EUROBANK 1Q2024 Financial Results

Eurobank performance was robust in 1Q2024.

Specifically:

▪ Net interest income rose by 13.7% against 1Q2023 to €571m, driven by loans, bonds and international business. Net interest margin increased by 34 basis points y-o-y to 2.87%.

▪ Net fee and commission income expanded by 4.9% y-o-y in 1Q2024 to €136m, mainly due to fees from Network activities and Asset Management, accounting for 68 basis points of total assets.

▪ As a result of the above, core income grew by 11.9% y-o-y to €707m. Total operating income increased by 21.8% against 1Q2023 to €755m.

▪ Operating expenses were down by 2.1% y-o-y in Greece but increased by 3.3% y-o-y at a Group level to €229m, due to SEE operations. However, on a like for like basis (excluding BNP Bulgaria) these were stable. Both the cost to core income ratio and the cost to total income ratio improved further to 32.4% and 30.3% respectively in 1Q2024.

▪ Core pre-provision income was up by 16.5% y-o-y to €478m, whereas pre-provision income strengthened by 32.0% compared to 1Q2023 to €526m.

▪ Loan loss provisions decreased by 5.5% y-o-y to €71m and corresponded to 68 basis points of the average net loans.

▪ As a result of the above, core operating profit before tax rose by 21.4% y-o-y to €407m.

▪ Adjusted net profit rose by 50.1% y-o-y to €383m in 1Q2024. Reported net profit reached €287m and include the cost of VES in Greece, which was concluded in February. EPS and the return on tangible book value5 reached €0.08and 19.9% respectively in 1Q2024.

▪ SEE operations were profitable, as the adjusted net profit increased to €145m, from €79m in 1Q2023, contributing 37.7% to the profitability of the Group. Core pre-provision income grew by 34.4% y-o-y and amounted to €143m, with core operating profit before tax risingby 34.2%y-o-yto €128m.The financial performance both in Cyprus and Bulgaria improved substantially, with the adjusted net profit reaching €92m and €48m respectively in 1Q2024.

▪ The NPE ratio fell to 3.0%6,7, from 5.1% in 1Q2023. NPE formation was positive by €59m7 in 1Q2024. Provisions over NPEs improved by 16.5 percentage points y-o-y to 92.6%7 .

▪ Capital adequacy remained robust, as the Total CAD rose to 20.2%8 , from 18.4%9 and CET1 increased to 17.2%8 , from 15.5%9 a year ago.

▪ Tangible book value per share increased by 20.2% y-o-y to €2.14.

▪ Total assets stood at €79.4bn and risk-weighted assets at €44.2bn10 in 1Q2024.

▪ Performing loans grew organically by €0.4bn in 1Q2024. Total gross loans amounted to €42.7bn, including senior & mezzanine notes of €4.3bn. Corporate loans stood at €25.1bn, mortgages at €9.7bn and consumer loans at €3.5bn.

▪ Customer deposits declined by €0.1bn in 1Q2024 to €57.3bn. Savings and sight deposits accounted for 64% of total and time 36%. The loans to deposits ratio was 72.5% and the liquidity coverage ratio 179.0% in 1Q2024. Eurosystem funding was reduced by €5.3bn y-o-y to €3.0bn at the end of March 2024.

“Our performance in the first quarter is a great start for the year and makes us confident that our 2024 plan we’ll be delivered, with return on tangible book value of 15%. In addition to the strong operating performance, it is important to highlight that all our strategic initiatives, including Hellenic Bank in Cyprus, are on track. In terms of dividend distribution, we have submitted the official application to the SSM. The proposed payout ratio is 30%, which corresponds to a dividend higher than 9 cents per share. The supervisory clearance is expected in June. Dividend distribution should take place right after the AGM approval in late July. Eurobank’s quarterly performance remained solid. With 20% return, tangible book value increased to 2.14 euros per share. Regional activities continued their significant contribution, with a net profit of 145 million euro, an increase of more than 80% year on year. A particularly positive signal came from loan growth with performing loans showing an increase by 0.4 billion euro. First quarter performance confirms that credit growth in 2024 will be stronger than last year, especially in Greece. The macroeconomic backdrop remains positive in our three core markets and especially in Greece, which had its sovereign outlook upgraded by S&P and continues to be a top growth performer in the eurozone. In this economic environment, Eurobank is best placed to keep growing, converting business growth to robust financial results, rewarding shareholders and contributing to the economies and the society.” Fokion Karavias, CEO

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