4Q25 Results Presentation

4Q25

Financial Results

27 February 2026

Table of Contents

1. Highlights

2. Business Plan targets 2026-28

3. Financial Results in Detail

4. Macro

5. Transformation Program

6. ESG

7. Appendix

2

1. Highlights

   3

   Strong FY25 performance and robust BS support proposal for a special distribution², over and above the 60%² ordinary payout

   NIM

   283bps

   Fees

   +10% yoy

   PAT at

   c€1.3b

   1

   EPS

   €1.38

   1

   C:I

   34.1%1

   OpEx

   +7% yoy

   
   
   

   CORE INCOME RESILIENCE

   RoTE 15.5%1

   (incl. excess capital)

   SOLID PROFITABILITY

   GROWING BALANCE SHEET

   SUPERIOR EFFICIENCY

   LEADING CAPITAL G PAYOUT

   Ordinary Payout

   PE Loans

   +€3.5b yoy

   €37b in FY25

CET1

18.8%

C0%² / €0.7b

x

Proposal for additional distribution of €0.3b² in 202C

1 Before one-offs | 2 Proposal is subject to regulatory approvals and the 2026 AGM

FY25 results overperform with solid credit expansion and fee income

FY25 NIM

absorbs lower benchmark rates, remaining above 280bps

Actual Guidance (Feb25) Updated Guidance (Jul25)

PsL FY25 FY25 FY25

Actual vs Guidance

FY25 PE growth reaches +€3.5b,

far exceeding guidance

B/S FY25 FY25 FY25

Actual vs

Guidance

FY25 RoTE at 15.5%,

fulfils guidance

1 Calculated on PAT before one-offs | 2 Before adjusting for excess capital

FY25 PAT at c€1.3b reflects income resilience despite rate normalization

PAT¹ | € m NII | € m

TBVPS | €

7.8

8.6

G.2

NIM | bps

3M Eur avg | bps

302

344

319

357

283

217

FY23 FY24 FY25 FY23 FY24 FY25

Fees | € m Cost of Risk | € m

Fees / Assets | bps 51 58 61

CoR | bps 57 53

40 3Gbps in 4Q25

1 Before one-offs

FY23 FY24 FY25

FY23 FY24 FY25

Ordinary FY25 payout of 60%¹ on FY25 earnings; proposal for additional capital distribution of €0.3b¹ in 2026

Payout | € b EPS² G Payout | €

Additional capital distribution

P/E 25

€0.3b¹

Ordinary Payout (%)

>2x

EPS²

1.41 1.56 1.38

Total

Payout (€b)

Share buyback

0.3

0.6

0.7¹

Total payout per

share⁴

0.36

0.63

0.77

Cash Dividend

FY23 FY24 FY25

FY23 FY24 FY25

1 Proposal is subject to regulatory approvals and the 2026 AGM | 2 Before one-offs | 3 On 31.12.25 closing price using FY25 PAT before one-offs, adjusted for excess capital | 4 Incl. dividends and share buybacks

Our well-capitalized, highly liquid Balance Sheet is a unique comparative strength

Group Assets (€ b) Group Liabilities (€ b)

Cash s reserves Interbank

Interbank

Securities

Fixed income portfolio is a natural hedge against normalizing rates

HTC €17.1b HTCS €4.2b

Trading €0.4b

Core Deposits

Net loans

Fixed assets Other

1.5

Time Deposits

Debt Issues Other Liabilities

Equity

• Deposits comprise 93% of our total net funding

• 81% core deposits (Bank)

• Structural hedges on demand deposits are actively managed

Leverage ratio at c9x (Assets/Equity) c8x PF for AT1 issuance

FY25

FY25

AT1 and SP bonds issued by NBG at tightest ever spreads for Greek paper

Credit rating | Sovereign and NBG NBG Senior and Tier II (Spreads %)

6.6%

6.3%

Rating &

outlook

Baa3

stable

BBB

positive

Tier II

3.9% 3.9%

Senior

Tracking long-end

of the curve

2.3%

4.9%

4.6%

4.2%

3.2%

2.9%

2.7%

1.9% 2.2% 2.1%

1.8%

BBB

stable

2.0% 2.0%

1.8% 1.8%

1.4%

New SP (Green)

5NC4 priced at

+75bps

1.2% 1.2% 1.1%

1.6%

1.6%

BBB

stable

BBB

stable

0.8% 0.8% 0.7%

1. Business Plan targets 2026-28

   10

   Be the "Bank of First Choice", creating value for all stakeholders

   Our vision

   Our values

   We aspire to be the undisputed "Bank of First Choice" for customers, talent,

   
   
   

   partners and investors

   A trustworthy, human, responsive bank, that acts as a growth catalyst and unlocks potential for individuals, businesses and communities

   Human

   We place the needs and choices of our customers at the centre of everything we do

   Trustworthy

   We operate with transparency, knowledge and experience

   Our purpose

   Our BP aspirations

   Together we create a better, more sustainable future

   Value creation and shareholder remuneration

   Responsive

   We provide flexible solutions tailored to the needs of our customers

   Growth Catalyst

   We accelerate sustainable growth and prosperity

   Solid corporate governance framework ensures robust controls and strengthens transparency

   2026-28 Key strategic priorities
   
   

   Capitalize on favorable economic conditions to accelerate core income expansion

   Deepen lending relationships and expand fee generation with Corporate clients through higher cross-sell, diversifying credit portfolio through international corporate syndications

   Enhance service model across Retail segments to accelerate growth and customer product penetration

   Continue to elevate customer experience (CX) with continuous re-engineering of key customer journeys, capitalizing on

   our digital offerings

   priorities

   Continue modernization of our technology and operating model

   (New Core Banking System rollout finalization May 2026)

   Further automation of operations including via AI, to improve productivity and customer journeys

   Build the foundations for sustainable growth through continued

   investment in human capital (workforce rejuvenation, attracting new talent and skillsets)

   enablers

   RoTE of 17% in 2028

   Capital deployment in 2026-28 supports robust organic growth and superior shareholder returns

   Focus on higher and sustainable cash distributions, topped up by

   buy-backs

   Capital buffers above internal targets preserve strategic flexibility towards capturing value-accretive opportunities

   High level KPIs for 2028 - continued value creation
   
   Balance Sheet

   PE growth (%) high sds %

   (3Y CAGR)

   PE growth (€b) >€10b

   (202C-28)

   NPE ratio (%) <2%

   CET1 ratio (%) <1C%

   Profitability

   NII growth (%) c7%

   (3Y CAGR)

   Fee growth (%) high sds %

   Not incl. positive impact from prospective bancassurance agreement

(3Y CAGR)

C:I ratio (%) 3C%

RoTE (%) 17%

EPS (€) >€1.70

Actual Business Plan 2026-28

Corporate Loans Retail Loans Deposits

€

Large

Corporates

SMEs

25b

3Y CAGR

low dds1

mid sds

€ 3Y CAGR

9b

Mortgages

low sds

Consumer

mid sds

3Y CAGR

low sds

low sds

low sds

SBLs

Shipping

high sds high sds

>34b

high sds %

c11b

mid sds %

low sds %

* Domestic | 1. Low double digits

Net Interest Income

€

3Y CAGR

Fees G Commissions

3Y CAGR

EPS

3Y CAGR

2.1b

€1.40

mid teens

mid sds

mid sds

Total Income

OpEx

Loans C other impairments

C/I ratio 3c%

high sds

mid sds

CoR c30bps in FY28

>2.5b c7%

high sds %

>€1.70

Not incl. positive impact from prospective bancassurance agreement

Frontloaded investments in technology puts NBG ahead of peers and supports a steady state C:I ratio of 36%

IT Capex, €b

>€1b

<€0.5b

• Core banking replacement is the biggest project ever made in the Greek Banking sector with more than 1,000 people involved and 500K man days spent

• On time and on budget to conclude in May

• 1st Greek bank in Digital with more than 30% market share in both customers and transactions

• 1st Greek bank in transaction volumes in Greece with a market share of around 35%

• 1st Greek bank to release customer facing

2021-25A 2026-28E

2026

chatbots at mass scale in 2025

• Average age of Bank's applications and infrastructure is less than 5 years and improving, an excellent achievement for an incumbent systemic bank

• More than 80% of bank's applications were re-platformed in the last 7 years, leading to the decommission and consolidation of more than 2/3rds of our applications

• Time to market for new products and services reduced to days/ weeks

• The unit cost per transaction has been reduced by more than 2/3rds in the last 6 years and is expected to further reduce

Capital buffers supported by increasing profitability drive growth and higher distributions

CET1 ratio, %

41%

18.8%

DTC/ CET1

2025A Profitability RWAs

expansion

RWAs €40b

1. Subject to Business and Capital planning annual updates

>25%

Other 2028E before Distributions C DTC amort.

Distributions C DTC amort.

<16%1

≤20%

2028E

>€48b

3Y Capital Plan

• Strong organic capital generation across the 3Y period supports robust RWA expansion

• Capital to be deployed towards increasing

  shareholder remuneration

• Solid CET1 ratio of <16% in 2028, preserves significant capital buffers over our internal CET1 target, providing strategic optionality

  Capital Allocation Options

• Ordinary payout

• Incremental organic growth

• International Syndicated Desk

• Reperforming Assets

• Strategic Optionality

  • Capital Returns to Shareholders

  • Bolt-on Acquisitions / JVs

  • Value accretive M&A

    Will continue to deliver superior distributions
    
    

    Payout ratios, %

    Additional capital distribution (202C)1

    1 30%

    Ordinary

    Payout ratio

    Buyback payout

    Dividend payout

    Payout amounts, €b

    Total1

    Additional capital distribution (202C)1

    50%

    15%

    30%

    35%

    2023A 2024A

    0.3b1

    60%1

    20%

    40%

    2025A

    €1.0b

    0.3b1

• Our strategy is to consistently increase cash payouts going forward, using buybacks as an additional shareholder remuneration tool²

• Shareholders' ordinary distributions out of FY25 attributable profit consist of:

1. a 40% ordinary payout equal to

   €0.5b in the form of cash dividend amounting to €0.51 per share

   Ordinary Payout1

   Buybacks Dividends

   0.3

   0.3

   DPS of

   €0.36

   0.6

   0.2

   0.4

   DPS of

   €0.44

   0.71

   0.2

   0.5

   DPS of

   €0.51

2. a 20% ordinary payout equal to

€0.2b via share buyback program amounting to €0.26 per share

• Proposal for additional capital

2023A 2024A

2025Α

distribution of €300m1 in 2026

1. Proposal is subject to regulatory approvals and the 2026 AGM | 2 Subject to Business and Capital planning annual updates

Real GDP yoy growth

2.0% 2.1%

1.6% 1.7%

2025E 2026E 2027E 2028E

RRE prices yoy growth

CPI yoy growth

2.7%

2.2% 2.1% 2.2%

2025E 2026E 2027E 2028E

Unemployment rate aop

Greek Government Bond 10Y yield aop

3.6% 3.7%

3.4% 3.5%

2025A 2026E 2027E 2028E

Interest rates, bps

5.9%

4.9%

4.2% 3.9%

8.6%

8.1%

7.9%

7.6%

2.2%

2.0%

2.0%

1.9%

2.3%

2.2%

2.3%

2.3%

DFR eop

3M Euribor aop

2025E 2026E 2027E 2028E

2025E 2026E 2027E 2028E

2025A 2026E 2027E 2028E

1. Financial

Results in Detail

21

4Q25 Core income and PAT¹ edge higher qoq; FY25 PAT¹ at €1.3b

P&L Highlights

FY25 PAT¹ of nearly €1.3b absorbs c190bps of benchmark rate normalization, cushioned by

solid credit expansion, strong performance in fees and strong trading income

Key drivers in detail:

• FY25 NII at -9.3% yoy, in line with our guidance, absorbs interest rate normalization on strong credit growth and solid liability management; NII evolution in 4Q25 (+1% qoq) marks the end of its normalization, setting credit dynamics as the key driver going forward

• Fee income growth accelerated in 4Q25 reaching double digits (+10% yoy) at the FY level, driven by investment product fee growth, treasury sales and loan origination fees; the former grew +70% yoy, leveraging successful cross selling, delivering impressive mutual fund market share gains of +6ppts over the past two years

• FY25 OpEx, up by +7.3% yoy, driven by our commitment to invest a) in our people through the onboarding of new talent and variable remuneration, as well as b) in technology and digital infrastructure, with tangible benefits in our productivity, commercial effectiveness, digital offering and cyber risk security

  Key PsL ratios	FY25	FY24	YoY	4Q25	QoQ
  NIM over avg assets (bps)	283	319	-36	276	-4
  Cost-to-Income (%)	34.1%	30.6%	+3.5pps	38.1%	+1.7pps
  CoR (bps)	40	53	-13	39	+2
  RoTE¹ (%)	15.5%	18.8%	-3.4pps	13.4%	-0.1pps

• FY25 C:I stood at 34.1%, well inside our FY25 guidance

• FY25 CoR at 40bps well inside our guidance, reaffirms our strategy for gradual normalization and limited volatility, reflecting benign asset quality conditions and sector-leading coverages across stages

  RoTE¹ at 15.5% before adjusting for excess capital, fulfills our FY25 guidance of >15%

  1 Before one-offs | 2 Including NBG Egypt branch closure FX recycling (-€84m)

  Our robust Balance Sheet provides strategic flexibility

  Key Balance sheet items	FY25	GM25	6M25	3M25	FY24
  Total Assets (€ b)	78.9	76.7	77.6	75.3	75.0
  Performing Loans (€ b)	37.0	34.7	34.4	33.6	33.6
  Securities (€ b)	22.2	21.5	20.6	20.4	20.4
  Deposits (€ b)	59.6	58.3	58.2²	56.5	57.6
  Tangible Equity (€ b)	8.3³	8.3	8.1³	8.2	7.8

  Balance sheet Highlights

• Disbursements accelerated in 4Q25 - driven by multiple sectors - yielding an impressive FY25 PE expansion of +3.5b (+10% yoy), far exceeding the >€2.5b FY guidance; corporate credit growth was up in the low teens (+13%), while retail business offered support (+€0.3b yoy) driven by solid growth in SBs (+16% yoy) and consumer lending (+7% yoy)

• Deposits, up by +€2b yoy, reflect sustained low-cost core deposit growth with time deposit

  migration to mutual funds continuing, benefitting our funding mix and cost

  Key Balance sheet ratios	FY25	GM25	6M25	3M25	FY24
  Liquidity
  Loans-to-Deposits	66%	64%	63%	64%	63%
  LCR	236%	249%	248%	259%	261%
  NSFR	146%	147%	148%	146%	148%
  Asset quality
  NPE ratio	2.4%	2.5%	2.5%	2.6%	2.6%
  NPE coverage	106%	101%	100%	97%	98%
  Stage 3 coverage	56%	56%	55%	54%	56%
  Capital
  CAD	21.5%	21.8%	21.7%	21.5%	21.2%
  CET1	18.8%	19.0%	18.9%	18.7%	18.3%
  RWAs (€ b)	39.8	38.2	38.1	37.4	37.4

• Retail client FuMs reach €9.3b up by a solid +€2.3b yoy, supporting fee outperformance

• Term deposit yields drop further by 10bps qoq in 4Q25 to 144bps, driving our overall deposit cost below 30bps and our funding cost at c60bps, both the lowest in Greece due to our superior mix

• Fixed income securities up by €1.8b yoy, grew in alignment with our balance sheet dynamics, leveraging our excess cash position to provide incremental support to NII going forward

• NPE ratio at 2.4%, reflects benign asset quality trends; highest coverage across stages by European standards provides resilience

• CET1 at 18.8%, +50bps yoy, absorbs solid credit growth and highest payout¹ accruals domestically; CAD at 21.5% or 22.7% pro forma for the Feb26 €500 AT1 issuance

• MREL ratio at 29.2%, above the new MREL target of 26.7%⁴

CET1 up +50bps ytd accommodates strong credit growth and increased distributions

FY25 capital movement¹

CAD

21.2%

+c3.5%

-c1.4%

+c0.3%

21.5%

-c1.G%

CET1

RWAs

FY24 FY25 Profitability RWAs 2

€37.4b

Other 3

Payout 4

FY25

€3G.8b

1 Including period PAT and payout | 2 Including Basel IV impact | 3 Including prudential DTC amortization acceleration | 4 Proposal is subject to regulatory approvals and the 2026 AGM

FY25 Group PAT¹ reaches €1.3b absorbing the negative impact of rates on our NII

Group PAT¹ (€ m) Group PAT¹ (€ m)

Yoy

1,422

-9.3% +10%

+42

-220

+74

+7.3%

-21 -24 -19

-15.1%

+34

-29

1,25G

Attrib.

PAT²

PAT¹

1,106

1,2G0

1,158

1,422

1,160

1,25G

Reflects the sharp reduction of 3M EUR by c190bps from its peak

PPI

CoR:

-16% yoy

CoR

FY23 FY24 FY25

1 Before one-offs | 2 Including NBG Egypt branch closure FX recycling

4Q25 marks the onset of NII recovery

Group NII (€ m), Group NIM (bps) Group NII breakdown (€ m)

NIM (Group)

3M Euribor (avg)

310 291 282 280 276

2SS 25c

211 201 204

Group

International

Domestic

575 548 531 527 530

24 22 22

553 524 507 505 508

575

548 531 527 530

25

386

376

378

505

10

7

10

13

507

Int'l

Domestic

Loans (PE) Loans (NPE) Securities

Funding & other

165

-3

169

-4

158

-11

159

161

-17

Deposits

-51

-36 -22 -23

4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25

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

Consumer¹

SBLs

Total

Performing

Corporate²

Mortgages

Corporate³ Euroswap rate

3M Euribor (avg)

928 923

678

630

554

501

518

461

449

426

31S

2cS

2SS

25c

886 871 874

583

547 541

471

443 434

424

391 382

395 375 373

235 208 20c

211 201 204

+10% yoy

Int'l

Greece

Corporate

Retail

1.6 1.8 2.0

+10% yoy

+12% yoy

35.0

31.8

28.8

+13% yoy

1.4

9.2 9.2 G.5

1.3

6.4

6.6

+0% yoy

4Q24 1Q25 2Q25 3Q25 4Q25

4Q23 4Q24 4Q25

Corporate SBL Consumer Mortgages

1 Excl. cards | 2 Excl. shipping | 3 Euroswap curve relevant to corporate book pricing

Credit expansion picks up strongly in 4Q25, supporting NII recovery in 2026

4Q25

0.5

0.4

3Q25

0.4

2Q25

0.4

1Q25

1.3

1.2

2.0

1.7

1.6

3.4

2.4

3.G

FY25 €G.7b

Loan disbursements¹ (€ b) Credit expansion (€ b)

9.7

Mostly in: Energy Shipping Hotels

Construction C RE Manufacturing

-5.5 0.0

-0.8

37.0

33.6

Series1

Retail

Series3

Corporate

FY24 PEs Disbursements Repayments NPEs movement FX C other FY25 PEs

1 Loan disbursements for the period excluding rollover of working capital repaid and increase in unused credit limits

Core deposit balances higher by +€2b yoy; Time depo repricing continued in 4Q25

4Q25

3Q25

2Q25

1Q25

4Q24

-23

4Q25

3Q25

2Q25

1Q25

4Q24

C

6

6

7

8

Demand

28

29

35

38

41

Total

144

154

165

180

191

Term

Greek deposit yields (bps) G NII (€ m)

Group deposits evolution (€ b)

Greece

55.2

9.9

55.6 1

54.2

9.3 9.5

1.6

55.8

9.1

1.5

57.0

9.4

1.6

Retail FuMs up +€2.3b yoy fueled in part by depositor

1.4

6.2

7.0

1.4

5.7

6.8

1

6.0

7.3

5.8

7.9

6.1

7.G

shift to MFs

Core deposits

+€2.0b yoy

Time Other

Sight - Corp Sight - Retail Savings

30.8

30.8

31.3

31.6

32.0

4Q24

1Q25 2Q25 3Q25

4Q25

1 Net of €1b of e-EFKA deposits transferred to BoG on 01.07.25

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

16.7

1G.G

21.7

o/w €6.6b HTC

16.7

1G.G

21.7

0.9

0.4

0.6

4Q23 4Q24 4Q25

0.4 0.5 0.4

4Q23 4Q24 4Q25

EU Sovereign C other T bills GGBs

1

HFT HTCS HTC

1 HFT: Held For Trading, HTCS: Held To Collect and Sell, HTC: Held To Collect