Optima Bank S.A.

Investor Presentation • Aug 1, 2025

1H 2025 Results

1 August 2025

1H 2025 results run rate fully aligned with the FY 2025 guidance

*Capital ratio incorporates period profits, dividend provision and Basel 4 first time adoption impact

Key 1H 2025 highlights

Strong revenue generation

Unabated volume growth

€150mn Tier 2 issue

Top class NIM

New branch added in July

Focus on returns

Another quarter with NII growth (+5% QoQ)

Loans +39% YoY, Deposits +40% YoY, AuM +29% YoY

First time issuance by the bank; coupon at 5.5%; 11.1x oversubscribed

At 3.47%, Optima's NIM stands ~1pp above the competition

Current network stands at 30 branches

1H 2025 ROTE at 25.8%; 2024 dividend payment took place in Mid-June; 30% or €24.3mn payout accrual of 1H25 net profit

First time rating by Moody's recognizes best in class financial profile

	Optima bank	Market*	Difference
Financial Profile	A3	Baa3	+ 3 notches
Assigned BCA	Ba3	Ba1	- 2 notches
Tier 2 Rating	B1	Ba1	- 3 notches

Best-in-Class Financial Profile of A3

3 notches higher than the average of the market reflects the strong credit fundamentals and disciplined financial management

Expected Upside to Ratings as Optima bank's Track Record Matures and the Strong Financial Performance is Sustained

The 6-notch BCA adjustment primarily reflects the bank's recent formation, rather than its underlying credit quality. With robust financial metrics already in place, this creates a pathway for rating upside

Strong core performance drove net profit growth in the double digits

				Key P&L items
€mn	2Q 2025	1Q 2025	QoQ	YoY	1H 2025	1H 2024	YoY
NII	51.7	49.5	5%	10%	101.2	91.5	11%
Fees	13.3	12.1	10%	43%	25.5	19.1	33%
Total revenues	71.9	68.4	5%	15%	140.3	121.5	16%
Opex	16.0	16.2	-1%	28%	32.3	26.6	21%
PPI	55.9	52.2	7%	12%	108.1	94.8	14%
Impairments	5.7	5.0	16%	138%	10.7	7.2	50%
Net Profit	42.1	39.0	8%	16%	81.1	69.0	18%

Key performance indicators

	2Q 2025	1Q 2025	1Η 2025	1Η 2024
NIM	3.47%	3.53%	3.43%	4.36%
NFM	0.89%	0.86%	0.86%	0.91%
Cost to core income	24.6%	26.3%	25.5%	25.4%
Cost of Risk	0.56%	0.52%	0.54%	0.52%
RoTE	26.0%	24.8%	25.8%	26.7%
Loans/deposits	80.7%	82.1%	80.7%	81.5%
Total Capital	16.40%	13.42%	16.40%	15.82%

We increased 1H 2025/2Q 2025 new loan generation by 40%/61% YoY

Optima bank +€1.2bn (+39% YoY) with market +€6.4bn (+5.4% YoY)

7

Strong pick up in deposits in Q2

Optima bank +€1.5bn (+40% YoY) with market +€12.1bn (+5.6% YoY)

AuM up by 29% YoY at €4.7bn

The Balance Sheet expanded by 38% YoY

	1H 2025 assets grew 38%
€mn
	1H 2024	1H 2025	Δ
Cash & Cash at banks	759	1,091	332
Securities	601	798	197
Net Loans Assets	3,029	4,190	1,161
Deposits	4,529 3,715	6,250 5,192	1,721 1,477

Ample liquidity with zero ECB funding

Customer satisfaction at the core of our business model

We reiterate our 2025 guidance

We estimate 2025e net profit to be in excess of €160mn

Other key assumptions

	YE 2025 3M Euribor at 2%		Time depos ~50%
	Cost to Core income <30%		NPE<1.5%
	2 new branches in 2025		ROTE>22%

Financial Analysis

1H Core income grew 14% at €108.1mn on the back of healthy growth in NII and fees

Rates drop more than offset by loan growth and deposits tailwinds; 2Q 2025 NII +10% YoY

NII Breakdown
€mn	2Q 2024	3Q 2024	4Q 2024	1Q 2025	2Q 2025
Loans	51.4	54.5	54.3	55.3	56.6	+10% YoY
Fixed income	6.1	6.0	6.3	7.0	6.8
Deposits	-13.3	-15.6	-15.9	-15.8	-14.0	Loan income Δ YoY coming from:
CB & Interbank	3.0	4.9	4.2	3.2	2.6	• -€13.2mn due to rates' drop, • +€18.4mn due to
Other	-0.2	-0.2	-0.2	-0.2	-0.2	volume increase
Total	47.0	49.6	48.8	49.5	51.7
NIM	4.37%	4.20%	3.73%	3.53%	3.47%

Fees grew 43% YoY with most lines increasing in the double digits

NFI Breakdown
€mn
		2Q 2024	3Q 2024	4Q 2024	1Q 2025	2Q 2025
	Loans	1.8	2.4	3.0	2.6	2.9	+59% YoY
	LGs	3.0	3.3	3.6	3.9	4.0	• Higher fees from loans, following
	Brokerage	2.1	1.9	2.9	2.8	2.9	another quarter of strong credit expansion
	Mutual Funds	0.9	1.0	1.0	1.4	1.4	• Fees from mutual funds and the brokerage business
	Other	1.5	1.5	1.6	1.5	2.2	remain elevated • Investment banking fees, the main reason
	Total	9.3	10.2	12.1	12.1	13.3	for the increase in other fees
	NFM	0.87%	0.86%	0.92%	0.86%	0.89%

Cost efficiency remains top class

Balance sheet structure

Loan book structure and rates

Pass-through rate is calculated as the delta of the loan book rate over a certain period divided by the delta of the average 3M Euribor over the same period

*Households includes mortgages, consumer and margin loans

Loan book breakdown

Deposit mix and rates

22 Deposit beta is calculated by dividing the average deposit rate with the average 3M Euribor rate of a specific period

Well diversified securities book

Asset Quality

NPLs stable in Q2, NPEs increased ….

*Recurring cost of risk

….but mostly at 0dpd

Capital

27

Inaugural Tier 2 issuance leads TCR at 16.4%

A Tier 2 capital instrument of ~€150mn was issued in late June 2025 with a coupon of 5.5%. The issue was over-subscribed by 11x.

*Capital ratios incorporate period profits and dividend provision

Sustainability

Our sustainability performance

Appendix

Income Statement

Optima bank
----------------

in EURmn	1Q 2024	2Q 2024	3Q 2024	4Q 2024	1Q 2025	2Q 2025
Net interest income	44.5	47.0	49.6	48.8	49.5	51.7
Net fee and commission income	9.8	9.3	10.1	12.1	12.1	13.3
Core Income	54.3	56.3	59.8	60.8	61.6	65.1
Other income	0.5	1.4	0.9	0.9	2.5	1.5
Trading Income	4.2	4.7	5.9	5.0	4.3	5.3
Total Net Revenues	59.0	62.5	66.5	66.7	68.4	71.9
of which one offs	-	-	-	-	-	1.0
Staff Costs	-7.4	-7.5	-8.0	-9.8	-8.7	-8.9
G&A Costs	-4.9	-3.0	-4.5	-4.6	-5.4	-4.9
Depreciation	-1.9	-2.1	-2.0	-2.3	-2.2	-2.3
Total Operating costs	-14.1	-12.5	-14.5	-16.7	-16.2	-16.0
Pre-Provisions Income	44.9	49.9	52.0	50.0	52.2	55.9
Pre-Provisions Income adj.	44.9	48.5	52.0	50.0	52.2	54.9
Core Pre-Provision Income	40.2	43.8	45.2	44.1	45.4	49.0
Profit from Associates	0.0	0.1	0.0	0.2	-	-
Impairments	-4.7	-2.4	-3.6	-9.8	-5.0	5.7
Profit before Tax	40.2	47.7	48.4	40.4	47.2	50.1
Income tax	-7.4	-11.4	-9.3	-8.3	-8.2	8.0
Non Controlling Interests	0.0	0.0	0.0	0.0	0.0	0.0
Net profit attributable to shareholders	32.7	36.3	39.2	32.0	39.0	42.1

Income Statement

Optima
	bank

in EURmn	1Q 2024	1H 2024	9M 2024	FY 2024	1Q 2025	1H 2025
Net interest income	44.5	91.5	141.1	189.9	49.5	101.2
Net fee and commission income	9.8	19.1	29.3	41.3	12.1	25.5
Core Income	54.3	110.6	170.4	231.2	61.6	126.7
Other income	0.5	2.0	2.8	3.7	2.5	4.0
Trading Income	4.2	8.9	14.8	19.8	4.3	9.6
Total Net Revenues	59.0	121.5	188.0	254.7	68.4	140.3
of which one offs	-	-	-	-	-	1.0
Staff Costs	-7.4	-14.8	-22.9	-32.6	-8.7	-17.5
G&A Costs	-4.9	-7.8	-12.3	-16.9	-5.4	-10.3
Depreciation	-1.9	-4.0	-6.0	-8.3	-2.2	-4.5
Total Operating costs	-14.1	-26.6	-41.2	-57.9	-16.2	-32.3
Pre-Provisions Income	44.9	94.8	146.9	196.8	52.2	108.1
Pre-Provisions Income adj.	44.9	93.4	145.5	195.4	52.2	107.1
Core Pre-Provision Income	40.2	84.0	129.2	173.3	45.4	94.4
Profit from Associates	-	0.1	0.1	0.3	-	-
Impairments	-4.7	-7.2	-10.7	-20.6	-5.0	-10.7
Profit before Tax	40.2	87.8	136.3	176.6	47.2	97.4
Income tax	-7.4	-18.8	-28.1	-36.4	-8.2	16.3
Non Controlling Interests	0.0	0.0	0.0	0.0	0.0	0.0
Net profit attributable to shareholders	32.7	69.0	108.2	140.2	39.0	81.1

Balance Sheet

optima
	bank

in EURmn	1Q 2024	1H 2024	9M 2024	FY 2024	1Q 2025	1H 2025
Cash & Cash at C.B.	414	759	847	969	842	1,091
Securities	719	602	637	728	748	800
Net Loans	2,764	3,029	3,272	3,613	3,920	4,190
PP&E	11	10	10	11	10	10
Intangible Assets	11	11	10	11	11	11
RoU assets	22	18	19	20	20	19
DTA	8	7	8	10	11	12
Other Assets	125	92	120	182	126	117
Total Assets	4,069	4,529	4,921	5,541	5,686	6,250
Due to C.B. and due to Banks	82	95	115	116	143	155
Deposits	3,331	3,715	4,132	4,643	4,773	5,192
Lease Liabilities	20	20	21	21	21	21
Other Liabilities	93	151	65	141	89	75
Total Liabilities	3,526	3,981	4,332	4,921	5,026	5,592
Share Capital	254	254	255	255	255	255
Total Equity	544	548	588	620	659	659
Total Liabilities & Equity	4,069	4,529	4,921	5,541	5,686	6,250

Macro environment is supportive

Latest BoG projections (6/2025)

	2023	2024f	2025f	2026f	2027f
Real GDP (%)	2.3	2.3	2.3	2.0	2.1
Inflation (%)	4.2	3.0	2.5	2.1	2.4
Unemployment (%)	11.1	10.1	9.4	8.8	8.2

Positive outlook for the Greek economy

Latest credit ratings Outlook Last upgrade: 12/2023 BBB- Positive (5/2025) Last upgrade: 4/2025 BBB Stable (4/2025) Last upgrade on 3/2025 BBB Stable (3/2025) Last upgrade on 12/2024 BBB Stable (5/2025) Last upgrade on 3/2025 Baa3 Stable (3/2025) Last upgrade: 7/2023 BBB- Stable (7/2023)

• Adjusted net profit: Net profit/loss adjusted after adding back one off expenses or deducting one off revenues
• Basic Earnings per share (EPS): Net profit attributable to ordinary shareholders divided by the weighted average number of shares
• Common Equity Tier 1 (CET1): Common Equity Tier I regulatory capital as defined by Regulation (EU) No 575/2013 as in force. based on the transitional rules for the reported period. divided by total Risk Weighted Assets (RWA)
• Core operating income: The total of net interest income. net banking fee and commission income and income from non banking services
• Cost to core income ratio: Total operating expenses divided by total core operating income.
• Cost to Income ratio: Total operating expenses divided by total operating income
• Cost of Risk (CoR): Impairment charge in the P&L, annualized, divided by the average gross loans over the period
• Earnings per share (EPS) underlying: Net profit attributable to ordinary shareholders excluding one off items, divided by the number of shares that resulted post the latest share capital increase
• Fees and commissions: The total of net banking fee and commission income and income from non banking services of the reported period
• Fully Loaded Common Equity Tier 1: Common Equity Tier I regulatory capital as defined by Regulation (EU) No 575/2013 as in force without the application of the relevant transitional rules for the reported period. divided by total Risk Weighted Assets (RWA)
• Gross Loans: Loans and advances to customers at amortised cost before expected credit loss allowance for impairment on loans and advances to customers at amortized cost and Loans and advances to customers mandatorily measured at FVTPL
• Liquidity Coverage Ratio (LCR): total amount of high-quality liquid assets over the net liquidity outflows for a 30-day stress period
• Loans to Deposits ratio (L/D): Loans and advances to customers at amortised cost divided by due to customers at the end of the reported period
• Impairments on loans: Impairment charge for expected credit loss

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Contact information

Kostantinos Vatousis, Head of Strategy & IR kvatousis@optimabank.gr

32 Aigialeias & Paradeisou str. Maroussi Athens 15125 Greece

OPTIMAr.AT OPTIMA GA ISIN: GRS533003000

www.optimabank.gr

George Doukas, IRO gdoukas@optimabank.gr