We incorporate PPC’s E4bn SCI and updated E24bn/5YR business plan into our model. Our analysis focuses on the integrated business (generation & supply), which is expected to contribute E3.3bn, or 72% of total guided EBITDA by 2030 (E4.6bn).

Q1 2026 NII/PPP/Net income came in at E181m/E143m/E103m or -2.6%/-9.5%/-8.2% yoy on our recurring/clean estimates. QoQ, NII declined by -1.1%, PPP increased by +3.6% and net income +11.8%.

RoTE stood at 14.6% (post AT1) or 18.8% on 15% CET1. We assume a 30bps normalized loan CoR in the quarter, which does not include a customer specific reversal or an extra charge of E5.7m/21bps related to updated macro assumptions.

Q1 2026 NII/PPP/net grew by +25%/+25%/+22% yoy while coming in +1.1%/-2.1%/-0.4% vs the bank’s own compiled consensus. RoTE at 25%. Loans +38%/+E1.5bn yoy with deposits +34%/+E1.6bn yoy (L/D at 85%).

We highlight the CET1 ratio declining by 43bps qoq/166bps yoy to 11.76% thanks to strong asset growth; and Stage 2 inflows at +E250m qoq/+E313m yoy, around 3x the average annual movement witnessed in 2025.

NII came in 1.5% above NBG’s own compiled consensus while fees were 1.7% weaker, resulting in a 1% beat at core PPP level. Trading income was significantly stronger than expected, driving a >10% beat at the reported bottom line.

Q1 2026 NII/PPP/net came in above the bank’s own compiled consensus. More so in NII and PPP terms. RoTE at 15%. CET1 down 20bps qoq at 15.4% on retained earnings offsetting most (but not all) of the asset growth, payout accrual, accelerated DTC amortization and M2M of debt securities classified as FVOCI. Net credit at +E1.1bn or +10% yoy.