Earnings release
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` Q3 2026 results Press release
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Q 3 2026 results 1 Key Financial metrics 9M 2026 Q 3 2026 Reported profit after income tax €766.1mn €268.9mn Normalized1 profit after tax €778.5mn €283.2mn Normalized1 Return on tangible book value (RoTBV) 14.5% 15.5% Common Equity Tier 1(CET1%) 14.5% 14.5% Tangible Book Value per Share €3.52 €3.52 Key takeaways • Q 3 2026 Normalised RoTBV 2 at 1 5.5 % , EPS 2 at €0. 1 1 , 1 4. 5 % CET1 . • Net credit expansion at € 0.4 bn in Q 3 (9M 2026 at €2. 6 bn) , with €3. 1 bn of disbursements . Group performing loan book (excluding senior notes) up + 1 % q/q to € 40.4 bn and +1 3.1 % y/y. • Group deposits up + 2.5 % q/q or + € 1.5 bn. Time deposits at 2 9 % of the total , with deposit beta at 2 2 %. Customer funds up + 18.7 % y/y with customer deposits + 1 3.3 % y/y and AuMs + 32 % y/y. Loan to Deposit ratio at 77%. • Group NPE ratio at 3. 8 %, Cost of Risk at 43 bp s in Q 3 and 42bp in 9M . • CET1 at 1 4. 5 % post dividend accrual of € 421 mn in 9M , with 124 bps of organic capital generation . • Tangible Book Value at € 7 . 9 bn up + 2.1 % q/q , + 4 % higher y/y or + 10.7 % y/y before distributions . Summary trends • Net interest income increased by +€35.8mn or +8.2% q/q to €472.2mn on higher loan and bond income, driven by volume growth and higher rates. 9M net interest income was up +10.7% y/y. • Fee services income at €156.3mn in Q3, down 16.3% q/q, as Q2 benefited from PRODEA dividend. Excluding PRODEA , fee services income increased by 6.2% q/q, on increased income from cards and payments as well as the higher contribution from asset management fees. 9M Fees increased by +32.2% (+25.4% y/y excluding dividends from PRODEA) . • Recurring operating expenses declined by 3.6% q/q to €231mn, on lower staff costs ( - 9.3% q/q) as well as decreased depreciation expenses ( - 7.2% q/q), partly offset by higher G&As off the back of higher taxes, third party fees and building costs. 9M 2026 recurring costs were up +12.2% mainly on higher staff costs as well as increased G&As and depreciation charges • Cost of Risk at 43 bps in Q 3 2026 . 9M at 42bp s. • Normalised Profit After Tax of €283mn in Q3 2026, is Reported Profit /(Loss) After Tax of 269mn excluding (a) NPA transactions impact of €0.2mn, (b) €11mn on other adjustments and tax charge related to the above.
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Q 3 2026 results 2 “ A strong foundation for g rowth ” “ On 12 October, Alpha Bank achieved a significant milestone as we unveiled our new brand identity and drew a line under our ambitious transformation. The new brand honours our nearly 150 years of history, is closely aligned with our new Purpose and Values, and accurately reflects our strategic positioning. As our bank has become stronger, more skilled, and more closely connected to the people, businesses, and communities we serve, the new brand represents a testament to our progress and future aspirations. The strong positive feedback from our customers, employees, and key partners serves as a strong affirmation of our s trategic direction. Alongside our rebranding efforts, we have made two significant commitments to our employees: the introduction of a new programme that offers our employees medical insurance and home care for their senior parents , as well as salary increases for our Gold RM s throughout our branch network . These initiatives reflect our commitment to our people and the type of institution we are building . Financially, the third quarter confirmed the strength of our franchise , fu rt her supported by the contribution of our recent acquisitions , and the continued resilience of our balance sheet ensuring that we enter the close of 2026 on solid footing. Net interest income came to €472 million, the highest quarterly figure since Q4 2017 , reflecting the sustained growth in our loan book, and the step - up in rates. Fee income increased to €156 million, supported by cards and payments fees , and an uptick in asset management, following a softer second quarter. Operating income for the period totalled €634 million, while costs remained contained, with our cost - to - income ratio running comfortably within expectations. We delivered a normalised profit of €283 million for the quarter, with nine - month normalised profits increasing by 14% year - on - year to €779 million. Despite the uncertain macroeconomic environment, we remain confident in the Bank’s financial strength. Our capital position is sound, our provisioning is prudent and our funding base is solid. Greece currently occupies a distinct position compared to the m ajority of Europe, characterized by a robust fiscal trajectory, declining public debt and an investment pipeline that continues to exp a nd. This provides us with confidence that the groundwork for the next phase of Alpha Bank's growth is well established. Next week, at our Investor Day, we will present our strategic priorities extending through 2030. The financial performance evident in these results, in conjunction with the new identity we unveiled this month, provides a strong foundation upon which to embark on Alpha Bank’s forthcoming chapter. We have much to share, and we eagerly anticipate the dialogue on November 5th. " Vassilios Psaltis, CEO
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Q 3 2026 results 3 Key Financial Data P&L | Group (€mn) 9M 2025 9M 2026 YoY (%) Q2 2026 Q3 2026 QoQ (%) Net Interest Income 1,196.8 1,324.9 10.7% 436.4 472.2 8.2% Fee services income 365.2 482.7 32.2% 186.7 156.3 (16.3%) Core banking income 1,562.0 1,807.7 15.7% 623.2 628.5 0.9% Income from financial operations 46.3 10.3 (77.7%) (14.9) (1.1) (92.7%) Other income 20.1 30.0 49.3% 18.8 6.5 (65.4%) Operating Income 1,628.4 1,848.0 13.5% 627.1 633.9 1.1% Core Operating Income 1,582.1 1,837.7 16.2% 641.9 635.0 (1.1%) Staff Costs (279.1) (331.1) 18.6% (117.1) (106.2) (9.3%) General Administrative Expenses (247.9) (260.2) 5.0% (84.8) (89.9) 6.0% Depreciation & Amortization (96.0) (107.5) 12.0% (37.7) (34.9) (7.2%) Recurring Operating Expenses (623.0) (698.8) 12.2% (239.5) (231.0) (3.6%) Excluded items 0.0 (3.1) … (1.4) (0.7) (50.4%) Total Operating Expenses (623.0) (701.9) 12.7% (240.9) (231.7) (3.8%) Core Pre - Provision Income 959.1 1,138.8 18.7% 402.4 404.0 0.4% Pre - Provision Income 1,005.4 1,146.1 14.0% 386.1 402.2 4.2% Impairment Losses on loans (136.8) (142.2) 4.0% (44.2) (49.3) 11.4% Other items 3 16.4 9.5 (41.8%) 6.7 9.5 42.2% Profit/ (Loss) Before Income Tax 885.0 1,013.4 14.5% 348.6 362.4 4.0% Income Tax (224.0) (250.1) 11.7% (81.6) (89.5) 9.7% Profit/ (Loss) after income tax 661.1 763.3 15.5% 267.0 272.9 2.2% Impact from NPA transactions 4 (91.3) 9.9 … (0.7) (0.2) (65.9%) Profit/ (Loss) after income tax from discontinued operations 20.4 9.3 (54.7%) 6.1 6.8 12.4% Other adjustments 116.6 (16.4) … 43.3 (10.6) … Reported Profit/ (Loss) After Income Tax 706.7 766.1 8.4% 315.7 268.9 (14.8%) Normalised 5 Profit After Tax 681.5 778.5 14.2% 274.8 283.2 3.1% Balance Sheet | Group 30.09.25 31.12.2025 31.03.26 30.06.26 30.0 9 .26 YoY (%) Total Assets 74,546 77,459 79,333 82,014 82,585 10.8% Net Loans 41,667 43,483 44,112 45,851 46,293 11.1% Securities 17,160 17,675 18,169 19,274 19,210 11.9% Deposits 52,884 55,084 55,410 58,467 59,938 13.3% Shareholders’ Equity 8,055 8,105 8,162 8,330 8,494 5.5% Tangible Book Value 7,626 7,589 7,654 7,773 7,934 4.0% Key Ratios | Group 9M 2025 FY 2025 Q1 2026 H1 2026 9M 2026 Profitability Net Interest Margin (NIM) 2.2% 2.2% 2.1% 2. 1 % 2. 2 % Cost to Income Ratio (Recurring) 38.3% 38.7% 38.9% 38.5% 37.8% Capital CET1 16.0% 15.4% 15.0% 14.3% 14.5% Total Capital Ratio 21.5% 20.6% 20.1% 19.3% 19.3% Liquidity Loan to Deposit Ratio (LDR) 79% 79% 80% 78% 77% LCR 195% 184% 176% 197% 180% Asset Quality Non - Performing Loans (NPLs) 1,017 1,083 1,123 1,147 1,191 Non - Performing Exposures (NPEs) 1,531 1,586 1,670 1,686 1,787 NPL ratio (%) 2.4% 2.5% 2.5% 2.5% 2.5% NPE ratio (%) 3.6% 3.6% 3.7% 3.6% 3.8%
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Q 3 2026 results 4 Business Update The Greek economy remains resilient, supported by strong fiscal fundamentals, despite a more challenging external environment. GDP grew by 1.9% in the first half of 2026 and is expected to expand by just under 2% this year and by 1.7% in 2027. Downside risks remain , as renewed geopolitical tensions have intensified energy - driven inflationary pressures, while heightened political and fiscal uncertainty in Europe could weigh on external demand and lead to tighter and more volatile financial conditions . In that context Alpha Bank delivered another resilient quarter . Performance was supported by higher interest rates as well as sustained volume growth in lending, deposits and A u Ms. The upcoming Investor Day will set out the next phase of the ban k ’s strategy and the priorities that will underpin sustainable growth and shareholder value creation . Profitability Solid Q3 performance wit h sustained momentum ac r oss key business lines • Net interest income increased by +€ 35.8 mn or + 8.2 % q/q to €4 72.2 mn supported by higher loan and bond income, driven by volume growth and higher rates . 9M net interest income was up + 10.7 % y/y. • Fee services income reached €156.3mn in Q3, down - 16.3% q/q, due to the higher Q2 comparison base, which included the PRODEA dividend. Excluding PRODEA , fee services income increased by + 6.2% q/q, on i n creased i ncome from cards and payments as well as the higher contribution from asset management fees. 9M Fees increased by +32.2% (+25.4% y/y excluding dividends from PRODEA). • Recurring OPEX declined by - 3.6% q/q to €231mn, on lower staff costs ( - 9.3% q/q) as well as decreased depreciation expenses ( - 7.2% q/q), partly offset by higher G&As off the back of higher taxes, third party fees and building costs. 9M 2026 recurring costs were up +12.2% mainly on higher staff costs as well as increased G&As and depreciation charges. • Cost of Risk at 43 bps in Q 3 2026 . 9M COR at 42bp.
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Q 3 2026 results 5 Core banking income up + 1% q/q NII + 8.2 % q/q on higher loan and bond income Net Interest Income stood at €4 72.2 mn in Q 3 202 6 , up by + 8.2 % q/q. Net interest income from Performing loans increased by +€ 33 mn supported by growing loan volumes and rates , while the NPE book contribution increased by +€ 0.2 mn q/q. The contribution of the securities portfolio increased by +€ 17.7 mn, on account of higher volumes and rates. On the liability side, deposit costs were affected by repricing and higher volumes of term deposits , negatively impacting NII by - €15.5mn q/q . Funding and other NII was € 0.4 mn higher q/q mainly on lower ECB financing . 9M net interest income increased by + 10.7 %. Strong underlying Fee performance, up + 6.2 % q/q and +28.6%y/y Fee services income reached €1 56.3 mn in Q 3 , down - 16.3% q/q, with the sequential decline reflecting the higher Q2 comparison base, which included the PRODEA dividend. Excluding the PRODEA dividend, fee services income increased + 6.2 % q/q , on increased income fr om cards and payments as well as the higher contribution from asset management fees . On a yearly basis , Fees services income increased by + 28.6 %. 9M Fees increased by +3 2.2 % y/y (+2 5.4 % y/y excluding dividends from PRODEA) driven by robust growth in investment banking and brokerage activity and continued momentum in asset management fees as well as the higher contribution from business credit related revenues. Income from financial operations came in at - € 1 .1 mn in Q 3.
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Q 3 2026 results 6 Other income stood at € 6.5 mn in Q 3 2026 . Recurring costs down - 3.6 % q/q Recurring operating expenses declined by - 3.6 % q/q to €23 1 mn, on lower staff costs ( - 9.3 % q/q) as well as decreased depreciation expenses ( - 7. 2 % q/q) , partly offset by higher G&As o n higher taxes, third party fees and building costs . In 9M 2026, recurring costs were up +1 2.2 % mainly on higher staff costs as well as increased G&As and depreciation charges. Total Operating Expenses stood higher at €2 31.7 mn , including € 0.7 mn of integration costs in Cyprus . Cost of Risk at 43 bps The underlying loan impairment charge stood at € 36.5 mn or 32 bps in the quarter, versus € 28.9 mn in Q 2 . Servicing fees amounted to €8. 9 mn vs. € 8.4 mn in the previous quarter, with securitization expenses at € 4 mn vs € 6.9 mn in Q 2 2026. Excluding the impact from transactions, Cost of Risk stood at 43 bps over net loans vs. 39 bps in the previous quarter, while including one - off items, it stood at 48 bps, with 5 bps related to post model adjustments. The total impact of NPA Transactions 5 stood at €0. 2 mn in Q 3 vs € 0.7 mn in the previous quarter . Other impairment losses in Q 3 2026 amounted to €0.3mn . Balance Sheet Highlights Performing loan book up + 1 % q/q and + 1 3 % y/y New disbursements in Greece stood at €3.1bn in Q3, bringing 9M 2026 disbursements to €10.1bn, up + 22% y/y, with new originations from corporates allocated to key sectors including transportation, trade , manufacturing and tourism . The Group’s performing loan book (excluding €4.9bn of senior notes) expanded by + 1 % q/q to
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Q 3 2026 results 7 € 40.4 bn. On a yearly basis, performing loans increased by +1 3.1 %. Net credit expansion in Greece stood at € 0.4 bn in Q 3 as credit demand mainly from businesses was mostly offset by the high level of business repayments. Customer deposits up + € 1.5 bn q/q or + 2 .5% The Group’s deposit base increased by +€ 1.5 bn q/q or + 2.5 % to €5 9.9 bn, reflecting higher core deposits ( + € 0.9 bn) as well as term deposits ( + € 0.6 bn) mainly from businesses. On an annual basis, the Group’s deposit base expanded by + €7. 1 bn or +1 3.3 % stemming mainly from core deposits. Time deposits stood at 26% of the domestic deposit base. As of Q 3 2026, the total stock of domestic deposits had a beta of 20%, slightly higher vs Q 2 , whereas the pass through on term deposits increased to 6 6 %. Asset Management AUMs decreased by - € 0.9 bn q/q or - 3.2 % to €2 8.2 bn, driven by valuation effects. Net sales stood at €0. 4 bn in the quarter versus €0. 6 bn in Q 2 . LCR at 1 80 % As of September 2026, ECB financing stood at € 1.3 bn versus €2 .7 bn in June 2026. The Bank’s blended funding cost increased slightly to 102 bps in the quarter, up from 9 8 bps in Q 2 2026, due to higher deposit and wholesale funding costs . In September 2026 , the Bank successfully priced a €700 million Senior Preferred Bond. The new 4.5 - year bond, callable after 3.5 years was priced at 85 basis points over the relevant mid - swap rate. The issuance is part of the Bank’s broader funding strategy, further enhancing its presence in the international capital markets and its funding flexibility. The Group’s strong liquid i ty profile is evidenced by the net Loan - to - Deposit ratio of 7 7 %, while the Group’s LCR stood at 1 80 % vs 1 97 % in Q 2 2026, far exceeding regulatory thresholds and management targets.
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Q 3 2026 results 8 Asset Quality Group NPE ratio at 3. 8 %, Cost of Risk at 43 bp The NPE stock in Greece increased by + € 86 mn q/q primarily driven by increased inflows from the business segment , bringing the total stock slightly up to €1. 6 bn at the end of Q3 202 6 . As a result, the NPE ratio in Greece stood at 3. 7 %. On a group level, NPE ratio stood at 3. 8 %. Group NPE Coverage at 5 2 % The Group’s NPE cash coverage stood at 5 2 % at the end of Q 3 2026, while total coverage including collateral reached 1 28 %. Out of the €1. 8 bn stock of NPEs for the Group, more than half are mortgages (5 2 % of the stock), with a significant portion of forborne exposures, less than 90dpd (27% of stock or €0. 5 bn). The Group NPL coverage ratio stood at 78 %, while total coverage including collateral reached 15 2 %.
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Q 3 2026 results 9 Capital Organic c apital generation at 1.2 % for 9M 2026 ; CET1 at 1 6.1 % The Group’s CET 1 Capital base stood at €5 .1 bn, resulting in a CET1 ratio of 14. 5 % post dividend accrual of 163 bps in 9M including the impact of DTC acceleration. The 9M move was primarily attributable to + 124 bps positive contribution from organic capital generation, with a 30 bps negative impact from transactions and a 20 bps negative contribution from other capital elements. RWAs at the end of September 2026 amounted to €3 5 bn , up by + 7.9 % year to date or Euro 2. 6 billion , driven by loan growth . International operations In 9M 2026, our international operations posted a reported profit of € 57 mn ( - 16 % y/y) and a normalised net profit of € 79 mn ( + 1 3 %y/y), mainly reflecting €17.5mn of provisions for a Voluntary Separation Scheme in Cyprus. Net interest income was up +6 4 % y/y, with fee services income up by +6 5 %. Recurring operating expenses increased by +5 2 % y/y, mainly as a result of higher staff costs as well as G&As. Net loans stood at €2. 9 bn, while deposits stood at €6. 6 bn. RoTBV stood at 1 2.9 % in 9M 2026. Athens, October 30 , 2026
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Q 3 2026 results 10 Alternative Performance Measures (“APMs”) Ref . # Terms Definitions Relevance of the metric Ab r. 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 (24) and Fee services income (11) 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 (38) less Income from financial operations (20) 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 (49) for the period. Profitability metric Core PPI 6 Cost of Risk Impairment losses (15) 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 (Unde rlying) CoR 7 Cost/Assets Recurring Operating Expenses (49) for the period (annualised) divided by Total Assets (20). 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 Fee services income Sum of and Net fee and commission income as derived from the Consolidated Financial Statements of the reported period, including the dividend stream from equity investments in REITs, excluding Gain/(Losses) from valuation of investment properties Profitability metric 12 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 13 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 balan ce sheet items, as disclosed in the Consolidated Financial Statements of the reported period. Standard banking terminology 14 Impact from NPA transactions Management adjustments to income and expense items as a result of NPE/NPA exposures transactions Asset quality metric 15 Impairment Impairment losses on loans (17) excluding impairment losses on Asset quality
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Q 3 2026 results 11 losses transactions (18). metric 16 Impairment losses of which Underlying Impairment losses (15) excluding Loans servicing fees and Commision expenses for credit protection as disclosed in the Consolidated Financial Statements of the reported period. Asset quality metric 17 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 t hat are directly affected by the current market conditions and/or present significant variation between the reporting periods. Standard banking terminology LLP 18 Impairment losses on transactions Represent the impact of incorporating sale scenario in the estimation of expected credit losses. Asset quality metric 19 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 sign ificant variation between the reporting periods. Standard banking terminology 20 "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, amountin g to €1.5m in Q4 2024, €2.5m in Q1 2025, €3.1m in Q2 2025, €4m in Q3 2025 and €2.4m in Q4 25, and less management adjustments on trading income for the corresponding period. Management adjustments on trading income include events that do not occur with a c ertain 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 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 22 Leverage Ratio This metric is calculated as Tier 1 capital divided by Total Assets (59). Standard banking terminology 23 Loan to Deposit ratio Net Loans (26) divided by Deposits (8) at the end of the reported period. Liquidity metric LDR or L/D ratio 24 Net Interest Income Net interest income as derived from the Consolidated Financial Statements of the reported period, excluding the NII effect resulting Profitability metric NII
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Q 3 2026 results 12 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, €4m in Q3 2025 and €2.4m in Q4 25. 25 Net Interest Margin Net interest income (24) for the period (annualised) divided by the average Total Assets (59) 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 26 Net Loans Loans and advances to customers as derived from the Consolidated Balance Sheet of the reported period. Standard banking terminology 27 Non Performing Exposure Coverage Accumulated Provisions and FV adjustments (1) plus CET 1 deductions used to cover calendar provisioning shortfall divided by NPEs (30) at the end of the reference period. Asset quality metric NPE (cash) cover age 28 Non Performing Exposure ratio NPEs (30) divided by Gross Loans (13) at the end of the reference period. Asset quality metric NPE ratio 29 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 (30) at the end of the reported period. Asset quality metric NPE Total cover age 30 Non Performing Exposures Non - performing exposures (30) 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 realization of collateral, regardless of the existence of any past - due amount or of the number of days past due. Q3 2026 NPEs exclude €356m of paying mortgage exposures (under 30dpd) that have been classified as Stage 3 following a Bank - initiated reprofiling (€308m in Q2 2026, €219m in Q1 2026 and €70m in Q4 2025). Asset quality metric NPEs 31 Non Performing Exposures Collateral Coverage Value of the NPE collateral divided by NPEs (30) at the end of the reference period. Asset quality metric NPE collat eral Cover age 32 Non Performing Loan Collateral Coverage Value of collateral received for Non Performing Loans (30) divided by NPLs (36) at the end of the reference period. Asset quality metric NPL collat eral Cover age 33 Non Performing Loan Coverage Accumulated Provisions and FV adjustments (1) plus CET 1 deductions used to cover calendar provisioning shortfall divided by NPLs (36) at the end of the reference period. Asset quality metric NPL (cash) Cover age 34 Non Performing Loan ratio NPLs (36) divided by Gross Loans (13) at the end of the reference period. Asset quality metric NPL ratio 35 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 (36) at the end of the reference period. Asset quality metric NPL Total Cover age 36 Non Performing Non Performing Loans (36) are Gross loans (13) that are more than 90 days past - due. Asset quality metric NPLs
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Q 3 2026 results 13 Loans 37 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: 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 dispute 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. Profitability metric Norm alised Net PAT 38 Operating Income Sum of Net interest income (24), Fee services income (11), Income from financial operations or Trading Income (20) and Other income (39) of the reported period, taking into account the impact from any potential restatement. Standard banking terminology 39 Other (operating) income Sum of Dividend income, Gain/(Losses) from valuation of investment properties and Other income as derived for the Consolidated Income Statements of the reported period, taking into account the impact from any potential restatement, excluding the dividend s tream from equity investments in REITs. Standard banking terminology 40 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. 41 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 corr esponding 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 42 PPI/Average Assets Pre - Provision Income for the period (43) (annualised) divided by Average Total Assets (59) 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
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Q 3 2026 results 14 43 Pre - Provision Income Operating Income (38) for the period less Total Operating Expenses (60) for the period. Profitability metric PPI 44 Profit/ (Loss) before income tax Operating Income (38) for the period less Total Operating Expenses (60) plus Impairment losses on loans (17), plus Other items (41) Profitability metric 45 Profit/ (Loss) after income tax from continuing operations Profit/ (Loss) before income tax (44) for the period less Income tax (21) for the period Profitability metric 46 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 cert ain frequency, and events that are directly affected by the current market conditions and/or present significant variation between the reporting periods. Profitability metric 47 Profit/ (Loss) attributable to shareholders Profit/ (Loss) after income tax from continuing operations (45) for the period, plus Impact from NPA transactions (14), plus Profit/ (Loss) after income tax from discontinued operations (46), plus Other adjustments (40), plus Non - controlling interests as d isclosed in Consolidated Income Statement of the reported period. Profitability metric 48 Recurring Cost to Income ratio Recurring Operating Expenses (49) for the period divided by Operating Income (38) for the period. Efficiency metric C/I ratio 49 Recurring Operating Expenses Total Operating Expenses (60) 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 Recur ring OPEX 50 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 restate ment. 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 51 "Return on Tangible Book Value" or "Return on Tangible Equity" Normalised Net Profit after (income) tax (37) (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 (57). Average balance is defined as the arith metic average of the balance at the end of the period and at the end of the previous relevant period. Profitability metric RoTB V or RoTE 52 Return on Tangible Equity (headline) Normalised Net Profit after (income) tax (37) (annualised ), less “Payment of AT1 dividend”, as disclosed in Consolidated Statement of Changes in Equity divided by the Average balance of Tangible Book Value (56). Average balance is defined as the arithmetic average of the balance at the end of the period and at t he end of the previous relevant period. Profitability metric RoTB V or RoTE (headl ine) 53 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 (56). Average balance is defined as the arithmetic average of the balance at the end of the period and at t he end of the previous relevant period. Profitability metric RoTB V or RoTE (repor ted) 54 RWA Density Risk Weighted Assets divided by Total Assets (59) of the relevant Standard
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Q 3 2026 results 15 period. banking terminology 55 Securities Sum of Investment securities and Trading securities, as defined in the consolidated Balance Sheet of the reported period. Standard banking terminology 56 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 57 Tangible Book Value or Tangible Equity (Adjusted) Tangible Book Value or Equity (56) less provision for dividend not paid less excess capital calculated on 13% CET1 target. Standard banking terminology Adj. TBV or Adj. TE 58 Tangible Book Value per share Tangible Book Value (56) divided by the outstanding number of shares. Valuation metric TBV/s hare 59 Total Assets Total Assets (59) as derived from the Consolidated Balance Sheet of the reported period, taking into account the impact from any potential restatement. Standard banking terminology TA 60 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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Q 3 2026 results 18 1 Normalised Profit After Tax of €283mn in Q3 2026, is Reported Profit /(Loss) After Tax of 269mn excluding (a) NPA transactions impact of€0.2mn, (b) €11mn on other adjustments and tax charge 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 In Q 3 2026, “other items” include the sum of: Other impairments of - €0.3mn, Impairment losses of fixed assets and equity investments of - €0.6mn, Gains/(Losses) on disposal of fixed assets and equity investments of - €0.1mn, Provisions and transformation costs - € 2.7 mn and Share of profits of associates and Joint ventures € 13.3 mn. 4 Q 3 2026 impact from NPA transactions of - €0. 2 mn, includes mainly impairment losses related to Athena and tax charge related to the above. 5 Detailed reference on normalised profits is available in the APMs section.
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Q 3 2026 results 19 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 Al pha 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 bankin g, 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 Enquires Alpha Bank FGS Global Iason Kepaptsoglou Director, Investor Relations Division Edward Simpkins +30 210 326 2271, +30 210 326 2274 +44 207 251 3801 ir@alpha.gr
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Q 3 2026 results 20 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. Referenc es to “Alpha Services 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 understand the leg al 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 Bank (or any member of its Group as to the accuracy, fairness, completeness, reliability or sufficiency of the info rmation 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 verified. 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 obje ctives, 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 ex pectations 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 suggested by, the forward - looking statements contained in th is 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 results 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 regulat ion 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 forward - 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 combination of factors, may cause actual result s 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 .