Alpha Services and Holdings S.A.

Investor Presentation • May 9, 2025

Alpha Bank Q1 2025 Results

Investor presentation

9 th May 2025

Disclaimer

This presentation has been prepared and issued by Alpha Services and Holdings S.A. and its 100% subsidiary, Alpha Bank S.A., solely for informational purposes. It is hereby noted that on 16.4.2021, the demerger of the credit institution under the former name "Alpha Bank S.A." (which has been already renamed "Alpha Services and Holdings S.A.") was completed by way of hive-down of the banking business sector with the incorporation of a new company - credit institution under the name "Alpha Bank S.A.". References to "Alpha Bank" shall be construed to be references to Alpha Services and Holdings S.A., except to the extent otherwise specified or the context otherwise required, i.e., references to the entity acting as a credit institution shall be deemed to refer to (i) the former Alpha Bank (already renamed Alpha Services and Holding S.A.) prior to 16.04.2021 and to (ii) the new "Alpha Bank S.A." on and after 16.04.2021.

For the purposes of this disclaimer, this presentation shall mean and include materials, including and together with any oral commentary or presentation and any question and answer session. By attending a meeting at which the presentation is made, or otherwise viewing or accessing the presentation, whether live or recorded, you will be deemed to have agreed to the following restrictions and acknowledged that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of the presentation or any information contained herein. By reading this presentation, you agree to be bound by the following limitations:

No representation or warranty, express or implied, is or will be made in relation to, and no responsibility is or will be accepted by Alpha Services and Holdings (or any member of its Group as to the accuracy, fairness, completeness, reliability or sufficiency of the information contained in this presentation and nothing in this presentation shall be deemed to constitute such a representation or warranty. The information contained in this presentation may contain and/or be based on information that has been derived from publicly available sources that have not been independently verified. Alpha Services and Holdings is not under any obligation to update, revise or supplement this presentation or any additional information or to remedy any inaccuracies in or omissions from this presentation.

This presentation does not constitute an offer, invitation or recommendation to subscribe for or otherwise acquire securities. Also, it is not intended to be relied upon as advice to investors or potential investors and does not take into account the objectives, financial situation or needs of any particular investor. You are solely responsible for forming own opinion and conclusion.

Certain statements in this presentation may be deemed to be "forward-looking". You should not place undue reliance on such forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect current expectations and assumptions as to future events and circumstances that may not prove accurate. Forward-looking statements are not guarantees of future performance, and the actual results, performance, achievements or industry results of Alpha Services and Holdings and/or Alpha Bank's operations, results of operations, financial position and the development of the markets and the industry in which they operate or are likely to operate may differ materially from those described in, or suggested by, the forward-looking statements contained in this presentation. In addition, even if the operations, results of operations, financial position and the development of the markets and the industry in which Alpha Services and Holdings and Alpha Bank operate is consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, competition, changes in banking regulation and currency fluctuations.

Forward-looking statements may, and often do, differ materially from actual results. Any forward-looking statements in this document reflect Alpha Services and Holdings' current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to Alpha Services and Holdings and/or Alpha Bank's financial position, operations, results of operations, growth, strategy and expectations. Any forward-looking statement speaks only as of the date on which it is made. New factors will emerge in the future, and it is not possible for Alpha Services and Holdings to predict which factors they will be. In addition, Alpha Services and Holdings cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those described in any forward looking statements. Alpha Services and Holdings disclaims any obligation to update any forward-looking statements contained herein, except as required pursuant to applicable law.

About Alpha Services and Holdings

Alpha Services and Holdings S.A. (under the distinctive title Alpha Services and Holdings) is a financial holdings company, listed on the Athens Stock Exchange, and the parent company of the banking institution "ALPHA BANK S.A.".

Subsequent to the corporate transformation that took place in April 2021, the banking operations were hived-down to a new wholly owned banking subsidiary (Alpha Bank S.A.).

Alpha Bank S.A. is 100% subsidiary of Alpha Services and Holdings S.A. and one of the leading Groups of the financial sector in Greece which was founded in 1879 by J.F. Costopoulos. The Bank offers a wide range of highquality financial products and services, including retail banking, SMEs and corporate banking, asset management and private banking, the distribution of insurance products, investment banking, brokerage and real estate management.

https://www.alphaholdings.gr/en/investor-relations

Pages

Alpha Bank
------------	--

•	Business Update	3
•	Financial Performance	14
•	Appendix
	▪ ESG	22
	▪ Digital	31
	▪ Segmental Information	33
	▪ P&L	39
	▪ Balance Sheet	51
	▪ Asset Quality	63
	▪ Capital	69

Q1 2025 performance reinforces outlook

Q1 2025 Group Results

Set strong profitability foundation	Reported Profit After Tax Normalised Profit After Tax	€223mn €239mn	+5% y/y +8% y/y
Resilient Top line & Growth in Fees	Net Interest Income Fee Income	€395mn €108mn	(6%) y/y +11% y/y
Low NPE ratio & Cost of Risk de-escalation	NPE ratio Cost of Risk		3.8% 53bps
Increase in customer balances	Performing loans Customer funds		+13% y/y +8% y/y
Excess capital growth allows for distribution	Organic capital generation Growth in Tangible Book Value5		+71bps +11% y/y

Return on Tangible Equity¹ 15.4% or 12.4% reported

Earnings Per Share² €0.09 or €0.08 reported

Fully Loaded CET1 Ratio 16.3% or 16.9% pro-forma³

Payout accrual⁴ 50% or €111m

of Q1 25 reported profit

4

1| Based on normalized profit after tax over average TBV; Calculated after deduction of AT1 coupon payments; Adjusted excluding capital above management target and dividends accrued but not paid; 2| Earnings per share; based on normalized profit after tax post AT1 coupon; 3| Pro-forma for remaining RWA relief from NPA transactions including mainly Gaia and Skyline; 4| Subject to regulatory approval; 5| Adjusted for dividend and buyback

Limited direct effect of US Tariffs on Greece

Exports of goods (as a % of total exports and GDP) in EU-27 (2024 data) Greece vs US trade in goods

Trade balance channel

• Greece's exports to the US amounted to €2.4 billion in 2024, accounts for 1% of GDP and 4.8% of total exports
• Since 2011 (excl. 2022), Greece has maintained a trade surplus with the US, which in 2024 amounted to approximately €0.25 billion. The direct impact of the new US tariffs on the current account is not expected to be significant for Greece

FDIs

• FDI inflows from the US amounted to €177 million in 2024, representing 2.6% of total FDI inflows. Of these, the €131 million concerned real estate investments. Cumulatively, in 2020-24, FDI inflows from the US amounted to €1.56 billion (5.6% of the total)

Indirect implications more substantial but manageable

Travel receipts, arrivals and expenditure per overnight stay in 2024

Travel receipts (% of total) Tourism arrivals (% of total) Expenditure per overnight stay (in €), rhs

Foreign Demand Channel

• European tariff-sensitive countries (e.g., Germany, Italy) are our primary trade partners in goods and the main source countries of inbound tourism. The potential slowdown in their economic growth rate, due to the weakening of their export penetration to the US, is expected to impact Greece
• The possible slowdown of the US economy, combined with the weakening of the dollar against the euro may result in fewer tourist arrivals (3.8% of total in 2024) and travel receipts (7.3% of total in 2024; the 3rd highest after Germany and UK) from the US in 2025
• The expenditure per overnight stay from the US was much higher (€107.2) compared to total average (€89.7)

Policy Uncertainty Channel

• A potential trade war would diffuse uncertainty worldwide
• High level of uncertainty could distort investment plans

The relevance for Alpha Bank is measured

Loan book in good shape

• Dry Bulk shipping exposures linked to US trade are 1% of the loan book and are relatively unlevered • Accommodation (c€3bn) is scalable and mostly upmarket and thus less sensitive with limited exposure to vulnerable segments…

The potential impact on profitability is mild

Impact on 2027 EPS:

EPS per 25bp

1% EPS per 500m

3% EPS per 10bp

AXIA acquisition to form the regional IBCM leader

Creating the largest and only vertically integrated Investment Banking and Capital Markets (IBCM) platform in Greece and Cyprus

AXIA's expertise in financial advisory complements Alpha's existing IBCM and financing services, expanding the offering suite to clients

Leveraging the combined offering will support clients vis-a-vis growth initiatives and international expansion

Unicredit partnership will enhance the combined entity's international presence and credentials

Group revenues from investment banking and capital markets to triple following the transaction¹

Signing of binding transaction documentation expected in Q2 25 Transaction expected to close in Q3 25

M&A criteria fully met c. 1.4%² EPS accretion from year 2

➢ 20% Return on Capital employed

c. 15bps ROTE uplift

< 20bps CET1 impact

2027 to land higher than previously expected

	ROTE	EPS	CET1
2027 Outlook (as per March guidance)	c. 12%	>0.42	>17%
Astrobank	+60bp	+5%	-40bp
AXIA	+15bp	+1.4%	-20bp
2027 Updated Outlook	c. 13%	> 0.45	>16%

Key financial targets

Reported ROTE c13% in 2027

Reported EPS >0.45 in 2027

Total Capital Generated >3bn cumulative 2025 – ²⁰²⁷

Ordinary payout 50% from 2025

Structural advantages leading to earnings growth

Alpha Bank's structural advantages		Outlook for 2027
	Positioned to absorb rate cuts and grow NII…	• Dynamic management of interest rate sensitivity • Significant potential from structural growth dynamics • Further upside from balance sheet and franchise positioning
	…strong loan growth in corporate lending…	• Pace of growth retained above the €2bn mark • Significant expansion in Large Corporates and SMEs • Strong demand dynamics while lower rates reduce repayments	Accelerating earnings growth and capital
	…and accelerating momentum in fee generation capabilities…	• Significant investment in corporate solutions bearing fruit • Accelerate growth in transaction banking and IB • Increasing growth and penetration in Wealth management	generation as rates stabilize +2% EPS growth 2025
	…all further supported by UniCredit partnership	• Positioning franchise as bank of choice for cross-border activity • Unify commercial framework to mutually benefit both groups	+11% EPS CAGR 2026-2027

EPS expansion to continue across 2025-2027

1| Earnings per share calculated after deduction of AT1 coupon payments based on normalized profit after tax; 2| Assuming 43% payout of which 75% in buyback for 2024 and 50% payout of which 75% in buyback for 2025 at a share price of €2.27; 3| Assuming 43% payout of which 75% in buyback for 2024 and 50% payout of which 75% in buyback for 2025, 2026 and 2027 at a share price of €2.20; 4| Company-compiled consensus

Significant potential to create and return value to shareholders

Alpha Bank

•	Business Update	3
•	Financial Performance	14
•	Appendix
	▪ ESG	22
	▪ Digital	31
	▪ Segmental Information	33
	▪ P&L	39
	▪ Balance Sheet	51
	▪ Asset Quality	63
	▪ Capital	69

Pages

Group Profit & Loss Summary

Profit & Loss (€ mn)	Q1 2024	Q1 2025	Δ %	Q4 2024	Q1 2025	Δ %
Net Interest Income	422	395	(6%)	406	395	(3%)
Net fee and commission Income	97	108	11%	114	108	(6%)
Trading & Other Income	37	56	52%	57	56	(3%)
Operating Income	555	559	1%	578	559	(3%)
Total Operating Expenses	(204)	(204)	0%	(239)	(204)	(15%)
Pre Provision Income	351	355	1%	339	355	5%
Impairment Losses	(68)	(52)	(24%)	(63)	(52)	(18%)
Profit/ (Loss) before income tax	279	307	10%	270	307	14%
Income Tax	(78)	(72)	(8%)	(69)	(72)	4%
Impact from NPA transactions, discontinued operations & other adjustments	11	(12)	…	(36)	(12)	(66%)
Reported Profit/ (Loss) after income tax	212	223	5%	165	223	35%
Normalised Profit After Tax	222	239	8%	196	239	22%

Operating income:

• Net interest income reaching a plateau
• Growth in fees continues fueled by asset management

Operating expenses:

• Quarter benefitting from seasonality
• Staff costs step down on account of 2024 VSS

Impairment losses:

• Cost of Risk at 53bp in Q1
• Asset quality environment remains benign

Reported Profit After Tax:

• Bottom line +35% on better fees, trading & costs as well as lower one-off items
• Normalised profit of €239mn in the quarter

Q1 25 Group Balance Sheet

• Growth fueled by corporates with FX headwinds
• €0.6bn net credit expansion at 25% of annual guidance

Customer funds:

• Deposit outflows following usual seasonal effect
• AuM net sales driven by onemarkets funds this quarter

Tangible Book Value:

• AT1 coupon and dividend payment impacting quarter
• Growth ex-payouts at 3% q/q

CET1 ratio:

• 71bp of organic capital generation partially offset by CRR3
• €111m of dividend accrual in the quarter

Net interest income and Fees

Performing loans and Customer Funds

Performing loan book expansion

Group, € bn

International Greece Individuals Greece Businesses

Customer Funds evolution

Group, € bn

Asset quality

NPEs flat on solid organic trends and management actions

Cost of Risk at 53bp for the year reflecting benign environment

30.3 30.9 29.7

Quarterly evolution in Capital

€bn

Alpha Bank

Pages

•	Business Update	3
•	Financial Performance	14

• Appendix

▪ ESG	22
▪ Digital	31
▪ Segmental Information	33
▪ P&L	39
▪ Balance Sheet	51
▪ Asset Quality	63
▪ Capital	69

Accelerating our journey to Net Zero

Our strategy for a resilient, net-zero economy by 2050

Financed emissions targets set on 4 sectors in Nov 2024 (1/2)

• While reducing transition risk, these targets will not materially constrain the Bank's ability to serve these sectors
• The Bank will monitor these sectors, and how they are meeting their targets (this will be embedded into Risk, Business and Sustainability processes)

• The Bank has identified a set of contingency actions, if required

• These sectors represent ~20% of exposure and ~64% of financed emissions (excluding Shipping) of NZBA sectors.

Financed emissions targets set on 4 sectors in Nov 2024 (2/2)

Our Sustainable Finance Framework as an enabler in our Sustainability Strategy

Best-practice Climate & Environmental Risk Management embedded in credit decisions and loan pricing

ESG Assessment of all Clients Transaction Assessment

• Assessment via interbank ESG questionnaire since 2023
• Sector-based questionnaires, including climate data (Emissions & Targets)
• Clients classified as High-Medium-Low risk

• Requests corrective action plan in case of high-risk outcome

• Assesses Environmental and Social impact of specific economic activity to be financed

• Assessment criteria per our Sustainable Finance Framework, integrating EU Taxonomy if applicable
• Corrective actions requested if negative impact is identified

Loan Pricing

• Loan Pricing Framework takes into consideration the overall ESG assessment in the pricing of facilities
• Sustainable investments benefit from selective discounts when appropriate
• High risk clients' pricing incorporates additional risk premium component to incentivise improvement in sustainability

Sustainability highlights: Delivering tangible results¹

Support an environmentally sustainable Economy

€ 2.0 billion for Sustainable Disbursements since 2024

€ 412 million for Renewable Energy Projects since 2024

Zero financing to new investments in thermal coal mining, upstream oil exploration or coal-fired electricity generation

100% of electricity from renewable sources for all our buildings & Branches

58% of total energy consumed came from renewable sources

10.7% reduction of Scope 2 location- based emissions of the Group (vs 2023)

Foster healthy economies & Societal progress

86% of the Group's branches are accessible

51% Increase Youth employment at Group level

42% Women in managerial posts at Group level

80% Employees in Wholesale Banking Business trained for ESG

"IQonomy" Educational program that instills fundamental financial knowledge and skills in students, women, and individuals aged 55+

Together for Better Health Offered > 92k medical supplies across Greece, particularly for the most vulnerable citizens

• SDG 3: Good health & Well being
• SDG 10: Reduced inequalities
• SDG 17: Partnerships for the Goals

Ensure robust & transparent Governance

33% Women at Board of Directors

58% Independent Non-Executive Board Members

All Committee Chairs are Independent

Sustainability integration Into Remuneration

Training & development of Board Members

Recognition of our commitment to Sustainability

Alpha Bank

Pages

•	Business Update	3
•	Financial Performance	14
•	Appendix
	▪ ESG	22
	▪ Digital	31
	▪ Segmental Information	33
	▪ P&L	39
	▪ Balance Sheet	51
	▪ Asset Quality	63

Continuous improvement in key digital metrics

Q1 '25 Key Achievements Investor Day KPIs

• +31% Increase in Mobile Transactions YoY
• +28% Digital Sales Items in 3m YoY (31% of total sales)
• 4 out of 5 Consumer Loans digitally
• 43% of Credit Cards issued digitally in like for like category
• Digital Mortgage Pre-approval launched in myAlpha Web

Digital Sales	2023 23%	2024 27%	Q1/2025 31%	2025 Target 30%
Daily Banking Digitalization1	82%	90%	91%	100%
Active Users1,2 In mil.	1.9	2.0	2.0	2.0+

% Digital Sales | Q1 '25 Production

Alpha Bank

Pages

•	Business Update	3
•	Financial Performance	14
•	Appendix
	▪ ESG	22
	▪ Digital	31
	▪ Segmental Information	33
	▪ P&L	39
	▪ Balance Sheet	51
	▪ Asset Quality	63

Key figures				REVENUES / PROFITABILITY	VOLUMES
(in €mm)	Q1 25	Q1 24	∆difference, %	(€24mn)	€1.2bn
Net loans	8,928	9,166	(3%)	Revenues y/y	Deposits y/y
Deposits	34,355	33,193	3%	(€23mn)	+0.5mn (0.2mn)
Total revenues	175	199	(12%)	Profits3 y/y	Net Loans y/y
Recurring Operating expenses	(98)	(97)	1%
Normalised Profit	48	71	(33%)	COST / INCOME	RoCET11
Allocated CET1 @13%	848	878	(3%)		(10p.p.)
Cost / Income ratio	56%	49%	15%		32%
RoCET1 ratio1	22%	32%	(31%)	56% 49%	22%
			Contribution to

Wholesale

Key figures				REVENUES / PROFITABILITY	VOLUMES
(in €mm)	Q1 25	Q1 24	∆difference, %	+€8mn	€1.4bn
Net loans	27,922	24,514	14%	Revenues y/y	Deposits y/y
Deposits	9,957	8,531	17%	+€5mn	€3.4bn
Total revenues	232	223	4%	Profits3 y/y	Net Loans y/y
Recurring Operating expenses	(42)	(41)	2%
Normalised Profit	121	116	4%	COST / INCOME	RoCET11
Allocated CET1 @13%	2,103	1,935	9%
Cost / Income ratio	18%	19%	(2%)		0p.p. 24% 24%
RoCET1 ratio1	24%	24%	(1%)	19% 18%
Contribution to Group Revenues, Contribution to Group Revenues, 'Q1 24 41% 'Q1 25		51%	Contribution to Group recurring 2 profits, 'Q1 25	Q1 24 Q1 25	Q1 24 Q1 25

Key figures				REVENUES / PROFITABILITY	VOLUMES
(in €mm)	Q1 25	Q1 24	∆difference, %	+€9mn	€1.6bn
Assets under Management	19,299	17,209	12%	Revenues y/y	Mutual Funds y/y
Total revenues	40	31	27%	+€5mn	€0.5bn
Recurring Operating expenses	(14)	(12)	11%	Profits3 y/y	Other AUMs y/y
Normalised Profit	19	14	37%
Allocated CET1 @13%	38	30	26%	COST / INCOME	RoCET11
Cost / Income ratio	35%	40%	(13%)		+45p.p. 214%
RoCET1 ratio1	214%	169%	27%	40% 35%	169%
Contribution to Contribution to Group Revenues, 'Q1 24 7% Group Revenues, 'Q1 25		8%	Contribution to Group recurring 2 profits, 'Q1 25	Q1 24 Q1 25	Q1 24 Q1 25

International

(in €mm)	Q1 25	Q1 24	∆difference, %
Net loans	1,573	1,242	27%
Deposits	3,626	3,240	12%
Total revenues	46	39	17%
Recurring Operating expenses	(22)	(18)	21%
Normalised Profit	33	29	14%
Allocated CET1 @13%	239	457	(48%)
Cost / Income ratio	48%	46%	3%
RoCET1 ratio1	54%	25%	113%

NPAs and Corporate Center

Non Performing Assets (NPAs)		Corporate Center
(in €mm)	Q1 25	Q1 24	∆difference, %
Net loans	1,158	1,602	(28%)
Assets	2,694	3,426	(21%)
Total revenues	7	15	(54%)
Recurring Operating expenses	(14)	(16)	(13%)	Recurring Operating expenses
Normalised Profit	(17)	(29)	(41%)
Allocated CET1 @13%	289	358	(19%)
RoCET1 ratio1	(36%)	(37%)	0%	RoCET1 ratio1
Contribution to Group Revenues, 1% 'Q1 25		(7%)	Contribution to Group recurring 2 profits, 'Q1 25	Contribution to Group Revenues, 11% 'Q1 25		15%

(in €mm) Q1 25 Q1 24 ∆difference, % Assets 20,650 18,967 9% TBV 1,205 1,618 (26%) Total revenues 59 47 25% Recurring Operating expenses (14) (15) (10%) Normalised Profit 35 21 66% Allocated CET1 @13% 445 530 (16%) RoCET1 ratio¹ 29% 16% 77% Corporate Center Contribution to Group Revenues, 'Q1 25 Contribution to Group recurring ² profits, 'Q1 25 ²

Alpha Bank

Pages

•	Business Update	3
•	Financial Performance	14
•	Appendix
	▪ ESG	22
	▪ Digital	31
	▪ Segmental Information	33
	▪ P&L	39
	▪ Balance Sheet	51
	▪ Asset Quality	63

Group Profit & Loss Summary

Profit & Loss (€ mn)	Q1 2025	Q1 2024	yoy % change	Q1 2025	Q4 2024	qoq % change
Net Interest Income	395	422	(6%)	395	406	(3%)
Net fee and commission Income Trading & Other Income	108 56	97 37	11% 52%	108 56	114 57	(6%) (3%)
Operating Income	559	555	1%	559	578	(3%)
Recurring Operating Expenses Extraordinary	(204) 0	(200) (3)	2% (100%)	(204) 0	(234) (5)	(13%) (100%)
Total Operating Expenses Core Pre Provision Income Pre Provision Income	(204) 308 355	(204) 324 351	0% (5%) 1%	(204) 308 355	(239) 300 339	(15%) 3% 5%
Impairment Losses	(52)	(68)	(24%)	(52)	(63)	(18%)
Profit/ (Loss) before income tax	307	279	10%	307	270	14%
Income Tax 1 Impact from NPA transactions, discontinued operations & other adjustments	(72) (12)	(78) 11	(8%) …	(72) (12)	(69) (36)	4% (66%)
Reported Profit/ (Loss) after income tax	223	212	5%	223	165	35%
2 Normalised Profit After Tax	239	222	8%	239	196	22%

Reported Profit After Tax

Profit & Loss - Detailed

(€ mn)	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	qoq% change	yoy% change
Net Interest Income	421.6	411.1	408.2	405.7	395.3	(2.6%)	(6.2%)
Net fee and commission income	96.8	100.1	108.8	114.4	107.5	(6.0%)	11.1%
Income from financial operations	31.2	13.3	17.6	43.5	47.3	8.6%	51.5%
Other income	5.7	17.1	9.6	13.9	8.6	(38.1%)	52.0%
Operating Income	555.2	541.7	544.2	577.5	558.7	(3.3%)	0.6%
Staff costs	(87.3)	(92.8)	(92.2)	(97.3)	(88.2)	(9.4%)	1.0%
General Administrative Expenses	(71.9)	(78.3)	(73.3)	(91.9)	(80.4)	(12.5%)	11.7%
Depreciation and amortization	(41.3)	(40.5)	(45.2)	(45.0)	(35.1)	(22.1%)	(15.0%)
Recurring Operating Expenses	(200.5)	(211.5)	(210.7)	(234.2)	(203.6)	(13.0%)	1.6%
Extraordinary costs	(3.3)	(1.3)	0.0	(4.7)	0.0	(100.0%)	(100.0%)
Total Operating expenses	(203.8)	(212.8)	(210.7)	(238.9)	(203.6)	(14.8%)	(0.1%)
Core Pre-Provision Income	323.6	316.9	315.8	299.8	307.8	2.7%	(4.9%)
Ιmpairment losses	(67.8)	(51.8)	(53.1)	(63.2)	(51.6)	(18.3%)	(23.8%)
Other items	(4.3)	(4.2)	3.0	(5.1)	4.0	…	…
Impairments & Gains/(Losses) on financial instruments, fixed assets and equity investments	(1.3)	(3.1)	0.3	(7.2)	(1.7)	(75.7%)	31.1%
Provisions and transformation costs	(0.5)	(0.8)	0.9	1.6	(0.2)	…	(58.1%)
Share of profit/(loss) of associates and joint ventures	(2.4)	(0.3)	1.9	0.4	5.9	…	…
Profit/ (Loss) before income tax	279.4	272.9	283.4	270.3	307.4	13.7%	10.0%
Income Tax	(78.2)	(84.8)	(84.4)	(69.1)	(71.9)	4.0%	(8.1%)
Profit/ (Loss) after income tax from continuing operations	201.3	188.1	199.0	201.2	235.6	17.1%	17.0%
Impact from NPA transactions	(5.4)	(101.6)	(18.4)	(19.2)	(12.1)	(37.3%)	…
Profit/ (Loss) after income tax from discontinued operations	19.3	23.0	19.7	(5.2)	3.8	…	(80.5%)
Other adjustments	(2.9)	0.8	(33.6)	(11.9)	(3.9)	(66.8%)	37.2%
Profit/ (Loss) after Income tax	212.2	110.3	166.7	164.9	223.3	35.4%	5.2%
Net interest Margin (NIM)	2.32%	2.24%	2.20%	2.21%	2.18%

Main P&L items

Net Interest Income

Group, € mn

Recurring operating expenses

Group, € mn

Net fee and commission income

Group, € mn

Cost of Risk¹

€mn & bps over net loans

Net Interest Income driver headlines

Performing loan spreads³

Greece, %

Individuals Business

Deposit costs

Deposit beta¹ Greece, %

Term Deposit pass-through² EUR, %

Loan and deposit spreads

Net loan balances & spreads

€ bn

250

Sensitivity to interest rates

Fees

2

Q1 25

Operating Expenses

Group, € mn	Q1 25	Q1 24	yoy %	Q1 25	Q4 24	qoq %
Staff costs	(88.2)	(87.3)	1.0%	(88.2)	(97.3)	(9.4%)
General Administrative expenses	(80.4)	(71.9)	11.7%	(80.4)	(91.9)	(12.5%)
Depreciation and amortisation	(35.1)	(41.3)	(15.0%)	(35.1)	(45.0)	(22.1%)
Recurring Operating Expenses	(203.6)	(200.5)	1.6%	(203.6)	(234.2)	(13.0%)
Extraordinary costs	0.0	(3.3)		0.0	(4.7)
Total Operating Expenses	(203.6)	(203.8)	(0.1%)	(203.6)	(238.9)	(14.8%)

Employees Branches

Greece 8,147	7,354	7,503	5,925	5,940	5,678	5,705	5,741	5,798	5,513	5,637

1| Includes corporate and private banking centers. 2| including sabbaticals

Reported to Normalised

Profit & Loss (€ mn)	Bridge between reported and normalised profit
Q1 2025	Published	Delta	Normalised
Net Interest Income	395	(3)	393
Net fee and commission Income	108	0	108
Trading income	47	3	50
Other income	9	0	9
Operating Income	559		559
Staff costs	(88)	0	(88)
General Administrative Expenses	(80)	0	(80)
Depreciation and amortization	(35)	0	(35)
Recurring Operating Expenses	(204)		(204)
Extraordinary	0	0	0
Total Operating Expenses	(204)		(204)
Core Pre Provision Income	305		308
Pre Provision Income	355		355
Impairment Losses	(52)	0	(52)
o/w Underlying	30	0	0
o/w servicing fees	9	0	0
o/w securitization expenses	13	0	0
Other impairments	(2)	0	(2)
Impairment losses of fixed assets and equity investments	(2)	0	(2)
Gains/(Losses) on disposal of fixed assets and equity investments	2	0	2
Provisions and transformation costs	(0)	0	(0)
Share of profit/(loss) of associates and joint ventures	6	0	6
Profit/ (Loss) before income tax	307		307
Income Tax	(72)	0	(72)
Profit/ (Loss) after income tax	236		236
Impact from NPA transactions	(12)	12	0
Profit/ (Loss) after income tax from discontinued operations	4	0	4
Other adjustments	(4)	4	0
Reported Profit/ (Loss) after income tax	223	16	239

Reported to Normalised

Bridge between Reported and Normalised Profit - Quarterly (€ mn)	Q1 2022	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Reported Profit/ (Loss) after income tax	123	115	70	59	111	191	195	121	212	110	167	165	223
Net Interest Income	0	0	0	0	0	0	0	0	0	0	0	(1)	(3)
Net fee and commission Income	0	0	0	0	0	0	0	0	0	0	0	0	0
Trading income	(72)	0	(69)	0	0	0	0	0	0	0	0	1	3
Other income	0	0	0	0	0	0	0	0	0	0	0	0	0
Staff costs	0	0	0	0	0	0	0	0	0	0	0	0	0
General Administrative Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation and amortization	0	0	0	0	0	0	0	0	(2)	0	0	(5)	0
Extraordinary	0	(3)	(1)	3	(0)	5	0	(5)	3	1	0	5	0
Impairment Losses	25	3	0	0	0	0	0	0	0	(0)	0	0	0
Other impairments	0	0	0	0	0	0	0	0	0	0	0	0	0
Impairment losses of fixed assets and equity investments	0	0	(0)	0	0	0	0	0	0	0	0	0	0
Gains/(Losses) on disposal of fixed assets and equity investments	0	0	0	0	0	0	0	0	0	0	0	0	0
Provisions and transformation costs	0	(0)	(0)	0	(0)	0	0	0	0	0	0	0	0
Share of profit/(loss) of associates and joint ventures	0	0	0	0	0	0	0	0	0	0	0	0	0
Income Tax	19	(0)	26	(3)	(0)	(1)	0	2	1	(1)	9	0	0
Impact from NPA transactions	49	167	77	36	23	(5)	(2)	109	5	102	18	19	12
Profit/ (Loss) after income tax from discontinued operations	(4)	(217)	(4)	(5)	0	0	0	12	0	2	1	0	0
Other adjustments	(9)	7	(6)	10	27	5	22	(22)	3	(1)	34	12	4
Normalised Profit After Tax	132	70	94	102	162	195	215	216	222	214	228	196	239

Alpha Bank

Pages

•	Business Update	3
•	Financial Performance	14
•	Appendix
	▪ ESG	22
	▪ Digital	31
	▪ Segmental Information	33
	▪ P&L	39
	▪ Balance Sheet	51
	▪ Asset Quality	63
	▪ Capital	69

Q1 2025 Group Balance Sheet Summary

Balance Sheet (€ bn)	Mar 2025	Dec 2024	Mar 2024	q/q
Total Assets	73.1	72.1	73.1	1.1
Securities	18.1	17.7	16.3	0.4
Cash & Cash Balances	3.5	3.0	4.5	0.5
Net Loans	39.4	39.0	36.3	0.3
ECB balances	2.8	2.6	4.0	0.2
Deposits	50.4	51.0	47.3	(0.7)
Tangible Equity	7.2	7.0	6.6	0.2
CET1 ratio (Fully loaded)	16.3%	16.3%	14.6%	…
Total Capital ratio (Fully loaded)	21.9%	21.9%	19.0%	…
NPE ratio	3.8%	3.8%	6.0%	…
NPE Cash Coverage	50%	53%	46%	…

Group, € bn

Balance sheet composition

Business Volumes

(€ mn )	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	% YoY
Group Gross Loans	37,243	36,541	37,638	39,703	39,991	7.4%
Mortgages	7,299	7,083	7,065	6,888	6,846	(6.2%)
Consumer Loans	1,281	1,253	1,255	1,212	1,197	(6.6%)
Credit Cards	1,023	1,003	976	994	943	(7.8%)
Small Business Loans	2,104	1,940	1,956	1,864	1,835	(12.8%)
Medium and Large Business Loans	25,536	25,262	26,385	28,746	29,170	14.2%
of which:
Domestic	35,847	35,164	36,105	38,103	38,339	7.0%
Mortgages	6,658	6,496	6,463	6,275	6,218	(6.6%)
Consumer Loans	1,212	1,192	1,190	1,148	1,133	(6.5%)
Credit Cards	1,016	998	970	988	937	(7.8%)
Small Business Loans	2,081	1,923	1,939	1,848	1,818	(12.7%)
Medium and Large Business Loans	24,879	24,555	25,543	27,845	28,233	13.5%
of which: Shipping Loans	3,007	2,964	3,530	3,772	3,812	26.8 %
International	1,396	1,377	1,532	1,600	1,652	18.3%
1 Accumulated Provisions	(955)	(742)	(770 )	(677 )	( 626 )	(34 4%)
Group Net Loans	36,316	35,824	36,892	3 9 ,050	3 9 ,388	8.5 %
Customer Assets	64,463	65,781	67,944	69,487	69,661	8. 1 %
of which:
Group Deposits	47,254	48,189	49,745	51,032	50,363	6.6%
Sight & Savings	34,171	35,048	35,856	36,138	36,051	5.5%
Time deposits	13,083	13,141	13,889	14,894	14,311	9.4%
Domestic	44,014	44,793	46,234	47,420	46,737	6.2%
Sight & Savings	32,671	33,546	34,365	34,549	34,483	5.5%
Time deposits	11,343	11,248	11,869	12,871	12,254	8.0%
International	3,240	3,396	3,510	3,611	3,626	11.9%
Mutual Funds	6,007	6,543	6,757	7,276	7,567	26.0%
Fixed Income	2,955	3,194	3,354	3,163	2,960	0.2%
Equities	7,359	6,963	7,149	7,040	7,752	5.3%
Managed Accounts	887	892	940	976	1,019	14.8%
Total Private Banking Balances (incl. Deposits)	8,082	8,268	8,466	8,745	7 ,853	(2.8 %)

Net Credit Expansion trends

Net credit expansion

Individuals Businesses

Greece, € bn

Business net credit expansion 4 quarter rolling average

1

o/w 0.31 syndication

55

1| Adjusted for syndication

1

Net credit expansion breakdown

Performing loans

Greece, € bn

				Q1 23Q2 23Q3 23Q4 23Q1 24Q2 24Q3 24Q4 24Q1 25
Beginning of period	27.3	26.9	27.3	27.5	28.4	28.6	28.5	29.5	31.8
Disbursements	1.7	2.0	1.9	2.8	1.9	2.1	3.0	4.0	2.5
Repayments	(2.1)	(1.9)	(1.8)	(1.8)	(1.9)	(2.1)	(1.9)	(2.1)	(1.9)
Net Flows to/from NPE	0.0	(0.1)	0.0	0.0	0.0	0.0	0.0	(0.1)	(0.1)
Other Movements	(0.1)	0.4	0.1	(0.2)	0.1	(0.1)	(0.1)	0.4	(0.1)
End of period	26.9	27.3	27.5	28.4	28.6	28.5	29.5	31.8	32.1
Net Credit Expansion	(0.4)	0.1	0.1	1.1	0.0	0.0	1.2	2.0	0.6

New disbursements – per category

Greece, € mn

	Q1 23	Q2 23	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25
Individuals	114	112	123	169	187	162	144	180	145
Business	1,614	1,887	1,729	2,669	1,713	1,916	2,892	3,860	2,360
Total	1,728	1,999	1,852	2,838	1,900	2,078	3,035	4,040	2,505

Loan portfolio breakdown

Securities portfolio

Securities portfolio

Group, Book value, Mar-25, € bn

• The "Other/ECB eligible" bonds of €9.0bn is broken down to the following categories:
  • €4.8bn other sovereign bonds
  • €0.9bn bonds issued by supranationals
  • €2.0bn bonds investment grade bonds by other issuers & CLOs
  • €1.3bn bonds issued by Greek corporates

Customer Funds trends

Customer Funds evolution

Group, € bn

Deposit Mix Greece, € bn 74% 25% 1% Mar-24 75% 25% 1% Jun-24 74% 25% 1% Sep-24 73% 26% 1% Dec-24 74% 25% 1% Mar-25 Core Time State 44.0 44.8 46.2 47.4 46.7

Deposits flow per quarter

Alpha Bank deposits evolution in Greece

Alpha Bank deposits evolution in Greece

Greece, € bn

Mar-24 Bus. Indiv. Jun-24 Bus. Indiv. Sep-24 Bus. Indiv. Dec-24 Bus. Indiv. Mar-25

Deposits breakdown – March 2025

Deposits breakdown – March 2025

Individuals

Business

Core

ECB Balances and Liquidity metrics

Wealth management

Notes: Investment AUMs also includes Equities & Bonds for non Private Banking customers. Private Banking Investment AUMs also includes AB Mutual Funds. Private Banking Investment AUMs does not include Alpha Life Mutual Funds. Private Banking figures reflect internal client segmentation to other Bank segments amounting to 1bn.

Alpha Bank

Pages

•	Business Update	3
•	Financial Performance	14
•	Appendix
	▪ ESG	22
	▪ Digital	31
	▪ Segmental Information	33
	▪ P&L	39
	▪ Balance Sheet	51
	▪ Asset Quality	63
	▪ Capital	69

NPE flows and Cost of Risk trends

Cost of Risk

bps (over net loans)

Gross organic NPE formation in Greece per segment

Gross formation (Organic) - Wholesale Greece, € mn (461) (192) 80 (254) (155) 170 4 18 (4) (29) (11) 201820192020202120222023 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25

Gross formation (Organic) - Retail

Auctions and repossession activity evolution

Auctioned properties (Conducted) 1Q2025

€ mn

REO portfolio evolution (entries/exits) – Greece (excl. Own Used)

• The auction process continues to exhibit an upward trend. During 1Q2025, the volume of conducted auctions remained elevated, which is particularly notable given the historically lower levels of auction activity typically observed in the first quarter. A substantial number of auctions were unsuccessful, primarily due to the lack of bidders.
• During 1Q 2025, the Bank continued with its disinvestment strategy through the completion of €19mn REO sales in Greece (including €15mn Skyline perimeter) and €0.6mn in Cyprus and SEE. Sales in Greece included both commercial as well as residential assets.
• Following the completion of the sale of a 65% equity stake in Skyline Real Estate Single Member S.A. ("Skyline") in December 2024 (Transaction Closing) and other third party sales, the REO stock decreased by €232mn. The sale of the remaining Skyline perimeter during 2025 is expected to further reduce the REO stock by ca 116mn., which includes 297 assets.

Detailed overview of asset quality by portfolio - Greece

(€ bn)		Wholesale	SBL	Mortgages	Consumer	Total
Gross loans		28.2	1.8	6.2	2.1	38.3
(-) Accumulated Provisions		(0.2)	(0.2)	(0.2)	(0.1)	(0.7)
Net loans		28.0	1.6	6.0	1.9	37.6
NPLs		0.1	0.2	0.5	0.1	0.9
NPL ratio		0.4%	11.8%	7.3%	6.6%	2.4%
NPEs		0.2	0.3	0.7	0.2	1.5
NPE ratio		0.8%	15.9%	11.7%	10.0%	3.8%
NPL collateral		0.1	0.1	0.4	0.0	0.6
NPE collateral		0.2	0.2	0.7	0.1	1.1
Coverage ratio	Collateral Cash	245% 62% 158% 79% 183% 79% NPL NPE	152% 131% 63% 65% 89% 66% NPL NPE	138% 122% 91% 92% 47% 29% NPL NPE	127% 93% 26% 27% 101% 66% NPL NPE	152% 125% 72% 75% 80% 50% NPL NPE
NPLs		0.1	0.2	0.5	0.1	0.9
(+) Forborne NPLs < 90 dpds		0.1	0.1	0.2	0.1	0.5
(+) Unlikely to pay		0.0	0.0	0.0	0.0	0.1
NPEs		0.2	0.3	0.7	0.2	1.5
Forborne NPLs >90dpd		0.0	0.1	0.1	0.1	0.3
Forborne NPLs <90dpd		0.1	0.1	0.2	0.1	0.5
Performing forborne		0.1	0.2	1.0	0.1	1.4
Total forborne		0.2	0.3	1.4	0.2	2.1

Detailed overview of asset quality by portfolio - Group

(€ bn)			Wholesale		SBL		Mortgages	Consumer			Total
Gross loans			29.2		1.8		6.8		2.1		40.0
(-) Accumulated Provisions			(0.2)		(0.2)		(0.2)		(0.1)		(0.8)
Net loans			29.0		1.6		6.6		2.0		39.2
NPLs			0.1		0.2		0.5		0.1		0.9
NPL ratio			0.3%		11.7%		7.0%		6.4%		2.3%
NPEs			0.2		0.3		0.8		0.2		1.5
NPE ratio			0.8%		15.8%		11.2%		9.8%		3.8%
NPL collateral			0.1		0.1		0.4		0.0		0.7
NPE collateral			0.2		0.2		0.7		0.1		1.1
Coverage ratio	Collateral Cash	253% 62% 191% NPL	158% 77% 80% NPE	152% 63% 89% NPL	131% 65% 66% NPE	137% 90% 48% NPL	121% 91% 30% NPE		128% 93% 27% 101% 67% NPL NPE	152% 71% 27% 80% NPL	125% 75% 50% NPE
NPLs			0.1		0.2		0.5		0.1		0.9
(+) Forborne NPLs < 90 dpds			0.1		0.1		0.3		0.1		0.5
(+) Unlikely to pay			0.0	0.0			0.0		0.0		0.1
NPEs			0.2 0.3				0.8		0.2		1.5
Forborne NPLs >90dpd			0.0		0.1		0.1		0.1		0.3
Forborne NPLs <90dpd			0.1 0.1			0.3		0.1		0.5
Performing forborne			0.2		0.2		1.0		0.1		1.5
Total forborne			0.3		0.3		1.4		0.2		2.3

Alpha Bank

Pages

	▪ Capital	69
	▪ Asset Quality	63
	▪ Balance Sheet	51
	▪ P&L	39
	▪ Segmental Information	33
	▪ Digital	31
	▪ ESG	22
•	Appendix
•	Financial Performance	14
•	Business Update	3

Quarterly evolution in Capital

Actuals and regulatory requirements

Regulatory Capital composition

Equity to regulatory capital bridge

€ mn

Group RWAs and Regulatory Capital

Group Risk Weighted Assets evolution € bn

Credit Risk Weights per portfolio

%

Further progress towards meeting MREL Requirements

• No subordinated MREL requirement
• Expect Alpha Bank to continue to be a regular issuer in the debt capital markets
• MREL ratio as of 31.03.2025 stands at 29,26%, well above the interim nonbinding target of 01.01.2025 (25,22%) as well as final MREL binding target of 30.06.2025 (27,25%).

Outstanding Debt Instruments

Issuance date	Tenor	Size (€mn)	Next Call	Maturity	Coupon
AT1
08/02/2023	PerpNC5.5	400	08/02/2028	Perpetual	11.875%
10/09/2024	PerNC5.75	300	10/06/2030	Perpetual	7.5%
Tier II
11/03/2021	10.25NC5.25	500	11/03/2026	11/06/2031	5.50%
13/06/2024	10.25NC5.25	500	13/09/2029	13/09/2034	6.00%
Senior preferred
23/09/2021	6.5NC5.5	500	23/03/2027	23/03/2028	2.50%
16/12/2022	4.5NC3.5	450	16/06/2026	16/06/2027	7.50%
13/02/2023	6NC5	70	13/02/2028	13/02/2029	6.75%
27/06/2023	6NC5	500	27/06/2028	27/06/2029	6.875%
22/11/2023	6NC5	50	22/11/2028	22/11/2029	6.50%
12/02/2024	6.25NC5.25	400	12/05/2029	12/05/2030	5.00%

1| The Combined Buffer Requirement (CBR) applies on top of MREL target. 2| Including Q1 2025 profits. 3| MREL requirements applicable only to the OpCo on a consolidated basis. 4| Pro-forma for remaining RWA relief from NPA transactions including mainly Skyline and Gaia.

Glossary (1/4)

Reference number	Terms	Definitions	Relevance of the metric	Abbreviation
1	Accumulated Provisions and FV adjustments	Sum of Provision for impairment losses for loans and advances to customers, the Provision for impairment losses for the total amount of off balance sheet items exposed to credit risk as disclosed in the Consolidated Financial Statements of the reported period,and the Fair Value Adjustments (10).	Standard banking terminology	LLR
2	Core Banking Income	Sum of Net interest income and Net fee and commission income as derived from the Consolidated Financial Statements of the reported period.	Profitability metric
3	Core deposits	Sum of "Current accounts", "Savings accounts" and "Cheques payable", as derived from the Consolidated Financial Statements of the reported period, taking into account the impact from any potential restatement.	Standard banking terminology	Core depos
4	Core Operating Income	Operating Income (35) less Income from financial operations (18) less management adjustments on operating income for the corresponding period.	Profitability metric
5	Core Pre-Provision Income	Core Operating Income (4) for the period less Recurring Operating Expenses (45) for the period.	Profitability metric	Core PPI
6	Cost of Risk	Impairment losses (14) for the period divided by the average Net Loans of the relevant period. Average balances is defined as the arithmetic average of balance at the end of the period and at the end of the previous period.	Asset quality metric	(Underlying) CoR
7	Cost/Assets	Recurring Operating Expenses (45) for the period (annualised) divided by Total Assets (18).	Efficiency metric
8	Deposits	The figure equals Due to customers as derived from the Consolidated Balance Sheet of the reported period.	Standard banking terminology
9	Extraordinary costs	Management adjustments on operating expenses, that do not relate to other PnL items.
10	Fair Value adjustments	The item corresponds to the accumulated Fair Value adjustments for non-performing exposures measured at Fair Value Through P&L (FVTPL).	Standard banking terminology	FV adj.
11	Fully-Loaded Common Equity Tier 1 ratio	Common Equity Tier 1 regulatory capital as defined by Regulation No 2024/1623 (Full implementation of Basel 3) , divided by total Risk Weighted Assets	Regulatory metric of capital strength	FL CET 1 ratio
12	Gross Loans	The item corresponds to Loans and advances to customers, as reported in the Consolidated Balance Sheet of the reported period, gross of the Accumulated Provisions and FV adjustments (1) excluding the accumulated provision for impairment losses on off balance sheet items, as disclosed in the Consolidated Financial Statements of the reported period.	Standard banking terminology
13	Impact from NPA transactions	Management adjustments to income and expense items as a result of NPE/NPA exposures transactions	Asset quality metric
14	Impairment losses	Impairment losses on loans (16) excluding impairment losses on transactions (17).	Asset quality metric
15	Impairment losses of which Underlying	Impairment losses (14) excluding Loans servicing fees as disclosed in the Consolidated Financial Statements of the reported period.	Asset quality metric
16	Impairment losses on loans	Impairment losses and provisions to cover credit risk on Loans and advances to customers and related expenses as derived from the Consolidated Financial Statements of the reported period, taking into account the impact from any potential restatement, less management adjustments on impairment losses on loans for the corresponding period.Management adjustments on impairment losses on loans include events that do not occur with a certain frequency, and events that are directly affected by the current market conditions and/or present significant variation between the reporting periods.	Standard banking terminology	LLP
17	Impairment losses on transactions	Represent the impact of incorporating sale scenario in the estimation of expected credit losses.	Asset quality metric

Glossary (2/4)

Reference number	Terms	Definitions	Relevance of the metric	Abbreviation
18	Impairments & Gains/(Losses) on financial instruments, fixed assets and equity investments	Sum of Impairment losses of fixed assets and equity investments ,Gains/(Losses) on disposal of fixed assets and equity investments and Impairment losses, provisions to cover credit risk on other financial instruments as derived from the Consolidated Income Statement of the reported period, less management adjustments on Impairments & Gains/(Losses) on fixed assets and equity investments. Management adjustments on Impairments & Gains/(Losses) on fixed assets and equity investments include events that do not occur with a certain frequency, and events that are directly affected by the current market conditions and/or present significant variation between the reporting periods.	Standard banking terminology
19	"Income from financial operations" or "Trading Income"	Sum of Gains less losses on derecognition of financial assets measured at amortised cost and Gains less losses on financial transactions, as derived from the Consolidated Income Statement of the reported period ,adding the NII effect resulting from the hedge of the net investment in RON through foreign exchange swap derivatives, amounting to €1.5m in Q4 2024 and €2.5m in Q1 2025, and less management adjustments on trading income for the corresponding period. Management adjustments on trading income include events that do not occur with a certain frequency, and events that are directly affected by the current market conditions and/or present significant variation between the reporting periods.	Standard banking terminology
20	Income tax	The figure equals Income tax as disclosed in the Consolidated Financial Statements of the reported period, less management adjustments on income tax for the corresponding period. Management adjustments on income tax include events that do not occur with a certain frequency, and events that are directly affected by the current market conditions and/or present significant variation between the reporting periods.	Standard banking terminology
21	Leverage Ratio	This metric is calculated as Tier 1 divided by Total Assets (54).	Standard banking terminology
22	Loan to Deposit ratio	Net Loans (24) divided by Deposits (8) at the end of the reported period.	Liquidity metric	LDR or L/D ratio
23	Net Interest Income	Net interest income as derived from the Consolidated Financial Statements of the reported period, excluding the NII effect resulting from the hedge of the net investment in RON through foreign exchange swap derivatives, amounting to €1.5m in Q4 2024 and €2.5m in Q1 2025.	Profitability metric	NII
24	Net Interest Margin	Net interest income for the period (annualised) divided by the average Total Assets (55) of the relevant period. Average balance is defined as the arithmetic average of balance at the end of the period and at the end of the previous relevant period.	Profitability metric	NIM
25	Net Loans	Loans and advances to customers as derived from the Consolidated Balance Sheet of the reported period.	Standard banking terminology
26	Non Performing Exposure Coverage	Accumulated Provisions and FV adjustments (1) plus CET 1 deductions used to cover calendar provisioning shortfall divided by NPEs (29) at the end of the reference period.	Asset quality metric	NPE (cash) coverage
27		Non Performing Exposure ratio NPEs (29) divided by Gross Loans (12) at the end of the reference period.	Asset quality metric	NPE ratio
28	Non Performing Exposure Total Coverage	Accumulated Provisions and FV adjustments (1) plus the value of the NPE collateral, plus CET 1 deductions used to cover calendar provisioning shortfall divided by NPEs (29) at the end of the reported period.	Asset quality metric	NPE Total coverage
29	Non Performing Exposures	Non-performing exposures (29) are defined according to EBA ITS on forbearance and Non Performing Exposures as exposures that satisfy either or both of the following criteria: a) material exposures which are more than 90 days past-due b)The debtor is assessed as unlikely to pay its credit obligations in full without realisation of collateral, regardless of the existence of any past-due amount or of the number of days past due.	Asset quality metric	NPEs
30	Non Performing Exposures Collateral Coverage	Value of the NPE collateral divided by NPEs (29) at the end of the reference period.	Asset quality metric	NPE collateral Coverage
31	Non Performing Loan Collateral Coverage	Value of collateral received for Non Performing Loans (29) divided by NPLs (35) at the end of the reference period.	Asset quality metric	NPL collateral Coverage
32	Non Performing Loan Coverage	Accumulated Provisions and FV adjustments (1) plus CET 1 deductions used to cover calendar provisioning shortfall divided by NPLs (35) at the end of the reference period.	Asset quality metric	NPL (cash) Coverage
33	Non Performing Loan ratio	NPLs (35) divided by Gross Loans (12) at the end of the reference period.	Asset quality metric	NPL ratio

Glossary (3/4)

Reference number	Terms	Definitions	Relevance of the metric	Abbreviation
34	Non Performing Loan Total Coverage	Accumulated Provisions and FV adjustments (1) plus the value of the NPL collateral, plus CET 1 deductions used to cover calendar provisioning shortfall divided by NPLs (Non Performing Loans) at the end of the reference period.	Asset quality metric	NPL Total Coverage
35	Non Performing Loans	Non Performing Loans (35) are Gross loans (12) that are more than 90 days past-due.	Asset quality metric	NPLs
36	Normalised Net Profit after (income) tax	Normalised profits between financial year 2022 and 2021 are not comparable due to initiation of a new normalized profits procedure effective since 1.1.2022 which does not exclude specific accounts such as the trading gains account and is based on specific principles and criteria. Main Income and expense items that are excluded for purposes of the normalized profit calculation are listed below: 1. Transformation related: a. Transformation Costs and related Expenses b. Expenses and Gains/Losses due to Non-Core Assets' Divestiture c. Expenses/Gains/Losses as a result of NPE/NPA exposures transactions' 2. Other non-recurring related: a. Expenses/Losses due to non anticipated operational risk b. Expenses/Losses due to non anticipated legal disputes c. Expenses/Gains/Losses due to short-term effect of non-anticipated and extraordinary events with significant economic impact d. Non-recurring HR/Social Security related benefits/expenses e. Impairment expenses related to owned used [and inventory] real estate assets f. Initial (one off) impact from the adoption of new or amended IFRS g. Tax related one-off expenses and gains/losses 3. Income Taxes Applied on the Aforementioned Transactions.	Profitability metric	Normalised Net PAT
37	Operating Income	Sum of Net interest income, Net fee and commission income, Income from financial operations or Trading Income (19) and Other income, as derived from the Consolidated Income Statement of the reported period, taking into account the impact from any potential restatement.	Standard banking terminology
38	Other (operating) income	Sum of Dividend income, Other incomeand insurance revenue/(expenses) and financial income/(expenses) from insurance contracts as derived for the Consolidated Income Statements of the reported period, taking into account the impact from any potential restatement.	Standard banking terminology
39	Other adjustments	Include management adjustments for events that occur with a certain frequency, and events that are directly affected by the current market conditions and/or present significant variation between the reporting periods and are not reflected in other lines in Income Statement.
40	Other items	Sum of Impairment losses of fixed assets and equity investments, Gains/(Losses) on disposal of fixed assets and equity investments, Impairment losses, provisions to cover credit risk on other financial instruments, Provisions and transformation costs and Share of profit/(loss) of associates and joint ventures as derived from the Consolidated Financial Statements of the reported period, taking into account the impact from any potential restatement, less management adjustments on other items for the corresponding period. Management adjustments on other items include events that do not occur with a certain frequency, and events that are directly affected by the current market conditions and/or present significant variation between the reporting periods.	Standard banking terminology
41	PPI/Average Assets	Pre-Provision Income for the period (42) (annualised) divided by Average Total Assets (55) of the relevant period. Average balance is defined as the arithmetic average of balance at the end of the period and at the end of the previous relevant period.	Profitability metric
42	Pre-Provision Income	Operating Income (37) for the period less Total Operating Expenses (56) for the period.	Profitability metric	PPI

Glossary (4/4)

Reference number	Terms	Definitions	Relevance of the metric	Abbreviation
43		Profit/ (Loss) before income tax Operating Income (37) for the period less Total Operating Expenses (56) plus Impairment losses on loans (16), plus Other items (40)	Profitability metric
44	Profit/ (Loss) after income tax from continuing operations	Profit/ (Loss) before income tax (43) for the period less Income tax (20) for the period	Profitability metric
45	Profit/ (Loss) after income tax from discontinued operations	The figure equals Net profit/(loss) for the period after income tax, from Discontinued operations as disclosed in Consolidated Income Statement of the reported period, less management adjustments. Management adjustments on operating expenses include events that do not occur with a certain frequency, and events that are directly affected by the current market conditions and/or present significant variation between the reporting periods.	Profitability metric
46	Profit/ (Loss) attributable to shareholders	Profit/ (Loss) after income tax from continuing operations (44) for the period, plus Impact from NPA transactions (13), plus Profit/ (Loss) after income tax from discontinued operations (45), plus Other adjustments (39), plus Non-controlling interests as disclosed in Consolidated Income Statement of the reported period.	Profitability metric
47	Recurring Cost to Income ratio	Recurring Operating Expenses (48) for the period divided by Operating Income (37) for the period.	Efficiency metric	C/I ratio
48	Recurring Operating Expenses	Total Operating Expenses (56) less management adjustments on operating expenses. Management adjustments on operating expenses include events that do not occur with a certain frequency, and events that are directly affected by the current market conditions and/or present significant variation between the reporting periods.	Efficiency metric	Recurring OPEX
49	Return on Equity	Net profit/(loss) attributable to: Equity holders of the Bank (annualised), as disclosed in Consolidated Income Statement divided by the Average balance of Equity attributable to holders of the Company, as disclosed in the Consolidated Balance sheet at the reported date, taking into account the impact from any potential restatement. Average balance is defined as the arithmetic average of the balance at the end of the period and at the end of the previous relevant period.	Profitability metric	RoE
50	"Return on Tangible Book Value" or "Return on Tangible Equity"	Net profit/(loss) attributable to: Equity holders of the Bank (annualised), as disclosed in Consolidated Income Statement divided by the Average balance of Tangible Book Value (53). Average balance is defined as the arithmetic average of the balance at the end of the period and at the end of the previous relevant period.	Profitability metric	RoTBV or RoTE
51	RWA Density	Risk Weighted Assets divided by Total Assets (55) of the relevant period.	Standard banking terminology
52	Securities	Sum of Investment securities and Trading securities, as defined in the consolidated Balance Sheet of the reported period.	Standard banking terminology
53	Tangible Book Value or Tangible Equity	Total Equity excluding the sum of Goodwill and other intangible assets, Non-controlling interests and Additional Tier 1 capital & Hybrid securities. All terms disclosed in the Consolidated Balance sheet at the reported date, taking into account the impact from any potential restatement.	Standard banking terminology	TBV or TE
54		Tangible Book Value per share Tangible Book Value (53) divided by the outstanding number of shares.	Valuation metric	TBV/share
55	Total Assets	Total Assets (55) as derived from the Consolidated Balance Sheet of the reported period, taking into account the impact from any potential restatement.	Standard banking terminology	TA
56	Total Operating Expenses	Sum of Staff costs, Voluntary exit scheme program expenses, General administrative expenses, Depreciation and amortization, Other expenses as derived from the Consolidated Income Statement of the reported period taking into account the impact from any potential restatement.	Standard banking terminology	Total OPEX

Alpha Bank Contacts

Lazaros Papagaryfallou

Deputy CEO

+30 210 326 2261

deputy.ceo@alpha.gr

	Vasileios Kosmas
CFO

+30 210 326 2291

vgk-cfo-office@alpha.gr

Iason Kepaptsoglou

Director Investor Relations Division

+30 210 326 2271

iason.kepaptsoglou@alpha.gr

Stella Traka
Manager
Investor Relations Division
	+30 210 326 2274
	stella.traka@alpha.gr

Senior Specialist Investor Relations Division Selini Milioni

+30 210 326 2273

selini.milioni@alpha.gr

Investor Relations Division

40 Stadiou Street, 102 52, Athens

+30 210 326 2271 +30 210 326 2277

ir@alphaholdings.gr

Internet : www.alphaholdings.gr Reuters : ACBr.AT (shares) Bloomberg : ALPHA GA (shares)

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