Interim report
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Inspiration for Success NLB Group Interim Report January - June 2026 NLB
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2 NLB Group Interim Report January – June 2026 Contents OVERVIEW 3 Inspired by Our Home Region 4 NLB Group Key Members Overview 5 NLB Group at a Glance 7 Key Highlights 7 Key Figures 9 Key Financial Indicators 10 Key Events 11 Macroeconomic Environment 13 BUSINESS REPORT 19 Sustainability 20 Financial Performance and Position 21 Income Statement Review 21 Statement of Financial Position 28 Off-Balance-Sheet Items 33 Segment Analysis 34 Retail Banking in Slovenia 36 Corporate and Investment Banking in Slovenia 39 Financial Markets in Slovenia 42 Strategic Foreign Markets 44 Non-Core Members 47 Leasing and Asset Management Operations 48 Leasing Operations 48 Asset Management Operations 49 Capital, Liquidity and MREL 50 Capital 50 Liquidity Position 53 Wholesale Funding and MREL 54 NLB Shareholders Structure 56 Risk Factors and Outlook 57 Risk Factors 57 Outlook 60 Risk Management 62 Corporate Governance 69 Management Board 69 Supervisory Board 69 General Meeting 69 Related-Party Transactions 71 Events After 30 June 2026 72 Alternative Performance Indicators 73 Reconciliation of Financial Statements in Business and Financial Part of the Report 84 UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS OF THE NLB GROUP AND NLB 86 Glossary of Terms and Definitions 124
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3 NLB Group Interim Report January – June 2026 OVERVIEW
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4 NLB Group Interim Report January – June 2026 Inspired by Our Home Region SLOVENIA NLB, Ljubljana NLB Skladi, Ljubljana NLB Lease&Go, leasing, Ljubljana CROATIA Mobil Leasing, Zagreb REPUBLIC OF SRPSKA NLB Banka, Banja Luka FEDERATION OF BiH NLB Banka, Sarajevo SERBIA NLB Komercijalna Banka, Beograd NLB Fondovi, Beograd NLB Lease&Go Leasing Beograd KOSOVO NLB Banka, Prishtina NORTH MACEDONIA NLB Banka, Skopje NLB Fondovi, Skopje NLB Lease&Go Skopje MONTENEGRO NLB Banka, Podgorica
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5 NLB Group Interim Report January – June 2026 NLB Group Key Members Overview NLB Group and banks Slovenia Serbia N. Macedonia BiH Kosovo Montenegro NLB Group NLB, Ljubljana NLB Komercijalna Banka, Beograd NLB Banka, Skopje NLB Banka, Banja Luka NLB Banka, Sarajevo NLB Banka, Prishtina NLB Banka, Podgorica Consolidated data Data on a stand-alone basis Result after tax (in EUR millions) 252.4 337.2 66.0 27.6 16.2 9.5 20.6 11.5 Total assets (in EUR millions) 31,852.5 19,110.0 6,506.1 2,579.2 1,451.7 1,191.2 1,634.3 1,200.8 RoE a.t. 13.0% 21.8% 15.6% 15.2% 18.7% 14.5% 20.7% 15.9% Net interest margin 3.21% 2.59% 3.60% 3.33% 3.25% 2.73% 3.65% 4.07% CIR (cost/income ratio)(i) 46.5% 26.6% 44.2% 42.8% 41.7% 53.8% 31.0% 51.5% LTD 78.4% 74.2% 77.4% 90.1% 70.8% 81.8% 90.5% 93.3% NPL ratio 2.0% 2.4% 0.8% 0.9% 0.5% 1.3% 1.4% 1.2% Branches (#) 371 70 129 46 38 33 35 20 Active clients (#) 2,911,304 738,414 1,000,156 469,626 220,189 137,753 246,473 98,693 Market share by total assets(ii) - 32.8% 10.5% 16.3% 21.8% 6.3% 16.5% 14.9% (i) Tax on the balance sheet is excluded from the calculation in the NLB Group and NLB. In the NLB Group, operating lease income is presented on a net basis: non -interest income and related costs are netted for the amount of amortisation. CIR is adjusted in accordance with the new methodology. (ii) Data refer to the latest available date.
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6 NLB Group Interim Report January – June 2026 Leasing companies Slovenia Croatia Serbia N. Macedonia PRO FORMA(iii) Leasing Group NLB Lease&Go, leasing, Ljubljana Mobil Leasing, Zagreb NLB Lease&Go Leasing Beograd NLB Lease&Go Skopje Data on a stand-alone basis Result after tax (in EUR millions) 5.6 1.0 0.5 0.0 14.9 Total assets (in EUR millions) 1,452.0(ii) 217.8 184.4 50.1 1,719.0 Market share by total assets(i) 37.0% 4.3% 9.4% n.a. - (i) Market share of the leasing portfolio. Data refer to the latest available date. (ii) Including intra-group exposure of EUR 185.4 million to Mobil Leasing, Zagreb. (iii) Pro forma consolidation reflects the aggregated performance of leasing entities within the NLB Group, adjusted for intra -group exposures and funding synergies. Asset Management companies Slovenia Serbia N. Macedonia PRO FORMA(i) Asset Management companies NLB Skladi, Ljubljana NLB Fondovi, Beograd NLB Fondovi, Skopje Data on a stand-alone basis Result after tax (million EUR) 9.6 -0.3 0.2 9.5 Assets under management (in EUR millions) 4,406.4 57.8 126.1 4,590.3 Market share of assets under management in mutual funds 43.3% 2.5% 21.3% - (i) Pro forma reflects the aggregated performance of asset management companies within the NLB Group.
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7 NLB Group Interim Report January – June 2026 NLB Group at a Glance Key Highlights Strategic Positioning A leading player in SEE, driving sustainable , customer-centric growth through diversification, digital innovation , and a strengthened regional presence. • The NLB Group operates a diversified universal business model across Retail, Corporate & Investment Banking, and Payments, anchored in sustainability and long-term value creation. • Leasing and asset management are increasingly important strategic pillars, supporting revenue diversification. • Ongoing enhancements to the operating platform, together with the adoption of advanced technologies, are accelerating the Group’s transition towards a fully digital business model. • Enhancing customer experience remains a priority, supported by a comprehensive range of secure, user-centric digital services available 24/7. • The Group strives to strengthen its position as a regional champion, fostering growth and financial stability across its markets of operation. Financial Performance Strong core performance underpinned by broad - based business growth. • The Group delivered solid loan growth across its geographies and segments, supported by continued client activity and stable financing conditions. Gross loans to customers increased by EUR 967.3 million (5%) in H1 and by EUR 2,226.3 million (12%) YoY. • The deposit base increased by EUR 566.0 million (2%) in H1, driven by growth in deposits from individuals across the Group. On a YoY basis, customer deposits increased by EUR 2,238.0 million (10%), with growth broadly comparable to loan growth in absolute terms and supporting the Group’s strong liquidity position. • Net interest income increased by 5% YoY, supported by continued strong loan growth at stabilising rates across the Group. Net interest margin remained below the previous- year level but improved modestly QoQ, indicating stabilisation, while the Group’s diversified funding profile and proactive balance sheet management mitigated temporary funding pressures in selected SEE markets. • Net fee and commission income increased by 10% YoY, supported by broad-based growth across the Group, primarily driven by investment funds, bancassurance and account-related services. • Other net non-interest income declined YoY due to lower one-off gains from real estate sales and resolved legal cases compared to H1 2025, along with negative foreign- exchange and derivative valuation effects. • Total costs increased moderately by 3.6% YoY on a like-for-like basis, while stronger revenue growth improved the CIR to 46.5%. • Profitability declined YoY, primarily reflecting the net establishment of impairments and provisions for credit risk, lower non-recurring income and negative valuation effects, while the Group’s underlying business performance remained strong. Asset Quality Good asset quality trends with a well-diversified portfolio, prudent credit standards, and a decisive workout approach. • A well-diversified, stable, and resilient credit portfolio, supported by a substantial retail share and the absence of material concentrations in any specific industry or client segment. Increased lending activity further contributed to loan portfolio growth in H1 2026. • Low NPEs (the EBA def.) of 1.3% with a comfortable NPL coverage ratio 2 of 53.2%. The Group carefully monitors potentially vulnerable segments to identify any significant increase in credit risk at a very early stage. • In H1 2026, net impairments and provisions for credit risk were established in the amount of EUR 32.0 million, primarily driven by lending growth and credit migration, partially offset by recoveries from written-off receivables, updates to risk parameters and model changes. • The CoR for H1 2026 stood at 32 bps annualised.
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8 NLB Group Interim Report January – June 2026 Capital, Liquidity & Funding Capital and liquidity position ensuring capital return and continued growth opportunities. • The capital position remained solid and comfortably exceeded all regulatory requirements: CET1 stood at 14.8% (3.7 pp above the OCR+P2G threshold), Tier 1 at 16.7% (3.7 pp surplus), and the Total Capital Ratio (TCR) at 19.3% (3.8 pp surplus). • NLB distributed EUR 138.4 million in dividends to shareholders, corresponding to EUR 6.92 gross per share and representing an 8% increase YoY. • The liquidity position of the Group remained strong, with a high level of unencumbered liquid assets in total assets (32.4%), mainly consisting of placements with the ECB and prime debt securities. • The Group’s deposits from individuals represent the major and most stable funding source. Deposit guarantee schemes insure 79% of retail and 64% of total deposits. Deposits from individuals grew by 3% YtD and 9% YoY, demonstrating strong client confidence in the Group. • A robust LTD ratio at 78.4% provides the Group with further growth potential. Outlook Reaffirmed outlook and guidance. • The Group reaffirms its full-year outlook and guidance for 2026 and 2027, as previously communicated in the Q1 2026 results. NLB Investor Day 2026 Insight into the NLB Group’s business, strategic progress, ambitions, long-term vision, and an exchange of views. • At the NLB Investor Day in May 2026, the Group reaffirmed confidence in its medium- term strategic ambitions and upgraded selected financial targets, increasing the target dividend payout ratio (DPR) to around 60% and improving the CIR target to the low-40s, reflecting the strength of its business model, earnings generation and capital position. • Management reaffirmed the Group’s disciplined capital allocation framework, balancing profitable organic growth, value-accretive M&A opportunities and sustainable shareholder distributions, while maintaining a strong capital position. • The Group presented the continued execution of its 2030 strategy, highlighting progress in strengthening its universal banking franchise through investments in digital transformation, operational excellence, payments and fee-generating businesses to support sustainable long-term growth. • The Investor Day also highlighted the growing contribution of ancillary businesses, including asset management, leasing, and payment solutions across the region. As digital transactions approach an inflection point, these businesses are expected to play an increasingly important role in diversifying the Group’s revenue base and enhancing sustainable long-term profitability.
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9 NLB Group Interim Report January – June 2026 Key Figures Profit a.t. (in EUR millions) Regular income (in EUR millions) Cost to income ratio – CIR Cost of risk net (in bps) 148.5 131.6 97.0 119.3 133.1 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 315.8 324.9 338.6 315.3 341.3 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 1-6 2025 1-9 2025 1-12 2025 1-3 2026 1-6 2026 46.7% 46.1% 47.4% 47.4% 46.5% -4 9 29 26 32 1-6 2025 1-9 2025 1-12 2025 1-3 2026 1-6 2026 30 Jun 2025 30 Sep 2025 31 Dec 2025 31 Mar 2026 30 Jun 2026 17,834.5 18,588.6 19,093.4 19,717.6 20,060.8 Gross loans to customers (in EUR million) Net interest margin - quarterly Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 3.34% 3.24% 3.25% 3.19% 3.21% 30 Jun 2025 30 Sep 2025 31 Dec 2025 31 Mar 2026 30 Jun 2026 22,837.8 23,633.4 24,509.9 24,835.3 25,075.9 Deposits from customers (in EUR millions) LTD 30 Jun 2025 30 Sep 2025 31 Dec 2025 31 Mar 2026 30 Jun 2026 76.5% 77.1% 76.3% 77.8% 78.4%
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10 NLB Group Interim Report January – June 2026 Key Financial Indicators Table 1: Key Financial Indicators of the NLB Group 1 1 For the definitions of the ratios, please refer to the chapter Alternative Performance Indicators. 1-6 2026 1-6 2025 Change YoY Q2 2026 Q1 2026 Q2 2025 Change QoQ Key Income Statement Data Net operating income 653.7 635.0 3% 341.9 311.8 324.6 10% Net interest income 488.0 466.4 5% 247.3 240.6 232.5 3% Net non-interest income 165.7 168.6 -2% 94.5 71.2 92.1 33% Total costs -303.8 -296.3 -3% -155.9 -147.9 -152.5 -5% Tax on balance sheet -18.2 -16.3 -12% -9.2 -9.0 -8.2 -1% Result before impairments and provisions 331.7 322.4 3% 176.8 154.9 164.0 14% Impairments and provisions -32.4 2.5 - -18.7 -13.6 14.7 -37% Impairments and provisions for credit risk -32.0 5.8 - -19.1 -12.8 20.3 -49% Other impairments and provisions -0.4 -3.3 87% 0.4 -0.8 -5.6 - Result after tax 252.4 274.4 -8% 133.1 119.3 148.5 12% Key Financial Indicators Net revenue (BoS definition) 915.4 867.0 6% Return on equity after tax (ROE a.t.) 13.0% 16.4% -3.4 pp Return on tangible equity after tax (ROTE a.t.) 14.5% 17.5% -3.0 pp Return on equity after tax (ROE a.t.) normalized 19.1% 23.4% -4.3 pp Return on assets after tax (ROA a.t.) 1.6% 1.9% -0.3 pp Net interest margin (on interest bearing assets) 3.21% 3.40% -0.19 pp Net interest margin (on total assets - BoS ratio) 3.08% 3.26% -0.18 pp Operational business margin 4.45% 4.66% -0.21 pp Cost to income ratio (CIR) 46.5% 46.7% -0.2 pp Cost of risk net (bps) 32 -4 36 30 Jun 2026 31 Mar 2026 31 Dec 2025 30 Jun 2025 Change YtD Change YoY Change QoQ Key Financial Position Statement Data Total assets 31,852.5 32,270.8 31,474.8 29,573.0 1% 8% -1% Gross loans to customers 20,060.8 19,717.6 19,093.4 17,834.5 5% 12% 2% Net loans to customers 19,654.0 19,317.0 18,705.5 17,481.5 5% 12% 2% Deposits from customers 25,075.9 24,835.3 24,509.9 22,837.8 2% 10% 1% Equity (w ithout non-controlling interests) 3,895.1 3,883.7 3,781.6 3,386.2 3% 15% 0% Other Key Financial Indicators LTD 78.4% 77.8% 76.3% 76.5% 2.1 pp 1.8 pp 0.6 pp Common Equity Tier 1 Ratio 14.8% 14.8% 15.5% 15.1% -0.7 pp -0.3 pp 0.0 pp Tier 1 Ratio 16.7% 16.7% 17.4% 15.5% -0.7 pp 1.2 pp 0.0 pp Total capital ratio 19.3% 19.4% 20.1% 18.4% -0.8 pp 1.0 pp 0.0 pp Total risk exposure amount (RWA) 20,249.8 20,163.9 19,509.8 18,608.2 4% 9% 0% NPL volume 459.8 476.2 469.5 332.8 -2 % 38 % -3 % NPL coverage ratio 1 88.1% 84.2% 82.7% 106.4% 5.4 pp -18.3 pp 3.9 pp NPL coverage ratio 2 53.2% 50.4% 49.4% 61.8% 3.8 pp -8.6 pp 2.8 pp NPL ratio (internal def.) 2.0% 2.0% 2.0% 1.5% -0.1 pp 0.4 pp 0.0 pp Net NPL ratio (internal def.) 0.9% 1.0% 1.0% 0.6% -0.1 pp 0.3 pp -0.1 pp NPL ratio (EBA def.) 2.3% 2.4% 2.4% 1.8% -0.2 pp 0.4 pp -0.1 pp NPE ratio (EBA def.) 1.3% 1.4% 1.4% 1.0% 0.0 pp 0.3 pp 0.0 pp Employees Number of employees 8,064 8,064 8,107 8,268 -43 -204 0 in EUR millions / % / bps International credit ratings NLB 30 Jun 2026 31 Mar 2026 Outlook Standard & Poor's BBB+ BBB+ Positive Moody's A2 A2 Stable
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11 NLB Group Interim Report January – June 2026 Key Events Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec January • The ECB’s permission to include Additional Tier 1 notes: On 9 January 2026, NLB obtained the ECB’s permission to include its subordinated Additional Tier 1 notes of EUR 300 million, issued on 26 November 2025 (ISIN XS3227899989), in the calculation of its Additional Tier 1 capital as of 31 December 2025. • Top Employer certificate: The Top Employers Institute awarded the prestigious Top Employer certificate to four NLB Group banks, with NLB being awarded for the 11th consecutive year, NLB Komercijalna Banka, Beograd for the second time in a row, while NLB Banka, Sarajevo and NLB Banka, Banja Luka received the certificate for the first time. February • NLB became a 100% owner of NLB Banka, Banja Luka: On 24 February 2026, the formal procedure for squeezing out the remaining shareholders of NLB Banka, Banja Luka was completed. As of that date, NLB became the owner of the remaining 91 shares of NLB Banka, Banja Luka and thereby increased its capital participation in the bank from 99.85% to 100%. March • Moody’s upgraded NLB’s ratings: On 3 March 2026, the rating agency Moody’s upgraded NLB’s long-term issuer credit ratings by one notch, to A2/P-1 from A3/P-2, and its long-term senior unsecured rating to A3 from Baa1. The upgrade reflects the Bank’s consistently strong financial performance, robust profitability, and resilient asset risk metrics, supported by diversified revenues and proficient risk management across Slovenia and the SEE region. The outlook is stable. • New MREL requirement: On 16 March 2026, NLB received the BoS’s decision on the MREL requirement, which replaces the previous decision. NLB must comply with the MREL requirement on a consolidated basis at the Resolution Group level, amounting to 30.15% of TREA (excluding CBR) and 11.71% of LRE. The requirement shall be met at all times from and including the notification date. This decision supersedes the previous BoS decision on the MREL requirement dated 18 March 2025, which amounted to 29.93% of TREA (excluding CBR) and 11.24% of LRE. • Individual Investment Account (INR): NLB introduced a special account – Individual Investment Account, supporting tax-efficient long-term investments in financial instruments such as equities, bonds, and ETFs with simplified tax procedures and expanded trading options. • Merchant Portal enhanced: NLB, as the first bank in Slovenia, enhanced its Merchant Portal by launching a new analytical module that provides corporate clients with improved insights into business and supports better decision-making. April • Announcement of voluntary public takeover offer for Addiko Bank AG: NLB announced its intention to launch a voluntary public takeover offer to acquire control over Addiko Bank AG for all issued Addiko shares at a price of EUR 29.00 per share on a cum dividend basis. The transaction intends to acquire a significant majority shareholding in Addiko and is subject to regulatory approvals and customary closing conditions. • Partnership with the regional project Plazma Youth Sports Games Slovenia: NLB established a partnership with the Plazma Youth Sports Games Slovenia project, which is based on free participation, promotes cooperation and fair play, and connects children from diverse backgrounds and cultures through sport. May • NLB Investor Day 2026: NLB hosted its third NLB Investor Day event in Sarajevo, Bosnia and Herzegovina, on 7 May 2026, where the transformation of the NLB Group and the progress made in implementing its Strategy 2030 were presented.2 2 More information about the transformation of the NLB Group and the implementation of the Strategy 2030 is available on the NLB Group website.
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12 NLB Group Interim Report January – June 2026 • Offering Memorandum for Addiko Bank AG takeover offer: NLB published the Offering Memorandum for its voluntary public takeover offer for Addiko Bank AG, marking the commencement of the acceptance period and setting out the terms of the offer. • First Slovenian real estate investment company NLB Skladi – Nepremičnine: NLB Skladi, Ljubljana established the first Slovenian real estate investment company, NLB Skladi – Nepremičnine, providing investors with access to a professionally managed portfolio of commercial real estate in Southeast Europe. June • Further improvement of the voluntary public takeover offer for Addiko Bank AG: NLB further enhanced its voluntary public takeover offer for Addiko Bank AG by increasing the offer price from EUR 29.00 to EUR 33.50 per share and subsequently to EUR 37.00 per share. The related amendments to the Offering Memorandum were published, providing shareholders with improved offer terms and the possibility to tender their shares into NLB’s offer. NLB also made further progress in the regulatory approval process, obtaining merger control clearances in Austria, North Macedonia and Serbia. • An 8% increase in dividend payment: Shareholders at the 46th General Meeting of NLB adopted the proposal of the Management and Supervisory Boards to distribute dividends in the total amount of EUR 138.4 million, or EUR 6.92 gross per share, payable on 23 June 2026. The second tranche in the same amount is expected to be submitted for approval to the General Meeting taking place towards the end of this year, subject to no material M&A. With both tranches distributed this year, NLB intends to pay out a total of 55% of its net profit for 2025, totalling EUR 276.8 million. • NLB Klik named Best Mobile Bank in Slovenia: NLB Klik ranked first among mobile banking apps in Slovenia for the second consecutive year. • Early redemption of notes: Based on the received permission from the Single Resolution Board, NLB executed the early redemption of Senior Preferred notes (ISIN: XS2641055012) on 27 June 2026, with an aggregate nominal amount of EUR 500 million.
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13 NLB Group Interim Report January – June 2026 Macroeconomic Environment In Q2 2026, when the U.S.–Iran hostilities disrupted shipping through the Strait of Hormuz ‒ a route carrying roughly one- fifth of global oil and LNG trade ‒ oil prices rose above USD 100 per barrel, while shipping, insurance, and energy costs surged. A ceasefire on 24 June initially calmed markets, and oil prices fell as physical energy supplies remained largely intact. However, the ceasefire proved fragile and was later breached amid renewed regional military activity, with oil prices starting to rise again. Implications included higher inflation, weaker consumer spending, slower global growth, increased market volatility, and greater pressure on central banks. The conflict also accelerated efforts to diversify energy supplies, expand strategic reserves, and reduce dependence on Middle Eastern energy chokepoints. Over the past three months, the U.S. economy showed moderate growth but increasing signs of a slowdown. Q1 2026 GDP was distorted by strong imports and trade volatility, while domestic demand remained relatively resilient. The trade deficit widened sharply to USD 77.6 billion in May from USD 54.6 billion in April as imports rebounded, although the year- to-date deficit remained 40.6% lower than a year earlier due to stronger exports and earlier import adjustments. Exports increased by 12.50% and 13.0% YoY from March to May, while imports contracted by 10.0% YoY in March and rose 13.3% YoY in May. Consumer activity remained robust. Retail sales accelerated from 4.2% YoY in March to 6.9% YoY in May, the strongest increase since early 2023, helped by a surge in gasoline spending linked to higher energy prices during the Middle East conflict. Personal income also strengthened by 0.7% MoM in May after stagnating in April. The labour market softened but remained healthy. Nonfarm payrolls increased modestly in June, while unemployment edged down to 4.2% in June from 4.3% in April and May. Wage and salary growth accelerated to 3.8% YoY in May from 3.3% YoY in March, while average hourly earnings rose 3.5% YoY, supporting household purchasing power. Business activity continued to expand. The Composite PMI increased from 51.5 in May to 51.9 in June, indicating modest growth, with manufacturing outperforming services. However, employment in PMI surveys declined for a second consecutive month, while firms continued to report elevated cost pressures. Industrial production strengthened, rising from 0.6% YoY in March to 1.7% in May, supported by mining (+2.0% YoY), manufacturing (+1.4% YoY) and business equipment (+5.7% YoY). Capacity utilisation remained below its long-run average, suggesting limited inflationary pressure from industrial bottlenecks. Construction activity was mixed. Total construction spending in May was slightly below its level a year earlier (-1.5% YoY), reflecting a sharp decline in manufacturing construction, while residential, infrastructure, power and highway projects remained comparatively resilient. The economy entered the summer of 2026 with positive growth, rising real incomes and improving industrial momentum. However, weak consumer sentiment, slower job creation, higher energy costs and persistent inflation concerns indicate that growth is becoming increasingly dependent on consumers and less broad-based across sectors. On the monetary policy front, the Federal Reserve refrained from cutting interest rates in Q2 2026, citing persistent inflationary pressures despite signs of slower economic growth and softer hiring. Inflation remained elevated, wage growth stayed above pre-pandemic norms, and businesses continued to report above-average price pressures. At the same time, payroll growth slowed, consumer confidence remained weak, and productivity growth softened. The Fed’s stance helped anchor inflation expectations and prevent an energy-driven inflation shock from becoming entrenched following tensions in the Middle East. However, keeping rates high also tightened financial conditions, restrained investment and interest-sensitive sectors, and contributed to slower job creation. This reinforces the expectation of a “higher-for-longer” environment, in which inflation should gradually ease, but growth is likely to remain moderate, with increasing risks of labour-market cooling if restrictive policy is maintained for too long. Euro Area Over the past three months, the euro area economy has remained characterised by weak growth but remarkable resilience. GDP contracted by 0.2% QoQ in Q1 (0.3% YoY) with government consumption gaining momentum and gross fixed capital formation declining by 3 pp QoQ, yet employment still grew by 0.1%, indicating that firms have largely preferred labour hoarding to layoffs. This is confirmed by the still-low 6.2% unemployment rate in May, down 10 bps from March, although the job vacancy rate fell to 2.3%, signalling that labour demand is gradually cooling. Labour costs increased 3.2% YoY, while negotiated wages remained elevated, suggesting households continue to benefit from solid income growth despite softer economic activity. This implies that the labour market remains a key pillar of the economy, but persistent wage pressures could slow the decline in inflation. Inflation eased but has not been fully contained. Headline
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14 NLB Group Interim Report January – June 2026 inflation moderated to 2.8% YoY, down from 3.2% in May, while producer prices growth remained subdued at 0.2% MoM (5.9% YoY), following increases of 0.7% in April and 3.4% in March. The sharp deceleration in producer-price inflation indicates that pipeline cost pressures from energy and manufacturing have largely dissipated. However, continued wage growth implies that services inflation could remain sticky, limiting the pace at which inflation returns to target. Domestic demand showed cautious improvement. Retail trade volumes posted positive annual growth from 2.3% YoY in March to 1.6% in May, while services production expanded and the household saving rate remained stable at 14.3% in Q1. This suggests consumers are benefiting from higher real incomes but remain cautious in their spending decisions. Economic sentiment and confidence indicators improved modestly in June after declining in April and May and continued to signal below-trend growth, reflecting uncertainty among both businesses and households. Germany’s ZEW Economic Sentiment Index jumped by 20.7 points to 10.5 in June, returning to positive territory for the first time since confidence was hit by the Middle East conflict in March and significantly outperforming expectations of -6.0. Improved sentiment was driven by hopes of a near-term resolution to the Iranian conflict, which could ease energy costs and inflation pressures, thereby supporting both industry and consumer spending. This optimism was reflected across sectors, with the automotive industry rising by 21.9 points, while chemicals/pharmaceuticals and mechanical engineering advanced by 16.0 and 9.2 points, respectively. Expectations for private consumption also strengthened by 11.7 points. Despite these gains, all sectors remained in negative territory. In contrast, the construction sector weakened further, with its balance falling by 15.2 points to -12, likely reflecting the ECB’s rate hike on 11 June. On the supply side, the economy remained highly uneven. Industrial production contracted by 1.2% YoY in May, following modest growth of 0.4% YoY in April, after a decline of 2.8% in March, indicating that manufacturing continues to struggle with weak global demand and still-tight financing conditions. By contrast, services production recorded stronger annual growth and remained the main driver of economic expansion. Construction activity remained weak in April, growing by 0.9% YoY, highlighting that lower interest rates have not yet translated into a meaningful recovery in investment or construction activity. Export growth remained marginally positive in May, increasing by 0.1% YoY, after growing by 5.0% YoY in April and contracting by 6.8% in February. Meanwhile, imports rebounded after contracting 2.3% in February, accelerating to 10.0% YoY in May. The euro area recorded a EUR 113.4 billion current-account surplus, while the goods balance registered a EUR 7.8 billion deficit, down from EUR 1.2 billion in April. Overall, the data suggest that domestic demand ‒ particularly household income growth and services activity ‒ continues to underpin economic activity, while external demand has stabilised but remains weak. The housing market remained surprisingly resilient. House prices rose by 4.7% YoY in Q1 2026, suggesting that strong employment, wage growth and limited housing supply are outweighing the negative effects of previous monetary tightening. Overall, the data point to an economy that is stabilising rather than accelerating. While inflation is gradually falling, labour markets remain strong, exports are supportive, and housing is recovering. However, weak GDP growth, sluggish industrial activity, soft construction activity and declining labour demand indicate that the recovery remains fragile and heavily dependent on services, consumers, and external demand. Over the past quarter, the ECB adopted a more restrictive policy stance as rising energy prices and heightened geopolitical uncertainty increased inflation risks. At its June meeting, the Governing Council raised all three key interest rates by 25 bps, taking the deposit facility rate to 2.25%, in an effort to ensure that inflation returns sustainably to the 2% target over the medium term. The ECB has also revised its macroeconomic projections. Headline inflation is now expected to average 3.0% in 2026 and 2.3% in 2027, compared with the lower forecasts published in March, primarily due to higher oil and gas prices and the risk of broader spillover effects on food, goods, and services prices. At the same time, growth forecasts were revised downwards, with euro area GDP expected to expand by 0.8% in 2026 and 1.2% in 2027. The downward revision reflects the negative impact of higher energy costs on household real incomes, consumer spending, business confidence, and investment. Nevertheless, the ECB expects growth to strengthen over the medium term as energy prices ease and domestic demand recovers. Slovenia and Markets in the NLB Region Following the exceptionally strong performance in Q1 2026, when Slovenia recorded the highest annual GDP growth rate in the euro area and its strongest result since Q2 2022, economic activity remained robust in the early part of Q2 2026, although signs of a more uneven growth pattern have begun to emerge. Domestic demand continues to provide the main support to growth, underpinned by strong investment activity, rising real incomes, buoyant construction, and resilient service-sector performance. At the same time, weakening external trade dynamics and a gradual softening of labour market conditions point to a more balanced outlook than earlier in the year. Based on the latest available indicators,
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15 NLB Group Interim Report January – June 2026 Slovenia continues to outperform most euro-area economies, although the composition of growth has become increasingly dependent on domestic demand. The broadest measure of economic activity, the Total Market Production Index, increased by 7.3% YoY in April (2.6% YoY in January‒April 2026), confirming strong momentum at the start of Q2. Growth was broad-based across sectors, with construction remaining the dominant contributor, expanding by an exceptional 31.6% YoY (24.7% YoY in January‒April 2026), supported by EU-funded investment and post-flood reconstruction works, while building permits suggest that residential construction could gradually strengthen in the coming quarters. Services and trade also posted solid annual increases of 5.6% YoY and 5.1% YoY, respectively in April, while industrial production grew by 4.2% YoY in May, indicating that manufacturing activity has stabilised after a period of weakness. Building permits increased by 12% MoM in May, while the number of planned dwellings rose by 9% MoM, suggesting that construction activity is likely to remain elevated in the coming quarters. At the same time, residential property prices continued to rise strongly, increasing by 9.3% YoY in Q1, while commercial real-estate prices were 11.5% higher YoY. Household demand remains supported by favourable income developments despite somewhat weaker labour-market conditions. Employment stood at 941,200 persons in April 2026, broadly unchanged from a year earlier (-0.1% YoY), indicating that the labour market remains tight but is no longer expanding. The unemployment rate was 4.1% in May, unchanged from the previous month but 0.7 pp higher YoY, representing one of the few indicators showing deterioration. Nevertheless, wage growth remains strong. Average gross earnings increased by 6.9% YoY in April, while real gross wages rose by 3.7% YoY. Net earnings increased by 5.5% nominal terms and by 2.3% in real terms. The continued growth in real wages is sustaining household purchasing power and remains one of the main drivers of private consumption despite elevated inflation. Consumer-related indicators provide a mixed but generally positive picture. Retail trade turnover rose by 1.8% YoY in May (the same YoY growth rate as in January‒May 2026), although monthly spending softened slightly (-0.3% MoM), indicating that consumption growth remains moderate rather than accelerating. Consumer confidence improved significantly in June, both compared with the previous month and relative to a year earlier, driven mainly by more optimistic views regarding the economic outlook and household finances. Similarly, the overall economic sentiment indicator improved in June, reflecting stronger confidence among consumers and manufacturers. These developments suggest that households remain relatively optimistic despite persistent inflationary pressures and uncertainty surrounding the international environment. Inflationary pressures remained elevated during the quarter, with some renewed intensification in recent months. HICP inflation decelerated slightly to 3.7% YoY in June, following 3.4% in April and 3.8% in May, confirming that price pressures remain elevated. Services inflation reached 4.6% YoY in June, highlighting the growing role of domestic factors, particularly wage growth and housing-related costs. Higher prices for housing and utilities, transport, recreation and tourism-related services contributed most to the increase. Although higher energy prices may continue to weigh on purchasing power, continued real wage growth should help to cushion the impact on household consumption. The service sector remains one of the strongest pillars of economic growth. Services turnover increased by 10.9% YoY in April (8.8% YoY in January‒April 2026), led by professional services, real estate activities, transport, and information and communication services. Combined services and trade production rose by 5.2% YoY (4.5% YoY in January‒April 2026), demonstrating continued strength across domestically oriented sectors. Tourism has also delivered exceptionally strong results, with tourist arrivals increasing by 10.1% YoY in May (6.3% YoY in January‒May 2026), supporting robust growth in service exports and overall economic activity. The main weakness in the macroeconomic picture remains the external sector. While exports increased by 17.6% YoY in May, imports rose by an even stronger 38.6%, resulting in a goods trade deficit of approximately EUR 1.2 billion during the month. More importantly, cumulative data for the January‒May period indicate that exports were still 13.7% lower than in the corresponding period of the previous year, while imports increased by 7.2%. The sharp increase in May partly reflects favourable base effects and stronger monthly export performance, but was insufficient to offset the weakness recorded earlier in the year. This divergence highlights the contrast between strong domestic demand and weaker external demand, with foreign trade currently acting as a drag on overall growth. Retail loans segment grew by 10.6% YoY in April, while corporate loans grew by 7.0% YoY. Overall, the latest indicators point to an increasingly two-speed Slovenian economy. Domestic demand-oriented sectors ‒ including construction, tourism, services and real estate ‒ continue to expand strongly, while external trade remains weak and increasingly constrains overall growth. Consumer confidence and business sentiment have improved, while overall economic activity remains significantly above euro-area averages. However, rising inflation, somewhat weaker labour market dynamics and persistent weakness in foreign trade suggest that growth is likely to moderate from the exceptionally strong pace recorded in Q1 2026. Nevertheless, the balance of available indicators continues to point to above-average economic growth and a resilient domestic economy in Q2 2026.
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16 NLB Group Interim Report January – June 2026 Following the upward revision of Q1 2026 GDP growth to 3.2% YoY, Serbia entered Q2 2026 with solid economic momentum, although high-frequency indicators suggest that growth is likely to moderate somewhat from the exceptionally strong pace recorded in Q1 2026, as industrial activity softens and the external environment becomes less supportive. Household consumption remained the key driver of activity, supported by January’s minimum wage increase, strong wage growth, and resilient retail spending. Public expenditure has also provided support, while investment activity remained constructive. However, softer business sentiment and higher energy prices linked to geopolitical tensions suggested a less favourable external environment than at the start of 2026. Consumer demand continued to underpin growth. Retail trade turnover increased by 6.2% YoY in real terms and 9.6% YoY in nominal terms in May, while cumulative retail sales growth reached 7.5% YoY in January‒May. At the same time, average net wages rose by 11.5% YoY in April, with real wage growth reaching 7.9%. Over the first four months of the year, real wages increased by 8.6% YoY, providing strong support to household purchasing power and private consumption. Inflation has accelerated moderately but remained broadly contained. Pipeline price pressures have strengthened more rapidly than consumer prices, suggesting some upside risk to inflation in the coming months. Consumer prices increased by 3.5% YoY in May, reflecting higher costs of transport, housing, healthcare, and hospitality. Producer price indicators also pointed to somewhat stronger pipeline pressures, with industrial producer prices rising by 3.9% YoY in May and export producer prices by 8.0% YoY in June, driven mainly by energy, petroleum products and metals. Industrial activity remained the weakest part of the economy but showed signs of improvement in Q2. Industrial production increased by just 0.3% YoY in May, while cumulative growth in January‒May amounted to 0.6% YoY. Manufacturing output rose by 1.4% and mining by 3.2%, while electricity production fell by 8.6%, continuing to weigh on overall performance. Nevertheless, the reopening of the Pančevo refinery and the temporary sanctions waiver for NIS helped improve energy supply conditions and supported industrial activity compared with Q1 2026. More encouragingly, industrial turnover increased by 15.8% YoY in April, with foreign-market turnover rising by 21.3%, indicating resilient demand despite earlier logistical disruptions. Investment and tourism continued to support growth. The divergence between relatively weak industrial output and much stronger turnover partly reflected higher producer prices and a more favourable export mix. Building permits increased by 4.3% YoY in April (7.5% YoY in January‒ April 2026), while the expected value of construction works rose by 20.1%. Tourism activity also remained strong, with arrivals increasing by 7.4% YoY (7.9% YoY in January‒May 2026). Retail loans grew by 21.2% YoY while NFC loans grew by 12.1% YoY in April 2026. Overall, the latest indicators suggest that domestic-demand-driven growth remains intact, although weaker industrial production, softer external demand and elevated energy costs suggest that growth is becoming increasingly dependent on domestic demand. Additionally, preparations for Expo 2027 continue to support infrastructure investment and are expected to remain an important contributor to economic activity over the medium term. Following the slowdown in GDP growth to 3.1% YoY in Q1 2026, North Macedonia entered Q2 with a mixed economic picture. Household consumption remained the main driver of growth, supported by a multi-year low unemployment rate, increases in pensions and the minimum wage, and continued wage growth. Investment activity also benefited from ongoing infrastructure projects, while additional support may come from the recently adopted supplementary budget, which includes higher spending on agricultural subsidies and social transfers. However, several high-frequency indicators pointed to downside risks to the anticipated acceleration in Q2. Consumer demand remained resilient. Retail trade turnover increased by 7.3% YoY in real terms in May, while sales of food, beverages and tobacco rose by 9.1% YoY. Fuel sales were particularly strong, expanding by 14.7% YoY in real terms. Household spending continues to be supported by favourable income developments. The average gross monthly wage increased by 7.4% YoY in April 2026, while real wages rose by 3.5% YoY. Stronger earnings in financial services, trade and utility sectors continued to underpin purchasing power and private consumption. Inflation remained moderate despite recent energy market volatility. Consumer prices increased by 3.4% YoY in June, while the retail price index rose by 3.6% YoY. On a MoM basis, prices contracted by 0.5%, mainly due to lower transport and food costs. The relatively contained inflation environment, combined with positive real wage growth, continues to support household demand. The industrial sector remained the economy’s main weakness. Industrial production declined by 2.0% YoY in May, following a broadly stagnant performance earlier in the year, leaving cumulative January‒May growth at -0.3%. On a YoY basis, manufacturing output fell by 2.6% and mining by 3.6%, while electricity production increased by 6.1%. Industrial turnover performed somewhat better, rising by 7.3% YoY in April, although cumulative growth for the first five months of the year remained modest at just 0.3%. External trade remained comparatively supportive. Exports increased by 5.7% YoY in January‒May, broadly matching import growth of 5.9%, with chemicals and mineral fuels recording particularly strong gains. Tourism, however, showed signs of softening, with arrivals increasing only 2.6% YoY in January‒May 2026. Construction indicators deteriorated sharply, with building permits falling by 27.5% YoY in May and the expected value of construction works declining by 15.2%. These developments point to a potentially weaker investment outlook in the coming quarters. Considering the banking system, household loans grew by 11.5% YoY, while NFC loans grew by 15.0% YoY in April 2026. While household consumption
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17 NLB Group Interim Report January – June 2026 continues to provide a solid anchor for growth, deteriorating construction activity, weak industrial production, and softer tourism indicators suggest that the balance of risks has shifted to the downside. Following an estimated GDP growth rate of around 2.2% YoY in Q1 2026, Bosnia and Herzegovina entered Q2 with signs of moderating economic momentum. Growth continued to rely primarily on domestic demand, particularly household consumption, while industry and external trade remained weak. Recent developments also point to growing challenges posed by elevated inflation and softer tourism activity. At the same time, the recent agreement with Croatia to establish three additional border crossings could provide longer-term support for trade and exports. Household consumption remained the main pillar of growth. Retail trade turnover increased by a strong 14.7% YoY in May, supported by both food sales (+7.6%) and particularly robust non-food turnover (+20.7%). Consumer spending continued to benefit from strong labour income growth. In April, average gross wages increased by 9.2% YoY, while net wages rose by 9.0% YoY, resulting in real wage growth of 2.0%. Although inflation has reduced part of the gains in purchasing power, wage growth remained sufficiently strong to support household demand. Inflation accelerated noticeably in recent months and likely contributed to the loss of momentum in consumption indicators during Q2 2026. Consumer prices were 5.6% higher YoY in May, with particularly strong increases in transport (+23.7%), housing and utilities (+11.5%), restaurants and hotels (+5.6%), and healthcare (+5.5%) and 4.2% YoY in June, with housing and utilities increasing by 10.5%, and transport by 17.5%. While monthly price pressures eased somewhat for a second consecutive month, elevated inflation continued to weigh on real household purchasing power and consumer confidence. The services sector remained a relatively bright spot. Turnover in market services increased by 4.5% YoY in Q1, led by accommodation and food services (+11.0%), administrative services (+6.6%) and information and communication activities (+5.4%). However, tourism showed signs of slowing, with tourist arrivals declining by 2.3% YoY in May. Industrial activity remained the weakest component of the economy, although the pace of decline was less severe than earlier in the year. Industrial production fell by 1.3% YoY in May. Despite growth in energy production (+6.7%) and intermediate goods (+4.7%), weakness in capital goods production and export-oriented manufacturing continued to weigh on overall output. Foreign trade also remained a drag on growth. During January‒May, exports increased by only 1.8% YoY, while imports rose by 4.6%, resulting in a trade deficit of KM 5.6 billion and an export- import coverage ratio of just 56.3%. Investment indicators painted a mixed picture. Building permits increased by 7.7% YoY in May, but the number of planned dwellings fell by 22.4%, suggesting weaker residential construction activity ahead. Additionally, Bosnia and Herzegovina’s inclusion on the FATF list of jurisdictions under increased monitoring remains a medium-term downside risk, as it could increase financing costs, discourage foreign investment and complicate the EU accession process if identified deficiencies are not addressed. The banking system recorded growth in household loans of 12.7% YoY, while NFC loans grew 9.9% YoY in May. Overall, the latest indicators suggest that Bosnia and Herzegovina’s economy remained supported by strong wage growth, retail spending and services activity. However, elevated inflation, contracting industrial production and a large trade deficit pointed to softer growth in Q2 2026 than in Q1 2026, with domestic demand increasingly bearing the burden of economic expansion while persistent weakness in manufacturing and exports continued to constrain overall growth. The economy in Kosovo accelerated markedly in Q1 2026, with annual GDP growth reaching 5.4%, making the strongest expansion in two years. Growth was driven primarily by public administration, education, healthcare, financial services and recreational activities, while traditionally larger sectors such as agriculture, trade, manufacturing and construction made more modest contributions. On the expenditure side, exports of goods and services surged by 17.3% YoY, government consumption increased by 16.5%, and investment expanded by 3.0%, more than offsetting a slight decline in household consumption. Available Q2 indicators suggest that growth remained relatively resilient despite the adverse impact of higher energy prices following the Iran-related energy shock. Industrial activity improved compared with Q1, supported by stronger manufacturing output and gains in mining and water supply. External demand also strengthened, with goods exports increasing by 15.7% YoY in May to EUR 94.1 million. Export growth was driven by base metals, plastics and rubber products, as well as food and beverages. Tourist arrivals reportedly reached their fastest growth rate in two years, while retail sales remained supportive of domestic demand. However, remittance growth moderated compared to Q1 2026, reducing one of the traditional supports for household spending. Given the importance of remittances for household income, continued moderation could gradually weaken private consumption. At the same time, inflation eased to 6.0% YoY in June, posing some risk to real purchasing power if price pressures remain elevated. Considering the banking system, household loans grew by 15.7% YoY while NFC loans grew by 8.4% YoY in May 2026. Overall, Kosovo remained one of the fastest-growing economies in the region, supported by strong services activity, exports and public-sector-related demand. Nevertheless, higher inflation, softer remittance growth and ongoing political uncertainty following the June elections could moderate economic momentum in the second half of the year, particularly if the current political deadlock delays policy implementation and progress towards EU integration.
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18 NLB Group Interim Report January – June 2026 Following the acceleration of GDP growth to 2.6% YoY in Q1 2026, Montenegro entered Q2 with improving economic momentum. Growth was driven primarily by domestic demand, particularly household consumption and investment, while net exports continued to contribute negatively to GDP growth. Household consumption increased from EUR 1.42 billion to EUR 1.52 billion, government consumption rose to EUR 329 million, and gross fixed investment increased to EUR 398 million. At the same time, net exports remained a drag on growth, declining by 9.4% YoY in January‒May 2026, while imports grew by 1.9% YoY in January‒May 2026. Consequently, the trade deficit widened to approximately EUR 1.51 billion, while export coverage of imports remained very low at 12.4%. The continued increase in investment suggests that domestic demand remains resilient despite a less favourable external environment, while net exports continued to weigh on GDP growth, reflecting the economy’s structural dependence on imports despite resilient tourism receipts. On the production side, industrial activity strengthened significantly. Industrial production increased by 7.5% YoY in Q1, driven largely by a 27.3% YoY surge in energy output following the reopening of the Pljevlja thermal power plant. The energy sector was also reflected in GDP data, with mining, manufacturing, electricity and water supply generating among the strongest increases in gross value added. However, manufacturing itself remained weak, contracting 4.0% YoY, indicating that the recovery remained concentrated in energy rather than broad-based industry. Tourism continued to be a key driver of growth and foreign income, with tourist arrivals recording 0.3% YoY growth in May, underscoring the sector’s importance for services exports and domestic demand. Household spending remained supported by positive income growth. Average net wages reached EUR 1,033 in May, up 1.9% YoY. Consumer prices increased by 3.8% YoY in April, then eased to 3.6% YoY in both May and June. Higher fuel, food, restaurant, and housing costs contributed most to inflation. Household loans grew by 18.6% YoY while NFC loans grew by 18.8% YoY in May 2026. Although economic sentiment improved in April‒May compared with Q1 2026, consumer confidence weakened amid higher global energy prices, suggesting some downside risk to consumption in the coming months. As nominal wage growth remained below inflation, real household purchasing power weakened slightly, helping to explain the deterioration in consumer confidence. Overall, the latest indicators suggest that growth gained momentum in Q2 2026, supported by stronger domestic demand, tourism and energy production. However, weak manufacturing activity, slower investment growth momentum and a very large external deficit continued to constrain the medium-term outlook. Table 2: Key macroeconomic indicators in the euro area and the NLB Group region Source: Statistical offices, NLB ALM. Note: Real GDP growth rates are seasonally adjusted; HICP inflation is for the euro area and Slovenia. Q1 2026 Q4 2025 Q3 2025 Q1 2026 Q4 2025 Q3 2025 Jun 2026 May 2026 Apr 2026 Jun 2026 May 2026 Apr 2026 Q1 2026 Q4 2025 Q3 2025 Euro area 0.3 1.2 1.4 -0.2 0.2 0.3 2.8 3.2 3.0 -0.1 0.1 1.0 6.5 6.2 6.3 Slovenia 3.0 2.0 1.9 0.7 0.4 0.9 3.7 3.8 3.4 0.5 0.3 1.8 4.2 4.1 4.2 BiH 2.2 2.1 2.3 0.7 0.6 0.5 4.2 5.6 6.8 -1.1 -0.9 1.9 11.4 11.1 11.2 Montenegro 2.6 1.5 3.1 - - - 3.6 3.6 3.8 0.4 0.4 1.4 - 10.9 10.1 N. Macedonia 3.1 3.8 3.8 0.3 0.9 0.9 3.4 4.8 5.7 -0.5 0.6 1.3 11.3 11.4 11.5 Serbia 3.2 2.2 2.0 0.2 1.0 0.7 2.7 3.5 3.3 0.2 0.3 0.8 8.9 8.9 8.2 Kosovo 5.4 3.9 3.1 - - - 6.0 6.8 7.5 -0.1 -0.4 1.1 - - - QoQ Average inflation (in %, aop) Unemployment rate (in %, aop) YoY MoM GDP (growth rate in %) YoY
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19 NLB Group Interim Report January – June 2026 BUSINESS REPORT
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20 NLB Group Interim Report January – June 2026 Sustainability Sustainability is embedded in the NLB Group’s business strategy, New Horizons, with sustainability and ESG considerations systematically integrated into the business model, key processes, and governance. The Group focuses on managing impacts, risks, and opportunities (IROs) through its strategy, risk management framework, and internal governance, structured around three pillars: sustainable finance, sustainable operations, and contribution to society.3 The approach is aligned with regulatory requirements, guidelines and leading practices from several bodies, including the ECB, EBA, ESMA, UNEP FI, and EBRD. The strategic focus on sustainability continued in H1 2026. The latest Morningstar Sustainalytics ESG risk rating as of May 2026 stood at 13.7, while the S&P score was 59 points. Sustainable Finance The Group’s main focus was on implementing the NLB Group Climate (Net-Zero) Strategy and further reduction of financed emissions. At the end of H1 2026, GHG emissions of the NLB Group Corporate credit portfolio (Scope 1, 2 & 3, based on actual data and proxies) were at 9,251,755 tCO2eq and are disclosed in detail in Pillar III Disclosures. The Group continued to support client transition with green finance growth (target: EUR 1.9 billion by 2030). H1 2026 realisation of the corporate and retail green finance offering was aligned with the annual business targets. The Green Bond4 (issued in June 2023) was called in June 2026 after achieving full allocation of proceeds to an eligible portfolio of EUR 615 million (exceeding the target of EUR 500 million). The Group also continued to embed ESG risks into its risk management framework and decision-making processes, implemented EBA ESG risk guidelines, including the Transition Plan, and operationalised the second round of Net Zero targets. Regular sales activities continued to support the financial health target, aiming to increase the share of young and working-age clients in NLB who hold long-term savings or investment products by 15% by 2030. Sustainable Operations Main activities in H1 2026 focused on steering sustainability governance across all three lines of control, strengthening sustainability competencies and enhancing sustainability culture across the Group. The second quarterly Sustainability Committee meeting was held. Experts and governance bodies participated in several sustainability-related training sessions, conferences, and events. The Group continued to implement measures to decrease operational emissions and reach its goal of a 75% reduction by 2030, optimising energy and resource consumption, changing its electricity supply to zero-emission, and transitioning its car fleet. Contribution to Society In line with the Group’s strategic CSR, sponsorship, and donations policy, and its commitment to support the UN Sustainable Development Goals, several contributions were made in H1 2026 to local communities, sports, culture, and education. The key highlights in H1 were financial literacy programmes, school initiatives featuring a high-profile motivational speaker who shared real-life experiences and social connections among young people, and the NLB Sports Academy, which promotes education and mentoring for sports club governing bodies to support effective management, including sustainable development. 3 More detailed information on the NLB Group’s sustainability performance for 2025 is presented in the NLB Group Annual Report 2025 in the chapter Sustainability Statement. 4 More detailed information on the Green Bond is presented in the Green Bond Allocation and Impact Report, published on the NLB website.
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21 NLB Group Interim Report January – June 2026 Financial Performance and Position Income Statement Review Table 3: Income statement of the NLB Group In H1 2026, the NLB Group achieved a profit after tax of EUR 252.4 million, down 8% YoY due to net established impairments and provisions for credit risk and a weaker contribution from non-recurring items. The previous year benefited from higher one-off gains from real estate sales and resolved legal cases, as well as positive foreign-exchange and derivative valuation effects. Strong growth of net fees and commissions almost entirely offset YoY deterioration in non-recurring net non-interest income. Underlying performance remained strong, with recurring profit before impairments and provisions increasing by 9% YoY, supported by growth in both net interest income and net fee and commission income, as higher business volumes more than offset the impact of lower interest rates. Net interest income 488.0 466.4 21.5 5% 247.3 240.6 232.5 6.7 3% Net fee and commission income 178.8 163.1 15.7 10% 92.2 86.6 82.7 5.6 6% Dividend income 0.1 0.1 0.0 -7% 0.1 0.0 0.1 0.0 186% Net income from financial transactions 10.1 20.9 -10.8 -51% 7.5 2.6 13.4 4.9 191% Net other income -23.3 -15.5 -7.8 -51% -5.3 -18.0 -4.1 12.8 71% Net non-interest income 165.7 168.6 -2.8 -2% 94.5 71.2 92.1 23.4 33% Total net operating income 653.7 635.0 18.7 3% 341.9 311.8 324.6 30.1 10% Employee costs -175.6 -171.4 -4.2 -2% -88.1 -87.5 -88.9 -0.5 -1% Other general and administrative expenses -98.8 -93.9 -4.9 -5% -53.2 -45.6 -47.7 -7.6 -17% Depreciation and amortisation -29.4 -31.0 1.6 5% -14.6 -14.7 -15.9 0.1 1% Total costs -303.8 -296.3 -7.5 -3% -155.9 -147.9 -152.5 -8.1 -5% Tax on balance sheet -18.2 -16.3 -1.9 -12% -9.2 -9.0 -8.2 -0.1 -1% Result before impairments and provisions 331.7 322.4 9.3 3% 176.8 154.9 164.0 21.9 14% Impairments and provisions for credit risk -32.0 5.8 -37.7 - -19.1 -12.8 20.3 -6.3 -49% Other impairments and provisions -0.4 -3.3 2.9 87% 0.4 -0.8 -5.6 1.2 - Impairments and provisions -32.4 2.5 -34.9 - -18.7 -13.6 14.7 -5.1 -37% Share of profit from investments in associates and joint ventures 1.2 1.4 -0.2 -15% 0.7 0.5 0.9 0.2 46% Result before tax 300.5 326.3 -25.8 -8% 158.8 141.8 179.5 17.0 12% Income tax -40.6 -43.9 3.2 7% -21.3 -19.3 -26.2 -2.0 -10% Result of non-controlling interests 7.5 8.1 -0.6 -7% 4.4 3.1 4.8 1.3 41% Result after tax 252.4 274.4 -22.0 -8% 133.1 119.3 148.5 13.8 12% Change QoQ in EUR millions 1-6 2026 1-6 2025 Q2 2026 Q1 2026 Q2 2025Change YoY
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22 NLB Group Interim Report January – June 2026 Figure 1: Profit after tax of the NLB Group – evolution YoY (in EUR millions) All member banks delivered profits in H1 2026, contributing positively to the Group’s overall result. NLB’s profit contribution remained strong at 36%, while the SEE banks collectively contributed 57% to the Group’s profit, underscoring the strength of the Group’s diversified business model. Net Interest Income Figure 2: Net interest income of the NLB Group (in EUR millions) Net interest income increased by 5% YoY and remained the largest contributor to the Group’s net operating income, accounting for 75% of the total. Growth was primarily driven by robust loan volume expansion across most of the Group’s banking members, particularly in retail lending. The increase was more pronounced in Slovenia (with 10% YoY growth in net interest income), while the Group’s regime of self-funding in subsidiaries resulted in incrementally higher funding costs in some SEE markets, putting temporary pressure on NII growth. Compared with the same period last year, higher interest income was mainly driven by increased loan volumes (EUR 28.9 million), particularly in lending to individuals, as well as by higher income from securities (EUR 15.7 million), driven by a combination of increased volumes and higher yields, with the securities portfolio reflecting changes in market rates more rapidly than customer lending. Interest income from balances with banks and central banks declined by EUR 6.9 million, reflecting a lower interest-rate environment over most of the reporting period. On the liability side, interest expenses increased, almost entirely due to increased costs for customer deposits (EUR 15.8 million). 21.5 15.7 Result of non- controlling interests -19.4 1-6 2025 Net interest income Net fee and commission income 0.8 1-6 2026Recurring net non-interest income Non-recurring net non- interest income -7.5 Total costs -1.9 Tax on balance sheet 274.4 252.4 -34.9 3.2 Impairments and provisions -0.2 Profit from assoc. & JV Income tax 0.6 583.3 621.1 291.2 305.2 315.9 -122.3 -140.7 -62.0 -68.1 -72.5 5.4 1-6 2025 7.5 1-6 2026 3.3 Q2 2025 3.6 Q1 2026 4.0 Q2 2026 466.4 488.0 232.5 240.6 247.3 +5% +6% +3% Interest income Interest expenses Derivatives & Other
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23 NLB Group Interim Report January – June 2026 In Q2, net interest income increased by EUR 6.7 million from Q1, supported by an additional calendar day, which contributed approximately EUR 2.6 million. Excluding this effect, net interest income increased by EUR 4.1 million – interest income increased by EUR 7.3 million, primarily driven by further loan volume growth (EUR 6.9 million), while interest expenses rose by EUR 3.1 million, mainly due to higher deposit costs (EUR 1.9 million). Net interest income continued its upward trajectory across most Group members, except in selected markets, where funding costs remained elevated as deposit gathering continued to support liquidity. Sustainable profit growth is one of the NLB Group’s priorities. To protect future interest income, the Group continues to actively manage its NII sensitivity and is utilising market opportunities to secure stable interest income for the medium term. The net interest income sensitivity, simulated by a 100-bps immediate parallel downward shift in interest rates, stood at EUR -40.0 million or -1.19% of T1 capital in June 2026. Floating-rate loan positions remained the main driver of the sensitivity (EUR -60 million), partly offset by deposits and derivatives. During H1 2026, the Group continued to manage its IRRBB position in a prudent and flexible manner, preserving the capacity to execute material IRRBB management actions in the event of a stronger view on market interest rate dynamics. Figure 3: NII sensitivity to various rate shocks of the NLB Group (in EUR millions) Figure 4: The NLB Group’s NII sensitivity under a standard internal shock (in EUR millions) On a YoY basis, the net interest margin declined by 19 bps to 3.21%, with a more pronounced decrease at SEE banks than at NLB, reflecting stronger pressure from deposit repricing in selected SEE markets. Similarly, the operational business margin decreased by 21 bps to 4.45%. On a QoQ basis, the Group’s net interest margin recorded a modest increase, indicating stabilisation after the recent downward trend. In NLB, the margin increased for the second consecutive quarter, supported by its predominantly sight- deposit funding base and active asset pricing. In contrast, a decline was recorded in the SEE banks, primarily reflecting continued competition for customer deposits and the need to secure funding to support strong loan growth in selected -81.2 -40.0 37.7 74.6 -90 -60 -30 0 30 60 90 Scenario - 200 bps Scenario - 100 bps Scenario + 100 bps Scenario + 200 bps 70.7 67.2 67.6 65.4 67.6 43.5 40.0 2.47% 2.34% 2.34% 2.27% 1.99% 1.29% 1.19% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 0 10 20 30 40 50 60 70 80 31 Dec 2024 31 Mar 2025 30 Jun 2025 30 Sep 2025 31 Dec 2025 31 Mar 2026 30 Jun 2026 NII NLB Group NLB Group (% of Tier1 Capital)
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24 NLB Group Interim Report January – June 2026 markets. The Group’s diversified funding profile and proactive balance sheet management helped limit the impact of these market-specific pressures at the Group level. Towards the end of the first half of the year, market interest rates moved higher, with the resulting repricing of lending and deposit products beginning to emerge across the Group. The timing and extent of the adjustment varied across individual markets. Figure 5: Net interest margin (quarterly data, in %) Figure 6: Operational business margin (quarterly data, in %) Net Non-Interest Income Figure 7: Net non-interest income of the NLB Group (in EUR millions) Net fee and commission income, the largest and most stable component of net non-interest income, increased by 10% YoY, reflecting continued growth in the Group’s core business. Further details are provided below. Overall, net non-interest income decreased by 2% YoY, primarily due to a stronger comparative base in H1 2025, which included higher non-recurring income and more favourable valuation effects. Resilient and strong performance of the underlying business, reflected in 10% YoY net fee and commission growth, almost entirely offset the YoY deterioration in non-recurring net non-interest income. 3.94% 3.34% 2.51% Q2 2025 3.77% 3.24% 2.47% Q3 2025 3.70% 3.25% 2.54% Q4 2025 3.52% 3.19% 2.57% Q1 2026 3.45% 3.21% 2.62% Q2 2026 4.62% 3.41% 5.14% Q2 2025 4.53% 3.36% 4.94% Q3 2025 4.58% 3.44% 4.96% Q4 2025 4.41% 3.45% 4.58% Q1 2026 4.48% 4.55% 3.53% Q2 2026 NLB Group NLB SEE banks 16.5 178.8 8.8 86.6 163.1 -10.2 -12.0-11.0 82.7 92.2 1-6 2025 -2.9 1-6 2026 0.7 Q2 2025 -3.5 Q1 2026 1.80.6 Q2 2026 168.6 165.7 92.1 71.2 94.5 -2% +3% +33% Net fee and commission income Recurring other net non-interest income Non-recurring other net non-interest income
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25 NLB Group Interim Report January – June 2026 Compared to H1 2025, non-recurring net other income was lower by EUR 7.6 million, mainly due to lower gains from real estate sales and resolved legal cases. Non-recurring net income from financial transactions was also lower, as positive foreign-exchange and derivative valuation effects recorded in H1 2025 turned negative in H1 2026, resulting in a slightly negative contribution in the current period. On a QoQ basis, net non-interest income increased, supported by higher net fee and commission income, a positive contribution from non-recurring items compared with a negative contribution in Q1, and the dynamic of accruing DGS- related regulatory costs at NLB (close to EUR 14.0 million QoQ difference). Figure 8: Net fee and commission income of the NLB Group (in EUR millions) The strong increase of net fee and commission income reflected broad-based growth across virtually all Group members. The increase was primarily driven by higher income from investment funds, bancassurance and account- related services, with fee income from payment services also making a positive contribution. In asset management, NLB Skladi delivered a strong performance, recording net inflows of EUR 151.1 million in H1 2026, compared with EUR 112.5 million in the same period last year. Bancassurance continued to perform strongly in Slovenia and across the SEE markets, remaining one of the key contributors to fee income growth. On a QoQ basis, net fee and commission income increased by EUR 5.6 million, supported by broad-based growth across most fee categories. The strongest contribution came from payment services and basic account-related services, while bancassurance and investment fund fees continued to grow. Fee income from card services recovered from the seasonally weaker first quarter, returning to more typical levels of customer activity. 17.7 20.2 8.6 10.1 10.1 33.0 41.2 16.5 20.1 21.2 23.5 23.1 12.5 10.8 12.3 88.9 94.2 45.1 45.6 48.6 1-6 2025 1-6 2026 Q2 2025 Q1 2026 Q2 2026 163.1 178.8 82.7 86.6 92.2 +10% +12% +6% Payment transactions & Basic accounts Cards and ATM operations Investment funds & Bancassurance Investment banking, Guarantees & Other
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26 NLB Group Interim Report January – June 2026 Total Costs Figure 9: Total costs of the NLB Group (in EUR millions) Total costs increased by 3.6% YoY on a like-for-like basis, excluding EUR 3.0 million of non-recurring general and administrative costs recognised in the previous period. The increase was broadly evenly split between higher employee costs and other general and administrative expenses. Employee costs increased by EUR 4.2 million YoY, primarily reflecting salary adjustments across the Group in line or below the inflation rate in the region. The impact of variable compensation linked to the share price in the current period amounted to EUR 5.2 million, compared with EUR 4.9 million recognised in the H1 2025. Other general and administrative expenses increased by EUR 7.9 million YoY on a like-for-like basis, mainly driven by higher IT-related costs. On a QoQ basis, total costs increased by EUR 8.1 million, mainly due to higher general and administrative expenses related to IT and marketing, as well as higher variable compensation linked to share price movements. 31.0 29.4 15.9 14.7 14.6 93.9 98.8 47.7 45.6 53.2 171.4 175.6 88.9 87.5 88.1 1-6 2025 1-6 2026 Q2 2025 Q1 2026 Q2 2026 296.3 303.8 152.5 147.9 155.9 +3% ~+3.6% Like-for-like +2% +5% Employee costs Other general administrative expenses Depreciation and amortisation
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27 NLB Group Interim Report January – June 2026 Figure 10: Number of employees Figure 11: Number of branches CIR improved by 0.2 pp YoY to 46.5%, as growth in net operating income outpaced the increase in operating expenses, reflecting the Group’s resilient revenue generation and disciplined cost management. Impairments and Provisions Figure 12: The NLB Group impairments and provisions (in EUR millions) In H1 2026, the Group established net impairments and provisions for credit risk of EUR 32.0 million, primarily driven by lending growth and limited credit migration in the retail and corporate portfolios. This was partially offset by EUR 12.9 million in recoveries of written-off receivables, as well as updates to risk parameters and model changes, which contributed an additional release of EUR 3.3 million. Consequently, the CoR for H1 2026 stood at 32 bps annualised. 2,524 5,124 432188 30 Jun 2025 2,469 5,031 419188 31 Dec 2025 2,462 4,967 427208 30 Jun 2026 8,268 8,107 8,064 -204 -43 317 312 301 69 69 70 30 Jun 2025 31 Dec 2025 30 Jun 2026 386 381 371 -15 -10 NLB SEE banks Leasings & AuM NLB Digit & other NLB SEE banks 5.8 -32.0 20.3 -12.8 -3.3 -5.6 -19.1 1-6 2025 -0.4 1-6 2026 Q2 2025 -0.8 Q1 2026 0.4 Q2 2026 2.5 -32.4 14.7 -13.6 -18.7 Impairments and provisions for credit risk Other impairments and provisions CoR (bps) 32-4
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28 NLB Group Interim Report January – June 2026 Income Tax The effective tax rate (calculated as income tax divided by profit before tax) for H1 2026 for the NLB Group was 13.52%, and for NLB, 6.14%. A global minimum tax for multinationals is included in income tax. The contribution rate, which includes the tax on the balance sheet for H1 2026, was 19.58% for the NLB Group and 11.20% for NLB. For further information, please refer to Note 4.14. in the financial part of the report. Statement of Financial Position Table 4: Statement of financial position of the NLB Group The Group's total assets amounted to EUR 31,852.5 million, representing an increase of EUR 377.7 million YtD and EUR 2,279.5 million YoY. YtD in YoY growth was primarily driven by continued expansion in customer lending, while customer deposits also increased. The early redemption of EUR 500 million notes at the end of June reduced cash balances and decreased total assets in the second quarter. As loan growth outpaced deposit growth, the (net) LTD ratio increased to 78.4%, while the Group maintained a solid funding profile and a strong liquidity position. ASSETS #REF! Cash, cash balances at central banks, and other demand deposits at banks 3,550.6 4,287.3 4,371.8 4,215.2 -821.2 -19% -664.7 -16% -736.8 -17% Loans to banks 447.1 591.9 404.5 351.3 42.5 11% 95.8 27% -144.8 -24% Net loans to customers 19,654.0 19,317.0 18,705.5 17,481.5 948.5 5% 2,172.5 12% 337.0 2% Gross loans to customers 20,060.8 19,717.6 19,093.4 17,834.5 967.3 5% 2,226.3 12% 343.2 2% - Corporate 8,684.2 8,641.1 8,318.3 7,914.7 365.9 4% 769.5 10% 43.1 0% - Individuals 10,573.3 10,288.1 9,992.4 9,347.6 580.8 6% 1,225.7 13% 285.2 3% - State 803.3 788.4 782.7 572.2 20.6 3% 231.1 40% 14.9 2% Impairments and valuation of loans to customers -406.8 -400.6 -388.0 -353.0 -18.8 -5% -53.8 -15% -6.2 -2% Financial assets 7,272.9 7,061.3 7,087.8 6,666.3 185.1 3% 606.6 9% 211.6 3% - Trading book 8.9 13.0 6.5 8.3 2.3 36% 0.6 7% -4.2 -32% - Non-trading book 7,264.0 7,048.3 7,081.3 6,658.0 182.7 3% 606.0 9% 215.7 3% Investments in subsidiaries, associates, and joint ventures 14.4 14.6 14.1 14.0 0.2 2% 0.3 2% -0.3 -2% Property and equipment 336.0 328.6 331.3 312.6 4.8 1% 23.4 7% 7.4 2% Investment property 24.2 24.3 24.4 22.3 -0.2 -1% 1.9 9% -0.1 0% Intangible assets 119.3 116.2 115.9 100.2 3.4 3% 19.1 19% 3.0 3% Other assets 434.2 529.6 419.6 409.5 14.6 3% 24.6 6% -95.4 -18% TOTAL ASSETS 31,852.5 32,270.8 31,474.8 29,573.0 377.7 1% 2,279.5 8% -418.3 -1% LIABILITIES Deposits from customers 25,075.9 24,835.3 24,509.9 22,837.8 566.0 2% 2,238.0 10% 240.5 1% - Corporate 7,017.1 7,159.7 7,107.3 6,292.3 -90.2 -1% 724.8 12% -142.6 -2% - Individuals 17,550.6 17,061.7 16,951.2 16,124.9 599.4 4% 1,425.7 9% 488.9 3% - State 508.2 613.9 451.4 420.6 56.8 13% 87.5 21% -105.8 -17% Deposits from banks and central banks 100.0 82.8 98.8 178.8 1.2 1% -78.8 -44% 17.2 21% Borrow ings 489.1 496.8 280.0 431.2 209.1 75% 57.9 13% -7.7 -2% Subordinated debt securities 542.2 529.7 545.6 551.2 -3.3 -1% -9.0 -2% 12.6 2% Other debt securities in issue 1,006.6 1,542.4 1,553.6 1,526.7 -547.1 -35% -520.2 -34% -535.9 -35% Other liabilities 666.0 818.7 626.6 589.5 39.4 6% 76.5 13% -152.6 -19% Equity 3,895.1 3,883.7 3,781.6 3,386.2 113.5 3% 508.9 15% 11.4 0% Non-controlling interests 77.7 81.4 78.8 71.6 -1.1 -1% 6.0 8% -3.8 -5% TOTAL LIABILITIES AND EQUITY 31,852.5 32,270.8 31,474.8 29,573.0 377.7 1% 2,279.5 8% -418.3 -1% in EUR millions 30 Jun 2026 31 Dec 2025 30 Jun 2025 Change YtD Change YoY31 Mar 2026 Change QoQ
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29 NLB Group Interim Report January – June 2026 Figure 13: Total assets of the NLB Group by the location of the NLB Group entities (in %) Figure 14: Balance sheet structure of the NLB Group on 30 June 2026 (in EUR millions) Loans to Customers Loan volumes continued to grow at a solid pace across all Group members and business segments during H1 2026, supported by sustained client demand. While growth remained broad-based, the pace varied across individual markets, reflecting differences in market dynamics and liquidity conditions. In Slovenia, business activity remained strong, supported by robust new loan production. Lending to individuals continued to grow at a pace comparable to the first quarter, with housing loans maintaining particularly strong momentum. New housing loan production in H1 2026 was 16% higher than in the corresponding period of the previous year (EUR 420.6 million compared with EUR 364.0 million in H1 2025), while consumer loan production also remained at a high level (EUR 292.6 million compared with EUR 280.7 million in H1 2025). Loans to corporate and state continued to expand, although growth moderated in Q2 following a particularly strong Q1, supported by investment activity and working-capital financing, against a backdrop of heightened uncertainty and softer corporate investment expectations. The SEE banks continued to record solid loan growth. Lending to individuals remained resilient across all Group members, with growth remaining comparable to the first quarter. Growth dynamics in lending to corporate and state varied across markets, reflecting differences in local business opportunities, competitive dynamics and market conditions. Slovenia Serbia N. Macedonia BiH Kosovo Montenegro Other 55.1% 53.8% 19.6% 20.7% 8.2% 8.2% 7.8% 8.1% 5.2% 5.1% 3.5% 3.4% 0.6% 0.7% 31 Dec 2025 30 Jun 2026 Net loans to customers 19,654 Cash equivalents & placements with banks 3,998 Financial assets 7,273 Other assets 928 Assets Deposits from customers 25,076 Deposits from banks and central banks & Borrowings 589 Other debt securities in issue 1,007 Subordinated debt securities 542 Other liabilities 666 Total equity 3,973 Liabilities 31,853 31,853 70.0% 28.0% Deposits from individuals Deposits from corporate 2.0% Deposits from state 52.8%43.1% Loans to individualsLoans to corporate 4.1% Loans to state 19,654 25,076 Leverage ratio 10.1% LTD 78.4%
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30 NLB Group Interim Report January – June 2026 Figure 15: Gross loans to customers YtD dynamics (in EUR millions) (i) On a stand-alone basis. (ii) Sum of data on a stand-alone basis as included in the consolidated financial statements of the NLB Group. Lending rates continued to decline across both NLB and the SEE banks during the first half of the year, reflecting the ongoing repricing of the loan portfolio. However, the pace of decline in lending rates moderated markedly, with lending rates at the aggregate SEE level remaining broadly stable in Q2. This provides an early indication that asset pricing is stabilising, although the adjustment continues to lag behind deposit repricing. Figure 16: Interest rates for loans to customers (gross, quarterly, in %) (i) On a stand-alone basis. (ii) Sum of data on a stand-alone basis as included in the consolidated financial statements of the NLB Group. NLB(i) SEE banks(ii)NLB Group 5.30% Q2 2025 5.08% Q3 2025 5.08% Q4 2025 5.04% Q1 2026 5.02% Q2 2026 4.34% Q2 2025 4.11% Q3 2025 4.11% Q4 2025 4.10% Q1 2026 4.09% Q2 2026 5.83% Q2 2025 5.66% Q3 2025 5.64% Q4 2025 5.58% Q1 2026 5.56% Q2 2026
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31 NLB Group Interim Report January – June 2026 Banking Book Debt Securities Portfolio Until the end of H1 2026, the banking book debt securities portfolio increased by EUR 178.6 million (book value), increasing its share to 22.1% of the Group’s total assets. The portfolio continued to reflect active balance sheet management in a changing interest rate environment. The portfolio’s average duration increased to 4.4 years at the end of H1 2026, up from 4.1 years in 2025, with an average yield of 2.90% YtD, reflecting improved reinvestment conditions. The ESG-labelled portfolio increased, accounting for 13.5% of the total portfolio. The portfolio is managed under two business models, comprising securities measured at fair value through other comprehensive income (FVOCI) and securities measured at amortised cost (AC). At the end of H1 2026, the FVOCI portfolio represented 38.2% of the total Group debt securities portfolio, 0.15 pp higher compared to the end of 2025, with an average duration of 3.3 years. During this period, the negative valuation of the Group’s FVOCI debt securities portfolio amounted to EUR 1.2 million (the net of hedge accounting effects and related deferred taxes). The AC portfolio accounted for 61.8% of the total Group debt securities portfolio, with an average duration of 5.1 years. Unrealised losses on the Group’s AC debt securities portfolio amounted to EUR 36.0 million during the period. Figure 17: Banking book debt securities portfolio by asset class, geography, currency, rating 5 and maturity profile as at 30 June 2026 (in EUR millions) 5 96.4% of non-investment grade securities relate to the NLB Group’s markets, i.e. exposures to Bosnia and Herzegovina, North Macedonia, etc. 2 EUR 5,963 RSD 509 USD 243 MKD 197 BAM 180 Other 51 EUR 7,143 million A 32% AAA 24% AA 16% BBB 11% BB 13% B 3% CCC 0% EUR 7,143 million Corporate bonds 25 Subordinated debt 42 Covered bond 285 Bank senior unsecured bonds 1,176 Multilateral bank & agency bonds and GGB’s 1,034 Government bonds 4,581 EUR 7,143 million N. Macedonia 229 Finland 254 Austria 259 Luxembourg 285 the Netherlands 298 Germany 613 Serbia 616 Belgium 782Slovenia 806 France 855 Other 2,145 EUR 7,143 million by asset class by geography by currency by rating 235 436 328 307 458 560 1,222 839 2,584 20 2026 2027-2028 115 2029-2030 2031+ 619 1,785 1,261 3,478 39 Slovenia SEE International % of total porfolio 9% 25% 18% 49% by maturity profile
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32 NLB Group Interim Report January – June 2026 Deposits from Customers Customer deposits continued to increase during H1 2026, supported by continued growth in deposits from individuals across the Group. Developments in the deposits from corporate and state varied across individual markets, reflecting local business conditions. In Slovenia, the strong growth of deposits from individuals in the second quarter was supported by the seasonal inflow of holiday allowance payments, which more than offset the temporary impact of the retail government bond issuance in the first quarter. In contrast, deposits from corporate and state declined, partially reflecting the payment of tax liabilities in Q2. As at 30 June 2026, term deposits accounted for 8% of NLB’s deposit base, with their share declining over the past year. At the same time, NLB maintained a sizeable and growing savings account base, with balances increasing by 12% YoY and representing 35% of sight deposits as at 30 June 2026. Savings accounts offer higher interest rates than standard sight deposits, with most interest rates set as a proportion of 6M EURIBOR. The SEE banks also recorded stronger growth in deposits from individuals than in the first quarter, with all Group members reporting positive developments in the retail segment. Deposits from corporate and state also recorded broad- based growth, with positive developments in nearly all markets, while growth rates varied across the Group members. At the aggregate SEE level, the share of term deposits increased to 31% of the deposit base as at 30 June 2026, from 27% as at 30 June 2025, reflecting higher deposit pricing in selected markets to support funding needs amid continued loan growth. Figure 18: Deposits from customers YtD dynamics (in EUR millions) (i) On a stand-alone basis. (ii) Sum of data on a stand-alone basis as included in the consolidated financial statements of the NLB Group. Deposit rates at the Group level have increased over the last several quarters, reflecting diverging trends between NLB and the SEE banks. In NLB, the average deposit rate continued to decline, reflecting ongoing repricing and a more favourable deposit mix. In contrast, some SEE banks have recorded a gradual increase in deposit rates, primarily reflecting a temporary adjustment to the funding mix in selected markets, where the share of higher-priced term deposits increased to support loan growth. This adjustment forms part of active balance sheet management, balancing funding needs, liquidity and asset pricing. NLB(i) Deposits from corporate & state SEE banks(ii) Deposits from individuals NLB Group 0.0 0.5 1.0 0 5,000 10,000 15,000 20,000 31 Dec 2025 30 Jun 2026 16,951.2 17,550.6 2,932.9 14,018.3 2,983.1 14,567.5 +4% 0.0 0.5 1.0 0 1,000 4,000 5,000 6,000 7,000 8,000 31 Dec 2025 30 Jun 2026 7,558.7 7,525.2 1,624.7 5,934.0 1,721.1 5,804.2 0% 0.0 0.5 1.0 0 5,000 10,000 15,000 748.4 31 Dec 2025 654.7 30 Jun 2026 9,708.3 10,038.3 8,959.9 9,383.6 +3% 580.1 486.8 0.0 0.5 1.0 0 1,000 3,000 4,000 5,000 6,000 7,000 31 Dec 2025 30 Jun 2026 3,741.5 3,500.2 3,161.5 3,013.4 -6% 0.0 0.5 1.0 0 5,000 10,000 15,000 31 Dec 2025 30 Jun 2026 7,242.9 7,512.3 2,184.5 5,058.3 2,328.3 5,184.0 +4% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 0 1,000 3,000 4,000 5,000 6,000 7,000 31 Dec 2025 30 Jun 2026 3,888.1 4,099.0 1,092.2 2,795.9 1,267.7 2,831.3 +5% Sight deposits Term deposits
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33 NLB Group Interim Report January – June 2026 Figure 19: Interest rates for deposits from customers (quarterly, in %) (i) On a stand-alone basis. (ii) Sum of data on a stand-alone basis as included in the consolidated financial statements of the NLB Group. Off-Balance-Sheet Items Figure 20: The NLB Group off-balance-sheet items (in EUR millions) At the end of H1 2026, derivatives represented the largest part of the Group’s off-balance-sheet items (44%), followed by loan commitments (33%). The Group’s off-balance-sheet items increased YtD and YoY, primarily due to a notable rise in derivatives of 6% YtD and 11% YoY. The increase in derivatives during H1 2026 was primarily due to additional interest rate hedging to stabilise NII and reduce the impact of valuation changes in the FVOCI securities portfolio on regulatory capital. This increase was partly offset in Q2 2026 by the maturity of the interest rate swap hedging the Senior Preferred bond following its early redemption in June. NLB enters into interest rate swaps in accordance with fair value hedge accounting requirements. Micro and portfolio hedging strategies are applied to fixed-rate loan portfolios, the modelled core portion of sight deposits, issued bonds and debt securities held in the Bank’s investment portfolio. Loan commitments decreased by 3% YtD but increased by 16% YoY, with the majority related to loans and the rest to overdrafts and cards. Additionally, guarantees increased by 5% YtD and YoY, supporting higher guarantee fee income by 5% YoY. NLB(i) SEE banks(ii)NLB Group 0.52% Q2 2025 0.52% Q3 2025 0.54% Q4 2025 0.59% Q1 2026 0.61% Q2 2026 0.35% Q2 2025 0.29% Q3 2025 0.29% Q4 2025 0.26% Q1 2026 0.24% Q2 2026 0.73% Q2 2025 0.79% Q3 2025 0.85% Q4 2025 0.98% Q1 2026 1.05% Q2 2026 30 Jun 2025 48.4 31 Dec 2025 38.6 30 Jun 2026 8,641.7 8,856.5 1,873.6 2,985.8 3,733.9 1,970.6 2,906.8 3,940.5 7,968.2 3,553.8 2,506.5 32.6 1,875.3 +11% +2% Guarantees Letters of credit Loan commitments Derivatives
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34 NLB Group Interim Report January – June 2026 Segment Analysis Segment reporting is presented in accordance with the strategy on the basis of the organisational structure used in management reporting of the NLB Group’s results. The NLB Group’s segments are business units that focus on different clients and markets. They are managed separately because each business unit requires different strategies and service levels. The segments of the NLB Group are divided into Core and Non-Core segments. The business activities of the parent bank (NLB) and the company NLB Lease&Go, leasing, Ljubljana – the successor of legally merged companies NLB Lease&Go, leasing, Ljubljana and Summit Leasing Slovenija, Ljubljana ‒ are divided into several segments (Retail Banking in Slovenia, Corporate and Investment Banking in Slovenia, and Financial Markets in Slovenia). Other core NLB Group members are, based on their business activity, included in Strategic Foreign Markets and Other. Core Segments • Retail Banking in Slovenia covers individuals and micro companies, asset management (NLB Skladi, Ljubljana), a part of NLB Lease&Go, leasing, Ljubljana, that operates with retail clients, as well as a share of the result of the associated company Bankart. • Corporate and Investment Banking in Slovenia covers Key Corporate Clients, SMEs, Cross-Border Corporate Financing, Investment Banking and Custody, Trade Finance, Restructuring and Workout, and the part of NLB Lease&Go, leasing, Ljubljana that operates with corporate clients. • Financial Markets in Slovenia include treasury activities and trading with financial instruments, while also presenting the results of asset and liability management (ALM) in the parent bank and in NLB Lease&Go, leasing, Ljubljana. • Strategic Foreign Markets consist of strategic banks in the Group operating in strategic markets (Serbia, North Macedonia, Bosnia and Herzegovina, Kosovo, and Montenegro), as well as the asset management companies (NLB Fondovi, Skopje and NLB Fondovi, Beograd), NLB DigIT, Beograd, and leasing companies (NLB Lease&Go, Skopje, NLB Lease&Go Leasing, Beograd, and Mobil Leasing, Zagreb). • Other activities include categories with operating results that cannot be assigned to specific segments (including tax on balance sheet), as well as NLB MUZA, Ljubljana, Real Estate entities from 2024 onward (except NLB Real Estate, Podgorica, which was classified as a non-core member in 2025), and the company NLB Car&Go, Ljubljana. The segment also includes a new member of the NLB Group, NLB Skladi – Nepremičnine, a real estate investment company established in May 2026. Non-Core Segment • Non-Core Members include the operations of non-core NLB Group members, i.e. entities in liquidation, LHB, NLB Srbija, NLB Crna Gora, SLS HOLDCO, Ljubljana6, and NLB Real Estate, Podgorica (classified as a non-core member in 2025). 6 On 9 May 2025, SLS HOLDCO, Ljubljana merged with Summit Leasing Slovenija, Ljubljana and ceased to exist as a separate legal entity.
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35 NLB Group Interim Report January – June 2026 Table 5: Segments of the NLB Group (i) Tax on balance sheet is excluded from the calculation. From June 2025 onwards, the CIR for the NLB Group is adjusted to t he new methodology. Operating lease is presented on a net basis: non -interest income and related costs are netted by the amount of amortisation. The NLB Group’s main indicator of a segment’s efficiency is net profit before tax. No revenues were generated from transactions with a single external customer that would amount to 10% or more of the Group’s revenues. NLB Group Non-Core Segment Retail Banking in Slovenia Corporate and Investment Banking in Slovenia Financial Markets in Slovenia Strategic Foreign Markets Other Non-Core Members Profit b.t. (in EUR millions) 301 128 27 20 151 -25 0 Contribution to Group’s profit b t 100% 43% 9% 7% 50% -8% 0% Total assets (in EUR millions) 31,853 5,635 4,300 6,673 14,711 514 20 % of total assets 100% 18% 13% 21% 46% 2% 0% CIR(i) 46.5% 42.4% 44.1% / 50.3% / / Cost of risk (bps) 32 52 93 / 1 / / Core Segments
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36 NLB Group Interim Report January – June 2026 Retail Banking in Slovenia Highlights • NLB maintained market share in retail lending in H1 2026. • Strong new loan production. • Net fees and commissions increased, primarily driven by bancassurance and asset management business activities. • NLB Klik, with more than half a million digital users, remains the leading mobile banking provider in the market. • The digital ecosystem was further expanded by introducing investment, trading, and travel insurance services within NLB Klik. Financial and Business Performance Table 6: Key financials of the Retail Banking in Slovenia segment (i) Net interest income from assets and liabilities using Fund Transfer Pricing (FTP). (ii) Net interest margin and interest rates only for NLB. The segment’s net interest margin is calculated as the ratio between annualised net interest income (i) and the sum of average interest-bearing assets and liabilities divided by 2. Net interest income increased YoY, as the stronger contribution from the deposit base, supported by higher deposit volumes, more than offset the lower contribution from the loan portfolio due to declining lending rates. Net fee and commission income increased by 12% YoY, primarily driven by higher earnings from investment funds and bancassurance activities. The segment’s total costs remained flat YoY. Impairments and provisions were net established at EUR 13.3 million in H1 2026, primarily driven by lending growth and credit migration. The segment’s gross loan portfolio increased by EUR 263.7 million or 5% YtD, with both housing and consumer lending growing by 7% and 5%, respectively. The YoY growth was stronger at 11%, with housing loans increasing by 14% and consumer loans by 9%. New production of housing loans in H1 2026 was excellent, with EUR 420.6 million in new loans approved, compared with EUR 364.0 million in the same period in 2025. New production of consumer loans remained high at EUR 292.6 million, compared to EUR 280.7 million in the same period of 2025. The market shares of the segment in retail lending increased to 31.4%, up from 30.7% as at 30 June 2025. Similarly, its market share in deposit-taking rose to 34.7%, compared to 34.3% as at 30 June 2025. 1-6 2026 1-6 2025 Q2 2026 Q1 2026 Q2 2025 Change QoQ Net interest income 172.8 169.4 3.4 2% 87.8 85.0 84.5 3% Net interest income from Assets(i) 64.0 65.2 -1.2 -2% 30.7 33.3 33.6 -8% o/w allocation of regulatory costs -3.2 -4.5 1.4 30% -1.6 -1.6 -2.3 -2% Net interest income from Liabilities(i) 108.8 104.2 4.6 4% 57.1 51.7 50.9 11% Net non-interest income 70.9 60.7 10.2 17% 44.5 26.4 34.2 68% o/w Net fee and commission income 81.6 72.9 8.7 12% 42.2 39.4 36.0 7% Total net operating income 243.7 230.1 13.6 6% 132.3 111.4 118.7 19% Total costs -103.3 -103.8 0.6 1% -54.6 -48.7 -55.0 -12% Result before impairments and provisions 140.4 126.3 14.1 11% 77.7 62.7 63.7 24% Impairments and provisions -13.3 -17.2 3.9 22% -9.6 -3.7 -5.0 -162% Share of profit from investments in associates and joint ventures 1.2 1.4 -0.2 -15% 0.7 0.5 0.9 46% Result before tax 128.3 110.5 17.8 16% 68.8 59.5 59.6 16% Change YoY in EUR millions consolidated 30 Jun 2026 31 Mar 2026 31 Dec 2025 30 Jun 2025 Change QoQ Net loans to customers 5,488.7 5,370.4 5,232.2 4,952.7 256.5 5% 536.0 11% 2% Gross loans to customers 5,595.1 5,472.6 5,331.4 5,054.2 263.7 5% 540.9 11% 2% Housing loans 3,233.2 3,119.2 3,015.4 2,842.2 217.8 7% 391.0 14% 4% Interest rate on housing loans (ii) 2.99% 2.70% 2.84% 2.96% 0.29 pp Consumer loans 1,115.4 1,092.0 1,065.0 1,025.7 50.4 5% 89.6 9% 2% Interest rate on consumer loans (ii) 7.12% 8.00% 8.17% 8.24% -0.88 pp NLB Lease&Go, leasing, Ljubljana 864.2 857.2 848.9 798.3 15.3 2% 65.9 8% 1 % Other 382.3 404.2 402.1 388.0 -19.8 -5% -5.6 -1% -5% Deposits from customers 11,007.8 10,704.4 10,710.1 10,264.2 297.7 3% 743.6 7% 3% Interest rate on deposits (ii) 0.26% 0.27% 0.33% 0.37% -0.01 pp Non-performing loans (gross) 112.0 109.7 105.9 102.0 6.1 6% 10.0 10% 2% 1-6 2026 1-6 2025 Change YoY Cost of risk (in bps) 52 72 -20 CIR 42.4% 45.1% -2.7 pp Net interest margin(ii) 4.01% 4.33% -0.32 pp -0.07 pp -0.11 pp Change YtD Change YoY 0.15 pp 0.03 pp -1.05 pp -1.12 pp
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37 NLB Group Interim Report January – June 2026 In H1 2026, the market share of housing loans reached 33.1%, up from 32.0% as at 30 June 2025. The market share of consumer loans slightly decreased YoY and stood at 29.9%. Figure 21: Market share of net loans to individuals and market share of deposits from individuals The deposit base recorded strong growth in the second quarter, supported by the seasonal inflow of holiday allowance payments, which more than offset the temporary impact of the retail government bond issuance and the introduction of the Individual Investment Account in the first quarter. The YoY growth was high at 7%. NLB Klik, recognised in research conducted by E-laborat as the best mobile banking application on the market for the second consecutive year, continued to evolve in Q2 2026 through further enhancements to its functionality and user experience. Key upgrades included the digital opening of individual investment and trading accounts, as well as the end- to-end digital purchase of travel insurance, further expanding digital origination across the strategically important areas of investments, trading, and insurance. These developments contributed to further improvements in key digitalisation metrics, including 4.5% YoY growth in the digital customer base, surpassing half a million users, higher active digital penetration (+2.9 pp YoY), and stronger digital sales (+11.5 pp YoY). Maintaining the highest standards of digital security remains a key priority. To further strengthen the security of digital banking services, the Bank implemented the Wultra solution to secure activation and blocking of the NLB Klik mobile banking application, thereby enhancing customer protection and reinforcing trust in digital channels. Figure 22: Digital sales(i) and digital penetration(ii) (i) Share of the number of digitally sold products in the total number of sales for comparable products. (ii) Share of active digital users in # of clients with an active transaction account. Individual Investment Account (INR) was introduced as a key component of the Bank’s broader investment and savings proposition, designed to support clients in building long-term wealth and increasing their participation in capital markets. The account benefits from a simplified administrative framework and more favourable tax treatment of investment income, making long-term investing more transparent, efficient, and cost-effective for individuals. Clients can open an INR and subsequently invest and trade directly through NLB Klik, enabling a convenient, fully digital investment journey. The solution supports the Bank’s strategic objectives of broadening access to capital markets, strengthening digital client engagement, and building long-term client relationships. Private Banking continued its growth in H1 2026, serving more than 3,500 customers and surpassing EUR 3 billion in assets under management – a significant milestone that reinforces its growth trajectory. The segment maintained the 32.0% 30.5% 30 Jun 2025 32.4% 30.0% 31 Dec 2025 33.1% 29.9% 30 Jun 2026 Housing loans Consumer loans 36.9% 8.4% 20.7% 30 Jun 2025 37.4% 8.0% 23.2% 31 Dec 2025 37.4% 10.4% 18.9% 30 Jun 2026 Sight deposits Short-term deposits Long-term deposits 14.8% 61.3% 31 Dec 2023 27.2% 65.3% 31 Dec 2024 36.0% 68.6% 31 Dec 202530 Jun 2025 33.6% 67.2% 30 Jun 2026 45.1% 70.1% Sales Penetration
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38 NLB Group Interim Report January – June 2026 highest Net Promoter Score (NPS) within the Bank, reflecting the strong trust and loyalty of its clients. To further strengthen the segment’s offering, the Bank launched ALFI GSS, a new alternative investment fund. The Bank continued to optimise its branch network as part of its efforts to further strengthen its presence and service availability in the local market. Three new branches were opened in line with the Bank’s cash-light concept, promoting digital banking services and self-service solutions while reducing reliance on cash transactions. This approach enhances operational efficiency, supports changing customer preferences, and aligns with the Bank’s broader digital transformation strategy. To further improve operational efficiency, one of the newly established branches also includes a Cash Deposit System (CDS), enabling legal entities to deposit their daily business cash more conveniently and efficiently. The Contact Centre (CC) serves as the Bank’s 24/7 customer engagement hub, continuously adapting to evolving client expectations by increasing its focus on proactive outreach, advisory services, and sales activities. Growth in customer interactions underscores the channel’s rising relevance, supported by the 24/7 virtual bank model and digitally assisted sales capabilities. In addition, video consultations have become an effective sales channel, accounting for 11% of H1 2026 sales across simple retail product categories and further strengthening the Bank’s omnichannel proposition. The Bank further advanced the digitalisation of its card business during the first half of 2026 by successfully rolling out digital-first cards across its credit and prepaid card portfolios, thereby enhancing the customer experience and supporting its digital strategy. Additional card functionalities were introduced within international card schemes, while a new premium card further strengthened the offering for the affluent segment. To strengthen its merchant value proposition, the Bank launched a new business analytics module within the Merchant Portal, providing merchants with advanced insights into transaction performance and business trends. The Bank also streamlined merchant onboarding by enabling existing clients to order any type of POS terminal – traditional, mobile, or web – fully online through a fast, secure, and paperless process using Rekono digital identification. This initiative further enhances customer convenience, accelerates service delivery, and supports the Bank’s paperless operations agenda. Activities also focused on strengthening the acquiring offering for micro merchants through partnerships with fiscal cash register providers, enabling the integration of NLB acquiring services into their sales offering and expanding the Bank’s reach to new merchant segments. The Bank expanded the use of qualified digital certificate signing via the electronic ID card across several customer segments, including micro and Private Banking segments. This initiative enhances the customer experience through a seamless digital journey, reduces legal and operational risks, accelerates document processing and signing, and further advances the digitalisation of business processes. It also supports the Bank’s strategic commitment to efficiency, paperless operations, and sustainable banking practices. The Bank maintained its leading position in bancassurance, which remains an important driver of fee income and customer engagement. Strong strategic partnerships with Vita, življenjska zavarovalnica, Generali Zavarovalnica, Zavarovalnica Triglav, and Zavarovalnica Sava support high product penetration and a comprehensive insurance offering tailored to customer needs. As part of the ongoing digitalisation of insurance services, the Bank introduced the end-to-end travel insurance purchasing through NLB Klik, offering customers a seamless and convenient digital experience. Building on these developments, the Bank remains focused on further expanding its portfolio of digitally available insurance products to enhance scalability, increase customer adoption, and strengthen the overall value proposition. The Bank is strengthening its role as a comprehensive financing channel by combining the NLB Lease&Go, leasing, Ljubljana’s leasing offers with the NLB Buy&Go platform for fast, accessible point-of-sale financing, both in-store and online. For more information on leasing, see the chapter Leasing and Asset Management Operations. As NLB Skladi, Ljubljana increases the penetration of investment products across client segments, it becomes increasingly important to the Bank’s customers, especially the affluent segment, which is a crucial driver of asset-under- management growth. An important step for the company was the establishment of NLB Skladi – Nepremičnine, as the first Slovenian real estate investment company, thus making this kind of investment possible to a broader range of investors. For more information on asset management, see the chapter Leasing and Asset Management Operations.
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39 NLB Group Interim Report January – June 2026 Corporate and Investment Banking in Slovenia Highlights • In H1 2026, the segment delivered 4% growth in loans. • The Bank supported ESG-related development and assisted clients in implementing sustainable finance initiatives. • Stable trade finance business enabled the Bank to maintain its high market share. • The acquiring business continued to grow through process optimisation, strategic partnerships, and tailored merchant solutions. Financial and Business Performance Table 7: Key financials of the Corporate and Investment Banking in Slovenia segment (i) Net interest income from assets and liabilities using FTP. (ii) Net interest margin and interest rates only for NLB. The segment’s net interest margin is calculated as the ratio between annualised net interest income (i) and the sum of average interest-bearing assets and liabilities divided by 2. In the Corporate and Investment Banking segment, the Bank continues its long-standing tradition of building sustainable, long-term business relationships. Serving more than 9,900 corporate clients, it holds 32.1% market share in loans and 23.7% in deposits. The segment’s operations are rooted in a client-centric approach, providing comprehensive and tailored financial solutions that support clients and the broader economy. Net interest income increased by 8% YoY, supported by higher loan volumes despite lower interest rates, while higher deposit volumes and higher deposit interest rates also contributed to interest income from liabilities. Net fee and commission income rose by 6% YoY, primarily reflecting a change in the investment banking methodology. The segment’s total costs remained flat YoY. Impairments and provisions were net established in the amount of EUR 20.8 million, primarily driven by lending growth and credit migration. 1-6 2026 1-6 2025 Q2 2026 Q1 2026 Q2 2025 Change QoQ Net interest income 60.6 56.3 4.4 8% 30.9 29.7 27.7 4% Net interest income from Assets(i) 34.1 30.1 4.0 13% 17.2 17.0 15.0 1% o/w allocation of regulatory costs -4.0 -5.7 1.7 29% -2.0 -2.0 -2.9 0% Net interest income from Liabilities(i) 26.5 26.2 0.4 1% 13.7 12.8 12.7 8% Net non-interest income 24.5 27.5 -3.0 -11% 12.1 12.4 14.8 -2% o/w Net fee and commission income 21.2 20.0 1.1 6% 10.6 10.6 9.9 0% Total net operating income 85.1 83.8 1.3 2% 43.0 42.1 42.5 2% Total costs -37.5 -37.6 0.1 0% -17.9 -19.7 -20.0 9% Result before impairments and provisions 47.6 46.2 1.4 3% 25.2 22.4 22.6 12% Impairments and provisions -20.8 6.4 -27.2 - -17.7 -3.0 5.3 - Result before tax 26.8 52.6 -25.8 -49% 7.4 19.4 27.9 -62% Change YoY in EUR millions consolidated 30 Jun 2026 31 Mar 2026 31 Dec 2025 30 Jun 2025 Change QoQ Net loans to customers 4,238.3 4,282.8 4,081.1 3,931.6 157.3 4% 306.8 8% -1% Gross loans to customers 4,348.6 4,378.1 4,172.8 3,998.4 175.8 4% 350.2 9% -1% Corporate 4,069.2 4,105.3 3,894.7 3,749.2 174.5 4% 320.1 9% -1% Key/SME/Cross Border Corporates 3,539.3 3,572.1 3,360.8 3,283.9 178.5 5% 255.4 8% -1% Interest rate on Key/SME/Cross Border Corporates loans (ii) 3.80% 3.76% 3.97% 4.19% 0.04 pp Restructuring and Workout 235.6 249.9 250.7 168.8 -15.0 -6% 66.8 40% -6% NLB Lease&Go, leasing, Ljubljana 294.3 283.3 283.3 296.5 11.0 4 % -2.2 -1 % 4% State 278.2 271.4 277.0 248.4 1.2 0% 29.8 12% 3% Interest rate on State loans (ii) 3.46% 3.43% 3.68% 3.95% 0.03 pp Deposits from customers 2,479.5 2,797.9 2,665.6 2,412.8 -186.1 -7% 66.7 3% -11% Interest rate on deposits (ii) 0.21% 0.22% 0.29% 0.33% -0.01 pp Non-performing loans (gross) 207.2 216.2 215.3 76.6 -8.1 -4% 130.6 170% -4% 1-6 2026 1-6 2025 Change YoY Cost of risk (in bps) 93 -33 126 CIR 44.1% 44.9% -0.8 pp Net interest margin(ii) 3.65% 3.80% -0.14 pp -0.17 pp -0.39 pp -0.22 pp -0.49 pp -0.08 pp -0.12 pp Change YtD Change YoY
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40 NLB Group Interim Report January – June 2026 The volume of gross loans increased by EUR 175.8 million or 4% YtD, although growth in the second quarter was significantly slower than in the first quarter. As a systemically important banking group in Southeastern Europe, the Bank partners with corporate clients to support their transition to more sustainable and resilient business models. ESG considerations are integrated into lending and portfolio management in line with the Bank's risk management framework. Through continuous engagement across key sectors, the Bank helps clients identify and address ESG-related risks while structuring financing solutions that take into account evolving regulatory requirements, market developments, and long-term business resilience, thereby supporting both clients' sustainable growth and the quality of the Bank's corporate portfolio. At the end of H1 2026, the outstanding portfolio of cross-border loans amounted to EUR 654.4 million, with a significant share directed to green projects and financing which support the development of the Bank's home region, particularly in telecommunications, energy, and real estate. Outside the home region, the Bank focuses on Schuldschein lending to large international investment-grade-rated companies and participations in international (mainly transition finance) syndications. Deposits declined by 7% YtD, especially in the second quarter, partially reflecting the payment of tax liabilities in Q2. Figure 23: Market share in Corporate and Investment Banking in Slovenia Trade finance delivered a strong performance in H1 2026, further strengthening its market position through sustained business growth. Growth was primarily driven by the continued expansion of the factoring business, which generated transaction volumes of approximately EUR 124 million. Significant progress was made in the digitalisation of trade finance through the successful rollout of the front-end e-guarantees application (NLB Garancijsko poslovanje). By enhancing customer experience and enabling more efficient guarantee processing, the application strengthens the Bank’s digital trade finance offering and supports its long-term growth ambitions. The Bank remains among the leading Slovenian players in custodian services for both Slovenian and international clients. The total value of assets under custody in domestic and foreign markets increased by EUR 1.3 billion in H1 2026 to EUR 17 billion. Brokerage services executed client buy-and-sell orders totalling EUR 867.6 million in H1 2026, while the Brokerage Department launched the Individual Investment Account (INR) service in accordance with Slovenian legislation (ZINR). In financial instrument trading, foreign exchange spot transactions amounted to EUR 1.7 billion, while derivative trades reached EUR 34.5 million. The Bank remained active in the financial advisory business, including mergers and acquisitions (M&A), bond issuances, and capital market transactions. It acted as joint lead manager and distributor for the Republic of Slovenia retail bond issuance, with a nominal amount of EUR 210 million. Furthermore, the Bank provided investment services related to the admission of Vzajemna’s shares to the Ljubljana Stock Exchange, including the preparation of the prospectus and execution of the approval and listing procedures with the competent authorities. The Bank also
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41 NLB Group Interim Report January – June 2026 continued to advise and support potential issuers in initial public offerings (IPOs). In addition, it acted as an arranger for syndicated facilities, with new transactions amounting to EUR 547 million in H1 2026. In the card acquiring business, activities in H1 2026 focused on further strengthening digital merchant services and enhancing the merchant value proposition. During the period, the Merchant Portal with advanced analytics was successfully introduced, while promotional activities increased merchants’ awareness of its new functionalities and supported the adoption of available digital tools. The Bank also successfully completed a major POS terminal implementation project for a large merchant, representing an important milestone in the modernisation of its acquiring infrastructure. The enhanced solution enables merchants to manage different business activities through a single POS terminal, while ensuring payments are automatically settled to the appropriate accounts, providing greater operational flexibility for more complex merchant operations. In addition, the CDS self-service cash deposit network was further expanded, enhancing the accessibility of daily cash deposit services for business clients and supporting more efficient cash management through an extended self-service network. The intermediary business for NLB Lease&Go, leasing, Ljubljana remained an important part of the Bank’s commercial offering, providing tailored financing solutions for vehicles and equipment. For more information on leasing, see the chapter Leasing and Asset Management Operations.
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42 NLB Group Interim Report January – June 2026 Financial Markets in Slovenia Highlights • Significant increase in net interest income, driven by active balance sheet management and favourable reinvestment conditions. • Further diversification of the banking book securities portfolio, including ESG-labelled debt securities driven by market opportunities and sustainability considerations. Financial and Business Performance Table 8: Key Financials of the Financial Markets in Slovenia segment (i) Net interest income from assets and liabilities using FTP. (ii) Interest rates only for NLB. The Financial Markets in Slovenia comprises the Group’s activities in international financial markets, including treasury and trading operations, financial institutions business, wholesale funding, and asset and liability management (ALM). The segment supports the Group through liquidity and funding management, balance sheet optimisation through liquidity placement and reinvestment, and the management of interest rate and market risks. Trading activity is primarily client-driven and supports hedging and execution needs in FX and interest rate products. Treasury and ALM activities remained focused on maintaining a stable liquidity position and managing interest rate risk in the banking book, supporting stable net interest income. The Bank actively managed the maturity profile of assets and liabilities and adjusted pricing conditions in response to the interest rate environment. From 2025 onwards, MREL and Tier 2 funding costs are reallocated from the segment Financial Markets in Slovenia to all other segments based on their corresponding capital and MREL requirements, affecting the segment’s reported result by EUR 18.3 million. This allocation has no impact on the Group-level result. The segment recorded EUR 19.8 million in profit, primarily driven by net interest income, reflecting its balance sheet positioning and liquidity investment in a higher interest rate environment. Net interest income, deriving primarily from treasury operations, increased YoY by EUR 15.8 million, supported by reinvestment of maturing securities at higher yields and growth in the securities portfolio. Income from account balances with financial institutions further supported the increase. Net non-interest income decreased by EUR 4.0 million compared to the same period last year, primarily due to valuation effects from hedge accounting and derivatives. 1-6 2026 1-6 2025 Q2 2026 Q1 2026 Q2 2025 Change QoQ Net interest income 25.2 9.3 15.8 170% 12.8 12.3 4.5 4% Net interest income w /o ALM(i) 22.5 15.0 7.5 50% 12.1 10.4 7.8 16% ALM 2.7 -5.7 8.3 - 0.7 1.9 -3.2 -61% o/w allocation of regulatory costs 18.3 19.7 -1.4 -7% 9.2 9.0 10.0 2% Net non-interest income 0.7 4.7 -4.0 -85% 0.7 0.0 4.0 - Total net operating income 25.8 14.0 11.9 85% 13.5 12.3 8.6 10% Total costs -5.9 -7.4 1.5 20% -2.6 -3.3 -4.0 21% Result before impairments and provisions 19.9 6.6 13.3 - 10.9 9.0 4.6 21% Impairments and provisions -0.1 1.5 -1.6 - 0.3 -0.4 0.0 - Result before tax 19.8 8.1 11.7 145% 11.2 8.6 4.6 30% Change YoY in EUR millions consolidated 30 Jun 2026 31 Mar 2026 31 Dec 2025 30 Jun 2025 Change QoQ Balances w ith Central banks 1,079.8 1,914.5 2,002.1 2,117.8 -922.2 -46% -1,038.0 -49% -44% Banking book securities 5,503.6 5,349.5 5,227.2 4,890.7 276.5 5% 613.0 13% 3% Interest rate (ii) 2.68% 2.62% 2.43% 2.35% 0.06 pp Borrow ings 130.1 162.6 47.7 228.0 82.4 173% -97.9 -43% -20% Interest rate (ii) 1.42% 1.39% 1.38% 1.43% 0.03 pp Subordinated liabilities (Tier 2) 542.2 529.7 545.6 551.2 -3.3 -1% -9.0 -2% 2% Interest rate (ii) 8.48% 8.36% 8.49% 8.35% 0.12 pp Other debt securities in issue 1,006.6 1,542.4 1,553.6 1,526.7 -547.1 -35% -520.2 -34% -35% Interest rate (ii) 5.25% 5.18% 5.14% 5.17% 0.07 pp Change YtD Change YoY 0.11 pp 0.08 pp -0.01 pp 0.13 pp 0.25 pp 0.33 pp 0.04 pp -0.01 pp
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43 NLB Group Interim Report January – June 2026 The banking book securities portfolio rose by EUR 276.5 million YtD, reflecting investments of excess liquidity, which supported net interest income generation. More than 17% (or EUR 933.1 million) of the portfolio consists of ESG- labelled debt securities issued by governments, multilateral organisations, or financial institutions, of which EUR 172.5 million were acquired in the first half of 2026. At the end of H1 2026, the average duration of the banking book debt securities portfolio was 4.92 years, with an average yield of 2.82% YtD. The positive valuation of the FVOCI portfolio as at 30 June 2026 amounted to EUR 5.4 million (net of hedge accounting effects and related deferred taxes). At the same time, balances with the central bank decreased by EUR 922.2 million over the same period due to the early redemption of EUR 500 million notes and reallocation of liquidity into higher-yielding assets.
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44 NLB Group Interim Report January – June 2026 Strategic Foreign Markets Highlights • Sustained growth and a moderately positive financial outlook despite elevated uncertainties. • All subsidiary banks were robustly profitable and earning Cost of Capital (CoC), with NLB Komercijalna Banka, Beograd contributing 49% of the segment’s pre-tax profit. • Lending activities continued to boost, preserving market positions. • Advancing continuous sustainable financing, underpinned by strong production and operations, while further reducing the banks’ carbon footprint. • Regulatory changes introduced by regional central banks, including new regulatory capital and MREL requirements across the countries of the Group’s operations. • Accelerating the Digital Agenda. Financial and Business Performance Table 9: Key Financials of the Strategic Foreign Markets segment In H1 2026, the NLB Group’s countries of operation continued to demonstrate resilient growth, albeit at a more moderate pace. Persisting geopolitical tensions, trade uncertainties, and the uneven recovery across key European markets have weighed on sentiment. The implementation of the EU border control system has led to border blockades across the Balkans, while persistent supply chain disruptions in the Strait of Hormuz continue to pose downside risks. Inflationary pressures remain elevated in certain segments. Overall, household consumption, tourism revenues, and inflows from remittances continued to underpin economic expansion, offsetting the effects of geopolitical uncertainties. The banking members of the Group are key financial institutions in the SEE markets, characterised by solid liquidity and strong capital positions. They serve various business segments of clients with a wide range of banking products and services, maintaining a strong emphasis on operational efficiency and productivity. The banking members’ market shares by total assets exceed 10% in five of the six markets. Amid persistent macroeconomic headwinds in H1 2026, the banking sector across the region demonstrated resilience, with solid growth in lending activities. The demand for loans among banks showed a positive trend, resulting in a notable 14% YoY increase in lending activities. 1-6 2026 1-6 2025 Q2 2026 Q1 2026 Q2 2025 Change QoQ Net interest income 229.6 231.8 -2.2 -1% 116.0 113.6 116.0 2% Interest income 305.7 282.4 23.2 8% 156.2 149.5 141.8 5% o/w allocation of regulatory costs -10.7 -9.0 -1.6 -18% -5.4 -5.3 -4.6 -1% Interest expense -76.1 -50.6 -25.4 -50% -40.2 -35.8 -25.8 -12% Net non-interest income 75.1 81.1 -6.0 -7% 38.5 36.6 41.8 5% o/w Net fee and commission income 74.5 69.4 5.1 7% 38.5 36.0 35.9 7% Total net operating income 304.7 312.9 -8.2 -3% 154.5 150.2 157.8 3% Total costs -153.4 -144.4 -9.0 -6% -79.0 -74.3 -74.4 -6% Result before impairments and provisions 151.3 168.5 -17.2 -10% 75.5 75.9 83.4 -1% Impairments and provisions -0.4 13.4 -13.8 - 5.4 -5.8 16.4 - Result before tax 150.9 181.9 -31.0 -17% 80.9 70.0 99.9 15% o/w Result of minority shareholders 7.5 8.1 -0.6 -7% 4.4 3.1 4.8 41% Change YoY in EUR millions consolidated 30 Jun 2026 31 Mar 2026 31 Dec 2025 30 Jun 2025 Change QoQ Net loans to customers 9,911.2 9,644.4 9,358.9 8,576.1 552.3 6% 1,335.1 16% 3% Gross loans to customers 10,086.0 9,832.4 9,540.9 8,745.4 545.1 6% 1,340.7 15% 3% Individuals 5,197.5 5,032.1 4,875.5 4,484.3 322.0 7% 713.2 16% 3% Interest rate on retail loans 5.92% 5.95% 6.21% 6.35% -0.03 pp Corporate 4,376.6 4,296.3 4,172.4 3,950.0 204.2 5% 426.5 11% 2% Interest rate on corporate loans 5.04% 5.02% 5.17% 5.31% 0.02 pp State 512.0 504.0 493.1 311.1 18.9 4% 200.9 65% 2% Interest rate on state loans 6.31% 6.32% 6.81% 6.98% -0.01 pp Deposits from customers 11,581.9 11,332.6 11,104.5 10,151.3 477.4 4% 1,430.6 14% 2% Interest rate on deposits 1.01% 0.98% 0.77% 0.73% 0.03 pp Non-performing loans (gross) 122.3 128.5 126.5 130.6 -4.2 -3% -8.3 -6% -5% 1-6 2026 1-6 2025 Change YoY Cost of risk (in bps) 1 -33 34 CIR 50.3% 46.1% 4.2 pp Net interest margin 3.49% 3.99% -0.50 pp Change YtD -0.29 pp -0.68 pp Change YoY -0.43 pp -0.12 pp -0.27 pp 0.24 pp 0.29 pp -0.50 pp
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45 NLB Group Interim Report January – June 2026 All Group banking members experienced double-digit YoY growth in loans to both corporates and individuals, and delivered good H1 2026 results. The most significant increase in gross loans to customers was achieved by NLB Banka, Skopje and NLB Banka, Banja Luka (17% YoY). Strong momentum in new business production continued across the corporate and retail segments, supported by upgrades to several products and services, including streamlining and modernising the distribution networks, improving the digital offerings, and continuing the transformation to offer end-to- end digital sales. In H1 2026, customer deposits increased by 4% YtD and 14% YoY, supported by continued customer confidence across the Group. The Strategic Foreign Markets segment recorded an 8% YoY increase in interest income, with the largest absolute increase generated by NLB Banka, Prishtina, where interest income rose by 14% YoY. Due to tighter market liquidity in the Group’s countries of operation, higher interest expenses on customer deposits and funding instruments resulted in the segment’s net interest income remaining broadly flat YoY. In H1 2026, the net interest income was also affected by the allocation of corresponding MREL and T2 regulatory costs of EUR 10.7 million. Despite declining interest rate conditions and strong competitive pricing pressure on interest rates on assets and liabilities, the banking members realised a net interest margin ranging from 2.7% (NLB Banka, Sarajevo) to 4.1% (NLB Banka, Podgorica) in H1 2026. Despite the impact of introducing SEPA across the region, net fee and commission income increased by 7% YoY, driven by strong growth in bancassurance products and basic accounts, supported by new customer acquisition. Total costs increased by 6% YoY, driven by higher costs across all categories. Figure 24: Result after tax of the strategic NLB Group banks (in EUR millions) (i) (i) On a stand-alone basis, as included in the consolidated financial statements of the NLB Group. Retail Banking The banking members delivered strong YoY and YtD new retail loan production. Growth in the loan portfolio to individuals was observed across all banking members while maintaining a high-quality portfolio. New loan production significantly outperformed the local market trends in certain countries. The gross loans to individuals across the banking members marked a 15% YoY growth. The highest YoY increase was achieved by NLB Komercijalna Banka, Beograd (21%), NLB Banka, Banja Luka (20%), and NLB Banka, Podgorica (19%). Sustainable financing remains a strategic priority in 2026, with continued support for green investments, particularly in solar power installations, electric vehicles and other energy-efficiency renovation projects. All banking members, particularly NLB Banka, Banja Luka and NLB Banka, Skopje, strengthened their cooperation with local investors to support financing for green buildings. NLB Banka, Sarajevo NLB Banka, Prishtina NLB Banka, Podgorica NLB KB, Beograd NLB Banka, Skopje 87.1 66.0 NLB Banka, Banja Luka 27.6 15.3 16.2 9.1 33.5 19.6 20.6 13.3 11.59.5 -24% -18% +6% +5% +5% -14% 1-6 2025 1-6 2026
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46 NLB Group Interim Report January – June 2026 In deposit dynamics, the Group banking members retained customer confidence, as the total deposits from individuals increased by 11% YoY. Corporate Banking The banking members maintained a positive trend in approving new financing and continuing to attract new corporate clients. The banks recorded 9% YoY growth in the corporate segment, with the highest levels achieved by NLB Banka, Skopje (23% YoY), NLB Banka, Banja Luka (14% YoY), and NLB Banka, Sarajevo (11% YoY). The banks continued to support sustainable financing through green investments in solar power plants and energy efficiency projects. On the funding side, the SEE banks attracted strong inflows of corporate and state deposits, resulting in a 20% YoY increase.
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47 NLB Group Interim Report January – June 2026 Non-Core Members Highlights • Non-core companies continued to monetise assets in line with the divestment plans. Financial and Business Performance Table 10: Key Financials of Non-Core Members The wind-down has remained the core objective of the non-core segment across all non-core portfolios. The divestment process has been supported by prudent cost management and well-established collection procedures. On 30 June 2026, the segment’s total assets amounted to EUR 19.8 million. The increase in other assets was primarily attributable to higher deposits with financial institutions held by one of the non-core members following the successful repayment of NPLs. 1-6 2026 1-6 2025 Q2 2026 Q1 2026 Q2 2025 Change QoQ Net interest income 0.4 0.3 0.1 21% 0.2 0.2 0.2 -15% Net non-interest income 0.6 0.4 0.3 77% 0.6 0.0 0.3 - Total net operating income 1.0 0.7 0.3 49% 0.8 0.2 0.4 - Total costs -3.5 -2.9 -0.6 -19% -2.0 -1.4 -1.7 -42% Result before impairments and provisions -2.5 -2.2 -0.2 -10% -1.2 -1.2 -1.2 0% Impairments and provisions 2.2 1.6 0.7 42% 2.0 0.3 1.2 - Result before tax -0.2 -0.7 0.4 65% 0.7 -1.0 0.0 - Change YoY in EUR millions consolidated 30 Jun 2026 31 Mar 2026 31 Dec 2025 30 Jun 2025 Segment assets 19.8 18.0 18.4 20.3 1.4 8% -0.5 -3% Net loans to customers 4.1 7.5 7.6 8.2 -3.4 -45% -4.1 -49% Gross loans to customers 18.3 21.8 21.8 23.6 -3.5 -16% -5.3 -22% Investment property and property & equipment received for repayment of loans 6.8 6.9 6.9 5.2 0.0 0% 1.7 33% Other assets 8.8 3.6 3.9 7.0 4.9 124% 1.8 26% Non-performing loans (gross) 18.3 21.8 21.8 23.5 -3.5 -16% -5.2 -22% Change YtD Change YoY
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48 NLB Group Interim Report January – June 2026 Leasing and Asset Management Operations Leasing Operations Leasing is one of the strategic pillars of the NLB Group, with operations expanding across four regional markets in response to evolving customer needs. These services complement the banks’ lending activities and enable individuals and corporate clients to select the solution that best suits their needs. NLB Lease&Go, leasing, Ljubljana serves more than 100,000 clients through approximately 1,500 dealer-network touchpoints, positioning the NLB Group as a market leader in the Slovenian leasing industry. It also plays a prominent role as a provider of point-of-sale consumer lending in Slovenia. New business production reflected typical seasonality, with lower volumes at the beginning of 2026. Performance strengthened in Q2, supported by strong activity in June, while realised margins remained under pressure due to a highly competitive market environment. NLB Car&Go, fully owned by NLB Lease&Go, leasing, Ljubljana, together with doberavto.si platform, is strengthening its digital and market presence. In H1 2026, the number of active listings and dealers continued to increase, while website traffic remained stable. Revenue continued to grow, supported by additional initiatives introduced to accelerate further growth and strengthen overall financial performance. In H1 2026, Mobil Leasing, Zagreb generated EUR 89.3 million in new investments, representing a 19% YoY increase. Profit after tax reached EUR 1.0 million, reflecting strong business performance during the period. In H1 2026, the company successfully expanded its distribution network by opening a new branch in Varaždin. NLB Lease&Go Leasing Beograd generated a total of EUR 52.6 million in new investments in H1 2026, representing an increase of approximately 15% compared with H1 2025, while the Serbian leasing market remained relatively flat. Net profit increased YoY and amounted to EUR 0.5 million in H1 2026. NLB Lease&Go Skopje generated EUR 14.8 million in new investments in H1 2026, reflecting continued business growth. The company achieved a net profit of EUR 14 thousand, compared to a loss reported in 2025. The company was actively involved in the preparation of Leasing Act amendments, which are expected to be adopted by Q3 2026. On a pro forma basis, consolidated profit after tax from leasing activities would be EUR 7.2 million; however, when including funding synergies, the contribution to the NLB Group result would amount to EUR 14.9 million. Table 11: Key financials of leasing activities (i) (i) Operating lease is presented on a net basis: non-interest income and related costs are netted by the amount of amortisation. (ii) Pro forma consolidation reflects the aggregated performance of leasing entities within the NLB Group, adjusted for intra -group exposures and funding synergies. in EUR millions NLB Lease&Go, leasing, Ljubljana Mobil Leasing, Zagreb NLB Lease&Go Leasing Beograd NLB Lease&Go Skopje PRO FORMA(ii) Leasing Group on stand alone basis Income statement 1-6 2026 1-6 2026 Total net operating income 23.6 3.0 2.4 0.7 37.4 Total costs -12.2 -2.2 -1.6 -0.6 -16.6 Result after tax 5.6 1.0 0.5 0.0 14.9 Balance sheet 30 Jun 2026 30 Jun 2026 Total assets 1,452.0 217.8 184.4 50.1 1,719.0 Gross loans to customers 1,345.6 211.2 174.2 45.8 1,591.4
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49 NLB Group Interim Report January – June 2026 Table 12: Pro forma look-through of key financial indicators of leasing activities (i) (i) Operating lease is presented on a net basis: non-interest income and related costs are netted by the amount of amortisation. (ii) Pro forma consolidation reflects the aggregated performance of leasing entities within the NLB Group, adjusted for intra -group exposures and funding synergies. Asset Management Operations Asset management represents one of the key strategic pillars of the NLB Group. Through a broad range of mutual funds, discretionary portfolio management services, and, since 2025, also alternative investment funds, the NLB Group delivers tailored investment solutions aligned with clients’ financial objectives. NLB Skladi, Ljubljana remains Slovenia’s largest asset management company by assets under management and the leading mutual fund manager, with a strong market share of 43.3%. In H1 2026, the company delivered a strong performance, recording net inflows of EUR 151.1 million into the NLB Skladi Umbrella Fund. Assets under management increased by 38% YoY to EUR 4,406.4 million, comprising EUR 3,753.0 million in mutual funds, EUR 648.5 million in discretionary portfolio management, and EUR 4.9 million in an alternative investment fund, representing invested capital only. In May 2026, NLB Skladi, Ljubljana established the real estate investment company NLB Skladi – Nepremičnine, a closed-end alternative investment fund focused on pooling investors' assets through a collective investment undertaking and investing them in various real estate assets for the benefit of its shareholders. NLB Fondovi, Skopje ranks as the third-largest asset management company in the North Macedonian market, with a 21.3% market share. As at 30 June 2026, the company managed EUR 126.1 million in assets across various investment funds and portfolios. Net inflows in investment funds in H1 amounted to EUR 17.3 million. NLB Fondovi, Beograd had EUR 57.8 million in investment fund assets and held a 2.5% market share as at 30 June 2026. Table 13: Key financials of asset management activities (i) (i) Pro forma consolidation reflects the aggregated performance of asset management companies within the NLB Group. Table 14: Pro forma look-through of key financial indicators on asset management activities (i) Pro forma consolidation reflects the aggregated performance of asset management companies within the NLB Group. Key financial indicators 1-6 2026 ROE a.t. 14.7% Interest margin 4.24% CIR 44.4% Cost of risk net (bps) 64 PRO FORMA(ii) Leasing Group in EUR millions NLB Skladi, Ljubljana NLB Fondovi, Skopje NLB Fondovi, Beograd PRO-FORMA(i) Asset Managment companies on stand alone basis Income statement 1-6 2026 1-6 2026 Total net operating income 18.1 0.6 0.2 19.0 Total costs -5.8 -0.5 -0.5 -6.7 Result after tax 9.6 0.2 -0.3 9.5 Balance sheet 30 Jun 2026 30 Jun 2026 Total assets 32.0 1.8 1.5 35.4 Total assets under management 4,406.4 126.1 57.8 4,590.3 Key financial indicators 1-6 2026 ROE a.t. 72.8% CIR 35.6% PRO-FORMA(i) Asset Managment companies
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50 NLB Group Interim Report January – June 2026 Capital, Liquidity and MREL Capital Capital Requirements As of 30 June 2026, the Bank’s Overall Capital Requirement (OCR) on a consolidated basis remains unchanged compared to the first quarter of 2026 at 14.76%. The OCR as of 30 June 2026 was composed of: • Total SREP Capital Requirement (TSCR) of 10.10%, including 8.00% Pillar 1 requirements and 2.10% Pillar 2 requirements (P2R); and • Combined Buffer Requirement (CBR) of 4.66%, consisting of a 2.50% Capital Conservation Buffer, a 1.25% O-SII Buffer, a 0.83% Countercyclical Capital Buffer, and a 0.08% Systemic Risk Buffer7. Figure 25: The NLB Group capital requirements and realisation as at 30 June 2026 7 The Bank has also been subject to a mandatory Systemic Risk Buffer (SyRB) for sectoral exposures, set at 0.5% for all retail exposures to natural persons. 1.18% Pillar 2 2.53% 1.89% 5.68% TSCR 4.66% Combined Buffer 0.75% 2.00% 2.53% 1.89% 11.09% OCR+P2G T2 AT1 CET1 1.50% 4.50% Pillar 1 0.53% 0.39% 8.00% 2.10% 10.10% P2G OCR Requirement 14.76% OCR Requirement+P2G 15.51% 2.61% 1.90% 14.80% 30 June 2026 T2 AT1 CET1 Realisation 19.31%
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51 NLB Group Interim Report January – June 2026 Capital Adequacy Table 15: Capital realisation, YtD change and surplus over the regulatory requirement of the NLB Group as of 30 June 2026 As of 30 June 2026, the Group Total Capital Ratio (TCR) stood at 19.3%, reflecting a 0.8 pp decrease compared with the end of 2025 (mainly due to an increase in RWA of EUR 740.0 million, which was accompanied by a capital decrease of EUR 14.9 million compared with the end of 2025), and a CET1 ratio of 14.8%, both well above regulatory requirements. Table 16: Buffers to maximum distributable amount (MDA) Total capital does not include the envisaged amount to be paid out as a second tranche of the 2026 dividend. Therefore, the payment of the dividend will have no effect on the capital position. in EUR millions 30 June 2026 31 Dec 2025 Change YtD Surplus over requirements OCR+P2G 30 June 2026 Common Equity Tier 1 capital 2,996.7 3,011.6 -14.9 750.7 Tier 1 capital 3,381.8 3,396.7 -15.0 752.3 Total capital 3,910.7 3,925.6 -14.9 769.9 Total risk exposure amount (RWA) 20,249.8 19,509.8 740.0 Common Equity Tier 1 Ratio 14.8% 15.4% -0.6 pp 3.7 pp Tier 1 Ratio 16.7% 17.4% -0.7 pp 3.7 pp Total Capital Ratio 19.3% 20.1% -0.8 pp 3.8 pp NLB Group 30 June 2026 Actual 14.80% Requirement 10.34% Buffer 4.46% Actual 1.90% Requirement 1.89% Shortfall 0.00% Actual 2.61% Requirement 2.53% Shortfall 0.00% MDA buffer 4.46% CET1 AT1 T2
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52 NLB Group Interim Report January – June 2026 Figure 26: Capital (in EUR millions) and capital ratios of the NLB Group – YtD development Total Risk Exposure Dynamic Figure 27: RWA structure (in EUR millions) The Group uses the following approaches to calculate Pillar 1 capital requirements on a consolidated basis: • credit risk – standardised approach, • market risk – simplified standardised approach, • CVA risk – reduced basic approach (R-BA), and • operational risk – standardised approach. 7,096 * RWA / Total Assets 62%59% 65% 64% 12,168 14,508 16,137 16,770 1,462 1,522 1,581 1,713 1,707 2,186 1,767 1,767 15,337 18,216 19,485 20,250 31 Dec 2023 31 Dec 2024 31 Dec 2025 30 Jun 2026 Credit risk Market risk incl. CVA Operational risk
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53 NLB Group Interim Report January – June 2026 In H1 2026, the Group’s RWA for credit risk increased by EUR 607.8 million, primarily due to portfolio growth in the corporate and retail segments, with a significant share of the loans being at least partially secured by real estate. RWA further increased due to higher surplus liquidity assets, driven by increases in EUR-denominated balances held with central banks in the Group’s home markets, higher deposits with commercial banks, and additional purchases of sovereign debt securities. At the beginning of 2026, RWA also rose due to legislative changes related to the transitional provisions for exposures to EU/EEA central governments denominated and funded in the currency of another member state. During H1 2026, RWA for market risk and Credit Value Adjustment (CVA) increased by EUR 134.5 million, mainly driven by higher RWA for FX risk, which rose by EUR 129.9 million (primarily due to increased open positions in domestic currencies held by non-euro subsidiary banks). Liquidity Position The Group’s liquidity position remains strong, with liquidity indicators well above the regulatory requirements, indicating the Group’s low tolerance for liquidity risk. The Group’s unencumbered liquidity reserves consist of cash, balances at central banks excluding the minimum reserve requirement, the debt securities portfolio, sight and term deposits with banks, and credit claims eligible for CB-secured funding operations. Among others, these liquidity reserves provide the basis for future strategic growth. At the end of June 2026, the Group’s unencumbered liquidity reserves grew by 2% YoY, primarily due to an increase in banking book debt securities. Cash and balances at central banks experienced a slight decline, while other categories remained stable. Encumbered liquidity reserves, used for operational and regulatory purposes, increased by 106% YtD to EUR 182.2 million (excluding obligatory reserves) and were excluded from the liquidity reserves portfolio. Figure 28: Evolution of the NLB Group unencumbered liquidity reserves (in EUR millions) More information on liquidity indicators is available in the chapter Risk Management. 3.6% 3.4% 3.9% 28.8% 26.4% 24.7% 0.0% 0.0% 0.0% 63.8% 64.9% 67.4% 3.8% 5.3% 4.1% 10,102.2 10,558.6 10,279.3 -5000% -4000% -3000% -2000% -1000% 0% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 30 Jun 2025 31 Dec 2025 30 Jun 2026 ECB eligible credit claims Cash & CB reserves Trading book debt securities (market value) Banking book debt securities (market value) Sight & term deposits
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54 NLB Group Interim Report January – June 2026 Wholesale Funding and MREL Wholesale Funding Wholesale funding activities within the Group aim to achieve diversification, improve structural liquidity and capital position, and fulfil regulatory requirements, especially compliance with the MREL requirements. Table 17: Overview of outstanding NLB notes as of 30 June 2026 in EUR millions Type of bond ISIN code Issue Date Maturity First call date Interest Rate Nominal Value Senior Preferred XS2972971399 21 January 2025 21 January 2029 21 January 2028 3.500% p.a. 500 Senior Preferred XS2825558328 29 May 2024 29 May 2030 29 May 2029 4.500% p.a. 500 Total SP: 1,000 Tier 2 XS2750306511 24 January 2024 24 January 2034 24 January 2029 6.875% p.a. 300 Tier 2 XS2413677464 28 November 2022 28 November 2032 28 November 2027 10.750% p.a. 225 Total Tier 2: 525 Additional Tier 1 SI0022104275 23 September 2022 Perpetual between 23 September 2027 and 23 March 2028 9.721% p.a. 82 Total AT1: 82 Total outstanding: 1,907 The overall cost of funding remains low thanks to a reliable deposit base and the stability of sight deposits. Figure 29: Average cost of funding (quarterly data) 1.00% 0.52% 5.03% Q2 2025 0.98% 0.52% 5.01% Q3 2025 0.99% 0.54% 5.08% Q4 2025 1.02% 0.59% 5.07% Q1 2026 1.07% 0.61% 5.33% Q2 2026 Total average cost of funding Average interest rate for deposits from customers Average cost of wholesale funding
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55 NLB Group Interim Report January – June 2026 MREL Compliance The Preferred Resolution Strategy (PRS) for the NLB Group is based on the Multiple Point of Entry (MPE) strategy. Bail- in at the level of NLB is the primary resolution tool to be applied during the stabilisation phase. Within the NLB Group, seven resolution groups are designated. NLB heads the resolution group in the Banking Union, and the remaining six resolution groups are headed by the banking subsidiaries located in non-EU countries (Bosnia and Herzegovina, Montenegro, and Serbia, while Kosovo and North Macedonia have not yet implemented MREL legislation). Figure 30: Resolution groups within the NLB Group The NLB Resolution Group consists of NLB as the only banking member and other non-banking members, the latter representing 13% in TREA. The entities and their contribution to TREA of the NLB Resolution Group are presented in the table below. Table 18: Contribution to the NLB Resolution Group’s TREA in EUR millions Entity 30 June 2026 NLB d.d. 9,656 NLB Lease&Go, leasing, Ljubljana 1,143 NLB Lease&Go Leasing, Beograd 154 NLB Skladi, Ljubljana 125 NLB Lease&Go, Skopje 40 Other 26 TREA total 11,155 In March 2026, NLB received a new decision regarding the MREL requirement and has to ensure its own funds and eligible liabilities towards the MREL requirement to be met at all times, starting from the notification date, which amounts to: • 30.15% of TREA + applicable CBR (4.80% on 30 June 2026), • 11.71% of LRE. On 30 June 2026, the MREL ratio amounted to 37.83% TREA and 20.92% LRE, which was well above the required levels. NLB Banka, Podgorica NLB d.d. & NLB Lease&Go subsidiaries, NLB Skladi, Other NLB Komercijalna Banka, Beograd NLB Banka, Skopje NLB Banka, Banja Luka __ --- NLB Banka, Sarajevo NLB Banka, Prishtina Resolution group MREL legislation not implemented yet
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56 NLB Group Interim Report January – June 2026 Figure 31: Evolution of MREL eligible funding (in EUR millions), MREL requirement, and realised MREL ratio Realised MREL ratio achieved as of the half-year was lower due to the planned call of EUR 500 million Senior Preferred bonds, which were issued in June 2023. The SEE banking members in Bosnia and Herzegovina, Serbia, and Montenegro are subject to local MREL requirements. NLB Shareholders Structure The Bank has issued share capital divided into 20,000,000 shares. The shares are listed on the Prime Market of the Ljubljana Stock Exchange (ISIN SI0021117344, Ljubljana Stock Exchange trading symbol: NLBR), and the Global Depositary Receipts (GDRs), representing ordinary shares of NLB, are listed on the Main Market of the London Stock Exchange (ISIN: US66980N2036 and US66980N1046, London Stock Exchange GDR trading symbol: NLB and 55VX). Five GDRs represent one NLB share. Table 19: NLB’s main shareholders as at 30 June 2026 (i) Shareholder Number of shares Percentage of shares Bank of New York on behalf of the GDR holders(ii), (iii) 9,000,791 45.00 • of which EBRD / ˃5 and ˂10 • of which Brandes Investment Partners, L.P. / ˃5 and ˂10 Republic of Slovenia (RoS) 5,000,001 25.00 Other shareholders 5,999,208 30.00 Total 20,000,000 100.00 (i) This information is sourced from the NLB’s shareholders’ book that is accessible at the web services of CSD (Central Securi ty Depository, Slovenian: KDD ‒ Centralna klirinško depotna družba) and available to CSD members. The information on major holdings is based on self -declarations by individual holders pursuant to the applicable provisions of Slovenian legislation, which require that the holders of share s in a listed company notify the company whenever their direct and/or indirect holdings pass the set thresholds of 5%, 10%, 15%, 20%, 25%, 1/3, 50%, or 75%. The table lists all self -declared major holders whose notifications have been received. In reliance on this obligation vested with the holders of major holdings, the Bank postulates that no other entities or any natural person holds directly and/or indirectly ten per cent or more of the Bank’s shares. (ii) The Bank of New York holds shares in its capacity as the depositary (the GDR Depositary) for the GDR holders and is not the beneficial owner of such shares. The GDR holders have the right to convert their GDRs into shares. The rights under the deposit ed shares can be exercised by the GDR holders only through the GDR Depositary, and individual GDR holders do not have any direct right to either attend the shareholders’ m eeting or exercise any voting rights under the deposited shares. (iii) The information on GDR ownership is based on self-declarations by individual GDR holders as required pursuant to the applicable provisions of Slovenian law. 2,734 3,187 1,057 1,50535.04% 37.48% 31 Dec 2024 34.71% 43.83% 31 Dec 2025 1,047 3,173 MREL requirement (including CBR) 34.95% Realised MREL ratio 37.83% 30 Jun 2026 CET1+T1+T2 MREL deposits and senior funding
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57 NLB Group Interim Report January – June 2026 Risk Factors and Outlook Risk Factors Risk factors affecting the business outlook are (among others): • economy’s sensitivity to a potential slowdown in the euro area or globally, • potential liquidity outflows, • widening credit spreads, • worsened interest rate outlook/persistence of high inflation, • energy and commodity price volatility, • increasing unemployment, • geopolitical uncertainties, • potential cyber-attacks and other ICT risks, • litigation risks, • regulatory, compliance, other legislative, and tax measures impacting the banks. In Q2 2026, economic growth in the euro area remained subdued, reflecting the adverse effects of heightened geopolitical tensions and persistently elevated energy prices. In contrast, the economies within the NLB Group’s region continued to demonstrate relatively stronger resilience, supported by solid domestic demand, investment activity, and household consumption. Credit growth remained robust across the Group’s key markets. The ongoing conflict in the Middle East has increased inflationary pressures and weakened confidence, further deteriorating the euro area growth outlook. Although the direct economic impact on the NLB Group has so far remained limited, significant downside risks persist, particularly in the event of prolonged disruptions in energy markets, sustained inflation, or further geopolitical escalation. Stagflation, stagnation, inflationary pressures, rising unemployment, and broader geopolitical uncertainties could result in a sharp slowdown in private consumption and investment growth. Credit risk typically increases during periods of economic slowdown. At the end of Q2 2026, the Group’s credit portfolio remained high-quality and well diversified despite ongoing geopolitical tensions and more challenging macroeconomic conditions. The resilience of the Group’s region helped maintain non-performing ratios at a sustainable level, with the coverage ratio above the EU average. In Q4 2025, the Bank observed some deterioration in the creditworthiness of a few larger companies operating in the steel and automotive industries, resulting in the recognition of an “unlikely-to-pay” risk, while no material deterioration was recognised in H1 2026. The Group continues to closely monitor macroeconomic and geopolitical developments, applying a prudent approach to identifying increased credit risk at an early stage in accordance with the Early Warning System (EWS) and maintaining a proactive stance in NPL management. In Q2 2026, the Group remained well capitalised and above the risk appetite at both the Group and banking member levels. Its liquidity position also remained solid, with liquidity indicators well above the regulatory requirements, indicating the Group’s low tolerance towards this risk. The Group’s investment strategy for its bond portfolio held for liquidity purposes adapts to expected market trends or asymmetric shocks in line with the set risk appetite. Investment activity continued with a balanced approach to identifying attractive market opportunities while prudently managing credit spreads, interest rate risk, and capital consumption. Geopolitical uncertainties contributed to heightened volatility in financial markets, particularly through shifts in credit spreads, interest rates, and foreign exchange rates. The Group closely monitors its prominent bond portfolio, mostly sovereigns, and carefully manages it by incorporating adequate early warning systems to limit potential regulatory capital sensitivity. So far, no material movements regarding the Group’s significant FX positions have been observed. Current developments, market observations, and potential mitigations are closely monitored and discussed. While the Group monitors its liquidity, interest rate, credit spread, FX position, and corresponding market trends, their impacts on the Group positions, and any significant and unanticipated movements on the markets or a variety of factors, such as competitive pressures, consumer confidence, or other certain factors outside the Group’s control, could adversely affect the Group’s operations, capital and liquidity position, and financial condition.
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58 NLB Group Interim Report January – June 2026 Special attention is paid to the continuous provision of services to clients, their monitoring, simplification, and digitalisation, while maintaining prudent risk practices and corresponding prevention of cyberattacks, other ICT risks, and potential fraud events. The Group’s risk appetite toward other related risks, such as model and AI risk, is low. Moreover, the Group established various internal controls and additional measures to facilitate adequate risk management. However, these measures may not always entirely prevent possible adverse effects. Cyber risk represents an increasingly important operational risk for the Group, particularly in light of the continued digitalisation of banking services, the growing reliance on complex IT environments, as well as the use of external technology and service providers. Cyber threats may originate from both external actors and internal sources. They may include ransomware attacks, distributed denial-of-service (DDoS) attacks targeting digital banking services, business email compromise, data breaches involving customer information, payment fraud attempts, rapidly developing AI models, and potential vulnerabilities associated with legacy systems or digital channels. Such events could lead to disruptions in business operations, temporary unavailability of services to clients, loss or compromise of sensitive data, financial losses, legal claims, regulatory consequences, and reputational damage. The Group therefore continuously strengthens its cyber risk management framework and implements a range of preventive, detective, and response measures, including enhanced monitoring of IT systems and networks, regular vulnerability assessments and testing, effective incident response and recovery procedures, and employee awareness activities. These measures aim to protect critical systems and data, maintain the continuity of banking services, and support compliance with applicable regulatory and supervisory requirements. In the observed period, developments in national and European case law have contributed to a shift in litigation trends, with courts in certain instances adopting interpretations more favourable to consumers. This has led to an inflow of new cases and increased legal uncertainty, particularly in litigation concerning loan processing fees and loan insurance premiums in Serbia, and especially in relation to loans denominated in Swiss Francs (CHF). The outcome of individual proceedings remains highly dependent on the specific factual circumstances of each case; the Bank nevertheless continues to actively monitor legal developments and consistently applies all available legal remedies to protect its position. The potential impact of these developments is still being analysed. The broader regulatory and judicial environment remains dynamic, and further evolution of case law, as well as potential legislative initiatives, including relevant additional legal provisions, cannot be excluded. The Group is subject to various regulations and laws relating to banking, insurance, and financial services. Respectively, it faces compliance risk and the corresponding risk of significant interventions by several regulatory and enforcement authorities in each jurisdiction in which it operates, including changes in the tax treatment of banking business and changes in the interpretation of legislation. The SEE region represents the Group’s most significant geographic area of operations outside Slovenia, and its economic conditions are therefore crucial to the Group’s operational performance and financial results. Any regional instability or economic deterioration could adversely affect the Group’s financial condition. In this regard, the Group closely follows the macroeconomic indicators relevant to its operations: • GDP trends and forecasts, • economic sentiment, • unemployment rate, • consumer confidence, • construction sentiment, • deposit stability and growth of loans in the banking sector, • credit spreads and related future forecasts, • interest rate development and related future forecasts, • FX rates, • energy and commodity prices, • other relevant market indicators. In H1 2026, the Group regularly reviewed IFRS 9 provisioning by testing relevant macroeconomic scenarios to reflect current circumstances and their future impacts. The Group established multiple scenarios (i.e. baseline, optimistic, and severe) for the Expected Credit Losses (ECL) calculation, aiming to create a unified projection of macroeconomic and
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59 NLB Group Interim Report January – June 2026 financial variables aligned with the Bank’s consolidated outlook for economic development in the SEE region. The Group identified three possible scenarios, with an associated probability of occurrence, for forward-looking risk provisioning under IFRS 9. These IFRS 9 macroeconomic scenarios incorporate the forward-looking and probability-weighted aspects of the ECL impairment calculation. Both features are subject to change whenever material changes in the expected future economic environment are identified and were not embedded in previous forecasts. The baseline scenario anticipates a firming of economic activity, supported by improving domestic demand and strategic investment, sufficient to avoid a downturn despite limited buffers. Inflation is expected to rise in the near term due to supply-side pressures from the U.S.–Iran conflict and persistent services inflation, before moderating as geopolitical tensions de-escalate. The ECB is expected to maintain a data-dependent approach, while fiscal policy shifts toward defence and strategic infrastructure. Although sovereign spreads remain contained, the environment remains sensitive to confidence shocks and potential volatility from U.S. labour market dynamics. While AI diffusion offers gradual productivity gains, the outlook assumes a peaceful resolution of the U.S.–Iran conflict in late 2026, though persistent regional instability remains a key risk factor for energy and trade. The alternative macroeconomic scenarios are based on plausible mid-term drivers of economic development. The optimistic alternative scenario reflects supply-driven positive developments, projecting a transition to a firmer growth path driven by easing supply constraints, contained energy prices, and productivity gains from AI diffusion. Inflation is expected to stabilise near or slightly below target as wage growth cools and efficiency improves, allowing the ECB to maintain a supportive monetary policy. Increased investment in energy grids, logistics, and defence, coupled with de- escalating trade frictions, enhances the euro area’s structural resilience and potential output. While financial markets may still experience episodic, narrative-driven volatility, the banking sector is expected to benefit from improved liquidity and solid credit quality. Overall, this environment supports steady profit growth and reduces the risk of financial stress, as the euro area leverages improved global stability and internal fiscal coordination to close the productivity gap. The adverse alternative scenario reflects a supply-driven fragmentation shock that pushes the euro area into a stagflationary environment. An escalation of geopolitical conflicts – including a U.S.–Iran war and tensions in Ukraine, Venezuela, and Greenland – disrupts energy supplies and triggers a disintegration of the NATO alliance. These shocks, compounded by renewed trade frictions and climate-driven food inflation, lead to a resurgence in input costs and sticky services inflation. Forced to prioritise inflation risks, the ECB is expected to implement multiple rate hikes despite stalled economic activity. The combination of tighter global financial conditions, wider sovereign spreads, and heightened fiscal instability weighs heavily on public and private investment. Furthermore, increased bank liquidity stress and intensified competition from digital alternatives constrain credit growth, leading to a prolonged period of stagnant activity, elevated volatility, and diminished potential output. The IFRS 9 macroeconomic scenarios incorporate the forward-looking and probability-weighted aspects of the ECL impairment calculation. The NLB Group has established a three-step procedure for determining scenario weights, designed to anchor the probability-weighted scenario path to the current macroeconomic outlook while minimising discrepancies between the weighted path and forward-looking expectations. The resulting unbiased weights ensure that the probability-weighted outcome remains aligned with the recent Group’s macroeconomic outlook. The scenario weights may change when material changes in macroeconomic outlook are recognised. The Group has established a comprehensive internal stress-testing framework and early warning system across key risk areas, incorporating risk factors relevant to the Group’s business model and risk profile. The stress-testing framework is fully embedded in core internal processes, including the Risk Appetite Framework, the Internal Capital Adequacy Assessment Process (ICAAP), the Internal Liquidity Adequacy Assessment Process (ILAAP), and the Recovery Plan. It is used to assess the potential impact of severe and unexpected changes in the business, geopolitical, and macroeconomic environment on the Group’s capital adequacy and liquidity position. Together with recovery plan indicators, the stress-testing framework supports the proactive and forward-looking management of the Group’s overall risk profile, including timely assessment of potential impacts on capital and liquidity. It therefore provides an important basis for management decision-making and action under adverse but plausible conditions. The risk management measures available to the Group are defined in various internal policies and are applied where appropriate. The selection and implementation of mitigation measures follow a structured three-layer approach, taking into account the feasibility of each measure, its potential impact on the Group’s business model, and the effectiveness of available mitigating actions.
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60 NLB Group Interim Report January – June 2026 Outlook The indicated Outlook constitutes forward-looking statements subject to several risk factors and does not guarantee future financial performance. The NLB Group continues to pursue various strategic activities to enhance its business performance. The interest rate outlook remains uncertain, reflecting the adaptive monetary policies of the ECB and local central banks in response to the general economic sentiment. Following the escalation of the conflict in the Middle East, the euro area is expected to be among the regions most affected, reflecting its high exposure to energy price shocks. GDP growth is expected to stay below 1%, as higher energy costs weigh on household real incomes and drag on private consumption growth. GDP growth is projected at 0.9% in 2026 and 1.3% in 2027. The outlook assumes that the conflict will remain regionally contained and will ultimately be resolved by the involved parties. In Slovenia, GDP growth is forecast to roughly double compared with 2025 and remain well above the euro area average in 2026. EU funds are expected to continue boosting fixed investment, while robust wage growth should sustain household spending. Downside risks include potential shortages of refined oil products from the Middle East, particularly jet fuel and resins used in the automotive industry. GDP growth is projected at 2.0% in 2026 and 2.3% in 2027. The South-Eastern Europe region is expected to record mixed but generally resilient economic performance in 2026. In Bosnia and Herzegovina, GDP growth is expected to recover from its five-year low in 2025, supported by strong wage increases and remittance inflows that bolster private consumption. However, higher energy costs, the gradual implementation of the EU Carbon Border Adjustment Mechanism, political uncertainty, and slow reform progress will constrain exports and investment. In Kosovo, the economy is forecast to grow at a pace similar to 2025, with inflationary pressures stemming from higher global energy prices and weaker remittance growth weighing on household spending. Political deadlock and ongoing tensions with Serbia are likely to continue weighing on private investment, although public expenditure and exports should provide some support. Montenegro is expected to outperform the regional average, driven by strong tourism activity, expanding hotel and airline capacity, and renewed electricity exports following the restart of the Pljevlja power plant. Serbia is projected to be among the region's strongest- performing economies, benefiting from substantial infrastructure investment related to Expo 2027 in Belgrade, EU accession-related funding, and a rebound in industrial production following the restart of its oil refinery and developments in the energy sector. In North Macedonia, economic growth is likely to moderate after two years of acceleration as export momentum weakens and government spending slows. Nevertheless, robust consumption, supported by wage and pension increases and infrastructure projects, will remain a key driver of growth. Overall, the NLB Group’s region is expected to grow by 2.5% YoY in 2026 and 3.1% in 2027, as domestic demand, supported by wage growth, public investment and EU-funded infrastructure projects, is expected to offset weaker external demand. Table 20: Movement of key macroeconomic indicators in the euro area and the NLB Group region Note: NLB Forecasts are highlighted in grey. Source: Statistical offices, Focus Economics. 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028 Euro area 1.5 0.9 1.3 1.5 2.1 2.8 2.2 2.0 6.3 6.2 6.1 6.1 Slovenia 1.1 2.0 2.3 2.4 2.5 3.1 2.4 2.1 3.9 4.0 3.8 3.7 Serbia 2.0 2.8 3.6 3.7 3.8 3.3 3.2 3.0 8.7 8.7 8.6 8.5 N. Macedonia 3.5 2.9 3.3 3.1 4.1 4.1 2.6 2.2 11.5 11.2 10.7 10.5 BiH 2.1 2.2 2.8 3.0 4.0 5.0 3.2 2.0 12.2 11.2 11.0 10.8 Kosovo 3.6 3.5 4.0 3.9 3.9 6.0 3.4 2.1 10.0 10.0 9.5 9.2 Montenegro 2.7 2.7 3.2 3.2 3.9 3.5 2.6 2.2 10.7 10.3 10.0 9.8 GDP Average inflation Unemployment rate (real growth in %) (in %) (in %)
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61 NLB Group Interim Report January – June 2026 The NLB Group reaffirms its full-year outlook and guidance for 2026 and 2027, as previously communicated in the chapter Outlook in the NLB Group Interim Report January – March 2026. Table 21: H1 2026 Delivery and Outlook for 2026 and 2027 H1 2026 Delivery Outlook for 2026 Outlook for 2027 Recurring income EUR 656.6 million > EUR 1,300 million ~ EUR 1,500 million CIR 46.5% Below 48% Below 47% Cost of risk 32 bps 30–50 bps 30–50 bps Loan growth 5% High single-digit High single-digit Dividends EUR 138.4 million (first tranche) 55% of 2025 profit 50–60% of 2026 profit ROTE a.t.(i) ROE a.t. normalised(ii) 14.5% 19.1% ~ 15% ~ 20% ~ 15% ~ 20% M&A potential M&A capacity of up to EUR 4 billion RWA(iii) (i) ROTE a.t. = annualised result a.t. (regulatory charges for NLB are not taken into annualisation), reduced for AT1 coupons, divided by the average equity, reduced for average intangible assets and average AT1 capital. (ii) ROE a.t. normalised = annualised result a.t. (regulatory charges for NLB are not taken into annualisation) reduced for AT1 coupons, divided by the average risk-adjusted capital. Average risk-adjusted capital is calculated as the CET1 strategic target of average RWA reduced by the CET1 minority shareholder capital contribution. (iii) Assisted with the combination of capital from issuing AT1 notes and a temporary reduction of the dividend payments.
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62 NLB Group Interim Report January – June 2026 Risk Management The Bank promotes a strong risk culture and risk awareness across the Group, recognising effective risk and capital management as essential to long-term profitability and sustainable operations. The Group’s key risk principles are defined in its Risk Appetite and Risk Strategy, aligned with the Group Strategy, while its forward-looking risk management framework is tailored to the Group’s business model and risk profile. The framework embeds risk analysis into strategic and operational decision-making, supports diversification and mitigates concentration risk, optimises capital allocation, ensures risk-adjusted pricing, and maintains compliance with internal policies and regulatory requirements. Risk management oversees the identification, assessment, monitoring, and control of risks within the Bank, which serves as the primary Slovenian entity and competence centre for banking subsidiaries and leasing companies. A clear organisational structure supports these activities, defined roles and responsibilities, appropriate segregation of duties, and transparent decision-making processes supported by effective escalation and reporting lines. Maintaining a high-credit portfolio quality remains a key strategic priority, underpinned by prudent risk-taking, disciplined lending practices, and a diversified customer portfolio. The Group continues to enhance its credit risk assessment capabilities in line with banking best practices, thereby strengthening risk management while improving client responsiveness. Its restructuring approach focuses on the early identification of clients with potential financial difficulties and timely, proactive remediation measures. The Group maintains an active presence in SEE markets by financing existing and newly acquired creditworthy clients. Its lending strategy focuses on core markets and encompasses retail, SME, and selected corporate lending activities across the region and the EU. In Slovenia, the Bank provides tailored financial solutions to retail clients, medium-sized companies, and small enterprises, while selected corporate relationships are supported through a range of lending and investment instruments. Across the SEE region, the Group’s banking members operate as universal banks, providing comprehensive services while adhering to prudent risk management principles. Figure 32: The NLB Group’s structure of the corporate and retail credit portfolio (gross loans) by segment and geography (in EUR millions) (i) The largest part represents EU members. 49% 8% 9% 4% 6% 20% 3% 47% 8% 9% 5% 7% 21% 3% 47% 8% 9% 5% 7% 21% 3% 47% 8% 9% 5% 7% 21% 3% BiH N. Macedonia Montenegro Kosovo Serbia Other(i)Slovenia 31 Dec 2024 31 Mar 2026 31 Dec 2025 Slovenia 9,256 Other(i) 656 BiH 1,639 N. Macedonia 1,823 Montenegro 905 Kosovo 1,284 Serbia 4,116 EUR 19.7 billion 30 Jun 2026
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63 NLB Group Interim Report January – June 2026 Credit porfolio in EUR millions Main manufacturing activities NLB Group % ∆ Q2 2026 ∆ 2026 Manufacture of food products 534.7 6% -14.1 -5.3 Manufacture of basic metals 253.2 3% -1.6 10.8 Manufacture of fabricated metal products, except machinery and equipment 195.2 2% -1.6 -6.4 Manufacture of other non-metallic mineral products 115.2 1% -2.6 0.7 Manufacture of electrical equipment 102.8 1% -7.9 -13.2 Manufacture of chemicals and chemical products 100.1 1% 0.8 9.3 Manufacture of motor vehicles, trailers and semi-trailers 87.2 1% -7.0 -5.8 Manufacture of machinery and equipment n.e.c. 85.9 1% -2.9 -2.5 Manufacture of basic pharmaceutical products and pharmaceutical preparations 79.8 1% 4.3 3.6 Manufacture of rubber and plastic products 75.5 1% 0.4 0.6 Manufacture of w ood and of products of w ood and cork, except furniture, manufacture of articles of straw and plaiting materials 62.8 1% 4.2 3.2 Manufacture of w earing apparel 55.8 1% 5.9 16.7 Manufacture of furniture 45.1 0% -4.1 -3.0 Other manufacturing activities 270.1 3% -5.9 4.5 Total manufacturing activities 2,063.3 23% -32.2 13.4 The loan growth recorded in 2025 continued into H1 2026. The current structure of the credit portfolio (gross loans) consists of loans to non-financial clients, with retail clients representing 53.7%, large corporate clients 18.0%, and SMEs (including micro companies) 28.2%. The credit portfolio remains well diversified, with no significant concentration in any specific industry or client segment. This diversification is essential to maintain as geopolitical tensions, the green transition, and other macro factors could impact specific economic sectors. The retail portfolio represents a significant share of the total credit portfolio, with housing loans remaining the dominant segment. Most of the corporate and retail loan portfolio (80.1%) is denominated in euros, with the remainder in local currencies of the SEE banking members. Table 22: Overview of the NLB Group’s corporate loan portfolio by industry as at 30 June 2026 Increased lending activity supported further expansion of the retail and corporate loan portfolio in H1 2026. Loan growth in the corporate segment was concentrated in the wholesale and retail trade sector, as well as renewable power generation projects and construction. The European automotive industry was characterised by weaker demand, increasing competition from Chinese manufacturers, and ongoing pressure on supply chains. These challenges could affect Slovenia’s economy, as its automotive industry is export-oriented and integrated into the European supply chain. The NLB Group has reviewed its portfolio and identified several threats related to companies involved in the manufacturing of automotive components, leading to downgrades and re-staging of such companies. Clients from the automotive industry may be subject to closer monitoring under the Early Warning System (EWS) and, as a result, be classified in Stage 2 or 3. Financing for both automotive industry segments represents a small part of the Bank’s portfolio – manufacturing accounts for 1.5% and sales for 2.6% of the corporate sector. Figure 33: The NLB Group’s exposure to the automotive industry as at 30 June 2026 The Bank’s corporate portfolio also includes financing for real estate activities and specialised lending projects, primarily in solar and wind energy production, which together represent a smaller portion of the overall portfolio. The Bank carefully selects real estate projects, focusing on prime locations and experienced developers. Projects are closely monitored throughout each construction phase, and no material disruptions have been identified. During H1 2026, exposure to real estate under construction increased due to new financing for construction projects, primarily residential NLB Group % ∆ Q2 2026 ∆ YtD 2026 Accommodation and food service activities 338.7 4% 5.6 16.5 Administrative and support service activities 203.1 2% 24.9 29.0 Agriculture, forestry and fishing 459.3 5% 13.7 18.5 Arts, sports and recreation 20.1 0% -0.7 -1.5 Construction 826.7 9% 30.9 62.6 Education 26.1 0% -2.0 -2.2 Electricity, gas, steam and air conditioning supply 673.7 7% -0.2 50.8 Financial and insurance activities 271.6 3% -21.4 -23.6 Human health and social w ork activities 80.2 1% 15.3 16.8 Manufacturing 2,063.3 23% -32.2 13.4 Mining and quarrying 36.2 0% -3.0 -2.9 Professional, scientific and technical activities 452.4 5% 20.9 33.5 Public administration and defence, compulsory social security 293.5 3% 14.6 25.5 Publishing, broadcasting, and content production and distribution activities 18.5 0% 0.0 1.4 Real estate activities 571.6 6% -24.0 -30.4 Other service activities 71.3 1% 5.9 8.2 Telecommunication, computer programming, consulting, computing infrastructure and other information service activities 172.9 2% -35.3 -38.7 Transportation and storage 604.1 7% -5.8 1.4 Water supply, sew erage, w aste management and remediation activities 73.3 1% -0.6 1.7 Wholesale and retail trade 1,849.4 20% 48.3 208.6 Other 0.0 0% -0.1 0.0 Total Corporate sector 9,106.1 100% 55.0 388.6 Credit porfolio in EUR millions France 15% N. Macedonia 7% Serbia 5% Slovenia 72% ~ EUR 135 million Slovenia 54% Kosovo 8% Serbia 6% BiH 13% N. Macedonia 8% Montenegro 11% Slovenia 67% Croatia 27% Serbia 5% N. Macedonia 1% ~ EUR 139 million ~ EUR 100 million Car sales & maintenance in NLB Group banks Car sales & maintenance in NLB Group leasing companies Manufacturing of car components in NLB Group
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64 NLB Group Interim Report January – June 2026 real estate developments in Slovenia, Serbia, and Kosovo. The increase in the specialised lending portfolio in 2026 was primarily driven by financing for green energy production projects. Figure 34: The NLB Group’s real estate financing and specialised lending as at 30 June 2026 (i) Among the completed real estate, EUR 41 million is designated for sale. In the current macroeconomic environment, the Group’s asset quality remains robust. The majority of the Group’s loan portfolio is classified as Stage 1 (92.6%), with a low portion in Stage 2 (5.4%) and Stage 3 (2.0%). The increase in Stage 2 allocation was driven by rating changes and other identified EWS indicators. However, the share of the Stage 2 portfolio remains moderate. In addition, 75.6% of Stage 2 retail exposure shows no delays. Table 23: The NLB Group’s loan portfolio by stages as at 30 June 2026 (in EUR millions) Figure 35: The NLB Group’s corporate and retail loan portfolio by stages The trend towards fixed interest rates continued in H1 2026. 66.8% of the Group’s corporate and retail loan portfolio is linked to a fixed interest rate, while the remainder is tied to a floating rate, predominantly the Euribor reference rate. Floating interest rates continue to dominate the corporate segment, although their share in the portfolio has been gradually decreasing. In the retail segment, 84.1% of the loan portfolio is linked to a fixed interest rate, with broadly similar shares observed across housing and consumer loans. This structure limits the retail sector’s sensitivity to potential changes in reference rates. Serbia 42% BiH 21% N. Macedonia 13% Kosovo 9% Slovenia 4% Austria 12% ~ EUR 336 million Kosovo 12% BiH 6% N. Macedonia 9% Montenegro 2% Serbia 30% Slovenia 40% ~ EUR 570 million Serbia 20% Slovenia 60% N. Macedonia 8% Montenegro 5% BiH 4% Kosovo 2% ~ EUR 478 million Real estate in construction Finished real estate - for rent or sale(i) Specialised lending Credit portfolio Share of Total YTD change Credit portfolio Share of Total YTD change Credit portfolio Share of Total YTD change Provision Volume Provision Coverage Provision Volume Provision Coverage Provisions & FV changes Coverage with provisions and FV changes Total NLB Group 21,716.2 92.6% 57.3 1,272.9 5.4% 112.5 459.8 2.0% -9.8 71.4 0.3% 89.0 7.0% 244.5 53.2% o/w Corporate 8,160.3 89.6% 328.2 649.9 7.1% 76.2 295.9 3.2% -14.9 33.7 0.4% 37.8 5.8% 135.7 45.9% o/w Retail 9,787.5 92.6% 539.3 621.9 5.9% 36.5 163.9 1.5% 5.1 35.7 0.4% 51.2 8.2% 108.9 66.4% o/w State 3,352.4 100.0% -759.1 0.0 0.0% -1.2 0.0 0.0% 0.0 1.8 0.1% 0.0 29.0% 0.0 95.2% o/w Institutions 416.1 99.8% -51.1 1.0 0.2% 1.0 0.0 0.0% 0.0 0.1 0.0% 0.0 2.2% 0.0 100.0% in EUR million Credit portfolio Provisions and FV changes for credit portfolio Stage1 Stage2 Stage3 & FVTPL Stage1 Stage2 Stage3 & FVTPL 89.6% 93.6%89.9% 92.6%89.4% 92.7%89.6% 92.6% Corporate Retail 31 Dec 202531 Dec 2024 8.1% 4.7% 6.6% 5.9% 7.2% 5.7% 7.1% 5.9% Corporate Retail 2.4% 1.7% 3.6% 1.6% 3.4% 1.6% 3.2% 1.5% Corporate Retail 31 Mar 2026 Stage 1 by segment Stage 2 by segment Stage 3 by segment 30 Jun 2026 -0.3 pp YtD +0.0 pp YtD +0.5 pp YtD +0.0 pp YtD -0.4 pp YtD -0.1 pp YtD
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65 NLB Group Interim Report January – June 2026 Figure 36: The NLB Group’s corporate and retail loan portfolio (in %) by interest rates Figure 37: The NLB Group’s cumulative net new impairments and provisions for credit risk 1-6 2026 (in EUR millions) In H1 2026, the Group established net impairments and provisions for credit risk of EUR 32.0 million, primarily driven by lending growth and credit migration in the retail and corporate sectors. This was partially offset by recoveries from written-off receivables, updates to risk parameters, and model changes. Consequently, the CoR for H1 2026 stood at 32 bps annualised. Amid moderating global growth, elevated uncertainty and tighter financial conditions may increase credit risk and put upward pressure on NPLs. In H1 2026, the Bank experienced stable trends in the quality of its credit portfolio. The NPL ratio remained unchanged, while a modest increase in coverage through provisions was realised. 55% 55% 53% 45% 45% 47% 31 Dec 25 31 Mar 26 Fix Float 19% 17% 16% 81% 83% 84% 31 Dec 25 31 Mar 26 18% 17% 16% 82% 83% 84% 31 Dec 25 31 Mar 2630 Jun 26 30 Jun 26 30 Jun 26 Corporate (incl. SME) Consumer Housing 3.3 -32.0 Changes in models/ risk parameters -48.2 Portfolio development 12.9 Repayments of written-off receivables Net impairments and provisions for credit risk Release Establishment
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66 NLB Group Interim Report January – June 2026 Figure 38: The NLB Group’s gross NPL formation (in EUR millions) The NLB Group’s regional resilience to the crisis and portfolio diversification have resulted in a moderate cumulative formation of new NPLs in H1 2026, amounting to EUR 100.1 million, representing 0.4% of the total loan portfolio. The Group’s credit portfolio remains of high quality due to cautious lending standards and effective early warning systems. Figure 39: The NLB Group’s NPL, NPL ratio, NPL collateral coverage and coverage ratio (i) (i) By internal definition. Figure 40: The NLB Group’s NPL by geography as at 30 June 2026 (i) Considering the materiality of delays, namely 2% or EUR 50 thousand. 0 148 4 77 87 34 93 106 63 170 341 100 2024 2025 Q2 2026 Corporate SME Retail Formation / gross loans (stock) 0.8% 1.5% 0.4% 0 10 20 30 40 50 60 70 80 90 100 110 120 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 82.7% 330 1.6% 55.9% 62.7% 46.7% 470 53.2% 49.4% 108.7% 2.0% 31 Dec 202531 Dec 2024 88.1% Coverage ratio 2 NPLs NPL ratio Coverage ratio 1 Collateral coverage 30 Jun 2026 2.0% 51.5% 460 31 Mar 2026 2.0% 52.3% 476 50.4% 84.2% Slovenia 68% BiH 4% N. Macedonia 4% Montenegro 5% Other 4% Kosovo 4% Serbia 11% 187 14 6 6 5 4 2 80 23 11 2 7 7 3 46 13 2 13 7 9 12 313 49 20 21 19 20 17 Slovenia Serbia N. Macedonia Montenegro BiH Kosovo Other No delays(i) D rating E rating
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67 NLB Group Interim Report January – June 2026 The Group’s approach to NPL management places a strong emphasis on restructuring and other active NPL management measures, including the sale or foreclosure of collateral, the sale of claims, and the pledge of assets. In H1 2026, the non-performing credit portfolio stock in the Group decreased to EUR 459.8 million as at 30 June 2026, representing a net reduction of EUR 9.8 million in H1 2026. The positive effects of NPL resolution, primarily reflected in repayments and loan upgrades, have partially offset new inflows of non-performing loans. Moreover, EUR 224.3 million in NPLs showed no payment delays. Despite a modest decrease in the non-performing credit portfolio, the NPL ratio remained broadly unchanged from its end-2025 level, and stood at 2.0% as of 30 June 2026. Based on the EBA methodology, the internationally comparable NPE ratio stood at 1.3%, while the Group’s gross NPL ratio slightly decreased to 2.3% at the end of H1 2026. Through extensive experience gained over recent years in managing clients facing financial difficulties, primarily arising from legacy portfolios, the Group has developed a comprehensive knowledge base and strong restructuring expertise. This expertise encompasses preventing financial challenges for clients, restructuring viable clients when necessary, and efficiently managing exposures with limited recovery prospects. The extensive knowledge base is shared and accessible across the Group. Risk units, restructuring and workout teams, are adequately staffed and equipped to manage considerably increased volumes of cases professionally and efficiently, if required. As a result, along with the implemented early warning tools and efficient analysis and reporting mechanisms, the Group is well-positioned to identify and proactively engage with potentially distressed borrowers. Additionally, the Group closely monitors macroeconomic and geopolitical developments and maintains regular communication with key clients to identify changes in their business circumstances. Following a decline in 2025, the Group’s NPL coverage ratios recorded a considerable recovery in H1 2026. The Group’s NPL coverage ratio 1 (coverage of gross NPLs with impairments for all loans) improved to 88.1%, while NPL coverage ratio 2 (coverage of gross NPLs with impairments for NPLs) increased to 53.2%, significantly exceeding the EU average published by the EBA (41.3% for Q1 2026). Additionally, NPLs are further covered by collateral, which serves as a secondary source of repayment. At the end of H1 2026, the collateral coverage ratio stood at 51.5%. The Group strives to obtain the highest-quality collateral for long-term loans, typically in the form of mortgages. Thus, real estate mortgages represent the common type of collateral for corporate and retail loans. In corporate loans, government and corporate guarantees are also common types of collateral. The liquidity position remained stable and strong at the Group and individual subsidiary bank levels, remaining well above the defined risk appetite limit. LCR stood at 170.4% at the Group level and 202.0% at the NLB level. The Group’s unencumbered eligible liquid reserves amounted to EUR 10,310.6 million and NLB’s EUR 6,962.6 million, mainly consisting of placements with the ECB and prime debt securities. Particular attention is given to the structure and concentration of liquidity reserves through the incorporation of early warning systems. The Group’s core funding base consists predominantly of retail customer deposits, which are stable and continually growing. A comfortable LTD ratio of 78.4% provides the Group with the capacity to support further customer loan growth. The Group’s net open FX position from transactional risk remained low, at 0.56% of capital at the end of H1 2026. On the other hand, structural FX positions – arising from investments in the Group’s non-euro subsidiaries and recognised in the other comprehensive income (OCI) on the consolidated basis – impact the Group’s RWA for market risk. The Group maintains a low risk appetite for trading book market risk. Exposure to trading (as defined by the CRR) is permitted only for the parent Bank, as the Group’s principal entity and remains highly limited. The Group follows a strategy of maintaining a low Economic Value of Equity (EVE) sensitivity while simultaneously monitoring the effects on Earnings at Risk (EaR). Fixed-interest-rate bonds and loans are the main contributors to interest-rate risk exposure as measured through the Economic Value of Equity (EVE) indicator. In contrast, exposure is predominantly managed through core deposits, which present the most significant and material element of interest rate risk management. To a lesser extent, the Group also uses plain-vanilla derivatives for hedging risk. Exposure to interest rate risk remains modest and within the Group’s defined risk appetite limits. The Group applies a range of scenarios when assessing EVE sensitivity. In 2026, the Group continued to enhance its measurement of
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68 NLB Group Interim Report January – June 2026 interest rate risk in accordance with the new EBA Guidelines, which impacted the EVE result. From an EVE perspective, the estimated capital sensitivity under the most adverse regulatory scenario (Parallel Up) equals -4.59% of the Group’s Tier 1 capital. The majority of the EUR 6,056 million loan portfolio linked to Euribor includes loans with 3M Euribor (49%), followed by 6M Euribor (36%), 1M Euribor (12%) and 12M Euribor (3%). In operational risk management, the Group has established a robust operational risk culture, supported by the systematic reporting of loss events and the continuous identification, assessment, and management of operational risks. These activities provide a foundation for ongoing improvements of controls, processes, and organisational arrangements. The Group remains focused on proactive risk mitigation, prevention, and minimisation of potential losses. At the same time, evolving legal practice and regulatory developments in the area of consumer protection may affect the materialisation of operational risk in future periods. Particular attention is devoted to the stress-testing framework, which is based on scenario analysis of potential high- severity, low-frequency events and the modelling of historical loss event data. In addition to losses already captured in the loss event database, the framework also considers one-off and unpredictable extreme events. Key risk indicators further support the operational risk management framework by serving as an early warning mechanism across the broader operational risk landscape. They are regularly monitored, analysed, and reported, supporting the continuous enhancement of internal controls and enabling timely management action. The Group contributes to sustainable finance by incorporating ESG risks into its business strategy, risk management framework, and internal governance arrangements. ESG risks are integrated into, and managed within, the established framework for credit, liquidity, market, and operational risks. Their management is aligned with the ECB’s and the EBA’s expectations to ensure that ESG considerations are comprehensively integrated into all relevant processes. As part of its overall risk identification process, the Group conducts a materiality assessment to determine its exposure to transition and physical risks. Based on the assessment, the Group’s exposure to these risks remains relatively low, with transition risk assessed as more material than physical risk. The implementation of the NLB Group’s Net Zero Strategy is expected to gradually reduce its exposure to transition risk over time. In addition, internal climate stress-testing results indicate no material impact on the Group’s capital or liquidity position.
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69 NLB Group Interim Report January – June 2026 Corporate Governance Management Board According to the Articles of Association of NLB d.d., the Management Board consists of three to seven members (the president and up to six additional members), who are appointed and dismissed by the Supervisory Board. The president and members of the Management Board are appointed for a five-year term. According to the law and the Articles of Association of NLB d.d., they may be re-appointed or dismissed before the end of their term. On 30 June 2026, the Management Board consists of seven members, namely: Blaž Brodnjak as President & CEO, Archibald Kremser as Deputy CEO and Chief Financial Officer (CFO), Peter Andreas Burkhardt as Chief Risk Officer (CRO), Hedvika Usenik as Chief Marketing Officer (CMO) responsible for Retail Banking and Private Banking, Antonio Argir responsible for Group Governance, Payments and Innovations, Andrej Lasič as Chief Marketing Officer (CMO) responsible for Corporate and Investment Banking and Reinhard Höll as Chief Transformation Officer (CTO), responsible for transformation, IT and back office. As the terms of office of Blaž Brodnjak, Archibald Kremser, and Peter Andreas Burkhardt expired on 6 July 2026, the Supervisory Board appointed them to another term on 7 August 2025. The mandates of Hedvika Usenik, Antonio Argir, and Andrej Lasič expire in April 2027. Supervisory Board On the date of this report, the Supervisory Board consists of ten members, of which eight represent the interests of shareholders, and two represent the interests of employees. The members of the Supervisory Board, who represent the interests of shareholders, are elected and recalled by the General Meeting from individuals proposed by shareholders or the Supervisory Board. The members of the Supervisory Board representing the interests of employees are selected and nominated by the Works Council, considering the conditions for members of the Supervisory Board as laid down in the regulations and the Articles of Association of NLB d.d. There were no changes in the composition of the Supervisory Board in the first half of 2026. On 30 June 2026, the Supervisory Board consists of: Primož Karpe as Chairman, Shrenik Dhirajlal Davda as Deputy Chairman, and the following members: Islam Osama Bahgat Zekry, André-Marc Prudent-Toccanier, Mark William Lane Richards, Cvetka Selšek, Luka Vesnaver, Natalia Olegovna Ansell and employee representatives Sergeja Kočar and Tatjana Jamnik Skubic. General Meeting The shareholders exercise their rights related to the Bank’s operations at the General Meetings of NLB. Decisions adopted by the General Meeting of NLB include, among others, adopting and amending the Articles of Association of NLB d.d., use of distributable profit, granting a discharge from liability to the members of the Management and Supervisory Boards, changes to the Bank’s share capital, appointing and discharging Supervisory Board members representing the interests of shareholders, remuneration and profit-sharing by the members of the Management Board and employees, annual schedules, and characteristics of issues of securities convertible into shares and equity securities. At the 46th General Meeting of the Shareholders of NLB held on 15 June 2026, shareholders adopted several resolutions proposed by the Management and/or the Supervisory Board. They adopted the proposal of the Management and Supervisory Boards to distribute dividends in the total amount of EUR 138.4 million, or EUR 6.92 gross per share, which were paid on 23 June 2026. A second tranche in the same amount is expected to be submitted for approval at the General Meeting taking place towards the end of this year, subject to no material M&A activity. With both tranches distributed this year, NLB intends to pay out a total of 55% of its net profit for 2025, totalling EUR 276.8 million,
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70 NLB Group Interim Report January – June 2026 representing an 8% increase in dividend payments. The General Meeting also granted a discharge from liability to the Management and Supervisory Boards. At the General Meeting the shareholders furthermore confirmed or acknowledged a variety of reports and policies, including the NLB Group Annual Report 2025, the Report of the Supervisory Board of NLB on the results of the examination of the NLB Group Annual Report 2025, the Report on Remuneration for Members of the Management Body of NLB for Business Year 2025, the Additional Information to the Report to Remuneration Report for Business Year 2025 on the basis of SSH's Baselines, the Internal Audit Report for 2025 and positive opinion of the Supervisory Board of NLB. Shareholders also adopted an amended resolution of the General Meeting of NLB for the determination of payments to members of the Supervisory Board and its committees and appointed PricewaterhouseCoopers d.o.o. as the external auditor of NLB for the financial years 2027, 2028 and 2029.
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71 NLB Group Interim Report January – June 2026 Related-Party Transactions A number of banking transactions have been entered into with related parties in the normal course of business. The volume of related-party transactions mainly consists of loans issued and deposits received. Further information on transaction volumes is available in the Financial Part of this report under Note 7.
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72 NLB Group Interim Report January – June 2026 Events After 30 June 2026 Results of the voluntary public takeover offer for Addiko Bank AG: In August 2026, NLB announced that its voluntary public takeover offer for Addiko Bank AG did not receive a sufficient number of acceptance declarations. By the end of the Acceptance Period, a total of 6,087,353 shares, representing 31.22% of all issued Addiko’s shares, had been tendered into the NLB offer. As the minimum acceptance condition of 50% plus one share was not met, the settlement of the offer will not take place, and the offer will not be extended. Supported by its strong capital position, NLB will continue to pursue its strategy of sustainable and profitable growth in Southeastern Europe, both through organic growth and through acquisitions when the conditions are favourable.
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73 NLB Group Interim Report January – June 2026 Alternative Performance Indicators The Bank has chosen to present these APIs either because they are commonly used within the industry or because investors commonly use them and are suitable for disclosure. The APIs are used internally to monitor and manage the operations of the Bank and the Group and are not considered to be directly comparable with similar KPIs presented by other companies. The Bank’s APIs are described below, together with definitions. Alternative Performance Measures(i) Description Calculation Notes Cost of risk (CoR) Calculated as the ratio between credit impairments and provisions annualised from the income statement and average net loans to customers. Numerator: Credit impairments and provisions NLB internal information. Credit impairments and provisions are annualised, calculated as all established and released impairments on loans and provisions for off-balance (from the income statement) in the period, divided by the number of months in the reporting period and multiplied by 12. Net established credit impairments and provisions are shown with a positive sign, and the net released credit impairments and provisions are shown with a negative sign. Denominator: Average net loans to customers NLB internal information. Average net loans to customers are calculated as the sum of the previous year-end balance (31 December) and the monthly balances of the last day of each month from January to month t, divided by (t+1). Cost-to-income ratio (CIR) An indicator of cost efficiency, calculated as the ratio between total costs and total net operating income. Numerator: Total costs As of 1 January 2024, the tax on the balance sheet is excluded from the calculation in NLB Group and NLB. Operating lease is presented on a net basis: non-interest income and related costs are netted by the amount of amortisation. Denominator: Total net operating income Total average cost of funding (quarterly) Calculated as the ratio between interest expenses and average interest-bearing liabilities. Numerator: Interest expenses Interest expenses (quarterly) are annualised, calculated as the sum of interest expenses in the period, divided by the number of days in the quarter and multiplied by the number of days in the year. Interest expenses on interest-bearing liabilities also include interest income from negative interest rates on financial liabilities. Denominator: Average interest-bearing liabilities NLB internal information. Average interest-bearing liabilities (quarterly) for the NLB Group are calculated as the sum of monthly balances (t) for the corresponding quarter and the monthly balance at the end of the previous quarter, divided by (t+1).
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74 NLB Group Interim Report January – June 2026 Average cost of wholesale funding (quarterly) Calculated as the ratio between annualised interest expenses on deposits from customers and average wholesale funding. Wholesale funding includes deposits from banks and central banks, borrowings, debt instruments, and subordinated liabilities. Numerator: Interest expenses from wholesale funding Interest expenses from wholesale funding (quarterly) are annualised, calculated as the sum of interest expenses from wholesale funding in the period, divided by the number of days in the quarter and multiplied by the number of days in the year. Denominator: Average wholesale funding NLB internal information. Average wholesale funding (quarterly) for the NLB Group is calculated as the sum of monthly balances (t) for the corresponding quarter and the monthly balance at the end of the previous quarter, divided by (t+1). Average interest rate for loans to customers (quarterly) Calculated as the ratio between interest income on loans to customers, annualised and average loans to customers. Numerator: Interest income from loans to customers Interest income on loans to customers (quarterly) is annualised, calculated as the sum of interest income on loans to customers in the period, divided by the number of days in the quarter and multiplied by the number of days in the year. Denominator: Average loans to customers NLB internal information. Average loans to customers (quarterly) for the NLB Group are calculated as the sum of monthly balances (t) for the corresponding quarter and the monthly balance at the end of the previous quarter, divided by (t+1). NLB internal information. Average loans to customers (quarterly) for NLB are calculated as the sum of daily balances in each quarter (from the first to the last day of the quarter), divided by the number of days in the quarter. NLB internal information. Average loans to customers (quarterly) for the SEE banks (sum of data on a stand-alone basis as included in the consolidated financial statements of the NLB Group) are calculated as the sum of monthly balances (t) for the corresponding quarter and the monthly balance at the end of the previous quarter, divided by (t+1). Average interest rate for deposits from customers (quarterly) Calculated as the ratio between interest expenses on deposits from customers, annualised and average deposits from customers. Numerator: Interest expenses on deposits from customers Interest expenses on deposits from customers (quarterly) are annualised, calculated as the sum of interest expenses on deposits from customers in the period, divided by the number of days in the quarter and multiplied by the number of days in the year. Denominator: Average deposits from customers NLB internal information. Average deposits from customers (quarterly) for the NLB Group are calculated as the sum of monthly balances (t) for the corresponding quarter and the monthly balance at the end of the previous quarter, divided by (t+1). NLB internal information. Average deposits from customers (quarterly) for NLB are calculated as the sum of daily balances in each quarter (from the first to the last day of the quarter) divided by the number of days in the quarter. NLB internal information. Average deposits from customers (quarterly) for the SEE banks (sum of data on a stand-alone basis as included in the consolidated financial statements of the NLB Group) are calculated as the sum of monthly balances (t) for the corresponding quarter and the monthly balance at the end of the previous quarter, divided by (t+1).
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75 NLB Group Interim Report January – June 2026 Deposit beta Calculated as the ratio between the change in the interest rate on deposits from customers and the change in the ECB deposit facility interest rate over the selected period. Numerator: Interest rate on deposits from customers NLB internal information. Interest rate on deposits from customers (quarterly average). Denominator: ECB deposit facility interest rate Data from the ECB. Deposit facility interest rate (quarterly average). Credit portfolio under IFRS 9 IFRS 9 requires an expected loss model in which an allowance for the expected credit losses (ECL) is formed. Loans measured at amortised costs (AC) are classified into the following stages (before deduction of loan loss allowances): Stage 1 – A performing portfolio: no significant increase in credit risk since initial recognition, NLB Group recognises an allowance based on a 12-month period. Stage 2 – An underperforming portfolio: a significant increase in credit risk since initial recognition, NLB Group recognises an allowance for a lifetime period. Stage 3 – An impaired portfolio: NLB Group recognises lifetime allowances for these financial assets. The definition of default is harmonised with EBA guidelines. A significant increase in credit risk is assumed: i) when a credit rating significantly deteriorates at the reporting date in comparison to the credit rating at initial recognition; ii) when a financial asset has material delays over 30 days (days past due are also included in the credit rating assessment); iii) if the NLB Group expects to grant the client forbearance or if the client is placed on a watch list.
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76 NLB Group Interim Report January – June 2026 Financial assets measured mandatorily at fair value through profit or loss (FVTPL) Financial assets measured mandatorily at fair value through profit or loss represent a minor part (no FVTPL portfolio in December 2025, March 2026 or June 2026) of the loan portfolio (before the deduction of fair value for credit risk; loans with contractual cash flows that are not solely payments of principal and interest on the principal amount outstanding). Classification into stages is calculated based on an internal data source through which the NLB Group measures the loan portfolio quality and which is also disclosed in the Business Report of Annual and Interim Reports. IFRS 9 classification into Stage 1 Numerator: Total (AC) loans in Stage 1 Denominator: Total gross loans and advances IFRS 9 classification into Stage 2 Numerator: Total (AC) loans in Stage 2 Denominator: Total gross loans and advances AC + FVTPL - IFRS 9 classification into Stage 3 Numerator: Total (AC) loans in Stage 3 + Total (FVTPL) non-performing loans Denominator: Total gross loans and advances AC - Corporates - IFRS 9 classification into Stage 1 Numerator: Total (AC) loans in Stage 1 to Corporates Denominator: Total gross loans to Corporates
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77 NLB Group Interim Report January – June 2026 AC - Corporates - IFRS 9 classification into Stage 2 Numerator: Total (AC) loans in Stage 2 to Corporates Denominator: Total gross loans to Corporates AC + FVTPL - Corporates - IFRS 9 classification into Stage 3 Numerator: Total (AC) loans in Stage 3 to Corporates + Total (FVTPL) non- performing loans Denominator: Total gross loans to Corporates AC - Retail - IFRS 9 classification into Stage 1 Numerator: Total (AC) loans in Stage 1 to Retail Denominator: Total gross loans to Retail AC - Retail - IFRS 9 classification into Stage 2 Numerator: Total (AC) loans in Stage 2 to Retail Denominator: Total gross loans to Retail AC - Retail - IFRS 9 classification into Stage 3 Numerator: Total (AC) loans in Stage 3 to Retail Denominator: Total gross loans to Retail Leverage ratio Calculated as the ratio between Tier 1 capital and the total exposure of all active balance sheet and off-balance-sheet items after applicable adjustments. Particular emphasis is placed on exposures from individual derivatives, security funding transactions, and other off- balance-sheet items. Numerator: Tier I capital The leverage ratio is a non-risk-based supplementary measure to the risk- based capital requirements. A minimum leverage ratio requirement is 3%. The purpose of the leverage ratio is to limit the size of the Bank balance sheets, with a special emphasis on exposures which are not weighted within the framework of the existing capital requirement calculations. Denominator: Total leverage ratio
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78 NLB Group Interim Report January – June 2026 Liquidity coverage ratio (LCR) LCR refers to high-liquid assets (HQLA) held by a financial institution to cover its net liquidity outflows over a 30-calendar-day stress period. Numerator: Stock of HQLA The LCR requires financial institutions to maintain a sufficient reserve of high-quality liquid assets (HQLA) to withstand a crisis that puts their cash flows under pressure. The assets held must be equal to or greater than the institution’s net cash outflow over a 30-calendar-day stress period (with at least 100% coverage). The parameters of the stress scenario are defined under the Basel III guidelines. The calculations presented are based on internal data sources. Denominator: Net liquidity outflow Net loan to deposit ratio (LTD) Calculated as the ratio between net loans to customers and deposits from customers. Numerator: Net loans to customers There is no regulatory-defined limitation on the LTD; however, this measure aims to restrict the extensive growth of the loan portfolio. Denominator: Deposits from customers Net interest margin on the basis of interest-bearing assets (cumulative) Calculated as the ratio between net interest income annualised and average interest-bearing assets. Numerator: Net interest income Net interest income is annualised, calculated as the sum of interest income and interest expenses in the period, divided by the number of days in the period and multiplied by the number of days in the year. Denominator: Average interest-bearing assets NLB internal information. Average interest-bearing assets for the NLB Group are calculated as the sum of the balance from the previous year’s end (31 December) and monthly balances of the last day of each month from January to the reporting month t, divided by (t+1). NLB internal information. Average interest-bearing assets for NLB are calculated as the daily balances for the current period (from the first to the last day of the period) divided by the number of days in the period. Average interest-bearing assets for individual bank members are calculated as the sum of the balance of the previous year’s end (31 December) and monthly balances of the last day of each month from January to the reporting month t divided by (t+1).
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79 NLB Group Interim Report January – June 2026 Net interest margin on the basis of interest-bearing assets (quarterly) Calculated as the ratio between the net interest income annualised and average interest-bearing assets. Numerator: Net interest income Net interest income (quarterly) is annualised, calculated as the sum of interest income and interest expenses in the period, divided by the number of days in the quarter and multiplied by the number of days in the year. Denominator: Average interest-bearing assets NLB internal information. Average interest-bearing assets (quarterly) for the NLB Group are calculated as the sum of monthly balances (t) for the corresponding quarter and the monthly balance at the end of the previous quarter, divided by (t+1). NLB internal information. Average interest-bearing assets (quarterly) for NLB are calculated as the sum of daily balances in each quarter (from the first day of the quarter to the last day of the quarter) divided by the number of days in the quarter. NLB internal information. Average interest-bearing assets (quarterly) for the SEE banks (sum of data on a stand-alone basis as included in the consolidated financial statements of the NLB Group) are calculated as the sum of monthly balances (t) for the corresponding quarter and the monthly balance at the end of the previous quarter, divided by (t+1). Net interest margin on total assets Calculated as the ratio between net interest income annualised and average total assets. Numerator: Net interest income Net interest income is annualised and calculated as the sum of interest income and interest expenses in the period, divided by the number of days in the period and multiplied by the number of days in the year. Denominator: Average total assets NLB internal information. Average total assets for the NLB Group are calculated as the sum of the balance from the previous year’s end (31 December) and the monthly balances of the last day of each month from January to month t, divided by (t+1). NPE per cent. (EBA def.) In accordance with the EBA methodology, NPE is defined as the percentage of all exposures to clients in Finrep18 before deducting ECL allowances. Ratio is in gross terms. Numerator: Total non-performing on-balance and off-balance exposure in Finrep18 NPE includes risk exposure to D- and E-rated clients (including loans and advances, debt securities, and off-balance exposures, which are included in Finrep 18; before deduction of allowances for expected credit losses). NPE is measured at fair value loans through P&L and is considered at fair value, increased by the amount of negative fair value changes for credit risk. The share of NPEs is calculated based on internal data sources, which the NLB Group uses to monitor the portfolio quality. Denominator: Total on-balance and off-balance exposures in Finrep18 NPL per cent. Non-performing loans are a percentage of total loans to clients before deduction of loan loss allowances; the ratio is in gross terms. Numerator: Total non-performing loans Where non-performing loans are defined as loans to D- and E-rated clients, namely loans at least 90 days past due or loans unlikely to be repaid without recourse to collateral (before deduction of loan loss allowances). The share of non-performing loans is calculated based on an internal data source, that the NLB Group uses to monitor the loan portfolio quality. Denominator: Total gross loans
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80 NLB Group Interim Report January – June 2026 NPL coverage ratio 1 (NPL CR 1) The coverage of the gross non- performing loans portfolio with loan loss allowances on the entire loan portfolio - loan impairment in respect of non-performing loans. It shows the level of credit provisions that the entity has already absorbed into its profit and loss accounts with respect to the total of impaired loans. Numerator: Loan loss allowances for the entire loan portfolio The NPL coverage ratio 1 is calculated based on an internal data source used by the NLB Group to monitor loan portfolio quality. Denominator: Total non-performing loans NPL coverage ratio 2 (NPL CR 2) The coverage of the gross non- performing loans portfolio with loan loss allowances on the non- performing loans portfolio. Numerator: Loan loss allowances on the non- performing loan portfolio The NPL coverage ratio 2 is calculated based on an internal data source used by the NLB Group to monitor loan portfolio quality. Denominator: Total non-performing loans Net NPL ratio per cent. (% Net NPL) The share of net non-performing loans in total net loans: non- performing loans after deduction of loss allowances on the non- performing loans portfolio as a percentage of total loans to clients after the deduction of loan loss allowances; the ratio is in net terms. Numerator: Net volume of non-performing loans The calculations presented are based on internal data sources. Denominator: Total net loans NPL ratio (EBA def.) The ratio of the gross carrying amount of non-performing loans and advances to the total gross carrying amount of loans and advances, in accordance with the EBA methodology (Finrep18 report). Numerator: Gross volume of non-performing loans and advances without loans held for sale, cash balances at CBs and other demand deposits Non-performing loans include loans and advances in accordance with the EBA methodology that are classified as D- or E-rated, namely loans at least 90 days past due or loans unlikely to be repaid without recourse to collateral (before deduction of loan loss allowances). For calculation purposes, loans and advances classified as held for sale, cash balances at CBs, and other demand deposits are excluded from the denominator and the numerator. The calculations presented are based on internal data sources. Denominator: Gross volume of loans and advances in Finrep18, without loans held for sale, cash balances at CBs and other demand deposits
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81 NLB Group Interim Report January – June 2026 Net stable funding ratio (NSFR) NSFR compares a bank's available stable funding (ASF) with its required stable funding (RSF). The ratio aims to ensure that banks maintain a stable funding profile in relation to their assets and activities. Numerator: Amount of available stable funding A ratio of 100% or more indicates that a bank's stable funding is sufficient to cover its longer-term assets and activities. The parameters are defined under the Basel III guidelines. Denominator: Amount of required stable funding EVE (Economic Value of Equity) method The EVE method measures the sensitivity of the economic value of financial instruments to changes in market interest rates. EVE represents the present value of net future cash flows and provides a comprehensive view of the possible long-term effects of changes in interest rates under at least six prescribed standardised interest-rate shock scenarios, or more if necessary, depending on the financial market conditions. Numerator: Interest rate risk in the banking book – EVE Calculations take into account behavioural and automatic options, as well as the allocation of non-maturing deposits. Denominator: Equity (Tier I capital) Operational business margin (OBM) (cumulative) Calculated as the ratio between annualised operational business net income and average assets. Numerator: Operational business net income Operational business net income is annualised and calculated as operational business income in the period, divided by the number of days in the period and multiplied by the number of days in the year. Operational business income consists of net interest income (excluding interest expenses from subordinated securities), net fees and commissions, and net gains and losses from financial assets and liabilities held for trading that derive from foreign exchange trading. Denominator: Average total assets NLB internal information. Average total assets are calculated as the sum of the balance at the end of the previous year (31 December) and the monthly balances of the last day of each month from January to month t, divided by (t+1).
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82 NLB Group Interim Report January – June 2026 Operational business margin (OBM) (quarterly) Calculated as the ratio between annualised operational business net income and average assets. Numerator: Operational business net income Operational business net income (quarterly) is annualised and calculated as operational business income in the period, divided by the number of days in the quarter and multiplied by the number of days in the year. Operational business income consists of net interest income (excluding interest expenses from subordinated securities), net fees and commissions, and net gains and losses from financial assets and liabilities held for trading that derive from foreign exchange trading. Denominator: Average total assets NLB internal information. Average total assets (quarterly) for the NLB Group are calculated as the sum of monthly balances (t) for the corresponding quarter and the monthly balance at the end of the previous quarter, divided by (t+1). NLB internal information. Average total assets (quarterly) for the NLB are calculated as the sum of monthly balances (t) for the corresponding quarter and the monthly balance at the end of the previous quarter, divided by (t+1). NLB internal information. Average total assets (quarterly) for the SEE banks (sum of data on a stand-alone basis as included in the consolidated financial statements of the NLB Group) are calculated as the sum of monthly balances (t) for the corresponding quarter and the monthly balance at the end of the previous quarter, divided by (t+1). Return on equity after tax (ROE a.t.) Calculated as the ratio between the annualised result after tax and the average equity. Numerator: Result after tax The result after tax is annualised and calculated as the result after tax in the period, divided by the number of months for the reporting period and multiplied by 12. Denominator: Average equity NLB internal information. Average equity is calculated as the sum of the balance at the end of the previous year (31 December) and the monthly balances of the last day of each month from January to month t, divided by (t+1). Return on Tangible Equity after tax (ROTE a.t.) Calculated as the ratio between the annualised result after tax (regulatory charges for NLB are not taken into annualisation), reduced for AT1 coupons, and the average equity, reduced for average intangible assets and average Additional Tier 1 instrument (AT1). Numerator: Result after tax reduced for AT1 coupons The result after tax reduced for AT1 coupons is annualised (regulatory charges for NLB are not taken into account in the annualisation) and calculated as the result after tax less interest expenses from AT1 coupons, and less regulatory charges in the period, divided by the number of months for the reporting period and multiplied by 12. After annualisation, regulatory charges for NLB are added back to the annualised figure. Denominator: Average equity reduced by average intangible assets and average AT1 NLB internal information. Average equity reduced for average intangible assets and average AT1 equity instruments is calculated as the sum of the balance at the end of the previous year (31 December) and monthly balances of the last day of each month from January to the month t, divided by (t+1).
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83 NLB Group Interim Report January – June 2026 Return on equity after tax (ROE a.t.) normalised Calculated as the ratio between the annualised result after tax (regulatory charges for NLB are not taken into annualisation), reduced by AT1 coupons, and average risk-adjusted capital. Average risk-adjusted capital is calculated as the CET1 strategic target requirement to average risk- weighted assets (RWA) and reduced for CET1 minority shareholder capital. Numerator: Result after tax reduced by AT1 coupons Result after tax reduced for AT1 coupons is annualised (regulatory charges for NLB are not taken into account in the annualisation), calculated as the result after tax less interest expenses from AT1 coupons and less regulatory charges in the period, divided by the number of months for the reporting period and multiplied by 12. After annualisation, regulatory charges for NLB are added back to the annualised figure. Denominator: Average risk-adjusted capital NLB internal information. Average risk-adjusted capital is calculated as the sum of risk-weighted assets (RWA) balance at the end of the previous year- end (31 December) and the monthly risk-weighted assets (RWA) balances of the last day of each month from January to month t, divided by (t+1), multiplied by the CET1 strategic target capital requirement (13.0%) and reduced by CET1 minority shareholder capital. Return on assets after tax (ROA a.t.) Calculated as the ratio between the annualised result after tax and average total assets. Numerator: Result after tax The result after tax is annualised and calculated as the result after tax in the period, divided by the number of months for the reporting period and multiplied by 12. Denominator: Average total assets NLB internal information. Average total assets are calculated as the sum of the balance at the end of the previous year (31 December) and the monthly balances of the last day of each month from January to the month t, divided by (t+1). RWA to total assets The RWA to total assets is the institution’s RWA expressed as a percentage of the total assets. Numerator: Total risk exposure amount (RWA) Denominator: Total assets Total capital ratio (TCR) TCR is the institution's own funds, expressed as a percentage of the total risk exposure amount. Numerator: Total capital (Own funds) Denominator: Total risk exposure amount (RWA) (i) All alternative performance indicators are expressed in %, except the cost of risk (CoR), which is expressed in bps.
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84 NLB Group Interim Report January – June 2026 Reconciliation of Financial Statements in Business and Financial Part of the Report Table 24: Unaudited Condensed Income Statement of NLB Group for the period ended 30 June 2026 (i) Operating lease in the Business Report is presented on a net basis: non -interest income and related costs are netted by the amount of amortisation. Business report in EUR millions Financial report in EUR thousands Notes Interest and similar income 642,692 4.1. Interest and similar expenses (154,740) 4.1. Fee and commission income 247,246 4.3. Fee and commission expenses (68,431) 4.3. Dividend income 0.1 Dividend income 81 4.2. Gains less losses from financial assets and liabilities not measured at fair value through profit or loss (186) 4.4. Gains less losses from financial assets and liabilities held for trading 18,229 4.5. Gains less losses from non-trading financial assets mandatorily at fair value through profit or loss 1,332 4.6. Gains less losses from financial liabilities measured at fair value through profit or loss (3,785) Fair value adjustments in hedge accounting (1,911) Foreign exchange translation gains less losses (3,413) Gains less losses from modification of financial assets (128) Gains less losses on derecognition of non-financial assets 1,535 Other operating income 10,946 4.7. Other operating expenses (5,421) 4.8. Cash contributions to resolution funds and deposit guarantee schemes (28,017) 4.10. Gains less losses from non-current assets held for sale 1,599 Net non-interest income 165.7 169,676 Total net operating income 653.7 657,628 Employee costs (175.6) Other general and administrative expenses (98.8) Depreciation and amortisation(i) (29.4) Depreciation and amortisation (33,299) 4.11. Total costs (303.8) Tax on balance sheet (18.2) 4.9. (322.0) (325,929) Result before impairments and provisions 331.7 331,699 Provisions for credit losses (924) 4.12. Impairment of financial assets (31,028) 4.13. Provisions for other liabilities and charges (388) 4.12. Impairment of non-financial assets (24) 4.13. Impairments and provisions (32.4) (32,364) Gains less losses from capital investment in subsidiaries, associates, and joint ventures 1.2 Share of profit from investments in associates and joint ventures (accounted for using the equity method) 1,209 Result before tax 300.5 Profit before income tax 300,544 Income tax (40.6) Income tax (40,641) 4.14. Result of non-controlling interests 7.5 Attributable to non-controlling interests 7,518 Result after tax 252.4 Attributable to owners of the parent 252,385 Net interest income 488.0 Net other income(i) Net fee and commission income 178.8 Net income from financial transactions 10.1 (23.3) Administrative expenses (292,630) 4.9. Impairments and provisions for credit risk (32.0) Other impairments and provisions (0.4)
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85 NLB Group Interim Report January – June 2026 Table 25: Unaudited Condensed Statement of Financial Position of NLB Group as at 30 June 2026 Business report in EUR millions Financial report in EUR thousands Notes ASSETS Cash, cash balances at central banks, and other demand deposits at banks 3,550.6 Cash, cash balances at central banks, and other demand deposits at banks 3,550,578 5.1. Loans to banks 447.1 Financial assets measured at amortised cost - loans and advances to banks 447,076 5.5.b) Financial assets measured at amortised cost - loans and advances to customers 19,653,973 5.5.c) Financial assets 7,272.9 7,272,870 - Trading book 8.9 Financial assets held for trading 6,860 5.2.a) Non-trading financial assets mandatorily at fair value through profit or loss - part (without loans) 25,205 5.3.a) Financial assets measured at fair value through other comprehensive income 2,823,913 5.4. Financial assets measured at amortised cost - debt securities 4,416,892 5.5.a) Investments in subsidiaries, associates, and joint ventures 14.4 Investments in associates and joint ventures 14,360 Property and equipment 336.0 Property and equipment 336,014 5.7. Investment property 24.2 Investment property 24,205 5.8. Intangible assets 119.3 Intangible assets 119,266 Financial assets measured at amortised cost - other financial assets 204,482 5.5.d) Derivatives - hedge accounting 48,089 Fair value changes of the hedged items in portfolio hedge of interest rate risk (13,785) Current income tax assets 747 Deferred income tax assets 115,083 5.13. Other assets 75,786 5.9. Non-current assets held for sale 3,773 5.6. TOTAL ASSETS 31,852.5 Total assets 31,852,517 LIABILITIES Deposits from customers 25,075.9 Financial liabilities measured at amortised cost - due to customers 25,075,872 5.11. Deposits from banks and central banks 100.0 Financial liabilities measured at amortised cost - deposits from banks and central banks 99,979 5.11. Financial liabilities measured at amortised cost - borrowings from banks and central banks 373,337 5.11. Financial liabilities measured at amortised cost - borrowings from other customers 115,746 5.11. Subordinated debt securities 542.2 Other debt securities in issue 1,006.6 Financial liabilities held for trading 3,198 5.2.b) Financial liabilities measured at fair value through profit or loss 16,641 5.3.b) Financial liabilities measured at amortised cost - other financial liabilities 397,283 5.11.c) Derivatives - hedge accounting 6,819 Fair value changes of the hedged items in portfolio hedge of interest rate risk (8) Provisions 95,032 5.12. Current income tax liabilities 23,500 Deferred income tax liabilities 487 5.13. Other liabilities 123,076 5.15. Equity 3,895.1 Equity and reserves attributable to owners of the parent 3,895,088 Non-controlling interests 77.7 Non-controlling interests 77,660 TOTAL LIABILITIES AND EQUITY 31,852.5 Total liabilities and equity 31,852,517 5.11.a)1,548,807 7,264.0 Other assets Other liabilities 666.0 Net loans to customers 19,654.0 - Non-trading book 434.2 Borrowings 489.1 Financial liabilities measured at amortised cost - debt securities issue
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86 NLB Group Interim Report January – June 2026 Unaudited Condensed Interim Financial Statements of the NLB Group and NLB as at 30 June 2026 Prepared in accordance with International Accounting Standard 34 ‘Interim Financial Reporting’
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87 NLB Group Interim Report January – June 2026 Contents Condensed income statement for the period ended 30 June 88 Condensed income statement for the three months ended 30 June 89 Condensed statement of other comprehensive income for the period ended 30 June 90 Condensed statement of other comprehensive income for the three months ended 30 June 90 Condensed statement of financial position as at 30 June and as at 31 December 91 Condensed statement of changes in equity for the period ended 30 June 92 Condensed statement of cash flows for the period ended 30 June 93 Statement of management’s responsibility 94 Notes to the condensed interim financial statements 95 1. General information 95 2. Summary of material accounting policy information 95 2.1. Statement of compliance 95 2.2. Accounting policies 95 3. Changes in the composition of the NLB Group 96 4. Notes to the condensed income statement 97 4.1. Interest income and expenses 97 4.2. Dividend income 97 4.3. Fee and commission income and expenses 98 4.4. Gains less losses from derecognition of financial assets and liabilities not measured at fair value through profit or loss 98 4.5. Gains less losses from financial assets and liabilities held for trading 98 4.6. Gains less losses from non-trading financial assets mandatorily at fair value through profit or loss 98 4.7. Other operating income 98 4.8. Other operating expenses 99 4.9. Administrative expenses 99 4.10. Cash contributions to resolution funds and deposit guarantee schemes 99 4.11. Depreciation and amortisation 99 4.12. Provisions 99 4.13. Impairment charge 99 4.14. Income tax 100 5. Notes to the condensed statement of financial position 100 5.1. Cash, cash balances at central banks and other demand deposits at banks 100 5.2. Financial instruments held for trading 100 5.3. Non-trading financial instruments measured at fair value through profit or loss 101 5.4. Financial assets measured at fair value through other comprehensive income 101 5.5. Financial assets measured at amortised cost 101 5.6. Non-current assets held for sale 102 5.7. Property and equipment 102 5.8. Investment property 102 5.9. Other assets 102 5.10. Movements in allowance for the impairment of financial assets 103 5.11. Financial liabilities measured at amortised cost 105 5.12. Provisions 106 5.13. Deferred income tax 107 5.14. Income tax relating to components of other comprehensive income 107 5.15. Other liabilities 108 5.16. Other equity instruments issued 108 5.17. Book value per share 108 5.18. Capital adequacy ratio 109 5.19. Off-balance sheet liabilities 109 5.20. Fair value hierarchy of financial and non-financial assets and liabilities 110 6. Analysis by segment for NLB Group 117 7. Related-party transactions 120 8. Subsidiaries 122 9. Events after the end of the reporting period 123
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88 NLB Group Interim Report January – June 2026 Condensed income statement for the period ended 30 June in EUR thousands June June June June 2026 2025 2026 2025 Notes unaudited unaudited unaudited unaudited Interest income calculated using the effective interest method 576,487 539,696 301,417 286,327 Other interest and similar income 66,205 61,560 21,355 17,926 Interest and similar income 4.1. 642,692 601,256 322,772 304,253 Interest expenses calculated using the effective interest method (140,196) (122,509) (81,348) (86,512) Other interest and similar expenses (14,544) (12,310) (14,339) (12,128) Interest and similar expenses 4.1. (154,740) (134,819) (95,687) (98,640) Net interest income 487,952 466,437 227,085 205,613 Dividend income 4.2. 81 87 249,775 210,542 Fee and commission income 4.3. 247,246 224,123 109,603 101,000 Fee and commission expenses 4.3. (68,431) (61,044) (25,759) (24,069) Net fee and commission income 178,815 163,079 83,844 76,931 Gains less losses from derecognition of financial assets and liabilities not measured at fair value through profit or loss 4.4. (186) (267) (186) (321) Gains less losses from financial assets and liabilities held for trading 4.5. 18,229 10,126 5,928 (1,251) Gains less losses from non-trading financial assets mandatorily at fair value through profit or loss 4.6. 1,332 730 1,743 885 Gains less losses from financial liabilities measured at fair value through profit or loss (3,785) (1,213) (2,378) (729) Gains less losses from hedge accounting (1,911) 1,662 (1,901) 1,769 Foreign exchange translation gains less losses (3,413) 9,963 (1,910) 5,445 Net gains or losses on derecognition of investments in subsidiaries, associates and joint ventures - 719 - 189 Gains less losses on derecognition of non-financial assets 1,535 3,066 17 25 Other operating income 4.7. 10,946 13,940 6,506 6,648 Other operating expenses 4.8. (5,421) (2,983) (4,151) (1,923) Administrative expenses 4.9. (292,630) (281,607) (153,933) (150,762) Cash contributions to resolution funds and deposit guarantee schemes 4.10. (28,017) (28,080) (12,465) (12,013) Depreciation and amortisation 4.11. (33,299) (34,616) (11,248) (12,653) Gains less losses from modification of financial assets (128) (113) - - Provisions for credit losses 4.12. (924) 1,319 (6,656) (599) Provisions for other liabilities and charges 4.12. (388) (3,306) (1,001) (3,550) Impairment of financial assets 4.13. (31,028) 4,471 (19,841) (5,913) Impairment of non-financial assets 4.13. (24) 11 - (600) Share of profit from investments in associates and joint ventures (accounted for using the equity method) 1,209 1,421 - - Gains less losses from non-current assets held for sale 1,599 1,498 68 99 Profit before income tax 300,544 326,344 359,296 317,832 Income tax 4.14. (40,641) (43,866) (22,055) (21,830) Profit for the period 259,903 282,478 337,241 296,002 Attributable to owners of the parent 252,385 274,380 337,241 296,002 Attributable to non-controlling interests 7,518 8,098 - - Earnings per share (in EUR per share) 12.62 13.72 16.86 14.80 Diluted earnings per share (in EUR per share) 12.62 13.72 16.86 14.80 6 months ended6 months ended NLBNLB Group
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89 NLB Group Interim Report January – June 2026 Condensed income statement for the three months ended 30 June in EUR thousands June June June June 2026 2025 2026 2025 Notes unaudited unaudited unaudited unaudited Interest income calculated using the effective interest method 293,507 269,692 153,464 142,215 Other interest and similar income 34,511 31,746 11,587 10,076 Interest and similar income 4.1. 328,018 301,438 165,051 152,291 Interest expenses calculated using the effective interest method (72,292) (62,095) (41,073) (43,755) Other interest and similar expenses (8,391) (6,826) (8,295) (6,742) Interest and similar expenses 4.1. (80,683) (68,921) (49,368) (50,497) Net interest income 247,335 232,517 115,683 101,794 Dividend income 4.2. 60 70 238,945 192,748 Fee and commission income 4.3. 128,509 114,917 56,581 51,224 Fee and commission expenses 4.3. (36,302) (32,240) (13,447) (12,735) Net fee and commission income 92,207 82,677 43,134 38,489 Gains less losses from derecognition of financial assets and liabilities not measured at fair value through profit or loss 4.4. (104) 9 (104) - Gains less losses from financial assets and liabilities held for trading 4.5. 9,577 7,212 3,518 (329) Gains less losses from non-trading financial assets mandatorily at fair value through profit or loss 4.6. 1,599 (210) 1,540 (101) Gains less losses from financial liabilities measured at fair value through profit or loss (2,167) (466) (1,431) (331) Gains less losses from hedge accounting (1,262) 2,012 (1,255) 1,691 Foreign exchange translation gains less losses (29) 4,925 (335) 3,399 Net gains or losses on derecognition of investments in subsidiaries, associates and joint ventures - 719 - 189 Gains less losses on derecognition of non-financial assets 835 2,183 14 4 Other operating income 4.7. 5,726 5,216 2,994 3,348 Other operating expenses 4.8. (2,637) (1,873) (1,622) (1,017) Administrative expenses 4.9. (150,444) (144,747) (79,189) (77,411) Cash contributions to resolution funds and deposit guarantee schemes 4.10. (7,278) (8,727) 765 (635) Depreciation and amortisation 4.11. (16,620) (17,725) (5,571) (6,439) Gains less losses from modification of financial assets (72) (70) - - Provisions for credit losses 4.12. (210) 1,869 (6,143) (1,244) Provisions for other liabilities and charges 4.12. 445 (5,583) - (3,550) Impairment of financial assets 4.13. (18,915) 18,442 (15,057) 2,440 Impairment of non-financial assets 4.13. (55) (12) - (600) Share of profit from investments in associates and joint ventures (accounted for using the equity method) 718 853 - - Gains less losses from non-current assets held for sale 72 234 68 1 Profit before income tax 158,781 179,525 295,954 252,446 Income tax 4.14. (21,307) (26,170) (15,681) (18,034) Profit for the period 137,474 153,355 280,273 234,412 Attributable to owners of the parent 133,075 148,541 280,273 234,412 Attributable to non-controlling interests 4,399 4,814 - - NLB Group 3 months ended 3 months ended NLB
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90 NLB Group Interim Report January – June 2026 Condensed statement of other comprehensive income for the period ended 30 June Condensed statement of other comprehensive income for the three months ended 30 June in EUR thousands June June June June 2026 2025 2026 2025 Notes unaudited unaudited unaudited unaudited Net profit for the period after tax 259,903 282,478 337,241 296,002 Other comprehensive income after tax (783) 14,515 (44) 12,200 Items that will not be reclassified to income statement Fair value changes of equity instruments measured at fair value through other comprehensive income 626 646 676 944 Income tax related to items that will not be reclassified to profit or loss 5.14. (135) (157) (149) (207) Items that have been or may be reclassified subsequently to income statement Foreign currency translation (658) (1,710) - - Translation gains/(losses) taken to equity (658) (1,710) - - Debt instruments measured at fair value through other comprehensive income (774) 19,585 (733) 14,703 Valuation gains/(losses) taken to equity (974) 20,668 (1,128) 14,515 Transferred to income statement 200 (1,083) 395 188 Income tax related to items that may be reclassified to profit or loss 5.14. 158 (3,849) 162 (3,240) Total other comprehensive income for the period after tax 259,120 296,993 337,197 308,202 Attributable to owners of the parent 251,630 288,793 337,197 308,202 Attributable to non-controlling interests 7,490 8,200 - - NLBNLB Group 6 months ended6 months ended in EUR thousands June June June June 2026 2025 2026 2025 unaudited unaudited unaudited unaudited Net profit for the period after tax 137,474 153,355 280,273 234,412 Other comprehensive income/(loss) after tax 16,595 10,018 11,418 9,975 Items that will not be reclassified to income statement Fair value changes of equity instruments measured at fair value through other comprehensive income 4,006 (1,494) 711 603 Income tax related to items that will not be reclassified to profit or loss (611) 141 (157) (132) Items that have been or may be reclassified subsequently to income statement Foreign currency translation (6) (88) - - Translation gains/(losses) taken to equity (6) (88) - - Debt instruments measured at fair value through other comprehensive income 16,633 14,425 13,927 12,196 Valuation gains/(losses) taken to equity 16,625 15,280 13,865 12,013 Transferred to income statement 8 (855) 62 183 Income tax related to items that may be reclassified to profit or loss (3,427) (2,966) (3,063) (2,692) Total comprehensive income for the period after tax 154,069 163,373 291,691 244,387 Attributable to owners of the parent 149,604 158,535 291,691 244,387 Attributable to non-controlling interests 4,465 4,838 - - 3 months ended NLB Group NLB 3 months ended
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91 NLB Group Interim Report January – June 2026 Condensed statement of financial position as at 30 June and as at 31 December in EUR thousands 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 Notes unaudited audited unaudited audited Cash, cash balances at central banks, and other demand deposits at banks 5.1. 3,550,578 4,371,798 1,356,902 2,220,649 Financial assets held for trading 5.2.a) 6,860 4,552 8,779 6,302 Non-trading financial assets mandatorily at fair value through profit or loss 5.3.a) 25,205 21,706 27,101 23,543 Financial assets measured at fair value through other comprehensive income 5.4. 2,823,913 2,744,384 2,199,313 2,093,239 Financial assets measured at amortised cost - debt securities 5.5.a) 4,416,892 4,317,154 3,317,287 3,146,795 - loans and advances to banks 5.5.b) 447,076 404,532 319,851 322,150 - loans and advances to customers 5.5.c) 19,653,973 18,705,474 10,039,002 9,550,493 - other financial assets 5.5.d) 204,482 170,741 233,826 81,530 Derivatives - hedge accounting 48,089 85,114 48,089 85,114 Fair value changes of the hedged items in portfolio hedge of interest rate risk (13,785) (13,768) (14,556) (15,113) Investments in subsidiaries - - 1,276,020 1,262,826 Investments in associates and joint ventures 14,360 14,137 4,293 4,293 Tangible assets - property and equipment 5.7. 336,014 331,255 107,806 103,541 - investment property 5.8. 24,205 24,370 5,278 5,331 Intangible assets 119,266 115,871 48,997 46,645 Current income tax assets 747 27 - - Deferred income tax assets 5.13. 115,083 108,251 101,255 101,365 Other assets 5.9. 75,786 63,856 28,666 20,255 Non-current assets held for sale 5.6. 3,773 5,378 2,120 2,052 Total assets 31,852,517 31,474,832 19,110,029 19,061,010 Financial liabilities held for trading 5.2.b) 3,198 4,555 4,093 6,204 Financial liabilities measured at fair value through profit or loss 5.3.b) 16,641 13,648 9,403 8,587 Financial liabilities measured at amortised cost - deposits from banks and central banks 5.11. 99,979 98,758 312,323 151,736 - borrowings from banks and central banks 5.11. 373,337 166,775 130,086 47,711 - due to customers 5.11. 25,075,872 24,509,880 13,538,519 13,449,865 - borrowings from other customers 5.11. 115,746 113,216 151 293 - debt securities issued 5.11.a) 1,548,807 2,099,220 1,548,807 2,099,220 - other financial liabilities 5.11.c) 397,283 362,649 226,207 162,813 Derivatives - hedge accounting 6,819 2,898 5,951 1,461 Fair value changes of the hedged items in portfolio hedge of interest rate risk (8) - (8) - Provisions 5.12. 95,032 100,236 50,341 44,274 Current income tax liabilities 23,500 20,969 13,044 6,440 Deferred income tax liabilities 5.13. 487 425 - - Other liabilities 5.15. 123,076 121,269 69,198 79,289 Total liabilities 27,879,769 27,614,498 15,908,115 16,057,893 Equity and reserves attributable to owners of the parent Share capital 200,000 200,000 200,000 200,000 Share premium 871,378 871,378 871,378 871,378 Other equity instruments 5.16. 399,730 386,107 399,730 386,107 Accumulated other comprehensive income (1,069) (314) 7,307 7,351 Profit reserves 186,332 186,332 186,332 186,332 Retained earnings 2,238,717 2,138,073 1,537,167 1,351,949 3,895,088 3,781,576 3,201,914 3,003,117 Non-controlling interests 77,660 78,758 - - Total equity 3,972,748 3,860,334 3,201,914 3,003,117 Total liabilities and equity 31,852,517 31,474,832 19,110,029 19,061,010 NLBNLB Group
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92 NLB Group Interim Report January – June 2026 Condensed statement of changes in equity for the period ended 30 June in EUR thousands NLB Group Other equity instruments Fair value reserve of financial assets measured at FVOCI Foreign currency translation reserve Other Note 5.16. Balance as at 1 Jan 2026 200,000 871,378 386,107 16,962 (14,600) (2,676) 186,332 2,138,073 3,781,576 78,758 3,860,334 - Net profit for the period - - - - - - - 252,385 252,385 7,518 259,903 - Other comprehensive income - - - (115) (640) - - - (755) (28) (783) Total comprehensive income after tax - - - (115) (640) - - 252,385 251,630 7,490 259,120 Dividends - - - - - - - (138,400) (138,400) (8,066) (146,466) Transactions with non-controlling interests - - - - - - - 4 4 (244) (240) Other - - 13,623 - - - - (13,345) 278 (278) - Balance as at 30 Jun 2026 200,000 871,378 399,730 16,847 (15,240) (2,676) 186,332 2,238,717 3,895,088 77,660 3,972,748 Share capital Share premium Equity attributable to non-controlling interests Total equity Accumulated other comprehensive income Profit reserves Retained earnings Equity attributable to owners of the parent in EUR thousands NLB Group Other equity instruments Fair value reserve of financial assets measured at FVOCI Foreign currency translation reserve Other Note 5.16. Balance as at 1 Jan 2025 200,000 871,378 84,184 (5,536) (11,366) (2,740) 186,332 1,903,708 3,225,960 72,085 3,298,045 - Net profit for the period - - - - - - - 274,380 274,380 8,098 282,478 - Other comprehensive income - - - 16,118 (1,705) - - - 14,413 102 14,515 Total comprehensive income after tax - - - 16,118 (1,705) - - 274,380 288,793 8,200 296,993 Dividends - - - - - - - (128,600) (128,600) (8,641) (137,241) Transactions with non-controlling interests - - - - - - - - - - - Other - - 3,953 - - - - (3,953) - - - Balance as at 30 Jun 2025 200,000 871,378 88,137 10,582 (13,071) (2,740) 186,332 2,045,535 3,386,153 71,644 3,457,797 Share capital Equity attributable to non-controlling interests Share premium Profit reserves Retained earnings Accumulated other comprehensive income Equity attributable to owners of the parent Total equity in EUR thousands NLB Share capital Share premium Other equity instruments Fair value reserve of financial assets measured at FVOCI Other Profit reserves Retained earnings Total equity Note 5.16. Balance as at 1 Jan 2026 200,000 871,378 386,107 9,099 (1,748) 186,332 1,351,949 3,003,117 - Net profit for the period - - - - - - 337,241 337,241 - Other comprehensive income - - - (44) - - - (44) Total comprehensive income after tax - - - (44) - - 337,241 337,197 Dividends - - - - - - (138,400) (138,400) Other - - 13,623 - - - (13,623) - Balance as at 30 Jun 2026 200,000 871,378 399,730 9,055 (1,748) 186,332 1,537,167 3,201,914 Accumulated other comprehensive income in EUR thousands NLB Share capital Share premium Other equity instruments Fair value reserve of financial assets measured at FVOCI Other Profit reserves Retained earnings Total equity Note 5.16. Balance as at 1 Jan 2025 200,000 871,378 84,184 (8,283) (2,065) 186,332 1,194,063 2,525,609 - Net profit for the period - - - - - - 296,002 296,002 - Other comprehensive income - - - 12,200 - - - 12,200 Total comprehensive income after tax - - - 12,200 - - 296,002 308,202 Dividends - - - - - - (128,600) (128,600) Other - - 3,953 - - - (3,953) - Balance as at 30 Jun 2025 200,000 871,378 88,137 3,917 (2,065) 186,332 1,357,512 2,705,211 Accumulated other comprehensive income
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93 NLB Group Interim Report January – June 2026 Condensed statement of cash flows for the period ended 30 June in EUR thousands June June June June 2026 2025 2026 2025 Notes unaudited unaudited unaudited unaudited CASH FLOWS FROM OPERATING ACTIVITIES Interest received 650,239 617,577 339,190 323,278 Interest paid (176,717) (150,723) (132,175) (119,369) Dividends received 1,050 82 121,823 79,829 Fee and commission receipts 245,812 223,010 105,896 97,839 Fee and commission payments (67,201) (60,286) (26,382) (23,418) Realised gains from financial assets and financial liabilities not at fair value through profit or loss - 54 - - Net gains/(losses) from financial assets and liabilities held for trading 18,916 11,372 5,151 (504) Payments to employees and suppliers (337,317) (312,388) (187,659) (179,169) Other receipts 15,182 17,133 7,721 8,622 Other payments (38,187) (38,958) (16,404) (20,326) Income tax (paid)/received (33,883) (37,072) (3,755) (10,128) Cash flows from operating activities before changes in operating assets and liabilities 277,894 269,801 213,406 156,654 (Increases)/decreases in operating assets (1,196,227) (1,484,391) (641,815) (907,564) Net (increase)/decrease in trading assets (6,775) 4,326 (6,775) 4,326 Net (increase)/decrease in non-trading financial assets mandatorily at fair value through profit or loss (2,391) (1,160) (2,213) (775) Net (increase)/decrease in financial assets measured at fair value through other comprehensive income (75,505) (190,931) (100,564) (347,643) Net (increase)/decrease in loans and receivables measured at amortised cost (1,087,776) (1,274,293) (532,305) (562,723) Net (increase)/decrease in other assets (23,780) (22,333) 42 (749) Increases/(decreases) in operating liabilities 811,061 985,970 405,195 805,892 Net increase/(decrease) in financial liabilities measured at fair value through profit or loss (3,023) (1,679) (2,465) (1,679) Net increase/(decrease) in deposits and borrowings measured at amortised cost 806,474 988,241 404,826 807,350 Net increase/(decrease) in other liabilities 7,610 (592) 2,834 221 Net cash flows from operating activities (107,272) (228,620) (23,214) 54,982 CASH FLOWS FROM INVESTING ACTIVITIES Receipts from investing activities 669,523 652,094 193,636 185,983 Proceeds from sale of property, equipment, and investment property 17,096 23,213 36 408 Proceeds from sale of associates and joint ventures 3. - 720 - 720 Proceeds from non-current assets held for sale 3,127 8,698 - 182 Proceeds from maturity/disposals of debt securities measured at amortised cost 649,300 619,463 193,600 184,673 Payments from investing activities (755,475) (781,470) (384,078) (252,470) Purchase of property, equipment, and investment property (20,655) (23,989) (9,546) (14,369) Purchase of intangible assets (15,105) (13,002) (9,583) (6,520) Purchase of subsidiaries, net of cash acquired and increase in subsidiaries' equity 3. (240) - (240) (1,650) Purchase of debt securities measured at amortised cost (719,475) (744,479) (364,709) (229,931) Net cash flows from investing activities (85,952) (129,376) (190,442) (66,487) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from financing activities - 497,052 - 497,052 Issuance of senior preferred notes 5.11.b) - 497,052 - 497,052 Payments from financing activities (650,828) (151,901) (652,376) (171,845) Dividends paid (146,267) (136,893) (138,400) (128,600) Repayments of subordinated debt 5.11.b) - (10,500) - (10,500) Repayments of senior preferred notes 5.11.b) (500,000) - (500,000) - Lease payments (4,561) (4,508) (1,021) (857) Payments related to purchase of subsidiaries' other equity instruments - - (12,955) (31,888) Net cash flows from financing activities (650,828) 345,151 (652,376) 325,207 Effects of exchange rate changes on cash and cash equivalents 3,168 (6,692) 61 458 Net increase/(decrease) in cash and cash equivalents (844,052) (12,845) (866,032) 313,702 Cash and cash equivalents at beginning of period 4,823,923 4,498,650 2,267,941 2,013,308 Cash and cash equivalents at end of period 3,983,039 4,479,113 1,401,970 2,327,468 6 months ended NLB Group NLB 6 months ended in EUR thousands 30 June 2026 31 Dec 2025 30 June 2026 31 Dec 2025 Notes unaudited audited unaudited audited Cash and cash equivalents comprise: Cash, cash balances at central banks, and other demand deposits at banks 5.1. 3,551,472 4,372,729 1,356,970 2,220,761 Loans and advances to banks with original maturity up to 3 months 421,976 441,447 45,000 47,180 Debt securities measured at fair value through other comprehensive income with original maturity up to 3 months 9,591 9,747 - - Total 3,983,039 4,823,923 1,401,970 2,267,941 NLB Group NLB
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94 NLB Group Interim Report January – June 2026 Statement of management’s responsibility The Management Board hereby confirms and approves the release of the condensed interim financial statements of NLB Group and NLB for the 6 months ending 30 June 2026, the accompanying accounting policies, and notes to the financial statements. The Management Board is responsible for the preparation and presentation of these condensed interim financial statements in accordance with IAS 34 ‘Interim financial reporting’ as adopted by the EU in order to give a true and fair view of the financial position of NLB Group and NLB as at 30 June 2026, and their financial results and cash flows for the period then ended. The Management Board also confirms that appropriate accounting policies were consistently applied, and that the accounting estimates were prepared in accordance with the principles of prudence and good management. The Management Board further confirms that the condensed interim financial statements of NLB Group and NLB have been prepared on a going-concern basis for NLB Group and NLB and are in line with valid legislation and IAS 34 ‘Interim financial reporting.’ The Management Board is also responsible for appropriate accounting practices, the adoption of appropriate measures for the safeguarding of assets, and the prevention and identification of fraud and other irregularities or illegal acts. Management Board Peter Andreas Burkhardt Antonio Argir Blaž Brodnjak Member Member Chief executive officer Hedvika Usenik Andrej Lasič Archibald Kremser Reinhard Höll Member Member Member Member Ljubljana, 6 August 2026
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95 NLB Group Interim Report January – June 2026 Notes to the condensed interim financial statements 1. General information Nova Ljubljanska banka d.d., Ljubljana is a Slovenian joint-stock entity providing universal banking services. NLB Group consists of NLB and its subsidiaries located in nine countries. Information on the NLB Group’s structure is disclosed in note 8. Information on other related party relationships of NLB Group is provided in note 7. NLB is incorporated and domiciled in Slovenia. The address of its registered office is Trg republike 2, 1000 Ljubljana. NLB’s shares are listed on the Ljubljana Stock Exchange, and the global depositary receipts (‘GDR’) representing ordinary shares of NLB are listed on the London Stock Exchange. Five GDRs represent one share of NLB. As at 30 June 2026 and as at 31 December 2025, the largest shareholder of NLB with significant influence is the Republic of Slovenia, owning 25.00% plus one share. All amounts in the condensed interim financial statements and in the notes to the condensed interim financial statements are expressed in thousands of euros unless otherwise stated. 2. Summary of material accounting policy information 2.1. Statement of compliance These condensed interim financial statements have been prepared in accordance with IAS 34 Interim financial reporting and should be read in conjunction with the annual financial statements of NLB Group and NLB for the year ended 31 December 2025, which have been prepared in accordance with the International Financial Reporting Standards as adopted by the EU. 2.2. Accounting policies The same accounting policies and methods of computation were followed in the preparation of these consolidated condensed interim financial statements as for the year ended 31 December 2025, except for accounting standards and other amendments effective for annual periods beginning on 1 January 2026 that were endorsed by the EU. Accounting standards and amendments to existing standards that were endorsed by the EU and adopted by the NLB Group from 1 January 2026 • IFRS 9 and IFRS 7 (amendment) – Amendments to the Classification and Measurement of Financial Instruments (effective for annual periods beginning on or after 1 January 2026). • Annual Improvements Volume 11 (amendment) (effective for annual periods beginning on or after 1 January 2026). • IFRS 9 and IFRS 7 (amendment) – Contracts Referencing Nature-dependent Electricity (effective for annual periods beginning on or after 1 January 2026). Accounting standards and amendments to existing standards that were endorsed by the EU, but not adopted early by the NLB Group • IFRS 18 (new standard) – Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 January 2027). Accounting standards and amendments to existing standards issued but not endorsed by the EU • IFRS 19 (new standard and amendment) – Subsidiaries without Public Accountability: Disclosures (effective for annual periods beginning on or after 1 January 2027). • IAS 21(amendment) – The Effects of Changes in Foreign Exchange Rates: Translation to a Hyperinflationary Presentation Currency (effective for annual periods beginning on or after 1 January 2027). • IAS 28 (amendment) – Investments in Associates and Joint Ventures – Fair Value Option (effective for annual periods beginning on or after 1 January 2027). • IFRS 20 (new standard) – Regulatory Assets and Regulatory Liabilities (effective for annual periods beginning on or after 1 January 2029).
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96 NLB Group Interim Report January – June 2026 3. Changes in the composition of the NLB Group Changes in the period ended 30 June 2026 Capital changes: • In February 2026, NLB d.d., Ljubljana successfully squeezed out the remaining shareholders of NLB Banka a.d., Banja Luka and thereby became the owner of 100% of this bank. Prior to the squeeze -out process, NLB d.d. , Ljubljana owned 99.85% of share capital and voting rights. Through the squeeze-out process, NLB d.d., Ljubljana acquired 91 shares with the value of EUR 240 thousand. • In February 2026, NLB d.d., Ljubljana obtained other equity instruments issued by NLB Banka a.d., Banja Luka in the amount of EUR 13,000 thousand. • In March 2026, NLB Skladi d.o.o., Ljubljana increased the share capital in the form of a cash contribution in the amount of EUR 298 thousand in the company NLB Fondovi a.d., Beograd. • In March 2026, NLB Lease&Go, leasing, d.o.o., Ljubljana and NLB Banka a.d., Skopje increased the share capital in the form of a cash contribution in the amount of EUR 1,900 thousand in the company NLB Lease&Go d.o.o. , Skopje. • In June 2026, NLB Skla di d.o.o., Ljubljana increased the share capital in the form of a cash contribution in the amount of EUR 700 thousand in the company NLB Fondovi a.d., Beograd. • In June 2026, NLB Lease&Go, leasing, d.o.o., Ljubljana increased the share capital in the form of a cash contribution in the amount of EUR 800 thousand in the company NLB Car&Go, upravljanje spletnih platform, d.o.o., Ljubljana. Other changes: • In May 2026, NLB Skladi d.o.o., Ljubljana established a new alternative investment fund NLB Skladi – Nepremičnine, nepremičninska investicijska družba, d.d., Ljubljana. Changes in 2025 Capital changes: • In February 2025, NLB d.d., Ljubljana increased the share capital in the form of a cash contribution in the amount of EUR 1,050 thousand in the company NLB Lease&Go, leasing, d.o.o., Ljubljana. • In February 2025, NLB Lease&Go, leasing, d.o.o., Ljubljana increased the share capital in the form of a cash contribution in the amount of EUR 1,050 thousand in the company NLB Car&Go, upravljanje spletnih platform, d.o.o., Ljubljana. • In March 2025, NLB d.d., Ljubljana obtained other equity instruments issued by NLB Banka sh.a., Prishtina in the amount of EUR 7,000 thousand and other equity instruments issued by NLB Banka d.d., Sarajevo in the amount of EUR 10,000 thousand. • In May 2025, NLB Skladi d.o.o., Ljubljana increased the share capital in the form of a cash contribution in the amount of EUR 600 thousand in the company NLB Fondovi a.d., Beograd. • In May 2025, NLB d.d., Ljubljana increased the share capital in the form of a cash contribution in the amount of EUR 600 thousand in the company LHB AG, Frankfurt. • In May 2025, NLB d.d., Ljubljana obtained other equity instruments issued by NLB Banka a.d., Skopje in the amount of EUR 15,000 thousand. • In July 2025, NLB d.d., Ljubljana increased the share capital in the form of a cash contribution in the amount of EUR 646 thousand in the company NLB Lease&Go, leasing, d.o.o., Ljubljana. • In September 2025, NLB Lease&Go, leasing, d.o.o., Ljubljana and NLB Banka a.d., Skopje increased the share capital in the form of a cash contribution in the total amount of EUR 1,266 thousand in the company NLB Lease&Go d.o.o., Skopje. • In September and November 2025, a total decrease of the share capital in the amount of EUR 8,577 thousand was registered in NLB InterFinanz AG, Zürich in Liquidation. • In December 2025, NLB Lease&Go, leasing, d.o.o., Ljubljana and NLB Banka a.d., Skopje increased the share capital in the form of a cash contribution in the total amount of EUR 500 thousand in the company NLB Lease&Go d.o.o., Skopje. • In December 2025, NLB d.d., Ljubljana obtained other equity instruments issued by NLB Banka a.d., Podgorica in the amount of EUR 12,000 thousand.
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97 NLB Group Interim Report January – June 2026 Other changes: • In May 2025, after merging with Summit Leasing Slovenija d.o.o., Ljubljana, the subsidiary SLS HOLDCO d.o.o. ceased to exist. All its assets and liabilities were transferred to Summit Leasing Slovenija d.o.o., Ljubljana, which became its universal legal successor after the merger. • In May 2025, ARG – Nepremičnine d.o.o., Horjul, was liquidated. In accordance with the court order, the company was removed from the court register. • In July 2025, after merging with Summit Leasing Slovenija d.o.o., Ljubljana, the subsidiary NLB Lease&Go, leasing, d.o.o., Ljubljana ceased to exist. All its assets and liabilities were transferred to Summit Leasing Slovenija d.o.o., Ljubljana, which became its universal legal successor after the merger. The company was renamed NLB Lease&Go, leasing, d.o.o., Ljubljana. • In November 2025, OL Nekretnine d.o.o., Zagreb – u likvidaciji was liquidated. In accordance with the court order, the company was removed from the court register. 4. Notes to the condensed income statement 4.1. Interest income and expenses Analysis by type of assets and liabilities 4.2. Dividend income in EUR thousands June June June June June June June June 2026 2025 2026 2025 2026 2025 2026 2025 Interest and similar income Interest income calculated using the effective interest method 293,507 269,692 576,487 539,696 7% 153,464 142,215 301,417 286,327 5% Loans and advances to customers at amortised cost 227,189 208,590 446,052 418,050 7% 104,579 99,679 204,826 200,477 2% Securities measured at amortised cost 32,848 27,552 63,446 54,072 17% 21,898 17,853 42,674 35,156 21% Financial assets measured at fair value through other comprehensive income 19,279 16,311 37,463 31,148 20% 14,643 10,646 27,937 19,349 44% Loans and advances to banks measured at amortised cost 5,115 5,800 9,752 9,727 0% 4,085 3,426 7,834 6,575 19% Deposits with banks and central banks 9,076 11,439 19,774 26,699 -26% 8,259 10,611 18,146 24,770 -27% Other interest and similar income 34,511 31,746 66,205 61,560 8% 11,587 10,076 21,355 17,926 19% Financial assets held for trading 440 597 858 1,317 -35% 591 713 1,200 1,497 -20% Non-trading financial assets mandatorily at fair value through profit or loss 1 4 1 6 -83% 28 36 55 73 -25% Derivatives - hedge accounting 10,968 9,327 20,042 16,357 23% 10,968 9,327 20,042 16,356 23% Finance leases 22,395 21,818 44,539 43,880 2% - - - - - Other 707 - 765 - - - - 58 - - Total 328,018 301,438 642,692 601,256 7% 165,051 152,291 322,772 304,253 6% Interest and similar expenses Interest expenses calculated using the effective interest method 72,292 62,095 140,196 122,509 14% 41,073 43,755 81,348 86,512 -6% Due to customers 37,924 28,974 73,486 57,692 27% 8,185 10,867 16,789 22,045 -24% Borrowings from banks and central banks 1,811 711 2,910 1,369 113% 547 183 962 286 - Borrowings from other customers 1,088 781 1,682 1,459 15% - 261 92 435 -79% Subordinated liabilities 11,243 11,228 22,208 22,249 0% 11,243 11,228 22,208 22,249 0% Debt securities issued 19,715 19,470 38,882 37,605 3% 19,715 19,470 38,882 37,605 3% Deposits from banks and central banks 210 644 381 1,556 -76% 1,331 1,695 2,312 3,792 -39% Lease liabilities 301 287 647 579 12% 52 51 103 100 3% Other interest and similar expenses 8,391 6,826 14,544 12,310 18% 8,295 6,742 14,339 12,128 18% Derivatives - hedge accounting 7,577 6,113 12,857 10,768 19% 7,433 6,004 12,557 10,606 18% Financial liabilities held for trading 283 518 580 1,134 -49% 427 627 909 1,302 -30% Interest expense on defined employee benefits 191 180 384 355 8% 97 92 194 183 6% Other 340 15 723 53 - 338 19 679 37 - Total 80,683 68,921 154,740 134,819 15% 49,368 50,497 95,687 98,640 -3% Net interest income 247,335 232,517 487,952 466,437 5% 115,683 101,794 227,085 205,613 10% 3 months ended 3 months ended NLB Group Change Change 6 months ended 6 months ended NLB in EUR thousands June June June June June June June June 2026 2025 2026 2025 2026 2025 2026 2025 Financial assets measured at fair value through other comprehensive income 43 54 46 54 -15% - - - - - Investments in subsidiaries - - - - - 237,942 190,687 248,754 208,464 19% Investments in associates, and joint ventures - - - - - 986 2,045 986 2,045 -52% Non-trading financial assets mandatorily at fair value through profit or loss 17 16 35 33 6% 17 16 35 33 6% Total 60 70 81 87 -7% 238,945 192,748 249,775 210,542 19% NLB Group NLB Change Change 3 months ended 3 months ended6 months ended 6 months ended
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98 NLB Group Interim Report January – June 2026 4.3. Fee and commission income and expenses 4.4. Gains less losses from derecognition of financial assets and liabilities not measured at fair value through profit or loss 4.5. Gains less losses from financial assets and liabilities held for trading 4.6. Gains less losses from non-trading financial assets mandatorily at fair value through profit or loss 4.7. Other operating income in EUR thousands June June June June June June June June 2026 2025 2026 2025 Change 2026 2025 2026 2025 Change Fee and commission income Fee and commission income relating to financial instruments not at fair value through profit or loss Credit cards and ATMs 38,708 36,028 71,965 67,657 6% 16,137 15,342 30,366 29,092 4% Customer transaction accounts 27,843 25,602 55,179 51,516 7% 15,354 14,818 30,671 29,786 3% Other fee and commission income Payments 24,065 23,114 45,691 44,305 3% 7,441 6,914 14,294 13,202 8% Investment funds 17,350 11,824 33,326 24,767 35% 5,570 3,304 9,926 7,934 25% Investment banking 4,233 2,991 9,137 7,045 30% 3,233 2,080 7,093 5,205 36% Agency of insurance products 7,055 6,125 13,635 11,315 21% 4,298 4,050 8,518 7,330 16% Other services 3,963 3,806 7,887 7,172 10% 1,542 1,365 2,872 2,229 29% Total fee and commission income from contracts with customers 123,217 109,490 236,820 213,777 11% 53,575 47,873 103,740 94,778 9% Guarantees 5,292 5,427 10,426 10,346 1% 3,006 3,351 5,863 6,222 -6% Total 128,509 114,917 247,246 224,123 10% 56,581 51,224 109,603 101,000 9% Fee and commission expenses Fee and commission expenses relating to financial instruments not at fair value through profit or loss Credit cards and ATMs 26,441 23,537 48,851 44,203 11% 10,703 9,755 20,010 18,571 8% Other fee and commission expenses Payments 3,065 3,452 6,215 6,644 -6% 429 470 981 935 5% Insurance for holders of personal accounts and golden cards 724 474 1,409 906 56% 256 285 536 545 -2% Investment banking 4,676 2,770 8,355 5,473 53% 1,414 1,238 2,588 2,288 13% Guarantees 10 399 406 797 -49% - 388 388 776 -50% Other services 1,386 1,608 3,195 3,021 6% 645 599 1,256 954 32% Total 36,302 32,240 68,431 61,044 12% 13,447 12,735 25,759 24,069 7% Net fee and commission income 92,207 82,677 178,815 163,079 10% 43,134 38,489 83,844 76,931 9% NLB Group NLB 3 months ended 3 months ended6 months ended 6 months ended in EUR thousands June June June June June June June June 2026 2025 2026 2025 2026 2025 2026 2025 Debt instruments measured at fair value through other comprehensive income (104) 9 (162) (267) (104) - (162) (321) Debt instruments measured at amortised cost - - (24) - - - (24) - Total (104) 9 (186) (267) (104) - (186) (321) NLBNLB Group 6 months ended3 months ended 6 months ended3 months ended in EUR thousands June June June June June June June June 2026 2025 2026 2025 2026 2025 2026 2025 Foreign exchange trading 7,944 8,645 15,492 15,282 1,364 1,756 2,801 2,890 Debt instruments 222 30 271 128 222 30 271 128 Derivatives 1,411 (1,463) 2,466 (5,284) 1,932 (2,115) 2,856 (4,269) Total 9,577 7,212 18,229 10,126 3,518 (329) 5,928 (1,251) 6 months ended3 months ended 3 months ended NLB Group NLB 6 months ended in EUR thousands June June June June June June June June 2026 2025 2026 2025 2026 2025 2026 2025 Equity securities 1,599 (215) 1,333 719 1,520 (233) 1,253 680 Debt securities - 5 (1) 11 - - - - Loans and advances to customers - - - - 20 132 490 205 Total 1,599 (210) 1,332 730 1,540 (101) 1,743 885 3 months ended 6 months ended 6 months ended3 months ended NLB Group NLB in EUR thousands June June June June June June June June 2026 2025 2026 2025 2026 2025 2026 2025 Income from non-banking services 2,471 2,512 5,100 5,211 -2% 1,867 1,706 3,672 3,370 9% Rental income from investment property 362 241 576 504 14% 59 63 120 126 -5% Revaluation of investment property to fair value 89 416 89 416 -79% 89 - 89 - - Sale of investment property - - 48 513 -91% - - - 45 - Valuation and sale of gold 86 299 1,342 1,023 31% 86 299 1,342 1,023 31% Other operating income 2,718 1,748 3,791 6,273 -40% 893 1,280 1,283 2,084 -38% Total 5,726 5,216 10,946 13,940 -21% 2,994 3,348 6,506 6,648 -2% NLB Group NLB 3 months ended Change 3 months ended6 months ended 6 months ended Change
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99 NLB Group Interim Report January – June 2026 4.8. Other operating expenses 4.9. Administrative expenses 4.10. Cash contributions to resolution funds and deposit guarantee schemes 4.11. Depreciation and amortisation 4.12. Provisions 4.13. Impairment charge in EUR thousands June June June June June June June June 2026 2025 2026 2025 2026 2025 2026 2025 Donations 251 533 761 725 5% 170 285 1,296 922 41% Revaluation of investment property to fair value 142 - 142 - - 142 - 142 - - Valuation and sale of gold 456 194 1,183 196 - 456 194 1,183 196 - Other operating expenses 1,788 1,146 3,335 2,062 62% 854 538 1,530 805 90% Total 2,637 1,873 5,421 2,983 82% 1,622 1,017 4,151 1,923 116% Change Change NLB Group NLB 3 months ended 6 months ended 3 months ended 6 months ended in EUR thousands June June June June June June June June 2026 2025 2026 2025 2026 2025 2026 2025 Employee costs 88,094 88,854 175,641 171,415 2% 42,944 45,600 85,549 86,416 -1% Tax on balance sheet 9,150 8,171 18,197 16,255 12% 9,150 8,171 18,197 16,255 12% Other general and administrative expenses 53,200 47,722 98,792 93,937 5% 27,095 23,640 50,187 48,091 4% Total 150,444 144,747 292,630 281,607 4% 79,189 77,411 153,933 150,762 2% NLB Group NLB 6 months ended3 months ended3 months ended Change Change 6 months ended in EUR thousands June June June June June June June June 2026 2025 2026 2025 2026 2025 2026 2025 Cash contributions to deposit guarantee schemes 6,140 8,651 26,185 27,922 -6% (765) 635 12,465 12,013 4% Cash contributions to resolution funds 1,138 76 1,832 158 - - - - - - Total 7,278 8,727 28,017 28,080 0% (765) 635 12,465 12,013 4% Change Change 3 months ended 3 months ended6 months ended 6 months ended NLB Group NLB in EUR thousands June June June June June June June June 2026 2025 2026 2025 2026 2025 2026 2025 Amortisation of intangible assets 5,109 6,331 10,139 12,317 -18% 2,368 3,162 4,809 6,193 -22% Depreciation of property and equipment - own property and equipment 9,292 9,249 18,611 18,040 3% 2,675 2,820 5,397 5,579 -3% - right-of-use assets 2,219 2,145 4,549 4,259 7% 528 457 1,042 881 18% Total 16,620 17,725 33,299 34,616 -4% 5,571 6,439 11,248 12,653 -11% NLBNLB Group Change Change 3 months ended 3 months ended6 months ended 6 months ended in EUR thousands June June June June June June June June 2026 2025 2026 2025 2026 2025 2026 2025 Provisions for credit losses 210 (1,869) 924 (1,319) 6,143 1,244 6,656 599 Guarantees and commitments 210 (1,869) 924 (1,319) 6,143 1,244 6,656 599 Provisions for other liabilities and charges (445) 5,583 388 3,306 - 3,550 1,001 3,550 Restructuring provisions - (245) - (245) - - - - Provisions for legal risks 96 5,844 929 3,567 - 3,550 1,001 3,550 Other provisions (541) (16) (541) (16) - - - - Total (235) 3,714 1,312 1,987 6,143 4,794 7,657 4,149 3 months ended 6 months ended6 months ended 3 months ended NLB Group NLB in EUR thousands June June June June June June June June 2026 2025 2026 2025 2026 2025 2026 2025 Impairment of financial assets Cash balances at central banks, and other demand deposits at banks 104 (83) (13) (311) (39) 16 (44) (73) Loans and advances to customers measured at amortised cost (note 5.10.a) 18,085 (16,366) 29,936 (1,550) 15,238 (2,008) 19,555 7,818 Loans and advances to banks measured at amortised cost (note 5.10.a) (40) (248) (67) (211) 42 (177) 41 (175) Debt securities measured at fair value through other comprehensive income (note 5.10.b) (96) (846) 38 (1,350) (42) 183 233 (133) Debt securities measured at amortised cost (note 5.10.b) 755 (921) 731 (1,423) (204) (237) (100) (1,315) Other financial assets measured at amortised cost (note 5.10.a) 107 22 403 374 62 (217) 156 (209) Total impairment of financial assets 18,915 (18,442) 31,028 (4,471) 15,057 (2,440) 19,841 5,913 Impairment of investments in subsidiaries, associates and joint ventures Investments in subsidiaries - - - - - 600 - 600 Total - - - - - 600 - 600 Impairment of other assets Other assets 55 12 24 (11) - - - - Total 55 12 24 (11) - - - - Total impairment of non-financial assets 55 12 24 (11) - 600 - 600 Total impairment 18,970 (18,430) 31,052 (4,482) 15,057 (1,840) 19,841 6,513 3 months ended 6 months ended6 months ended 3 months ended NLB Group NLB
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100 NLB Group Interim Report January – June 2026 4.14. Income tax NLB’s current tax in the first 6 months ended 30 June 2026 includes EUR 10,495 thousand withholding tax suffered in other countries for which no tax credit was available in Slovenia (30 June 2025: EUR 8,977 thousand). The main part of this amount in the first 6 months ended 30 June 2026 is withholding tax on distributed dividends. NLB Group is liable to pay the top-up tax for the group members in jurisdictions where the effective tax rate, calculated by the rules related to the global minimum top-up tax, is below 15%. NLB Group recognised current tax expenses of EUR 2,287 thousand related to the top-up tax in the first 6 months ended 30 June 2026, based on the first estimates for the year 2026 (30 June 2025: EUR 2,361 thousand) related to subsidiaries in Bosnia and Herzegovina, Kosovo and North Macedonia. North Macedonia is the only non-EU country in which the NLB Group operates that has introduced the global minimum top-up tax and has an effective tax rate below 15%. At the end of 2025, the Constitutional Court of the Republic of North Macedonia was reviewing a request to assess the constitutionality of the Law on Global Minimum Tax for 2024. Based on the information available at the time, NLB recognised a liability in respect of the related tax exposure amounting to EUR 1,880 thousand. As the Constitutional Court ultimately did not declare the minimum tax unconstitutional, NLB reversed the liability in 2026, with the resulting effect recognised in profit or loss as income for the period. 5. Notes to the condensed statement of financial position 5.1. Cash, cash balances at central banks and other demand deposits at banks 5.2. Financial instruments held for trading a) Financial assets held for trading b) Financial liabilities held for trading in EUR thousands June June June June June June June June 2026 2025 2026 2025 2026 2025 2026 2025 Current tax 29,314 30,631 45,109 44,626 1% 16,737 17,282 22,480 20,215 11% Global minimum tax 1,116 1,180 2,287 2,361 -3% (1,241) 792 (548) 1,585 - Deferred tax (note 5.13.) (9,123) (5,641) (6,755) (3,121) -116% 185 (40) 123 30 - Total 21,307 26,170 40,641 43,866 -7% 15,681 18,034 22,055 21,830 1% Effective tax rate in % (income tax/profit before income tax) 13.42 14.58 13.52 13.44 1% 5.30 7.14 6.14 6.87 -11% NLBNLB Group 3 months ended3 months ended Change Change 6 months ended 6 months ended in EUR thousands 30 Jun 2026 31 Dec 2025 Change 30 Jun 2026 31 Dec 2025 Change Balances and obligatory reserves with central banks 2,783,089 3,637,063 -23% 1,052,117 1,961,864 -46% Cash 610,557 582,016 5% 199,240 216,716 -8% Demand deposits at banks 157,826 153,650 3% 105,613 42,181 150% 3,551,472 4,372,729 -19% 1,356,970 2,220,761 -39% Allowance for impairment (894) (931) 4% (68) (112) 39% Total 3,550,578 4,371,798 -19% 1,356,902 2,220,649 -39% NLBNLB Group in EUR thousands 30 Jun 2026 31 Dec 2025 Change 30 Jun 2026 31 Dec 2025 Change Derivatives, excluding hedging instruments Swap contracts 1,993 2,905 -31% 3,912 4,657 -16% Options 199 213 -7% 199 213 -7% Forward contracts 852 1,434 -41% 852 1,432 -41% Total derivatives 3,044 4,552 -33% 4,963 6,302 -21% Securities Bonds 3,816 - - 3,816 - - Total securities 3,816 - - 3,816 - - Total 6,860 4,552 51% 8,779 6,302 39% NLBNLB Group in EUR thousands 30 Jun 2026 31 Dec 2025 Change 30 Jun 2026 31 Dec 2025 Change Derivatives, excluding hedging instruments Swap contracts 2,251 1,897 19% 3,147 3,548 -11% Options 266 314 -15% 266 314 -15% Forward contracts 681 2,344 -71% 680 2,342 -71% Total 3,198 4,555 -30% 4,093 6,204 -34% NLBNLB Group
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101 NLB Group Interim Report January – June 2026 5.3. Non-trading financial instruments measured at fair value through profit or loss a) Financial assets mandatorily at fair value through profit or loss b) Financial liabilities measured at fair value through profit or loss 5.4. Financial assets measured at fair value through other comprehensive income Analysis by type 5.5. Financial assets measured at amortised cost Analysis by type a) Debt securities b) Loans and advances to banks in EUR thousands 30 Jun 2026 31 Dec 2025 Change 30 Jun 2026 31 Dec 2025 Change Assets Shares 8,884 8,811 1% 8,884 8,811 1% Investments funds 16,214 12,787 27% 14,059 10,666 32% Bonds 107 108 -1% - - - Loans and advances to companies - - - 4,158 4,066 2% Total 25,205 21,706 16% 27,101 23,543 15% NLB Group NLB in EUR thousands 30 Jun 2026 31 Dec 2025 Change 30 Jun 2026 31 Dec 2025 Change Liabilities Loans and advances to companies - - - - 454 - Other financial liabilities 16,641 13,648 22% 9,403 8,133 16% Total 16,641 13,648 22% 9,403 8,587 10% NLB Group NLB in EUR thousands 30 Jun 2026 31 Dec 2025 Change 30 Jun 2026 31 Dec 2025 Change Bonds 2,558,945 2,510,924 2% 2,133,903 2,028,505 5% Shares 33,299 33,336 0% 431 431 0% National Resolution Fund 64,979 64,303 1% 64,979 64,303 1% Treasury bills 157,001 126,089 25% - - - Commercial bills 9,689 9,732 0% - - - Total 2,823,913 2,744,384 3% 2,199,313 2,093,239 5% Allowance for impairment (note 5.10.b) (2,911) (3,671) 21% (1,578) (2,141) 26% NLB Group NLB in EUR thousands 30 Jun 2026 31 Dec 2025 Change 30 Jun 2026 31 Dec 2025 Change Debt securities 4,416,892 4,317,154 2% 3,317,287 3,146,795 5% Loans and advances to banks 447,076 404,532 11% 319,851 322,150 -1% Loans and advances to customers 19,653,973 18,705,474 5% 10,039,002 9,550,493 5% Other financial assets 204,482 170,741 20% 233,826 81,530 187% Total 24,722,423 23,597,901 5% 13,909,966 13,100,968 6% NLB Group NLB in EUR thousands 30 Jun 2026 31 Dec 2025 Change 30 Jun 2026 31 Dec 2025 Change Government 3,360,846 3,303,484 2% 2,261,508 2,134,370 6% Companies 9,706 9,982 -3% 4,641 4,762 -3% Banks 962,381 933,365 3% 962,381 933,365 3% Financial organisations 90,498 76,137 19% 90,498 76,137 19% 4,423,431 4,322,968 2% 3,319,028 3,148,634 5% Allowance for impairment (note 5.10.b) (6,539) (5,814) -12% (1,741) (1,839) 5% Total 4,416,892 4,317,154 2% 3,317,287 3,146,795 5% NLB Group NLB in EUR thousands 30 Jun 2026 31 Dec 2025 Change 30 Jun 2026 31 Dec 2025 Change Loans 170 144 18% 242,626 147,642 64% Time deposits 259,057 313,259 -17% 77,530 174,740 -56% Reverse sale and repurchase agreements 187,842 91,147 106% - - - Finance lease receivables 101 111 -9% - - - 447,170 404,661 11% 320,156 322,382 -1% Allowance for impairment (note 5.10.a) (94) (129) 27% (305) (232) -31% Total 447,076 404,532 11% 319,851 322,150 -1% NLB Group NLB
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102 NLB Group Interim Report January – June 2026 c) Loans and advances to customers d) Other financial assets 5.6. Non-current assets held for sale As at 30 June 2026 ‘Non-current assets held for sale’ includes business premises and assets received as collateral that are in the process of being sold and amounts to EUR 3,773 thousand (31 December 2025: EUR 5,378 thousand) in the NLB Group and EUR 2,120 thousand (31 December 2025: EUR 2,052 thousand) in NLB. Within the NLB Group, the decrease is mainly related to the sale of real estate in Serbia, the effects are included in the income statement in line item ‘Gains less losses from non-current assets held for sale.’ 5.7. Property and equipment Analysis by type 5.8. Investment property 5.9. Other assets in EUR thousands 30 Jun 2026 31 Dec 2025 Change 30 Jun 2026 31 Dec 2025 Change Loans 17,848,214 16,982,195 5% 9,886,637 9,356,121 6% Overdrafts 568,550 557,814 2% 266,995 289,925 -8% Finance lease receivables 1,477,632 1,388,231 6% - - - Credit card business 165,854 163,900 1% 89,176 89,727 -1% Called guarantees 532 1,309 -59% 223 241 -7% 20,060,782 19,093,449 5% 10,243,031 9,736,014 5% Allowance for impairment (note 5.10.a) (406,809) (387,975) -5% (204,029) (185,521) -10% Total 19,653,973 18,705,474 5% 10,039,002 9,550,493 5% NLB Group NLB in EUR thousands 30 Jun 2026 31 Dec 2025 Change 30 Jun 2026 31 Dec 2025 Change Receivables in the course of settlement and other temporary accounts 50,035 47,104 6% 36,008 27,442 31% Credit card receivables 27,031 24,491 10% 15,460 14,242 9% Debtors 10,651 11,700 -9% 1,007 2,136 -53% Fees and commissions 9,155 9,102 1% 1,166 4,281 -73% Receivables to brokerage firms and others for the sale of securities and custody services 3,235 - - 3,235 - - Accrued income 17,123 12,839 33% 14,208 7,890 80% Dividends 17 16 6% 117,319 3 - Prepayments 7,430 5,362 39% - 56 - Other financial assets 89,665 69,468 29% 46,726 26,634 75% 214,342 180,082 19% 235,129 82,684 184% Allowance for impairment (note 5.10.a) (9,860) (9,341) -6% (1,303) (1,154) -13% Total 204,482 170,741 20% 233,826 81,530 187% NLB Group NLB in EUR thousands 30 Jun 2026 31 Dec 2025 Change 30 Jun 2026 31 Dec 2025 Change Own property and equipment 296,780 292,437 1% 100,800 96,429 5% Right-of-use assets 39,234 38,818 1% 7,006 7,112 -1% Total 336,014 331,255 1% 107,806 103,541 4% NLB Group NLB in EUR thousands 30 Jun 2026 31 Dec 2025 Change 30 Jun 2026 31 Dec 2025 Change Buildings 23,864 24,118 -1% 4,971 5,113 -3% Land 341 252 35% 307 218 41% Total 24,205 24,370 -1% 5,278 5,331 -1% NLBNLB Group in EUR thousands 30 Jun 2026 31 Dec 2025 Change 30 Jun 2026 31 Dec 2025 Change Assets, received as collateral 19,454 19,967 -3% 1,467 1,467 0% Deferred expenses 32,679 20,381 60% 19,408 11,307 72% Inventories 12,788 13,712 -7% 4,924 6,627 -26% Claim for taxes and other dues 3,198 5,337 -40% 251 611 -59% Prepayments 7,667 4,459 72% 2,616 243 - Total 75,786 63,856 19% 28,666 20,255 42% NLBNLB Group
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103 NLB Group Interim Report January – June 2026 5.10. Movements in allowance for the impairment of financial assets a) Movements in allowance for the impairment of loans and receivables measured at amortised cost in EUR thousands 12-month expected credit losses Lifetime ECL not credit - impaired Lifetime ECL credit- impaired 12-month expected credit losses Lifetime ECL not credit- impaired Lifetime ECL credit- impaired 12-month expected credit losses Lifetime ECL not credit- impaired Lifetime ECL credit- impaired Balance as at 1 Jan 2026 129 - - 87,282 70,599 230,094 554 32 8,755 Effects of translation of foreign operations to presentation currency - - - (19) (12) 46 (1) 2 (4) Transfers (26) 26 - 22,445 (19,120) (3,325) (4) 12 (8) Increases/(Decreases) (note 4.13.) (33) (3) (32) (11,633) 21,257 33,221 (11) 13 845 Write-offs - - - (140) (65) (31,012) (6) (4) (445) Changes in models/risk parameters (note 4.13.) 1 - - (27,560) 20,578 6,455 (62) 88 53 Foreign exchange and other movements - - 32 32 21 7,665 (18) - 69 Balance as at 30 Jun 2026 71 23 - 70,407 93,258 243,144 452 143 9,265 Repayments of written-off receivables (note 4.13.) - - - - - 12,382 - - 523 Loans and advances to banks Loans and advances to customers Other financial assets NLB Group in EUR thousands 12-month expected credit losses Lifetime ECL not credit - impaired Lifetime ECL credit- impaired 12-month expected credit losses Lifetime ECL not credit- impaired Lifetime ECL credit- impaired 12-month expected credit losses Lifetime ECL not credit- impaired Lifetime ECL credit- impaired Balance as at 1 Jan 2025 104 - 136 88,587 63,887 205,287 572 54 8,367 Effects of translation of foreign operations to presentation currency - - - (53) (22) 49 - 3 (7) Transfers - - - 19,046 (17,119) (1,927) 71 42 (113) Increases/(Decreases) (note 4.13.) 4 2 (217) (8,725) 13,121 18,160 (101) 3 824 Write-offs - - - (22) (15) (22,928) (28) (4) (338) Changes in models/risk parameters (note 4.13.) - - - (20,526) 10,623 (1,232) (11) (6) 71 Foreign exchange and other movements 1 (2) 81 23 945 5,834 (20) (5) 163 Balance as at 30 Jun 2025 109 - - 78,330 71,420 203,243 483 87 8,967 Repayments of written-off receivables (note 4.13.) - - - - - 12,971 - - 406 NLB Group Loans and advances to banks Loans and advances to customers Other financial assets in EUR thousands 12-month expected credit losses Lifetime ECL not credit - impaired Lifetime ECL credit- impaired 12-month expected credit losses Lifetime ECL not credit- impaired Lifetime ECL credit- impaired 12-month expected credit losses Lifetime ECL not credit- impaired Lifetime ECL credit- impaired Balance as at 1 Jan 2026 232 - - 22,219 34,106 129,196 105 1 1,048 Transfers - - - 11,584 (9,137) (2,447) 2 (3) 1 Increases/(Decreases) (note 4.13.) 73 - (32) (9,254) 9,365 16,124 (59) 5 215 Write-offs - - - (140) (64) (7,235) (1) - (51) Changes in models/risk parameters (note 4.13.) - - - (4,295) 9,628 1,058 7 1 (3) Foreign exchange and other movements - - 32 4 10 3,307 - - 35 Balance as at 30 Jun 2026 305 - - 20,118 43,908 140,003 54 4 1,245 Repayments of written-off receivables (note 4.13.) - - - - - 3,071 - - 10 NLB Loans and advances to banks Loans and advances to customers Other financial assets in EUR thousands 12-month expected credit losses Lifetime ECL not credit - impaired Lifetime ECL credit- impaired 12-month expected credit losses Lifetime ECL not credit- impaired Lifetime ECL credit- impaired 12-month expected credit losses Lifetime ECL not credit- impaired Lifetime ECL credit- impaired Balance as at 1 Jan 2025 170 - 136 21,684 32,335 103,694 115 2 1,096 Transfers - - - 9,827 (4,587) (5,240) 7 (1) (6) Increases/(Decreases) (note 4.13.) 42 - (217) (7,987) 2,121 13,131 (75) 1 73 Write-offs - - - (4) (1) (9,155) (6) - (113) Changes in models/risk parameters (note 4.13.) - - - (376) 5,872 (1,962) (4) - (7) Foreign exchange and other movements - - 81 (5) 940 1,968 (1) - (20) Balance as at 30 Jun 2025 212 - - 23,139 36,680 102,436 36 2 1,023 Repayments of written-off receivables (note 4.13.) - - - - - 2,981 - - 197 NLB Loans and advances to banks Loans and advances to customers Other financial assets
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104 NLB Group Interim Report January – June 2026 b) Movements in allowance for the impairment of debt securities in EUR thousands 12-month expected credit losses Lifetime ECL not credit - impaired 12-month expected credit losses Lifetime ECL not credit-impaired Lifetime ECL credit-impaired Balance as at 1 Jan 2026 5,799 15 2,853 20 798 Effects of translation of foreign operations to presentation currency (2) - (1) - - Transfers - - - - - Increases/(Decreases) (note 4.13.) 796 (4) 142 (4) - Write-offs - - - - (798) Changes in models/risk parameters (note 4.13.) (61) - (101) 1 - Foreign exchange and other movements (4) - 1 - - Balance as at 30 Jun 2026 6,528 11 2,894 17 - Debt securities measured at amortised cost Debt securities measured at fair value through other comprehensive income NLB Group in EUR thousands 12-month expected credit losses Lifetime ECL not credit - impaired 12-month expected credit losses Lifetime ECL not credit-impaired Lifetime ECL credit-impaired Balance as at 1 Jan 2025 6,913 554 4,959 36 798 Effects of translation of foreign operations to presentation currency (2) (2) (4) - - Transfers (4) 4 69 (69) - Increases/(Decreases) (note 4.13.) (906) (435) (1,380) 64 - Write-offs - - - - - Changes in models/risk parameters (note 4.13.) (96) 14 (29) (5) - Foreign exchange and other movements (12) (2) 1 - - Balance as at 30 Jun 2025 5,893 133 3,616 26 798 NLB Group Debt securities measured at amortised cost Debt securities measured at fair value through other comprehensive income in EUR thousands 12-month expected credit losses Lifetime ECL not credit - impaired 12-month expected credit losses Lifetime ECL not credit-impaired Lifetime ECL credit-impaired Balance as at 1 Jan 2026 1,824 15 1,343 - 798 Transfers - - - - - Increases/(Decreases) (note 4.13.) 103 (4) 348 - - Write-offs - - - - (798) Changes in models/risk parameters (note 4.13.) (199) - (115) - - Foreign exchange and other movements 2 - 2 - - Balance as at 30 Jun 2026 1,730 11 1,578 - - Debt securities measured at amortised cost Debt securities measured at fair value through other comprehensive income NLB in EUR thousands 12-month expected credit losses Lifetime ECL not credit - impaired 12-month expected credit losses Lifetime ECL not credit-impaired Lifetime ECL credit-impaired Balance as at 1 Jan 2025 3,450 80 1,849 - 798 Transfers (4) 4 69 (69) - Increases/(Decreases) (note 4.13.) (1,192) (58) (180) 69 - Write-offs - - - - - Changes in models/risk parameters (note 4.13.) (77) 12 (22) - - Foreign exchange and other movements (8) (3) (7) - - Balance as at 30 Jun 2025 2,169 35 1,709 - 798 NLB Debt securities measured at amortised cost Debt securities measured at fair value through other comprehensive income
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105 NLB Group Interim Report January – June 2026 5.11. Financial liabilities measured at amortised cost Analysis by type a) Debt securities issued (i) On 27 June 2026, NLB executed an early redemption of NLB Senior Preferred notes in the aggregate nominal amount of EUR 500, 000 thousand (ISIN: XS2641055012). b) Movement of debt securities issued c) Other financial liabilities in EUR thousands 30 Jun 2026 31 Dec 2025 Change 30 Jun 2026 31 Dec 2025 Change Deposits from banks and central banks 99,979 98,758 1% 312,323 151,736 106% - Deposits on demand 57,359 85,789 -33% 263,151 141,350 86% - Other deposits 42,620 12,969 - 49,172 10,386 - Borrowings from banks and central banks 373,337 166,775 124% 130,086 47,711 173% Due to customers 25,075,872 24,509,880 2% 13,538,519 13,449,865 1% - Deposits on demand 20,371,718 19,952,294 2% 12,396,941 12,121,404 2% - Other deposits 4,704,154 4,557,586 3% 1,141,578 1,328,461 -14% Borrowings from other customers 115,746 113,216 2% 151 293 -48% Debt securities issued 1,548,807 2,099,220 -26% 1,548,807 2,099,220 -26% Other financial liabilities 397,283 362,649 10% 226,207 162,813 39% Total 27,611,024 27,350,498 1% 15,756,093 15,911,638 -1% NLBNLB Group in EUR thousands Currency Due date Interest rate Carrying amount Nominal value Carrying amount Nominal value Subordinated bonds EUR 28.11.2032 10.75% to 28.11.2027, thereafter 5Y MS + 8.298% p.a. 234,261 225,000 224,010 225,000 EUR 24.01.2034 6.875% to 24.01.2029, thereafter 5Y MS + 4.230% p.a. 307,988 300,000 321,572 300,000 Total Subordinated bonds 542,249 525,000 545,582 525,000 Senior Preferred notes EUR 27.06.2027 (i) 7.125% to 27.07.2026, thereafter 1Y MS + 3.606% p.a. - - 519,383 500,000 EUR 21.01.2029 3.50% to 21.01.2028, thereafter 1Y MS + 1.150% p.a. 504,136 500,000 515,594 500,000 EUR 29.05.2030 4.50% to 29.05.2029, thereafter 1Y MS + 1.650% p.a. 502,422 500,000 518,661 500,000 Total Senior Preferred notes 1,006,558 1,000,000 1,553,638 1,500,000 Total Debt securities issued 1,548,807 1,525,000 2,099,220 2,025,000 NLB Group and NLB 30 Jun 2026 31 Dec 2025 NLB Group and NLB 2026 2025 2026 2025 Balance as at 1 Jan 545,582 560,143 1,553,638 1,048,796 Cash flow items: (20,625) (31,482) (575,625) 438,927 - new issued - - - 497,052 - repayments - (10,500) (500,000) - - repayments of interest (20,625) (20,982) (75,625) (58,125) Non-Cash flow items: 17,292 22,546 28,545 38,991 - accrued interest 22,208 22,249 38,882 37,605 - other (4,916) 297 (10,337) 1,386 Balance as at 30 Jun 542,249 551,207 1,006,558 1,526,714 in EUR thousand Subordinated bonds Senior Preferred notes in EUR thousands 30 Jun 2026 31 Dec 2025 Change 30 Jun 2026 31 Dec 2025 Change Items in the course of payment 142,960 127,579 12% 63,839 29,779 114% Debit or credit card payables 30,315 37,219 -19% 26,576 33,978 -22% Lease liabilities 41,607 39,903 4% 7,222 7,313 -1% Accrued expenses 54,541 66,391 -18% 26,773 33,679 -21% Liabilities to brokerage firms and others for securities purchase and custody services 78 296 -74% - 291 - Suppliers 21,579 33,192 -35% 8,112 15,201 -47% Fees and commissions 248 1,088 -77% 129 1,019 -87% Other financial liabilities 105,955 56,981 86% 93,556 41,553 125% Total 397,283 362,649 10% 226,207 162,813 39% NLBNLB Group
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106 NLB Group Interim Report January – June 2026 5.12. Provisions a) Analysis by type b) Movements in provisions for guarantees and commitments in EUR thousands 30 Jun 2026 31 Dec 2025 Change 30 Jun 2026 31 Dec 2025 Change Provisions for guarantees and commitments 21,143 20,200 5% 17,119 10,447 64% Stage 1 10,181 12,411 -18% 5,087 3,944 29% Stage 2 3,299 1,659 99% 5,143 1,201 - Stage 3 7,663 6,130 25% 6,889 5,302 30% Employee benefit provisions 22,091 21,258 4% 13,345 12,979 3% Provisions for legal risks 40,377 44,313 -9% 11,937 10,978 9% Restructuring provisions 8,523 10,841 -21% 5,130 6,875 -25% Other provisions 2,898 3,624 -20% 2,810 2,995 -6% Total 95,032 100,236 -5% 50,341 44,274 14% NLBNLB Group in EUR thousands 12-month expected credit losses Lifetime ECL not credit-impaired Lifetime ECL credit-impaired Balance as at 1 Jan 2026 12,411 1,659 6,130 Effects of translation of foreign operations to presentation currency (1) (1) 1 Transfers 171 63 (234) Increases/(Decreases) (note 4.12.) 1,177 1,023 1,547 Changes in models/risk parameters (note 4.12.) (3,581) 555 203 Foreign exchange and other movements 4 - 16 Balance as at 30 Jun 2026 10,181 3,299 7,663 NLB Group in EUR thousands 12-month expected credit losses Lifetime ECL not credit-impaired Lifetime ECL credit-impaired Balance as at 1 Jan 2025 11,953 2,306 7,591 Effects of translation of foreign operations to presentation currency (4) (2) (4) Transfers 267 509 (776) Increases/(Decreases) (note 4.12.) 2,802 (576) 440 Changes in models/risk parameters (note 4.12.) (3,897) (153) 65 Foreign exchange and other movements 1 (11) - Balance as at 30 Jun 2025 11,122 2,073 7,316 NLB Group in EUR thousands 12-month expected credit losses Lifetime ECL not credit-impaired Lifetime ECL credit-impaired Balance as at 1 Jan 2026 3,944 1,201 5,302 Transfers 88 40 (128) Increases/(Decreases) (note 4.12.) 1,142 2,268 1,538 Changes in models/risk parameters (note 4.12.) (89) 1,634 163 Foreign exchange and other movements 2 - 14 Balance as at 30 Jun 2026 5,087 5,143 6,889 NLB in EUR thousands 12-month expected credit losses Lifetime ECL not credit-impaired Lifetime ECL credit-impaired Balance as at 1 Jan 2025 3,851 834 4,555 Transfers 137 75 (212) Increases/(Decreases) (note 4.12.) (201) 71 709 Changes in models/risk parameters (note 4.12.) (14) 9 25 Foreign exchange and other movements - (11) - Balance as at 30 Jun 2025 3,773 978 5,077 NLB
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107 NLB Group Interim Report January – June 2026 5.13. Deferred income tax As at 30 June 2026, NLB recognised EUR 109,379 thousand deferred tax assets (31 December 2025: EUR 109,804 thousand). Unrecognised deferred tax assets in NLB amount to EUR 53,334 thousand (31 December 2025: EUR 67,130 thousand) and relate to unrecognised deferred tax assets from tax losses carry forward. 5.14. Income tax relating to components of other comprehensive income in EUR thousands 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 Deferred income tax assets Valuation of financial instruments and capital investments 42,722 42,928 41,517 41,818 Impairment of financial assets 9,900 9,824 730 876 Provisions for liabilities and charges 7,653 8,522 1,317 1,536 Depreciation and valuation of non-financial assets 3,536 3,948 84 84 Fair value adjustments of financial instruments measured at amortised cost 3,249 3,620 460 537 Tax losses 74,370 75,324 65,271 64,953 Other 835 864 - - Total deferred income tax assets 142,265 145,030 109,379 109,804 Deferred income tax liabilities Valuation of financial instruments 12,659 12,913 7,737 7,927 Depreciation and valuation of non-financial assets 1,006 1,089 40 41 Impairment of financial assets 2,155 2,763 347 471 Fair value adjustments of financial assets measured at amortised cost 3,285 4,999 - - Undistributed profit of subsidiaries 4,710 11,346 - - Other 3,854 4,094 - - Total deferred income tax liabilities 27,669 37,204 8,124 8,439 Net deferred income tax assets 115,083 108,251 101,255 101,365 Net deferred income tax liabilities (487) (425) - - NLB Group NLB in EUR thousands June 2026 June 2025 June 2026 June 2025 Included in the income statement 6,755 3,121 (123) (30) - valuation of financial instruments and capital investments 59 262 - 132 - impairment of financial assets 648 (1,459) (146) (322) - provisions for liabilities and charges (860) (771) (219) (267) - depreciation and valuation of non-financial assets (327) 110 1 4 - fair value adjustments of financial assets measured at amortised cost 1,342 (15) (77) (164) - tax losses (953) 424 318 587 - undistributed profit of subsidiaries 6,636 4,185 - - - other 210 385 - - Included in other comprehensive income 23 (4,006) 13 (3,447) - valuation and impairment of financial assets measured at fair value through other comprehensive income 23 (4,006) 13 (3,447) NLB Group NLB 6 months ended 6 months ended in EUR thousands 6 months ended June 2026 Before tax Tax expense Net of tax Before tax Tax expense Net of tax Financial assets measured at fair value through other comprehensive income (148) 23 (125) (57) 13 (44) Total (148) 23 (125) (57) 13 (44) NLB Group NLB in EUR thousands 6 months ended June 2025 Before tax Tax expense Net of tax Before tax Tax expense Net of tax Financial assets measured at fair value through other comprehensive income 20,231 (4,006) 16,225 15,647 (3,447) 12,200 Total 20,231 (4,006) 16,225 15,647 (3,447) 12,200 NLB Group NLB
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108 NLB Group Interim Report January – June 2026 5.15. Other liabilities 5.16. Other equity instruments issued On 23 September 2022, NLB issued subordinated notes intended to qualify as Additional Tier 1 Instruments in the aggregate nominal amount of EUR 82 million, and on 26 November 2025, in the aggregate nominal amount of EUR 300 million. The notes have no scheduled maturity date. The issuer has the option for early redemption of the notes in the defined period. The coupon payments are discretionary and non-cumulative. The notes terms provide for a temporary write-down in the event that the Common Equity Tier 1 ratio of the NLB Group and/or NLB drop(s) below 5.125%. The issue price was equal to 100% of the nominal amount of the notes. 5.17. Book value per share Book value per share is calculated as the ratio of the net assets’ book value, excluding other equity instruments issued, and the number of shares. NLB Group and NLB do not have any treasury shares. in EUR thousands 30 Jun 2026 31 Dec 2025 Change 30 Jun 2026 31 Dec 2025 Change Accrued salaries 57,586 48,720 18% 39,548 36,218 9% Unused annual leave 8,791 8,847 -1% 3,457 3,457 0% Taxes payable 32,061 41,464 -23% 23,110 38,564 -40% Deferred income 9,820 9,327 5% 1,468 816 80% Payments received in advance 14,818 12,911 15% 1,615 234 - Total 123,076 121,269 1% 69,198 79,289 -13% NLBNLB Group in EUR thousands NLB Group and NLB Currency Early redemption option Interest rate Carrying amount Nominal value Carrying amount Nominal value EUR 23.09.2027 to 23.03.2028 9.721% to 23.03.2028, thereafter 5Y MS + 7.20% p.a. 88,137 82,000 84,184 82,000 EUR 26.11.2030 6.50% to 26.11.2030, thereafter 5Y MS + 4.076% p.a. 311,593 300,000 301,923 300,000 Total 399,730 382,000 386,107 382,000 30 Jun 2026 31 Dec 2025 in EUR thousands 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 Total equity attributable to owners of the parents 3,895,088 3,781,576 3,201,914 3,003,117 Other equity instruments (note 5.16.) 399,730 386,107 399,730 386,107 Total equity attributable to owners of the parents excluding other equity instruments issued 3,495,358 3,395,469 2,802,184 2,617,010 Number of shares (in thousands) 20,000 20,000 20,000 20,000 Book value per share (in EUR) 174.8 169.8 140.1 130.9 NLBNLB Group
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109 NLB Group Interim Report January – June 2026 5.18. Capital adequacy ratio As of 30 June 2026, the Group Total capital ratio (TCR) stood at 19.3%, reflecting a 0.8 pp decrease compared to the end of 2025 (mainly due to an increase in RWA of EUR 740.0 million, which was accompanied by a capital decrease of EUR 14.9 million compared to the end of 2025), and a CET1 ratio of 14.8%, both well above regulatory requirements. The total capital does not include the envisaged amount to be paid out as a second tranche of the dividend in 2026. Therefore, there will be no effect on the capital if the dividends are paid. In H1 2026, the Group’s RWA for credit risk increased by EUR 607.8 million, primarily due to portfolio growth in the corporate and retail segments, with a significant share of the loans being at least partially secured by real estate. RWAs further increased due to higher surplus liquidity assets, driven by increases in EUR-denominated balances held with central banks in the Group home markets, higher deposits with commercial banks, and purchases of sovereign debt securities. At the beginning of 2026, RWAs also rose due to legislative changes related to the transitional provision for exposures to EU/EEA central governments denominated and funded in the currency of another member state. During H1 2026, RWAs for market risks and Credit Value Adjustments (CVA) increased by EUR 134.5 million, mainly driven by higher RWA for FX risk, which rose by EUR 129.9 million (primarily due to increased open positions in domestic currencies held by non-euro subsidiary banks). 5.19. Off-balance sheet liabilities In addition to the instruments presented in the table above, NLB Group and NLB have also some low-risk off-balance sheet items, for which a 0% credit conversion factor is applied in accordance with the Capital Requirements Regulation (credit and other lines which can be irrevocably cancelled by a bank). As at 30 June 2026, these items at the NLB Group in EUR thousands 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 Paid-up capital instruments 200,000 200,000 200,000 200,000 Share premium 871,378 871,378 871,378 871,378 Retained earnings - from previous years 1,843,812 1,630,578 1,061,404 925,031 Profit eligible - from current year - 226,573 - 149,996 Accumulated other comprehensive income (606) 148 7,307 7,351 Other reserves 186,332 186,332 186,332 186,332 Minority interest 44,568 43,668 - - Prudential filters: Additional Valuation Adjustments (AVA) (3,061) (2,965) (2,335) (2,227) (-) Goodwill (8,069) (8,069) - - (-) Other intangible assets (67,470) (71,873) (28,095) (21,899) (-) Deferred tax assets (64,263) (60,599) (60,423) (60,611) (-) Insufficient coverage for non-performing exposures (1,183) (3,575) (112) (248) (-) Deduction item related to credit impairments and provisions not included in capital (4,730) - (4,621) - COMMON EQUITY TIER 1 CAPITAL (CET1) 2,996,708 3,011,596 2,230,835 2,255,103 Capital instruments eligible as AT1 Capital 382,000 382,000 382,000 382,000 Minority interest 3,043 3,107 - - Additional Tier 1 capital 385,043 385,107 382,000 382,000 TIER 1 CAPITAL 3,381,751 3,396,703 2,612,835 2,637,103 Capital instruments and subordinated loans eligible as Tier 2 capital 522,921 522,921 522,921 522,921 Minority interest 5,990 5,961 - - TIER 2 CAPITAL 528,911 528,882 522,921 522,921 TOTAL CAPITAL 3,910,662 3,925,585 3,135,756 3,160,024 RWA for credit risk 16,769,681 16,161,846 10,527,445 9,868,548 RWA for market risks 1,698,828 1,564,295 1,086,038 891,025 RWA for credit valuation adjustment risk 14,407 16,754 16,499 18,412 RWA for operational risk 1,766,916 1,766,916 1,184,074 1,184,074 TOTAL RISK EXPOSURE AMOUNT (RWA) 20,249,832 19,509,811 12,814,056 11,962,059 Common Equity Tier 1 Ratio 14.8% 15.4% 17.4% 18.9% Tier 1 Ratio 16.7% 17.4% 20.4% 22.0% Total Capital Ratio 19.3% 20.1% 24.5% 26.4% NLBNLB Group in EUR thousands 30 Jun 2026 31 Dec 2025 Change 30 Jun 2026 31 Dec 2025 Change Loan commitments 2,834,638 2,921,728 -3% 1,972,844 2,067,699 -5% Non-financial guarantees 1,324,589 1,240,523 7% 892,196 846,056 5% Financial guarantees 646,039 633,115 2% 322,101 309,188 4% Letters of credit 38,583 48,366 -20% 431 581 -26% Other 72,124 64,036 13% 50,256 48,607 3% 4,915,973 4,907,768 0% 3,237,828 3,272,131 -1% Provisions (note 5.12.) (21,143) (20,200) -5% (17,119) (10,447) -64% Total 4,894,830 4,887,568 0% 3,220,709 3,261,684 -1% NLBNLB Group
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110 NLB Group Interim Report January – June 2026 level amount to EUR 1,313,139 thousand (31 December 2025: EUR 1,308,542 thousand), and at the NLB level EUR 498,088 thousand (31 December 2025: EUR 480,359 thousand). 5.20. Fair value hierarchy of financial and non-financial assets and liabilities Fair value is the price that would be received when selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. NLB Group uses various valuation techniques to determine fair value. IFRS 13 specifies a fair value hierarchy with respect to the inputs and assumptions used to measure financial and non-financial assets and liabilities at fair value. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the assumptions of NLB Group. This hierarchy gives the highest priority to observable market data when available, and the lowest priority to unobservable market data. NLB Group considers relevant and observable market prices in its valuations, where possible. The fair value hierarchy comprises the following levels: • Level 1 – Quoted prices (unadjusted) on active markets. This level includes listed equities, debt instruments, gold, derivatives, units of investment funds, and other unadjusted market prices of assets and liabilities. When an asset or liability may be exchanged in multiple active markets, the principal market for the asset or liability must be determined. In the absence of a principal market, the most advantageous market for the asset or liability must be determined. • Level 2 – A valuation technique where inputs are observable, either directly (i.e., prices) or indirectly (i.e., derived from prices). Level 2 includes prices quoted for similar assets or liabilities in active markets and prices quoted for identical or similar assets and liabilities in markets that are not active. The sources of input parameters for financial instruments, such as yield curves, credit spreads, foreign exchange rates, and the volatility of interest rates and foreign exchange rates, is Bloomberg. • Level 3 – A valuation technique where inputs are not based on observable market data. Unobservable inputs are used to the extent that relevant observable inputs are not available. Unobservable inputs must reflect the assumptions that market participants would use when pricing an asset or liability. This level includes non- tradable shares and bonds, and derivatives associated with these investments and other assets and liabilities for which fair value cannot be determined with observable market inputs. Wherever possible, fair value is determined as an observable market price in an active market for an identical asset or liability. An active market is a market in which transactions for an asset or liability are executed with sufficient frequency and volume to provide pricing information on an ongoing basis. Assets and liabilities measured at fair value in active markets are determined as the market price of a unit (e.g., share) at the measurement date, multiplied by the quantity of units owned by NLB Group. The fair value of assets and liabilities whose market is not active is determined using valuation techniques. These techniques bear a different intensity level of estimates and assumptions, depending on the availability of observable market inputs associated with the asset or liability that is the subject of the valuation. Unobservable inputs shall reflect the estimates and assumptions that other market participants would use when pricing the asset or liability. For non-financial assets measured at fair value and not classified at Level 1, fair value is determined based on valuation reports provided by certified valuators. Valuations are prepared in accordance with the International Valuation Standards (IVS).
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111 NLB Group Interim Report January – June 2026 a) Financial and non-financial assets and liabilities, measured at fair value in the financial statements in EUR thousands 30 Jun 2026 Level 1 Level 2 Level 3 Total fair value Level 1 Level 2 Level 3 Total fair value Financial assets Financial instruments held for trading 3,816 2,999 45 6,860 3,816 4,918 45 8,779 Debt instruments 3,816 - - 3,816 3,816 - - 3,816 Derivatives - 2,999 45 3,044 - 4,918 45 4,963 Derivatives - hedge accounting - 48,089 - 48,089 - 48,089 - 48,089 Financial assets measured at fair value through other comprehensive income 2,501,404 321,136 1,373 2,823,913 2,123,854 75,028 431 2,199,313 Debt instruments 2,500,967 224,668 - 2,725,635 2,123,854 10,049 - 2,133,903 Equity instruments 437 96,468 1,373 98,278 - 64,979 431 65,410 Non-trading financial assets mandatorily at fair value through profit or loss 2,262 - 22,943 25,205 - - 27,101 27,101 Debt instruments 107 - - 107 - - - - Equity instruments 2,155 - 22,943 25,098 - - 22,943 22,943 Loans - - - - - - 4,158 4,158 Financial liabilities Financial instruments held for trading - 3,198 - 3,198 - 4,093 - 4,093 Derivatives - 3,198 - 3,198 - 4,093 - 4,093 Derivatives - hedge accounting - 6,819 - 6,819 - 5,951 - 5,951 Financial liabilities measured at fair value through profit or loss - 16,641 - 16,641 - 9,403 - 9,403 Non-financial assets Investment properties - 5,622 18,583 24,205 - 5,278 - 5,278 Non-current assets held for sale - 2,120 1,653 3,773 - 2,120 - 2,120 NLB NLB Group in EUR thousands 31 Dec 2025 Level 1 Level 2 Level 3 Total fair value Level 1 Level 2 Level 3 Total fair value Financial assets Financial instruments held for trading - 4,526 26 4,552 - 6,276 26 6,302 Debt instruments - - - - - - - - Derivatives - 4,526 26 4,552 - 6,276 26 6,302 Derivatives - hedge accounting - 85,114 - 85,114 - 85,114 - 85,114 Financial assets measured at fair value through other comprehensive income 2,389,534 353,476 1,374 2,744,384 2,028,505 64,303 431 2,093,239 Debt instruments 2,389,121 257,624 - 2,646,745 2,028,505 - - 2,028,505 Equity instruments 413 95,852 1,374 97,639 - 64,303 431 64,734 Non-trading financial assets mandatorily at fair value through profit and loss 1,972 - 19,734 21,706 - - 23,543 23,543 Debt instruments 108 - - 108 - - - - Equity instruments 1,864 - 19,734 21,598 - - 19,477 19,477 Loans - - - - - - 4,066 4,066 Financial liabilities Financial instruments held for trading - 4,555 - 4,555 - 6,204 - 6,204 Derivatives - 4,555 - 4,555 - 6,204 - 6,204 Derivatives - hedge accounting - 2,898 - 2,898 - 1,461 - 1,461 Financial liabilities measured at fair value through profit or loss - 13,648 - 13,648 - 8,133 454 8,587 Non-financial assets Investment properties - 5,675 18,695 24,370 - 5,331 - 5,331 Non-current assets held for sale - 2,052 3,326 5,378 - 2,052 - 2,052 NLBNLB Group
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112 NLB Group Interim Report January – June 2026 b) Significant transfers of financial instruments between levels of valuation NLB Group’s policy of transfers of financial instruments between levels of valuation is illustrated in the table below. Transfers between levels of valuation of financial instruments measured at fair value: c) Financial and non-financial assets and liabilities at Level 2 regarding the fair value hierarchy Financial instruments on Level 2 of the fair value hierarchy at NLB Group and NLB include: • debt securities: mostly bonds not quoted on active markets and valued by a valuation model with inputs which are based on observable market data; • derivatives: derivatives except forward derivatives and options on equity instruments that are not quoted on active markets; • the National Resolution Fund. Non-financial assets on Level 2 of the fair value hierarchy at NLB Group and NLB include investment properties and non-current assets held for sale. When valuing bonds classified on Level 2, NLB Group primarily uses the income approach based on an estimation of future cash flows discounted to the present value. The input parameters used in the income approach are the risk-free yield curve and the spread over the yield curve (credit, liquidity, country). Fair values for derivatives are determined using a discounted cash flow model based on the risk-free yield curve. Fair values for options are determined using valuation models for options (the Garman and Kohlhagen model, binomial model, and Black-Scholes model). At least one of the three valuation methods is used for the valuation of investment property. The majority of investment property is valued using the income approach, where the present value of future expected returns is assessed. When valuing an investment property, average rents at similar locations and capitalisation ratios, such as the risk-free yield, risk premium, and the risk premium to account for capital preservation, are used. Rents at similar locations are generated from various sources, like data from lessors and lessees, web databases, and own databases. NLB Group has observable data for all investment properties at its disposal. If observable data for similar locations are not available, NLB Group uses data from wider locations and adjusts it appropriately. Equities Currency Interest 1 market value from exchange market market value from spot market official price by fund management company market value from exchange market 2 valuation model valuation model (underlying in level 1) valuation model valuation model 3 valuation model valuation model valuation model valuation model/ purchase price valuation model valuation model (underlying instrument in level 3) Transfers from level 1 to 3 from level 1 to 3 from level 1 to 2 from level 2 to 3 equity excluded from exchange market fund management company stops publishing regular valuation debt securities excluded from exchange market underlying instrument excluded from exchange market from level 1 to 3 from level 3 to 1 from level 1 to 2 from level 3 to 2 companies in insolvency proceedings fund management company starts publishing regular valuation debt securities becomes not liquid underlying instrument included in exchange market from level 1 to 3 from level 1 to 3 and from 2 to 3 equity becomes not liquid companies in insolvency proceedings from level 3 to 1 from level 2 to 1 and from 3 to 1 equity included in exchange market start trading with debt securities on exchange market from level 3 to 2 until valuation parameters are confirmed on ALCO (at least on quarterly basis) DerivativesFair value hierarchy Equities Equity stake Funds Debt securities LoansGold in EUR thousands From 1. level From 2. level To 1. level To 2. level From 1. level From 2. level To 1. level To 2. level 6 months ended June 2026 Financial assets measured at fair value through other comprehensive income Debt instruments (5,061) (909) 909 5,061 (5,061) (909) 909 5,061 6 months ended June 2025 Financial assets measured at fair value through other comprehensive income Debt instruments - - - - - - - - NLB Group NLB
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113 NLB Group Interim Report January – June 2026 d) Financial and non-financial assets and liabilities at Level 3 of the fair value hierarchy Financial instruments on Level 3 of the fair value hierarchy in the NLB Group and NLB include: • equities: mainly financial equities that are not quoted on active markets; • debt instruments: bonds not quoted on active markets and valued by a valuation model with inputs which are not based on observable market data; • derivative financial instruments: forward derivatives and options on equity instruments that are not quoted on an active organised market. Fair values for forward derivatives are determined using the discounted cash flow model. Fair values for equity options are determined using valuation models for options (Garman and Kohlhagen model, binomial model and Black-Scholes model). Unobservable inputs include the fair values of underlying instruments determined using valuation models. The source of observable market inputs is the Bloomberg information system; • loans measured at fair value, which, according to IFRS 9, do not pass the SPPI test. Fair value is calculated on the basis of the discounted expected future cash flows with the required rate of return. In defining the expected cash flows for loans, the value of collateral and other payoff estimates can be used. Non-financial assets on Level 3 of the fair value hierarchy at NLB Group include investment properties and non-current assets held for sale. NLB Group uses three valuation methods for the valuation of equity financial assets mentioned in the first bullet: income, market, and cost approaches. NLB Group selects a valuation model and values of unobservable input data within a reasonable possible range, but uses a model and input data that other market participants would use. At least one of the three valuation methods is used for the valuation of investment property. The majority of investment property is valued using the income approach, where the present value of future expected returns is assessed. When valuing an investment property, average rents at similar locations and capitalisation ratios such as the risk-free yield, risk premium and the risk premium to account for capital preservation are used. Rents at similar locations are generated from various sources, like data from lessors and lessees, web databases, and own databases. NLB Group has observable data for all investment properties at its disposal. If observable data for similar locations are not available, NLB Group uses data from wider locations and adjusts it appropriately. Movements of financial assets and liabilities at Level 3 in EUR thousands Financial instruments held for trading Financial assets measured at fair value through OCI Non-trading financial assets mandatorily at fair value through profit or loss NLB Group Derivatives Equity instruments Equity instruments Balance as at 1 Jan 2026 26 1,373 19,734 21,133 Valuation: - through profit or loss 19 - 876 895 - recognised in other comprehensive income - - - - Exchange differences - - 252 252 Increases - - 3,626 3,626 Decreases - - (1,545) (1,545) Balance as at 30 Jun 2026 45 1,373 22,943 24,361 Total financial assets
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114 NLB Group Interim Report January – June 2026 In the six months ended 30 June 2026 and 2025, NLB Group and NLB recognised the following unrealised gains or losses for financial instruments that were at Level 3 as at 30 June: in EUR thousands Financial instruments held for trading Financial assets measured at fair value through OCI Non-trading financial assets mandatorily at fair value through profit or loss NLB Group Derivatives Equity instruments Equity instruments Balance as at 1 Jan 2025 23 1,266 15,171 16,460 Valuation: - through profit or loss 3 - 1,668 1,671 - recognised in other comprehensive income - 9 - 9 Exchange differences - - (1,052) (1,052) Increases - - 1,034 1,034 Decreases - - (195) (195) Balance as at 30 Jun 2025 26 1,275 16,626 17,927 Total financial assets in EUR thousands Financial instruments held for trading Financial assets measured at fair value through OCI Financial liabilities measured at fair value through profit or loss NLB Derivatives Equity instruments Equity instruments Loans and advances Loans and other financial liabilities Balance as at 1 Jan 2026 26 431 19,477 4,066 24,000 454 Valuation: - through profit or loss 19 - 876 37 932 (454) Exchange differences - - 252 - 252 - Increases - - 3,626 55 3,681 - Decreases - - (1,288) - (1,288) - Balance as at 30 Jun 2026 45 431 22,943 4,158 27,577 - Non-trading financial assets mandatorily at fair value through profit or loss Total financial assets in EUR thousands Financial instruments held for trading Financial assets measured at fair value through OCI Financial liabilities measured at fair value through profit or loss NLB Derivatives Equity instruments Equity instruments Loans and advances Loans and other financial liabilities Balance as at 1 Jan 2025 23 370 15,171 3,964 19,528 637 Valuation: - through profit or loss 3 - 1,668 21 1,692 (184) Exchange differences - - (1,052) - (1,052) - Increases - - 1,034 73 1,107 - Decreases - - (195) (8) (203) - Balance as at 30 Jun 2025 26 370 16,626 4,050 21,072 453 Non-trading financial assets mandatorily at fair value through profit or loss Total financial assets in EUR thousands 6 months ended 30 Jun 2026 Financial assets held for trading Non-trading financial assets mandatorily at fair value through profit or loss Derivatives Equity instruments Items of Income statement Gains less losses from financial assets and liabilities held for trading 19 - Gains less losses from non-trading assets mandatorily at fair value through profit or loss - 876 Foreign exchange translation gains less losses - 252 NLB Group
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115 NLB Group Interim Report January – June 2026 Movements of non-financial assets at Level 3 e) Fair value of financial instruments not measured at fair value in financial statements Financial instruments not measured at fair value in financial statements are not managed on a fair value basis. For respective instruments, fair values are calculated for disclosure purposes only and do not impact the NLB Group statement of financial position or income statement. in EUR thousands 6 months ended 30 Jun 2025 Financial assets held for trading Non-trading financial assets mandatorily at fair value through profit or loss Derivatives Equity instruments Items of Income statement Gains less losses from financial assets and liabilities held for trading 3 - Gains less losses from non-trading assets mandatorily at fair value through profit or loss - 1,668 Foreign exchange translation gains less losses - (1,052) NLB Group in EUR thousands 6 months ended 30 Jun 2026 Financial assets held for trading Financial liabilities measured at fair value through profit or loss Derivatives Equity instruments Loans and advances Loans and other financial liabilities Items of Income statement Gains less losses from financial assets and liabilities held for trading 19 - - - Gains less losses from non-trading assets mandatorily at fair value through profit or loss - 876 37 454 Foreign exchange translation gains less losses - 252 - - NLB Non-trading financial assets mandatorily at fair value through profit or loss in EUR thousands 6 months ended 30 Jun 2025 Financial assets held for trading Financial liabilities measured at fair value through profit or loss Derivatives Equity instruments Loans and advances Loans and other financial liabilities Items of Income statement Gains less losses from financial assets and liabilities held for trading 3 - - - Gains less losses from non-trading assets mandatorily at fair value through profit or loss - 1,668 21 184 Foreign exchange translation gains less losses - (1,052) - - Non-trading financial assets mandatorily at fair value through profit or loss NLB in EUR thousands NLB Group 2026 2025 2026 2025 Balance as at 1 Jan 18,695 19,214 3,326 8,187 Effects of translation of foreign operations to presentation currency (13) (32) (2) (15) Additions - 238 - 633 Disposals (99) (3,418) (1,671) (7,448) Balance as at 30 Jun 18,583 16,002 1,653 1,357 Investment property Non-current assets held for sale
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116 NLB Group Interim Report January – June 2026 The table below shows estimated fair values of financial instruments not measured at fair value in the statement of financial position. Loans and advances to banks The estimated fair value of deposits is based on discounted cash flows using prevailing market interest rates for instruments with similar credit risk and residual maturities. The fair value of overnight deposits equals their carrying value. Loans and advances to customers The estimated fair value of loans and advances represents the discounted amount of estimated future cash flows expected to be received. Expected cash flows are discounted at current market rates for debts with similar credit risk and residual maturities to determine their fair value. Deposits and borrowings from customers The fair value of sight deposits and overnight deposits equals their carrying value. However, their actual value for NLB Group depends on the timing and amounts of cash flows, current market rates and the credit risk of the depository institution itself. A portion of sight deposits is stable, similar to term deposits. Therefore, their economic value for NLB Group differs from the carrying amount. The estimated fair value of other deposits and borrowings from customers is based on discounted cash flows using interest rates for new deposits with similar residual maturities. Debt securities measured at amortised cost and debt securities issued The fair value of debt securities measured at amortised cost and debt securities issued is based on their quoted market price or value calculated by using a discounted cash flow method and the prevailing money market interest rates. Loan commitments For credit facilities that are drawn soon after the NLB Group grants loans (drawn at market rates) and loan commitments to those clients that are not impaired, the fair value is close to zero. For loan commitments to clients that are impaired, fair value represents the amount of the recognised provisions. Other financial assets and liabilities The carrying amount of other financial assets and liabilities is a reasonable approximation of their fair value as they mainly relate to short-term receivables and payables. in EUR thousands Carrying value Fair value Carrying value Fair value Carrying value Fair value Carrying value Fair value Financial assets measured at amortised cost - debt securities 4,416,892 4,380,672 4,317,154 4,288,369 3,317,287 3,270,294 3,146,795 3,094,083 - loans and advances to banks 447,076 446,640 404,532 404,463 319,851 319,851 322,150 322,150 - loans and advances to customers 19,653,973 19,069,055 18,705,474 18,349,917 10,039,002 9,678,325 9,550,493 9,390,803 - other financial assets 204,482 204,482 170,741 170,741 233,826 233,826 81,530 81,530 Financial liabilities measured at amortised cost - deposits from banks and central banks 99,979 99,938 98,758 98,737 312,323 312,295 151,736 151,730 - borrowings from banks and central banks 373,337 369,873 166,775 166,060 130,086 125,809 47,711 47,582 - due to customers 25,075,872 25,060,208 24,509,880 24,503,973 13,538,519 13,540,644 13,449,865 13,450,771 - borrowings from other customers 115,746 123,719 113,216 119,913 151 151 293 288 - debt securities issued 1,548,807 1,618,345 2,099,220 2,192,666 1,548,807 1,618,345 2,099,220 2,192,666 - other financial liabilities 397,283 397,283 362,649 362,649 226,207 226,207 162,813 162,813 NLBNLB Group 30 Jun 2026 31 Dec 202530 Jun 2026 31 Dec 2025
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117 NLB Group Interim Report January – June 2026 Fair value hierarchy of financial instruments not measured at fair value in financial statements in EUR thousands 30 Jun 2026 Level 1 Level 2 Level 3 Total fair value Level 1 Level 2 Level 3 Total fair value Financial assets measured at amortised cost - debt securities 3,621,482 754,125 5,065 4,380,672 3,225,340 44,954 - 3,270,294 - loans and advances to banks - 446,640 - 446,640 - 319,851 - 319,851 - loans and advances to customers - - 19,069,055 19,069,055 - - 9,678,325 9,678,325 - other financial assets - - 204,482 204,482 - - 233,826 233,826 Financial liabilities measured at amortised cost - deposits from banks and central banks - 99,938 - 99,938 - 312,295 - 312,295 - borrowings from banks and central banks - 369,873 - 369,873 - 125,809 - 125,809 - due to customers - 25,060,208 - 25,060,208 - 13,540,644 - 13,540,644 - borrowings from other customers - - 123,719 123,719 - - 151 151 - debt securities issued 1,618,345 - - 1,618,345 1,618,345 - - 1,618,345 - other financial liabilities - - 397,283 397,283 - - 226,207 226,207 NLBNLB Group 6. Analysis by segment for NLB Group a) Segments (i) ‘Total net income’ includes net interest income, dividend income, net fee and commission income, the net effect of financial instruments, foreign exchange translation, the effect on the derecognition of assets, other operating income, other operating expen ses, cash contribution to resolution funds and deposit guarantee schemes, gains less losses from modification of financial assets, and gain less losses from non -current assets held for sale. in EUR thousands 31 Dec 2025 Level 1 Level 2 Level 3 Total fair value Level 1 Level 2 Level 3 Total fair value Financial assets measured at amortised cost - debt securities 3,534,175 748,974 5,220 4,288,369 3,021,423 72,660 - 3,094,083 - loans and advances to banks - 404,463 - 404,463 - 322,150 - 322,150 - loans and advances to customers - - 18,349,917 18,349,917 - - 9,390,803 9,390,803 - other financial assets - - 170,741 170,741 - - 81,530 81,530 Financial liabilities measured at amortised cost - deposits from banks and central banks - 98,737 - 98,737 - 151,730 - 151,730 - borrowings from banks and central banks - 166,060 - 166,060 - 47,582 - 47,582 - due to customers - 24,503,973 - 24,503,973 - 13,450,771 - 13,450,771 - borrowings from other customers - - 119,913 119,913 - 288 - 288 - debt securities issued 2,192,666 - - 2,192,666 2,192,666 - - 2,192,666 - other financial liabilities - - 362,649 362,649 - - 162,813 162,813 NLBNLB Group in EUR thousands 6 months ended 30 June 2026 Retail Banking in Slovenia Corporate and Investment Banking in Slovenia Strategic Foreign Markets Financial Markets in Slovenia Non-Core Members Other activities Unallocated Total Total net income(i) 243,681 85,116 304,676 25,848 1,039 5,145 - 665,505 Net income from external customers 191,007 85,404 325,743 49,559 719 5,196 - 657,628 Intersegment net income 52,674 (288) (21,067) (23,711) 320 (51) - 7,877 Net interest income 172,795 60,646 229,619 25,150 416 (674) - 487,952 Net interest income from external customers 123,348 62,303 252,331 50,070 216 (316) - 487,952 Intersegment net interest income 49,447 (1,657) (22,712) (24,920) 200 (358) - - Administrative expenses (93,179) (34,321) (134,444) (5,590) (3,359) (28,257) - (299,150) Depreciation and amortisation (10,097) (3,210) (18,926) (347) (134) (1,942) (34,656) Reportable segment profit/(loss) before impairment and provision charge 140,405 47,585 151,306 19,911 (2,454) (25,054) - 331,699 Other net gains/(losses) from equity instruments in associates and joint ventures 1,209 - - - - - - 1,209 Impairment and provisions charge (13,323) (20,760) (402) (111) 2,222 10 - (32,364) Profit/(loss) before income tax 128,291 26,825 150,904 19,800 (232) (25,044) - 300,544 Owners of the parent 128,291 26,825 143,386 19,800 (232) (25,044) - 293,026 Non-controlling interests - - 7,518 - - - - 7,518 Income tax - - - - - - (40,641) (40,641) Profit for the year attributable to owners of the parent 252,385 30 Jun 2026 Reportable segment assets 5,620,339 4,299,873 14,711,498 6,672,658 19,826 513,963 - 31,838,157 Investments in associates and joint ventures 14,360 - - - - - - 14,360 Reportable segment liabilities 11,045,378 2,567,794 12,222,985 1,821,871 3,866 217,875 - 27,879,769 NLB Group
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118 NLB Group Interim Report January – June 2026 in EUR thousands 6 months ended 30 June 2025 Retail Banking in Slovenia Corporate and Investment Banking in Slovenia Strategic Foreign Markets Financial Markets in Slovenia Non-Core Members Other activities Unallocated Total Total net income(i) 230,124 83,785 312,871 13,993 695 5,025 - 646,492 Net income from external customers 174,962 84,995 331,748 41,201 399 5,347 - 638,651 Intersegment net income 55,162 (1,210) (18,877) (27,208) 296 (322) - 7,841 Net interest income 169,404 56,269 231,814 9,313 344 (706) - 466,437 Net interest income from external customers 117,440 61,453 249,606 38,115 106 (283) - 466,437 Intersegment net interest income 51,964 (5,185) (17,792) (28,802) 238 (423) - - Administrative expenses (93,039) (34,096) (125,543) (6,930) (2,777) (25,882) - (288,268) Depreciation and amortisation (10,770) (3,505) (18,837) (497) (150) (2,037) - (35,796) Reportable segment profit/(loss) before impairment and provision charge 126,315 46,184 168,491 6,566 (2,232) (22,895) - 322,428 Other net gains/(losses) from equity instruments in associates and joint ventures 1,421 - - - - - - 1,421 Impairment and provisions charge (17,178) 6,437 13,416 1,531 1,564 (3,275) - 2,495 Profit/(loss) before income tax 110,557 52,621 181,907 8,097 (668) (26,169) - 326,344 Owners of the parent 110,557 52,621 173,809 8,097 (668) (26,169) - 318,246 Non-controlling interests - - 8,098 - - - - 8,098 Income tax - - - - - - (43,866) (43,866) Profit for the year attributable to owners of the parent 274,380 31 Dec 2025 Reportable segment assets 5,361,305 4,137,150 14,108,566 7,346,909 18,415 488,351 - 31,460,695 Investments in associates and joint ventures 14,137 - - - - - - 14,137 Reportable segment liabilities 10,741,800 2,717,508 11,650,488 2,265,088 3,939 235,675 - 27,614,498 NLB Group (i) ‘Total net income’ includes net interest income, dividend income, net fee and commission income, the net effect of financial instruments, foreign exchange translation, the effect on the derecognition of assets, other operating income, other operating expen ses, cash contribution to resolution funds and deposit guarantee schemes, gains less losses from modification of financial assets, and gain less losses from non -current assets held for sale. Segment reporting is presented in accordance with the strategy on the basis of the organisational structure used in the management reporting of NLB Group’s results. NLB Group’s segments are business units that focus on different customers and markets. They are managed separately because each business unit requires different strategies and service levels. The business activities of the parent bank (NLB) and company NLB Lease&Go, leasing, Ljubljana – a successor in legally merged companies NLB Lease&Go, leasing, Ljubljana and Summit Leasing Slovenija – are divided into several segments. Interest income and expenses are reallocated between segments on the basis of fund transfer prices (FTP). Other NLB Group members are, based on their business activity, included in only one segment. In the segment analysis, the funding costs to meet MREL requirements and to strengthen the capital position of Tier 2 are additionally allocated between segments and shown within the net interest income. The segments of the NLB Group are divided into core and non-core segments. The core segments are the following: • Retail Banking in Slovenia covers individuals and micro companies, asset management (NLB Skladi, Ljubljana), and the part of NLB Lease&Go, leasing, Ljubljana, operating with retail clients, as well as the part of the result of the associated company Bankart. • Corporate and Investment Banking in Slovenia covers Key Corporate Clients, SMEs, Cross-Border Corporate Financing, Investment Banking and Custody, Trade finance, Restructuring and Workout, and the part of NLB Lease&Go, leasing, Ljubljana, operating with corporate clients. • Strategic Foreign Markets consist of strategic banks in the Group operating in the strategic markets (Serbia, North Macedonia, Bosnia and Herzegovina, Kosovo, and Montenegro), as well as the investment companies NLB Fondovi, Skopje and NLB Fondovi, Beograd, NLB DigIT, Beograd, and leasing companies NLB Lease&Go Skopje, NLB Lease&Go leasing Beograd, and Mobil Leasing, Zagreb. • Financial Markets in Slovenia include treasury activities and trading with financial instruments, while also presenting the results of asset and liability management (ALM) in the parent bank and company NLB Lease&Go, leasing, Ljubljana. • Other activities include categories whose operating results cannot be allocated to specific segments, as well as NLB Cultural Heritage Management Institute, company Car&Go, Ljubljana and Real Estate entities with the exception of NLB Real Estate d.o.o., Podgorica which was classified as a non-core member at the end of 2025 (in the segment analysis for the first half of 2025 it is shown in the Other activities segment). The segment also includes a new member of the NLB Group, NLB Skladi – Nepremičnine, nepremičninska investicijska družba, d.d., established in May 2026. • Non-Core Members include the operations of non-core NLB Group members, i.e. entities in liquidation, LHB, NLB Srbija, NLB Crna Gora and in the segment analysis for the first half of 2026 also NLB Real Estate, d.o.o., Podgorica.
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119 NLB Group Interim Report January – June 2026 NLB Group is primarily a financial group, and net interest income represents the majority of its net revenues. NLB Group’s main indicator of a segment’s efficiency is net profit before tax. No revenues were generated from transactions with a single external customer that would amount to 10% or more of NLB Group's revenues. b) Geographical information The geographical analysis includes a breakdown of items with respect to the country in which individual NLB Group members are located. The column ‘Revenues’ includes interest and similar income, dividend income, and fee and commission income. The column ‘Net Revenue’ includes interest and similar income, dividend income, fee and commission income, the net effect of financial instruments, other operating income, gains less losses from subsidiaries, associates and joint- ventures, foreign exchange translation, the effect on the derecognition of assets, gains less losses from modification of financial assets, and gain less losses from non-current assets held for sale. The items net effect of financial instruments, foreign exchange translation, the effect on the derecognition of assets, gains less losses from modification of financial assets, are included only if their combined value is positive. The items gains less losses from subsidiaries, associates and joint-ventures, and gain less losses from non-current assets held for sale are included only if their value is positive. in EUR thousands NLB Group June June June June 2026 2025 2026 2025 Slovenia 463,875 432,847 473,715 446,105 236,044 225,598 17,125,210 17,352,345 South East Europe 426,144 392,562 441,100 420,865 257,792 260,026 14,716,819 14,113,699 Bosnia and Herzegovina 68,910 61,130 70,511 64,026 45,579 44,192 2,593,156 2,446,834 Croatia 5,514 4,498 5,738 4,788 3,533 3,818 219,258 169,806 Kosovo 48,247 42,360 48,578 42,513 13,823 14,502 1,633,683 1,632,760 Montenegro 36,282 34,429 37,947 37,304 25,006 25,990 1,082,991 1,106,093 North Macedonia 70,429 65,475 73,022 69,143 39,686 40,277 2,603,692 2,575,997 Serbia 196,762 184,670 205,304 203,091 130,165 131,247 6,584,039 6,182,209 Western Europe - 57 631 28 9 9 10,488 8,788 Germany - - 70 28 9 9 423 447 Switzerland - 57 561 - - - 10,065 8,341 Total 890,019 825,466 915,446 866,998 493,845 485,633 31,852,517 31,474,832 Revenues Net revenue Non-current assets Total assets 6 months ended 6 months ended 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025
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120 NLB Group Interim Report January – June 2026 7. Related-party transactions Related-party transactions with the Management Board and other key management personnel, their family members and companies these related parties have control, joint control or significant influence. A number of banking transactions are entered into with related parties within regular course of business. The volume of related-party transactions and the outstanding balances are as follows: Key management compensation – payments in the period Short-term benefits include: • monetary benefits (gross salaries, supplementary insurance, holiday allowances, other bonuses); and • non-monetary benefits (company cars, health care, residential facilities, etc.). The reimbursement of cost comprises food allowances, travel expenses and use of own resources. in EUR thousands NLB Group 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 Loans and deposits issued 2,271 2,281 545 647 26 - 39 47 Deposits received 5,870 3,882 836 940 868 772 349 313 Other financial liabilities 3 3 - - 3 8 - - Other financial liabilities measured at fair value through profit or loss 9,403 8,134 - - - - - - Other operating liabilities 29,857 26,580 - - - - - - Guarantees issued and loan commitments 384 321 82 87 - - 21 23 NLB 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 Loans and deposits issued 2,271 2,280 545 647 26 - 39 47 Deposits received 5,793 3,806 836 940 868 772 349 313 Other financial liabilities 3 3 - - 3 8 - - Other financial liabilities measured at fair value through profit or loss 9,403 8,134 - - - - - - Other operating liabilities 29,857 26,580 - - - - - - Guarantees issued and loan commitments 377 315 82 87 - - 21 23 NLB Group June June June June June June June June 2026 2025 2026 2025 2026 2025 2026 2025 Interest income 34 34 10 10 - - 1 - Interest expenses (16) (12) (2) (2) - - (1) (1) Fee income 12 11 4 4 1 2 1 1 Other income 11 10 - - - - - - Other expenses - - - - (59) (44) - - NLB June June June June June June June June 2026 2025 2026 2025 2026 2025 2026 2025 Interest income 34 34 10 10 - - 1 - Interest expenses (15) (12) (2) (2) - - (1) (1) Fee income 12 11 4 4 1 2 1 1 Other income 11 10 - - - - - - Other expenses - - - - (59) (44) - - Management Board and other key management personnel Family members of the Management Board and other key management personnel Companies in which members of the Management Board, key management personnel, or their family members have control, joint control or a significant influence Supervisory Board 6 months ended 6 months ended 6 months ended 6 months ended 6 months ended 6 months ended 6 months ended 6 months ended in EUR thousands June June June June NLB Group and NLB 2026 2025 2026 2025 Short-term benefits 2,334 1,948 4,184 4,252 Cost refunds 5 5 59 64 Long-term bonuses - severance pay - - 171 - - other benefits 24 9 217 128 - variable part of payments 4,412 3,180 5,548 4,283 Total 6,775 5,142 10,179 8,727 Management Board Other key management personnel 6 months ended 6 months ended
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121 NLB Group Interim Report January – June 2026 Related-party transactions with subsidiaries, associates and joint ventures Related-party transactions with the major shareholder with significant influence NLB Group discloses all transactions with the major shareholder with significant influence. For transactions with other government-related entities, NLB Group discloses individually significant transactions above EUR 40 million and their business accounts balances. in EUR thousands 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 Loans and deposits issued 6 8 - - Loans and deposits received 8,495 9,020 3,482 4,324 Other financial assets 6 6 - - Other financial liabilities 577 1,821 - - Guarantees issued and loan commitments 34 32 - - June June June June 2026 2025 2026 2025 Interest expenses - - (91) (72) Fee income 5 4 - - Fee expenses (8,965) (8,214) - - Other income 21 21 2 2 Other expenses (993) (568) - - NLB Group 6 months ended 6 months ended Associates Joint ventures in EUR thousands 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 Loans and deposits issued 1,843,948 1,664,932 6 8 - - Loans and deposits received 284,000 124,389 8,495 9,020 357 395 Other equity instruments 76,731 63,776 - - - - Derivatives Fair value 1,965 1,613 - - - - Contractual amount 153,738 164,175 - - - - Other financial assets 3,028 3,560 6 6 - - Other financial liabilities 4,890 3,526 51 1,309 - - Guarantees issued and loan commitments 99,747 170,072 34 32 - - Received loan commitments and financial guarantees 3,425 1,821 - - - - June June June June June June 2026 2025 2026 2025 2026 2025 Interest income 31,783 29,920 - - - - Interest expenses (2,109) (2,352) - - - - Fee income 10,883 8,736 5 4 - - Fee expenses (6) (3) (6,399) (5,864) - - Income from other equity instruments 2,538 - - - - - Other income 1,682 1,370 21 21 2 1 Other expenses (4,259) (4,085) (493) (349) - - Gains less losses from financial assets and liabilities held for trading (312) 1,445 - - - - Gains less losses from non-trading financial assets mandatorily at fair value through profit or loss 490 205 - - - - NLB 6 months ended Subsidiaries Associates Joint ventures 6 months ended 6 months ended in EUR thousands 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 Loans and deposits issued 13,955 25,218 13,955 25,218 Investments in securities 722,459 726,403 709,818 716,742 Other financial assets 78 82 78 82 Other financial liabilities 19 614 19 614 Guarantees issued and loan commitments 1,646 1,635 1,646 1,635 June June June June 2026 2025 2026 2025 Interest income 7,742 7,167 7,586 6,574 Fee income 874 1,025 874 1,025 Fee expenses (14) (15) (14) (15) Other income 121 120 121 120 Other expenses (7) (5) (7) (5) 11 1 11 1 NLB Group Shareholder Gains less losses from financial assets and liabilities held for trading NLB 6 months ended 6 months ended in EUR thousands 6 months ended 12 months ended 6 months ended 12 months ended NLB Group and NLB June 2026 December 2025 June 2026 December 2025 Guarantees issued and loan commitments 66,000 - 1 - Number of significant transactions concluded during the period Amount of significant transactions concluded during the period
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122 NLB Group Interim Report January – June 2026 8. Subsidiaries NLB Group’s subsidiaries as at 30 June 2026 (i) 51% ownership of NLB Lease&Go, leasing, d.o.o., Ljubljana and 49% ownership of NLB Banka a.d., Skopje. (ii) 50.89% ownership of NLB Lease&Go, leasing, d.o.o., Ljubljana and 48.91% NLB Komercijalna banka a.d. Beograd. (iii) 100% ownership of NLB Real Estate d.o.o., Ljubljana. in EUR thousands NLB Group and NLB 30 Jun 2026 31 Dec 2025 30 Jun 2026 31 Dec 2025 Loans 348,325 356,028 6 5 Guarantees issued and loan commitments 81,000 40,000 1 1 Balance of all significant transactions at end of the period Number of significant transactions at end of the period in EUR thousands NLB Group and NLB June 2026 June 2025 Interest income from loans 5,415 7,079 Fees and commissions income 118 45 Interest income from debt securities measured at amortised cost and net valuation effects from hedge accounting - 621 Effects in the income statement during the period 6 months ended in % Shareholding Voting rights Shareholding Voting rights Core members NLB Banka a.d., Skopje Banking North Macedonia 86.97 86.97 86.97 86.97 NLB Banka a.d., Podgorica Banking Montenegro 99.87 99.87 99.87 99.87 NLB Banka a.d., Banja Luka Banking Bosnia and Herzegovina 100.00 100.00 100.00 100.00 NLB Banka sh.a., Prishtina Banking Kosovo 82.38 82.38 82.38 82.38 NLB Banka d.d., Sarajevo Banking Bosnia and Herzegovina 97.34 97.35 97.34 97.35 NLB Komercijalna banka a.d. Beograd Banking Serbia 100 100 100 100 NLB Skladi d.o.o., Ljubljana Finance Slovenia 100 100 100 100 NLB Fondovi a.d., Beograd Finance Serbia 100 100 - - NLB Fondovi a.d., Skopje Finance North Macedonia 100 100 - - NLB Skladi - Nepremičnine d d , Ljubljana Finance Slovenia 100 100 - - NLB Lease&Go, leasing, d.o.o., Ljubljana Finance Slovenia 100 100 100 100 NLB Lease&Go d.o.o., Skopje(i) Finance North Macedonia 100 100 - - NLB Lease&Go leasing d.o.o. Beograd(ii) Finance Serbia 99.80 99.80 - - NLB Car&Go, upravljanje spletnih platform, d.o.o., Ljubljana Web portal Slovenia 100 100 - - Mobil Leasing d.o.o., Zagreb Finance Croatia 100 100 - - NLB MUZA Zavod za upravljanje kulturne dediščine, Ljubljana Cultural heritage management Slovenia 100 100 100 100 NLB DigIT d.o.o., Beograd IT services Serbia 100 100 100 100 NLB Real Estate d.o.o., Beograd Real estate Serbia 100 100 100 100 NLB Real Estate d.o.o., Ljubljana Real estate Slovenia 100 100 100 100 Non-core members NLB Crna Gora d.o.o., Podgorica Finance Montenegro 100 100 100 100 NLB Real Estate d.o.o., Podgorica Real estate Montenegro 100 100 100 100 NLB InterFinanz AG, Zürich in Liquidation Finance Sw itzerland 100 100 100 100 NLB InterFinanz d.o.o., Beograd - u likvidaciji Finance Serbia 100 100 - - LHB AG, Frankfurt Finance Germany 100 100 100 100 PRO-REM d.o.o., Ljubljana - v likvidaciji(iii) Real estate Slovenia 100 100 - - NLB Srbija d.o.o., Beograd Real estate Serbia 100 100 100 100 Nature of Business Country of Incorporation NLB Group NLB
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123 NLB Group Interim Report January – June 2026 NLB Group’s subsidiaries as at 31 December 2025 (i) 51% ownership of NLB Lease&Go, leasing, d.o.o., Ljubljana and 49% ownership of NLB Banka a.d., Skopje. (ii) 50.89% ownership of NLB Lease&Go, leasing, d.o.o., Ljubljana and 48.91% NLB Komercijalna banka a.d. Beograd. (iii) 100% ownership of NLB Real Estate d.o.o., Ljubljana. 9. Events after the end of the reporting period No events took place after 30 June 2026 that would have had a materially significant influence on the presented condensed interim financial statements. in % Shareholding Voting rights Shareholding Voting rights Core members NLB Banka a.d., Skopje Banking North Macedonia 86.97 86.97 86.97 86.97 NLB Banka a.d., Podgorica Banking Montenegro 99.87 99.87 99.87 99.87 NLB Banka a.d., Banja Luka Banking Bosnia and Herzegovina 99.85 99.85 99.85 99.85 NLB Banka sh.a., Prishtina Banking Kosovo 82.38 82.38 82.38 82.38 NLB Banka d.d., Sarajevo Banking Bosnia and Herzegovina 97.34 97.35 97.34 97.35 NLB Komercijalna banka a.d. Beograd Banking Serbia 100 100 100 100 NLB Skladi d.o.o., Ljubljana Finance Slovenia 100 100 100 100 NLB Fondovi a.d., Beograd Finance Serbia 100 100 - - NLB Fondovi a.d. Skopje Finance North Macedonia 100 100 - - NLB Lease&Go, leasing, d.o.o., Ljubljana Finance Slovenia 100 100 100 100 NLB Lease&Go d.o.o., Skopje(i) Finance North Macedonia 100 100 - - NLB Lease&Go leasing d.o.o. Beograd(ii) Finance Serbia 99.80 99.80 - - NLB Car&Go, upravljanje spletnih platform, d.o.o., Ljubljana Web portal Slovenia 100 100 - - Mobil Leasing d.o.o., Zagreb Finance Croatia 100 100 - - NLB MUZA Zavod za upravljanje kulturne dediščine, Ljubljana Cultural heritage management Slovenia 100 100 100 100 NLB DigIT d.o.o., Beograd IT services Serbia 100 100 100 100 NLB Real Estate d.o.o., Beograd Real estate Serbia 100 100 100 100 NLB Real Estate d.o.o., Ljubljana Real estate Slovenia 100 100 100 100 Non-core members NLB Crna Gora d.o.o., Podgorica Finance Montenegro 100 100 100 100 NLB Real Estate d.o.o., Podgorica Real estate Montenegro 100 100 100 100 NLB InterFinanz AG, Zürich in Liquidation Finance Sw itzerland 100 100 100 100 NLB InterFinanz d.o.o., Beograd - u likvidaciji Finance Serbia 100 100 - - LHB AG, Frankfurt Finance Germany 100 100 100 100 PRO-REM d.o.o., Ljubljana - v likvidaciji(iii) Real estate Slovenia 100 100 - - NLB Srbija d.o.o., Beograd Real estate Serbia 100 100 100 100 Nature of Business Country of Incorporation NLBNLB Group
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124 NLB Group Interim Report January – June 2026 Glossary of Terms and Definitions AC Amortised Cost AI Artificial Intelligence ALM Asset and Liability Management AML Anti-Money Laundering aop Average of the period API Alternative Performance Indicators ASF Available Stable Funding AT1 Additional Tier 1 capital AuM Assets under Management BiH Bosnia and Herzegovina BoS Bank of Slovenia bps Basis Points CAGR Compound Annual Growth Rate CB Central Bank CBR Combined Buffer Requirement CC Contact Centre CCF Credit Conversion Factor CCYB Countercyclical Capital Buffer CEO Chief Executive Officer CET1 Common Equity Tier 1 CFO Chief Financial Officer CIR Cost-to-Income Ratio CMO Chief Marketing Officer CoC Cost of Capital CoR Cost of Risk CPI Consumer Price Index CRO Chief Risk Officer CRR Capital Requirement Regulation CSD Central Security Depository CSR Corporate Social Responsibility CTO Chief Transformation Officer CVA Credit Value Adjustment DGS Deposit Guarantee Scheme EBA European Banking Authority EBRD European Bank for Reconstruction and Development ECB European Central Bank ECL Expected Credit Losses ESG Environmental, Social and Governance ESMA European Securities and Markets Authority EVE Economic Value of Equity FTP Fund Transfer Price FVOCI Fair Value Through Other Comprehensive Income FVTPL Fair Value Through Profit or Loss FX Foreign Exchange GDP Gross Domestic Product
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125 NLB Group Interim Report January – June 2026 GDR Global Depositary Receipts HICP Harmonised Index of Consumer Prices HQLA High-Quality Liquid Assets IAS International Accounting Standard ICAAP Internal Capital Adequacy Assessment Process IFRS International Financial Reporting Standard ILAAP Internal Liquidity Adequacy Assessment Process IVS International Valuation Standards KPI Key Performance Indicator LCR Liquidity Coverage Ratio LRE Leverage Ratio Exposure LTD Loan-to-Deposit Ratio M&A Mergers and Acquisitions MPE Multiple Point of Entry MREL Minimum Requirement for Own Funds and Eligible Liabilities MS Mid-Swap Rate NFC Non-Financial Corporation NII Net Interest Income NLB or the Bank NLB d.d., Ljubljana NPE Non-Performing Exposures NPL Non-Performing Loans NSFR Net Stable Funding Ratio NZBA Net-Zero Banking Alliance OBM Operational Business Margin OCI Other Comprehensive Income OCR Overall Capital Requirement O-SII Other Systemically Important Institution P2G Pillar 2 Guidance P2R Pillar 2 Requirements PMI Purchasing Managers’ Index POCI Purchased or Originated Credit-Impaired pp Percentage point(s) PRS Preferred Resolution Strategy P&L Profit and Loss ROA Return on Assets ROE Return on Equity RoS Republic of Slovenia RSF Required Stable Funding RWA Risk Weighted Assets SEE South-East Europe SEE banking members NLB Group members in the following countries: Serbia, North Macedonia, Bosnia and Herzegovina, Kosovo, and Montenegro SLS Summit Leasing Slovenija SME Small and Medium-sized Enterprises SPPI Solely Payments of Principal and Interest SREP Supervisory Review and Evaluation Process SRF Single Resolution Fund SSM Single Supervisory Mechanism
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126 NLB Group Interim Report January – June 2026 SyRB Systemic Risk Buffer T1 Tier 1 Capital T2 Tier 2 Capital TCR Total Capital Ratio The Group NLB Group TREA Total Risk Exposure Amount TSCR Total SREP Capital Requirement