Earnings release
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Q3 2025 Results
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Q3 2024 Results Press Release Q3 2024 Results Press Release Q3 2025 Results Press Release 2 Key Financial metrics 9M 2025 Q3 2025 Reported profit after income tax €703.7mn €186.7mn Normalized1 profit after tax €677.1mn €217.2mn Normalized1 Return on tangible book value (RoTBV) 13.9% 12.9% Fully-loaded Common Equity Tier 1(CET1%) 15.7% 15.7% Tangible Book Value per Share €3.28 €3.28 Key takeaways • Q3 Normalised RoTBV2 at 12.9%, EPS2 at €0.27, 15.7% FL CET1%. • Net credit expansion of €0.7bn in Greece for Q3, with corporates and SMEs driving growth. Year to date net credit expansion has reached €2.2bn. Group’s performing loan book (excluding senior notes) up by €0.8bn (+2.2%) q/q to €35.7bn and up by €4.1bn (+13%) y/y. • Group deposits increased by €1.6bn q/q or +3.1% with time deposits at 27% of the total. Customer funds up 9.2% y/y with growth in customer deposits +6.3% y/y and AuMs +17.2% y/y. • Group NPE ratio at 3.6%, up 11bp q/q. CoR at 44bps in Q3. • FL CET1 at 15.7% post dividend accrual of €93mn in the quarter, with 38bps from organic capital generation. Pro forma for remaining RWA relief, FL CET1 stands at 15.8%3 and Total Capital ratio at 21.2%3. Year to date dividend accrual of €352mn. • Tangible Book Value at €7.6bn +1.1% q/q, +11.3% higher y/y or +13% before distributions. • 6-year Green Senior Preferred Bond of €500 Million issued in October, with historic low cost of 92 basis points above the corresponding mid-swap, representing the lowest spread ever achieved for a senior preferred bond issuance of similar duration by a Greek bank. • Acquisition of substantially all of AstroBank’s assets and liabilities completed in October, 5% accretive to the Group’s Earnings Per Share on a fully phased-in synergies basis, with limited impact of approximately 40 basis points on Group’s Common Equity Tier (CET) 1 ratio. Consolidating 3rd largest bank position in Cyprus with complementary franchise, doubling profitability in the country and significantly uplifting our performance. Summary trends • Interest Income increased by +1% q/q to €402.2mn. The third quarter saw improved deposit and funding costs, offset by a lower contribution from loans. 9M NII down by -3.6% y/y. • Fees & Commission income at €119.7mn, down 1.6% q/q, on lower cards and payments activity, which more than offset higher asset management and business credit related fees. 9M fees up by +14% y/y. • Recurring costs flat q/q at €213.9mn, with higher General Expenses fully offset by lower staff costs and depreciation expenses. In 9M 2025, Recurring costs were up +1.5% on higher G&As and staff costs. • Core PPI stable in Q3 at €317.5mn (-3.8%). 9M Core PPI down -0.1% y/y • Cost of Risk at 44bps in Q3. 9M stable at 45bp, in line with full year guidance. • Normalised Profit After Tax of €217mn in Q3 2025, is Reported Profit /(Loss) After Tax of €187mn excluding (a) NPA transactions impact of €2mn, (b) €28mn of other adjustments and tax charges related to the above.
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Q3 2024 Results Press Release Q3 2024 Results Press Release Q3 2025 Results Press Release 3 “Alpha Bank delivered a strong third quarter, confirming our ability to create value for all stakeholders capitalizing on the constructive macro environment in the economies where we operate. We reported profit after tax of €187 million in Q3 and €217 million on a normalised basis, underlining the strength of our diversified business model. For the first nine months, profit after tax stood at €704 million, supported by a strong capital position with a fully loaded CET1 ratio of 15.7%. This allows us to realise our organic aspirations and simultaneously using our well- defined capital allocation framework to focus on disciplined acquisitions and growing shareholder returns, including €352 million accrued for payouts with an interim dividend of €111 million to be paid in December. Our performing loan book continued to grow, driven primarily by strong corporate lending, with targeted expansion in Greece and internationally. Customer funds grew 9% year-on-year to €74.2 billion, supported by strong deposit inflows, particularly from our corporate clients and continuous growth in assets under management. Looking ahead, we expect corporate lending growth to remain solid and remain pragmatic in our outlook on retail lending, particularly vis-a-vis mortgages, where growth is turning positive but will likely remain measured in the near- term. Our strategic partnership with UniCredit, recently reinforced by its decision to raise its stake in the Bank to approximately 29.5%, underscores the confidence in our Group and the Greek economy. This collaboration is already delivering tangible benefits across wholesale and transaction banking, wealth management, and also knowledge sharing in multiple operational areas including IT and procurement. The potential to unlock long-term value for both parties is clearly reflected in UniCredit’s continued commitment and investment. We have also made significant progress on our bolt-on acquisitions, as in Q3 we completed the full integration of FlexFin. Since the end of Q3, we have completed the acquisition of AstroBank, which will have a positive contribution on the next quarter’s results, while the closing of the AXIA Ventures transaction will also be completed before the end of 2025. As we enter the final phase of our three-year plan, we remain focused on sustainable growth and attractive returns, guided by mid to high single- digit loan growth, revenue diversification, disciplined cost control, and a clear capital allocation framework. I am proud of our team’s dedication, which positions us strongly for the future. To share our next chapter, Alpha Bank will host an Investor Day in Q2 2026 to outline our priorities in the years ahead and show how we intend to build on the strong momentum we have achieved to date.” Vassilios Psaltis, CEO We remain focused on sustainable growth and attractive returns “ “
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Q3 2024 Results Press Release Q3 2025 Results Press Release 4 Key Financial Data P&L | Group (€mn) 9M 2024 9M 2025 YoY (%) Q2 2025 Q3 2025 QoQ (%) Net Interest Income 1,240.9 1,196.8 (3.6%) 399.3 402.2 0.7% Net fee & commission income 305.6 348.8 14.1% 121.6 119.7 (1.6%) Core banking income 1,546.6 1,545.6 (0.1%) 520.9 521.9 0.2% Income from financial operations 62.2 46.3 (25.5%) 7.1 (8.0) … Other income 32.4 41.3 27.7% 23.2 9.5 (58.9%) Operating Income 1,641.1 1,633.3 (0.5%) 551.2 523.4 (5.0%) Core Operating Income 1,579.0 1,587.0 0.5% 544.1 531.4 (2.3%) Staff Costs (272.3) (279.1) 2.5% (97.0) (93.9) (3.3%) General Administrative Expenses (223.5) (252.4) 12.9% (83.1) (88.9) 6.9% Depreciation & Amortization (126.9) (100.3) (21.0%) (34.0) (31.2) (8.2%) Recurring Operating Expenses (622.7) (631.7) 1.5% (214.2) (213.9) (0.1%) Excluded items (4.6) 0.0 … 0.0 0.0 … Total Operating Expenses (627.3) (631.7) 0.7% (214.2) (213.9) (0.1%) Core Pre-Provision Income 956.3 955.2 (0.1%) 330.0 317.5 (3.8%) Pre-Provision Income 1,013.8 1,001.6 (1.2%) 337.0 309.4 (8.2%) Impairment Losses on loans (172.7) (136.8) (20.8%) (39.7) (45.4) 14.4% Other items4 (5.4) 16.3 … 0.7 11.7 … Profit/ (Loss) Before Income Tax 835.8 881.1 5.4% 298.0 275.7 (7.5%) Income Tax (247.4) (224.4) (9.3%) (80.4) (72.2) (10.2%) Profit/ (Loss) after income tax 588.4 656.7 11.6% 201.3 203.5 1.1% Impact from NPA transactions5 (125.4) (91.3) (27.2%) (76.8) (2.5) (96.8%) Profit/ (Loss) after income tax from discontinued operations 61.9 20.4 (67.0%) 2.9 13.7 … Other adjustments (35.7) 117.9 … 149.9 (28.1) … Reported Profit/ (Loss) After Income Tax 489.2 703.7 43.8% 293.7 186.7 (36.4%) Normalised 6 Profit After Tax 665.1 677.1 1.8% 220.6 217.2 (1.5%) Balance Sheet | Group 30.09.2024 31.12.2024 31.03.2025 30.06.2025 30.09.2025 YoY (%) Total Assets 74,629 72,075 73,146 73,478 74,516 (0.2%) Net Loans 37,572 39,825 40,183 40,997 41,667 10.9% Securities 16,684 16,875 17,274 17,232 17,160 2.9% Deposits 49,745 51,032 50,363 51,306 52,884 6.3% Shareholders’ Equity 7,268 7,473 7,652 7,906 8,023 10.4% Tangible Book Value 6,821 7,036 7,223 7,510 7,595 11.3% Key Ratios | Group 9M 2024 FY 2024 Q1 2025 H1 2025 9M 2025 Profitability Net Interest Margin (NIM) 2.2% 2.2% 2.2% 2.2% 2.2% Cost to Income Ratio (Recurring) 37.9% 38.6% 36.4% 37.6% 38.7% Capital FL CET1 15.5% 16.3% 16.2% 16.0% 15.7% FL Total Capital Ratio 20.9% 21.9% 21.7% 21.2% 21.0% Liquidity Loan to Deposit Ratio (LDR) 76% 78% 80% 80% 79% LCR 190% 203% 194% 194% 194% Asset Quality Non-Performing Loans (NPLs) 945 933 937 944 1,017 Non-Performing Exposures (NPEs) 1,721 1,491 1,509 1,461 1,531 NPL ratio (%) 2.5% 2.3% 2.3% 2.3% 2.4% NPE ratio (%) 4.5% 3.7% 3.7% 3.5% 3.6%
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Q3 2025 Results Press Release 5 Business Update Despite elevated uncertainty surrounding the global economic landscape, real GDP grew by 2% on an annual basis in the first half of 2025, above the EU-27 average (1.6%), supported by private consumption, net exports, and investment. Growth momentum is expected to be sustained throughout 2025 and 2026, though risks are tiled to the downside. Namely, a slowdown in global trade could hamper external demand for Greek goods and services, whereas geopolitical uncertainty may lead to delays in the implementation of investment plans. Year-to-date, Alpha Bank has delivered reported net profits of €704 million. Earnings Per Share stood at €0.27, translating into a 13.9% normalised return on tangible equity. This performance underscores the Bank’s resilience in a declining interest rate environment, with net interest income rising for a second consecutive quarter. Fee income posted a notable uplift, driven by structural tailwinds in asset and wealth management, lending, and transaction banking. Operating expenses for the nine-month period remained contained, up +1% year-on-year. Cost of risk stood at 45bps, in line with revised guidance. Our partnership with UniCredit continues to yield meaningful commercial and operational synergies, while disciplined capital allocation and targeted M&A activity reinforce our trajectory for sustainable growth. We look forward to unveiling our updated strategic roadmap at an Investor Day in Q2 2026. Profitability Solid performance despite rate headwinds • NII +1% q/q, on improved deposit and funding costs offsetting lower contribution from loans. 9M NII down -3.6% y/y. • Fees and commissions down -1.6% q/q, on lower cards and payments activity, which more than offset higher asset management and business credit related fees. 9M fees +14% y/y. • Recurring costs flat q/q at €213.9mn, as higher General Expenses, was offset by lower staff costs and depreciation expenses. In 9M 2025, Recurring costs were up +1.5% mainly on higher G&As and staff costs. • Cost of Risk at 44bps in Q3. 9M at 45bp. Net interest income Net fee and commission income Recurring operating expenses Cost of risk 408 406 395 399 402 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Group, € mn Group, € mn 109 114 108 122 120 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Group, € mn 211 234 204 214 214 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 % over net loans 0.57 0.65 0.52 0.39 0.44 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
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Q3 2025 Results Press Release 6 Sustained momentum in core operating performance; Core banking income up 1% y/y NII decomposition Net F&C Income decomposition Defensive NII against rate headwinds, up 1% q/q Net Interest Income stood at €402.2mn in Q3 2025, up +1% q/q. Net interest income from Performing loans decreased by €6.7mn as lower rates partly offset higher loan balances, while the NPE book contribution was down by €3.3mn q/q. The contribution of the securities portfolio remained flat q/q. On the liability side, deposit costs improved by €7.5mn q/q driven by repricing of term deposits. Funding and other NII improved by €5.3mn q/q reflecting both lower wholesale funding costs as well as decreased cost of our repo transactions. 9M NII decreased by -3.6%. Fees down 1.6% q/q mainly on weaker performance of the card business Net fee and commission income reached €119.7mn in Q3, down -1.6% q/q but up +10% y/y. The quarterly performance was driven by a slowdown in cards and payments activity (-15.8% q/q) despite the higher contribution from asset management and business credit related fees. On a yearly basis, 9M fees grew by +14% y/y driven by growth in asset management fees (+45% y/y) and continued momentum in business credit related fees. Income from financial operations came in at -8mn in Q3, adversely affected by a one-off loss stemming from the Liability Management Exercise on the outstanding Tier 2 Notes in July. Other income stood at €9.5mn in Q3 2025. Recurring costs effectively flat q/q Recurring operating expenses were flat q/q to €213.9mn, as higher IT maintenance costs and taxes in General Expenses were fully offset by lower staff costs and depreciation expenses. In 9M 2025, Recurring costs were up +1.5% on higher G&As and staff costs. Total Operating Expenses stood at €213.9mn, almost flat on a quarterly basis, +1.5% y/y. Cost of Risk at 44bps The underlying loan impairment charge stood at €26.6mn or 26bps in the quarter, versus €16.7mn in Q2. Servicing fees amounted to €8.6mn vs. €11.2mn in the previous quarter, with securitization expenses at €10.2mn vs €11.8mn in Q2 2025. Excluding the impact from transactions, Cost of Risk stood at 44bps over net loans vs. 39bps in the previous quarter, while including the 4bps impact from transactions for the quarter, it stood at 48bps. The total impact of NPA Transactions5 stood at €2.5mn in the quarter, vs. a €76.8mn charge in Q2 2025. Other impairment losses in Q3 2025 amounted to €0.5mn. € mn 40 34 29 42 36 22 25 30 28 32 29 38 30 32 33 5 13 Q3 24 4 14 Q4 24 7 11 Q1 25 5 14 Q2 25 5 14 Q3 25 109 114 108 122 120 Business credit related Asset management Bancassurance Cards & Payments Other € mn€ mn 104 475 472 439 417 410 (87) (91) (82) (70) (107) 23 Q3 24 (104) 22 107 Q4 24 (86) 19 106 Q1 25 (75) 18 110 Q2 25 (63) (70)15 110 Q3 25 408 406 395 399 402 Deposits Funding & Other Loans NPE Bonds Loans PE
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Q3 2025 Results Press Release 7 Balance Sheet Highlights Performing loan book up 2.2% q/q Net credit expansion Performing loan book expansion The pace of new disbursements picked up in Q3 to €3bn (+8% q/q), mainly driven by corporates, allocated to key sectors including trade, transportation, manufacturing, energy and construction. Note that the gross loan figure includes €5.1bn of retained senior notes associated with the Galaxy, Cosmos and Gaia NPE securitizations. The Group’s performing loan book (excluding the aforementioned senior notes) increased by + 2.2% or €0. 8bn q/q to €35.7bn. On a yearly basis, performing loans increased by +13%. Net credit expansion in Greece stood at €0. 7bn in Q3, addressing credit demand mainly from businesses . Net credit expansion for the first nine month of the year stood at €2.2bn. Customer deposits up €1.6bn q/q Deposits evolution Group LCR & LDR The Group’s deposit base increased by +3.1% or €1.6bn q/q to €52.9bn, reflecting higher term deposits (€0.9bn) as well as core deposits (€0.7bn) mainly from businesses. Notably, around half a billion reflect inflows associated to a bond issuance, for which Alpha Bank acted as a lead manager. On an annual basis, the Group’s deposit base expanded by €3.1bn or +6.3%. Time deposits stood at 25% of the domestic deposit base. As of Q3, the total stock of domestic deposits had a beta of 22%, vs 24% in Q2 2025, whereas the pass through on term deposits remained at 65% in Q3 2025. AUMs grew by +5.3% q/q and +17.2% y/y mainly driven by mutual funds. LCR at 194% As of September 2025, ECB financing stood at €2.3bn. The Bank’s blended funding cost decreased to 97 bps in the quarter, down from 109bps in Q2 2025, due to lower deposit and wholesale funding costs. The Group’s strong liquidity profile is evidenced by the net Loan-to-Deposit ratio of 79%, while the Group’s LCR stood at 194% flat q/q, far exceeding regulatory thresholds and management targets. Greece, €bn Disbursements Repayments 2.9 0.1 (1.7) (0.2) Q3 24 3.9 0.2 (1.9) (0.2) Q4 24 2.4 0.1 (1.7) (0.2) Q1 25 2.6 0.2 (1.7) (0.2) Q2 25 2.8 0.2 (2.1) (0.2) Q3 25 1.2 2.0 0.6 0.9 0.7 GR Businesses GR Individuals 1.5 7.6 22.6 Sep 2024 1.6 25.0 Dec 2024 1.6 7.4 25.5 Mar 2025 Sep 2025 26.6 7.2 1.8 Jun 2025 25.9 7.3 1.7 7.5 34.1 34.5 34.9 35.7 31.6 8% + 1% + 13% + 1% + 2% Group, € bn International Greece Individuals Greece Businesses Group, € bn 3.5 3.9 0.1 1.5 3.8 Sep-24 47.4 Jun-25 Individual Business International 49.1 Sep-25 Greece International 49.7 51.3 52.9 (0.1) 46.2 + 3.1 + 1.6 QoQΥoΥ 76% 190% Sep 2024 78% 203% Dec 2024 80% 194% Mar 2025 80% 194% Jun 2025 79% 194% Sep 2025 LDR LCR
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Q3 2025 Results Press Release 8 Asset Quality Group NPE ratio at 3.6%, Cost of Risk at 44bp Our NPE stock in Greece increased by €72mn q/q due to retail inflows, bringing the total stock slightly up to €1.4bn at the end of Q3 2025. As a result, the NPE ratio in Greece stood at 3.5%. On a group level, NPE ratio stood at 3.6%. Quarterly NPE Formation Cost of risk evolution NPE and cash coverage % Group NPE evolution Group NPE Coverage at 55% The Group’s NPE cash coverage stood at 55% at the end of Q3, while total coverage including collateral reached 131%. Out of the €1.5bn stock of NPEs for the Group, half are mortgages (51% of the stock), with a significant portion of Forborne exposures, less than 90dpd (27% of stock or €0.4bn). The Group NPL coverage ratio stood at 82%, while total coverage including collateral reached 156%. NPE formation Greece, € bn 0.0 (0.0) 0.14 0.19 0.20 0.20 0.20 (0.10) (0.10)(0.12) (0.16) (0.09) (0.02) (0.02) (0.02) (0.05) (0.08) Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Inflows Cures & repayments CPs & write offs 0.0 0.1 0.1 % over net loans 0.32% 0.42% 0.30% 0.16% 0.26% 0.12% 0.11% 0.13% 0.12% 0.10% 0.13% 0.12% 0.09% 0.11% 0.08% Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 0.57% 0.65% 0.52% 0.39% 0.44% Servicing fees Securitization expenses Underlying Group 48% 4.5% Sep 2024 53% 3.7% Dec 2024 50% 3.7% Mar 2025 57% 3.5% Jun 2025 55% 3.6% Sep 2025 NPE Ratio NPE coverage ratio NPE ratio (Group) NPL ratio (Group) Group NPEs, €bn 7.8% 3.1 2.2 1.5 1.5 1.5 1.50.0 0.1 0.1 FY 23 transactions (inc. Romania HFS) FY 23 formation Dec-23 Sep-25Q3 25 formation Jun-25Q2 25 formation Q2 25 transactions Mar-25Q1 25 formation Dec-24FY 24 formation FY 24 transactions (0.5) (0.3) (0.4) (0.4) (0.2) Dec-22 2.3 % 3.7% 4.1 % 6.0% 3.1 % 3.7% 2.3% 3.5% 2.3% 3.6% 2.4%
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Q3 2025 Results Press Release 9 Capital generation capacity to sustain higher payouts; FL CET1 at 16% Capital evolution (q/q) The Group’s Fully Loaded CET 1 Capital base stood at €5bn, resulting in a Fully Loaded CET1 ratio of 16.0%, or 15.7% post dividend accrual of 37bps in the quarter including the impact of DTC acceleration. The quarterly move was primarily attributable to 38bps positive contribution from organic capital generation, with a 4bps negative impact from transactions and a 4bps negative contribution from other capital elements. RWAs at the end of September 2025 amounted to €31.7bn, up by 1% q/q or Euro 0.4 billion mainly as a result of loan growth. Accounting for the remaining RWA relief stemming from the Bank’s planned transactions, the Group’s FL CET 1 Ratio stands at 15.8%3. International operations Our international operations posted a normalised net profit of €23mn in Q3 2025, versus €14mn in Q2 2025,. Net interest income was up 6% q/q, with net fee and commission income up by 6%. Recurring operating expenses increased by 10% q/q, mainly as a result of higher G&As as well as staff costs. Net loans stood at €1.8bn (+5% q/q or+11% y/y), while deposits slightly decreased to €3.8bn (-2% q/q or+7% y/y). RoTBV stood at 13.3% in 9M 2025. Athens, November 7, 2025 0.7% 0.2% 15.7% Jun-25 0.0% Q3 25 Organic capital Transactions 16.0% Sep-25 15.7% Sep-25 post dividend accrual 15.8% Sep-25 pro forma DTA (0.1%) DTC (0.3%) RWAs (0.1%) AT1 coupon 0.0% other capital elements Fully Loaded CET1 % 0.4% Organic Capital Generation
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Q3 2025 Results Press Release 10 Alternative Performance Measures (“APMs”) Reference number Terms Definitions Relevance of the metric Abbreviation 1 Accumulated Provisions and FV adjustments Sum of Provision for impairment losses for loans and advances to customers, the Provision for impairment losses for the total amount of off balance sheet items exposed to credit risk as disclosed in the Consolidated Financial Statements of the reported period,and the Fair Value Adjustments (10). Standard banking terminology LLR 2 Core Banking Income Sum of Net interest income and Net fee and commission income as derived from the Consolidated Financial Statements of the reported period. Profitability metric 3 Core deposits Sum of "Current accounts", "Savings accounts" and "Cheques payable", as derived from the Consolidated Financial Statements of the reported period, taking into account the impact from any potential restatement. Standard banking terminology Core depos 4 Core Operating Income Operating Income (37) less Income from financial operations (19) less management adjustments on operating income for the corresponding period. Profitability metric 5 Core Pre-Provision Income Core Operating Income (4) for the period less Recurring Operating Expenses (48) for the period. Profitability metric Core PPI 6 Cost of Risk Impairment losses (14) for the period divided by the average Net Loans of the relevant period. Average balances is defined as the arithmetic average of balance at the end of the period and at the end of the previous period. Asset quality metric (Underlying) CoR 7 Cost/Assets Recurring Operating Expenses (48) for the period (annualised) divided by Total Assets (19). Efficiency metric 8 Deposits The figure equals Due to customers as derived from the Consolidated Balance Sheet of the reported period. Standard banking terminology 9 Extraordinary costs Management adjustments on operating expenses, that do not relate to other PnL items. Standard banking terminology 10 Fair Value adjustments The item corresponds to the accumulated Fair Value adjustments for non-performing exposures measured at Fair Value Through P&L (FVTPL). Standard banking terminology FV adj. 11 Fully-Loaded Common Equity Tier 1 ratio Common Equity Tier 1 regulatory capital as defined by Regulation No 2024/1623 (Full implementation of Basel 3) , divided by total Risk Weighted Assets Regulatory metric of capital strength FL CET 1 ratio 12 Gross Loans The item corresponds to Loans and advances to customers, as reported in the Consolidated Balance Sheet of the reported period, gross of the Accumulated Provisions and FV adjustments (1) excluding the accumulated provision for impairment losses on off balance sheet items, as disclosed in the Consolidated Financial Statements of the reported period. Standard banking terminology 13 Impact from NPA transactions Management adjustments to income and expense items as a result of NPE/NPA exposures transactions Asset quality metric 14 Impairment losses Impairment losses on loans (16) excluding impairment losses on transactions (17). Asset quality metric 15 Impairment losses of which Underlying Impairment losses (14) excluding Loans servicing fees and Commision expenses for credit protection as disclosed in the Consolidated Financial Statements of the reported period. Asset quality metric 16 Impairment losses on loans Impairment losses and provisions to cover credit risk on Loans and advances to customers and related expenses as derived from the Consolidated Financial Statements of the reported period, taking into account the impact from any potential restatement, less management adjustments on impairment losses on loans for the corresponding period.Management adjustments on impairment losses on loans include events that do not occur with a certain frequency, and events that are directly affected by the current market conditions and/or present significant variation between the reporting periods. Standard banking terminology LLP 17 Impairment losses on transactions Represent the impact of incorporating sale scenario in the estimation of expected credit losses. Asset quality metric 18 Impairments & Gains/(Losses) on financial instruments, fixed assets and equity investments Sum of Impairment losses of fixed assets and equity investments ,Gains/(Losses) on disposal of fixed assets and equity investments and o/w Impairment losses, provisions to cover credit risk on other financial instruments as derived from the Consolidated Income Statement of the reported period, less management adjustments on Impairments & Gains/(Losses) on fixed assets and equity investments. Management adjustments on Impairments & Gains/(Losses) on financial instruments, fixed assets and equity investments include events that do not occur with a certain frequency, and events that are directly affected by the current market conditions and/or present significant variation between the reporting periods. Standard banking terminology 19 "Income from financial operations" or "Trading Income" Sum of Gains less losses on derecognition of financial assets measured at amortised cost and Gains less losses on financial transactions, as derived from the Consolidated Income Statement of the reported period ,adding the NII effect resulting from the hedge of the net investment in RON through foreign exchange swap derivatives, amounting to €1.5m in Q4 2024, €2.5m in Q1 2025, €3.1m in Q2 2025 and €4m in Q3 2025, and less management adjustments on trading income for the corresponding period. Management adjustments on trading income include events that do not occur with a certain frequency, and events that are directly affected by the current market conditions and/or present significant variation between the reporting periods. Standard banking terminology 20 Income tax The figure equals Income tax as disclosed in the Consolidated Financial Statements of the reported period, less management adjustments on income tax for the corresponding period. Management adjustments on income tax include events that do not occur with a certain frequency, and events that are directly affected by the current market conditions and/or present significant variation between the reporting periods. Standard banking terminology 21 Leverage Ratio This metric is calculated as Tier 1 capital divided by Total Assets (58). Standard banking terminology 22 Loan to Deposit ratio Net Loans (25) divided by Deposits (8) at the end of the reported period. Liquidity metric LDR or L/D ratio 23 Net Interest Income Net interest income as derived from the Consolidated Financial Statements of the reported period, excluding the NII effect resulting from the hedge of the net investment in RON through foreign exchange swap derivatives, amounting to €1.5m in Q4 2024 and €2.5m in Q1 2025, €3.1m in Q2 2025 and €4m in Q3 2025. Profitability metric NII 24 Net Interest Margin Net interest income for the period (annualised) divided by the average Total Assets (58) of the relevant period. Average balance is defined as the arithmetic average of balance at the end of the period and at the end of the previous relevant period. Profitability metric NIM 25 Net Loans Loans and advances to customers as derived from the Consolidated Balance Sheet of the reported period. Standard banking terminology 26 Non Performing Exposure Coverage Accumulated Provisions and FV adjustments (1) plus CET 1 deductions used to cover calendar provisioning shortfall divided by NPEs (29) at the end of the reference period. Asset quality metric NPE (cash) coverage 27 Non Performing Exposure ratio NPEs (29) divided by Gross Loans (12) at the end of the reference period. Asset quality metric NPE ratio 28 Non Performing Exposure Total Coverage Accumulated Provisions and FV adjustments (1) plus the value of the NPE collateral, plus CET 1 deductions used to cover calendar provisioning shortfall divided by NPEs (29) at the end of the reported period. Asset quality metric NPE Total coverage 29 Non Performing Exposures Non-performing exposures (29) are defined according to EBA ITS on forbearance and Non Performing Exposures as exposures that satisfy either or both of the following criteria: a) material exposures which are more than 90 days past-due b)The debtor is assessed as unlikely to pay its credit obligations in full without realisation of collateral, regardless of the existence of any past-due amount or of the number of days past due. Asset quality metric NPEs 30 Non Performing Exposures Collateral Coverage Value of the NPE collateral divided by NPEs (29) at the end of the reference period. Asset quality metric NPE collateral Coverage 31 Non Performing Loan Collateral Coverage Value of collateral received for Non Performing Loans (29) divided by NPLs (35) at the end of the reference period. Asset quality metric NPL collateral Coverage 32 Non Performing Loan Coverage Accumulated Provisions and FV adjustments (1) plus CET 1 deductions used to cover calendar provisioning shortfall divided by NPLs (35) at the end of the reference period. Asset quality metric NPL (cash) Coverage 33 Non Performing Loan ratio NPLs (35) divided by Gross Loans (12) at the end of the reference period. Asset quality metric NPL ratio 34 Non Performing Loan Total Coverage Accumulated Provisions and FV adjustments (1) plus the value of the NPL collateral, plus CET 1 deductions used to cover calendar provisioning shortfall divided by NPLs (35) at the end of the reference period. Asset quality metric NPL Total Coverage 35 Non Performing Loans Non Performing Loans (35) are Gross loans (12) that are more than 90 days past-due. Asset quality metric NPLs 36 Normalised Net Profit after (income) tax Normalised profits between financial year 2022 and 2021 are not comparable due to initiation of a new normalized profits procedure effective since 1.1.2022 which does not exclude specific accounts such as the trading gains account and is based on specific principles and criteria. Main Income and expense items that are excluded for purposes of the normalized profit calculation are listed below: 1. Transformation related: Profitability metric Normalised Net PAT
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Q3 2025 Results Press Release 11 a. Transformation Costs and related Expenses b. Expenses and Gains/Losses due to Non-Core Assets’ Divestiture c. Expenses/Gains/Losses as a result of NPE/NPA exposures transactions’ 2. Other non-recurring related: a. Expenses/Losses due to non anticipated operational risk b. Expenses/Losses due to non anticipated legal disputes c. Expenses/Gains/Losses due to short-term effect of non-anticipated and extraordinary events with significant economic impact d. Non-recurring HR/Social Security related benefits/expenses e. Impairment expenses related to owned used [and inventory] real estate assets f. Initial (one off) impact from the adoption of new or amended IFRS g. Tax related one-off expenses and gains/losses 3. Income Taxes Applied on the Aforementioned Transactions. 37 Operating Income Sum of Net interest income, Net fee and commission income, Income from financial operations or Trading Income (19) and Other income, as derived from the Consolidated Income Statement of the reported period, taking into account the impact from any potential restatement. Standard banking terminology 38 Other (operating) income Sum of Dividend income, Other incomeand insurance revenue/(expenses) and financial income/(expenses) from insurance contracts as derived for the Consolidated Income Statements of the reported period, taking into account the impact from any potential restatement. Standard banking terminology 39 Other adjustments Include management adjustments for events that occur with a certain frequency, and events that are directly affected by the current market conditions and/or present significant variation between the reporting periods and are not reflected in other lines in Income Statement. 40 Other items Sum of Impairment losses of fixed assets and equity investments, Gains/(Losses) on disposal of fixed assets and equity investments, o/w Impairment losses, provisions to cover credit risk on other financial instruments, Provisions and transformation costs and Share of profit/(loss) of associates and joint ventures as derived from the Consolidated Financial Statements of the reported period, taking into account the impact from any potential restatement, less management adjustments on other items for the corresponding period. Management adjustments on other items include events that do not occur with a certain frequency, and events that are directly affected by the current market conditions and/or present significant variation between the reporting periods. Standard banking terminology 41 PPI/Average Assets Pre-Provision Income for the period (42) (annualised) divided by Average Total Assets (58) of the relevant period. Average balance is defined as the arithmetic average of balance at the end of the period and at the end of the previous relevant period. Profitability metric 42 Pre-Provision Income Operating Income (37) for the period less Total Operating Expenses (59) for the period. Profitability metric PPI 43 Profit/ (Loss) before income tax Operating Income (37) for the period less Total Operating Expenses (59) plus Impairment losses on loans (16), plus Other items (40) Profitability metric 44 Profit/ (Loss) after income tax from continuing operations Profit/ (Loss) before income tax (43) for the period less Income tax (20) for the period Profitability metric 45 Profit/ (Loss) after income tax from discontinued operations The figure equals Net profit/(loss) for the period after income tax, from Discontinued operations as disclosed in Consolidated Income Statement of the reported period, less management adjustments. Management adjustments on operating expenses include events that do not occur with a certain frequency, and events that are directly affected by the current market conditions and/or present significant variation between the reporting periods. Profitability metric 46 Profit/ (Loss) attributable to shareholders Profit/ (Loss) after income tax from continuing operations (44) for the period, plus Impact from NPA transactions (13), plus Profit/ (Loss) after income tax from discontinued operations (45), plus Other adjustments (39), plus Non-controlling interests as disclosed in Consolidated Income Statement of the reported period. Profitability metric 47 Recurring Cost to Income ratio Recurring Operating Expenses (48) for the period divided by Operating Income (37) for the period. Efficiency metric C/I ratio 48 Recurring Operating Expenses Total Operating Expenses (59) less management adjustments on operating expenses. Management adjustments on operating expenses include events that do not occur with a certain frequency, and events that are directly affected by the current market conditions and/or present significant variation between the reporting periods. Efficiency metric Recurring OPEX 49 Return on Equity Net profit/(loss) attributable to: Equity holders of the Bank (annualised), as disclosed in Consolidated Income Statement divided by the Average balance of Equity attributable to holders of the Company, as disclosed in the Consolidated Balance sheet at the reported date, taking into account the impact from any potential restatement. Average balance is defined as the arithmetic average of the balance at the end of the period and at the end of the previous relevant period. Profitability metric RoE 50 "Return on Tangible Book Value" or "Return on Tangible Equity" Normalised Net Profit after (income) tax (36) (annualised), less “Payment of AT1 dividend”, as disclosed in Consolidated Statement of Changes in Equity divided by the Average balance of adj. Tangible Book Value (56). Average balance is defined as the arithmetic average of the balance at the end of the period and at the end of the previous relevant period. Profitability metric RoTBV or RoTE 51 Return on Tangible Equity (headline) Normalised Net Profit after (income) tax (36) (annualised), less “Payment of AT1 dividend”, as disclosed in Consolidated Statement of Changes in Equity divided by the Average balance of Tangible Book Value (55). Average balance is defined as the arithmetic average of the balance at the end of the period and at the end of the previous relevant period. Profitability metric RoTBV or RoTE (headline) 52 Return on Tangible Equity (reported) Net profit/(loss) attributable to: Equity holders of the Bank (annualised), less “Payment of AT1 dividend”, as disclosed in Consolidated Statement of Changes in Equity divided by the Average balance of Tangible Book Value (55). Average balance is defined as the arithmetic average of the balance at the end of the period and at the end of the previous relevant period. Profitability metric RoTBV or RoTE (reported) 53 RWA Density Risk Weighted Assets divided by Total Assets (58) of the relevant period. Standard banking terminology 54 Securities Sum of Investment securities and Trading securities, as defined in the consolidated Balance Sheet of the reported period. Standard banking terminology 55 Tangible Book Value or Tangible Equity Total Equity excluding the sum of Goodwill and other intangible assets, Non-controlling interests and Additional Tier 1 capital & Hybrid securities. All terms disclosed in the Consolidated Balance sheet at the reported date, taking into account the impact from any potential restatement. Standard banking terminology TBV or TE 56 Tangible Book Value or Tangible Equity (Adjusted) Tangible Book Value or Equity (55) less provision for dividend not paid less excess capital calculated on 13% CET1 target. Standard banking terminology Adj. TBV or Adj. TE 57 Tangible Book Value per share Tangible Book Value (55) divided by the outstanding number of shares. Valuation metric TBV/share 58 Total Assets Total Assets (58) as derived from the Consolidated Balance Sheet of the reported period, taking into account the impact from any potential restatement. Standard banking terminology TA 59 Total Operating Expenses Sum of Staff costs, General administrative expenses, Depreciation and amortization, and Other expenses as derived from the Consolidated Income Statement of the reported period taking into account the impact from any potential restatement. Standard banking terminology Total OPEX
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Q3 2025 Results Press Release 12 P&L | Group (€mn) Bridge between Fin. Statements & APMs Bridge between APMs & Normalized profit Q3 2025 Accounting Delta APMs APMs Delta Normalized Net Interest Income 398 4 402 402 (4) 398 Net fee & commission income 120 0 120 120 0 120 Trading income (8) (1) (8) (8) 4 (4) Other income 10 0 10 10 0 10 Operating Income 520 523 523 523 Staff costs (94) 0 (94) (94) 0 (94) General Administrative Expenses (89) 0 (89) (89) 0 (89) Depreciation & Amortization (31) 0 (31) (31) 0 (31) Recurring Operating Expenses (214) (214) (214) Extraordinary 0 0 0 0 0 Total Operating Expenses (214) 0 (214) (214) (214) Core Pre-Provision Income 313 317 317 313 Pre-Provision Income 306 309 309 309 Impairment Losses (49) 4 (45) (45) 0 (45) o/w Underlying 27 27 0 0 o/w Servicing fees 9 9 0 0 o/w Securitization expenses 10 10 0 0 Other impairments 1 0 1 1 0 1 Impairment losses of fixed assets and equity investments (0) (0) (0) (0) 0 (0) Gains/(Losses) on disposal of fixed assets and equity investments 0 0 0 0 0 0 Provisions and transformation costs (31) 29 (2) (2) 0 (2) Share of Profit/(Loss) of associates and JVs 13 0 13 13 0 13 Profit/ (Loss) Before Income Tax 240 276 276 276 Income Tax (62) (10) (72) (72) 0 (72) Profit/ (Loss) After Income Tax 178 203 203 203 Impact from NPA transactions (2) (2) (2) 2 0 Profit/ (Loss) after income tax from discontinued operations 9 5 14 14 0 14 Other adjustments (28) (28) (28) 28 0 Reported Profit/ (Loss) After Income Tax 187 0 187 187 31 217
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Q3 2025 Results Press Release 13 P&L | Group (€mn) Bridge between Fin. Statements & APMs Bridge between APMs & Normalized profit 9M 2025 Accounting Delta APMs APMs Delta Normalized Net Interest Income 1,187 10 1,197 1,197 (10) 1,187 Net fee & commission income 349 349 349 349 Trading income 51 (5) 46 46 10 56 Other income 41 41 41 41 Operating Income 1,628 1,633 1,633 1,633 Staff costs (279) (279) (279) (279) General Administrative Expenses (252) (252) (252) (252) Depreciation & Amortization (100) (100) (100) (100) Recurring Operating Expenses (632) (632) (632) (632) Extraordinary 0 0 0 0 Total Operating Expenses (632) (632) (632) (632) Core Pre-Provision Income 946 955 955 946 Pre-Provision Income 997 1,002 1,002 1,002 Impairment Losses (351) 214 (137) (137) (137) o/w Underlying 73 73 0 o/w Servicing fees 29 29 0 o/w Securitization expenses 35 35 0 Other impairments (2) (2) (2) (2) Impairment losses of fixed assets and equity investments (42) 37 (6) (6) (6) Gains/(Losses) on disposal of fixed assets and equity investments 9 (4) 5 5 5 Provisions and transformation costs (43) 41 (3) (3) (3) Share of Profit/(Loss) of associates and JVs 21 21 21 0 21 Profit/ (Loss) Before Income Tax 588 881 881 881 Income Tax 101 (325) (224) (224) (224) Profit/ (Loss) After Income Tax 688 657 657 657 Impact from NPA transactions (91) (91) (91) 91 0 Profit/ (Loss) after income tax from discontinued operations 15 5 20 20 0 20 Other adjustments 118 118 118 (118) 0 Reported Profit/ (Loss) After Income Tax 704 704 704 (27) 677
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Q3 2025 Results Press Release 14 1 Normalised Profit After Tax of €217mn in Q3 2025, is Reported Profit /(Loss) After Tax of €187mn excluding (a) NPA transactions impact of €2mn, (b) €28mn of other adjustments and tax charges related to the above. 2 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. 3 Pro-forma for remaining RWA relief from NPA transactions including mainly Athena and Skyline. 4 In Q3 2025, “other items” include the sum of: Other impairments of €0.5mn, Impairment losses of fixed assets and equity investments of - €0.4mn, Gains/(Losses) on disposal of fixed assets and equity investments of €0.2mn, Provisions and transformation costs -€2.2mn and Share of profits of associates and Joint ventures €13.4mn. 5 Q3 2025 impact from NPA transactions of €2.5mn, includes mainly the €2.2mn impairment of Athena and tax charge related to the above. 6 Detailed reference on normalised profits is available in the APMs section.
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Q3 2025 Results Press Release 15 About Alpha Bank Alpha Bank S.A. (under the distinctive title Alpha Bank) is a credit institution, listed on the Athens Stock Exchange, and the parent company of the group of companies (Alpha Bank Group). Subsequent to the corporate transformation that took place in June 2025, Alpha Bank absorbed its 100% parent company, Alpha Services and Holdings S.A. and substituted ipso jure, in its capacity as a universal successor, in all assets and liabilities of Alpha Services and Holdings S.A. Alpha Bank Group is one of the leading Groups of the financial sector in Greece which was founded in 1879 by J.F. Costopoulos. The Bank offers a wide range of high-quality financial products and services, including retail banking, SMEs and corporate banking, asset management and private banking, the distribution of insurance products, investment banking, brokerage and real estate management . https://www.alpha.gr/en/Group/investor-relations Enquiries Alpha Bank FGS Global Iason Kepaptsoglou Edward Simpkins Director, Investor Relations Division Tel. +44 207 251 3801 E-mail: ir@alpha.gr Tel: +30 210 326 2271, +30 210 326 2274 Disclaimer This press release has been prepared and issued by Alpha Bank S.A. (“Alpha Bank”), solely for informational purposes. It is hereby noted that on 27.6.2025, the merger by absorption of “Alpha Services and Holdings S.A.” by Alpha Bank was completed. References to “Alpha S ervices and Holdings S.A.”., if any, shall be construed to be references to Alpha Bank. For the purposes of this disclaimer, this press release shall mean and include materials, including and together with any oral commentary or presentation and any question and answer session. By attending a meeting at which the press release is made, or otherwise viewing or accessing the press release, whether live or recorded, you will be deemed to have agreed to the following restrictions and acknowledged that you underst and the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of the press release or any information contained herein. By reading this press release, you agree to be bound by the following limitations: No repress release or warranty, express or implied, is or will be made in relation to, and no responsibility is or will be accepted by Alpha Ban k (or any member of its Group as to the accuracy, fairness, completeness, reliability or sufficiency of the information contained in this press release and nothing in this press release shall be deemed to constitute such a representation or warranty. The information contained in this press release may contain and/or be based on information that has been derived from publicly available sources that have not been independently verifie d. Alpha Bank is not under any obligation to update, revise or supplement this press release or any additional information or to remedy any inaccuracies in or omissions from this press release. This press release does not constitute an offer, invitation or recommendation to subscribe for or otherwise acquire securities. Also, it is not intended to be relied upon as advice to investors or potential investors and does not take into account the objectives, financial situation or needs of any particular investor. You are solely responsible for forming own opinion and conclusion. Certain statements in this press release may be deemed to be “forward-looking”. You should not place undue reliance on such forward -looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect current expectations and assumptions as to future events and circumstances that may not prove accurate. Forward -looking statements are not guarantees of future performance, and the actual results, performance, achievements or industry results of Alpha Bank’s operati ons, results of operations, financial position and the development of the markets and the industry in which they operate or are likely to operate may differ materially from those described in, or sug gested by, the forward- looking statements contained in this press release. In addition, even if the operations, results of operations, financial position and the development of the markets and the industry in which Alpha Bank operates is consistent with the forward -looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods. A number of factors could cause resul ts and developments to differ materially from those expressed or implied by the forward -looking statements including, without limitation, general economic and business conditions, competition, changes in banking regulation and currency fluctuations. Forward-looking statements may, and often do, differ materially from actual results. Any forward -looking statements in this document reflect Alpha Bank’ current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to Alpha Bank’s financial position, operations, results of operations, growth, strategy and expectations. Any forwar d-looking statement speaks only as of the date on which it is made. New factors will emerge i n the future, and it is not possible for Alpha Bank to predict which factors they will be. In addition, Alpha Bank cannot assess the impact of each factor on its business or the extent to which any factor, or combina tion of factors, may cause actual results to differ materially from those described in any forward looking statements. Alpha Bank disclaims any obligation to update any forward- looking statements contained herein, except as required pursuant to applicable law .