Earnings release
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RESTRICTED USE 3Q26 Financial Results PRESS RELEASE NBG stands out 4 November 2026
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3Q26 Financial Results 2 1 Before one-offs | 2 Over internal target of CET1 at c13% | 3 Post payout accruals | 4 To be paid on November 20th | 5 c40% realized to date €1.0b PAT1 €1.48 EPS1 +6% yoy 15.7% RoTE1 or 20.7% adj. for excess capital2 +5% yoy / +6% qoq NII 3Q26 NIM at 288bps +10% yoy Fees 34.4% Cost : Income1 among the lowest in Europe 17.5% CET13 +20bps qoq €230m Interim dividend4 €0.53b Active share buyback5 Strong financial performance continues unabated +13% yoy PE Loans +€2.2b ytd 2.4% NPE ratio 103% NPE coverage Solid profitability and returns Robust balance sheet & solid asset quality Core income strength & superior efficiency Leading capital and payout
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3Q26 Financial Results 3 The safe way to tap Greece's structural growth dynamics 37% market share Household savings deposits1 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 capabilities create unique competitive advantage >€1.3b investments In technology2 New Core Banking System combines modern technology, scalability and adaptability (cloud enabled and cyber-secure). Further digitalization and automation of operations, including AI, improves productivity and customer journeys Superior capital resources provide strategic optionality c450bps (c€2b) Excess Capital3 Among the strongest capital buffers in Europe, supporting rigorous organic expansion and superior shareholder distributions, while providing strategic flexibility for value-accretive inorganic growth Leading RoA combines with low leverage >1.6% Return on Assets Among Europe's highest RoAs, combines with low leverage to provide significant RoTE upside potential as superior liquidity and capital resources are increasingly deployed 1 Market share in low-cost transactionary household deposits | 2 Since 2020 | 3 Over internal target of CET1 at c13% Why NBG
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3Q26 Financial Results 4 Key financial highlights • PAT reached €1.0b¹ in 9M26 on strong core income momentum, with RoTE at 15.7%1 o 3Q26 NII acceleration, up +6% qoq, aided by higher rates (3M EUR +28bps qoq) and healthy loan volume growth (+13% yoy); NIM sharply higher at 288bps in 3Q26, up +15bps qoq; forward rate trajectory provides additional NII support alongside lagged repricing and seasonally strong credit dynamics in 4Q26; 9M26 NII up by +5% yoy aligns with FY26 guidance posing upside risk o Fee income growth sustained in the double digits in 9M26 (+10% yoy), with 3Q26 coming in nearly at 2Q26 levels despite base effects relating to RRF completion pre-approvals and strong capital market activity in 2Q26; retail fees remain driven by investment product cross selling towards our vast depositor base (>40% yoy growth in NBG MFs in 9M26); 9M26 Fee growth of +10% exceeds our FY26 guidance o 9M26 OpEx, +8% yoy, aligns with FY26 guidance, balancing strict cost discipline with our commitment to invest in people, while remaining leaders in tech and digital infrastructure investments, enhancing productivity, commercial effectiveness, digital offering and cyber risk security; 9M26 C:I of 34.4%1 remains among the lowest in Europe o 3Q26 CoR at 38bps, inside our FY26 guidance, reflects continued benign asset quality conditions and sector-leading provision coverage levels o 9M26 RoTE of 15.7%1 compares favorably to our FY26 guidance of >15%, before adjusting for excess capital (20.7% adjusting for excess capital2) • Robust balance sheet provides resilience in periods of uncertainty o 9Μ26 loan disbursements near €8b, higher by +28% yoy, despite a seasonally weaker 3Q26 affected by corporate early repayments; factoring in a strong pipeline of approved not yet disbursed corporate credit, 4Q26 new production is seen to accelerate and is expected to drive FY26 credit expansion at least to our guidance for PE growth of >€3b for the FY; 9M26 PE expansion at +€2.2b ytd is driven by large corporate and structured finance credit in energy, infrastructure and shipping sectors o Deposits increased by +7% yoy, with core deposits up by a solid +€3.9b yoy (+9% yoy), chiefly driven by our low cost, transactionary, household deposits; despite continued attrition to mutual funds, time deposits also edged higher yoy. Mutual fund market share gains continued in 3Q26, reaching +c100bps ytd, while total FuMs increased by nearly +€2b ytd, fueling sustainable fee generation o Our funding cost remained below 70bps, at the lowest level in Greece reflecting our superior liquidity profile o NPE ratio at 2.4% on benign asset quality trends in 3Q26 despite geopolitical uncertainty; NBG maintains the highest coverage ratios across stages by European standards • CET1 at 17.5%, total capital ratio at 21.2% o Capital generation continued in 3Q26, given our strong profitability; CET1 stood at 17.5%, post payout accruals3 (highest shareholder payout among Greek banks); total capital ratio at 21.2% o MREL ratio at 28.7%, above the 2026 MREL requirement of 26.9% • Our Transformation Program acts as a competitive advantage o Building on our new Core Banking System (CBS), we continue to invest in cutting-edge technology. Our unified loan origination platform is live across corporate and consumer loans as well as credit cards, with mortgages underway o We are accelerating Agentic AI adoption, including the “Sofia” chatbot on digital channels and a voice agent in NBG’s Contact Center deployed in Jul26, opting to offload >50% of traffic in 6 months. In parallel, we are leveraging AI across Bank- wide operations to enhance productivity and customer experience o In Corporate and Retail, we are driving income growth across Greek and international markets through an enhanced service model and building up our bancassurance offering with Allianz Greece in the context of our strategic partnership o Our leading digital franchise with 4.7m registered users and 3.3m active users is supported by our next-generation Retail Mobile Banking app, the Business Internet Banking platform and our enhanced “Next” app for the youth segment with 35.6k active users • ESG strategy o As a result of our ongoing progress in ESG performance, MSCI categorized NBG as a “Leader” among 641 banks, assigning the highest (AAA) rating o On Climate & Environment, we continue enabling the transition of the Greek economy, with Corporate RES financing at €2.6b, RRF Green pillar contracts reaching €1.8b at the program's sunset, and Retail lending on solar installations, electric/hybrid vehicles, high energy class properties and retrofits exceeding €0.5b o On Social Responsibility, we are establishing the Dementia Centre of Excellence in Greece (together with 12 leading Greek foundations) and supporting public education with the renovation of 670 schools to-date through the “Marietta Giannakou” program and the launch of the “Academia 2030” program (together with other systemic banks), as well as the donation of 3 school buildings to the Municipality of Ioannina o Our solid corporate governance framework is deeply embedded in our culture and operating model, ensuring robust controls and strengthening transparency 1 Before one-offs | 2 Over internal target of CET1 at c13% | 3 60% payout accrued in 9M26; FY26 payout level to be determined at YE26, subject to AGM
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3Q26 Financial Results 5 “The Greek economy continued to demonstrate remarkable resilience, maintaining its growth outperformance relative to the euro area despite persistent geopolitical uncertainty. Economic activity remains supported by sustained investment momentum, resilient domestic demand and a solid tourism season, while sound fiscal fundamentals, strengthened private sector balance sheets and favorable financing conditions –including record- high FDI inflows and capital market fundraising activity– provide a solid foundation for continued growth. Against this backdrop, NBG delivered another solid financial performance in 9M26, reflecting the strength of our business model and disciplined execution across strategic priorities. Profit after tax reached €1.0b1, translating into a RoTE of 15.7%1, supported by accelerating NII growth amid a more favorable interest rate environment as well as by a double-digit growth in fees. At the same time, asset quality remained resilient, with stable NPE flows and contained credit risk costs despite external uncertainties. Th is strong set of results reinforces our confidence in exceeding our upgraded FY26 guidance on high impact KPIs, including NII, cost-to-income, EPS and RoTE, supported by the positive core income dynamics heading into 2027. Our balance sheet continues to represent a key comparative advantage, combining robust capital buffers, ample liquidity, and a sticky, low-cost deposit franchise. Robust capital generation comfortably accommodates performing loan expansion expected at over €3b for 2026 and sector-leading shareholder distributions2, while preserving significant strategic flexibility. Our approach to capital allocation remains disciplined and selective, prioritizing profitable organic growth alongside value-accretive opportunities that enhance our product offering and diversify our revenue streams. Last but not least, our interim dividend of €230m, corresponding to a DPS of c€0.26, +18% higher compared to 2025, underlines our commitment to increase returns to shareholders. Our front-loaded investments in technology and human capital have established a differentiated operating platform, supporting greater adaptivity, scalability, and long-term profitability. The successful completion of the rollout of our new cloud-based Core Banking System, among the most advanced in Europe, together with the expanding deployment of AI across our organization, further strengthens our ability to i nnovate, enhance customer experience and capture new growth opportunities. Combined with Greece's favorable structural growth prospects and our strong competitive positioning, these capabilities reinforce our confidence in delivering on or above our strate gic targets, generating attractive, sustainable returns and creating long-term value for our shareholders, customers and employees.” Pavlos Mylonas Chief Executive Officer, NBG 1 Before one-offs | 2 60% payout accrued in 9M26; FY26 payout level to be determined at YE26, subject to AGM
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3Q26 Financial Results 6 P&L | Group (€ m) 9M26 9M25 YoY 3Q26 2Q26 QoQ NII 1,683 1,606 5% 587 555 6% Net fee & commission income 371 336 10% 128 129 -1% Core Income 2,054 1,943 6% 715 684 5% Trading & other income 97 150 -35% 18 18 -3% Total Income 2,151 2,092 3% 733 703 4% Personnel expenses (398) (367) 8% (135) (132) 2% G&As (186) (170) 10% (64) (61) 6% Depreciation (156) (148) 6% (53) (51) 3% Operating Expenses (741) (685) 8% (252) (243) 3% Core PPI 1,313 1,257 4% 463 441 5% PPI 1,410 1,407 0% 481 459 5% Loan & other Impairments (128) (134) -5% (41) (45) -9% Operating Profit 1,283 1,273 1% 440 414 6% Taxes & minorities (287) (295) -3% (105) (97) 8% PAT1 996 979 2% 335 317 6% Attributable PAT 2 888 885 0% 321 295 9% 1 Before one-offs I 2 One-offs include VES provision at c€60m and LEPETE at c€30m in 9M26 and NBG Egypt branch closure FX recycling at -€86m in 9M25 Balance Sheet | Group (€ m) 3Q26 2Q26 1Q26 4Q25 3Q25 2Q25 Total assets 82,904 83,360 82,699 78,886 76,727 77,590 Gross loans 42,559 42,503 41,187 40,543 38,331 38,211 Provisions (994) (1,014) (1,020) (984) (941) (938) Net loans1 41,565 41,489 40,167 39,559 37,390 37,273 Performing loans 39,150 39,052 37,714 36,956 34,688 34,439 Securities 24,602 25,128 24,778 22,196 21,531 20,624 Deposits 62,256 61,691 58,543 59,613 58,336 58,2432 Tangible equity 8,520 8,4813 8,505 8,3444 8,311 8,1125 1 Incl. senior notes amounting to €2.4b in 3Q26 | 2 Net of €1b of e-EFKA deposits transferred to BoG on 01.07.25 | 3 Net of remaining FY25 dividend of €264m paid in June 2026 | 4 Net of interim FY25 dividend of €200m paid in November 2025 | 5 Net of the FY24 dividend of €405m paid in June 2025 Key Ratios | Group 3Q26 2Q26 1Q26 4Q25 3Q25 2Q25 Liquidity L:D ratio 67% 67% 69% 66% 64% 63% LCR 231% 227% 237% 236% 249% 248% NSFR 144% 143% 144% 146% 147% 148% Profitability NIM (bps) 288 273 272 276 280 282 C:I ratio 34.3% 34.6% 34.3% 38.1% 36.3% 32.1% CoR (bps) 38 38 39 39 37 40 RoTE1 (%) 15.8% 15.6%2 15.3%2 13.4% 14.6%2 15.3%2 Asset quality NPE ratio 2.4% 2.4% 2.4% 2.4% 2.5% 2.5% NPE coverage ratio 103% 105% 107% 106% 101% 100% S3 coverage ratio 53% 55% 56% 56% 56% 55% Capital CET1 ratio3 17.5% 17.3% 17.4%4 18.8% 19.0% 18.9% CAD ratio3 21.2% 21.0% 21.1%4 21.5% 21.8% 21.7% RWAs (€ b) 41.2 41.8 41.1 39.8 38.2 38.1 1 Before one-offs | 2 Normalized for high trading income | 3 Including period PAT and payout, subject to AGM and regulatory approvals | 4 Pro forma for the €300m special buyback that commenced in June 2026
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3Q26 Financial Results 7 P&L | Greece (€ m) 9M26 9M25 YoY 3Q26 2Q26 QoQ NII 1,611 1,536 5% 563 531 6% Net fee & commission income 357 326 10% 120 127 -5% Core Income 1,967 1,861 6% 683 658 4% Trading & other income 90 151 -40% 13 18 -28% Total Income 2,058 2,012 2% 695 675 3% Personnel expenses (371) (343) 8% (125) (123) 2% G&As (169) (155) 9% (59) (54) 9% Depreciation (153) (144) 6% (51) (50) 3% Operating Expenses (692) (642) 8% (235) (227) 4% Core PPI 1,275 1,219 5% 448 431 4% PPI 1,365 1,369 0% 460 448 3% Loan & other Impairments (124) (125) -1% (38) (45) -14% Operating Profit 1,242 1,244 0% 422 404 4% Taxes & minorities (280) (280) 0% (101) (95) 6% PAT1 962 964 0% 321 308 4% Attributable PAT 8542 941 -9% 306 286 7% 1 Before one-offs I 2 One-offs include VES provision at c€60m and LEPETE at c€30m P&L | International (€ m) 9M26 9M25 YoY 3Q26 2Q26 QoQ NII 72 71 3% 25 24 4% Net fee & commission income 14 11 28% 7 3 >100% Core Income 86 81 6% 32 27 21% Trading & other income 7 (1) n/m 5 1 >100% Total Income 93 80 16% 37 27 36% Personnel expenses (27) (24) 13% (10) (9) 8% G&As (18) (15) 19% (6) (7) -14% Depreciation (4) (4) -10% (1) (1) 17% Operating Expenses (48) (43) 13% (17) (17) 0% Core PPI 38 39 -1% 16 10 57% PPI 45 38 19% 21 11 93% Loan & other Impairments (4) (8) -54% (3) (0) >100% Operating Profit 41 29 40% 18 10 74% Taxes & minorities (7) (15) -52% (4) (2) 94% PAT1 34 15 >100% 15 9 70% Attributable PAT 34 (57)2 n/m 15 9 70% 1 Before one-offs I 2 One offs include NBG Egypt branch closure FX recycling at -€86m
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3Q26 Financial Results 8 Group PAT amounted to € 996m1 in 9M26, driven by accelerating NII growth and sustained double -digit fee income expansion, leveraging a resilient domestic macro environment and favorable interest rate developments. This translates into an EPS of €1.481, comparing favorably with our FY26 guidance of >€1.4. NII growth accelerated sharply in 3Q26, increasing by +6% qoq, supported by the pick-up in benchmark rates (3M Euribor +28bps qoq) and the full-quarter contribution from strong loan volume expansion in 2Q26, while NIM widened by +15bps qoq to 288bps, benefitting from the lagged repricing of our assets. As a result, 9M26 NII increased by +5% yoy, consistent with our FY26 guidance for mid-single-digit growth, with upside potential. The favorable forward interest rate trajectory, coupled with further repricing and our substantial pipeline of approved not yet disbursed corporate loans, provides strong visibility on robust credit expansion and sustained NII momentum in 4Q26 and beyond, reinforcing our confidence in delivering FY26 guidance and supporting a positive earnings trajectory into 2027 . Fee and commission income maintained strong underlying momentum in 9M26, increasing by +10% yoy and outperforming our FY26 guidance for high-single-digit growth, despite a sequential moderation in 3Q26, largely reflecting a demanding comparison with 2Q26, which benefited from the c ompletion of the RRF programme and exceptionally strong capital markets activity. Retail fee generation continues to be underpinned by robust demand for investment products, with NBG mutual funds growing by over +40% yoy, reflecting impressive market share gains of +c100bps ytd, as well as the successful leveraging of our extensive deposit franchise to deepen customer relationships and drive cross- selling opportunities. The continued expansion of our investment product offering, alongside significant untapped potential in Asset Management and particularly Bancassurance, provides further scope to diversify our revenue streams and sustain strong fee income growth going forward. Operating expenses increased by +8% yoy in 9M26, consistent with our FY26 guidance, reflecting our disciplined approach to cost management while sustaining targeted investments in human capital and technology. Personnel costs continue to reflect the impact of collective and Bank -level agreements, alongside initiatives to attract, develop and retain talent with the skills required to support our strategic priorities. G&As are driven by our continued spending on initiatives aimed at enhancing customer experience and service quality, including our contact center. D epreciation charges reflect our sustained, sector -leading investments in digital capabilities and technology infrastructure . These investments, together with the successful completion of our new cloud -based Core Banking System rollout, among the most advanced in Europe, position us at the forefront of banking technology infrastructur e, providing a state -of-the-art platform to enhance operational efficiency, commercial effectiveness, digital capabilities and cyber risk security . Importantly, our 9M26 cost-to-income ratio stood at just 34.4%1, among the lowest in Europe, highlighting the structural efficiency of our operating model and our ability to accommodate strategic investments without compromising cost discipline. Loan impairments amounted to €117m in 9M26, implying a CoR over net loans of 38 bps (9M25: 41bps), comfortably within our FY26 guidance of <40bps, reflecting persistently benign asset quality conditions despite ongoing geopolitical uncertainty. Our sector -leading provision coverage levels provide additional resilience against potential external headwinds, further strengthening our balance sheet's capacity to absorb credit ris ks. 1Before one-offs Profitability
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3Q26 Financial Results 9 Group NII (€ m), NIM (bps) NII breakdown (€ m) Fees breakdown (€ m) OpEx2 breakdown (€ m) 3 PAT2 bridge (€ m) 2Before one-offs 3Normalized for high trading income 505 508 517 531 563 22 22 24 24 25527 530 541 555 587 3Q25 4Q25 1Q26 2Q26 3Q26 Int'l Domestic -22 -23 -23 -25 -32 -17 -15 -17 -22 -27 159 161 169 178 192 10 7 7 7 8 376 378 382 394 422 3Q25 4Q25 1Q26 2Q26 3Q26 Loans (PE) Loans (NPE) Securities Funding & other Deposits 172 199 134 144 30 28336 371 9M25 9M26 Non-core & International Domestic Corporate Fees Domestic Retail Fees 318 343 367 398 9M25 9M26 Personnel G&As & Depreciation +33 -2 -1 -3 -4 -2 +4 -8 2Q25 Δ NII Δ Fees Δ Trading & other income Δ Personnel expenses Δ G&As Δ Depreciation Δ Loan & other impairments Δ Taxes 3Q26 280 276 272 273 288 741 33.3%3 34.4% YoY C:I2 +8% +8% 685 YoY +7% +16% +10% 531 505 508 517 NIM (Group) +8% 335 317 +6% QoQ 22 22 24 24 25 527 530 541 555 587 Int’l Domestic Group 563 3Q26 NIM at 288bps +21% yoy +6% qoq 3Q26 CoR at 38bps 3Q26 C:I at 34.3%
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3Q26 Financial Results 10 Group performing loans reached €39.2b in Sep26, up by a solid +13% yoy, despite the seasonal slowdown in lending activity during 3Q26 and corporate early repayments. This strong performance is underpinned by loan disbursements4 of €7.9b in 9M26, up +28% yoy, primarily driven by strong corporate and structured finance credit across the energy, infrastructure, shipping and hotel sectors. Retail loan origination was also encouraging , with 9M26 disbursements up +12% yoy to €1.8b, driving retail performing exposures +€0.3b or +4% higher yoy. Our strong pipeline of approved not yet disbursed corporate loans provides strong visibility on an acceleration in lending activity in 4Q26, reinforcing our confidence in delivering or exceeding our FY26 performing loan expansion target of >€3b. Group performing loan evolution (€ b) Greek PE yields (bps) 5 6 Group loan disbursements4 (€ b) Group PE expansion (€ b) 4Loan disbursements exclude the rollover of working capital repaid and increase in unused credit limits 5Excluding mortgage and consumer staff loans 6Euroswap curve relevant to corporate book pricing 6.4 6.4 6.4 1.4 1.5 1.61.2 1.4 1.6 9.1 9.3 9.7 20.6 23.5 27.5 29.7 32.8 37.1 3Q24 3Q25 3Q26 Corporate SBL Consumer Mortgages 449 439 432 436 453 397 396 395 400 417 922 926 933 938 952 547 541 528 533 553 391 382 378 383 404 0.5 0.6 0.6 0.6 0.6 0.7 0.6 1.2 2.0 1.3 3.6 1.9 2.4 1.8 1.7 2.6 1.9 4.2 2.5 3.0 2.4 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Retail Corporates 37.0 39.2 7.9 -6.0 0.0 0.2 FY25 PEs Disbursements Repayments NPEs movement FX & other 9Μ26 PEs Int’l Credit expansion Greece +13% yoy +10% yoy +13% yoy +12% yoy +8% yoy +17% yoy Consumer5 (excl. cards) SBLs Corporate (excl. shipping) Mortgages5 Total Performing5 3M Euribor (avg) Group +4% yoy Retail Corporate 31.4 34.7 39.2 7.70 7 1.7 1.9 2.0 +1% yoy 201 204 205 225 253 208 206 208 220 244 3Q25 4Q25 1Q26 2Q26 3Q26 Corporate6 Euroswap rate +€2b net credit expansion +37% +26% 3Q26 yoy Corporate early repayments Pipeline of approved not yet disbursed credit of c€2.5b supports FY26 guidance realization
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3Q26 Financial Results 11 Group deposits reached €62.3b in Sep26, increasing by +€3.9b or +7% yoy, and accounting for over 90% of our total net funding, underscoring the strength and stability of our predominantly deposit -funded balance sheet. Importantly, our funding base retains its highly favorable composition, with low -cost sight and savings accounts representing over 80% of total deposits, providing a significant structural funding cost advantage. In Greece, deposits increased by +€3.6b yoy to €59.4b, driven by strong inflows into core deposits of nearly +€4b yoy, primarily reflecting low-cost, transactiona ry, household accounts . Time deposits also edged higher yoy , despite continued attrition to mutual funds. At the same time, strong momentum in mutual funds continued, with market share gains reaching +c100bps ytd and FuM increasing by nearly +€2b over the same period, further supporting recurring fee income generation and the diversification of our revenue base. Our robust liquidity position remains a key competitive advantage, as reflected in our LCR of 231% and L:D ratio of 67% in Sep26, both among the most favorable in Europe, reinforcing our financial flexibility and ability to accommodate sustained loan growth without compromising balance sheet resilience. Group deposit flows (€ b) Group deposit evolution (€ b) Funding structure (%) NBG cost of funding (bps) 58.3 62.3 2.6 -1.0 1.5 0.8 3Q25 Core Time Core Time & other 3Q26 31.6 32.0 31.7 32.8 32.8 7.9 7.9 7.9 8.5 8.9 5.8 6.1 5.9 7.1 7.41.5 1.6 1.5 1.0 0.89.1 9.4 8.9 9.7 9.4 55.8 57.0 56.0 59.1 59.4 2.5 2.6 2.6 2.6 2.9 58.3 59.6 58.5 61.7 62.3 3Q25 4Q25 1Q26 2Q26 3Q26 Time Other Sight - Corp. Sight - Retail Savings 76% 16% 1% 7% Current,sight & other Deposits Time Deposits Interbank funding Long term wholesale Debt 356 299 256 211 201 204 205 225 253 76 74 73 69 60 60 64 66 69 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 3M Euribor (avg) CoF (Blended avg) Greece Int’l Liquidity €68b Group deposits of c€62b comprise c92% of total net funding Core deposits +€3.9b yoy +9% yoy +€3.9b yoy +7% yoy Group 2026 issuances: - SP Green €600m - AT1 €500m Retail +€1.6b yoy Corporate +€2.3b yoy +€3.9b yoy +4% yoy MFs +42% yoy
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3Q26 Financial Results 12 Strong organic capital generation in 3Q26 drove our CET1 ratio +20bps higher qoq to 17.5% post payout accruals 7, the highest among Greek banks , with total capital ratio at 21.2%. Our MREL ratio reached 28.7%, exceeding the 2026 requirement of 26.9%. 8 9M26 capital movement Group NPE stock remained contained at €1.0b in 3Q26, corresponding to an NPE ratio of 2.4%, with NPE flows kept at near zero levels, contributing to a CoR below 40bps, in line with our FY26 guidance . Combined with provision coverage levels among the highest in Europe, these metrics underscore the exceptional quality of NBG's loan portfolio, providing significant headroom to absorb potential asset quality pressures amid persistent geopolitical uncertainty . NPE ratios and coverage | 3Q26 Group Cost of Risk (bps, €m) | 3Q26 760% payout accrued in 9M26; FY26 payout level to be determined at YE26, subject to AGM; includes the respective DTC amortization 8Including the respective DTC amortization 18.8% 17.8% 19.1% 17.5% 21.5% -1.0% +2.4% -0.7% -0.3% -1.6% 21.2% FY25 CET1 €300m special SBB in 1H CET1 post special SBB 9M26 Profitability RWAs FVTOCI, VES & other 9M26 CET1 before payout Payout accrual 9M26 CET1 44% 57% 51.8% 53.4% 3.7% 1.8% 2.3% 2.4% Retail Corporate Total Domestic Total Group NPE ratio Stage 3 coverage 38 39 39 39 39 39 38 38 4Q25 1Q26 2Q26 3Q26 Asset quality Collateral coverage (Bank) 60% 62% 61% CAD CET1 RWAs: €39.8b RWAs: €41.2b Capital adequacy NPE coverage at 103% CoR (bps) CoR (€m) +170bps 8 ΑΤ1 Τ2 2.5% 1.2% 2.7% Τ2 7
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3Q26 Financial Results 13 Group NPE stock (€ b) | 3Q26 Domestic forborne stock (€ b) | 3Q26 Group S2 ratio and coverage (%) Group S3 ratio and coverage (%) Domestic 90+dpd 0.5 Domestic FNPE >30 dpd & other impaired 0.2 Domestic FNPE <30 dpd 0.2 International NPE 0.1 FNPEs <30 dpd 0.2 FNPEs 31- 90dpd 0.0 FNPEs >90dpd 0.1 FPEs 0.5 5.8% 6.1% 6.0% 30.09.25 31.12.25 30.09.26 Ratio 8.0% 7.9% 8.4% 2.5% 2.4% 2.4% 30.09.25 31.12.25 30.09.26 55.7% 55.8% 53.4%Coverage Coverage Ratio o/w €0.6b Corporate €0.8b €1.0b
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3Q26 Financial Results 14 ESMA Alternative Performance Measures (APMs), definition of financial data and ratios used The 9M26 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, 202 6, 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 International Acco unting 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 September 30, 2026. The 9M26 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 organ ization 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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3Q26 Financial Results 15 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 credit provisions charge of €3m for 1H26 and the provisions release of €16m for Project Etalia for 1H25 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 / Greece 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) 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 Int’l 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 (a) a release of €40m related to a specific GGB debt security which was transferred to Stage 1, other impairments of €25m regarding the estimated impact of developments relating to Greek Law 3869/2010 ("Katseli Law") and other impairments and credit provisions charge of €12m for 9M26 and (b) provisions release of €67m related to HfS transactions and subsidiaries portfolio sales for 9M25 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 MREL -- The minimum requirement for own funds and eligible liabilities under the BRRD Net Interest Income NII NII excluding an adjustment of -€2m in 2Q26 & 9M26 Net Interest Margin NIM Net interest income over average tangible assets, which are calculated as the sum of the monthly 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. 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 amortized cost before ECL allowance and loans and advances to customers mandatorily measured at FVTPL at the end of period
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3Q26 Financial Results 16 Non-Performing Loans NPLs Loans and advances to customers at amortized 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 (9M26: €30m, 9M25: €27m), contribution to ''Marietta Giannakou'' Public School Building Government Renovation Program (9M25: €25m) and other one-off costs (9M26: €23m, 9M25: €23m) 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 AT1, 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 amortized 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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3Q26 Financial Results 17 Disclaimer The information, statements and opinions set out in the Press Release have been provided by National Bank of Greece S.A. (the “Bank”) together with its consolidated subsidiaries (the “Group”). They serve informational purposes only 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, ex press or implied are given in, or in respect of the accuracy or completeness of any information included in the Press Release. 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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 management practices, liquidity, prospects, growth and strategies (“Forward Looking Statements”). Forward Looking Statements concern future circums tances 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. 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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 technolo gical 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. 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