Slide 1: FY 2025 Results
FY 2025 Results 13 February 2026
Slide 2: Paul Thwaite, Chief Executive Officer
Paul Thwaite Chief Executive Officer
Slide 3: Strong compounding growth delivering 19.2% ROTE in 2025
Strong compounding growth delivering 19.2% ROTE in 2025 Growing all three +5.6% +2.4% +20% businesses, serving Customer Loans1 Customer Deposits2 AUMA >20m customers £393bn £442bn £58.5bn Driving operational leverage with +12% +2% 48.6% positive jaws of Income4 Costs5 Cost Income ratio +10ppt 3 £16.
Slide 4: We delivered our strengthened 2025 guidance
We delivered our strengthened 2025 guidance Strengthened Guidance Result Total income excluding notable items ~£16.3bn £16.4bn ~£8.1bn, £8.1bn Other operating expenses incl. ~£0.1bn one-time integration costs incl. £96m one-time integration costs Loan impairment rate Below 20bps 16bps Return on Tang
Slide 5: A consistent compounder of earnings and shareholder value
A consistent compounder of earnings and shareholder value Earnings per share Dividend per share +149% increase +210% increase +27% +51% +26% CAGR +33% CAGR 68.0p 32.5p 53.5p 47.9p 21.5p 33.8p 17.0p 27.3p 13.5p 10.5p FY’211 FY’22 FY’23 FY’24 FY’25 FY’211 FY’22 FY’23 FY’24 FY’25 Tangible net asset val
Slide 6: Consistent broad-based disciplined growth
Consistent broad -based disciplined growth Customer lending 4.5% CAGR1 7 years of 2025 Our customer base grew to over 20 million CAL Customer deposits 3.9% CAGR1 growth AUMA 12% CAGR1 Private Banking & Commercial & Institutional Retail Banking Youth to affluent Wealth Management Start-ups to large c
Slide 7: Accelerating bank-wide simplification
Accelerating bank -wide simplification £1.2bn invested across the Group £100m 2025 10% Operating Jaws1 investment £0.6bn of gross cost savings capacity creation Partnerships for AI and data transformation Private Banking & Commercial & Institutional Retail Banking Wealth Management Start-ups to larg
Slide 8: Actively managing balance sheet risk and capital
Actively managing balance sheet risk and capital Strong asset £4.1bn total distributions quality and 2025 Capital generation was 252bps active capital £10.9bn RWA Management management 16bps loan impairment rate Private Banking & Commercial & Institutional Retail Banking Wealth Management Start-ups
Slide 9: Katie Murray, Chief Financial Officer
Katie Murray Chief Financial Officer
Slide 10: Strong financial performance
Strong financial performance FY'25 vs Q4'25 vs Q4'25 vs Group, £m FY'25 FY'24 FY'24 Q4'25 Q3'25 Q4'24 Q3'25 Q4'24 1 Net interest income, ex notable items 12,829 11,306 13.5% 3,441 3,268 2,999 5.3% 14.7% 1 Non-interest income, ex notable items 3,571 3,342 6.9% 831 898 873 (7.5%) (4.8%) 1 Total income
Slide 11: Strong 12% income growth supported by fees, volumes and margin
Strong 12% i ncome growth supported by fees, volumes and margin Income excl. notable items 1, £m Net interest income +12.0% £17.2bn - £17.6bn Non interest income 50 16,400 Total centre income 14 810 (46) 14,648 831 112 Average interest-earning assets, £bn (19) 3,571 3,342 3 businesses +£1,798m, +12.
Slide 12: 7-year track record of 4.6% compound growth in CAL
7-year track record of 4.6% compound growth in CAL Customer assets and liabilities across our 3 businesses (CAL) 1, £bn AUMA Customer Deposits Gross Loans to Customers +37% 7-year CAGR 4.6% CAGR 892 851 59 809 815 818 +12.0% 49 761 36 33 41 32 678 653 30 26 442 433 419 431 446 +3.9% 406 338 348 359
Slide 13: Broad based lending growth of £21bn, or 5.6%, in 2025
Broad based lending growth of £21bn, or 5.6%, in 2025 Gross loans to customers (amortised cost) at Q4’25, £bn Retail Banking and PB&WM: £236.9bn, +£0.1bn, or flat , in Q4’25, +£8.5bn, or +3.7%, in FY’25 207.0 Mortgages Q4’24 Mortgages 212.1 • Balance growth of +£7.1bn 1 in FY’25 partly offset Q3’25
Slide 14: Deposit growth of £10.4bn, or 2.4%, in 2025 with stable mix
Deposit growth of £10.4bn, or 2.4%, in 2025 with stable mix Deposit mix by interest type across the 3 customer businesses 1 %, £bn Customer deposits across the 3 customer businesses, £bn 431 435 442 Retail Q4’24 64.5 130.3 194.8 17% 16% 16% Banking2 Q3’25 64.8 131.0 195.8 +£7.8bn +£6.8bn Q4’25 65.2
Slide 15: AUMA balance growth of £9.6bn, or 19.6% in 2025
AUMA balance growth of £9.6bn, or 19.6% in 2025 Assets under management and administration, £bn Q4’24 37.0 11.9 48.9 Q3’25 41.9 14.1 56.0 £9.6bn, +19.6% £2.5bn, 4.5% Q4’25 43.7 14.8 58.5 Assets under management (AUM), £bn Assets under administration (AUA), £bn Accelerating annual AUMA growth , £bn 1
Slide 16: Structural hedge is annual income tailwind through to 2030
Structural hedge is annual income tailwind through to 2030 Further annual income growth Equity Hedge income 2028-2030 Product Hedge income +c.£1bn in 2027 +c.£1.5bn in 2026 £3.3bn income growth 2025 vs 2021 4.7 0.5 3.5 3.2 0.4 0.4 2.2 0.4 4.2 1.4 3.0 2.8 0.4 1.8 1.0 FY’21 FY’22 FY’23 FY’24 FY’25 FY’
Slide 17: Delivered 2025 costs of ~£8.1bn including £0.1bn one-time integration costs
Delivered 2025 costs of ~£8.1bn including £0.1bn one -time integration costs Other operating expenses, £bn +1.8% ~£8.2bn 7.9 8.0 8.1 +0.4 +0.1 -0.6 +0.3 1.2 1.1 1.2 1.3 1.6 1.5 4.0 4.1 FY’24 Cost Savings Pay, Additional Business FY’25 One-time FY’25 FY’26 NIC & Inflation Growth & Other (excl. one-ti
Slide 18: Updated macro assumptions, well-provisioned balance sheet
Updated macro assumptions, well -provisioned balance sheet Updated macroeconomic assumptions FY'25 weighted average H1'25 weighted average Change 2026 2027 2026 2027 2026 2027 UK GDP - annual growth 0.5 1.3 0.6 1.4 (0.1) (0.1) UK Unemployment - annual avg. 5.3 5.5 4.9 5.1 0.4 0.4 UK House Price Inde
Slide 19: 16bps impairment rate in 2025, expecting <25bps in 2026
16bps impairment rate in 2025, expecting <25bps in 2026 FY’22 FY’23 FY’24 FY’25 FY’26 Guidance Loan impairment rate 9bps 15bps 9bps 16bps <25bps 11bps 22bps 13bps 20bps Retail Banking Private Banking & Wealth Management (1bp) 8bps (6bps) 5bps 9bps 7bps 7bps 14bps Commercial & Institutional of which,
Slide 20: Capital generation of 252 basis points before distributions
Capital generation of 252 basis points before distributions CET1 ratio, % 252bps capital generation pre distribution in FY’25 0.42 (0.89) 16.1% 13.6% 2.99 (1.35) 14.0% (0.78) Capital generation ~200bps in 2026 FY’24 Attrib. profit Other CET1 RWAs CET1 ratio pre Ordinary dividend Buybacks FY’25 chang
Slide 21: We now target a CET1 ratio of around 13%
We now target a CET1 ratio of around 13%, reflecting solid capital position and strong capital generation CET1 target vs minimum CET1 requirement, % RWA Key drivers of the CET1 target ratio moving from 13 -14% range • Strong, consistent profitability with track record of capital +90bps generation an
Slide 22: Evelyn Partners acquisition: accretive to growth and returns
Evelyn Partners acquisition: accretive to growth and returns, supporting shareholder distributions Year 3 FY’25 run -rate 4,5 Value accretive to shareholders Mid -to -high -single digit growth Net New Money >7% AUMA CAGR 2023-25 Income £509m >£0.7bn Revenue synergies 3 AUMA across >20m customers Ope
Slide 23: Drivers of Return on Tangible Equity in 2026
Drivers of Return on Tangible Equity in 2026 Illustrative ROTE walk for 2026 versus 2025 Key Drivers: £241m of notable • CAL growth income items and • Cash flow ~£200m of tax credits hedge reserve 19.2% -1.3% 17.9% >17% FY’25 ROTE Notable income FY’25 Underlying Income Costs Impairments Average FY’2
Slide 24: 2026 guidance summary
2026 guidance summary 1 2026 Guidance Income excluding Other operating Loan impairment Return on Capital Generation 2 notable items expenses rate Tangible Equity £17.2bn - £17.6bn ~£8.2bn <25bps >17.0% ~200bps All 2026 guidance excludes the impact from Evelyn Partners acquisition NatWest Group FY 20
Slide 25: Paul Thwaite, Chief Executive Officer
Paul Thwaite Chief Executive Officer
Slide 26: Leading positions across our three businesses
Leading positions across our three businesses Private Banking & Wealth Commercial & Institutional Retail Banking Management Start-ups to large corporates Youth to affluent High-net-worth and financial institutions Multi -channel 19m customers1 0.1m customers2 1.5m customers3 brands serving >20 milli
Slide 27: Robust macro environment supporting growth opportunities
Robust macro environment supporting growth opportunities UK households have strengthened balance sheets, lowering debt serving whilst increasing savings 140 25 Attractive market growth opportunities UK Household Savings Ratio %, RHS 135 UK Household Debt-to-Income Ratio %, LHS 20 Strengthening UK ho
Slide 28: Refining our strategic priorities
Refining our strategic priorities Disciplined Leveraging Active Balance Sheet Growth Simplification and Risk Management Growing while strengthening and deepening Leveraging our capabilities to deliver growth, Actively managing our balance sheet and risk to relationships productivity, and trust deliv
Slide 29: Disciplined Growth: Priority customer segments
Disciplined Growth : Priority customer segments Becoming the Bank of choice in segments we want to grow Private Banking & Wealth Retail Banking Commercial & Institutional Management CAL £421bn £188bn1 £352bn Youth Start Ups and SMEs Priority Families High Net-Worth clients segments Mid Market Corpor
Slide 30: Disciplined Growth: Connected relationship banking
Disciplined Growth : Connected relationship banking Building deeper customer relationships through colleague expertise and digital insight Leveraging our regional network Customer and colleague Investing in our digital where it matters for customers experience powered by AI proposition >1,000 Cora d
Slide 31: Disciplined Growth: Broader customer propositions
Disciplined Growth : Broader customer propositions Bringing more of the bank to more customers Private Banking & Wealth Retail Banking Commercial & Institutional Management Homebuying Investments Start Ups and SMEs • Make home ownership a reality with Family • Customers to benefit from Evelyn Partne
Slide 32: Disciplined Growth: priorities to drive CAL CAGR >4% to 2028
Disciplined Growth : priorities to drive CAL CAGR >4% to 2028 CAL 1 CAGR Proportion of CAL target across our 3 businesses 1, £bn Group CAL 2025 2 last 7 years Pro forma for Evelyn Partners >4% CAGR 5.2% CAGR >£120bn of growth out to 2028 421 Retail 295 44% 960 Banking 69 59 20183 2025 442 8.3% CAGR
Slide 33: Leveraging Simplification: Scalable architecture & data
Leveraging Simplification : Scalable architecture & data Leveraging our strong technology foundation Examples of Progress Future Migration of 1m customer accounts from Sainsburys Enhance our Core Banking Platform, evolving Architecture and ~200 business apps decommissioned in 2025 modular functional
Slide 34: Leveraging Simplification: differentiated customer experiences with AI
Leveraging Simplification : Deploying our leading capabilities to deliver differentiated customer experiences Bespoke customer solutions, powered by responsible, sustainable AI 2025 2026 1 Beyond 2026 AI deployment Building blocks of Transformative customer at scale transformative AI as reality expe
Slide 35: Leveraging Simplification: target Cost:Income ratio below 45% in 2028
Leveraging Simplification : We will drive operating leverage and target a Cost:Income Ratio below 45% in 2028 Strong track record of positive operating leverage Income and Other O perating Ex penses , £bn Group 2028 Cost:Income ratio target Income excluding notable items -21ppt Other operating expen
Slide 36: Active Balance Sheet and Risk Management
Active Balance Sheet and Risk Management Capital and Data -driven Dynamic funding efficiency decision making risk management Building advanced analytics for Maintaining stable and diversified Proactively managing risk to ensure faster, disciplined credit and pricing sources of funding while increasi
Slide 37: Targeting attractive growth and returns for shareholders
Targeting attractive growth and returns for shareholders 2026 Guidance Income excluding Other operating Loan impairment Return on Capital notable items expenses rate Tangible Equity Generation ~200 bps 2 £17.2bn - £17.6bn ~£8.2bn <25bps >17.0% All 2026 guidance excludes the impact from Evelyn Partne
Slide 38: Appendix
NatWest Uy Appendix
Slide 39: Delivered 3 Investor spotlights on our customer businesses
Delivered 3 Investor spotlights on our customer businesses Commercial & Private Banking & Retail Banking Institutional Wealth Management 25th June 2025 26th March 2025 Cursor with solid fill Slides 25th June 2025 Cursor with solid fill 25th November 2025 Cursor with solid fill Slides Slides Slides S
Slide 40: All 3 businesses delivering attractive returns
All 3 businesses delivering attractive returns Retail Banking Private Banking & Wealth Management Commercial and Institutional +15.0% +9.9% 6.5 8.8 5.7 8.0 1.7 +16.7% +8.3% 2.3 Q4 1.5 +13.2% 2.1 1.0 1.1 Income 1, 0.3 +13.2% 0.3 £bn 9M FY’24 FY’25 FY’24 FY’25 FY’24 FY’25 +13.4% +28.4% 4.1 3.1 3.6 2.4
Slide 41: Segmental summary
Segmental summary 1 Private Banking & Retail Commercial & Central items & Group FY'25, £bn Wealth Group Banking Institutional other 2 Management Net interest income 6.1 0.8 6.1 (0.1) 12.8 Non-interest income 0.4 0.4 2.7 0.3 3.8 Total income 6.5 1.1 8.8 0.2 16.6 Income ex-notable items 6.5 1.1 8.8 0.
Slide 42: Outlook statements
Outlook statements 1 Based on our current macroeconomic assumptions, we expect In 20262 we expect: • Total income excluding notable items in the range of £17.2-17.6 billion. • Operating expenses, excluding litigation and conduct costs, around £8.2 billion. • Loan impairment rate below 25 basis point
Slide 43: Notable items
Notable items Q1'24 Q2'24 Q3'24 Q4'24 FY'24 Q1'25 Q2'25 Q3'25 Q4'25 FY'25 Group income 3,475 3,659 3,744 3,825 14,703 3,980 4,005 4,332 4,324 16,641 Notable items in Income, £m Q1'24 Q2'24 Q3'24 Q4'24 FY'24 Q1'25 Q2'25 Q3'25 Q4'25 FY'25 Commercial and Institutional Own credit adjustments (OCA) (5) (
Slide 44: Our Base Case UK macro view
Our Base Case UK macro view We assume GDP growth to be in the 1-1.5% range out to 20281 We assume inflation (CPI) falls to 2.0% in 2027 and remains at that level 1 4.0% 4.0% 3.0% 3.0% UK GDP, %y/y CPI, %y/y 2.0% 2.0% 1.0% 1.0% 0.0% 0.0% Dec-23 Dec-24 Dec-25 Dec-26 Dec-27 Dec-28 Dec-23 Dec-24 Dec-25
Slide 45: UK Economic Assumptions
UK Economic Assumptions 1,2 Our economic assumptions and weightings updated in FY’25 FY'25 H1'25 FY'24 Upside Base Case Downside Extreme Upside Base Case Downside Extreme Upside Base Case Downside Extreme Scenario downside downside downside Weighting Weighted Weighted Weighted 22.4% 45.0% 19.5% 13.1
Slide 46: Net Interest Income, margin and AIEAs
Net Interest Income, margin and AIEAs Net Interest Income, £m 3,268 3,441 2,968 3,026 3,094 Net interest income Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Average Interest Earning Assets (AIEA’s), £bn Group AIEAs 557 o.w. Liquid Asset Buffer 543 548 539 542 159 162 163 164 161 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Net I
Slide 47: Deposit income drivers
D eposit income drivers Deposit mix by interest and hedge type 1, £bn 2.4% 442 442 431 431 16% 17% Term deposits 69 74 Term 69 74 Instant Access 53% 52% Unhedged 190 194 227 231 Non-interest- Product bearing balances 31% 31% structural hedge 172 173 135 136 FY’24 FY’25 FY’24 FY’25 Deposit mix Hedge
Slide 48: Our sensitivity to interest rates
Our sensitivity to interest rates Third party customer deposit rate and UK Base Rate, % 1 Illustrative Year 1 Income impact of 25bps downward shift in yield curve, (£m) 5.0 4.9 4.6 4.5 (44) (41) (41) 4.5 4.1 4.0 4.0 3.5 2.9 3.0 2.7 (125) (142) 2.6 (157) 2.4 2.5 2.3 2.0 1.9 1.8 2.0 1.7 1.6 (169) 1.5
Slide 49: Interest rate sensitivity
Interest rate sensitivity 1 Assumes constant balance sheet as at period end FY 2025 -25 basis points parallel downward shift +25 basis points parallel upward shift Year 1 Year 2 Year 3 Year 1 Year 2 Year 3 (£m) (£m) (£m) (£m) (£m) (£m) Structural Hedge (41) (130) (220) 41 130 220 Managed Margin (157
Slide 50: Structural Hedge
Structural Hedge FY 2025 Period end Total Income Average Notional Total Yield notional (£m) (£bn) (£bn) % Equity 487 25 22 2.18 Product 4,181 173 172 2.43 Total 4,668 198 194 2.40 H1 2025 Period end Total Income Average Notional Total Yield notional (£m) (£bn) (£bn) % Equity 216 22 22 2.01 Product 1
Slide 51: Customer lending and deposit rates
Customer lending and deposit rates Gross yields of interest earning banking assets, % 1 6.36 6.5 6.24 6.00 Retail Banking 5.88 Private Banking & Wealth Management 6.0 5.69 Commercial & Institutional 5.5 5.22 NatWest Group 5.0 4.83 4.74 4.66 4.66 4.73 4.69 4.66 4.76 4.69 4.5 4.32 4.40 4.42 4.21 4.29
Slide 52: Well diversified, high-quality loan book
Well diversified, high -quality loan book Arrears levels remain stable and low Personal: £234.9bn, 55% of group Non-personal: £195.0bn, 45% of group Group mortgages £215.2bn Corporate and other ex CRE £98.8bn 50% of Group lending 23% of Group lending Loan-to-value of 57%1 stable year-on-year Diverse
Slide 53: Prime mortgage book with low LTV
Prime mortgage book with low LTV £193bn of Owner occupied mortgages with 57% LTV >3 months arrears below sector average 2 203 208 210 215 Number of UK mortgages >3 months in arrears 177 188 21 21 22 21 160 17 17 0.91% 0.91% 0.91% 17 0.78% 0.83% 0.83% 0.71% 171 182 187 189 193 143 160 0.66% 0.64% 0.6
Slide 54: ECL walk and impairment details by sector
ECL walk and impairment details by sector 0.83% 0.83% ECL coverage, % Stage 3 ECL coverage, % 34.40% 46.44% (40) 3,425 705 (565) 3,585 81 54 (75) 246 299 50 37 2,172 Economic uncertainty PMA 2,032 Other PMA Stage 3 ex PMA 625 651 Stage 2 ex PMA 432 466 Stage 1 ex PMA FY’24 Acquisitions Changes in Ch
Slide 55: 2025 Bank Capital Stress Test results reflect a robust balance sheet
2025 Bank Capital Stress Test results reflect a robust balance sheet and a solid capital position The continued strengthening of our balance sheet, demonstrated by the lowest CET1 drawdown compared to previous Stress Tests, underpins our ability to support our customers and the broader economy NatWe
Slide 56: Strong track record of Capital Generation and Outlook
Strong track record of Capital Generation and Outlook Capital generation pre -distributions, bps Earning RWAs Other FY’26 Guidance Net Capital Generation ~200bps 252 243 Capital generation pre -distributions 299 250 234 FY’28 Target 111 >200bps Capital generation pre -distributions 42 -2 10 -60 -89
Slide 57: Risk density evolution demonstrates disciplined lending growth
Risk density evolution demonstrates disciplined lending growth, supported by active RWA management Group risk density of net customer lending based on period end balance sheet, % Credit risk RWAs/ Net lending Counterparty risk, Market risk, Operational risk Drivers of RWA density going forward RWA,
Slide 58: Tangible net asset value
Tangible net asset value 1 GBP, m Share count, m Pence As at 30 September 2025 29,093 8,031 362 On-market share buyback (274) (46) (1) Attributable profit 1,393 17 Fair Value Movements 35 0 Cash flow hedge reserve (net of tax) 134 2 FX movements (net of tax) 5 0 Other movements 350 10 4 Net change 1
Slide 59: Sustainability: Supporting customers and communities
Sustainability: Supporting customers and communities through our banking products and services 2025 Highlights Ambitions (1) Targeted lending to the Social Housing sector (2) (2026 -2028): Social Housing sector (2) : £8.7bn lent between 2024 -2025 Met our £7.5bn 2024 -2026 ambition early £10bn Our D
Slide 60: Sustainability: Supporting the Climate Transition
Sustainability: Supporting the Climate Transition Progress against our ambitions & targets: We have an ambition to be net zero by 2050 across our financed emissions, AUM and operational value chain. Our climate -related a mbitions and targets (1) enable us to focus on actions we can take to succeed
Slide 61: Footnotes
Footnotes Slide 3: 1. Gross loans across three businesses. 2. Customer deposits across 3 businesses 3. Income excluding notable items growth minus other operating expenses growth, excluding the impact of one-time integration costs. 4. Income excluding notable items per slide 43. 5. Other operating e
Slide 62: Footnotes
Footnotes Slide 32: 1. Customer assets and liabilities (CAL) includes customer deposits, gross loans to customers and AUMA across three businesses Retail Banking, Private Banking & Wealth Management, and Commercial & Institutional. Investment cash is deducted as it is reported within customer deposi
Slide 63: Disclaimer
Disclaimer Forward-looking statements The guidance, targets, expectations and trends discussed in this presentation represent NatWest Group management’s current expectations and are subject to change, including as a result of the factors described in the “Risk Factors” in the NatWest Group plc 2025