction banking

  • Trading and treasury products

  • Advisory business and international syndications, including factoring

  • Payment services including remittances currency conversion services

Highlights:

• Letters of guarantee and Letters of Credit for over €200mn in 2024 and 2025 YTD

• c€300m of approved lending for international syndications since partnership commenced

• c€650m volume of bilateral exchange of EURO payments in in 2024 and 2025 YTD

Partnership further reinforced through UniCredit's increase in Alpha Bank shareholding to c. 20%. Both parties continue to mutually benefits from compelling commercial partnership, joining forces in Romania by combining respective subsidiaries in the country and knowledge exchange

1| As of 16 July 2025; 2| with indication OUR 6

Structural advantages leading to earnings growth

Alpha Bank's structural advantages Outlook for 2027

Positioned to absorb rate

cuts and grow NII…

• Dynamic management of interest rate sensitivity

• Significant potential from structural growth dynamics

• Further upside from balance sheet and franchise positioning

  …strong loan growth in corporate lending…

  …and accelerating momentum in fee generation capabilities…

  …all further supported by

  UniCredit partnership

• Pace of growth retained above the €2bn mark

• Significant expansion in Large Corporates and SMEs

• Strong demand dynamics while lower rates reduce repayments

• Significant investment in corporate solutions bearing fruit

• Accelerate growth in transaction banking and IB

• Increasing growth and penetration in Wealth management

• Positioning franchise as bank of choice for cross-border activity

• Unify commercial framework to mutually benefit both groups

  Accelerating earnings growth and capital generation as rates stabilize

  +5% EPS growth

  2025

  +12% EPS CAGR

  2026-2027

  7

  7

  
  
  EPS expansion to continue across 2025-2027

  EPS trajectory1

  +15%2,3

  On track to sustain

  0.32

  0.35

  0.37

  0.382

  0.533

  EPS CAGR in 2024-2027

  0.46

  including buyback effect

  +9%

  Guided EPS CAGR

  in 2024-2027

  Consensus 0.44

  excluding buyback effect

  c. +4%

  above consensus4

  Consensus 0.35

  2025 & 2027 estimates

  positive EPS trajectory:

  • +5% EPS growth in 2025

  • +12% EPS CAGR in 2026-2027

  Lower gearing to interest rates, coupled with…

  …leading positions in corporate lending and asset management…

  …resulting in a differentiating positive EPS growth trend in the medium term

  H1 25

2023 2024 2025E 2027E

8

1| Earnings per share diluted calculated after deduction of AT1 coupon payments based on normalized profit after tax; 2| Assuming 43% payout of which 75% in buyback for 2024 and 50% payout of which 75% in buyback 8

for 2025 at a share price of €3.30; 3| Assuming 43% payout of which 75% in buyback for 2024 and 50% payout of which 75% in buyback for 2025, 2026 and 2027 at a share price of €3.30; 4| Company-compiled consensus

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 in 2025-2027

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

9

‌Pages

Business Update 3

Alpha Bank

Financial Performance 10

Macroeconomic Update 19

P&L 21

Balance Sheet 32

Asset Quality 44

Capital 50

Segmental Information 56

Digital 62

ESG 64

10

Group Profit & Loss Summary

11

Q2 25 Group Profit and Loss

(1%)

Group, € mn 542 544 578 559 551

Operating Income

Q2 y/y

+2%

Operating income:

• Net interest income +1% q/q offsetting deterioration from rates and US $. Fee income +3% q/q underlying

• Quarterly decline reflecting normalization of trading

  Operating Expenses

  Impairment losses

  Profit After Tax

  5%

  (213) (211) (239) (204) (214)

  (23%)

  (52) (53) (63) (52) (40)

  +31%

  294

  167 165 223

  110

  Q2 24 Q3 24 Q4 24 Q1 25 Q2 25

  +1%

  (23%)

  166%

  Operating expenses:

  • Costs up just 1.3% y/y reflecting VSS and IT benefits

  • Cost pressures expected to return to more normal levels

    Impairment losses:

  • Cost of Risk at 39bp in Q2

  • Asset quality environment remains benign

    Reported Profit After Tax:

  • Bottom line +31% q/q on DTA recognition

  • Normalised profit of €221mn in the quarter

  12

  
  
  Q2 25 Group Balance Sheet

  Performing loans1

  
  
  

  Group, € bn

  30.5 31.6

  Customer Funds

  
  
  

  65.8 67.9

  +1%

  34.1 34.5 34.9

  +2.7%

  69.5 69.7 71.6

  +5%2

  7.2 7.5

  Q2 y/y

  +15%

  +9%

  Performing loans:

• Growth fueled by corporates despite FX headwinds

• €1.5bn net credit expansion in H1, partially offset by FX

  headwinds and NPE portfolio reclassified to Held-For-Sale

  Customer funds:

• Deposit inflows of €0.9bn in the quarter, mainly corporates

• AuM net sales at €0.5bn

  Tangible Book Value:

  Tangible Book Value

  
  
  

  6.7 6.8 7.0

  (43bp)

  +14%2

  • 2024 Dividend payment of €70mn impacting Q2 25

  • Growth ex-payouts at 5% q/q

    CET1 ratio

    
    
    

    14.8%

    15.5% 16.3% 16.2% 15.7%

    +95bp

    CET1 ratio:

  • 40bp of organic capital generation

  • €147mn of dividend accrual in the quarter

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

1 | Excluding senior notes, including CLOs. 2| Adjusted for dividend and buyback 13

Net interest income and Fees

Interest Income / Interest Expense breakdown

Group, € mn

27

101

411 408 406

(78)

18

395 399

Fees

Group, € mn

100

o/w c. (€5mn) impact from government measures

114

12

11

14

13

109 108

122

Loans PE

Bonds Loans NPE

Funding & Other

475

104

472

107

439

5 38

Q2 24

5

Q3 24

25

4

Q4 24 Q1 25

14

Q2 25

22

Deposits

(84)

Q2 24

Q3 24

(91)

Q4 24

19

Q1 25

Q2 25

Business credit related Asset management Bancassurance

Cards & Payments

Other

14

23

Performing loans and Customer Funds

Performing loan book expansion

Group, € bn

Customer Funds evolution

Group, € bn

+15%

+1%

7%

+1%

34.9

34.1

34.5

+4%

31.6

30.5

21.5

22.6

25.0

25.5

25.9

7.7

7.6

7.5

7.4

7.3

YoY

+9% +2.7%

51.3

20.3

0.5

71.6

31%

69.7

0.5

(5)%

65.8

48.2

17.6

AuMs

+20%

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Deposits

50.4

19.3

International Greece Individuals Greece Businesses

Jun 2024

Mar 2025

Deposits

Net Sales

Valuation & Other

Jun 2025

15

Asset quality

NPE ratio

Group % 4.6% 4.5%

3.7% 3.7% 3.5%

NPE ratio target for the

year achieved

13

13

Cost of Risk

Group, bps

56 57 65 52

31

39

12

11

Servicing fees Securitization expenses Underlying

Cost of Risk at 39bp reflecting benign environment

NPE coverage

Group %

47% 48%

30

32

13

12

9

11

13

12

53%

50%

57%

Coverage at 57%

Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025

16

16

Quarterly evolution in Capital

FL CET1

%

0.8% 0.1%

(0.1%)

0.2%

Phased in

16.1%

16.6%

0.4% Organic Capital Generation

(0.3%)

(0.4%)

16.2%

16.3%

15.7%

16.2%

RWAs

31.1

€bn

Mar-25 Q2 25 Organic capital

DTA

DTC

RWAs other capital elements

Transactions

Jun-25

Jun-25 post dividend accrual

Jun-251

31.3

pro forma

1| Pro-forma for remaining RWA relief from NPA transactions including mainly Skyline and Athena 17

Outlook update

Previously…. Updated

Revenues 2025 confirmed >2.2bn

• NII: $ and rate pressure

• Fees & other better

  Guidance on costs reiterated Cost of Risk sustainably at c45bp ROTE c13% in 2027

  EPS 2% higher

• 0.37 in 2025

• 0.46 in 2027 (incl. acquisitions)

Capital >15% in 2025 and >16% in 2027 on account of acquisitions

18

18

‌Pages

Business Update 3

Alpha Bank

Financial Performance 10

Macroeconomic Update 19

P&L 21

Balance Sheet 32

Asset Quality 44

Capital 50

Segmental Information 56

Digital 62

ESG 64

19

Solid growth dynamics, declining unemployment and persistent inflation

Selected indicators in H1 2025

New Passenger Car Registrations (annual % change)

Inbound Traveller Flows

(annual % change)

Real GDP growth

(annual % change)

Economic Sentiment

Indicator

Year-to-Date

1.9%

(Jan - June 25)

2.1%

(Jan - May 25)

2.2%

(Q1-25)

107.2

(Jan - June 25)

Unemployment rate in euro area countries

8,2

10,9

9,1

15,7

6,7

8,9

7,9

8,1

7,8

16

6,1

7,3

7,0

6,7

6,4

6,4

6,3

7,7

7,1

8,2

6,3 6,5

6,3 10,1

5,4

5,2

4,6

4,3

4,1

3,9

3,8

7,1

7,0

8,2

5m2025

5m2021

7,3

7,9

5,1

4,6

3,6 3,8

4,0

Spain Finland

Greece ,3

Estonia France Latvia Luxembourg Lithuania Portugal Euro area Belgium

Italy Austria Slovakia Croatia Ireland Cyprus Slovenia Netherlands Germany

Malta 2,7

PMI

Retail Trade

(volume, nsa, annual % change)

Residential Prices

(annual % change)

Production of Capital Goods

(annual % change)

53.3

(Jan - June 25)

4.2%

(Jan - Apr 25)

6.8%

(Q1-25)

8.4%

(Jan - May 25)

Headline inflation

4

3

2

1

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

0

Services Non-Services

HICP inflation (y-o-y), Greece HICP inflation (y-o-y), Euro area

20

Sources: ELSTAT, Eurostat, European Commission, Bank of Greece, S&P Global Economic Research calculations

‌Pages

Business Update 3

Alpha Bank

Financial Performance 10

Macroeconomic Update 19

Balance Sheet 32

Asset Quality 44

Capital 50

Segmental Information 56

Digital 62

ESG 64

21

P&L

21