Investor Presentation for the Group Financial Results for the quarter ended 31 March 2026

Bank of Cyprus Group

GROUP FINANCIAL RESULTS

For the quarter ended 31 March 2026

Contents

1. 1Q2026 financial performance

2. ESG update

3. Appendix

   3

   
   
   

   1Q2026 financial performance

   
   
   

   OUTLOOK | Sustainable mid-teens ROTE or ROTE >20% on 15% CET1 ratio for 2026-2028

   Why Bank of Cyprus

   Supportive Macro

   • Faster growth than Euro area average, despite ongoing geopolitical tension; resilient to external shocks

   • Cyprus is a regional business and tech hub

   Leading Position in Banking and Broader Financial Services

   • #1-2 positions across banking, insurance and payment solutions in Cyprus

   • Operating in a highly liquid and consolidated banking sector

   Diversified & Sustainable

   Profitability

   • Digitally engaged franchise, integrated bank-insurance-payment offering

   • Growing capital light non-interest income

   Strong Capital Generation & Ongoing Distribution Capacity

   • One of the best capitalised and most capital generative banks in Europe

   • Targeting payout ratio up to 90%1 for

   2026 and up to 100%1 p.a. for 2027-2028

   
   
   

   Entering a heightened geopolitical risk environment with solid economic growth

   Real GDP (yoy % change)

   Cyprus inflation at 3.0% in April 2026

   Cyprus HICP2 index (yoy% change)

   5.4%

   6.3% 5.9%

   3.6% 3.9%

   3.8% 2.7-2.9%

   3.9%

   2.4%

   2.3%

   2.1%

   2.0%

   3.0%

   2.6%

   0.8%

   1.2%

   2023

   Cyprus

   2024

   Euro area

   2025

   1Q2026

   Apr 2026

   
   
   

   Resilient and growing Cypriot economy amid global economic uncertainty

   1.8%	1.6%				0.5%	0.9%	1.5%	1.1%
   2018	2019 Cyprus	2020	2021 2022 Euro area		2023	2024	2025	2026e 1

   A diversified, service-based economy

   Structure of Cypriot economy in 2025 (% of GVA)

   9%

   13%

   7%

   10% 7% 6%

   14%

   5%

   5% 8% 4%

   12%

   Wholesale & Retail trade Health & social work Public

   Transport Accommodation

   Information

   Finance & Insurance Real Estate Professional Education

   Primary, Secondary

   Other

   
   
   

   Cypriot economy faces the new global backdrop from a position of strength:

   • 3.8% real GDP growth in 2025

   • contained inflationary pressures and

   • strong public finances

Forecasts for economic growth of 2.7-2.9% remain robust and above Euro area average, despite modest downward revision (c.0.2%-0.4%)

Strong fiscal foundations to withstand external shocks

Low public debt to GDP, outpacing Eurozone average

As at 31 December 2025

Positive budget surpluses since 2022

Budget surplus as % of GDP1

146% 137%

116%

101%

90% 88%

Expected to decrease to 50%1 by end-2026

64% 55%

2.1%

1.0%

-5.6%

2.6% 1.7%

-1.6%

4.3% 3.4%

1.5% 2.3%

33%

Greece Italy France Spain Portugal Eurozone Germany Cyprus Ireland

-3.4%

2017 2018 2019 2020 2021 2022 2023 2024 2025 Mar

2026

2026e1

Low unemployment rate

Unemployment rate - yearly average

Two consecutive record years in tourism; Reduction in March arrivals,

following regional conflict

8.2%

8.4%

7.6%

8.0% 7.8%

6.8% 6.6% 6.4% 6.4% 6.2%

Tourist arrivals (k)

+20% +5% +12%

4,534

447

c.70% of tourism arrivals are in 2Q and 3Q

7.2% 7.6% 7.2%

6.3% 5.8% 4.9% 4.4% 4.5%

3,201

3,846 4,040

408

2018 2019 2020 2021 2022 2023 2024 2025 2026e 1

Cyprus Eurozone

2022 2023 2024 2025

112 122

1Q2025 1Q2026

Source: Cystat

Jan Feb

Mar

1Q2026 snapshot; strong start to the year

Strong profitability at €121 mn

(€ mn)

117

118

118

128

121

1Q2025

2Q2025

3Q2025

4Q2025

1Q2026

NII stabilising at €181 mn, as expected

(€ mn)

Average ECB Deposit rate

2.8%

2.3%

2.0%

2.0%

186

182

2.0%

180

183

181

1Q2025

2Q2025

3Q2025

4Q2025

1Q2026

Cost to income ratio1 at 37% as cost discipline continues

42%

34%

37%

35%

37%

1Q2025

2Q2025

3Q2025

4Q2025

1Q2026

Net release of 17 bps in COR, on customer specific-reversal

(bps)

39

Charge

32

33

26

Reversal

1Q2025

2Q2025

3Q2025

4Q2025

-17

1Q2026

Sustainable growth of shareholder value

Strong ROTE at 18.0% for 1Q2026

ROTE on 15% CET1 ratio

25.9%

26.1%

25.9%

27.7%

26.5%

ROTE (reported)

18.3%

18.2%

18.5%

19.4%

18.0%

1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Growing TBV per share; €705 mn cumulative distributions since 2022

Distribution (€ mn)

22

137

241

305

TBV per share

6.10

6.38

1

5.77

1

4.93

3.93

0.05

3.88

Dec 22 Dec 23 Dec 24 Dec 25 Mar 26

Cash dividend per share

TBV per share

4.68

5.29

0.25

0.48

0.50

0.50

Well-capitalised with strong organic capital generation2 p.a.

Organic capital generation2 (bps)

445

445

436

114

CET1 ratio

21.0%

20.7%

19.2%

17.4%

Dec 23

Dec 24

Dec 25

Mar 26

Financial targets set at Investor Update event in March 2026

1Q2026 2026 2027 - 2028

ROTE 18.0% Mid-teens Mid-teens

ROTE ON 15% CET1 RATIO 26.5% >20% >20%

DISTRIBUTIONS PAYOUT1

Ordinary 70% 70% p.a.

Up to 20%2 Up to 30%2 p.a.

Top-up

To be assessed annually

ORGANIC CAPITAL GENERATION3 114 bps 350-400 bps p.a.

Supported by:

Cost to income ratio4 37% c.40% p.a.

bps p.a.

Cost of risk Net release of 17 bps At lower end of normalised cost of risk 40-50

Refer to Footnotes slides 68-71 10

1Q2026 highlights

STRONG

VOLUME GROWTH

ATTRACTIVE

PROFITABILITY

LIQUID, RESILIENT BALANCE SHEET

ROBUST CAPITAL & DISTRIBUTION CAPACITY

ATTRACTIVE BOLT-ON ACQUISITIONS

• Strong new lending of €829 mn, up 9% qoq

• Gross performing loans at €11.1 bn, up 2% qoq

• Mainly retail deposit base at €22.3 bn, flat qoq

• Profit after tax of €121 mn1

• Basic earnings per share of €0.28

• Cost to income ratio2 at 37%

• NPE ratio reduced to 1.1%

• Net release of 17 bps in cost of risk, driven by customer specific reversal

• CET1 ratio at 20.7%3 and Total Capital ratio at 25.5%3

• Organic capital generation4 of 114 bps

• Agreement for acquisition of performing loans and deposits of The Cyprus Development Bank Public Company Limited of c.€150 mn & c.€500 mn respectively

• Agreement for the acquisition of a 26% shareholding in Wealthyhood, a pan-European, wealthtech company, offering retail customers digital access to a wide range of stocks and ETFs

Refer to Footnotes slides 68-71

PAT

€121 mn

ROTE

18.0%

Gross performing loans

+2% qoq

Deposits

Flat qoq

11

Income statement

€ mn 1Q2026 1Q2025 yoy% 4Q2025 qoq%

1Q2026 PAT of €121 mn; ROTE of 18.0%

NII at €181 mn reflecting fewer calendar days in 1Q2026

Recurring non-NII down 5% qoq, on seasonally lower fees and commissions

Other non-NII impacted by €17 mn notable items in 4Q2025:

• €5 mn release on premium tax of life insurance

  Provisions and impairments net of reversals

  Profit before tax

  Tax

  Profit after tax

  Adįusted recurring

  146	138	5%	132	10%
  (25)	(20)	21%	(4)	-
  121	117	3%	128	-5%
  121	117	3%	94	29%
  Notable items in 4Q2025

  1 (22) -102% (14)

  +€4 mn net credit

  -104%

• €2 mn insurance reimbursement

  and;

• €10 mn elevated REMU sales

  Provisions and impairments of a net credit of €1 mn including a customer-specific reversal

  Tax charge of €25 mn up 21% yoy

  Key ratios 1Q2026 1Q2025 yoy% 4Q2025 qoq%

  ROTE 18.0% 18.3% -0.3 p.p. 19.4% -1.4 p.p.

  ROTE on 15% CET1 ratio 26.5% 25.9% 0.6 p.p. 27.7% -1.2 p.p.

  EPS (€) 0.28 0.27 0.01 0.29 -0.01

  reflecting the increase in tax rate to 15% (from 12.5%), effective from 1 January

  2026

  
  
  Highly liquid, customer funded balance sheet

  Total assets

  (€ bn)

  Other assets REMU repossessed

  properties

  AIEA1 1Q2026

  28.6

  28.7

  Cash balances

  with Central Banks

  30%

  Net loans

  42%

  €26.1 bn

  Net loans

  Placements with banks

  6%

  Reverse repos

  20%

  Fixed income portfolio

  Securities

  Reverse repos

  Due from banks 0.6

  1.6

  0.5

  Cash, balances with Central Banks

  7.7

  • 20% linked with Bank's base rate2 ('natural

    hedging' of time & notice deposits cost)

  • 43% linked with Euribor

  • 9% linked with ECB MRO rate

  • 11% fixed rate loans3

  Dec 25

  Mar 26

  7.9

Total liabilities & equity

(€ bn) 28.6

28.7

Other

Equity (incl AT1)

Wholesale

Due to banks

Customer deposits

Dec 25

Mar 26

22.3

22.2

1.4

0.4

1.4

0.4

3.1

2.9

NII stabilises at €181 mn in 1Q2026

NII broadly flat qoq at €181 mn

Healthy volume growth increases AIEA2 by 2% qoq

(€ bn)

NIM1

(bps)

313

298

286

283

281

To stabilise

>270 bps in FY2026

+8%

yoy

+2%

qoq

25.7

26.1

Average ECB

Deposit

Rate

24.1

20%

2.8%

2.3%

2.0%

2.0% 2.0%

NII

(€ mn)

186

182

180

183

181

38%

42%

1Q2025 2Q2025 3Q2025 4Q2025

1Q2026

1Q2025 4Q2025 1Q2026

% of

to EA

tal AI

Fixed income portfolio

Liquids

Net loans

NII at €181 mn, taking into account fewer

calendar days qoq driven by:

• Gross performing loans up 2% qoq

• Fixed income portfolio up 5% qoq

• Stock of deposits and cost flat qoq

  1Q2026 NIM broadly flat qoq at 281 bps Growing AEIA with gradual deployment to:

• Fixed income portfolio

• Loan portfolio

OUTLOOK

FY2026 NII outlook is reiterated; NII for FY2026 is expected to stabilise at c.€720 mn (on average 2% ECB Depo Rate)

Sustained hedging activity to manage the NII sensitivity

Hedging

(€ bn)

Receive fixed IRSs1 on non-maturing deposits

Receive fixed IRSs1 on wholesale funding

Dec 24

Mar 25

Dec 25

Mar 26

2.91

3.40

5.04

5.20

1.25

1.25

1.33

1.33

Average fixed rate 2.62%

Total

8.97

9.72

12.12

12.57

NII sensitivity to parallel shift in interest rates (annualised)3

Dec 22

Dec 25

Mar 26

+/-25 bps

c.€31 mn

c.€16 mn

c.€15 mn

-€16 mn since Dec 2022

€0.45 bn hedging in 1Q2026, totaling €12.6 bn; covering 48% of interest earning assets (vs 40% at 31 Mar 2025)

Weighted average yield of new IRSs in 1Q2026: 2.44% (vs

€1.2 bn fixed rate loans4 (11% of loan book)

€2.2 bn base rate loans5; natural hedging of c.50% of

household Time & Notice deposits

Continuous dynamic management of balance sheet, subject to market conditions

Deposits and pricing remained flat qoq

Deposits at €22.3 bn, flat qoq and up 8% yoy

(€ bn)

Cost of deposits stabilising at 27 bps

Deposits at €22.3 bn, flat qoq reflecting strong inflows at the

+8%

20.7 22.2 22.3

Cost of 35

Deposits1

29 27 27 27

end 1Q2026

33%

6.8

13.9

Mar 25

30%

6.8

15.4

Dec 25

31%

6.9

15.4

Mar 26

(bps)

100 88 80 79 80

4 1 3 3 3

1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Well managed deposit costs, stabilising at 27 bps

Highly liquid Bank with one

Savings, Current & Demand Time & Notice

Group deposits by UBO country of residence

9%

Time & Notice Savings, Current & Demand

Net loan to deposit ratio2

of the lowest L/D ratios in EU at 49%

9%<0.5%

97% 88%

66% 65% 63%

49%

81%

Cyprus Other EU Other countries Russia/Belarus

Strong new lending of €829 mn in 1Q2026; gross performing loans up 2% qoq

New lending remains high, close to historically high levels

(€ mn)

842

829

139

760

762

676

64

94

178

88

188

635

252

114

82

128

95

99

61

71

71

73

135

141

136

162

76

70

51

66

358

430

279

345

249

209

1Q2024

1Q2025

2Q2025

3Q2025 4Q2025

1Q2026

Gross performing loans up 2% qoq

(€ mn)

+2%

10.87

11.10

10.39

Mar25

Dec 25

Mar 26

Strong new lending of €829 mn across all business lines

New lending up 9% qoq driven mainly by corporate demand

Strong track record of repayment capability: >99% of new exposures1 in Cyprus since 2016 are performing

Prudent underwriting standards maintained

Corporate SME Retail Housing Retail other International

Broad-based growth in performing loans supported by domestic and international demand

Gross performing loans1

(€ bn)

+2%

Effective yield on performing loans

(bps)

10.87

1.36

11.10

510

484

1.43

0.5%

458

440

434

431

1.5%

Dec 25

International

Mar 26

Domestic

Contribution to qoq growth

4Q2024 1Q2025 2Q2025 3Q2025 4Q2025 1Q2026

Broad based expansion of domestic loan book

(€ bn)

International loan book

(€ bn)

9.51

9.67

1.43

1.09

1.10

0.99

1.00

Retail

+1%

Business

+2%

qoq%

Retail other

1.36

0.26

0.36

0.31

22%

0.42 29%

49%

Dec 25 Mar 26

Corporate SME Retail Housing

Dec 25

Syndicated loans

Mar 26

% of portfolio

Shipping

International Corporate

Gross performing loans at €11.1 bn, up 2% qoq

Effective yield on performing loans broadly flat qoq

OUTLOOK

Loan book to grow by >5% in

FY2026 is reiterated, supported by domestic demand & careful expansion of international loan portfolio

Fixed income portfolio up 5% qoq, at 19% of total assets

Fixed income securities per issuer type - NBV

Other financial

& other corporations

Cyprus Government

21%

8%

Banks

16%

€5.4 bn

27%

11% Covered bonds

Other Governments 17%

Supranationals

Amortised cost

FVOCI

Duration (years)

Duration after interest rate hedging (years)

Rating

4.02

3.38

3.98

0.75

Aa3

A2

Fixed income securities- NBV

(€ bn)

%

assets

17%

18%

19%

+19% +5%

yoy qoq

5.1 5.4

4.5

Mar 25

Dec 25

Mar 26

Fixed income portfolio at

€5.4 bn up 5% qoq

Average yield of new

investments in 1Q2026:

3.05% (vs 2.76% in 4Q2025)

Highly rated and diversified fixed income portfolio

Majority of positions in FVOCI book hedged for interest rate risk

Non-NII covering 70-80% of total operating expenses

Non-NII at €69 mn in 1Q2026

(€ mn)

79% 77%

77%1

73%1

76%

69

9

72

12

78

90

7

9

8

14

69

4

65

1Q2025

2Q2025 3Q2025 4Q2025

1Q2026

Recurring Non-NII Other Non-NII Non-recurring items Non-NII/ OPEX2

Recurring Non-NII at €65 mn in 1Q2026, up 8% yoy

60

4

12

60

4

12

61

4

12

69

4 18

65

4 17

+41%

-9%

44

44

45

47

44

+1%

1Q2025

2Q2025

3Q2025

4Q2025

1Q2026 yoy%

Net fee & commission Net insurance result3 FX customer related

61

60

YoY Performance (1Q2026 vs 1Q2025)

Non-NII at €69 mn in 1Q2026, flat yoy

Recurring non-NII at €65 mn, up 8% yoy due to higher net insurance result, primarily from the acquisition of Ethniki Insurance Cyprus and better claim experience

Other non-NII down €5 mn yoy, reflecting lower mark to market in equity shares of financial instruments

Other non-NII, comprising REMU gains & gains/losses on financial instruments and other income, remains a volatile contributor to Group's profitability

QoQ Performance (1Q2026 vs 4Q2025)

Recurring non-NII down 5% qoq, reflecting seasonally lower fees and commissions

Other non-NII down €10 mn qoq, due to lower REMU sales in

1Q2026