Slides
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2Q26 Financial Results 30 July 2026 NBG stands out
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01 Highlights 02 Strategy & Guidance Update 03 Financial Results in Detail 04 Macro 05 Transformation Program 06 ESG 07 Appendix Table of Contents
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01 Highlights 2Q26 FinancialResult
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4 The safe way to tap Greece's structural growth dynamics Fortress balance sheet, underpinned by a unique liquidity profile, best-in-class capital resources and provision coverage make NBG the top quality name to capture domestic growth prospects Leading Tech investments create unique competitive advantage Further automation of operations including AI, improves productivity and customer journeys. Our new Core Banking System combines modern technology, scalability, is cloud enabled and cyber- secure Among the strongest capital buffers in Europe, supporting rigorous organic expansion and superior shareholder distributions, while providing strategic flexibility for value- accretive inorganic growth Superior capital resources provide strategic optionality Among Europe's highest RoAs combines with low leverage, to provide significant RoTE upside potential as superior liquidity and capital resources are increasingly deployed Leading RoA combines with low leverage 01 Highlights Why NBG
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CORE INCOME STRENGTH NIM 273bps Fees +10% yoy 1,2 PAT €661m EPS €1.45 +3% yoy GROWING BALANCE SHEET 1,2 PE Loans +€2.1b ytd at €39.1b CET1 17.3% (post-payouts) Active €0.53b share buy back Cost : Income 35% 1,2 1 Before one-offs | 2 Normalized for 1H26 high trading income | 3 Excess capital relative to internal target 5 Strong 1H26 financial performance reaffirms solid outlook 01 Highlights 1,2 RoTE 15.5% 20.3% 1,2 3 1 1,2 SOLID PROFITABILITY SUPERIOR EFFICIENCY LEADING CAPITAL & PAYOUT (15.7% reported) (adj. for excess capital)
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EPS ¹,² | € 6 15.5% c15% 20.0% 1H26 Guidance Feb26 RoTE1,2 10% high sds 1H26 Guidance Feb26 35% <37% 1H26 Guidance Feb26 NIM | bps Fee growth | % yoy RoTE¹,² | € m C:I² | % Cost of Risk | bps 273 >275 1H26 Guidance Feb26 38 <40 1H26 Guidance Feb26 c1.41.45 Adj. for excess capital³ 20.3% 1 Calculated on PAT before one-offs | 2 Normalized for high trading in 1H26 and FY25| 3 Excess capital relative to internal target 1H26 results comfortably fulfill FY26 guidance creating upside risk 01 Highlights
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115 116 133 114 129 531 527 530 541 555 2Q25 3Q25 4Q25 1Q26 2Q26 7 01 Highlights 1 Before one-offs| 2 Normalized for 1H26 and 1H25 high trading income 320 277 280 344 317 2Q25 3Q25 4Q25 1Q26 2Q26 1.34 1.32 1.26 1.43 1.46 Core Income | (€ m) Fees PAT¹ EPS¹,² & PAT¹ | (€, €m) EPS¹,² NII Core income momentum accelerates, supporting recurring profitability PAT growth excl. trading & other income +€16m qoq +2.6%+2.0%+0.7%-0.9%NII qoq % -3.1% +12%+8%+16%+7%Fees yoy % +9%
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58.2 2.7 -1.2 1.0 0.9 61.7 2Q25 Core Time Core Time & other 2Q26 Client Funds (€ b) 7.9 10.6 1Η25 1Η26 Retail Client FuMs 8.8 11.3 1Η25 1Η26 Inst. Clients FuMs & other AuMs 74.9 83.6 1Η25 1Η26 Deposit flows (€ b) +€3.5b yoy 2 2 Retail Corporate +€1.6b yoy +€1.9b yoy Mutual Funds Market share (%) 8.6% 10.5% 11.5% 14.1% 15.3% 16.8% 17.3% 1H23 FY23 1Η24 FY24 1H25 FY25 1H26 +6% +34% +29% +3.6pps yoy +2.7pps yoy +49bps ytd +€8.7b 1 Net of €1b of e-EFKA deposits transferred to BoG on 01.07.25 I 2 Funds under management Client funds impressive growth continues fueling further fee growth 01 Highlights 58.2 61.7 1H25 1H26 Customer Deposits 8 1 1 1
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9 01 Highlights Group Assets (€ b) Group Liabilities (€ b) 7.8 1.5 41.5 25.1 2.6 4.8 2Q26 Interbank Fixed assets Securities Net loans Cash & reserves Other 9.7 3.2 4.5 10.8 50.9 4.3 2Q26 Debt Issues Core Deposits Equity Interbank Other Liabilities Fixed income portfolio with hedges in place HTC €19.5b HTCS €4.7b Trading €0.4b • Deposits comprise 91% of our total net funding • Market share of 37% in savings • Structural hedges on demand deposits are actively managed MREL resources over RWAs at 28.4% Leverage ratio at c9x (Assets/Equity) Time Deposits Performing loans €39.1b +13% yoy) Senior notes €2.4b (nearly 40% already amortized) Superior capital and liquidity define our fortress B/S…
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10 01 Highlights …commanding the tightest spreads in the Greek market 170 160 140 123 118 113 75 88 87 94 87 84 313 290 279 187 226 209 162 157 132 174 136 124 332 399 307 290 28.3.24 28.06.24 30.09.24 31.12.24 31.03.25 30.06.25 30.09.25 31.12.25 12.02.26 31.03.26 30.06.26 14.07.26 BBB stable BBB stable Baa3 stable Rating & outlook BBB- positive BBB stable Baa1 negative¹ Rating & outlook Tier II Senior BBB positive BBB+ stable SP (Green) 5NC4 priced at +75bps AT1 Inaugural AT1 NC5.5 priced at +332bps Credit rating | Sovereign and NBG NBG Senior, Tier II & AT1 Spreads (bps) 1 Following CMDI application, Moody’s revised outlook to negative
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11 01 Highlights Strong macro fundamentals offset heightened inflation Corporate activity remains robust • Business turnover up by 5.4% yoy in 5M26; corporate profits near pre-crisis highs • Robust pipeline of investment projects in 2026-28, historically high FDI and M&A activity • Strong capacity utilization and supportive financing conditions Resilient tourism and goods exports • Tourism on track for new highs amid strengthened regional competitiveness • Quality gains and strong pricing power underpin even stronger tourism revenue growth • Goods exports hold up well amid external volatility • Sustained fiscal overperformance supports targeted fiscal loosening and inflation-relief measures • RRF absorption is nearing 70%, leading to an all-time high in public investment activity, with more than €20b deployed in 2026-27 (including bank credit) Large fiscal capacity & accelerating RRF deployment • Labor market fundamentals continue to support declining unemployment and higher real wages • A sustainable resolution of the Middle East crisis by 3Q26 is key to maintaining a steady growth path • Prolonged uncertainty could further weigh on consumption and heighten cost-side pressures on firms Household fundamentals remain healthy
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242Q26 FinancialResult 02 Strategy & Guidance Update
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Guidance KPIs 13 02 Strategy & Guidance Update FY26 Guidance Update: Positive NII dynamics fuel higher 2026 EPS and RoTE Profitability NII (%) NIM (bps) DFR (%) Fees growth (%) OpEx growth (%) C:I (%) CoR (bps) EPS (€) RoTE (%) Balance sheet PEs growth NPE ratio (%) 1H26 1.5% yoy 273 2.25% 10% yoy 8.4% yoy 34.7% 38 1.45 15.5% 1H26 +13% yoy | +€2.1b ytd 2.4% Previous FY26 Guidance (Feb26) low sds increase % >275 2.00% high sds % (3Y CAGR) c6% (3Y CAGR) | c8% in 2026 <37% <40 c1.4 c15% Previous FY26 Guidance (Feb26) high sds % (3Y CAGR) | >€3b yoy <2.4% Updated FY26 Guidance mid sds increase % c280 2.25% high sds % (3Y CAGR) c6% (3Y CAGR) | c8% in 2026 c36% <40 >1.4 >15% Updated FY26 Guidance high sds % (3Y CAGR) | >€3b yoy <2.4% Revision NII sensitivity: c€35m per +25bps
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Strategic Optionality Ordinary Payouts Organic growth 1 Assuming €1b of AT1 issues 14 RWA expansion through: • domestic organic growth • international syndications A • increasing cash payοuts • share buybacksB i. extraordinary payouts ii. bolt-on acquisitions iii. value accretive M&As - EPS accretive - RoTE accretive - RoIC>Kc, RoIC>SBB yield iv. reperforming assets C Capital allocation strategy 17.3% <16% c13% >10ppts >3ppts >9ppts <3ppts 1H26 Profitability Organic growth Distributions incl. DTC 2028E Strategic Optionality Buffer Internal Target CET1 ratio evolution, % 1 C B A 02 Strategy & Guidance Update Capital deployment strategy supports growth and superior shareholder returns
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• Net Fee impact1 +6ppts • EPS accretion +4ppts • RoTE accretion >50bps • RoIC2 >25% 15 Strategic Rationale ✓ Boost fee and commission income from bancassurance business ✓ Value uplift via: o Leveraging Allianz’s International experience, innovative products & technology o Share of profits consolidation of 30% of Allianz European Reliance ✓ Allianz represents the ideal partner aligning with NBG’s aspiration towards a scalable, modern bancassurance distribution model, offering: o expertise in products and sales as a leading global insurance group o its technological strengths with advanced digital capabilities, facilitating transition and new product offerings Transaction economics (2027-28) 02 Strategy & Guidance Update Strategic Transactions: Allianz partnership creates value delivering significant uplift in EPS and RoTE (1/2) 1 Group net fee CAGR incremental impact relative to the high sds guidance (2027-28) | 2 RoCET1
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• Net Fee impact2 +3ppts • EPS accretion >1ppt • RoTE accretion >20bps • RoIC3 >17% Yr1 | >20% Yr3 16 Strategic Rationale ✓ Investment Advisory & Asset Management Agreement with Dromeus Capital for sourcing and managing selective real estate investment opportunities1 ✓ Generates recurring asset-backed non-NII income and delivers further income diversification ✓ Disciplined investment approach with strict selection criteria ✓ Initial investment in real estate portfolio c€0.4b ✓ Transaction capital impact <0.1% Transaction economics (2027 onwards) 02 Strategy & Guidance Update Strategic Transactions: Dromeus Capital partnership enhances and diversifies fee growth (2/2) 1 Subject to the completion of the due diligence process, with an initial term of 7 years | 2 Group net fee CAGR incremental impact relative to the high sds guidance (2027-28) | 3 RoCET1
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02 Strategy & Guidance Update Technology: Frontloaded investments in IT put NBG ahead of peers (1/3) 17 #1 Bank that rolled out a customer facing agent with >14 services in production, servicing 200k requests per month #1 Position in digital banking with 30% market share (active users) ~75% reduction In the number of our overall application stack (from around 1000 to 250) In unit cost (trx) in the last five years, (3.5 times the # of transactions with 1.5 times increase in cost) > 50% reduction #1 Bank in Greece and among few in Europe operating with a new cloud-based CBS Average age of our peripheral applications <6 years #1 Bank that rolled out a Voice Agent in the contact center servicing >130K requests per month Unified credit origination platform serving corporate, SB, consumer and credit card origination, expediting the approval process One
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02 Strategy & Guidance Update The new CBS is a bold strategic move facilitating the Bank's transition into a new era >1,000 people working on a common goal Technology: A new Core Banking System; the largest banking tech project ever undertaken in Greece (2/3) 18 >500K person days Invested across six years of build & run ~3K users trained on the new Core Banking Platform during ~200 structured training sessions Largest banking IT Program ever undertaken in Greece Dec 2020 Decision & mobilization Oct 2023 Corporate Loans go-live Apr 2024 Small Business Lending go-live Nov 2024 Consumer Lending go-live Jul 2025 Mortgages go-live Apr 2026 Deposits go-live May 2026 Customer go-live 1 unified PLATFORM 200 active PRODUCT CATALOGUE 3 xfaster TIME-TO-MARKET ~3.5B txns/yr THROUGHPUT from 40 fragmented applications from 5,000+ legacy products on new products & functionality headroom for c30% over coming years A single core platform replaces a four-decade patchwork of systems Rationalized offer - easier to operate, govern and evolve Time to market for new products and services reduced to days/weeks Engineered to absorb growth without re-platforming
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02 Strategy & Guidance Update Technology: AI capabilities span a wide array of use cases across front, middle and back offices (3/3) 19 Sophia Digital Assistant Expands across every digital channel. Already available for c1/3 of all digital customer interactions. By YE26 over 2/3 of all digital customer interactions will be available through the AI channel AI Voice in the Contact Center Real-time voice assistant deployed July 2026. Expected to offload >50% of our contact center traffic within the next 6-9 months Complaints & Requests Management Agentic case classification, routing and response drafting Corporate & SB Lending and Contract Drafting Agentic credit memo preparation for Corporate and SB Loan underwriting AI-Driven Software Engineering End-to-end delivery engine built on Claude Code agents, already used by all technology units Corporate Contract Drafting Agentic generation of bond loan contract drafts
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28 03 Financial Results in Detail 20
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1H26 PAT¹ at €661m reflects core income momentum; RoTE at 15.5% ¹,² 21 03 Financial Results in Detail P&L Highlights 1H26 PAT¹ of €0.66b is driven by increasing NII momentum and accelerated growth in Fees In more detail: • 2Q26 NII, up +2.6% qoq, accelerates on the back of healthy loan volume growth and a positive rate trajectory, while NIM pivots from the 1Q26 “trough”; forward rate trajectory – if maintained – will provide further NII support alongside sustained strong credit dynamics • Fee income growth picked up in 2Q26 (+14% qoq) yielding double digit growth for 1H26 (+10%), fueled by retail fees, principally investment product growth leveraging our cross-selling capabilities and a vast depositor base, and corporate fees reflecting strong loan origination • 1H26 OpEx, +8% yoy and -1% qoq, aligns with our FY26 guidance, reflecting the balance between our cost discipline and our commitment to invest in people, while remaining leaders in technology and digital infrastructure investments, enhancing productivity, commercial effectiveness, digital offering and cyber risk security; 1H26 C:I of 35%² is inside our upgraded FY26 guidance • 2Q26 CoR at 38bps, aligns with our FY26 guidance and reflects continued benign asset quality conditions in 2Q26 and sector-leading provision coverage levels 1H26 RoTE of 15.5%¹,² (reported 15.7%) and a positive outlook for 2H26 led us to revise our FY26 guidance to >15% before adjusting for excess capital 1 Before one-offs | 2 Normalized for high trading income | 3 1H26 one-offs include VES provision at c€60m and LEPETE at c€20m P&L | Group (€ m) 1H26 1Η25 YoY 2Q26 QoQ NII 1,096 1,080 +1.5% 555 +2.6% Net fee & commission income 243 221 +10.0% 129 +13.9% Core Income 1,339 1,301 +3.0% 684 +4.5% Trading & other income 80 147 -46.0% 18 -69.9% Total Income 1,418 1,448 -2.0% 703 -1.8% Operating Expenses (489) (451) +8.4% (243) -0.9% Core PPI 850 849 +0.0% 441 +7.8% PPI 930 997 -6.7% 459 -2.3% Loan & other Impairments (86) (88) -2.2% (45) +9.2% Operating Profit 843 908 -7.2% 414 -3.4% Taxes (182) (207) -11.9% (97) +14.1% PAT¹ 661 701 -5.8% 317 -7.7% Attributable PAT 567³ 611 -7.2% 295 +8.3% Key P&L ratios 1H26 1H25 YoY 2Q26 QoQ NIM over avg assets (bps) 273 287 -14 273 +1 Cost-to-Income (%)² 34.7% 32.5% +2.2pps 33.7% -2.0pps CoR (bps) 38 43 -4 38 -1 RoTE¹ ² (%) 15.5% 16.3% -0.8pps 15.6% +0.3pps
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Best in class liquidity profile and capital resources provide operating resilience and strategic flexibility 22 03 Financial Results in Detail Balance sheet Highlights • Fending off geopolitical uncertainty, 2Q26 loan disbursements picked up (+c20% qoq); combined with a strong 1Q26 despite seasonality, PE expansion came in at €2.1b ytd in 1H26; 2Q26 acceleration was driven by large corporate and structured finance credit in energy, infrastructure, and shipping sectors • Deposits, up by +6% yoy, driven by low cost, price inelastic core deposits, up +8% yoy or +€3.8b, supported by corporate client actions in late 2Q26; Mutual fund market share gains stood at +c50bps ytd, with total FuMs increasing by nearly €2b ytd, fueling fee generation • Our deposit costs remained stable qoq at 27bps despite increasing benchmark rates, while our funding cost remained below 70bps; both are at the lowest level in Greece reflecting our superior liquidity profile • NPE ratio at 2.4%, on benign asset quality trends in 2Q26 despite uncertainty; NBG maintains the highest coverage ratios by European standards • Capital generation continued strong in 2Q26 as profitability accommodated accelerated credit expansion and superior distributions; CET1 stood at 17.3% post payout accruals¹; CAD stood at 21.0% • MREL ratio at 28.4%, above the MREL requirement of 26.7% 1 FY26 payout level to be determined at YE26 subject to AGM and regulatory approvals | 2 Net of €1b of e-EFKA deposits transferred to BoG on 01.07.25 | 3 Remaining 2025 dividend of €264m paid in Jun26, interim 2025 dividend of €200m paid in Nov25, 2024 dividend of €405m paid in Jun25 Key Balance sheet items 6M26 3M26 FY25 9M25 6M25 Total Assets (€ b) 83.4 82.7 78.9 76.7 77.6 Performing Loans (€ b) 39.1 37.7 37.0 34.7 34.4 Securities (€ b) 25.1 24.8 22.2 21.5 20.6 Deposits (€ b) 61.7 58.5 59.6 58.3 58.2² Tangible Equity (€ b) 8.5³ 8.5 8.3³ 8.3 8.1³ Key Balance sheet ratios 6M26 3M26 FY25 9M25 6M25 Liquidity Loans-to-Deposits 67% 69% 66% 64% 63% LCR 227% 237% 236% 249% 248% NSFR 143% 144% 146% 147% 148% Asset quality NPE ratio 2.4% 2.4% 2.4% 2.5% 2.5% NPE coverage 105% 107% 106% 101% 100% Stage 3 coverage 55% 56% 56% 56% 55% Capital CAD 21.0% 21.1% 21.5% 21.8% 21.7% CET1 17.3% 17.4% 18.8% 19.0% 18.9% RWAs (€ b) 41.8 41.1 39.8 38.2 38.1
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Capital generation absorbs accelerated credit growth and superior payouts 23 03 Financial Results in Detail 1 Including period PAT and payout | 2 60% payout accrued in 1H26; FY26 payout level to be determined at YE26, subject to AGM and regulatory approvals; including the respective accelerated DTC amortization | 3 Including the respective accelerated DTC amortization 1H26 capital movement¹ 17.4% 17.8% 17.3% 1.2% 1.2% 2.5% +c0.7% -c0.4% +c0.1% -c0.5% 2.4% 1Q26 2Q26 Profitability RWAs Other 2Q26 CET1 pre payout Payout accrual 2Q26 18.8% 19.3% 18.3% 17.3% 1.2% 2.7% +c1.6% -c0.9% -c0.1% -c1.0% -c0.9% 2.4% FY25 1H26 Profitability RWAs Other 1H26 CET1 before payout Payout accrual 1H26 CET1 before special Special SBB of €300m 1H26 incl. special distribution CET1 CAD RWAs €41.8b€39.8b 2 3 +60bps ΑΤ1 Τ2 21.0%21.5% Τ2 21.0% 2Q26 capital movement¹ 21.1%
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Core income momentum up by +5% qoq builds up in 2Q26; PAT¹,²+6% qoq 24 03 Financial Results in Detail 400 409 441 -38 -39 -39 4Q25 1Q26 2Q26 CoR Core PPI² +6% qoq Core PPI²: +8% qoq 299283 1 Before one-offs I 2 excl. trading and other income CoR: flat qoq 251 344 +14 +16 -43 +0 +1 +1 -4 -12 317 +2.6% +14%QoQ +9%-1% Core PAT¹,² CoR at 38 bps in 1H26 Group PAT¹ (€ m) Group Core PAT¹,² (€ m) PAT¹ growth excl. trading & other income +€16m qoq
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211 201 204 205 225 282 280 276 272 273 24 22 22 24 24 531 527 530 541 555 NII recovery accelerates in 2Q26 aided by volume and rate effects 25 03 Financial Results in Detail -36 -22 -23 -23 -25 -11 -17 -15 -17 -22 158 159 161 169 178 10 10 7 7 7 386 376 378 382 394 2Q25 3Q25 4Q25 1Q26 2Q26 Loans (PE) Loans (NPE) Securities Funding & other Deposits 507 505 508 517 531 Group Domestic International 507 505 508 517 531 24 22 22 24 24531 527 530 541 555 2Q25 3Q25 4Q25 1Q26 2Q26 Int'l Domestic NIM (Group) 3M (avg) +2.6% qoq NII (€ m), NIM (bps) NII breakdown (€ m) NIM pivots from 1Q26 ’trough’
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6.4 6.4 6.4 1.5 1.5 1.61.4 1.6 1.6 9.3 9.6 9.7 23.3 26.1 27.3 32.6 35.7 37.0 2Q25 1Q26 2Q26 Corporate SBL Consumer Mortgages PE yields start to pick up while corporate credit gathers pace 26 03 Financial Results in Detail Greek PE lending yields (bps) Group Performing loan evolution (€ b) 475 449 439 432 436 412 397 396 395 400 936 922 926 933 938 583 547 541 528 533 424 391 382 378 383 Consumer¹ ² SBLs Corporate³ Mortgages² Total Performing² 3M Euribor (avg) Group Int’l 34.4 39.1 Greece 37.7 Retail Corporate Corporate⁴ Euroswap rate 211 201 204 205 225 235 208 206 208 220 2Q25 3Q25 4Q25 1Q26 2Q26 +13% yoy +12% yoy +13% yoy +17% yoy +4% yoy +15% yoy +7% yoy +1% yoy 1 Excl. cards | 2 Excl. staff loans | 3 Excl. shipping | 4 Euroswap curve relevant to corporate book pricing 1.8 2.0 2.1
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0.6 0.6 0.6 0.6 0.7 2.0 1.3 3.6 1.9 2.4 2.6 1.9 4.2 2.5 3.0 2Q25 3Q25 4Q25 1Q26 2Q26 Series1 Series3 1H26 disbursements up by +30% yoy; Corporate +33% yoy, Retail +20% yoy 27 03 Financial Results in Detail Group Loan disbursements¹ (€ b) Group PE expansion (€ b) 1 Loan disbursements for the period excluding rollover of working capital repaid and increase in unused credit limits | 2 Mostly in energy, shipping and hotels CorporateRetail 37.0 5.5 -3.7 0.0 0.2 39.1 FY25 PEs Disbursements Repayments NPEs movement FX & other 1H26 PEs +15% yoy +19% yoy +€1.9b net credit expansion 2 +18% yoy 1H26 € b yoy Retail 1.3 +20% Corporate 4.3 +33% Total 5.5 +30%
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Healthy loan growth: retail contributes positively to credit growth 28 03 Financial Results in Detail Domestic Corporate PEs €27.3b 14.1 15.2 15.6 2Q25 1Q26 2Q26 Large & SMEs | (€ b) +11% yoy 6.0 7.2 7.7 2Q25 1Q26 2Q26 Structured Finance | (€ b) +29% yoy 3.3 3.7 4.1 2Q25 1Q26 2Q26 Shipping | (€ b) +25% yoy 6.4 6.4 6.4 2Q25 1Q26 2Q26 Mortgages | (€ b) Domestic Retail PEs €9.7b 1.5 1.5 1.6 2Q25 1Q26 2Q26 Consumer | (€ b) 1.4 1.6 1.6 2Q25 1Q26 2Q26 SBLs | (€ b) +1% yoy +15% yoy+7% yoy
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6 6 6 6 5 35 29 28 27 27 165 154 144 141 138 31.3 31.6 32.0 31.7 32.8 7.3 7.9 7.9 7.9 8.5 6.0 5.8 6.1 5.9 7.11.6 1.5 1.6 1.5 1.09.5 9.1 9.4 8.9 9.7 55.6 55.8 57.0 56.0 59.1 2Q25 3Q25 4Q25 1Q26 2Q26 Time Other Sight - Corp Sight - Retail Savings 2.6 2.5 2.6 2.6 2.6 Group Int’l Greece 58.2¹ 58.3 59.6 61.7 Demand Term Total +€3.5b yoy58.5 -36 -22 -23 -23 -25 2Q25 3Q25 4Q25 1Q26 2Q26 Includes hedges 1 Net of €1b of e-EFKA deposits transferred to BoG on 01.07.25 1 1 Core deposits +€3.8b yoy Core deposits up by c€4b yoy; deposit yields unchanged 03 Financial Results in Detail 29 Group deposits evolution (€ b) Greek deposit yields (bps) & NII (€ m)
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12.3 16.5 16.8 0.4 0.3 0.37.4 7.3 7.420.1 24.2 24.5 2Q25 1Q26 2Q26 EU Sovereign & other T bills GGBs 0.4 0.4 0.4 3.9 4.7 4.7 15.8 19.1 19.5 20.1 24.2 24.5 2Q25 1Q26 2Q26 HFT HTCS HTC o/w €6.8b HTC 1 HFT: Held For Trading, HTCS: Held To Collect and Sell, HTC: Held To Collect 1 Bond portfolio exposure provides NII support 03 Financial Results in Detail Bond portfolio by category (€ b) Bond portfolio classification (€ b) 30 c80% in HTC
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392 381 356 299 256 211 201 204 205 225 80 77 73 72 71 65 59 62 64 64 46 47 44 41 38 35 29 28 27 27 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 75% 16% 2% 7% Current, sight & other Deposits Time Deposits Interbank funding Long term wholesale Debt 1 Of which: Senior debt €3.3b, Tier II €1.1b | 2 Including period PAT, payout accrual and €300m special share buyback | 3 Including CBR at 3.8% 3M Euribor (avg) CoF (Blended eop) Deposit cost (avg) €69b Deposits of c€62b, c91% of total net funding 1 21.5% 19.8% 1.2% 7.7% 7.5% 29.2% 28.4% 26.7% MREL resources (FY25) MREL resources (2Q26) MREL requirement (2026) NBG own funds Senior preferred & other eligible liabilities 3 ΑΤ1 NBG retains the lowest and most inelastic deposit cost 31 03 Financial Results in Detail NBG funding cost (bps) Funding structure (%) MREL resources² | % RWAs 2026 issuances • SP Green €600m • AT1 €500m
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113 129 88 98 19 16221 243 1H25 1H26 Non-core & International Domestic Corporate Fees Domestic Retail Fees 43 52 10 6 27 27 2 66 788 98 1H25 1H26 Deposits & payments Investment banking & products Trade Finance Other treasury related Lending 16 19 34 32 22 33 8 9 33 37 113 129 1H25 1H26 Deposits & payments Bancassurance Investment products Cards Lending & other +20% -2% +17% +11% ΥοΥ 1 Domestic +20% -8% +13% +14% +48% ΥοΥ Sustained MF cross selling +7% >100% +10% ΥοΥ -36% Fee growth accelerates to +10% yoy driven by retail and corporate fees 03 Financial Results in Detail Retail fees¹ (€ m) Corporate fees¹ (€ m) Group fees (€ m) 32
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FuM growth fuels investment fees, up +48% yoy in 1H26 33 03 Financial Results in Detail Assets under Management (€ b) Retail Investment Fees (€ m) Bonds 3.6 4.5 5.4 0.4 0.4 0.5 1.9 2.0 2.22.1 2.4 2.6 7.9 9.3 10.6 1Η25 4Q25 1Η26 1 Funds under management NBG MFs Institutional Client FuMs¹ MF Mkt share (%) 17%15% +2pps yoy in Total MF (+6pps yoy in Bond MF) 3rd party MFs Equities Retail Client FuMs¹ +34% yoy +48% yoy Mostly premium and private clients 2/3rds comprised of premium customers 17% 22 33 1H25 1H26 YoY +48% 11.3 8.8 9.7 21.9 16.7 19.0 Total FuMs¹
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1H26 C:I at 35%¹ leads to positive FY26 target revision 34 03 Financial Results in Detail 6.5 6.7 6.5 1.1 1.2 1.1 7.6 7.9 7.7 FY24 FY25 2Q26 314 304 304 FY24 FY25 2Q26 1 Normalized for 1H26 high trading income I 2 Tellerless branches amount to 49 in 2Q26, 48 in FY25, 34 in FY24 32.5 34.7 1Η25 1Η26 Cost/ income % Int’l Greece 6.3 at Bank level Optimization supported by digital strategy implementation o/w 49 tellerless Reflects increased remuneration mainly driven by collective agreements and investment in human capital Sector-leading investments in IT and digital transformation of c€1b since 2020 (incl. CBS replacement) 1.2% Normalized for 1Η26 high trading income Lower ytd due to VES Group C:I (%) Group headcount (#k) Group OpEx by category (€ m) Domestic branches² (#) 1.2%Cost/ Assets % 1Η25 1Η26 YoY Personnel 242 263 +8.7% G&As 110 122 +10.8% Depreciation 99 104 +5.1% Total 451 489 +8.4% Mostly driven by contact center & customer experience costs
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NPE flows unaffected by geopolitical uncertainty 35 03 Financial Results in Detail NPE ratios and coverage | 2Q26 Group Cost of Risk (bps), (€ m) 37 39 39 40 39 38 2Q25 1Q26 2Q26 43% 60% 53.4% 54.6% 3.7% 1.9% 2.3% 2.4% Retail Corporate Total Domestic Total Group Stage 3 coverage Collateral coverage¹ NPE ratio 60% 64% 62% NPE coverage at 105% FNPEs <30 dpd 0.2 FNPEs 31- 90dpd 0.0 FNPEs >90dpd 0.1 FPEs 0.5 Domestic forborne €0.8b CoR (€ m) CoR (bps) Dom. 90+dpd 0.5 Dom. FNPE >30 dpd & other 0.2 Dom. FNPE <30 dpd 0.2 International NPE 0.1 Group NPEs €1.0b o/w: €0.6b Corporate 0.1 0.1 0.1 0.1 0.1 -0.1 -0.1 -0.1 -0.0 -0.0 -0.0 0.0 -0.0 -0.0 -0.0 NPE inflows (+) Curings Debt fgv, recoveries, liquidations NPE outflows (-) -0.1 -0.0 -0.0-0.1 -0.0 NPE organic flows NPE inorganic flows & write-offs 0.0 -0.0 -0.0-0.0 NPE movement -0.0 -0.0 -0.0 -0.0 -0.0 0.0 -0.0 -0.0 -0.0 -0.0 0.0 3Q25 4Q25 1Q262Q25 2Q26 1 Collateral coverage at Bank level NPE & forborne stock (€ b) | 2Q26 NPE balance change (€ b, Bank)
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2.5% 2.4% 2.4% 30.06.25 31.12.25 30.06.26 5.8% 6.2% 6.0% 30.06.25 31.12.25 30.06.26 Leading coverage levels provide comfort during uncertainty 36 03 Financial Results in Detail Group gross loan stage evolution (€ b) Group S2 ratio and coverage (%) Group S3 ratio and coverage (%) 1 S1 loans include Frontier senior notes (€2.4b in 2Q26) 34.9 36.9 38.7 2.2 2.5 2.6 0.9 0.9 1.0 30.06.25 31.12.25 30.06.26 Stage 3 Stage 2 Stage 1¹ Ratio Coverage Ratio Coverage 8.4% 7.9% 7.7% 54.8% 55.8% 54.6%
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04 Macro 2Q26 FinancialResult 37
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Strong fundamentals continued to cushion external headwinds in 1H26 38 04 Macro Solid business activity and RRF resources bolster fixed capital investment Supportive labour and financial market conditions • Economic activity in Greece continued to markedly outperform the euro area in 1H26, as indicated by national accounts data for 1Q26 and monthly indicators available for 2Q26. • Fixed capital investment remained the key growth driver, increasing by 12.1% yoy in 1Q26, with solid momentum extending into 2Q26, underpinned by major investment projects, high capacity utilization in industry and services, and strong public investment (PIB & RRF spending up by 14.7% yoy or €0.7b in 1Η26). • Tourism proved resilient to heightened uncertainty, heading for new record highs on the back of improved competitiveness and service quality, with revenue up by 25.8% yoy and arrivals up by 20.9% yoy in 5M26. Forward-looking booking trends and flight schedule data continue to signal sustained growth in 3Q26. • Business indicators confirm the corporate sector’s remarkable resilience to external shocks. Business turnover increased by 5.4% yoy in 5M26, while profitability, measured by gross operating surplus, returned to pre-crisis levels in FY25 and 1Q26. • The business models of most competitive firms have strengthened significantly, enhancing their ability to navigate volatile external conditions marked by heightened macroeconomic uncertainty, market volatility and lingering supply-chain frictions. • Labor market conditions remain favorable, with the unemployment rate at an 18-year low of 7.9%, on avg, in May-June26, supporting higher real wages, while the 1Q26 uptick in unemployment rate reflected rising labor participation and delayed seasonal hiring. • Financial conditions continue to support growth, reflecting: i) lower real interest rates, ii) strong bank lending and corporate capital-raising activity, and iii) healthy cash buffers, with private sector deposits at a 16-year high of €223.6b in June 2026. Sources: ELSTAT, Bank of Greece & NBG Economic Analysis 20 40 60 80 100 20 40 60 80 100 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026e €b€b Operating surplus (gross, left axis) Mixed income (left axis) Compensation of employees (right axis) *1Q26 annualized * A synchronized recovery in household income and business profits 117 190 177 116 80 90 100 110 120 130 140 150 160 170 180 190 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e index, 2017=100 Real GDP House prices (HPI) Private sector deposits Employment * 1Q26 annualized or latest data * Key macroeconomic and financial indicators on a steady rise until 1Q26
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39 04 Macro Heightened geopolitical risks could further weigh on economic sentiment Strong fiscal buffers and favourable financial environment to offset renewed headwinds Sources: FRED, ICE, European Commission & NBG Economic Analysis 60 70 80 90 100 110 120 130 60 70 80 90 100 110 120 130 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Dec-26 $/brl Futures contracts range (July) July (Futures implied avg) June (Futures implied avg) May (Futures implied avg) Brent crude (spot, $/brl) * As of 22/07 * Renewed tensions in energy markets amid persistent geopolitical risks Persistent uncertainty to test the economy’s resilience over the period ahead -50 -40 -30 -20 -10 0 10 20 30 40 -50 -40 -30 -20 -10 0 10 20 30 40 Industry Services Retail Construction indexindex 2021-2025 avg 2010-2020 avg Avg Mar-Apr 2026 Avg May-Jun 2026 Key business sectors showed resilience to international uncertainty, with confidence rebounding in May-June 2026 • Survey-based indicators of business activity proved highly resilient in 2Q26, rebounding swiftly from the initial impact of the March conflict escalation and lifting the Economic Sentiment Indicator above both its 1Q26 and 2Q25 averages. Construction, industry, and retail trade led the improvement. • The domestic energy sector showed higher adaptability, as infrastructure investment, rising electrification, and a diversified energy supply mix helped ease the pressure on domestic electricity prices relative to the Ukraine war. • Consumer confidence, however, weakened amid mounting inflationary pressures, decreasing in 2Q26 to its lowest level since 3Q22, as HICP inflation climbed to a 3-year high of 4.4%. This raises the risk of a further slowing in private consumption, which had already decelerated to 0.7% yoy in 1Q26 (from 1.9% yoy in FY25). • Renewed military tensions in the Middle East since mid-July have put the fragile ceasefire at risk, triggering a new bout of energy market stress that pushed Brent crude oil prices 20% higher in the second half of July, to c90 USD/brl, while Dutch TTF gas prices climbed to above 60 €/MWh in late-July. • Fiscal support measures totaling c€1.0 b, among the largest in the EU relative to GDP, have been deployed since March, including fuel-margin caps, targeted household support and fuel subsidies, with coverage extended to additional fuel categories in July. • The strong fiscal position – following a record primary surplus (4.9% of GDP in 2025) and continued overperformance in 5M26 – together with solid banking activity (credit growth to private sector at 7.7% yoy in June 2026) and record high capital market- based financing of c€7.0 b in 1H26, enhances the capacity to cushion the impact of a more prolonged period of external stress.
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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 2025 1Η26 %yoy Employment (yoy, left axis) Active population (yoy, left axis) Unemployment rate (%, right axis) 40 04 Macro Healthy labor market fundamentals should help offset the uncertainty-led consumption slowing Sources: ELSTAT, European Commission, ECB & NBG Economic Analysis The labour market rebounded after a weak 1Q26, as employment grew by 45K persons, on average, in 1Η26 and the unemployment rate fell to an 18-year low of 7.9% in May-June -20 -10 0 10 20 30 40 50 60 -70 -60 -50 -40 -30 -20 -10 0 Feb-20 Jun-20 Oct-20 Feb-21 Jun-21 Oct-21 Feb-22 Jun-22 Oct-22 Feb-23 Jun-23 Oct-23 Feb-24 Jun-24 Oct-24 Feb-25 Jun-25 Oct-25 Feb-26 Jun-26 index index Greece: Consumer confidence (left axis) Inflation expectations (right axis) Inflation uncertainty weighs on consumer sentiment, disproportionately affecting more vulnerable population groups 0 150 300 450 600 750 0 40 80 120 160 200 240 280 320 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 €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) Strengthened financial savings of households; more differentiated investment patterns & rising housing wealth 60 80 100 120 140 160 180 -6 -4 -2 0 2 4 6 8 10 12 2019 2020 2021 2022 2023 2024 2025 yoy Thousands €b Households: Nominal disposable income (€b, right axis) Households: Nominal disposable income (yoy, left axis) Households: Real disposable income (yoy, left axis) Real disposable income remained on a sustained upward trend despite persistent inflation headwinds
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-2 0 2 4 6 8 10 12 14 16 18 20 -2 0 2 4 6 8 10 12 14 16 18 20 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 yoy Greece (loans to private sector, yoy, %) Greece (loans to NFCs, yoy, %) Euro area (loans to private sector, yoy, %) Euro area (loans to NFCs, yoy, %) 41 04 Macro Corporate performance remains solid, bolstering appetite for fixed capital investment Sources: ELSTAT, Bank of Greece, European Commission, ECB, S&P Global & NBG Economic Analysis 60 65 70 75 80 0 4 8 12 16 20 24 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1Q26 %%GDP Residential construction (left axis) Non-residential construction (left axis) GFCF excl. total construction (left axis) Capacity utilization in industry (right axis) Investment momentum remains strong, led by productivity- enhancing capex and a revival in construction activity 25 30 35 40 45 50 55 60 65 70 25 30 35 40 45 50 55 60 65 70 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 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 Greece’s manufacturing sector remained among the top performers in the EU, showing resilience to persistent cost- side pressures 0 10 20 30 40 50 0 100 200 300 400 500 600 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e €b€b Business turnover (left axis) Gross operating surplus (corporations, right axis) Business activity held up well in 1H26, underscoring the resilience and adaptability of the Greek corporate sector Business activity is supported by a highly favorable financial environment
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42 04 Macro Robust fiscal performance, accelerating RRF deployment and resilient exports Sources: Hellenic Ministry of Finance, Bank of Greece, Eurostat, ECB & NBG Economic Analysis -2 0 2 4 6 8 10 12 14 16 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec €b, cumulative 2022 2023 2024 2025 2026 Gen. Government primary balance: The fiscal performance in 5M26 (+2.0% of GDP) remains on par with the record- setting path of 2025 0.5 1.1 1.8 2.9 5.3 0 1 2 3 4 5 6 Jan 2M 3M 4M 5M €b 2023 2024 2025 2026 Tourism revenue: on track for a new record year (+25.8% yoy in 5M26 or +€1.1 b), with arrivals maintaining solid growth through early July 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 2025 2026f %GDP€b RRF grants (€b, left axis) PIB (€b, left axis) PIB & RRF (% of GDP, right axis) Record-high PIB and RRF spending provides further impetus to fixed capital investment -60 -40 -20 0 20 40 60 -15 -10 -5 0 5 10 15 May-23 Jul-23 Sep-23 Nov-23 Jan-24 Mar-24 May-24 Jul-24 Sep-24 Nov-24 Jan-25 Mar-25 May-25 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26 yoy, 3m m.a. yoy, 3m m.a. Non-fuel goods exports (left axis) Fuel exports (right axis) Greece’s goods exports continued to expand despite heightened global volatility and subdued demand in major euro area export markets
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2Q26 FinancialResult 05 Transformation Program 43
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44 05 Transformation Program Our Growth & Transformation Program serves as the cornerstone of our strategy Corporate & Investment banking • Enhancement of operating model and origination capabilities, supporting lending growth across Greek and international markets • Best-in-class Corporate Service Hubs across 5 locations, elevating customer experience and service delivery • Development of innovative fee-generating solutions through Corporate Transaction Banking (CTB) and Global Markets offerings Digital Business • Leading digital franchise, serving >4.6M subscribers and >3.3M active users (12M) through highly rated internet and mobile banking platforms • Strong digital sales penetration across deposits, prepaid cards and consumer loans, enabled by AI-powered onboarding and c890 embedded banking agreements Retail banking • Strengthening frontline capabilities across Mass, Business Banking and Wealth segments, increasing sales orientation across digital, remote and branch channels • Set up of enhanced bancassurance capabilities through the Allianz Greece partnership, enhancing future fee generation capacity • Uplift of customer experience through transformation of key customer journeys, including onboarding, KYC, investments and cards Technology & Processes • Successful completion of the new Core Banking System, positioning NBG at the forefront of modern banking infrastructure in Europe (1st in Greek market) • Accelerated deployment of agentic AI capabilities, incl. Sophia chatbot across digital channels (site, internet, mobile) and offering of voice AI agent in Contact Center (1st in Greek market) • Continued investment in infrastructure modernization, including Appian workflows, CRM enhancements and EDW cloud migration
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45 05 TransformationProgram Our digital business continue to deliver impressive results Registered users 29% Digital users 12M AU¹ 30% Market Shares² Digital Sales Penetration Time Deposits 58% Prepaid Cards 59% Consumer Loans 72% 1 Active users I 2 Source: Hellenic Bank Association (HBA) 3.2mn 12M AU¹ 4.6 rating Retail 144K 12M AU¹ 4.7 rating Business 36K 12M AU¹ 4.5 rating Next
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46 05 TransformationProgram AI-powered, Human-centered, Market-leading 4.6M registered users • First bank in Greece to launch fully AI-powered onboarding for new customers • Embedding AI across the customer journey — from transactions to contact center support Leading position in greek digital banking AI-powered at scale Strategic partnerships • New Skroutz co-branded credit card • Established embedded banking footprint with c890 agreements (c280 agreed in 2025) • Partnership to offer international shares, ETFs and MMFs through our youth app, Next
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2Q26 FinancialResult 06 ESG 47
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48 06 ESG Creating value for businesses and households while enabling Greece's transition • €2,719m RRF loans contracted, of which €1,817m under Green Pillar Leading sustainable energy financing Accelerating transition to a sustainable economy Corporate (June 2026) Role-modelling environmentally responsible practices C&E theme Key recent developments and metrics Corporate RES financing (€ b) Retail (June 2026) • 0.2MW solar panels across 3 NBG buildings • 2.3MW solar panels at PAEGAE logistics subsidiary Energy-efficient buildings Energy-efficient car fleet • >80% of company cars hybrid / electric • 131 car charging points installed in 10 NBG buildings €2.5b Green bond issuances (€ m) 1.1 1.6 2.0 2.3 2.5 2.6 2021 2022 2023 2024 2025 1H26 2.3x 500 650 750 2020 (called) 2024 2025 28% 2026 600 Allocated Unallocated Green Pillar Other Pillars 67% 33% July 2026: published 3rd & 4th Allocation & Impact report (link) 2027 target: €3.3b 1H26 mix: • 38% wind • 37% solar • 25% hydro & other RES (incl. BESS) 2026-28 target: €150-200m energy upgrades financing over next 3 years Green business loans €58m Green mortgages (actual EPC A-C) €370m Home retrofit loans €67m Green auto loans €63m c33% share in state- sponsored Exoikonomo programme disbursements
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49 06 ESG Contributions to Greece’s energy transition NBG is committed to play a leading role in financing renewable energy projects in Greece, accelerating the country's transition to a cleaner, more sustainable economy. Through our Green Bonds, we mobilize capital to fund Greece's energy transition, delivering strong environmental impact and supporting a more sustainable future. 3,162,227 tCO2e annual total avoided emissions 325 projects supported using the green bonds proceeds Total impact achieved from Green debt financing 1,018,937 tCO2e NBG’s share of annual GHG emissions avoided 2,165 MW NBG’s share of renewable energy capacity 3,749,493 MWh NBG’s share of expected or actual annual renewable energy generation Annual impact attributed to NBG Multiple Regions supporting balanced national development Contributing to UN SDGs €2,500m total amount of Green Bond issued €2,329m total amount allocated 59% green bonds out of total outstanding senior preferred debt 4 green bonds issued since 2020 CO2 12,341 GWh annual total electricity generation introduced 6,700 MW total installed capacity supported CO2 Solar Energy RES acquisitions and operation Wind Energy Hydro Pumped Storage Battery Energy Storage System Hydro 37.5% 26.9% 20.0% 10.1% 5.0% 0.4% % of installed capacity per technology
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50 06 ESG Contributions to society with impactful initiatives, supported by solid corporate governance framework Education, Financial Empowerment • Financial Literacy Platform: New NBG digital platform promoting financial literacy & inclusion • ENNOIA1 Initiative: 2 NBG Business Seeds special awards & 3 new research projects sponsored 1Η26 highlights Public Health & Well-being • Dementia Centre of Excellence2: New Best Practice Unit in Attica (delivery in 2028) • Athens Olympic Swimming Centre: Renovation & energy upgrade (delivery in 2027) • Paralympic Committee: Gold Sponsor of Paralympic Committee for 2026-28 1 In partnership with Accenture, Prof. M. Haliassos & NGO Komvos| 2 Part of Initiative ’21 founded by leading Greek foundations and NBG to mark the bicentenary of the Greek Revolution. • Volunteer Firefighters (2022-26): ~3k volunteer firefighters and >70 volunteer teams supported • Chios island: Anti-flood works after 2025 wildfires completed Environment protection • NBG Business Seeds: 16th Innovation & Technology Competition with 12 startups receiving awards • Innovation ecosystem: Founding Partner of Panathēnea festival since 1st year; 11.5k participants from 60 countries Entrepreneurship & innovation • NBG Cultural Foundation (MIET): Cooperation with Thessaloniki International Film Festival • NBG Historical Archive: Inauguration of a new temporary banknote engraving exhibition • Greek National Opera: 2 educational programmes across Greek islands Greek heritage, culture & creativity Social initiatives in collaboration with other Greek Banks • “Marietta Giannakou”: 2nd Phase of public schools’ renovation program • “Academia 2030”: 1st Phase of infrastructure upgrade of selected Universities • Zografeion Lyceum: Restoration of historic building in Constantinople • National Emergency Aid Center: Rental and operation of 2 rescue helicopters Corporate Governance Solid corporate governance framework: Deeply embedded in our culture and operating model, ensuring robust controls, strengthening transparency
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2Q26 FinancialResult 07 Appendix 51
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52 07 Appendix Balance Sheet & P&L 1 Before one-offs | 2 Including NBG branch closure FX recycling P&L | Group 2Q26 1Q26 4Q25 3Q25 2Q25 € m NII 555 541 530 527 531 Net fee & commission income 129 114 133 116 115 Core Income 684 655 663 642 647 Trading & other income 18 61 29 2 53 Total Income 703 716 692 644 699 Personnel expenses (132) (132) (131) (125) (121) G&As (61) (62) (76) (60) (54) Depreciation (51) (52) (57) (50) (49) Operating Expenses (243) (246) (263) (234) (225) Core Pre-Provision Income 441 409 400 408 422 Pre-Provision Income 459 470 428 410 475 Loan & other Impairment (45) (41) (55) (45) (46) Operating Profit 414 429 373 365 429 Taxes (97) (85) (92) (87) (108) Minorities (1) (1) (1) (1) (1) PAT¹ 317 344 280 277 320 Attributable PAT² 295 272 275 274 310 Balance Sheet | Group 2Q26 1Q26 4Q25 3Q25 2Q25 € m Cash & Reserves 4,813 5,617 5,459 5,957 7,488 Interbank placements 2,599 2,702 2,261 2,392 2,331 Securities 25,128 24,778 22,196 21,531 20,624 Loans (Gross) 42,503 41,187 40,543 38,331 38,211 Provisions (Stock) (1,014) (1,020) (984) (941) (938) Goodwill & intangibles 716 704 711 664 644 RoU assets 155 160 165 474 472 Property & equipment 1,365 1,361 1,351 837 829 DTA and other assets 7,075 7,186 7,079 7,368 7,857 Assets held for sale 20 23 105 114 73 Total assets 83,360 82,699 78,886 76,727 77,590 Interbank liabilities 4,259 6,478 2,680 2,037 2,282 Deposits 61,691 58,543 59,613 58,336 59,223 Debt securities 4,500 4,496 4,245 3,855 3,697 Other liabilities 2,971 3,225 3,050 2,938 3,050 Lease liabilities 214 219 215 559 555 Liabilities held for sale 0 0 0 0 0 Non-controlling interest 29 29 28 28 27 ΑΤ1 500 500 0 0 0 Equity 9,197 9,209 9,055 8,975 8,756 Total equity and liabilities 83,360 82,699 78,886 76,727 77,590
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53 07 Appendix Balance Sheet & P&L 1 Before one-offs | 2 Including NBG branch closure FX recycling P&L | International 2Q26 1Q26 4Q25 3Q25 2Q25 € m NII 24 24 22 22 24 Net fee & commission income 3 4 3 4 4 Core Income 27 28 25 25 28 Trading & other income 1 1 1 (1) (1) Total Income 27 28 26 24 27 Personnel expenses (9) (9) (9) (8) (8) G&As (7) (5) (7) (5) (5) Depreciation (1) (1) (2) (1) (1) Operating Expenses (17) (15) (18) (15) (14) Core Pre-Provision Income 10 12 8 10 14 Pre-Provision Income 11 13 9 10 13 Loan & other Impairment (0) (1) 3 (5) (1) Operating Profit 10 13 12 5 12 Taxes (1) (1) (0) (5) (6) Minorities (1) (1) (1) (1) (1) PAT¹ 9 11 11 (0) 5 Attributable PAT² 9 11 12 14 (11) P&L | Domestic 2Q26 1Q26 4Q25 3Q25 2Q25 € m NII 531 517 508 505 507 Net fee & commission income 127 110 130 112 112 Core Income 658 627 638 617 618 Trading & other income 18 60 27 3 53 Total Income 675 687 665 620 672 Personnel expenses (123) (123) (122) (116) (113) G&As (54) (56) (69) (55) (49) Depreciation (50) (51) (55) (48) (48) Operating Expenses (227) (231) (246) (220) (210) Core Pre-Provision Income 431 397 392 398 408 Pre-Provision Income 448 457 419 401 462 Loan & other Impairment (45) (41) (58) (41) (45) Operating Profit 404 416 361 360 417 Taxes (95) (83) (92) (82) (102) Minorities - - - - - PAT¹ 308 333 269 278 315 Attributable PAT² 286 261 264 259 321
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54 07 Appendix ESMA Alternative Performance Measures (APMs), financial data and ratios definitions Τhe 2Q26 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 30 June 2026, and has been prepared, in all material respects, from the underlying accounting and financial records of the Group and the accounting policies applied by the Group 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 30 June 2026. The 2Q26 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 07 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,excluding credit provisions charge of €3m for 1H26 and the provisions release of €16m for Project Etalia for 1H25 Cost-to-Income C:I Operating expenses over 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 include 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 International activities -- International operations include the Group’s business in North Macedonia (Stopanska Banka, Stopanska Leasing) and Cyprus (NBG Cyprus) 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
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56 07 Appendix Definition of financial data, ratios used and alternative performance measures Name Abbreviation Definition Loan & other Impairments -- The sum of credit provisions and other impairment charges, excluding (a) a release of €40m related to a specific GGB debt security which was transferred to Stage 1, other impairments of €25m related to interest recognized in prior years that will be reimbursed to the borrowers and servicers subject to Greek Law 3869/2010 “Katseli Law” and other impairments and credit provisions charge of €12m for 1H26 and (b) provisions release of €16m related to Project Etalia for 1H25 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 Interest Income NII NII excluding an adjustment of -€2m in 2Q/1H26 Net Interest Margin NIM Net interest income over average tangible assets, which are calculated as the sum of the monthly average tangible 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. 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 (1H26: €19m, 1H25: €18m) and otherone-off costs (1H26: €19m, 1H25: €2m) 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 senior 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 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 1H25
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57 07 Appendix Important Notice – Disclaimer The information, statements and opinions set out in the 2Q26 Financial 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.
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58 07 Appendix Important Notice – Forward Looking Information 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, including risks 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. Risks to the outlook are mostly related to geopolitical tensions and conflicts, particularly in the Middle East, as higher energy prices partly erode the purchasing power of households and geopolitical uncertainty weighs on confidence. A pivotal factor is whether the ongoing peace talks between the US and Iran and the respective easing of the disruptions of naval flows through the Strait of Hormuz and the Gulf of Oman, will remain on track. Furthermore, inflation developments and the prospect of unexpected aggressive policy tightening by monetary authorities could also hurt risk appetite, leading to higher equity risk premia and damaging investment. 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 regulation. 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 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 Statement. No Updates Unless otherwise specified all information in 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.
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59 07 Appendix Contact details Marios Deportou | Rating agencies +30 210 334 3008 nteportou.mariosioannis@nbg.gr Christos Christodoulou | Group CFO cchristodoulou@nbg.gr Maria Kanellopoulou | Analysts +30 210 334 1537 mkanellopoulou@nbg.gr Ioannis Pouloutidis +30 210 334 3034 pouloutidis.ioannisgeorgios@nbg.gr Panagiotis Alevras | Institutional Investors +30 210 334 3031 Alevras.Pan@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.