National Bank of Greece (ETE) investor relations material

Executive summary

• Delivered €661 million profit after tax in 1H26, with EPS of €1.45 and RoTE of 15.5%, supported by strong NII and fee growth, robust asset quality, and leading capital ratios.

• Upgraded FY26 guidance for NII, EPS, and RoTE, reflecting positive momentum and favorable macroeconomic and rate environment.

• Maintained a fortress balance sheet with superior capital and liquidity, supporting strategic flexibility and shareholder distributions.

• Accelerated digital transformation and technology investments, including rollout of a new cloud-based core banking system and advanced AI capabilities.

• Strategic partnerships with Allianz and Dromeus Capital enhance fee income and diversify revenue streams.

Financial highlights

• Profit after tax for 1H26 was €661 million, up 3% year-on-year; EPS at €1.45; RoTE at 15.5% (15.7% reported).

• NII grew 1.5% year-on-year to €1,096 million; NIM at 273 bps in 2Q26, expected to reach ~280 bps for the year.

• Fee income up 10% year-on-year to €243 million, with Q2 up 14% quarter-on-quarter.

• Operating expenses rose 8.4% year-on-year, mainly due to investments in people and technology; cost-to-income ratio at 34.7%.

• Group deposits up €3.5 billion year-on-year to €61.7 billion; performing loans up €2.1 billion year-to-date to €39.1 billion.

Outlook and guidance

• Upgraded full-year 2026 guidance: NII growth to mid-single digits, NIM to ~280 bps, RoTE above 15%, and EPS above €1.4.

• Confident in achieving high single-digit fee income growth for 2026.

• Credit expansion guidance maintained at slightly over €3 billion net for the year.

• Cost of risk guidance maintained below 40 bps; NPE ratio expected to remain below 2.4%.

• Interim dividend expected in Q4, pending regulatory discussions.