Slides
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1Q25 Financial Results 8 May 2025
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01 Highlights 02 Financial Results in Detail 03 Macro 04 ESG 05 Transformation Program 06 Appendix Table of Contents 2
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Highlights01 3
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Stand-out Balance Sheet Most trusted bank in Greece, with the largest savings and a very loyal deposit franchise Highly-liquid and well-capitalized B/S, with large share of low-cost core deposit funding, providing both resilience in uncertain times and a springboard for growth Clean balance sheet with NPE Ratio at 2.6% and highest coverage across stages Strong Profitability Strong profitability profile absorbs rate cuts, with RoTE of 16.5%1 in 1Q25, well above FY25 guidance of >13% Class leading Capital & Payouts Among the strongest capital buffers in Europe, provides optionality for increasing shareholder remuneration and further value creation through inorganic actions Best-in-class operating model and innovation capabilities, including top digital offering in Greece supporting customer experience The only Greek Bank to upgrade its Core Banking System (expected to complete in 2025) and among the top 10% in Europe in technological infrastructure and innovation Leading Franchise NBG stands out 4 Transformation Program Acts as a Competitive Advantage 1 Before one-offs and normalized for high 1Q25 trading income and before adjusting for excess capital 01 Highlights
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✓ Disbursements ✓ Performing Loans ✓ NPE ratio €1.6b 55 Solid 1Q25 performance across all fronts comfortably supports our FY25 guidance 01 Highlights 1 Before one-offs | 2 Before one-offs and normalized for 1Q25 high trading income | 3 Including period PAT | 4 Subject to AGM and regulatory approvals 5 ✓ RoTE ✓ PAT¹ ✓ EPS RoTE, PAT, EPS NIM, C:I, CoR PEs, NPEs Capital and Payout 16.5%² €0.4b €1.44² ✓ NIM ✓ C:I ✓ CoR 291bps 33.2%² 46bps +41% yoy +12% yoy€34b 2.6% -1.1pps yoy ✓ CET1³ ✓ Total Capital³ ✓ Payout accrual⁴ 18.7% 21.5% 60% FY25 guidance at >13% FY25 guidance at c€1.3 FY25 guidance at >280bps FY25 guidance at <50bps c4.5pps above our internal target of 14% 19.1%¹ / €1.67¹ / 30.3%¹ /
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56 46 41 1Q23 1Q24 1Q25 270 379 381 1Q23 1Q24 1Q25 6 1Q25 P&L KPIs continue to well absorb lower rates 01 Highlights PAT¹ | € m NII | € m Fees | € m Cost of Risk | € m 1 Before one-offs 8.98.16.9TBVPS | € 497 606 548 1Q23 1Q24 1Q25 NIM | bps 291326260 CoR | bps 465570 87 100 106 1Q23 1Q24 1Q25 Fees / Assets | bps 575445 +13% yoy excluding impact from State measures on payments (-€6m in 1Q25) 3M Eur avg | bps 256299392
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1.18 1.23 1.34 1.41 1.56 1.55 1.55 1.56 1.67 1Q23 6M23 9M23 FY23 1Q24 6M24 9M24 FY24 1Q25 7 01 Highlights Robust income supports profitability Income & PAT | € m Total Income 634 652 690 762 765 697 715 711 748 270 294 353 374 379 329 354 359 381 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 PAT¹ 1 Before one-offs EPS¹ | € c1.3FY25 guidance normalized for 1Q24 trading €1.44 normalized for 1Q25 trading
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Bonds 1.6 2.7 3.20.2 0.3 0.3 1.7 2.0 2.02.1 1.9 2.15.5 7.0 7.6 1Q24 4Q24 1Q25 82% 78% 80% 18% 22% 20% 1Q23 1Q24 1Q25 Time & other Core 8 01 Highlights Core deposits continue to increase, combined with market share gains in fee-generating FUMs Deposit¹ mix (%) Assets under Management (€ b) 1 Bank level | 2 Other deposits include: Investment products, deposit guarantee fund, margin accounts, reserve deposits | 3 Funds under management 2 +€1.7b yoy -€1.1b yoy reflecting the shift of our clients to investment products Domestic (€b) 53.6 54.2 Bond MF Mkt share (%) 23%17% +6pps yoy NBG MFs Institutional Client FuMs³ MF Mkt share (%) 15%11% +4pps yoy 3rd party MFs Equities Retail Client FuMs³ +37% yoy +19% yoy c2x yoy Mostly premium and private clients 2/3rds comprised of premium customers 22% 14% 53.0
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9 01 Highlights Our well-capitalized, highly-liquid Balance Sheet, provides a comparative advantage Group Assets (€ b) Group Liabilities (€ b) 8.9 1.3 36.1 20.4 2.4 6.2 3M25 Interbank Fixed assets Securities Net loans Cash & reserves Other 8.8 3.6 3.7 10.4 46.2 2.8 3M25 Debt Issues Core Deposits Equity Interbank Other Liabilities Fixed income portfolio is a natural hedge against normalizing rates HTC €15.2b HTCS €4.4b Trading €0.3b Excess liquidity at €5.8b • Deposits comprise 94% of our total net funding • 80% core deposits (Bank) • Structural hedges on demand deposits reduce interest rate sensitivity MREL resources over RWAs at 28.4% +€0.8b yoy increase in equity Leverage ratio at c9x (Assets/Equity) Time Deposits Performing loans €33.6b (+€12% yoy) Senior notes €2.5b (-€0.4b yoy reflecting securitizations solid performance)
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10 FY25 guidance well supported by 1Q25 financial performance 01 Highlights 1 Adj for State measures impact on payments | 2 Calculated on PAT before one-offs | 3 Normalized for high 1Q25 trading income | 4 Before adjusting for excess capital | 5 Subject to the bank’s business and capital plan updates Actual Actual Guidance P&L FY24 1Q25 FY25E NIM (bps) 319 291 >280 NII €2.36b €0.55b >€2.1b Fees growth (reported / adjusted) 12% 6% / 13%¹ 3Y CAGR >8% OpEx growth (reported / recurring) 6% / 5% 7% / 5% 3Y CAGR c5% Cost of Risk (bps) 53 46 <50 EPS² (€) 1.4 1.4³ c1.3 RoTE² ⁴ 17.5% 19.1% / 16.5%³ >13% B/S FY24 1Q25 FY25E Performing loan growth 10% 12% 3Y CAGR c8% NPE Ratio 2.6% 2.6% <2.5% CET1 18.3% 18.7% >18% post payouts⁵ Guidance KPIs >17% on internal CET1 target of 14%
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NBG’s strong fundamentals reflected in IG status across rating agencies and its credit spreads Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Moody's S&Ps Fitch Investment Grade Rating Scale BBB BBB- BB+ BB BB- B+ B B- CCC+ CCC S&P/ DBRS/ Scope Moody’s/ Fitch Sovereign rating evolution 01 Financial Highlights BBB stable BBB- stable Baa3 Stable BBB stable Rating & outlook BBB- stable BBB- stable Baa1 stable BBB stable Rating & outlook Credit rating | Sovereign and NBG NBG Senior and Tier II (Spreads %) 11 Mar-25 3.9% 3.9% 2.3% 2.0% 2.0% 1.8% 1.8% 1.4% 1.2% 1.2% 1.3% 6.3% 6.6% 4.9% 4.6% 4.2% 3.2% 2.9% 2.7% 1.9% 2.2% 2.3% Tier II Senior
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Financial Results in Detail 02 12
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13 Income resilience supports 1Q25 group PAT¹ at €381m 02 Financial Results in Detail P&L Highlights 1Q25 PAT¹ reaches €0.4b, reflecting strong income Key drivers in detail: • 1Q25 NII lower by 9% yoy, aligns with our FY25 guidance to reflect sharply lower interest rates (-c100bps cumulatively in 4Q24 and 1Q25), partially offset by healthy credit extension (disbursements at €1.6b in 1Q25 +41% yoy), deposit hedges and further optimization in our deposit mix • 1Q25 Fee income growth at +13% yoy excluding the impact from State measures on payments (-€6m in 1Q25), as retail and corporate businesses performed strongly. The cross sell of investment products (investment fees +60% yoy) continues to be strong, with the impressive FY24 mutual fund market share gains sustained in 1Q25 • Recurring OpEx up by +5%² yoy reflects higher personnel expenses due to increased wages and variable remuneration, as well as investment in human capital including onboarding new talent and skills through hires. The benefit of the 4Q24 VES will fully materialize in 2H25 onwards due to delayed exits • C:I at 30%, reflecting top line resilience • CoR at 46bps, on sustained favorable asset quality trends RoTE¹ at 19.1% or 16.5% normalizing for strong 1Q25 trading gains (before adjusting for excess capital), well above our FY25 guidance of >13%, down from 2024 peaks as rates normalize and capital increases P&L | Group (€ m) 1Q25 1Q24 YoY 4Q24 QoQ NII 548 606 -9% 575 -4% Net fee & commission income 106 100 +6% 115 -8% Core Income 654 705 -7% 689 -5% Trading & other income 94 60 +58% 22 >100% Total Income 748 765 -2% 711 +5% Operating Expenses (227) (211) +7% (246) -8% Core PPI 427 494 -14% 444 -4% PPI 522 554 -6% 466 +12% Loan & other Impairments (42) (55) -23% (63) -33% Operating Profit 479 499 -4% 402 +19% Taxes (97) (119) -18% (42) >100% PAT¹ 381 379 +1% 359 +6% Attributable PAT³ 371 358 +4% 174 >100% Key P&L ratios 1Q25 1Q24 YoY 4Q24 QoQ NIM over avg assets (bps) 291 326 -35 310 -19 Cost-to-Income (%) 30.3% 27.6% +2.7pps 34.5% -4.3pps CoR (bps) 46 55 -10 49 -3 RoTE¹ (%) 19.1% 20.9% -1.8pps 18.5% -0.6pp 1 Before one-offs | 2 Normalizing variable pay accruals in 1Q24 and the delayed exits from the 4Q24 VES expected to occur in 2H25 | 3 Excluding NBG Egypt Branch recycling of -€70m
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Key Balance sheet ratios 3M25 FY24 9M24 6M24 3M24 Liquidity Loans-to-Deposits 64% 63% 60% 60% 60% LCR 259% 261% 270% 240% 249% NSFR 146% 148% 150% 149% 150% Asset quality NPE ratio 2.6% 2.6% 3.3% 3.3% 3.7% NPE coverage 97.5% 98.2% 86.0% 85.6% 86.1% Stage 3 coverage 54.3% 55.6% 51.8% 50.3% 52.4% Capital CAD 21.5% 21.2% 21.5% 20.9% 21.3% CET1 18.7% 18.3% 18.7% 18.3% 18.6% RWAs (€ b) 37.4 37.4 37.9 38.2 37.2 14 Best in class balance sheet with strengthening comparative advantages 02 Financial Results in Detail Balance sheet Highlights • 1Q25 performing loans up by a solid +12%¹ yoy, compare favorably to our 3yr CAGR of c8%, with disbursements of €1.6b in 1Q25, resulting into a credit expansion of c€0.3b¹ • Corporate clients deposits optimization experienced in 1Q25, reverses in Apr25, as corporate deposits were subsequently up by +€0.4b • Exposure to fixed income securities of €20b provide a natural hedge to our NII from lower interest rates • Our net cash position remains strong and a key comparative advantage, funding loan expansion and a high margin fixed income securities book • NPE ratio at 2.6%, with absence of NPE flows allowing CoR normalization below 50bps in 2025 as guided • NPE stock at €0.9b; highest coverage across stages by European standards provide resilience in times of uncertainty, highlighting NBG’s balance sheet strength • CET1 at 18.7%, higher ytd despite increased payout accruals to 60% from 50% in FY24 and accelerated DTC amortization; CAD at 21.5% • MREL ratio at 28.4%, fulfills the final MREL target (26.8%) Key Balance sheet items 3M25 FY24 9M24 6M24 3M24 Total Assets (€ b) 75.3 75.0 74.3 73.7 72.4 Performing Loans (€ b) 33.6 33.6 31.4 31.4 30.2 Securities (€ b) 20.4 20.4 18.2 17.7 17.5 Deposits (€ b) 56.5 57.6 57.0 57.1 55.6 Tangible Equity (€ b) 8.2 7.8 7.7¹ 7.7 7.4 1 Adjusted for FX impact of -0.8pp | 2 2023 dividend of €332m paid in July24
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18.3% 19.2% 18.7% 21.2% +c1.0% -c0.2% +c0.1% -c0.5% 21.5% FY24 1Q25 Profitability Credit RWAs Other 1Q25 before payout Payout 1Q25 15 02 Financial Results in Detail Strong profitability comfortably absorbs a 60% payout accrual for 2025 1Q25 capital movement¹ CET1 CAD RWAs €37.4b€37.4b 1 Including period PAT and payout | 2 Including Basel IV impact | 3 Including prudential DTC amortization acceleration | 4 Subject to AGM and regulatory approvals Payout at 60% of 2025 earnings 432
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16 02 Financial Results in Detail Income resilience leads 1Q25 group PAT¹ to €0.4b Group PAT¹ (€ m) Group PAT¹ (€ m) 433 554 522 -56 -46 -42 1Q23 1Q24 1Q25 CoR PPI +1% yoy PPI: -6% yoy 381379 1 Before one-offs | 2 Normalizing variable pay accruals in 1Q24 and the delayed exits from the 4Q24 VES expected to occur in 2H25 | 3 Excluding NBG Egypt Branch recycling of -€70m CoR: -10% yoy 270 379 -57 +6 +35 -8 -4 -4 +13 +22 381 -9% +6%Yoy -23%+5%² Reflects the sharp reduction of average 3M EUR by c100bps in 4Q24 and 1Q25 4Q24 VES exit benefit will fully materialize in 2H25 onwards +4% yoy371358260 PAT¹ Attrib. PAT³
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578 561 563 553 524 28 26 26 22 25 606 587 589 575 548 1Q24 2Q24 3Q24 4Q24 1Q25 Int'l Domestic 326 322 320 310 291 -77 -87 -81 -68 -51 20 11 11 -3 -3 168 163 166 169 165 18 17 17 17 13 450 457 449 438 400 1Q24 2Q24 3Q24 4Q24 1Q25 Loans (PE) Loans (NPE) Securities Funding & other Deposits 392 381 356 299 256 02 Financial Results in Detail NII and NIM adjust to lower rates in line with expectations and guidance Group NII (€ m), Group NIM (bps) Domestic NII breakdown (€ m) NIM¹ (Group) 3M Euribor (avg) 1. Calculated over average total assets -19bps qoq -43bps qoq 578 561 563 553 524 17 Better depo mix and benefit from hedging Avg 3M EUR lower by -57bps in 4Q and -43bps in 1Q -46bps from peak -140bps from peak -€3m qoq due to calendar effect -€12m qoq due to calendar effect
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6.6 6.4 6.4 1.3 1.4 1.4 1.2 1.3 1.4 19.5 22.6 22.6 28.6 31.8 31.8 1Q24 4Q25 1Q25 Corporate SBL Consumer Mortgages 18 02 Financial Results in Detail 1Q25 PEs at +12%¹yoy; solid credit expansion despite seasonality; yields drop on sharply lower rates 1 Adjusted for FX impact of -0.8pp | 2 Loan disbursements for the period excluding rollover of working capital repaid and increase in unused credit limits | 3 Excl. cards | 4 Excl. shipping +17% yoy 1.6 1.8 1.8 Group Int’l 30.2 33.6 Greece 33.6 +13% yoy +7% yoy Group Performing loan evolution (€ b) Loan disbursements² & expansion (€ b) Greek PE lending yields (bps) 0.4 0.4 0.3 0.4 0.4 0.7 2.5 0.9 3.7 1.2 1.1 2.9 1.3 4.1 1.6 1Q24 2Q24 3Q24 4Q24 1Q25 Series1 Series3 -0.2 +0.3¹Net Credit expansion +41% yoy Corporate Retail 392 381 356 299 256 475 468 461 449 426 983 978 970 928 923 794 766 724 678 630 616 604 575 518 461 1Q24 2Q24 3Q24 4Q24 1Q25 Consumer³ SBLs Corporate⁴ Mortgages Total Performing 626 617 596 554 501 PE yield drops commensurately with the avg EUR reduction of 4Q24 and 1Q25 +1.3 +2.0-0.0 3M Euribor (avg) +9% yoy +12% yoy +12% yoy 1 1
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8 8 8 8 7 1Q24 2Q24 3Q24 4Q24 1Q25 46 47 44 41 38 209 212 202 191 180 29.7 29.9 30.4 30.8 30.8 6.1 6.5 6.9 7.0 6.8 7.6 8.4 7.7 7.5 7.2 10.2 10.1 9.8 9.9 9.3 53.6 54.9 54.8 55.2 54.2 1Q24 2Q24 3Q24 4Q24 1Q25 Time Sight & other - Corp Sight & other - Retail Savings 19 02 Financial Results in Detail Deposit yields edge lower and deposit hedges increasingly in the money Group deposits evolution (€ b) Greek deposit yields (bps) & NII (€m) 2.0 2.2 2.2 2.4 2.4 Group Int’l Greece 55.6 57.1 57.0 56.5 Demand Term Total +€0.9b yoy57.6 Retail FuMs up +€0.7b ytd Corporate deposits in Apr25 up +€0.4b -77 -87 -81 -68 -51 1Q24 2Q24 3Q24 4Q24 1Q25 Deposit NII including hedges
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21.1% 21.5% 6.9% 6.9% 28.0% 28.4% 26.8% MREL resources (FY24) MREL resources (1Q25) Final MREL target (30.06.25) 9.1 6.4 5.8 1Q24 4Q24 1Q25 77% 17% 6% Current, sight & other Deposits Time Deposits Long term wholesale Debt 20 Fixed income securities exposure shields NII as ECB rates decline 02 Financial Results in Detail Cash & reserves, Net Interbank (€ b) NBG Funding Cost (bps) MREL targets and resources¹ | % RWAs Funding structure (%) 1 Including period PAT and payout | 2 Including CBR at 3.6% 3M Euribor (avg) CoF (Blended eop) 264 336 378 396 392 381 356 299 256 46 58 66 77 80 77 73 72 71 19 31 38 43 46 47 44 41 38 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Deposit cost (avg) NBG own funds Senior preferred & other eligible liabilities c€60b Of which Senior debt €2.5b Tier II €1.1b Group Deposits of c€57b comprise c94% of total net funding2 FY24 issuances SP Green Bond €650m SP €600m Tier II €500m (€400m Tier II refinancing) Final MREL target Excess cash funds placed in fixed income securities, up by €2.9b yoy
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7 6 13 16 6 104 4 13 8 9 11 52 55 1Q24 1Q25Deposits Payments Bancassurance Investment products Cards Lending & other 13 23 14 16 2 1 3 3 32 43 1Q24 1Q25 Deposits & payments Investment banking & products Trade Finance & other related Lending & other 02 Financial Results in Detail Fee growth +13%¹ yoy, led by core banking fees and investment product cross sell Group fees (€ m) Retail fees² (€ m) Corporate fees² (€ m) 52 55 32 43 12 44 4100 106 1Q24 1Q25 International Domestic Non-core banking Domestic Corporate Fees Domestic Retail Fees Fees/Assets 54bps 57bps +6% ΥοΥ +79% +19% -5% +35% ΥοΥ 1 Adjusted for State’s measures impact on payments | 2 Domestic -9% +18% -35% +26% +6% +60% ΥοΥ Driven by increased MF cross sell -0% 21 Flat ex State measures +13% yoy ex State measures on payments (-€6m in 1Q25) +15% yoy excluding State measures Includes c€7m of non recurring fees Reflects higher fees from corp. disbursements (60% yoy) and from unused credit lines
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12.0 9.2 8.5 7.8 7.4 6.9 6.7 6.5 6.6 7.8 1.6 1.6 1.6 1.4 1.2 1.2 1.1 1.1 19.8 10.8 10.1 9.4 8.8 8.1 7.9 7.6 7.7 FY15 FY18 FY19 FY20 FY21 FY22 FY23 FY24 1Q25 527 461 389 366 338 329 314 314 314 FY15 FY18 FY19 FY20 FY21 FY22 FY23 FY24 1Q25 Recurring expenses up by +5% yoy, C:I at 30% 02 Financial Results in Detail Group C:I (%) Group headcount (#k) Domestic branches² (#) 1 Normalizing variable pay accruals in 1Q24 and the delayed exits from the 4Q24 VES expected to occur in 2H25 | 2 Tellerless branches amount to #39 in 1Q25, #34 in FY24, #18 in FY23, #9 in FY22 6.0 6.6 6.8 7.5 14.8 16.2 1Q24 1Q25 Personnel cost/ income % G&As/ income % Depreciation/ income % Cost/ income % Int’l Greece 1Q25 1Q24 YoY Personnel 121 113 +7.3% G&As and Depreciation 105 98 +7.7% Total 227 211 +7.4% More than 2/3rds of 4Q24 VES exits to materialize in 2H25 6.3 at Bank level -147 branches Optimization supported by digital strategy implementation 27.6 30.3 +2.7pps yoy Group OpEx by category (€ m) o/w 39 tellerless 22 +c5% yoy normalized¹ Reflecting increased wages, investment in human capital and 4Q24 VES delayed exits +c3% yoy normalized¹
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0.6 0.5 0.6 0.4 0.5 0.2 0.2 0.2 0.2 0.2 0.4 0.5 0.3 0.3 0.2 0.1 0.1 0.1 0.1 0.1 1.3 1.2 1.2 0.9 0.9 1Q24 2Q24 3Q24 4Q24 1Q25 International NPEs Domestic FNPES <30 dpd Domestic FNPEs >30 dpd & other impaired Domestic 90+dpd 0.2 0.1 0.1 0.6 0.3 0.1 0.1 0.7 1Q24 1Q25 1Q242 1Q24 1Q25 3Q23 2 1Q24 1Q25 3Q23 2 1Q24 1Q25 23 Favorable asset quality trends are sustained 02 Financial Results in Detail Domestic NPE stock per category | 1Q25 (€ b) Group NPE stock evolution (€ b) SBLsConsumerMortgages Corporate NPE ratio 3.7% 3.3% 3.3% 2.6% 2.6% o/w: €0.1b or c23% <30dpd o/w: €0.1b or c53% <30dpd NPE balance change (€ b, Bank) -0.1 NPE inflows (+) Curings Debt fgv, recoveries, liquidations -0.1 -0.1 NPE organic flows NPE inorganic flows & write-offs -0.1 0.0 -0.2-0.0 NPE movement 2Q24 3Q24 4Q241Q24 NPE outflows (-) -0.1 -0.1 0.0 1Q25 0.0 0.0 -0.0 -0.0 0.0 0.0 -0.1 -0.0 -0.2 0.0 0.2 0.1 0.1 0.1 0.1 -0.1 -0.1 -0.1 -0.1 -0.1 -0.0 0.0 -0.0 -0.1 -0.0
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41% 61% 53.2% 54.3% 3.5% 2.2% 2.6% 2.6% Retail Corporate Total Domestic Total Group 24 FNPEs, mostly comprised of <30dpd exposures, support organic NPE reduction 02 Financial Results in Detail NPE ratios and coverage | 1Q25 Domestic forborne stock (€ b) | 1Q25 1 Collateral coverage at Bank level Stage 3 coverage Collateral coverage¹ NPE ratio 69% 60% 64% FNPEs <30 dpd 0.2 FNPEs 31-90dpd 0.0 FNPEs >90dpd 0.1 FPEs 0.6 €1.0b NPE coverage at 97%
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8.9% 7.0% 6.5% 6.4% 31.03.24 30.09.24 31.12.24 31.03.25 3.7% 3.3% 2.6% 2.6% 31.03.24 30.09.24 31.12.24 31.03.25 25 Leading coverage levels across stages provide a comfortable cushion during uncertain times 02 Financial Results in Detail Group gross loan stage evolution (€ b) Group S2 ratio and coverage (%) 1 S1 loans include Frontier senior notes (€2.5b in 1Q25) Group S3 ratio and coverage (%) 29.7 31.2 33.3 33.5 3.0 2.4 2.4 2.4 1.3 1.2 0.9 0.9 31.03.24 30.09.24 31.12.24 31.03.25 Stage 3 Stage 2 Stage 1¹ Δ yoy Ratio Coverage Ratio Coverageo/w: €0.6b FPEs €1.5b SICR €0.3b +30dpd -0.3 -0.7 +3.8 7.5% 7.6% 7.6% 8.2% 52.4% 51.8& 55.6% 54.3%
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Macro 03 26
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-10 0 10 20 30 40 50 60 100 110 120 130 140 150 160 170 180 190 200 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 €b€b Private sector: Net credit flows (€b, right axis) Households: Disposable income (€b, left axis) Private sector: Gross operating surplus (€b, right axis) Sources: ELSTAT, Bank of Greece & NBG Economic Analysis 114 170 161 114 136 80 90 100 110 120 130 140 150 160 170 180 2017 2018 2019 2020 2021 2022 2023 2024 index, 2017=100 GDP (constant prices) House prices (HPI) Deposits (private sector) Employment Gross operating surplus (private sector) 2727 03 Macro Economic activity on a solid footing in the first months of 2025 Strengthened growth fundamentals support economic resilience Strong carryover effects and healthy fundamentals should offset external headwinds Key macroeconomic and financial indicators on the rise Greece’s economy remains on a steady upward trajectory, as evidenced by economic activity indicators available for the first months of the year: ─The unemployment rate declined to a 15y low of 8.9% in 1Q25 with employment increasing by 1.1% yoy (+46.1K additional employees on an annual basis), while survey data on employment expectations strengthened further in 1Q25 climbing to an 11-month high in Apr25. ─ Retail trade volume (excl. fuels) increased by 4.8% yoy in 2M25, compared with annual declines of 0.5% in 4Q24 and 4.1% in 1Q24, as slowing inflation lifts demand for basic goods, while spending on durables remains robust (spending on household equipment at +2.1% yoy). ─Manufacturing production growth has firmed to 1.6% yoy in 2M25 (from -0.1% yoy in 4Q24) with food, beverages & basic metals sectors having the largest contributions. ─Business turnover (excl. fuels) grew by 4.5% yoy in 2M25, the same pace as in 4Q24. ─VAT revenue (excl. fuels) surged by 13.1% yoy in 1Q25 (6.1% yoy in 1Q24) pointing to robust activity and sustained fiscal efficiency gains. ─Bank lending to the corporate sector (NFCs) expanded by a solid 16.8% yoy in March with cumulative ytd credit flows of €2.3b in 1Q25, compared with €0.3b in 1Q24. Moreover, latest information on FY24 macroeconomic outcomes entail positive carryover effects for economic activity and business conditions in 2025: ─A strong carryover effect of 1.2 pps from accelerating GDP growth to 2.6% yoy (0.9% qoq, s.a.) in 4Q24 driven by a pick-up in GFCF and exports. ─Private sector profits, approximated by the gross operating surplus, climbed to a 15y high of €46b, growing by 5.4% yoy in 2024, whereas household disposable income grew by 4.4% yoy (+1.7% in real terms) to the highest level since 2010. Household disposable income, business profits and credit growth at multi-year highs
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50 60 70 80 90 100 110 120 130 50 60 70 80 90 100 110 120 130 Apr-19 Aug-19 Dec-19 Apr-20 Aug-20 Dec-20 Apr-21 Aug-21 Dec-21 Apr-22 Aug-22 Dec-22 Apr-23 Aug-23 Dec-23 Apr-24 Aug-24 Dec-24 Apr-25 index ESI: Greece ESI: Euro area Covid-19 War in Ukraine Wildfires and historic flood Sources: European Commission, Rating Agencies’ Press Releases & NBG Economic Analysis 2828 03 Macro Forward-looking indicators point to a steady pace of GDP growth, despite increasing uncertainty, amid escalating trade tensions, and heightened financial volatility: ─ Economic sentiment eased slightly to 107.4 in Apr25 from 107.7 in both 1Q25 and FY24, on resilient conditions in Greek industry and services sectors, while construction confidence gained traction in March-April. ─ The manufacturing PMI points to robust production growth (53.2 in April 2025 and 53.4, on average, in 4Μ25 from 51.8 in 4Q24), on solid production expectations, lowered input costs and resilient pricing power. ─ International tourist arrivals at Athens Airport surged by 13.7% yoy in 4M25, with early booking and flights seat planning data for 2025 pointing to new highs, assuming no further escalation of trade tensions, impairing consumer confidence. Primary fiscal surplus surged to an all-time high of 4.8% of GDP in 2024 − exceeding even the most optimistic expectations − on strong cyclical tailwinds and increasing tax efficiency gains, while public debt, as % of GDP, dropped on an annual basis in 2024 to 153.6% − a 14y low. S&P and DBRS upgraded Hellenic Republic to one notch above investment grade in 4Μ25, while Moody’s granted Greece an investment grade status on 14/3. Greece’s macroeconomic performance will be further lifted by the following factors: ─ More supportive fiscal and monetary policy (estimated net fiscal impulse of +1.4% of GDP in 2025 − vs a 2-pp drag in 2024 − including PIB/RRF spending and improving financial conditions, as ECB rates edge closer to neutral levels, bolstering lending). ─ Increasing probability of lower oil prices, as global growth prospects weaken, and strengthened euro, bode well for milder inflation and production cost growth, with a 10%-drop in oil prices typically lifting Greek GDP growth by 0.2 pp, on average. High frequency indicators for April showed resilience to heightened global volatility Resilient growth drivers and steadily improving risk assessment to offset emerging risks, as major policy shifts unfold globally Important growth catalysts increase the economy’s resilience to external shocks Robust economic sentiment led by industry, services & construction sectors 0 3 6 9 12 15 0 3 6 9 12 15 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 other major agenciesMoody's Fitch Moody's S&P DBRS Scope investment grade A3 Baa1 Baa2 Baa3 Ba1 Ba2 Ba3 B1 B2 B3 Caa1 Caa2 Caa3 Ca C A- BBB+ BBB BBB- BB+ BB BB- B+ B B- CCC+ CCC CCC- CC C D New upgrades of Greece’s sovereign rating by Moody’s, DBRS and S&P on impressive fiscal performance
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-15 -10 -5 0 5 10 -15 -10 -5 0 5 10 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F yoy, 2y m.a. Household disposable income (estimated at constant prices) Private consumption (constant prices) 0 100 200 300 400 500 600 700 800 0 50 100 150 200 250 300 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 9M24 €b€b Investment fund shares (left axis) Debt securities (left axis) Listed shares (left axis) Insurance (left axis) Deposits (left axis) Housing wealth (right axis) 2929 03 Macro Sources: ELSTAT, Bank of Greece, Eurostat, ECB & NBG Economic Analysis Solid labor market trends to support household consumption and investment Solid increase in real disposable income for a 2nd consecutive year to support consumption Higher financial savings of households combined with more differentiated investment patterns -15 -10 -5 0 5 10 15 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 1Q19 1Q20 1Q21 1Q22 1Q23 1Q24 1Q25 -15 -10 -5 0 5 10 15yoy yoy Labor compensation (%) Consumer loans (%) CPI (%) Increasing labor income and consumer credit bolster household spending as inflation pressures subside 0 5 10 15 20 25 30 -6 -4 -2 0 2 4 6 8 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1Q25 %yoy GR: Employment (yoy, left axis) GR: Unemployment rate (%, right axis) EA: Unemployment rate (%, right axis) Unemployment rate at a 15y low of 8.9% in 1Q25, with employment up by 1.1% yoy
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95 115 135 155 175 195 215 95 115 135 155 175 195 215 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 index, 2014=100 US China Other AEs* Other EDMEs** Greece * Advanced economies ** Emerging & developing markets -4 0 4 8 12 -10 0 10 20 30 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 yoy, 3m m.a. yoy GFCF excl. residential investment (left axis) Capacity υtilization in industry (right axis) 3030 03 Macro High capacity utilization rates in industry point to stronger GFCF growth in 2025 Sources: ELSTAT, European Commission, S&P Global, IMF (WEO, April 2025) & NBG Economic Analysis Corporate activity remains resilient to external headwinds on strengthened fundamentals Fixed capital investment by the Greek business sector exhibits remarkable dynamism starting from a very low initial position 0 10 20 30 40 50 60 70 0 50 100 150 200 250 300 350 400 450 500 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 €b€b Business turnover (left axis) Gross operating surplus (private sector, right axis) Business turnover and profits at pre-crisis highs 25 30 35 40 45 50 55 60 65 70 25 30 35 40 45 50 55 60 65 70 Apr-19 Oct-19 Apr-20 Oct-20 Apr-21 Oct-21 Apr-22 Oct-22 Apr-23 Oct-23 Apr-24 Oct-24 Apr-25 index Manufacturing PMI range in Euro area (excl. Greece) Average manufacturing PMI in Euro area Greece: Manufacturing PMI Values below 50 indicate a decrease, values above 50 indicate an increase Continuing outperformance of Greek manufacturing against euro area peers
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-4 -3 -2 -1 0 1 2 3 4 5 6 CY IE EL PT LU IT SI NL LT LV ES HR EE EA DE BE MT FI AT FR SK %GDP Primary balance (% of GDP) 3131 03 Macro Sources: ELSTAT, Hellenic Ministry of Finance, Eurostat, Bank of Greece, ECB & NBG Economic Analysis Supportive fiscal stance in 2025 combined with strong credit trends and lower policy rates Greece remains among the top fiscal performers under the new EU fiscal regime -2 0 2 4 6 8 10 12 -2 0 2 4 6 8 10 12 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 yoy Greece (credit to private sector, yoy, %) Euro area (loans to private sector, yoy, %) Bank lending to the private sector to be further bolstered by the ECB policy easing 60 85 110 135 160 185 210 -12 -8 -4 0 4 8 12 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F %GDP%GDP General Government primary balance (% of GDP, left axis) General Government gross debt (% of GDP, right axis) surplus decifit 4.8% vs target of 2.5% Primary surplus at an all- time high in 2024, enabling a more supportive fiscal stance in 2025. Debt-to- GDP ratio down by 10.3 pps to 153.6% in 2024 0 2 4 6 8 10 0 2 4 6 8 10 12 14 16 18 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F 2026F %GDP€b RRF grants (€b, left axis) PIB (€b, left axis) PIB & RRF (% of GDP, right axis) RRF-related spending and a €0.5b increase in national contribution, announced in April, lift total PIB/RRF spending to new highs in 2025-2026
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ESG 04 32
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04 ESG Creating value for businesses and households while enabling Greece's transition 33 • 205 RRF applications • €1,518m RRF loans contracted, of which €823m under Green Pillar Leading sustainable energy financing Accelerating transition to a sustainable economy Corporate (Mar25) • €67m green business loans • €136m green mortgages (actual EPC A-C) • €40m home retrofit loans (c.32% share in state- sponsored Exoikonomo programme) • €37m green auto loans Role-modelling environmentally responsible practices C&E theme Key recent developments and metrics Green bond issuances (€ m) 22% Corporate RES financing (€ b) 500 650 2020 2024 Fully utilized as of 2022 1Q25 mix: • 44% wind • 34% solar • 22% hydro & other 2027 target: €3.3b 1.1 1.6 2.0 2.3 2.3 2021 2022 2023 2024 1Q25 2x Retail (Mar25) • 1.9% on Turnover basis • 3.1% on Capex basis EU Taxonomy GAR (Dec24) 2025-27 target: €150-180m energy upgrade financing over next 3 years • 0.2MW solar panels in 3 buildings • 2.3MW solar panels in PAEGAE logistics subsidiary Energy-efficient buildings Energy-efficient car fleet • >70% of company cars hybrid / electric • Electric car charging points installed in 9 buildings
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34 04 ESG Long-tradition of contributions to society continued, with impactful initiatives • Volunteer Forest Firefighters Program: In partnership with Latsis Foundation, Martinos Foundation, Desmos, WWF & HIGGS. Equipment for 1,936 volunteers of 50 teams, and training for 574 volunteers of 118 teams to- date (€0.2m for Phase 1; €0.3m committed for Phase 2) Environment protection • Ippokrateion Hospital Thessaloniki: Renovation of Artificial Kidney Unit (€1.6m committed) • Greek Athletes Program: Support of 7 champions until 2026 Public health & well-being • "Marietta Giannakou" Program: Renovation projects for public schools (€25m committed) • ENNOIA Initiative: In partnership with Accenture, Prof. M. Haliassos & Komvos. 3 pillars/hubs focused on empowering households in their financial decisions – Research / Digital / Community (€0.3m committed over 2 years) Financial empowerment & inclusion • NBG Cultural Foundation (MIET): Publications, exhibitions, conferences and lectures on history & culture (€2.5m committed annually) • NBG Historical Archive: Extensive archive material open to researchers, education programs for primary and high school students, exhibitions, conferences and lectures Greek heritage, culture & creativity Entrepreneur- ship & innovation • NBG Business Seeds: Annual Innovation & Technology Competition (16th year); Greek start-up ecosystem accelerator; €0.7m prize awards (to 140 start-ups), €5.5m loans & direct investments in 18 start-ups to-date • Panathēnea Festival: Founding Partner of the modern reimagination of the ancient Greek festival, ringing together the ecosystems of technology, art, and startups • Junior Achievement Virtual Business Competition: Mentoring to high-school students by NBG executives, and participation as judges in 2 trade fairs held in Thessaloniki & Athens Social themes Key recent developments and metrics
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04 ESG Enhanced sustainability disclosures and strong participation in ESG ratings / indices ESG ratings & indices 1Q25 Comments ESG rating A ISS Corporate rating ISS ESG score (E | S | G) C (Prime) (1|1|2) Top 20% banks globally, #1 in Greece Carbon disclosure score C A for Emissions Reduction Initiatives & Low Carbon Products; A- for Scope 1 & 2 emissions; B for Scope 3 emissions ESG score 15.4 (Low Risk) Top 15% banks globally ESG score 50 Top 20% banks globally ESG data rating 2 ESG index ✓ Gender Equality score Pending ESG index ✓ Memberships Selected awards Best Corporate Governance – Greece 2024 Diamond Corporate Responsibility Index (CRI) – Top ESG Performing Company 2023-24 • Sustainability statement integrated into Annual Report as per CSRD/ESRS standards • Double Materiality Assessment (DMA) • Impacts, Risks & Opportunities (IRO) Analysis • Material ESRS topics: E1 Climate Change E4 Biodiversity & Ecosystems S1 Own Workforce S4 Consumers & End-users G1 Business Conduct Integrated reporting
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Transformation Program 05 36
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Corporate & Investment banking • New Corporate coverage and service model, with continuous improvement in customer experience (e.g., further enhancement of credit process and time-to-yes) • Strengthening of frontline of RMs, as well as middle- and back-office resources to support accelerated international lending growth • Innovative fee-generating products and digital solutions through Corporate Transaction Banking (CTB) Our Transformation Program acts as a competitive advantage for NBG 05 Transformation Program Retail banking • New Individuals service and operating model, incl. launch of a new Remote Channel and optimization of key customer journeys (e.g., onboarding) • Strengthening of frontline of RMs as well as technology infrastructure in Wealth segments, to support further investment growth • Design of new service and operating model for Small Business segment 37 Digital Business & Partnerships • Leading digital franchise in Greece, with >4.3m subscribers, >3.1m active users (12M) and 1.8m cumulative digital sales to-date • Continuous upgrade of digital assets including new digital banking platform, new Business Internet Banking and new functionalities in Next app for youth • Commercial launch of the Uniko housing platform (JV with Qualco) as a disruptor in the real estate ecosystem Technology & Processes • Final year of migration to new Core Banking System incl. Mortgages, Deposits and Customers streams (with project fully on track) • Further modernization of technology infrastructure incl. new workflow system (credit cards) and consolidation of CRM platforms • Launch of first GenAI use cases across the Bank incl. chatbots, and augmentation in IT and operations
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38 Our digital business and partnerships continue to deliver impressive results 05 Transformation Program Dedicated digital assets Retail app 5.1m downloads 4.6 rating NEXT app 167k downloads 4.6 rating Est. 2024 Business app 224k downloads 4.8 rating Est. 2023 Digital KPIs (1Q25) Active users 12M >3.1m vs. 2.5m FY2021 Active users 1M 2.6m vs. 2.0m FY2021 Digital unit sales 1.8m vs. 0.5m FY2021 (cumulatively) Mobile users market share¹ 31% Internet users market share¹ 25% Digital sales market share (4Q24) Insurance Credit cards Consumer loans 42% 41% 33% Embedded banking & strategic partnerships • Mature embedded banking footprint with 680 agreements (c.120 agreed in 2024) • NBG Pay (49% NBG): c.270k terminals, c.221k merchants, €3.0bn gross transactions (1Q25) • EpsilonNet (15% NBG): Business loan referrals; subscription-based products • Uniko JV w. Qualco (49% NBG): Mortgage loan referrals; housing ecosystem services 1 Refers to FY24
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NBG entered a new Partnership with Qualco Group to create Uniko 39 Lead the market with a new, innovative, digital channel for its product offering 02 Maintain focus on customer experience by offering solutions in a lengthy, fragmented process 04Capture opportunities in the booming RE market and emerging market for auction & REOs properties 01 Strengthen Bank’s positioning in the mortgage market as platform’s sole lender 03 Combine NBG’s embedded banking capabilities with technology expertise of a partner 06 Develop RE platform including App/ Website, Data Analytics & integration APIs with NBG & 3rd parties 05 NBG Aspiration A new, better way to buy or sell a house, today. What makes Uniko unique Scale Speed Safety ✓ All essential Real Estate services under one roof ✓ Enhanced User Experience supported by advanced technological capabilities & analytics ✓ Personalized customer service ✓ Certified buyers & sellers ✓ Simplicity & clarity, no unnecessary complexity ✓ Qualified properties, accreditation by NBG ✓ Integrated financing solution 05 Transformation Program The first digital, real estate ecosystem in the Greek market
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Appendix 06 40
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2025-27 key strategic objectives 06 Appendix Be the best bank for our clients Leverage on market dynamics for credit expansion on the back of improvement in customer experience and product & service offering to drive market shares gains across sectors Capitalize on client base and partnerships to accelerate cross sell Increase penetration in wealth management and embedded finance Invest in Technology & People Lead the sector in IT, digital transformation and innovation Further automation, including AI, to improve operational efficiency Rejuvenate workforce attracting new talent and skillsets Utilize class leading capital levels Excess capital of over €2b provides strategic flexibility and opportunity for creation of incremental value to our shareholders Exploring opportunities domestically and abroad in core and adjacent markets Value Creation and Shareholders’ Remuneration Sustain a RoTE of >18%1 post rate normalization Increase payouts to c60%, offering double digit yields, supported by share buy backs 41 1 Adjusted for excess capital
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2.3% 2.3% 2.0% 1.8% 2024A¹ 2025E 2026E 2027E 10.0% 9.4% 8.8% 8.6% 2024A 2025E 2026E 2027E 42 Business Plan macro assumptions 06 Appendix Real GDP yoy growth RRE prices yoy growth 9.3% 4.9% 3.2% c3% 2024A¹ 2025E 2026E 2027E CPI yoy growth 2.7% 2.2% 2.0% c2% 2024A 2025E 2026E 2027E Interest rates, bps 3.0% 2.0% 2.0% 2.0% 3.6% 2.2% 2.0% 2.0% 2024A 2025E 2026E 2027E DFR eop 3M Euribor aop Greek Government Bond 10Y yield aop 3.4% 3.1% 3.1% 3.2% 2024A 2025E 2026E 2027E Unemployment rate aop 1 9M24
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Key P&L dynamics of the 2025-27 BP 06 Appendix 43 • OpEx contained at a 3Y CAGR of c5% supporting growth and class-leading investments in IT and digital infrastructure • CoR to normalize <40bps • NIM remains at high levels of >280bps, absorbing base rate normalization to c200bps • NII >€2.3b in 2027, on robust credit growth of c8% 3Y CAGR and a dynamic balance sheet • RoTE at a steady state >14% in 2027, or >18% on an internal CET1 target of 14% • Fee income to increase at a 3Y CAGR of >8% driven by non lending fees and sustained strong results in cross selling including investment products
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44 2025-27 Business Plan guidance 06 Appendix Actual Actual Business Plan 2025 -2027 P&L FY24 1Q25 FY25E FY27E NIM (bps) 319 291 >280 >280 NII €2.36b €0.55b >€2.1b >€2.3b Fees growth (reported / adjusted) 12% 6% / 13%¹ 3Y CAGR >8% OpEx growth (reported / recurring) 6% / 5% 7% / 5% 3Y CAGR c5% Cost of Risk (bps) 53 46 <50 <40 EPS² (€) 1.4 1.4³ c1.3 c1.5 RoTE² ⁴ 17.5% 19.1% / 16.5%³ >13% >14% B/S FY24 1Q25 FY25E FY27E Performing loan growth 10% 12% 3Y CAGR c8% NPE Ratio 2.6% 2.6% <2.5% c2% CET1 18.3% 18.7% 18% post payouts⁵ >18% on internal CET1 target of 14% Financial performance metrics >17% on internal CET1 target of 14% 1 Adj for State measures impact on payments | 2 Calculated on PAT before one-offs | 3 Normalized for high 1Q25 trading income | 4 Before adjusting for excess capital | 5 Subject to the bank’s business and capital plan updates
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319 291 >280 >280 -500 -300 -100 100 300 2024A 1Q25 2025E 2027E 58 57 >60 >70 2024A 1Q25 2025E 2027E Robust top line performance on the back of strong fee growth and NIM resilience 06 Appendix NIM, bps Fees over Assets, bps 45 3Y CAGR >8% • Resilient NIM above 280bps throughout the BP horizon, despite a -200bps reduction in benchmark rates • NII sensitivity managed through hedging and investment in fixed rate assets • NII on a continuous recovery trend post 2025, as strong credit growth offsets residual rate normalization impact • NII of >€2.3b at the end of the rate normalization cycle • Fees continue to increase at a high single digit growth of >8% CAGR in the 3Y period, exceeding 70bps over assets by 2027 • Growing non credit related fees from cross- selling of investment products, increased wealth management penetration and innovative product/service offerings • Supported by strong loan origination
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Disciplined OpEx supporting growth and innovation; CoR normalization continues 06 Appendix C/I, % Cost of Risk, bps 46 • Operating expenses expected at a mid single digit growth (c5% CAGR in the 3Y period) supporting growth and technology investments • New union wage increases and depreciation charges from the rollout of our strategic IT investment plan are key drivers • Cost to Income ratio to be maintained at c35% level across the period • Favorable asset quality trends and robust balance sheet drive CoR normalization • NPE ratio expected at c2% at the end of the period • CoR expected to move <40bps by 2027 31% 30% c35% c35% -500 -300 -100 100 300 2024A 1Q25 2025E 2027E 53 46 <50 <40 2024A 1Q25 2025E 2027E
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Steady state RoTE >14% in 2027 or >18% on a CET1 of 14% 06 Appendix 17.5% 16.5% >13% >14% 2024A 1Q25 2025E 2027E 1 Calculated on PAT before one-offs; RoTE before adjusting for excess capital | 2 Subject to AGM and regulatory approvals | 3 Normalized for high 1Q25 trading income | 4 Subject to the bank’s business and capital plan updates 47 >18% on internal CET1 target of 14% EPS¹ c1.5c1.31.4 RoTE1,% c60%⁴ Payout%c60%⁴c50%² • Sustained EPS growth post 2025, reflecting higher profitability • RoTE at a steady state >14% or >18% on internal CET1 target of 14% • Payout levels expected at c60%⁴ out of 2025 profits onwards >17% on internal CET1 target of 14% c60%⁴ 1.4³ 3
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2024A 2027E Shipping SMEs Large Corporates Fee drivers • Strong non-lending fee generation through transaction-oriented services • Introduction of innovative products (e.g. energy) • Enhanced digital offering through new Business Internet Banking and digital ecosystem solutions 48 Corporate segment growth driven by large corporates, SMEs and shipping 06 Appendix CAGR >9% c8% c10% c8% NII drivers • Net expansion mainly driven by Structured Finance and Mid-Caps • 3rd party programs (incl. RRF) to expand client base • Expansion in international lending in sectors of expertise Corporate
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2024A 2027E SBL Consumer Loans Mortgages Fee drivers • Rollout of commercial strategy for Wealth clients and improved infrastructure • Sustained shift of time deposit clients into fixed income mutual fund products • Increased penetration of Investment products and Trade Finance in SBs 49 Retail segment to start expanding from 2025 onwards 06 Appendix CAGR >3% c6% c2% c8% NII drivers • Smarter credit criteria and co-funded products in mortgages • Leading position in embedded banking and strategic partnerships • New credit product offerings (e.g. dual cards, digital short-term loans) Retail
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50 Capital generation supports growth and payouts, maintaining significant buffers 06 Appendix 2024A Profitability Credit RWAs expansion DTC, Basel IV & other 2027E before payouts Payouts 2027E Increase Decrease Total Targeted Group CET1 Ratio evolution, % 18.3% c23% c10% -c3% -c2% -c5% >18% Payouts including dividends and sbb Capital buffers post payouts of >4% RWAs >€42b€37.5b DTC/ CET1 <25%51% • CET1 above 18% throughout the BP horizon • Organic capital generation comfortably absorbs strong credit expansion and increasing payouts to shareholders (incl. accelerated DTC amortization) • DTC over CET1 to be halved dropping below 25% of CET1 by 2027 (zero by 2032) • Capital buffer in excess of 4% against our 14% CET1 internal target provides strategic flexibility for incremental growth & value creation
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51 Strong distribution capacity with increasing payout levels of c60% 06 Appendix Payout ratio, % 5% 8% >10% 35% 15% 2023A 2024A 2025-27E Total Payout Yield Dividends Share Buy backs 30% 50%² c60%³ Payout% 1 On 31.12.24 close | 2 Subject to AGM and regulatory approvals | 3 Subject to the banks business and capital planning update • Strong recurring organic profitability allows healthy capital distributions to shareholders • Payout levels at c60% from 2025 profits onwards vs 30% paid out last year and 50% this year • Payout allocation between dividends and share buy backs to be decided • Double digit payout yields by 2027 supported by share buy backs 1
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52 Balance Sheet & P&L 06 Appendix Balance Sheet | Group € m 1Q25 4Q24 3Q24 2Q24 1Q24 Cash & Reserves 6,210 5,380 8,397 8,356 8,307 Interbank placements 2,378 2,679 2,662 2,573 2,527 Securities 20,422 20,393 18,222 17,719 17,477 Loans (Gross) 37,021 37,034 35,103 35,386 34,404 Provisions (Stock) (915) (895) (965) (967) (1,070) Goodwill & intangibles 627 626 578 560 542 RoU assets 475 475 487 515 525 Property & equipment 820 821 813 813 814 DTA and other assets 7,907 7,998 8,311 8,287 8.562 Assets held for sale 377 446 359 411 352 Total assets 75,322 74,957 73,967 73,653 72,441 Interbank liabilities 2,753 1,665 2,014 1,840 1,720 Deposits 56,523 57,593 56,974 57,073 55,608 Debt securities 3,681 3,709 3,078 3,053 3,199 Other liabilities 2,993 2,953 2,995 2,782 3,296 Lease liabilities 557 556 567 594 602 Liabilities held for sale 0 29 29 30 28 Non-controlling interest 30 29 28 27 26 Equity 8,786 8,423 8,282 8,254 7,960 Total equity and liabilities 75,322 74,957 73,967 73,653 72,441 P&L | Group € m 1Q25 4Q24 3Q24 2Q24 1Q24 NII 548 575 589 587 606 Net fee & commission income 106 115 108 106 100 Core Income 654 689 697 692 705 Trading & other income 94 22 18 4 60 Total Income 748 711 715 697 765 Personnel expenses (121) (133) (119) (112) (113) G&As (56) (64) (52) (53) (52) Depreciation (49) (49) (46) (46) (46) Operating Expenses (227) (246) (217) (210) (211) Core Pre-Provision Income 427 444 480 482 494 Pre-Provision Income 522 466 497 486 554 Loan & other Impairment (42) (63) (52) (52) (55) Operating Profit 479 402 446 434 499 Taxes (97) (42) (91) (104) (119) Minorities (1) (1) (1) (1) (1) PAT¹ 381 359 354 329 379 Attributable PAT² 371 174 315 312 358 1 Before one-offs | 2 Excluding NBG Egypt Branch recycling of -€70m in 1Q25
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53 Geographical segment P&L: Greece & International 06 Appendix Greece € m 1Q25 4Q24 3Q24 2Q24 1Q24 NII 524 553 563 561 578 Net fee & commission income 102 111 104 102 96 Core Income 626 664 667 662 673 Trading & other income 94 19 19 6 38 Total Income 720 682 685 668 711 Personnel expenses (114) (126) (111) (105) (106) G&As (51) (59) (47) (50) (48) Depreciation (48) (47) (45) (44) (44) Operating Expenses (213) (232) (203) (198) (197) Core Pre-Provision Income 413 432 463 464 476 Pre-Provision Income 507 450 482 470 514 Loan & other impairment (40) (65) (50) (49) (44) Operating Profit 467 385 432 420 470 Taxes (95) (37) (89) (102) (118) Minorities - - - - - PAT¹ 371 349 343 318 352 Attributable PAT 361 163 304 302 339 International € m 1Q25 4Q24 3Q24 2Q24 1Q24 NII 25 22 26 26 28 Net fee & commission income 4 4 4 4 4 Core Income 28 26 30 30 32 Trading & other income 0 4 (1) (1) 22 Total Income 29 29 29 29 54 Personnel expenses (8) (7) (8) (7) (7) G&As (5) (5) (5) (4) (5) Depreciation (1) (1) (1) (1) (1) Operating Expenses (14) (14) (14) (12) (13) Core Pre-Provision Income 15 12 16 18 19 Pre-Provision Income 15 15 15 17 40 Loan & other impairment (2) 2 (2) (3) (11) Operating Profit 13 17 13 14 30 Taxes (2) (6) (2) (2) (2) Minorities (1) (1) (1) (1) (1) PAT¹ 10 11 11 11 27 Attributable PAT² 10 11 11 10 19 1 Before one-offs | 2 Excluding NBG Egypt Branch recycling of -€70m in 1Q25
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54 06 Appendix ESMA Alternative Performance Measures (APMs), financial data and ratios definitions Τhe 1Q25 Financial Results Presentation presents the Financial Results and other basic financial information of National Bank of Greece S.A. (the “Bank”) (together with its consolidated subsidiaries (the “Group”)) for the period ended March 31, 2025, and has been prepared, in all material respects, from the underlying accounting and financial records of the Bank and the accounting policies applied by the Bank in the preparation of its interim financial statements in accordance with International Accounting Standard 34 “Interim Financial Reporting” and International Financial Reporting Standards (“IFRSs”), as endorsed by the EU. The Financial Results and the basic Financial Information presented in this document refer to unaudited financial figures and include the estimates of the Management and provisions relating to financial data or other events of the period ended March 31, 2025. The 1Q25 Financial Results Presentation contains financial data, which is compiled as a normal part of our financial reporting and management information systems. For instance, financial items are categorized as foreign or domestic on the basis of the jurisdiction of organization of the individual Group entity, whose separate financial statements record such items. Moreover, it contains references to certain measures which are not defined under IFRS, including “pre-provision income” (“PPI”), “net interest margin” and others, as defined below. These are non- IFRS financial measures. A non-IFRS financial measure is one that measures historical or future financial performance, financial position or cash flows but which excludes or includes amounts that would not be so adjusted in the most comparable IFRS measure. The Group believes that the non-IFRS financial measures it presents allow a more meaningful analysis of the Group’s financial condition and results of operations. However, the non-IFRS financial measures presented are not a substitute for IFRS measures.
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55 06 Appendix Definition of financial data, ratios used and alternative performance measures Name Abbreviation Definition Assets held for sale -- Non-current assets held for sale Cash and Reserves -- Cash and balances with central banks Combined Buffer Requirement CBR Total CET1 capital required to meet the requirements for the capital conservation buffer Common Equity Tier 1 Ratio CET1 CET1 capital as defined by Regulation No 575/2013, over RWAs, including the period PAT Core Income CI Net Interest Income (“NII”) + Net fee and commission income Core Pre-Provision Income Core PPI Core Income less operating expenses Cost of Risk CoR Credit provisions of the year (or of the period annualized) over average net loans Cost-to-Core Income C:CI Operating expenses over core income Debt securities -- Debt securities in issue plus other borrowed funds Deposit Yields -- Annualized interest expense on deposits over deposit balances Deposits -- Due to customers Depreciation -- Depreciation and amortisation on investment property, property & equipment and software Disbursements -- Loan disbursements for the year/period not considering rollover of working capital repaid and increase of unused credit limits Domestic operations Domestic Refers to banking business in Greece and includes retail, corporate and investment banking. Group’s domestic operations includes operations of the Bank in Greece, Ethniki Leasing S.A (Ethniki Leasing) and Ethniki Factors S.A. (Ethniki Factors) Earnings per share EPS PAT (annualized) over outstanding ordinary shares Fee Income / Net Fees -- Net fee and commission income Fees / Assets -- Net fee and comission income divided by Total Assets Forborne -- Exposures for which forbearance measures have been extended according to EBA ITS technical standards on Forbearance and Non-Performing Exposures Forborne Non-Performing Exposures FNPEs Exposures with forbearance measures that meet the criteria to be considered as non performing according to EBA ITS technical standards on Forbearance and Non-Performing Exposures Forborne Performing Exposures FPEs Exposures with forbearance measures that do not meet the criteria to be considered as non performing according to EBA ITS technical standards on Forbearance and Non-Performing Exposures and forborne exposures under probation period Funding cost/Cost of funding - The weighted average cost of deposits, ECB refinancing, repo transactions, as well as covered bonds and securitization transactions General and administrative expenses G&As General, administrative and other operating expenses Gross Loans/ Gross Book Value (GBV) -- Loans and advances to customers at amortised cost before ECL allowance for impairment on loans and advances to customers at amortised cost and Loans and advances to customers mandatorily measured at FVTPL Goodwill & Intangibles -- Goodwill, software and other intangible assets HR cost -- Personnel cost Lease liabilities -- Lease liabilities are presented separately and they are included in Other liabilities Liabilities held for sale -- Liabilities associated with non-current assets held for sale Liquidity Coverage Ratio LCR The LCR refers to the liquidity buffer of High Quality Liquid Assets (HQLAs) that a Financial Institution holds, in order to withstand net liquidity outflows over a 30 calendar-day stressed period, as per Regulation (EU) 2015/16 Loan & other Impairments -- The sum of credit provisions and other impairment charges, excluding one-off impairments of €3m for FY24
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56 Definition of financial data, ratios used and alternative performance measures 06 Appendix Loan / Lending Yield -- Annualized (or annual) loan interest income over gross performing exposures Loans-to-Deposits Ratio L:D ratio Loans and advances to customers over due to customers at year/period end Minorities -- Non-controlling interest MREL -- The minimum requirement for own funds and eligible liabilities under the BRRD. Net Interbank -- Due from banks less due to banks Net Interest Margin NIM Net interest income over average total assets with average total assets calculated as the sum of the monthly average total assets Net Loans -- Loans and advances to customers Net Non-Performing Exposures Net NPEs NPEs minus LLAs Non-Performing Exposures NPEs Non-performing exposures are defined according to EBA ITS technical standards 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. It excludes loans and advances to customers mandatorily measured at FVTPL Non-Performing Exposures Coverage Ratio NPE coverage ECL allowance for loans and advances to customers at amortised cost divided by NPEs at year / period end Non-Performing Exposures Organic Formation NPE organic formation NPE balance change at year end / period end, excluding sales and write-offs Non-Performing Exposures Ratio NPE ratio NPEs divided by loans and advances to customers at amortised cost before ECL allowance and loans and advances to customers mandatorily measured at FVTPL at the end of period Non-Performing / (90+ dpd) Loans NPLs / 90+dpd Loans and advances to customers at amortised cost in arrears for 90 days or more Operating Expenses / Costs / Total Costs OpEx Personnel expenses + G&As + Depreciation, excluding the additional social security contributions for LEPETE to e-EFKA, and other one-off costs. Operating expenses exclude personnel expenses related to defined contributions for LEPETE to e-EFKA charge (1Q25 & 1Q24: €9m) and other one-off costs (1Q25: €2m, 1Q24: €4m) Operating Result / Operating Profit / (Loss) -- Total income less operating expenses and loan & other impairments Other Assets -- Derivative financial instruments plus Investment property plus Equity method investments plus Current income tax advance plus Other assets Other Impairments -- Impairment charge for securities + other provisions and impairment charges Other liabilities -- Derivatives financial instruments plus Deferred tax liabilities plus Retirement benefit obligations plus Current income tax liabilities plus other liabilities per FS excluding lease liabilities Performing Loans / Exposures PEs Gross loans less NPEs, excluding senor notes Property & Equipment -- Property and equipment excluding RoU assets Pre-Provision Income PPI Total income less operating expenses, before loan & other impairments Profit and Loss P&L Income statement Provisions (Stock) / Loan Loss Allowance LLAs ECL allowance for impairment on loans and advances to customers at amortised cost Return on Tangible Equity RoTE Calculated as PAT (excluding one off income / expenses) over average tangible equity Risk Weighted Assets RWAs Assets and off-balance-sheet exposures, weighted according to risk factors based on Regulation (EU) No 575/2013 RoU assets -- RoU assets are presented separately and they are included in Property and equipment Securities -- Investment securities and financial assets at fair value through profit & loss Taxes -- Tax benefit / (expenses), excluding non recurring withholding taxes Total Capital Ratio CAD Total capital as defined by Regulation No 575/2013, over RWAs Trading and Other Income -- The sum of (i) Net trading income/ (loss) and results from investment securities, (ii) Gains/ (losses) arising from the derecognition of financial assets measured at amortized cost, (iii) Net other income/ (expense) and (iv) Share of profit/ (loss) of equity method investments
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The information, statements and opinions set out in the 1Q25 Results Presentation and accompanying discussion (the “Presentation”) have been provided by National Bank of Greece S.A. (the “Bank”) (together with its consolidated subsidiaries (the “Group”). They serve informational only purposes and should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or other financial products or instruments and do not take into account particular investment objectives, financial situation or needs. It is not a research report, a trade confirmation or an offer or solicitation of an offer to buy/sell any financial instruments. Accuracy of Information and Limitation of Liability Whilst reasonable care has been taken to ensure that its contents are true and accurate, no representations or warranties, express or implied are given in, or in respect of the accuracy or completeness of any information included in the Presentation. To the fullest extent permitted by law in no circumstances will the Bank, or any of its respective subsidiaries, shareholders, affiliates, representatives, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of the Presentation, its contents (including the internal economic models), its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Recipients of the Presentation are not to construe its contents, or any prior or subsequent communications from or with the Bank or its representatives as financial, investment, legal, tax, business, or other professional advice. In addition, the Presentation does not purport to be all-inclusive or to contain all the information that may be required to make a full analysis of the Bank. Recipients of the Presentation should consult with their own advisers and should each make their own evaluation of the Bank and of the relevance and adequacy of the information. The Presentation includes certain non-IFRS financial measures. These measures are presented in this section under “ESMA Alternative Performance Measures (APMs), definition of financial data and ratios used” and may not be comparable to those of other credit institutions. Reference to these non-IFRS financial measures should be considered in addition to IFRS financial measures but should not be considered a substitute for results that are presented in accordance with IFRS. Due to rounding, numbers presented throughout the Presentation may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. 57 Important Notice – Disclaimer 06 Appendix
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The Presentation contains forward-looking statements relating to management’s intent, belief or current expectations with respect to, inter alia, the Bank’s businesses and operations, market conditions, results of operation and financial condition, capital adequacy, risk management practices, liquidity, prospects, growth and strategies (“Forward Looking Statements”). Forward Looking Statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “may”, “will”, “believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, “would”, “could” or similar expressions or the negative thereof. Forward Looking Statements reflect knowledge and information available at the date of the Presentation and are subject to inherent uncertainties and qualifications and are based on numerous assumptions, in each case whether or not identified in the Presentation. Although Forward Looking statements contained in the Presentation are based upon what management of the Bank believes are reasonable assumptions, because these assumptions are inherently subject to significant uncertainties and contingencies, persisting inflationary pressures and risks related to increased geopolitical tensions, that are difficult or impossible to predict and are beyond the Bank’s control, no assurance can be provided that the Bank will achieve or accomplish these expectations, beliefs or projections. The possibility of rising trade fragmentation and protectionism amid higher tariff rates, which could disrupt supply chains, raise consumer prices and weigh on GDP growth represent key risk factors. Furthermore, the progress in disinflation could stall, jeopardizing the continuation of monetary policy easing and adversely impacting economic growth. In addition, geopolitical tensions and conflicts remain a source of concern, having the potential, inter alia, to disrupt energy markets. Finally, challenges regarding the fiscal trajectory in some countries, are on the rise. Moreover, uncertainty over the scope of actions that may be required by us, governments, and others to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying technological and industrial and governmental standards and regulations. Therefore, these events constitute additional factors that could cause actual results to differ materially from the ones included in the Forward-Looking Statements. Forward-Looking Statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. The Bank’s actual results may differ materially from those discussed in the Forward- Looking Statements. Some important factors that could cause actual results to differ materially from those in any Forward Looking Statements could include, inter alia, changes in domestic and foreign business, market, financial, political and legal conditions including changing industry regulation, adverse decisions by domestic or international regulatory and supervisory authorities, the impact of market size reduction, the ability to maintain credit ratings, capital resources and capital expenditures, adverse litigation and dispute outcomes, and the effect of such outcomes on the Group’s financial condition. There can be no assurance that any particular Forward Looking Statement will be realized, and the Bank expressly disclaims any obligation or undertaking to release any updates or revisions to any Forward Looking Statement to reflect any change in the Bank’s expectations with regard thereto or any changes in events, conditions or circumstances on which any Forward Looking Statement is based. Accordingly, the reader is cautioned not to place undue reliance on Forward Looking Statements. No Updates Unless otherwise specified all information in the Presentation is as of the date of the Presentation. Neither the delivery of the Presentation nor any other communication with its recipients shall, under any circumstances, create any implication that there has been no change in the Bank’s affairs since such date. Except as otherwise noted herein, the Bank does not intend to, nor will it assume any obligation to, update the Presentation or any of the information included herein. The Presentation is subject to Greek law, and any dispute arising in respect of the Presentation is subject to the exclusive jurisdiction of the Courts of Athens 58 Important Notice – Forward Looking Information 06 Appendix
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Contact details 59 Panagiotis Alevras | Institutional Investors +30 210 334 3031 Alevras.Pan@nbg.gr Christos Christodoulou | Group CFO cchristodoulou@nbg.gr Maria Kanellopoulou | Analysts +30 210 334 1537 mkanellopoulou@nbg.gr Eleni Allagianni +30 210 334 3033 allagianni.eleni@nbg.gr Marios Deportou | Rating agencies +30 210 334 3008 nteportou.mariosioannis@nbg.gr Investor Relations Division 93 Eolou Str., Mela Mansion, 105 51 Athens +30 210 334 3037 ir@nbg.gr Greg Papagrigoris | Group Head of IR +30 210 334 2310 papagrigoris.gr@nbg.gr This presentation is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. No part of this presentation may be construed as constituting investment advice or recommendation to enter into any transaction. No representation or warranty is given with respect to the accuracy or completeness of the information contained in this presentation, and no claim is made that any future to transact any securities will conform to any terms that may be contained herein. Before entering into any transaction, investors should determine any economic risks and benefits, as well as any legal, tax, accounting consequences of doing so, as well as their ability to assume such risks, without reliance on the information contained in this presentation.