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Alpha Accelerated Our 2026 –30 strategy Investor Day · 5 November 2026 Vassilios Psaltis, Chief Executive Officer
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2 Driving shareholder value 1| RoTE headline: normalized profit after tax, after AT1 coupon payments, over average tangible book value; 2| EPS: normalized profit after tax, after AT1 coupon payments, over a stable number of shares; 3| Subject to regulatory approval and the fulfillment of business plan targets; market capitalization at the closing share price of €4.51 o n 3 November 2026 RoTE1 ~12% (2026E) → ~16% 2030 target EPS growth2 ~ €0.41 (2026E) → ~12% CAGR, 2026 –30, ~ €0.63 in 2030 Distribution capacity3 2027 –30 > €4B ~ €2B cash dividends, with the payout rising to 40% ~ €2B additional distribution capacity , reviewed yearly ~40% of current market cap distributed 2027 –303, 4x the 2023 –25 total
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3 Earnings grow ~12% a year to 2030, with buybacks adding more in the outer years ~ €0.41 > €0.54 ~ €0.63 Up to +~ €0.14 2026E 2028 2030 EPS1, € Without share buybacks Assuming additional distribution capacity is deployed via buybacks3 ~16% CAGR, 2026E –28 ~12% CAGR2, 2026E –30 1| EPS without share buybacks: normalized profit after tax, after AT1 coupon payments, over a stable number of shares; with b uybacks assumes additional distributions occur through buybacks at each year -end, at €4.51 (closing price on 3 November 2026); 2| CAGR: compound annual growth rate; 3| Subject to regulatory approval and the fulfillment of business plan targets ~ €0.77 2030 EPS sensitivities vs. ~ €0.63 in the base case • +~ €0.04 with stronger growth (2% GDP growth) • Up to +~ €0.14 from buybacks of additional capacity
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4 Fixing the fundamentals • Cleaned up NPEs • Raised growth capital • Revived commercial activity; growth since 2021 • Transformed operating model in Greece • Exited non-core international operations Restoring profitability and distributions • Built strong loan growth and fee momentum • Improved efficiency and reduced risk costs • Renewed management team and brought in new talent • Enhanced capital allocation and restored distributions • Signed UniCredit partnership, combined Romania bank and made bolt-on acquisitions Holistic service to our clients enables value creation • Deepen share of wallet across businesses and individuals • Serve our clients as One Bank, from a single point of contact • Invest in technology and AI to serve better, for less • Extend our reach and expertise with UniCredit • Accelerate capital generation and grow distributions2 2019 –22 2023 –25 2026 –30 We restored profitability and now grow with our clients 7.8% NPE ratio in 2022, from ~49% at the start of 2019 13.8% RoTE in 2025 RoTE headline: 11.4% (2025A)1 ~16%1 RoTE target by 2030 NPE: non-performing exposure; NPE ratio at the start of 2019: 31 December 2018; RoTE in 2025 (13.8%): 2023 Investor Day definition, excluding excess capital and accrued unpaid dividends; 1| RoTE headline: normalized profit after tax, after AT1 coupon payments, over average tangible book value; 2| Subject to regulatory approval and the fulfillment of business plan targets ~12% a year EPS growth 2026E –30
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5 ① Our starting point
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6 Building on our 148 years of history Our heritage A long-standing institution rooted in the legacy of the Costopoulos family and defined by continuity of leadership and values Independently led board with global expertise, built to European best practices Over €60M in donations and contributions1 in five years, from school renovations to health programs such as “Together for health” Listed since 1925, with ~60 years of uninterrupted dividends from the Second World War to the global financial crisis, resumed in 2023 Based on the silver stater of Aegina2 1| Including > €15M for donations, sponsorships, subsidies, and other charitable purposes and >€45M contributions through the Hel lenic Bank Association to the “Marietta Giannakou” school renovation program; 2| Dates from the 6th century BC and it was the most widespread currency in the Mediterranean and the Near East over that period 148 years, privately owned Commitment to shareholder returns Giving back to the Greek society Independent governance Our logo since 1972
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7 The bank changed first. The new identity makes it visible Why now What changes How we prove it Six years of transformation came before rebranding The new identity follows the substance; it does not create it. Same symbol since 1972, same word since 1976: evolved, not replaced. From product to relationship An advisor for life’s financial decisions. One bank for every business need. Progress differs for everyone, so we start from each client’s journey. Across different audiences, with our employees first Proof points across Retail, Wholesale, Wealth, Society and Employees roll out over the coming months, starting with a minimum salary for the network’s advisors. Our purpose Building progress together 148 years. One logo since 1972. One word, “together”, since 1976. Defining a new together Watch the brand video →
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8 We have the relationships, expertise and reach to serve our clients across their needs Diversified client base in Greece1 Distinctive high-value positions Targeted international reach in private banking and Affluent client assets2 in credit card spending, ~36% share4 #1 #1 share in corporate lending in landmark investment banking transactions3#1 across everyday banking, Affluent and private banking segments across Small Business, SMEs and Large Corporates, including Shipping 1| As of 31 December 2025; 2| Assets under management and assets under custody; Source: Alpha Bank; peer disclosures; 3| As l ead advisor or arranger over the past three years; 4| Share of purchase value, credit cards, Q2 2026; Source: Hellenic Bank Association; 5| Luxembourg: subject to final regulatory approval; HNWIs: high-net-worth individuals ~25% ~3.7M Individuals ~215K Businesses Cyprus: a full-service bank, strengthened by AstroBank London: a bank offering digital services for the Greek and Cypriot diaspora; private banking for HNWIs and family offices Luxembourg: a new bank being established for private banking clients, complementing the Group’s offering5 UniCredit: access for our clients to 13 countries
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9 We exceeded every target set in our 2023 –25 plan 1| RoTE as defined at the 2023 Investor Day: normalized profit after tax, after AT1 coupons, over average tangible book value, excluding excess capital and dividends accrued but not paid; RoTE headline for 2025: 11.4%; 2| EPS: normalized profit after tax, after AT1 coupon payments, over a stable number of shares; 3| Cash dividends and share buybacks; 4| 2022 cost-to-income is before the sale of the Romanian operations. Metric 2025 target 2025 results Rebuild profitability RoTE1 >12% 13.8% Capital generation Organic capital generated since 2023 ( €B) 2.3 3.4 Tangible equity ( €B) >7 7.6 Earnings growth EPS2 ( €) >0.30 0.36 Distributions Cumulative distributions since 20233 ( €B) ~0.3 ~0.9 2025 results against targets What we did to deliver 1 Improved operating leverage through cost discipline while investing: cost-to-income 55%4 → 39%, 2022 –25 2 Grew fees across the board, led by Wholesale Banking and Wealth: up ~11% a year (~ €367M → ~ €501M, 2022 –25) 3 Broadened digitization to 100% of everyday banking journeys and >30% of sales digital, as committed in 2023 4 Grew loan book faster than planned: Wholesale lending up +12% a year vs. 9% committed Disciplined execution, including reducing NPEs and repositioning our bank in Romania5
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10 Our delivery continues strongly in 2026 2025 2026E Change, 2025 –26 Net loans ( €B) 44 ~47 ~7% Deposits ( €B) 55 ~59 ~7% Total revenues ( €B) ~2.33 ~2.5 ~9% PAT ( €B) 1 0.873 ~0.924 ~6% RoTE2 11.4% ~12% +~0.6pp CET1 ratio5 15.4% ~14% −1.4pp 1| PAT: normalized profit after tax, after AT1 coupon payments; 2| RoTE headline: normalized profit after tax, after AT1 coupon payments, over average tangible book value; 3| 2025 pro forma, including the acquisitions (AstroBank, AXIA, FlexFin, Alpha Trust) as if owned for the full year; 4| Reported profit €950M; EPS €0.41 (published guidance); 5| CET1 phased -in Growing balance sheet, revenue and earnings Focused on integrating our acquisitions Strong capital generation, funding growth Our 2026 focus
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11 ①② Alpha Accelerated: our 2030 strategy
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12 Strong tailwinds in our core markets support our growth Base case: official sector projections (European Commission, IMF, Greek government). Investment: gross fixed capital formation (private, public and RRF-financed); 2026: European Commission; 2030: Greek government target; EU: European Commission, Spring 2026 forecast (2026); IMF World Economic Outlook, October 2026 (2030). Credit expansion refers to domestic residents as per Bank of Greece definition; AuM: assets under management. Cyprus: 2025 actuals as revised; projections: IMF and Central Bank of Cyprus (Alpha Bank Economic Research); Central Bank of Cyprus / European Commission forecasts. Source: Alpha Bank Economic Research; IMF; ECB; European Commission; Eurostat 1.9% 1.6% 1.4% 1.4% 2026 2030 Real GDP growth, % Job creation EU / euro areaGreece GDP growth Fiscal discipline Investment creates jobs and supports household demand Investment Still rising, catching up with the EU Primary surpluses and growth keep public debt falling Total investment, % of GDP Unemployment rate, % Public debt, % of GDP ~18.5% >20% ~22% ~22% 2026 2030 8.8% 7.0% 6.3% 5.9% 2026 2030 ~136% ~115% ~84% ~86% 2026 2030 Greece continues to grow faster than the EU Our second home market: 4.8% growth in 2025 and ~3% a year to 2030; public debt ~52% of GDP, fiscal surplus ~3.6%Cyprus Official projections: ~ €8 –10B a year each of net credit expansion and new deposits and AuM, 2026 –30; a stronger macro is upsideBanking Key macroeconomic indicators
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13 One model, two engines: from selling products to serving each client’s full potential 1| Whole Bank: every product and specialist across the Group, including our acquired businesses; 2| Agreements with UniCredit on arm’s-length terms under our related-party transactions policy Two engines Universal Business Bank Large Corporate and Shipping SME Small Business One relationship manager accountable for every business client Wealth and Personal Bank Private Banking Affluent Personal, Family and Emerging Affluent Advice for every client, through the right servicing model Our model 1 Plan for each client’s full potential 2 Serve through one point of contact 3 Deliver the Whole Bank to every need Our enablers UniCredit Reach abroad and product expertise for our clients² Technology and AI Platforms that free time for clients and lower cost to serve People Upgraded skills to support our new coverage model Offer the Whole Bank1 to our clients, enriched by our acquisitions +
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14 Opportunity: investment flows into and out of Greece are growing, and businesses need more than credit Implications for our strategy 2025 figures unless stated. 1| Total investment, private and public, including EU funds, 2026 –30; investment ~18.5% → >20% of GDP, 2026 –30 (Chief Economist); 2| FDI inflows into Greece, Bank of Greece; 3| Outward FDI by Greek residents, Bank of Greece; exports of goods, Eurostat and ELSTAT; 4| M&A deal value: online market reports; 5| corporate loan spreads, Q4 2023 – Q4 2025; Alpha Bank and peers’ results presentations. FDI: foreign direct investment Industry expertise Sector teams for the industries attracting investment Profitability beyond lending Growth from fees and services Full coverage of client needs From cash management to hedging and advisory A partner for growth abroad, and for investors coming to Greece Trade, investment and expansion abroad Market themes More credit demand driven by CAPEX > €170B of investment expected, 2026 –30¹ while facing spread compression (~50bp, Q4 2023 –Q4 20255) Foreign capital coming in ~ €13B of foreign direct investment (FDI) into Greece in 2025² Led by energy, infrastructure, hospitality, real estate and manufacturing Businesses growing abroad ~ €16B invested abroad by Greek companies, 2022 – 25³ Exports up 76% in 2014 –24, two-thirds from manufacturing Wider use of financing services ~ €24B of M&A deal value in 2025⁴ €5.5B of debt and equity raised in 2024 –25 Universal Business Bank Wealth and Personal Bank UniCredit Tech People
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15 Starting point: with our strong relationships, we are best placed to capture investment flows into and out of Greece 1| Agreements with UniCredit on arm’s -length terms under our related-party transactions policy What we have ~25% of Greek corporate lending ~4,700 Large Corporate, Shipping and SME clients ~210K Active Small Business clients The headroom Financing growth brings ancillary fees ~3/4 of the large corporate clients we currently lend to are a pool of untapped clients for AXIA ~1/3 45% of eligible clients still to be onboarded to our servicing hubs fee growth for clients onboarded so far What we added 15 international awards for investment banking excellence and market leadership, from leading global financial publications: 80+ mandates completed in 2023 –25 AXIA One platform Transaction banking, FlexFin, factoring and leasing, serviced by our dedicated servicing hubs 13 countries UniCredit’s network and co -origination abroad; FX, cross-border payments and cash management for multinationals1 Universal Business Bank Wealth and Personal Bank UniCredit Tech People ~7% a year loan growth, with business deposits ~4% a year, 2026 –30
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16 Model: one relationship manager with full accountability for each business client, delivering the Whole Bank Coverage set by sector, growth potential, breadth of needs and strategic moves Example client archetypes Companies investing to grow Energy, infrastructure, tourism, manufacturing: project finance and capital markets Companies expanding abroad Trade finance, FX and UniCredit’s network1 Foreign investors coming into Greece Advisory with AXIA, accounts, payments and financing Family-owned businesses Succession planning and private banking for the owners Coverage intensity rises with potential Small businesses: planned reviews, with regional specialists for high-potential clients Other large corporate, shipping and SME clients: account plan, specialists as needed Priority clients: full-potential plan, dedicated specialist team 1| Agreements with UniCredit on arm’s -length terms under our related-party transactions policy 1. Plan for each client’s full potential 2. Serve through one point of contact 3. Deliver the Whole Bank to every need One relationship manager Accountable for each client’s plan and pipeline; brings in the right specialist at the right moment Credit, from working capital to project finance Daily banking, from accounts and payments to cash management Markets, from FX and hedging to capital markets Advisory, with AXIA, on M&A and corporate finance Wealth for the owners, with private banking Abroad , with UniCredit’s international network 1 Universal Business Bank Wealth and Personal Bank UniCredit Tech People
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17 How: sharper coverage, specialist teams and new tools grow wholesale and IB fees by >+20% by 2030 2030 targets; starting points 2026 unless otherwise stated; IB: investment banking; KYC: know your customer Lever How we will do it What success looks like, 2030 Coverage • Full-potential plans for priority clients, selected by sector growth, breadth of needs and value potential • Planned touchpoints, with sector, product and AXIA specialists alongside each relationship manager People • Specialist teams reinforced in small business, transaction banking and Cyprus • Upskilling for every relationship manager; scorecards reward products per client, recurring fees, risk-adjusted return and collaboration Technology • AI prepares credit memos, financial analysis and KYC checks, flags leads and supports disciplined pricing • One new transaction banking platform for daily servicing >+20% wholesale and IB fees, from ~ €0.3B +33% transaction banking intensity: one specialist per 15 clients +30% cross-selling to existing lending clients Universal Business Bank Wealth and Personal Bank UniCredit Tech People
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18 ~2x investment products1 in household assets since 2018 (+~ €45B), still below Southern European peers Opportunity: Greek households start to actively pursue financial solutions to achieve their life goals 2025 figures unless otherwise stated; 1| Investment products (debt securities, listed shares, investment fund shares, life insurance) as a share of household financial assets, Q1 2026 vs. 2018; Southern European peers: ~38% vs. ~63% of household liquid financial assets in investment products (Alpha Bank Economic Research); 2| UBS Global Wealth Report: number of millionaires, measured on total wealth (financial and real assets, less debts); millionaires: individuals with net worth above US$1M, UBS Global Wealth Report; 3| Bank lending only; excludes household loans held outside bank balance sheets; 4| Consumer and mortgage credit as a share of GDP; EU peers: average of Portugal, Spain, Italy and Cyprus; consumer lending growth: new disbursements, €1.6B → €2.1B, 2025 –30; 5| Consumer credit grows based on our credit assessment standards; wealth held abroad: Alpha Bank estimate, based on the UBS Global Wealth Report and other sources. Source: ECB; Bank of Greece; UBS; Alpha Bank Economic Research Market themes Investments Borrowing ~15% household lending/GDP3; EU peers ~30%4; consumer lending +~30%5, 2025 –30 Wealth Abroad > €120B Greek financial wealth held abroad, end-2025 Universal Business Bank Wealth and Personal Bank UniCredit Tech People Implications for our strategy Advice at every life stage From first-time investing to pensions Credit at the point of need Fast, simple decisions, in app or branch Client acquisition in focus From Affluent to HNW, convert clients across the board Wealth solutions beyond Greece For wealth held abroad ~82K millionaires in Greece, up ~3.5% in 2024 –25 (total wealth, including real estate)2
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19 Starting point: we lead in Greek wealth management, and clients trust our advice as they start to invest What we have The headroom What we added in private banking and Affluent client assets Private Bank in Greece1 ~8K ~ € 12B private banking relationships in Greece, Cyprus and the UK3 private AuM, +~19% a year, 2023 –262 38% of household liquid financial assets invested in Greece, vs. 63% in Southern Europe5 ~30% of our Affluent clients’ balances invested; 40% of Affluent clients invest Wealth held abroad we start with our own clients’ assets, then widen to the market Expanded through acquisitions Alpha Trust, the largest independent wealth manager in Greece; AstroBank’s private banking in Cyprus; a top 3 position in Cypriot insurance with Altius and Universal, on completion Built a new wealth platform AI-powered advice, portfolio analysis and scenario planning, with tap-to-accept for clients More products through UniCredit onemarkets funds, stronger terms with large fund managers, and a new channel to distribute Greek risk Launching a private bank in Luxembourg6 A ring-fenced bank for the assets of Greeks abroad Universal Business Bank Wealth and Personal Bank UniCredit Tech People >2x investment fees from Retail clients, 2023 –254 private banking clients recommend their banker 1| Best Private Bank in Greece: PWM and The Banker, Euromoney, International Investor; 2| 2026 includes Alpha Trust; 3| Serve d on one wealth platform; 4| > €40M to ~€100M; fund book from €2.6B to €5.4B; 5| Southern Europe: Portugal, Spain, Italy, Cyprus; ECB and Bank of Greece household financial accounts, Q1 2026 vs. 2018 (Alpha Ba nk Economic Research); Alpha Trust: Hellenic Fund and Asset Management Association, Q3 2026; 6| Luxembourg: subject to final regulatory approval #1 Best 8 in 10
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20 Private banking: we are expanding our leading model abroad to start managing a share of our clients’ total wealth Universal Business Bank Wealth and Personal Bank UniCredit Tech People 2030 targets; starting points 2026 unless otherwise stated; 1| Revenues before Funds Transfer Pricing (FTP), retained at the Corporate Center. Private AuM includes Greek private invested assets and custody, Cyprus, London and Luxembourg, Alpha Bank Asset Management and Alpha Trust; 2| Luxembourg: subject to final regulatory approval; HNW / UHNW: high / ultra-high net worth; AI: artificial intelligence; AIFs: alternative investment funds. Source: Alpha Bank, Private Banking plan Our model Doubling down on three client cohorts Follow our private banking clients abroad Through Luxembourg, London and Cyprus Convert entrepreneurs and executives Turn our lending relationships with them into private banking relationships Upgrade Affluent clients to private banking Ready for an upgraded service Lever How we will do it Broaden the offering • Distinct HNW proposition, with Alpha Trust’s (U)HNW expertise • Holistic wealth and succession planning services • Private markets: Proprietary AIFs, including real estate, private equity and private credit • Protection for clients and their families Expand abroad • A ring-fenced private bank in Luxembourg2 • Cyprus as a European gateway for Middle East and Asian clients • London serving the Greek diaspora and targeted needs Scale with technology • AI-tailored advice at scale • One multi-entity platform, universal client experience, synergies through centralized operations • Automated processes and integrated tools free up bankers’ time What success looks like, 2030 ~1.4x customer funds ~+60% AuM per private banker ~ €150M private banking revenues1, from ~ €90M > €4B international AuM, from ~ €0.8B
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21 Affluent: from execution to holistic advice throughout life cycles 2030 targets; starting points 2026 unless otherwise stated; 1| Light discretionary: a managed portfolio from €5K, run by our investment committee; Affluent clients via their RM, others in the app All advice is given within our suitability and conduct controls; RM: relationship manager Lever How we will do it Turn RMs into advisors Upgrade the tools Sell portfolios, not products • From execution only to advice: every Affluent RM becomes an investment advisor, with our committee’s view, at every stage of life • Remote advisors for clients who prefer not to visit a branch • Private banking tools for every Affluent RM: the tools used today only in private banking • AI prepares each meeting, so RMs spend more time with clients • From one product at a time to a risk-based portfolio approach • Managed portfolios from €5K, run by our investment committee, for clients who prefer to delegate1 What success looks like, 2030 €11B Affluent invested balances, from €7.2B in 2026 ~15% a year insurance assets under management, 2026 –30 (Group) €2.2B light discretionary mandates, all of Retail, from €0.2B in 2026 ~65% of Affluent clients invest, from ~40% in 2025 Universal Business Bank Wealth and Personal Bank UniCredit Tech People Our model Advice drives sales across every need Investments Portfolios matched to each client’s risk profile Savings and planning Goals planned at every stage of life Protection Cover for family, health and income, with Generali and Alpha Life Lending Mortgages and loans as needs arise Daily banking Accounts, cards and payments
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22 Personal, Family and Emerging Affluent: the Whole Bank in the app, growing our next Affluent clients Needs Our model How we will do it What success looks like, 2030 Bank Offers for every life stage, including youth and family; direct payroll and pensions The app as the main channel; AI servicing in chat and voice ~ €31B deposits of individuals (excluding private banking), from ~ €29B in 2026 Borrow Pre-selected credit, offered where we already know the client Decided on data we already hold, within our credit standards ~ €190M a year disbursements in app1 Invest Funds, stocks and listed corporate bonds, and managed portfolios from €5K In the mobile app by late 2027, on the Private and Affluent wealth platform +80% investments by non-Affluent clients (to ~ €1.8B) Home One named advisor from approval to keys A digital mortgage journey ~33% faster mortgage time to cash, by mid-2027 ~6% a year bancassurance fees Protect Savings, pensions, and life and non-life insurance for every relationship With every mortgage, loan and investment; workplace pensions via employers Universal Business Bank Wealth and Personal Bank UniCredit Tech People 2030 targets; starting points 2026 unless stated; 1| Consumer credit grows based on our credit assessment standards; share of disbursements in app rises as an outcome
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23 Cyprus: our second home market grows to ~10% of Group profit by 2030 Lever Scale International and Wealth Grow volumes and revenue Integrate AstroBank How we will do it What success looks like, 2030 Universal Business Bank Wealth and Personal Bank UniCredit Tech People ~3% real GDP growth a year to 2030, ahead of the EU ~80% of loans and deposits with the top two banks: third pillar on the country Regional gateway for technology groups, shipping and wealth ~11% of 2025 new lending, ~2x our ~6% loan share; NPE <1% + AstroBank >125K clients with AstroBank (from ~82K); No. 3 bank, ~9% of resident loans; SME, small business and private banking specialists + Altius and Universal insurance, on completion • Complete the integration and synergies • Keep investing in digital capabilities and client service • One combined platform: more clients and volumes • Gain market share and deepen relationships • Build on AstroBank’s private banking team to serve local and international clients • European gateway for Middle East and Asian clients, supported by the Group and UniCredit ~10% share of Group net profit1, from ~6% in 2025 ~13% loan book CAGR, 2025 –30 ~44% cost-to-income, from ~56% in 2025, with > €20M of annual synergies by 2027 ~2.3x AuM, 2025 –30 2030 targets; starting points 2025 unless stated; AuM: assets under management; EU: European Union; GDP: gross domestic product; NPE: non-performing exposure; SME: small and medium-sized enterprises; Source: Central Bank of Cyprus; European Commission; Oxford Economics; Alpha Bank Cyprus 1| Share of Group net profit based on 2025 a s reported, including AstroBank for two months. Alpha Bank Cyprus stand-alone; excludes Altius and Universal (pending completion); Opportunity What we have
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24 Revenues grow ~7% a year to > €3.3B by 2030, with ~3/4 of the growth from our client business 1| Other: securities, funding, other interest bearing assets and liabilities, rental income, trading and other operating inco me. Revenues before Funds Transfer Pricing (FTP) Revenue bridge, 2026E –30, €B + = Client business: ~3/4 of the growth ~2.5 revenues, 2026E >3.3 revenues, 2030 +~0.22 –0.24 Universal Business Bank AXIA, transaction banking and UniCredit co-origination +~0.18 –0.20 Wealth and Personal Bank Affluent clients investing growing to ~66% +~0.16 –0.18 International Cyprus, Luxembourg and London: Commercial growth (+13% GAGR loan book in Cyprus) and relationships broadening +~0.20 –0.22 Other1 Securities portfolio and funding Universal Business Bank Wealth and Personal Bank UniCredit Tech People
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25 Our clients gain pan- European access to UniCredit’s capabilities Corporate and investment banking Financing beyond our balance sheet through UniCredit’s syndication network, plus treasury and capital markets solutions >20 Trade and transaction banking Support Greek clients’ internationally through cross -border payments, an FX platform and a cash management system, factoring, trade finance and clearing >100 Cross-border coverage Serve clients' operations in 13 UniCredit countries through joint coverage, with one relationship across markets >30% Wealth management Offer UniCredit’s onemarkets funds and unit-linked products to our clients; selected Alpha Asset Management funds distributed through UniCredit €2.2B international syndicated deals2 with UniCredit Greek corporates leveraging UniCredit to support their trade finances’ needs of Greek two-way trade is with UniCredit countries1 of UniCredit fund balances held by our clients3 1| Two-way trade share based on 2025 trade data; 2| Approved international syndicated transactions involving foreign -domiciled borrowers (i.e., non-Greek clients); 3| As of October 2026; Agreements with UniCredit on arm's-length terms under our related-party transactions policy; Source: Eurostat Universal Business Bank Wealth and Personal Bank UniCredit Tech People Watch the UniCredit video → London Luxembourg Athens Nicosia Alpha Bank presence UniCredit presence
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26 Technology investment builds the platform our model needs Universal Business Bank Wealth and Personal Bank UniCredit Tech People ~ €0.9B tech spend1 in 2027 –30 1| Includes CAPEX and G&A; 2023 –25 actuals, 2026 rolling forecast, 2027 –30 plan; circles show the indicative allocation of total spend, rounded; 2| Gross benefits before running costs and investments, already included in overall plan costs; 3| Reduction in lead time from idea to value creation with clients; CRM: customer relationship management Technology spend a year, €M Of every € we invest Front line: our two engines Client insight One view of each client, to plan for their full potential: CRM, client data and life-event offers Relationship manager productivity More client time: AI drafts the credit memo, the RM decides; lending workflows and pricing tools Seamless daily banking ~1.8x consumer credit disbursed in the app ( €104M → ~ €190M); one transaction banking portal for all corporates Investment platform One wealth platform, from private banking to the app; managed portfolios from €5K; investing in myAlpha by late 2027 Central functions for the new model Reporting, controls, compliance and finance to deliver the Whole Bank safely ~15% central operations productivity Foundation Shared platforms and trusted data, cybersecurity and infrastructure >30% faster time to market3, ~25% lower delivery cost, ~60% of app code reused AI across every layer ~ €100M recurring value2 by 2030, 50% revenue and 50% cost Over 100 use cases; prioritising the most valuable ones 50% 50% €173M 2023 –26 40% 60% €217M 2027 –30 Change the bank ~1.5x Run the bank flat The increase goes to changing the bank, paced to delivery
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27 We have transformed how we hire, grow and reward people What we have delivered 100+~2,100 professionals repatriated from 20+ countries new hires: 700 in client-facing roles, 370 in technology 92% of the Extended Leadership Team from within, including acquisitions ~1,500 certified in digital skills (>20% of staff) ~800 employees integrated from acquisitions Work as One Bank Alpha Way: shared behaviors, led by change champions Reward the whole relationship Grow our own leaders Competitive pay and higher entry salaries (2026 collective agreement) ~12K dual-track career paths across 1,100+ rolesVariable pay tied to shareholder value creation Role-based learning journeys; learning investment per FTE up 40% in 4 years New 55,000 m² Alpha Campus , the largest banking complex in central Athens Support at every life stage, from Alpha Junior1 for our children to Alpha Silver2 for our parents Alpha Grow: internal mobility that feeds the leadership pipeline 40+ Alpha Way initiatives for cross-functional collaboration Universal Business Bank Wealth and Personal Bank UniCredit Tech People 1| Alpha Junior: bank- funded monthly savings for employees’ children, with optional parental savings; 2| Alpha Silver: hospital, primary, outpatient and home care for employees’ parents over 67
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28 We are building the skills and the One Bank way of working Upskill and reskill talent to execute our growth plan Build the capabilities and leaders our growth plan needs, including training everyone to work with AI ~30% supporting servicing roles converted to relationship managers Mobilize talent and performance as One Bank Align leadership accountability, teams, incentives and performance scorecards around total client needs Redesign work to raise productivity and operating leverage Redesign roles, workflows and decisions around AI to expand capacity 100% of client-facing scorecards linked to collaboration targets +33% total banking product1 per employee, 2026 –30 Universal Business Bank Wealth and Personal Bank UniCredit Tech People 1| Total banking product: gross loans, deposits and assets under management (AuM), as year-end balances Three people priorities to 2030 1 2 3
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29 Capital allocation supports our shareholder value creation Sustainable growth Allocate capital to attractive risk-adjusted return opportunities Revenue diversification Scale capital-light, fee-generating activities and selectively expand internationally Operational efficiency Invest to improve jaws Shareholder reward Payout rising to 40% by 2028, from ~28% in 2025; capital above 13% CET1 for additional distributions, growth or M&A Capital quality and resilience Improving the quality of our capital 2030 target1 Group RoCET11 Cost-to-income ratio ~34% −4pp Cash dividends, 2027 –303,4 Additional capacity, 2027 –303 ~ €2B ~ € 2B DTC / CET1 NPE ratio <5% ~2% 1| 2030 targets; RoCET1: return on CET1; 2| Group fee revenue as a percent of average assets; 3| Subject to regulatory approval and the fulfillment of business plan targets; 4| Cash dividend rising to 40% of profit by 2028 , from ~28% in 2025; additional capacity assessed annually; 5| Share of group profit from International business, including the Cyprus insurance business ~0.9% ~18% Fees over assets2 International share of profit5 Metric ~24% +4pp
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30 ①③ What Alpha Accelerated delivers
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31 By 2030: we are advancing to one of the best-performing S. European banks, with upside beyond the planning horizon 2028 20302026 Enhanced profitability RoTE1 ~14.5% ~16%~12% RoCET12 ~22% ~24%~20% PAT3 ~ €1.2B > €1.4B~ €0. 92B Strong earnings growth EPS CAGR from 20264 ~16% > €0.54 ~12% 6 ~ €0.63 n.a. ~ €0.41 Attractive shareholder returns > €1.4B 2027 –28 ~ €0.9B dividends, >€0.5B additional capacity Shareholder distributions, cumulative⁵ > €4B 2027 –30 ~ €2B dividends, ~€2B additional capacity ~ €0.5B 2026 Our 2030 ambition 1| RoTE headline: normalized profit after tax, after AT1 coupon payments, over average tangible book value; 2| RoCET1: return on CET1 capital; 3| PAT: normalized profit after tax, after AT1 coupon payments; 4| CAGR of normalized profit after tax, after AT1 coupon payments, over a stable number of shares; 5| Cash dividends plus additional dis tribution capacity assessed annually; surplus capital may instead be deployed in organic growth or value-enhancing acquisitions; subject to regulatory approval and the fulfillment of business plan targets; 6| ~14% a year in a s tronger macro scenario (GDP growth of 2% vs. 1.6% in the base)
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32 In a fast-growing market, we have the client franchise and are upgrading our platform to help our clients outperform Holistic service to our clients enables value creation • Deepen share of wallet across businesses and individuals • Serve our clients as One Bank, from a single point of contact • Invest in technology and AI to serve better, for less • Extend our reach and expertise with UniCredit • Accelerate capital generation and grow distributions Our 2026 –30 strategy • Supportive macro: Greece growing faster than the EU • Track record of execution: 2025 targets exceeded • Stronger platform: investment in our capabilities and teams, acquisitions and the UniCredit partnership • Client needs are changing, in our favor Why we can deliver 1| RoTE headline: normalized profit after tax, after AT1 coupon payments, over average tangible book value; 2| EPS: normalized profit after tax, after AT1 coupon payments, over a stable number of shares; 3| Subject to regulatory approval and the fulfillment of business plan targets; 4| EPS growth 2026 –30: ~12% a year in the base case; ~14% in a stronger macro scenario (GDP growth of 2%) Key financial outputs Return on tangible equity1 ~16% in 2030 EPS2 growth ~12%4 CAGR 2026E –30 ~17% including buybacks Distribution capacity3 > €4B 2027 –30
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Alpha Accelerated Capital allocation and shareholder returns Investor Day · 5 November 2026 Lazaros Papagaryfallou, Deputy CEO
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35 Active capital allocation to higher returns ~55% (2022) → 95% of Group RWAs generating RoCET1 >15% Profitability improving ~20% (2026E) → ~24% RoCET1 in 2030 Organic capital generation €3.4B (2023 –25) → ~ €6.9B expected 2027 –30 Distributions rising1 2027 –30 ~40% of market cap distributed2, 4x 2023 –25 1| Subject to regulatory approval and the fulfillment of business plan targets 2| Based on the market cap as of 3 November 20 26 Through 2030, we accelerate capital generation and grow distributions to ~40% of our market cap
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36 Strong organic profitability and active RWA management generated €3.4B of capital between 2023 –25 Actual capital generation, 2023 –25, €B 2023 –25 cumulative normalized profitability1 RWA optimization Alpha Bank Romania Capital released from NPEs One-off2 and other capital elements Organic capital generation −0.5 2.9 0.7 0.2 0.2 3.4 Figures may not sum due to rounding; 1| Adding back ~ €0.3B of cumulative technology operating expenses; 2| Including P&L impa ct from NPE transactions; NPAs: non-performing assets; NPEs: non-performing exposures €3.4B of capital generation from 2023 to 2025 driven by: • Strong organic profitability • Dynamic reallocation of capital from Alpha Bank Romania and NPAs to higher-return segments • RWA optimization
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37 Capital funded healthy growth, technology upgrades and bolt-on M&A, while distributions and capital buffers grew Figures may not sum due to rounding Usage of capital (2023 -2025 | € B) Funding, through organic capital generation and capital released from Alpha Bank Romania, a tech investments and M&A program that built a comprehensive and competitive platform Allocating ~ € 1.2B of capital towards return- accretive organic RWA growth Allocating ~ €0.9B to shareholder distributions (cash and buybacks) Strategic deployment of our capital Organic capital generated Funding RWA growth IT Investments Inorganic Distributions DTC acceleration Capital build up -1.2 -0.3 -0.2 -0.9 -0.1 3.4 0.6 Improving the quality of our capital by accelerating DTC amortization while maintaining buffers through the cycle
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38 Capital allocation supports our shareholder value creation Sustainable growth Allocate capital to attractive risk-adjusted return opportunities Revenue diversification Scale capital-light, fee-generating activities and selectively expand internationally Operational efficiency Invest to improve jaws Shareholder reward Payout rising to 40% by 2028, from ~28% in 2025; capital above 13% CET1 for additional distributions, growth or M&A Capital quality and resilience Improving the quality of our capital 2030 target Group RoCET11 Cost-to-income ratio ~34% −4pp Cash dividends, 2027 –304,5 Additional capacity, 2027 –304 ~ €2B ~ € 2B DTC/CET1 NPE ratio <5% ~2% 1| RoCET1: return on fully loaded CET1 employed capital at the management target; 2| Group fee revenue as a percent of average assets; 3| Share of group profit from International business, including the Cyprus insurance business 4| Subject to regulatory approval and the fulfillment of business plan targets; 5| Cash dividend rising to 40% of pr ofit by 2028, from ~28% in 2025; additional capacity assessed annually ~0.9% ~18% Fees over assets2 International share of profit3 Metric ~24% +4pp
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39 Strong capital generation provides ample capacity to fund growth, investments and distributions through 2030 Capital sources and uses, 2027 –30, €B Cumulative profitability DTA Total capital capacity through 2030 RWA growth Investments1 Cash dividend2 Additional distribution capacity 2030 excess CET1 projection OtherDTC acceleration 5.6 −1.2 −0.7 −2.0 −2.0 −1.0 −0.20.4 0.6 5.0 1.3 7.3 0.0 2026E excess CET1 Figures may not sum due to rounding; 1| Including technology investments and alternative investments; 2| Subject to regulatory approval and the fulfillment of business plan targets Technology operating expenses added back 2027 –30 profit after tax Sources of capital Uses of capital €6.9B of capital generated
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40 A structural shift toward higher distributions 1| Subject to regulatory approval and the fulfillment of business plan targets Organic capital generated is deployed mainly across RWA expansion and distributions Progressive shift in capital usage mix towards higher distributions to shareholders Uses of capital ( € B) 36% 27% 8% 6% 4% 19% 17% 28% 14% 10% 28% 3% 2027 - 20302023 - 2025 € 3.4B Capital deployed € 7.3B Capital deployed Organic growth Distributions Investments M&A DTC acceleration Capital build up Organic growth Cash dividend1 Additional distribution capacity DTC acceleration Investments Other
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41 Selective growth in businesses with strong demand and attractive returns 5.3% Capital allocation per segment, 2026E and 2030, €B RoCET1 >15% and <30% RoCET1 >0% and <15% RoCET1 <0%RoCET1 >30% Wholesale Retail International Real Estate NPAs ’26E ’30 ~24% Group RoCET1, 2030 +~4pp RoCET1 % delta Change in % of relative capital allocation1 1| Reallocation figures may not sum to 0% due to rounding ~20% Group RoCET1, 2026E +3pp −6pp +4pp ’26E ’30 ’26E ’30 Insurance Wealth ’26E ’30 ’26E ’30 ’26E ’30 ’26E ’30 Stable Improving Improving Improving Improving Improving Improving ~ ~ ~ ~
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42 Focus on Cyprus International: Increasing revenue diversification and bottom-line contribution 2030 ambition 2026E 2030 Cost-to-income (International) ~60% ~45% Wealth AuM (Lux + Cyprus), € B ~0.8 >4 Romania Reposition Retaining a ~10% stake in the 3rd largest bank in the country (post-merger), taking advantage of resulting synergies and economies of scale Cyprus Scale-up A universal bank in a consolidating, fast-growing market, with wholesale lending, insurance and wealth as the next growth legs TransformAlpha Bank London (UK) Build a simple, resilient and profitable bank with Alpha Blue as the landmark initiative BuildLuxembourg New HNW platform for Greek and Cypriot clients, combining wealth management, lending and network-driven referrals ~18% Contribution to Group net profits, 2030 2026E 2030 +~13% a year Net loans 2026E 2030 +~5% a year Deposits 2026E 2030 +~11% a year Fees Share of Group RWAs, 2030~11% >30% RoCET1, 2030
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43 Deliver a unified wealth proposition across customer segments, geographies and channels Democratize access to investment and wealth solutions Create scalable infrastructure to support future growth Capture offshore assets and attract international clients Enriching our value proposition and expanding product offering Reinforce the Bank’s leading position in Greece and Cyprus by expanding the client base and enhancing the product offering Reinforce Group’s capabilities through the introduction of new talent Build a comprehensive onshore and offshore wealth ecosystem Wealth: Scaling capital-light revenues through a unified wealth management platform ~ €100M of invested capital >10% 2026E –30 CAGR% in global wealth fees >1pp RoCET1 uplift by 2030 attributable to global wealth Investments to wealth platform and securities services centralization Alpha Bank Lux Alpha Trust / AstroBank Enhance Build Expand
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44 Insurance: Diversifying Group earnings through product manufacturing and distribution Product factories ~15% AuM CAGR 2026E –30 ~6% Insurance3 contribution to Group profitability Distribution 1| Latest available data as of 2024; 2| Market share of 2025; AuM: assets under management; MS: market share; 3| Including bancassurance pro forma for announced transactions; Source: European Insurance and Occupational Pensions Authority, Eurostat, Hellenic Association of Insurance Companies ~6% Bancassurance fees CAGR 2026E –30 Greece’s insurance penetration 1 3x below EU-27 average highlighting substantial growth potential Leverage Universal and Altius to create top 3 insurance platform in Cyprus (10% total MS / 19% combined MS in Life & Health) and the market leader in health insurance Build on Alpha Life’s strong market position (~22% MS2 in bancassurance / 7.5% MS in Life & Health) to further grow insurance footprint in Greece Develop new fee-based growth pools focused on wholesale insurance and alternative distribution channels Strengthen existing franchise leveraging the Generali partnership, UniCredit market access, and actively develop the Cypriot bancassurance channel
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45 Technology spend a year, €M Investing for growth and value creation through 2030 Technology investments Growth and resilience engine ~ € 0.9B Technology spend1 2027 –30 50% 40% 50% 60% €173M €217M 2023 –26 2027 –30 Run-the-bank Change-the-bank ~1.5x The increase goes to changing the bank, paced to delivery Alternative investments Returns and diversification Real estate ~8% CAGR (2026E –30) in real estate income Private equity Growth optionality, strategic exposure to the Greek corporate ecosystem, and access to innovation opportunities Fintech Product factories and partnerships ~ € 0.1B Alternative investment 2027 –30 1| Includes CAPEX and G&A ; 2| Refers to gross annual value; ~ €100M Recurring annual value from AI, from 20302 >30% Real estate 2030 RoCET1 Increasing investment in private equity by 2030 2023 –26E 2027 –30
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46 Expected deployment creates a more diversified revenue profile Key metrics, 2026E vs. 2030 2026E 2030 Fees/avg assets (%) International contribution to Group’s profit after tax (%) Transaction Banking and Investment Banking fees Rental income +~20bp +~7pp >7% CAGR ~8% CAGR
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47 M&A is pursued selectively against strict strategic and financial investment criteria Accelerating delivery on our strategy Return on investment > buyback return + safety margin No change to distribution policy EPS accretive in 2 –3 years Accretive to returns Potential M&A opportunities assessed through strict investment criteria Banking assets Asset and wealth management Technology Bancassurance International Indicative areas for consideration
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48 Our M&A track record demonstrates focus on value creation Rationale EPS RoTE Capital Enhance fee- generating capabilities by creating the leading IB platform in Greece and Cyprus +1.4% in 2027 +~15bp <20bp Combine strategic insurance activities in Cyprus +2% in 2027 +>30bp ~23bp Acquire a leading independent asset manager in Greece +1% in 2027 +>10bp ~17bp Enhance our solutions for SMEs in Greece and Cyprus through a Fintech factoring platform Accretive in 2025 n/a Minimal Consolidate 3rd largest bank position in Cyprus with complementary franchise +5% in 2027 +~60bp ~40bp Announced 28 Jan 2025 27 Feb 2025 31 Mar 2025 19 Dec 2025 7 Apr 2026 Closing Closed 5 Aug 2025 Closed 31 Oct 2025 Closed 16 Dec 2025 Q4 2026 –27 Closed 24 Jun 2026 Integration Q1 2027 H2 2026 H2 2026 2027 Q2 2027 ~4-year payback >30% RoCET1 at steady-state transaction Investment discipline IB: investment banking; SMEs: small and medium-sized enterprises
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49 Distributions as a lever to maximize shareholder value and deliver sustainable and growing returns Our overarching distribution framework is designed to maximize shareholder value while simultaneously ensuring long-term, sustainable returns across all economic cycles Predictable and growing 40% cash dividend 1 Additional distributions, assessed annually 1 Progressively increase cash dividends to 40% by 2028 , providing shareholders with greater visibility on dividends Capital in excess of 13% deployed on additional distributions, faster organic growth or value-accretive M&A 13% CET1 in 2030 Optimize capital to support RoTE 1| Subject to regulatory approval and the fulfillment of business plan targets Subject to approval by the regulator and market conditions
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50 Sustainable and growing shareholder distributions 2022 2024 2026E 2028 2030 20% 10% 43% 11% 55% 28% 55% 30% 35% 40% 40% 40% Total payout ratio Cash dividends1 Distributions, € M 61 25961 211 259 2023 70 2024 2025 2026E 2028 2030 122 281 519 Cash dividends1 Additional distribution capacity Buybacks > €4.0B Cumulative distributions 2027 –30 ~ €2 .0B cash dividends1 ~ €2 .0B Additional distribution capacity ~40% of current market cap distributed 2027 –302 Figures may not sum due to rounding; 1| Subject to regulatory approval and the fulfillment of business plan targets; 2| Based on the market cap as of 3 November 2026 Cash and total payout ratio, % of net profit Additional distributions to achieve 13% CET1
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51 Roadmap to 13% CET1 CET1% and DTC evolution 2026E 2028 2030 CET1% guidance Additional cumulative distribution capacity <5%19%40% 13% 14% DTC/CET1
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Thank you
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Alpha Accelerated Financial plan Investor Day · 5 November 2026 Vassilios Kosmas, Chief Financial Officer
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54 ~12% annual EPS growth underpins more than €4B of distributions by 2030 1| RoTE headline: normalized profit after tax, after AT1 coupon payments, over average tangible book value; 2| EPS: normalized profit after tax, after AT1 coupon payments, over a stable number of shares; 3| Subject to regulatory approval and the fulfillment of business plan targets; market capitalization at the closing share price of €4.51 o n 3 November 2026 RoTE1 ~12% (2026E) → ~16% 2030 target EPS growth2 ~ €0.41 (2026E) → ~12% CAGR, 2026 –30, ~ €0.63 in 2030 Distribution capacity3 2027 –30 > €4B ~ €2B cash dividends, with the payout rising to 40% ~ €2B additional capacity , reviewed yearly ~40% of current market cap distributed 2027 –303, 4x the 2023 –25 total Overview Balance sheet Revenues Costs Risk and capital Returns
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55 Core revenues drive EPS growth to ~ €0.63 Overview Balance sheet Revenues Costs Risk and capital Returns 2026E Net interest income Net fees and commissions income Costs Provisions Other3 2030 ~0.63 ~0.41 0.15 0.05 −0.05 − 0.01 −0.01EPS walk to 2028 (>0.54) EPS walk, 2026E –30, € per share 1 1| EPS before any share buybacks; 2| CAGR: compound annual growth rate; 3| Including taxes, other income, share of profits fr om associates and AT1 coupons; other drivers shown before tax; EPS: earnings per share; AT1: additional tier 1 ~12% CAGR2
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56 We enter the plan with strong financial foundations Overview Balance sheet Revenues Costs Risk and capital Returns 2026E Profitability Rebuilt recurring profitability ~ €0.41 Normalized EPS >+25% vs. €0.32 in 2023 Product offering Enhanced capabilities across Retail, Wholesale and Wealth ~ €600M Fee income +60% vs. ~ €370M in 2023 Operating platform Built a scalable operating platform to support growth ~38% Cost-to-income −4pp vs. ~42% 1 in 2023 Balance sheet Completed the balance sheet transformation ~3.8% NPE −2.2pp vs. 6% in 2023 Capital Strengthened organic capital generation ~40% DTC share of CET1 −16pp vs. 56% in 2023 1| Pro-forma for Alpha Bank Romania inclusion across P&L lines; CET1: common equity tier 1; DTC: deferred tax credits; EPS: earnings per share; NPE: non-performing exposures
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57 Execution, rather than macro, drives our ambition Overview Balance sheet Revenues Costs Risk and capital Returns 2026E 2028 2030 Real GDP growth (%) ~1.9 ~1.8 ~1.6 Inflation rate (%) ~3.8 ~2.4 ~2.1 Unemployment rate (%) ~8.8 ~8.0 ~7.0 3M Euribor (%) ~2.3 ~2.5 ~2.5 Total credit expansion1 ~9 ~8 ~8 Corporates ~8 ~6 ~6 Individuals ~1 ~2 ~2 New deposits and AuM ( €B) 2 ~10 ~8 >8 1| Refers to Domestic Residents as per Bank of Greece definition; 2| Relates to Individuals; AuM: assets under management; GDP: gross domestic product; Source: Alpha Bank Economic Research, International Monetary Fund
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58 Four growth engines deliver more diversified and resilient earnings Overview Balance sheet Revenues Costs Risk and capital Returns Together, the four engines lift returns and capital generation by 2030 Balance sheet growth Disciplined, capital-efficient lending growth, supported by strong underwriting ~ €3B 1 net credit expansion a year, largely deposit-funded Revenue diversification A more balanced revenue mix, with fees growing faster than the economy ~9% yearly fee growth Scalability and productivity Revenue growth outpacing costs, supported by productivity gains ~4% yearly cost growth Resilient risk-adjusted earnings Sustained profitability growth without compromising resilience ~45 –50bp broadly stable cost of risk 1| 2/3 deriving from Domestic Residents and 1/3 from non-Domestic Residents (i.e., International and Shipping) Turning disciplined execution into lasting shareholder value Objective
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59 Disciplined balance sheet expansion underpinned by a strong customer deposit franchise 59 Assets and liabilities walk, 2026E –30, €B 1| Including senior notes in legacy securitizations and deferred tax assets; 2| Net loans over deposits; CAGR: compound annual g rowth rate Performing loans Securities portfolio Low-yielding assets1 Cash Deposits Senior debt Retained equity −~3 −~9 −~2 −~1 −~1 ~3 ~13 Overview Balance sheet Revenues Costs Risk and capital Returns ~6% CAGR in loans ~25% of the asset base Wholesale Retail (incl. SBLs) International ~80% >85%LDR2
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60 ~2.23% ~2.47% NIM Net interest income evolution, 2026E –30, €B Loan growth and asset mix drive NII above €2.3B 60 NII 2026E Interest rates Loan volumes Loan spreads Securities book Asset mix shift NII 2030 Funding and other ~1.80 >2.3 Overview Balance sheet Revenues Costs Risk and capital Returns Key drivers • Interest rates: small tailwind; base rates assumed flat at 2.5% • Loan volumes: performing loans grow by just over €3B a year, with more than half of the uplift by 2028, driven by corporate lending and a growing retail contribution • Loan spreads: ~20bp of spread pressure over four years, partly offset by a shift toward higher-spread lending • Securities book: higher average volumes at the current ~3% yield, plus a ~150bp higher yield on ~ €3B of maturities • Asset mix shift: lower share of zero-yielding DTAs and low-yielding legacy securitization notes • Funding and other: growth in deposits and senior debt, with deposit beta rising ~21% → ~22% as term deposit volumes increase toward 2030 NIM up ~25bp driven by balance sheet mix rather than higher rates NII: net interest income; NIM: net interest margin; CAGR: compound annual growth rate; DTA: deferred tax asset +6% CAGR
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61 Net fees and commissions income evolution, 2026E –30, €B ~0.7% ~0.9% NFCI 2026E Business credit- related fees Asset management Bancassurance1 Cards and payments IB and Other2 Real estate NFCI 2030 ~0.60 ~0.85 1 6 2 3 4 5 Investment banking fees to benefit from stronger activity in Greece Asset management and corporate payments underpin 9% annual fee growth 61 Overview Balance sheet Revenues Costs Risk and capital Returns % of avg. assets3 ~+0.2 pp 1 Disbursements to support business credit/related fees, even as repayments temper net loan growth 2 Mutual-fund net sales and the maturing international wealth offering will support fee growth 3 Insurance distribution will continue to contribute to fee growth 4 The new corporate coverage model will drive most of the growth in cards and payments 5 Real estate expansion on attractive cases 6 Investment banking fees will benefit from stronger activity in Greece 1| Excludes Altius, Alpha Life and Universal (shown under other income); 2| Includes IB / International / Other; 3| Group fee revenue as a percent of average assets Key drivers Open Finance: footnote 1 places Altius, Alpha Life and Universal under other income; confirm whether Group targets include the Cyprus insurance deals that have not closed (the Cyprus breakout excludes them). +9% CAGR
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62 Operating expenses walk and cost-to-income, 2026E –30, €M Disciplined investment keeps cost growth at ~4% a year, supporting cost-to-income of ~34% 62 Overview Balance sheet Revenues Costs Risk and capital Returns OpEx 2026E Wage and cost inflation OpEx 2030Tech and people investment to support growth Automation and simplification ~960 ~70 ~90 ~100 −~50 −~50 ~1,120 Discretionary spend Volumes AI Cost-to-income, % ~38% ~34% 1 10 pp headwinds 4 pp tailwinds Including 11 pp benefit from Revenues +~4% a year Positive jaws Revenue growth outpaces cost increases even before efficiencies Key drivers 1 2 3 Inflation: in line with our macro view of ~10% over 4 years Business growth: higher activity and investment in people and technology AI, automation and simplification: support productivity and cut costs Discretionary spend: ~50% of the increase, flexes with revenue 2 3
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63 We deploy risk selectively to support growth and preserve resilience Our goal Enable profitable growth while maintaining the risk profile and earnings resilience of a mature European franchise Powered by data, behavioral analytics and real-time monitoring Overview Balance sheet Revenues Costs Risk and capital Returns ~2% NPE ratio by 2030 ~45 bp cost of risk in 2030 >160% LCR throughout the plan <5% DTC share of CET1 by 2030 Deploy risk selectively Strengthen balance sheet quality Strengthen earnings resilience Key plan outcomes and guardrails
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64 Loan growth is delivered with NPEs falling to ~2% and cost of risk broadly stable NPE ratio almost halved, 2026E –30, % Driven by NPE reduction and disciplined loan growth Cost of risk, 2026E –30, bp Loan growth comes without a step-up in risk Overview Balance sheet Revenues Costs Risk and capital Returns ~6 ~7 ~37 ~50 ~45 <50 −5 Underlying Servicing fees Synthetic 2026E 2028 2030 ~3.8% ~2% NPE 2026E Due to NPE movement Due to loan expansion NPE 2030
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65 Profitability creates ~9 percentage points of capital for distribution or deployment CET1 ratio evolution, 2026E –30, % Overview Balance sheet Revenues Costs Risk and capital Returns CET1 2026E Period profit RWA OtherDTC acceleration CET1 2030 before payout Distribution1 / deployment CET1 2030 −~5% +~2% −~2% −~9% ~14% ~14% ~22% ~13% 1| Distributions are subject to regulatory approval and the fulfillment of business plan targets Post year distributions DTC elimination will result in ~ €0.2B a year CET1 enhancement (for every €1B profits) 6% RWA CAGR Open Finance: the bridge does not sum: 14 + 14 − 5 − 2 + 2 = 23, shown as ~22%; fix the rounding. Finance: rewrite the callout “DTC elimination will result in ~€0.2B a year CET1 enhancement (for every €1B PAT)” in plain terms.
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66 Capital-light revenues and operating leverage lift RoRWA to ~3.2% Key drivers Overview Balance sheet Revenues Costs Risk and capital Returns • Capital-intensive growth adds +5 bp, as NII uplift from loan growth edges out RWA expansion, despite spread compression • Capital-light revenues add +25 bp, driven by ~9% a year fee income growth (asset management, cards and payments, real estate) and deposit- funded NII • Operating leverage accelerates the step-up in profitability adding 23 bp, with cost growth held at ~4% a year by operating model modernization RoRWA evolution, 2026E –30, % (drivers in bp) +5 +25 +23 ~2.7% ~3.2% RoRWA 2026E Capital-intensive growth Capital-light revenues Operating leverage RoRWA 2030
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67 Higher RoRWA and lower drag lift RoTE to ~16% • Platform productivity: RoRWA rises to ~3.2% on capital-light revenues and operating leverage • A leaner bank is a more profitable bank: average CET1 falls from ~14% to ~13% as we distribute excess capital, lifting RoCET11 from ~22% to ~24% • Less baggage: the DTA drag shrinks from 7 pp to 3 pp as profits consume DTAs • Higher accruals ( −1 pp) and DTC acceleration ( −2.5 pp) temporarily open the gap Key drivers Overview Balance sheet Revenues Costs Risk and capital Returns RoRWA, average CET1 ratio and RoTE, 2030, % ~3.2% ~13% ~24% ~16% RoRWA Avg CET1 RoCET1 DTAs Other reg. adj. RoTE 1| Return on CET1 capital at the management target 1
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68 Revenue growth and cost discipline expected to lift RoTE to ~16% and EPS to ~ €0.63 by 2030, targeting a ~ 13% CET1 Overview Balance sheet Revenues Costs Risk and capital Returns Our financial guidance 2026E 2028 2030 Balance sheet Performing loans ( €B) 1 >46 >52 >58 Deposits ( €B) >59 ~62 ~68 Revenues Net interest income ( €B) ~1.80 ~2.15 >2.30 Net fees and commissions ( €B) ~0.60 ~0.72 ~0.85 Costs Cost-to-income (%) ~38 ~35 ~34 Risk and capital Cost of risk (bp)2 ~50 <50 ~45 CET1 ratio (phased in, %) ~14 <14 ~13 Returns EPS ( €) 3 ~0.41 >0.54 ~0.63 RoTE (%)4 ~12 ~14.5 ~16 1| Including Senior Notes; 2| Cost of risk over gross loans; 3| EPS before any share buybacks; 4| RoTE: normalized profit after tax, after AT1 coupon payments, over average tangible book value, excluding dividends accrued but not paid
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Thank you