Earnings release
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9M25 Financial Results PRESS RELEASE 6 November 2025
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9M25 Results 2 1 Before one-offs | 2 Before one-offs, normalized for high 1H25 trading income | 3 Adjusting for FX impact | 4 Subject to AGM and regulatory approvals | 5 Subject to regulatory approval c€1.0b1 PAT €1.402 EPS c€1.4 FY25 guidance 15.6%2 RoTE (16.1% reported) >15% FY25 guidance Continued strength in earnings and returns 9M25 solid performance supports FY25 guidance Strong credit growth Performing loans +12%3 yoy to €34.7b Net PE expansion +€1.8b3 ytd >€2.5b FY25 guidance 2.5% NPE ratio <2.5% FY25 guidance 101% NPE coverage 41bps CoR <45bps FY25 guidance Class leading capital position and distributions 19.0% CET1 >18% FY25 guidance 60% Accrued payout4 Final payout to be defined in FY25 results announcement Interim dividend5 of €200m to be paid on November 14th Solid asset quality profile
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9M25 Results 3 1 Before one-offs and normalized for high 9M25 trading income 1 Before one-offs, normalized for high 1H25 trading income Leading Franchise Most trusted bank in Greece, with a long history and the largest savings deposit franchise underpinned by a loyal client base NBG standing out Financial Strength Robust and resilient profitability absorbing rate cuts, generating 15.6%1 RoTE in 9M25 (16.1% reported) despite large capital buffers Stand-out Balance Sheet Unique balance sheet structure with large share of low-cost core deposits, strong liquidity profile, zero net NPEs and the highest provision coverage across stages Superior Capital & Payouts Among the strongest capital buffers in Europe, provides optionality for enhancing further shareholder remuneration and value creation ✓ The only Greek Bank to upgrade its Core Banking System (completion in 1Q26) ✓ Best-in-class operating model and innovation capabilities ✓ Top digital offering in Greece supporting customer experience Our Transformation Program supports the delivery of sustainable results
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9M25 Results 4 Key financial highlights • 9M25 Group PAT1 at c€1.0b, absorbing benchmark rate normalization o 9M25 NII lower by -9.8% yoy, aligns with our FY25 guidance, reflecting market interest rates moving lower by c150bps yoy in 9M25; NII evolution in 3Q25, lower by just -0.9% qoq, is consistent with an NII trough assuming rates stabilize at current levels; PE expansion of c€1.8b² in 9M25 is set to accelerate considerably in 4Q25, comfortably fulfilling our guidance for a PE expansion of >€2.5b; time deposit repricing continued in 3Q25 as market rates bottom out o 9Μ25 Fee income growth continues to be strong, at +14% yoy (+8% yoy reported), excluding the impact from State measures on payments (-c€18m in 9M25); investment product fees spearheaded growth, up by +74% yoy, with our successful cross selling leading to strong mutual fund market share gains o Recurring OpEx up by +6.5%³ yoy (+7.3% yoy reported), reflecting continued investment in human capital and future-looking investments in IT and digital infrastructure that benefit our productivity and efficiency, commercial effectiveness, digital capability and cyber-risk security o C:I at 32.8% in 9M25, or 33.3% normalized for 1H25 trading income, broadly aligned with FY25 guidance o 9M25 CoR at 41bps (37bps in 3Q25) reaffirms our strategy for gradual normalization and limited volatility, reflecting benign asset quality conditions and sector leading coverages across stages o RoTE1 at 16.1%, or 15.6% normalized for 1H25 trading gains and before adjusting for excess capital, bodes well with our FY25 guidance of >15% • Our robust Balance Sheet provides strategic flexibility o 9M25 PEs up by a solid +12%2 yoy, or +€1.8b2 ytd, despite seasonality in 3Q25; strong corporate pipeline of approved but yet to be disbursed credit set to accelerate PE expansion in 4Q25 o Deposits up by +€1.4b yoy, driven by sustained low-cost core deposit growth (+€1.8b yoy), leading to a positive mix effect (core / total deposits at 81%); time deposit migration to mutual funds continues o Retail FuMs4 higher by a solid +€2.2b yoy lead to a meaningful increase in market share o Term deposit yields drop to 154bps in 3Q25 (-11bps qoq) leading our 3Q25 total deposit cost to <30bps and our funding cost to <60bps, both at the lowest level in the Greek space o Exposure to fixed income securities, leveraging our ample cash position, provides incremental support to our NII, along with further time deposit repricing in 4Q25 o NPE ratio at 2.5%, reflecting benign asset quality trends; highest coverage across stages by European standards provides resilience and comprise yet another strength of NBG’s balance sheet • CET1 at 19.0%, total capital ratio at 21.8% o CET1 at 19.0%, +c10bps higher qoq despite a 60%5 payout accrual in 9M25; total capital ratio at 21.8% o MREL ratio at 28.5%, +170bps above the 3Q25 MREL target of 26.8% • Our Transformation Program supports the delivery of sustainable results o In Corporate, we are implementing further improvements to our service and operating model, including enablers to accelerate the growth of our international lending portfolio o In Retail, we are reshaping our customer experience through a new individuals’ service and operating model, featuring a new 'live banking’ remote video channel and further shifts of customer requests to our call center, both increasing the value- added sales capacity and efficiency of the branch network; in parallel, we are progressing with the migration of our Wealth business to a modern platform, which will support its expansion o Our leading digital franchise exceeds 4.4m subscribers and 3.2m active users, enabled by a new retail mobile banking platform and an upgraded business internet banking platform, resulting in the leading embedded sales channel in Greece o Our extensive technology transformation continues to advance, with the new Core Banking System (CBS) nearing completion (expected 1Q26) and the accelerated deployment of GenAI use cases, including the launch of the Sophia chatbot on our public site • ESG strategy o On Environmental and Climate, we remain at the forefront of sustainable energy financing and keep supporting the transition of the Greek economy, remaining focused on achieving our CO2 reduction targets, while we are concluding the allocation of our 2nd Green Bond of €650m (issued in 4Q24) o On Social Responsibility, we actively supporting social initiatives, including an aggregate €50m donation in 2024 and 2025 for the public schools’ renovation programme “Marietta Giannakou”, as well as support the National Emergency Aid Centre (EKAV) and the restoration of areas affected by wildfires in the island of Chios 1 Before one-offs | 2 Adjusting for FX impact | 3 Normalizing for variable pay accruals in 9M24 | 4 Funds under management | 5 Subject to AGM and regulatory approvals
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9M25 Results 5 “The Greek economy remains resilient and adaptive to global geopolitical pressures, with domestic fixed capital formation and business activity continuing to strengthen. Impressively, tourism remains on track for record highs, with goods’ exports remaining resilient despite external headwinds, reflecting the competitiveness of the Greek corporate sector. Moreover, households’ financial position continues to strengthen, supported by buoyant labor market conditions, while supportive fiscal and monetary policies as well as easing financial conditions and continued foreign investment inflows further strengthen Greece’s growth outlook. Our performance in the first nine months of 2025 reflects the strength of the Greek economy and of our franchise, laying the foundation for the delivery of our recently upgraded FY25 targets. Profitability remained on a solid trajectory, with the top line displaying resilience to sharply lower interest rates, leveraging on solid loan growth and complemented by sustained momentum in fees. Group PAT1 reached c€1.0b in 9M25, while our RoTE settled at 15.6%2, comparing favorably with our revised FY25 guidance of >15%. Our capital position remains a comparative strength, with the CET1 ratio up by +70bps ytd to 19.0%, providing strategic optionality as regards incremental organic growth, value-accretive opportunities and enhanced capital returns. In this context, we will distribute an interim dividend3 of €200m on November 14th and are accruing for a 60%4 payout. Looking ahead, we are well positioned to build on this strong momentum as we enter the final quarter of the year. Our focus remains on building the foundations for sustainable growth through continued investment in technology and human capital, enhancing the banking experience for our customers through digital transformatio n, building a stronger and more innovative bank for the future. Our solid capital base, disciplined execution, and clear strategic vision provide confidence in our ability to deliver sustainable value for our shareholders, whilst supporting Greece’s energy transition, infrastructure development, and innovation ecosystem .” Pavlos Mylonas Chief Executive Officer, NBG 1 Before one-offs | 2 Before one-offs, normalized for high 1H25 trading income | 3 Subject to regulatory approvals |4 Subject to AGM and regulatory approvals
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9M25 Results 6 P&L | Group (€ m) 9M25 9M24 YoY 3Q25 2Q25 QoQ NII 1,606 1,782 -9.8% 527 531 -0.9% Net fee & commission income 336 313 7.6% 116 115 0.2% Core Income 1,943 2,094 -7.2% 642 647 -0.7% Trading & other income 150 82 82.9% 3 53 -95.3% Total Income 2,092 2,176 -3.9% 645 699 -7.8% Personnel expenses (367) (344) 6.8% (125) (121) 2.7% G&As (170) (158) 7.7% (60) (54) 11.1% Depreciation (148) (137) 8.1% (50) (49) 0.4% Operating Expenses (685) (639) 7.3% (234) (225) 4.2% Core PPI 1,257 1,456 -13.6% 408 422 -3.3% PPI 1,407 1,538 -8.5% 410 475 -13.5% Loan & other Impairments (134) (159) -15.8% (45) (46) -1.3% Operating Profit 1,273 1,379 -7.7% 365 429 -14.8% Taxes & minorities (295) (316) -6.9% (88) (109) -19.2% PAT1 979 1,063 -7.9% 277 320 -13.3% Attributable PAT2 970 985 -1.5% 274 326 -16.0% 1 Before one-offs | 2 Excluding NBG Egypt recycling Balance Sheet | Group (€ m) 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 Total assets1 76,727 77,590 75,322 74,957 73,967 73,653 Gross loans 38,331 38,211 37,021 37,034 35,103 35,386 Provisions (941) (938) (915) (895) (965) (967) Net loans2 37,390 37,273 36,106 36,139 34,138 34,419 Performing loans 34,688 34,439 33,574 33,571 31,368 31,403 Securities 21,531 20,624 20,422 20,393 18,222 17,719 Deposits 58,336 58,2433 56,523 57,593 56,974 57,073 Tangible equity 8,311 8,1124 8,159 7,797 7,7045 7,694 1 Including held-for-sale assets of €0.1b I 2 Incl. senior notes amounting to €2.7b in 3Q25 | 3 Net of €1b of e-EFKA deposits transferred to BoG on 01.07.25 | 4 Net of the FY24 dividend of €405m paid in June 2025 | 5 Net of the FY23 dividend of €332m paid in July 2024 Key Ratios | Group 3Q25 2Q25 1Q25 4Q24 3Q24 2Q24 Liquidity L:D ratio 64% 63% 64% 63% 60% 60% LCR 249% 248% 259% 261% 270% 240% NSFR 147% 148% 146% 148% 150% 149% Profitability NIM over average assets (bps) 280 282 291 310 320 322 C:I ratio 34.7%1 32.1% 30.3% 34.5% 30.4% 30.2% CoR (bps) 37 40 46 49 52 55 RoTE2 (%) 14.6%1 15.7% 19.1% 18.5% 18.4% 17.4% Asset quality NPE ratio 2.5% 2.5% 2.6% 2.6% 3.3% 3.3% NPE coverage ratio 101% 100% 97% 98% 86% 86% S3 coverage ratio 56% 55% 54% 56% 52% 50% Capital CET1 ratio3 19.0% 18.9% 18.7% 18.3% 18.7% 18.3% CAD ratio3 21.8% 21.7% 21.5% 21.2% 21.5% 20.9% RWAs (€ b) 38.2 38.1 37.4 37.4 37.9 38.2 1 Before one-offs and normalized for high 1H25 trading income | 2 Before one-offs | 3 Including period PAT and payout, subject to AGM and regulatory approvals
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9M25 Results 7 P&L | Greece (€ m) 9M25 9M24 YoY 3Q25 2Q25 QoQ NII 1,536 1,701 -9.7% 505 507 -0.4% Net fee & commission income 326 301 8.1% 112 112 0.4% Core Income 1,861 2,002 -7.0% 617 618 -0.2% Trading & other income 151 62 >100% 3 53 -94.2% Total Income 2,012 2,064 -2.5% 620 672 -7.7% Personnel expenses (343) (321) 6.8% (116) (113) 2.8% G&As (155) (145) 7.5% (55) (49) 12.0% Depreciation (144) (133) 8.1% (48) (48) 0.4% Operating Expenses (642) (599) 7.2% (220) (210) 4.4% Core PPI 1,219 1,403 -13.1% 398 408 -2.6% PPI 1,369 1,465 -6.6% 401 462 -13.2% Loan & other Impairments (125) (143) -12.3% (41) (45) -8.5% Operating Profit 1,244 1,322 -5.9% 360 417 -13.7% Taxes & minorities (280) (309) -9.6% (82) (102) -19.3% PAT1 964 1,013 -4.8% 278 315 -11.9% Attributable PAT 941 944 -0.3% 259 321 -19.2% 1 Before one-offs P&L | International (€ m) 9M25 9M24 YoY 3Q25 2Q25 QoQ NII 70 80 -12.3% 22 24 -11.5% Net fee & commission income 11 12 -6.8% 4 4 -7.9% Core Income 81 92 -11.6% 25 28 -11.0% Trading & other income (1) 20 n/m (1) (1) -14.1% Total Income 80 112 -28.0% 24 27 -10.9% Personnel expenses (24) (22) 8.1% (8) (8) 1.2% G&As (15) (14) 8.9% (5) (5) 2.0% Depreciation (4) (4) 7.7% (1) (1) 0.0% Operating Expenses (43) (40) 8.4% (15) (14) 1.4% Core PPI 39 53 -26.7% 10 14 -24.8% PPI 38 72 -47.9% 10 13 -24.6% Loan & other Impairments (8) (16) -47.8% (5) (1) >100% Operating Profit 29 57 -48.0% 5 12 -55.2% Taxes & minorities (15) (7) >100% (6) (7) -17.9% PAT1 15 50 -70.7% (0) 5 n/m Attributable PAT2 29 41 -28.3% 14 5 >100% 1 Before one-offs | 2 Excluding NBG Egypt recycling
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9M25 Results 8 Greece PAT1 amounted to €964m in 9M25, after having absorbed the bulk of benchmark rate normalization in NII, cushioned by strong performance in lending, especially corporate, fees, trading income and credit costs. 3Q25 NII stood at €50 5m, marginally down qoq as rates bottom out , supported also by the sustained time deposit repricing, as well as the contribution of NMD hedges . 9M25 NII amounted to €1,53 6m, down by -9.7% yoy, in line with our FY25 guidance, with 9M25 NIM settling at 281bps. Fee and commission income amounted to €326m in 9M25, up by +15% yoy, adjusting for the impact of State measures on payments (-€18m in 9M25), or +8% yoy on a reported basis. This reflects corporate fees increasing by +13% yoy, driven by lending fees (+ 30% yoy), and retail fees up by +1 1% yoy on a like -for-like basis. The latter was underpinned by the strong momentum in investment products, up by an impressive +74% yoy, on strong mutual fund market share gains (MFs: +3ppts yoy & +1ppt qoq), highlighting our successful cross-selling. Operating expense s increased by +6%2 yoy on a like -for-like basis to €642m in 9M25, driven mainly by p ersonnel expenses (+5%2 yoy), reflecting our continued investment in human capital . G&As ( +8% yoy ) reflect inflationary pressures and higher customer experience related costs (such as our call center), while depreciation charges (+8% yoy) are defined by our sector leading investments in IT and digital infrastructure benefiting our productivity and efficiency, commercial effectiveness, digital capability and cyber -risk security . Leveraging top line resilience , C:I remained at relatively low levels, settling at 33% in 9M25, normalized for high 1H25 trading income. Loan impairments normalized further to €30m in 3Q25 from €35m the previous quarter, implying a CoR over net loans of 33bps (2Q25: 40bps). As a result, 9M25 dropped by -16% yoy to € 104m, with the provisioning rate settling at 40bps from 51bps in 9M24. Domestic NII breakdown (€ m) Domestic fees breakdown (€ m) 1Before one-offs 2Normalized for variable pay accruals in 9M24. On a reported basis, 9M25 OpEx and personnel expenses in Greece increased by +7% yoy -81 -68 -51 -36 -2211 -3 -4 -11 -17 166 169 165 158 159 17 17 13 10 10 449 438 400 386 376 3Q24 4Q24 1Q25 2Q25 3Q25 Loans (PE) Loans (NPE) Securities Funding & other Deposits 21 32 109 123 171 171 9M24 9M25 Retail Corporate Non-core banking 301 Profitability 505 326 57bps 60bps YoY Fees / assets +11% l-f-l +13% 507 563 553 524 +15% l-f-l
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9M25 Results 9 Domestic OpEx breakdown (€ m)3 4 Domestic PAT5 (€ m) , International In International operations, PAT5 amounted to €15m in 9M25, reflecting the decline in the NII due to lower market interest rates as well as marginal trading losses compared to €20m gains in 9M24. Despite the seasonal slowdown in 3Q25, performing loans continued to grow steadily, reaching €34.7b at the Group level in Sep25, up by a solid +12%6 yoy, or +€1.8b6 ytd. This strong performance reflects loan disbursements7 of €5.7b during 9M25, +10% higher yoy, driven by corporates , with focus on energy/renewables, hotels, shipping , and transportation. Loan origination dynamics were positive in the retail segment as well, with disbursements up by +15% yoy to €1.2b, driving retail performing exposures +€0.2b or +3% higher yoy, putting definitely behind us the period of retail market disintermediation. Our strong corporate pipeline of approved but not yet disbursed credit is poised to drive solid performing loan growth in 4Q25. Group performing loan evolution (€ b) Loan disbursements7 and net credit expansion (€ b) 3Before one offs and normalized for high 1H25 trading income 4Normalized for variable pay accruals in 9M24. On a reported basis, 9M25 OpEx and personnel expenses in Greece increased by +7% yoy 5Before one-offs 6Adjusted for FX impact 7Loan disbursements exclude the rollover of working capital repaid and increase in unused credit limits 278 299 321 343 9M24 9M25 Personnel G&As & Depreciation 1,316 1,465 1,369 -143 -124 -104 9M23 9M24 9M25 CoR PPI 6.4 6.4 6.4 1.2 1.3 1.4 1.4 1.4 1.5 20.6 22.6 23.5 29.7 31.8 32.8 1.7 1.8 1.9 31.4 33.6 34.7 9M24 FY24 9M25 Mortgages SBL Consumer Corporate Group 0.3 0.4 0.4 0.4 0.4 0.9 3.7 1.2 2.0 1.3 1.3 4.1 1.6 2.4 1.7 3Q24 4Q24 1Q25 2Q25 3Q25 Retail Corporate 0.0 +2.0 +0.3 +1.2 +0.3 3Q24 4Q24 1Q25 2Q25 3Q25 642 29% 33%3 YoY C:I Intr’l Credit expansion Greece +5% l-f-l4 +8% +12%6 yoy +11% yoy +12%6 yoy +7% yoy +14% yoy +14% yoy -5% yoy -7% yoy -16% yoy 599 Net credit expansion +€1.8b ytd 1,013 880 964 +6% l-f-l4 Disbursements6 Strong pipeline of approved not yet disbursed credit of >€2.2b
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9M25 Results 10 Group deposits increased by +€1.4b yoy to €58.3b in Sep25, comprising c94% of our total net funding . In Greece, deposits were up by +€1.0b yoy to €55.8b, driven by sustained low -cost core deposit growth (+€1. 8b yoy), leading to a positive mix effect (81% of deposits are sight and savings accounts), while the migration of time deposit to mutual funds continues, with retail FuMs higher by a solid +€2.2b yoy. Our LCR and L:D ratio stand at class leading levels of 249% and 64% in Sep25, respectively, while our ample net cash position of €6.3b is set to fund increased exposure in interest bearing assets. Cash & reserves and net interbank (€ b) Group deposit evolution (€ b) 8 Funding structure (%) NBG cost of funding (bps) 8Net of €1b of e-EFKA deposits transferred to BoG on 01.07.25 9.0 6.4 6.3 3Q24 4Q24 3Q25 30.4 30.8 30.8 31.3 31.6 6.9 7.0 6.8 7.3 7.9 6.0 6.2 5.7 6.0 5.81.7 1.4 1.4 1.6 1.5 9.8 9.9 9.3 9.5 9.1 54.8 55.2 54.2 55.6 55.8 2.2 2.4 2.4 2.6 2.5 57.0 57.6 56.5 58.2 58.3 3Q24 4Q24 1Q25 2Q25 3Q25 Time Other Sight - Corporate Sight - Retail Savings Group 78% 16% 6%Current,sight & other Deposits Time Deposits Long term wholesale Debt 264 336 378 396 392 381 356 299 256 211 201 46 58 66 77 80 77 73 72 71 65 59 19 31 38 43 46 47 44 41 38 35 29 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 3M Euribor (avg) CoF (Blended eop) Deposit cost (avg) Greece Intr’l Liquidity +€1.4b yoy c€62b o/w €2.9b senior debt & €1.0b Tier II Group Deposits of c€58b comprise c94% of total net funding FY25 issuances / tender offers -SP Green €750m (new) -SP Green €500m (tender) -SP £200m (tender) Retail FuMs up +€2.2b yoy, fueled in part by depositor shift to MFs Core deposits +€1.8b yoy 8 8 8
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9M25 Results 11 CET1 ratio reached 19.0%, up by +c10bps qoq and +c70bps ytd despite a 60%9 payout accrual in 9M25. Total capital ratio reached 21.8%, +c60bps higher ytd. Our MREL ratio stood at 28.5%, exceeding the 3Q25 requirement of 26.8% by +170bps. 1011 9M25 capital movement Group NPE stock stood at €0.9b in 9M25, with our NPE ratio at 2.5%, reflecting benign asset quality trends driving our CoR to 41bps in 9M25 (37bps in 3Q25), well inside our <45bps revised FY25 guidance. At the same time, our highest coverage across stages by European standards provides resilience , comprising yet another strength of NBG’s balance sheet. NPE ratios and coverage | 3Q25 Group NPE stock evolution (€ b) , 9Subject to AGM and regulatory approvals 10Including Basel IV impact 11Including prudential DTC amortization acceleration 18.3% 20.4% 19.0% 21.2% +c2.6% -c0.6% +c0.1% -c1.4% 21.8% FY24 CET1 9M25 Profitability Credit RWAs Other 9M25 CET1 before payout Payout 9M25 CET1 42% 62% 54.8% 55.7% 3.5% 2.1% 2.5% 2.5% Retail Corporate Total Domestic Total Group NPE ratio Stage 3 coverage 0.6 0.4 0.5 0.5 0.5 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.1 1.2 0.9 0.9 0.9 0.9 3Q24 4Q24 1Q25 2Q25 3Q25 International NPEs Domestic FNPES <30 dpd Domestic FNPEs >30 dpd & other impaired Domestic 90+dpd Asset quality 3.3% 2.6% 2.6% 2.5% 2.5% NPE ratio Collateral coverage (Bank) 65% 64% 64% CAD CET1 RWAs: €37.4b RWAs: €38.2b Capital adequacy 9 NPE coverage at 101% 10 11 Accrued payout of 60%9; final level to be defined in FY25 results announcement
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9M25 Results 12 Domestic NPE stock per category (€ b) | 3Q25 Domestic forborne stock (€ b) | 3Q25 Group S2 ratio and coverage (%) Group S3 ratio and coverage (%) 0.2 0.2 0.1 0.1 0.1 0.1 0.7 0.6 3Q24 3Q25 . 3Q24 3Q25 .. 3Q24 3Q25 … 3Q24 3Q25 o/w: €0.1b or c40% <30dpd Mortgage Consumer SBLs Corporate FNPEs <30 dpd 0.2 FNPEs 31-90dpd 0.0 FNPEs >90dpd 0.1 FPEs 0.4 €0.8b o/w: €0.1b or c25% <30dpd 7.0% 6.5% 6.4% 5.8% 5.8% 30.09.24 31.12.24 31.03.25 30.06.26 30.09.25 Ratio 7.6% 7.6% 8.2% 8.4% 8.0% 3.3% 2.6% 2.6% 2.5% 2.5% 30.09.24 31.12.24 31.03.25 31.06.26 30.09.25 Ratio Coverage 51.8% 55.6% 54.3% 54.8% 55.7% Coverage
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9M25 Results 13 ESMA Alternative Performance Measures (APMs), definition of financial data and ratios used The 9M25 Results Press Release 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 September 30, 2025, and has been prepared, in all material respects, from the underlying accounting and financial records of the Bank and the accounting polic ies applied by the Bank in the preparation of its interim financial statements in accordance with Internationa l 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 figur es and include the estimates of the Management and provisions relating to financial data or other events of the period ended September 30, 2025. The 9M25 Results Press Release 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 individu al 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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9M25 Results 14 Name Abbreviation Definition Attributable PAT / Net profit / (Loss) / Earnings -- Profit for the period attributable to NBG equity shareholders Balance Sheet B/S Statement of Financial Position Cash and Reserves -- Cash and balances with central banks 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 (“Fees”) 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, excluding the release of credit provisions of €67m related to HfS transactions and subsidiaries portfolio sales Deposits (Group / Total) -- Due to customers Depreciation -- Depreciation and amortization on investment property, property & equipment and software Disbursements -- Loan disbursements for the period/year, 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) Fee Income / Fees -- Net fee and commission income 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 Administrative and other operating expenses Gross Loans -- Gross carrying amount of loans and advances to customers at amortised cost before ECL allowance on loans and advances to customers at amortised cost + Loans and advances to customers mandatorily measured at FVTPL International operations -- International operations include the Group’s business in North Macedonia (Stopanska Banka, Stopanska Leasing) and Cyprus (NBG Cyprus) 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) 2015/61 Loan and other impairments -- The sum of credit provisions and other impairment charges, excluding the release of credit provisions of €67m related to HfS transactions and subsidiaries portfolio sales Loans-to-Deposits Ratio L:D ratio Loans and advances to customers over due to customers at year/period end MREL -- The minimum requirement for own funds and eligible liabilities under the BRRD Net Cash (Position) / Excess Liquidity -- Cash and balances with central banks + Due from banks and excluding Due to Banks. Net Interest Margin NIM Net interest income over average total assets, which are calculated as the sum of the monthly average total assets. For 2Q25/3Q25/1H25/9M25, NIM is calculated over average tangible assets Net Stable Funding Ratio NSFR The NSFR refers to the portion of liabilities and capital expected to be sustainable over the time horizon considered by the NSFR over the amount of stable funding that must be allocated to the various assets, based on their liquidity characteristics and residual maturities Net Interbank -- Due from banks less Due to banks Net Loans -- Loans and advances to customers Net NPEs -- NPEs minus ECL allowance for loans and advances to customers at amortised cost 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
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9M25 Results 15 Non-Performing Loans NPLs 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 (9M25: €27m, 9M24: €26m) and other one-off costs (9M25: €48m, 9M24: €42m) Operating Result / Profit / (Loss) -- Total income less operating expenses and loan & other impairments Performing Loans / Exposures PEs Gross loans less NPEs, excluding senior notes 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 Risk Weighted Assets RWAs Assets and off-balance-sheet exposures, weighted according to risk factors based on Regulation (EU) No 575/2013 Tangible Equity / Book Value TBV Equity attributable to NBG shareholders less goodwill, software and other intangible assets Taxes -- Tax benefit / (expenses), excluding non recurring withholding taxes Total Capital Ratio CAD Total capital as defined by Regulation No 575/2013 over RWAs, including the period PAT 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 amortised cost, (iii) Net other income/ (expense) and (iv) Share of profit/ (loss) of equity method investments, excluding NBG Egypt branch FX recycling of -€86m in 9M25 Total Lending Yield / Lending Yield Return (or annualized return) calculated on the basis of interest income from Total loan book, over the average accruing Total loans balance
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9M25 Results 16 Disclaimer The information, statements and opinions set out in the 9M25 Results Press Release and accompanying discussion (the “Press Release”) have been provided by National Bank of Greece S.A. (the “Bank”) (together with its consolidated subsidiaries (the “Group”). They serve informationa l purposes only and should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purcha sing 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. 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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 Press Release may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. Forward Looking Statements The Press Release 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 man agement practices, liquidity, prospects, growth and strategies (“Forward Looking Statements”). 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Also, geopolitical risks rem ain significant, particularly regarding the Middle East and the Russia-Ukraine war. Finally, 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 ma terially 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 factor s that could cause actual results to differ materially from those in any Forward Looking Statements could include, inter alia, chan ges 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 Forward Looking Statement will be realized, and the Bank expressly disclaims any obligatio n 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 Press Release is as of the date of the Press Release. Neither the delivery of the Press Release nor any other communication with its recipients shall, under any circumstances, create any implication that th ere 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 Press Release or any of the information included herein. The Press Release is subject to Greek law, and any dispute arising in respect of the Press Release is subject to the exclusive jurisdiction of the Courts of Athens.