Bank of Cyprus Public : Investor Presentation of the Group Preliminary Financial Results for the year ended 31 December 2025

Bank of Cyprus Group

PRELIMINARY GROUP FINANCIAL RESULTS

For the year ended 31 December 2025

01 Executive summary

Contents

1. FY2025 financial performance

2. ESG update

3. Appendix

   3

   
   
   

   Executive summary

   
   
   Why Bank of Cyprus
   
   

   STRONG, SUPPORTIVE MACRO

   • Attractive regional business hub with above-Eurozone economic growth

   • Fiscally strong sovereign; 3 notches above investment grade

     LEADING MARKET POSITION

     • Servicing c.3/4 of the Cypriot population

     • #1-2 position across banking, insurance and payments solutions in Cyprus

       DIVERSIFIED, SUSTAINABLE PROFITS

     • Digitally engaged franchise, integrated bank-insurance-payment offering

     • Strong profitability supported by capital-light non-interest income

     • Efficiency and risk focus with low cost to income ratio and low cost of risk

       WELL-CAPITALISED, DISTRIBUTION CAPACITY

     • Robust high quality capital base with strong organic capital generation

     • Building distribution track record; 70% payout ratio in 2025, distributing €705 mn since 2022

Cyprus inflation remains well-managed

Cyprus HICP3 index (yoy% change)

8.4%

5.4%

1.8% 0.3%

8.1% 2.4% 2.1%

3.9% 2.3%

0.8%

-1.1%

0.8%

Expected at 2.1%1 for 2026

(vs 1.9%2 for Eurozone average)

Cyprus

Eurozone

Strong economic growth continues to track above Eurozone level

Real GDP (yoy % change)

9.2%

FY24: 3.9%

FY25: 3.8%

5.3%

4.1%

3.7%

3.6% 4.5%

5.5%

2.1%

0.2%

1.3%

1.4%

Expected at 3.1%1 for 2026

(vs 1.2%2 for Eurozone average)

Cyprus

Eurozone

1Q22

2Q22

3Q22

4Q22

1Q23

2Q23

3Q23

4Q23

1Q24

2Q24

3Q24

4Q24

1Q25

2Q25

3Q25

4Q25

2018

2019

2020

2021

2022

2023

2024

2025

Cypriot economy continues to outpace the Eurozone

A diversified, service-based economy

Structure of Cypriot economy in 2024 (% of GVA)

10% 7% 6%

10%

14%

12%

7%

5% 8% 4%

6%

11%

Wholesale & Retail trade Health & social work Public

Transport

Accommodation Information

Finance & Insurance Real Estate Professional Education

Primary, Secondary

Other

Record tourism performance, ahead of 2024 strong levels

Tourist arrivals Tourist revenue (€ mn)

+12%

+15%

3,846

4,040

4,534

3,599

2,916

3,123

FY2023

FY2024

FY2025

11M2023

11M2024

11M2025

Economy operating at almost full employment

Unemployment rate

8.2%

8.4%

7.6%

8.0%

7.8%

6.8%

6.6%

6.4%

6.4%

7.2%

7.6%

7.2%

6.3%

5.8%

4.9%

4.4%

Expected at 4.6%1 for 2026

(vs 6.2%3 for Eurozone average)

Cyprus

Eurozone

Rebound in public finances from 2022 onwards

Budget surplus as % of GDP

2.1%

1.0%

2.6%

1.7%

4.3%

3.2%

-1.6%

Surplus

of 3.0%1

expected for 2026

-3.4%

-5.6%

Full employment and robust sovereign rating

Strong sovereign rating, 3 notches above investment grade

S&P

AA

A+

AA-

A

A-

BBB+

BBB

BBB-

BB

BB+

AA A+ A-

BBB+

BBB

Cyprus Greece

Portugal Ireland

Italy

Investment grade

Spain

2018

2019

2020

2021

2022

2023

2024

1Q2025

2Q2025

3Q2025

2017

2018

2019

2020

2021

2022

2023

2024

Jan-Nov 2025

Low public debt to GDP, outpacing Eurozone average

As at 30 September 2025

150% 138%

118%

103% 98% 89%

63% 57%

Expected to decrease to c.53%1 by the end 2026

Dec 21

Mar 22

Jun 22

Sep 22

Dec 22

Mar 23

Jun 23

Sep 23

Dec 23

Mar 24

Jun 24

Sep 24

Dec 24

Mar 25

Jun 25

Sep 25

Dec 25

33%

Greece Italy France Spain Portugal Eurozone Germany Cyprus2Ireland

FY2025 highlights

STRONG

VOLUME GROWTH

ATTRACTIVE

PROFITABILITY

• Record new lending of €3.0 bn, up 23% yoy

• Gross performing loans at €10.9 bn, up 8% yoy

• Mainly retail deposit base at €22.2 bn, up 8% yoy

• Profit after tax of €4811 mn; €1281 mn in 4Q2025

• Basic earnings per share of €1.10

• Cost to income ratio2 remains low at 37%

  LIQUID, RESILIENT BALANCE SHEET

  ROBUST CAPITAL & DISTRIBUTION CAPACITY

  • NPE ratio reduced to 1.2%

  • Low cost of risk at 33 bps

  • LCR ratio of 321%; surplus liquidity of €9.2 bn

  • CET1 ratio at 21.0% and Total Capital ratio at 25.9%

  • Organic capital generation3 of 436 bps

  • Total distribution at 70% payout ratio; €305 mn cash dividend4

    For footnotes refer to slides 70-73

    PAT

    €481 mn

    ROTE

    18.6%

    Gross performing loans

    +8% yoy

    Deposits

    +8% yoy

    Shareholder returns

    70%

    payout ratio;

    €305 mn cash dividend3

    8

    
    
    2025 distribution at 70% payout, at top end of distribution policy

    70%

    Payout ratio

    
    
    

    2025 Distribution at top end of payout range

    Payout ratio

    50%

    30%

    14%

    70%

    2022

    2023

    2024

    2025

    
    
    

    • Dividend yield of 9%1

    • 70% payout ratio based on adjusted recurring profitability of €434 mn

      €305 mn

      Distribution

      
      
      

      Progressive distribution surpassing prior year levels

      (€ mn)

      241

      305

      22

      2022

      137

      25

      112

      2023

      2024

      2025

      Cash dividend Interim dividend Buyback

      30

      211

218

87

• c.25% increase in total distribution yoy

  • Fully in cash

  €0.70

  Dividend per share

  
  
  

• €218 mn cash dividend2 to be paid in June 2026; €87 mn interim dividend paid in October 2025

  High-single digit yield1 for 2025

  12%

  9%

  9%

  3%

  2022

  2023

  2024

  2025

  
  
  

• c.45% increase in cash dividend yoy

• €0.502 per share to be paid in June 2026; €0.20 paid in October 2025 as interim dividend

Increasing and sustainable shareholder value creation

Strong ROTE over the past 3 years on a growing equity base

PAT

(€ mn)

487

508

481

ROTE at 15% CET1

ratio

27.4%

27.6%

26.4%

24.8%

21.4%

18.6%

ROTE

2023

2024

2025

CET1 ratio

17.4%

19.2%

21.0%

€705 mn cumulative distributions since 2022; TBV continues to grow

Distribution

(€ mn)

22

137

241

305

6.10

TBV per share

5.77

4.93

0.25

3.93

0.05

(€)

3.88

Dec 22

Dec 23

Dec 24

Dec 25

Tangible book value per share

Cash dividend per share

4.68

5.29

5.60

0.48

0.501

Well-capitalised with strong organic capital generation p.a..

Organic capital generation2 (bps)

445

445

436

21.0%

19.2%

17.4%

CET1 ratio

2023

2024

2025

FY2025 targets achieved

2025 targets

(Nov 2025)

FY2025

ROTE reported High-teens 18.6%

ROTE at 15% CET1 ratio >20% 26.4%

(Policy 50-70%)

Distribution (payout1) 70%

70%

Net interest income

Average ECB depo rate

c.€720 mn

2.3%

731 mn

2.3%

Cost to income ratio2<40% 37%

Cost of risk <40 bps 33 bps

CET1 generation3 Upside to c.300 bps 436 bps

Investor Update 2026

3 March 2026, Athens

For footnotes refer to slides 70-73 11

FY2025 financial performance

4Q2025 snapshot

PAT at €128 mn including one-off items recognised in 4Q2025

(€ mn)

117

118

118

128

1Q2025

2Q2025

3Q2025

4Q2025

NII at €183 mn

(€ mn)

2.8%

2.3%

Average ECB Deposit rate

2.0%

2.0%

186

182

180

183

1Q2025

2Q2025

3Q2025

4Q2025

Cost to income ratio1 at 42%; VEP2 impact recognised in 4Q2025

42%

34%

37%

35%

1Q2025

2Q2025

3Q2025

4Q2025

Healthy asset quality with low cost of risk at 26 bps

(bps)

39

32

33

26

1Q2025

2Q2025

3Q2025

4Q2025

€ mn

Net interest income Non-interest income Total income

Total operating expenses

FY2025 FY2024

731

309

1,040

(386)

822

272

1,094

(367)

yoy%

-11%

14%

-5%

5%

4Q2025 3Q2025

183

90

273

(114)

180

78

258

(91)

qoq%

2%

16%

6%

26%

Income statement

4Q2025 PAT of €128 mn, including one off items

recognised during the quarter

Special levies on deposits and other levies/ contributions	(42)	(39)	8%	(13)	(13)	-
Operating profit	612	688	-11%	146	154	-5%
Provisions and impairments	(63)	(98)	-36%	(14)	(15)	-5%
PPrrooffiittbbeefoforeretatxax	554591	590	--77%%	1342	139	--54%%
Tax	(66)	(81)	-19%	(4)	(20)	-80%
PPrrooffiittaafftteerrtataxx	481	508	-5%	128	118	8%
Adįusted recurring	434	482	-10%	94	118	-21%

NII at €183 mn boosted by seasonal growth in deposits in the quarter (+3% qoq)

4Q2025 notable items:

Non-NII included:

• €5 mn release on premium tax of life insurance as part of the latest tax reform

• €2 mn insurance reimbursement in other income

  
  
  

  Small voluntary staff exit plan completed in 4Q2025;

  total cost of €19 mn (€14 mn in 4Q2025)
  One-off net credit of €4 mn in provisions and impairments due to insurance reimbursement on past litigation partially offset by a charge for	Key ratios	FY2025	FY2024	yoy%	4Q2025	3Q2025	qoq%
  reinstating bailed-in provident funds1	ROTE	18.6%	21.4%	-2.8 p.p.	19.4%	18.5%	0.9 p.p.
  Tax charge of €4 mn including the quarterly tax	ROTE on 15% CET1 ratio	26.4%	27.6%	-1.2 p.p.	27.7%	25.9%	1.8 p.p.
  charge partly offset by the net positive impact arising from the latest tax reform (from 12.5% to 15%)	EPS (€)	1.10	1.14	-0.04	0.29	0.27	0.02

  Highly liquid, customer funded and growing balance sheet

  Total assets

  (€ bn)

  AIEA1 FY2025

  26.5

  28.6

  2.0

  Cash balances with Central banks

  Other assets

  REMU repossessed

  properties

  31%

  Net loans

  42%

  €24.8 bn

  3%

  Net loans

  Placements with Banks

  5%

  Reverse repos

  19%

  Fixed income portfolio

  Securities

  Reverse repos Due from banks

  1.6

  0.6

  Cash, balances with Central Banks

  • 21% linked with Bank's base rate2 ('natural

    hedging' of time & notice deposits cost)

  • 44% linked with Euribor

  • 9% linked with ECB MRO rate

  • 11% fixed rate loans3

  Dec 24

  Dec 25

  7.6

0.8

1.0

4.4

10.1

0.7

1.9

5.3

10.8

0.4

7.9

Total liabilities & equity

(€ bn)

28.6

26.5

Other 1.5

Equity (incl AT1)

Wholesale

Due to banks

Customer deposits

Dec 24

Dec 25

20.5

22.2

1.3

0.4

1.4

0.4

2.8

2.9

1.7

2025 NII of €731 mn, demonstrating resilience on lower rates

Healthy volume growth increases AIEA2 by 3% qoq

(€ bn)

+3%

24.1

24.5

25.0

25.7

20%

38%

42%

1Q2025

2Q2025

3Q2025

4Q2025

Fixed income portfolio

Liquids

% of

total AIEA

Net loans

10.5

10.3

10.7

10.6

9.4

9.5

9.6

10.0

4.6

4.4

4.8

5.0

NII up 2% qoq on volumes growth and hedging activity

NIM1

(bps)

353

313

294

298

286

283

Average

ECB

Deposit

rate

3.7% 2.3%

822

731

186

182

180

183

(€ mn)

NII

FY2024 FY2025 1Q2025 2Q2025 3Q2025 4Q2025

FY2025 NII down 11% yoy on lower interest rates, partially mitigated by;

• volumes growth

• low deposit pricing (30 bps for FY2025)

• continued hedging activity

FY2025 NIM down 59 bps yoy on lower interest rates

4Q2025 NII up 2% qoq boosted by seasonally strong deposit growth in the quarter

Growing AEIA mainly by increased deposit volumes (+€0.7 bn qoq)

Continued hedging actions further reducing NII sensitivity

Hedging

(€ bn)

Dec 24

Sep 25

Dec 25

Receive fixed IRSs1 on non-maturing deposits	2.91	4.14	5.04	Average fixed
Receive fixed IRSs1 on wholesale funding	1.25	1.33	1.33	rate 2.65%
Reverse repos2	1.00	1.00	1.00
Fixed rate bonds	3.81	4.45	4.75
Total	8.97	10.92	12.12

€3.1 bn hedging in FY2025, totaling €12.1 bn; covering 47% of interest earning assets (vs 37% at 31 Dec 2024)

€1.2 bn fixed rate loans3 (11% of loan book)

NII sensitivity to parallel shift in interest rates (annualised)5

€15 mn since Dec 2022

€2.2 bn base rate loans4; natural hedging of c.50% of household Time & Notice deposits

	Dec 22	Dec 24	Dec 25
+/-25 bps	c.€31 mn	c.€21 mn	c.€16 mn

Deposits up 8% yoy; deposit pricing maintained low

Cost of deposits remains low

(bps)

Cost of

deposits1

35

100

29

27

27

88

80

79

4

1

3

3

1Q2025

2Q2025

3Q2025

4Q2025

Time & Notice Savings, Current & Demand

Deposits at €22.2 bn up 3% qoq

(€ bn)

20.5

33%

+8%

21.5

31%

22.2

30%

Dec 24

Sep 25

Dec 25

Savings, Current & Demand

Time & Notice

15.4

14.8

13.8

6.8

6.7

6.7

Positive deposit trends in both volumes and pricing

Well managed deposit

costs, flat qoq

Highly liquid Bank with one of the lowest L/D ratio in EU

Group deposits by UBO country of residence

9%

9%

<0.5%

82%

Cyprus

Other EU

Other countries

Russia/Belarus

Net loan to deposit ratio2

98%

89%

68%

64%

62%

49%

Record new lending of €3.0 bn in FY2025

New lending at €762 mn in 4Q2025

(€ mn)

+5%

842

727

139

760

762

194

88

188

635

252

114

128

67

82

71

71

73

138

141

136

162

59

70

51

430

66

269 279

249

209

4Q2024

1Q2025

2Q2025

3Q2025

4Q2025

New lending at €3.0 bn in FY2025, up 23% yoy

(€ mn)

+23%

2,999

2,435

396

707

International

+79%

314

304

553

Retail

+9%

491

258

227

1,017

1,167

Business

+15%

FY2024

FY2025

yoy%

New lending growth across all business lines, driven mainly by corporate and international demand

International new lending up c.2x in 4Q2025 reflecting strong execution pipeline in the quarter

Strong track record of repayment capability; >99% of new exposures1 in Cyprus since 2016 are performing

Corporate SME Retail Housing Retail other International

Gross performing loans up 8% yoy; growth continues across all business lines

Effective yield on performing loans

(bps)

510

484

458

440

434

4Q2024

1Q2025

2Q2025

3Q2025

4Q2025

Gross performing loans1

(€ bn)

+8%

10.10

0.96

10.71

1.19

10.87

1.36 12%

88%

Dec 24

Sep 25

International

Dec 25

Domestic

% of portfolio

9.14

9.51

9.52

Gross performing loans at

€10.9 bn; 88% domestic

and 12% international

Domestic book growing in line with economic growth

International book growth mainly driven by international corporate;

International loan book

(€ bn)

+€395 mn

+€199 mn

0.76

0.15 0.24

0.37

Dec 23

0.96

0.15 0.34

0.47

Dec 24

1.19

0.26

0.33

0.74

54%

Syndicated loans

Sep 25

Shipping

Dec 25 % of portfolio

International Corporate

0.60

Broad based expansion of domestic loan book

(€ bn)

9.14

1.04

+4%

9.52

1.09

9.51

1.09

0.96 0.98

3.60 3.81

Dec 24 Sep 25 Dec 25 Corporate SME Retail Housing

Retail

+5%

Business

+3%

yoy%

Retail other

3.72

0.99

3.71

3.54

3.64

• Primarily targeting high-quality Greek corporates in selected sectors

1.36
0.26	19%
0.36	27%

International book benefited

from low repayments

Effective yield on performing loans down 6 bps qoq mainly due to lower interest rates