Natwest Group Plc · LSE:NWG
Natwest — FY2025 Earnings Presentation
63 slides from Natwest's earnings presentation, Feb 13, 2026
Slide 1: NatWest Group FY 2025 Results, February 2026
/ 13 February 2025
Slide 2: Paul Thwaite, Chief Executive Officer
7 oe in~. j j@ al e f .- bs \s pet be Paul Thwaite Chief Executive Officer
Slide 3: FY 2025 headline results
+5.6% +2.4% +20% Customer Loans1 Customer Deposits1 AUMA £393bn £442bn £58.5bn +12% +2% 48.6% Income3 Costs4 Cost Income ratio 2 £16.4bn £8.0bn -4.8ppt +27% +51% +17% Earnings per share Dividend per share TNAV per share 68p 32.5p 384p NatWest Group FY 2025 Results February 2026 3
Slide 4: Strengthened guidance: results versus targets
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 Tangible Equity >18.0% 19.2% Target Result Ordin
Slide 5: Earnings, dividend and TNAV per share
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 value per share Ordinary shares outstanding at period end, m
Slide 6: Our customer base grew to over 20 million
Customer lending 4.5% CAGR1 7 years of Our customer base grew to over 20 million CAL Customer deposits 3.9% CAGR1 growth AUMA 12% CAGR1 Youth to affluent Start-ups to large corporates High-net-worth and financial institutions • >5% customer growth, including ~1m • Over 50k new to invest clients4 • +
Slide 7: Operating jaws and £100m investment
£1.2bn invested across the Group £100m 10% Operating Jaws1 investment £0.6bn of gross cost savings capacity creation Partnerships for AI and data transformation Start-ups to large corporates Youth to affluent High-net-worth and financial institutions • 82% customers banking entirely digitally • 59%
Slide 8: Strong asset quality and active capital management
Strong asset £4.1bn total distributions quality and Capital generation was 252bps £10.9bn RWA Management active capital management 16bps loan impairment rate Start-ups to large corporates Youth to mass affluent High-net-worth and financial institutions • £2.5bn RWA Management reduction • Stable sour
Slide 9: Slide 9
Slide 10: Group income statement summary
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, ex notable items 16,400 14,
Slide 11: Net interest income and non-interest income
Net interest income +12.0% 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, +12.3% NII +£1,753m, +15.6% 12,829 Non-II +£45m, +1.3% 11,306 FY’24 NIM2: +21bps in FY’25 FY’25 213bps • Lending margin
Slide 12: Customer lending, deposits and AUMA growth
AUMA Customer Deposits Gross Loans to Customers +37% 7-year CAGR 4.6% CAGR 892 851 809 815 818 59 +12.0% 49 761 36 33 41 32 678 653 30 26 442 433 419 431 446 +3.9% 406 338 348 359 372 393 +4.5% 324 328 350 289 301 FY’182 FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 FY’25 NatWest Group FY 2025 Results Februar
Slide 13: Gross loans to customers by business
207.0 Q4’24 Mortgages 212.1 • Balance growth of +£7.1bn 1 in FY’25 partly offset by Q3’25 212.1 £2.1bn mortgage securitisation in Q4’25 Q4’25 16.8 • Stock share stable at 12.5%2 as at Dec’25 Unsecured 19.7 19.8 4.6 • Credit card share of 10.6%3 as at Dec’25 Other PB&WM 5.0 5.0 Business 2.0 2.3 Banki
Slide 14: Customer deposits by business
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 65.2 137.4 202.6 53% 53% 52% Private Q4’24 6.6 35.8 42.4 Banking & Q3’25 6.2 34.4 40.6 +£0.3bn Wealth +£2.1bn Management Q4’25 6.7 36.0 42.7 31% 31% 31% Q4’24 63.9 130.2 194.1 Commercial Q3’25
Slide 15: Assets under management and administration
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 FY’24 2.2 0.6 4.8 0.4 8.1 FY’24 270 FY’24 6.9% +11% FY’25 3.1 0.9 5.0 0.6 9.6 FY’25 300 FY’25 8.4% AUM net flows Market movements AUA n
Slide 16: Structural hedge income growth
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’26 FY’27 FY’28 FY’29 FY’30 Yield1 0.75% 0.98% 1.47% 1.77% 2
Slide 17: FY26 cost guidance of ~£8.2bn
+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-time integration costs Guidance integration costs) Depreciation and amortisation • Higher investment spend ac
Slide 18: Economic assumptions and ECL provision
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 Index1 1.3 1.2 1.4 0.8 (0.1) 0.4 UK Consumer Price index1 2.3 1.9 2.9 2.2 (0.6) (0.3) ECL2 Provis
Slide 19: Impairments and FY26 guidance
FY’26 Guidance 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, stage 3 6bps 8bps 11bps 11bps 671 136 Q4’25 153 Q3’25 578 193 Q2’25 337 359 189 Q1’25 FY’22 FY’23 FY
Slide 20: 252bps capital generation pre distribution
252bps capital generation pre distribution in FY’25 0.42 (0.89) 16.1% 13.6% 2.99 (1.35) 14.0% (0.78) FY’24 Attrib. profit Other CET1 RWAs CET1 ratio pre Ordinary dividend Buybacks FY’25 changes distributions CET1 capital1 24.9 +5.5 +0.8 -2.6 -1.5 27.1 £bn 193.3 11.1 (10.9) (1.2) 7.3 183.2 3.8 Incl.
Slide 21: Capital generation and CET1 track record
• Strong, consistent profitability with track record of capital +90bps generation and high-teens ROTE ~13.0% 11.6% 10.7% • Capital requirements approaching steady state, following significant regulatory change, further benefits expected post Basel 3.1 • RWA trajectory driven by balance sheet growth
Slide 22: Evelyn Partners acquisition
>7% AUMA CAGR 2023-25 across >20m customers lower marginal cost of growth (Capital Neutral) 1. Earnings Before Interest, Taxes, Depreciation and Amortisation. 2. Transaction is subject to purchase price accounting, creating intangibles that will be amortised over time but neutral to regulatory and d
Slide 23: FY25 ROTE and FY26 guidance
Key Drivers: £241m of notable • CAL growth income items and • Cash flow hedge ~£200m of tax credits reserve 19.2% -1.3% 17.9% >17% FY’25 ROTE Notable income FY’25 Underlying Income Costs Impairments Average tangible FY’26 ROTE and tax items ROTE equity guidance NatWest Group FY 2025 Results 23 Febru
Slide 24: NatWest Group FY 2025 Results
NatWest Group FY 2025 Results 24 February 2026
Slide 25: Paul Thwaite, Chief Executive Officer
NatWest Gro Paul Thwaite Chief Executive Officer
Slide 26: Customer franchises across three businesses
Start-ups to large corporates Youth to affluent High-net-worth and financial institutions 19m customers1 0.1m customers2 1.5m customers3 UK #1 Private Bank Bank 1 in 3 families in the UK4 Leading share of UK Start ups6 and Wealth Manager5 £127bn Best Bank – 16.5% 12.5% 7.2% of ~25% ~20% AuMA £42.7bn
Slide 27: UK economic and market trends
140 25 UK Household Savings Ratio %, RHS 135 UK Household Debt-to-Income Ratio %, LHS 20 130 15 • Demand underpinned by lower interest rates, targeted affordability reforms and a renewed government focus on planning and 125 10 housebuilding 120 5 115 0 • Intergenerational transfer of wealth and stru
Slide 28: Strategic priorities for growth
Growing while strengthening and deepening Leveraging our capabilities to deliver growth, Actively managing our balance sheet and risk to relationships productivity, and trust deliver attractive returns Priority customer segments Scalable architecture & data Capital & liquidity efficiency Connected r
Slide 29: Becoming the bank of choice in target segments
Becoming the Bank of choice in segments we want to grow £421bn £188bn1 £352bn Youth Start Ups and SMEs Families High Net-Worth clients Mid Market Corporates Affluent • Grow Premier customers • Increase high-net-worth • Maintain a leading share of to 1 million clients; £3m+ CAL clients to UK Start Up
Slide 30: Deeper customer relationships through expertise and digital insight
Building deeper customer relationships through colleague expertise and digital insight >1,000 Cora digital assistant 325 million Senior Personal Bankers and ~13m conversations in 2025 Digital interactions every Premier relationship managers All customer journeys enhanced month in Retail Banking with
Slide 31: Bringing more of the bank to more customers
Bringing more of the bank to more customers Homebuying Investments Start Ups and SMEs • Make home ownership a reality with Family • Customers to benefit from Evelyn Partners D2C • High growth companies supported to scale through backed and Shared Ownership propositions platform BestInvest Strengthen
Slide 32: Customer assets and liabilities growth to 2028
>4% CAGR 5.2% CAGR >£120bn of growth out to 2028 421 295 44% 960 69 59 20182 2025 442 8.3% CAGR ex Evelyn Partners 188 20% 69 68 119 AUMA Evelyn Partners 393 20182 20253 -1 2.9% CAGR 2025 CAL3 2028 CAL target 352 2028 Target 289 AUMA Evelyn Partners 37% AUMA PBWM Customer deposits Gross Loans to Cus
Slide 33: Leveraging our strong technology foundation
Leveraging our strong technology foundation Migration of 1m customer accounts from Sainsburys Enhance our Core Banking Platform, evolving Architecture and ~200 business apps decommissioned in 2025 modular functionality to create greater agility Consolidated to single customer data platform Single cu
Slide 34: Bespoke customer solutions, powered by responsible AI
Bespoke customer solutions, powered by responsible, sustainable AI AI deployment Building blocks of Transformative customer at scale transformative AI as reality experience at scale Pioneering AI Research Office developing frontier-level capabilities Building proprietary and sustainable Small Langua
Slide 35: Income and cost:income ratio targets
Income excluding notable items -31ppt Other operating expenses Range 69.9% £17.2-£17.6bn 70 CAGR 12.7% 16.4 65 14.6 60 14.3 55.5% 13.1 55 53.4% 51.8% 50 48.6% 10.2 45 CAGR 2.3% 8.0 ~£8.2bn 7.6 7.9 <45% 7.3 7.3 40 FY’21 FY’22 FY’23 FY’24 FY’251 FY’26 Illustrative FY’21 FY’22 FY’23 FY’24 FY’25 FY’28 F
Slide 36: Stable funding and capital velocity
Building advanced analytics for Maintaining stable and diversified Proactively managing risk to ensure faster, disciplined credit and pricing sources of funding while increasing we remain a trusted partner whilst decisions to strengthen our capital velocity optimising risk-adjusted returns competiti
Slide 37: NatWest Group FY 2025 Results February 2026
NatWest Group FY 2025 Results February 2026 37
Slide 38: Appendix
Appendix
Slide 39: Links to investor day slides
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 Slides NatWest Group FY 2025 Results February 2026 39
Slide 40: Income and returns by business
+15.0% +9.9% 6.5 8.8 5.7 8.0 +13.2% 1.7 +16.7% +8.3% 2.3 Q4 1.5 2.1 1.0 1.1 0.3 +13.2% 0.3 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 +16.1% +49.2% +20.7% 1.0 0.8 0.9 Q4 0.7 0.4 0.3 n.m. 0.1 9M 0.1 FY’24 FY’25 FY’24 FY’25 FY’24 FY’25 +4.8ppt +7.5ppt +1.9ppt 24.7 19.9 21.7 1
Slide 41: Segment results FY25
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 0.0 16.4 Other operati
Slide 42: Guidance for 2026 and 2028
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 points. • Return on Tangib
Slide 43: Group income and 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) (2) 2 (4) (9) 6
Slide 44: Macroeconomic assumptions to 2028
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 Dec-26 Dec-27 Dec-28 -1.0% W
Slide 45: IFRS 9 scenario assumptions
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% 21.7% 45.0% 20.7% 12.6% 23.2% 45.0% 19.1% 12.7% average average average UK GDP – An
Slide 46: Net interest income, AIEAs and NIM
3,268 3,441 2,968 3,026 3,094 Net interest income Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 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 2.37% 2.45% 2.19% 2.27% 2.28% Group NIM1 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 1. Net Interest Margin (NIM) = Reported Gr
Slide 47: Deposit mix and hedge mix
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 mix 1. May not cast due to rounding. NatWest Group FY 2025 Results Feb
Slide 48: Base rate and deposit costs
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 (183) (198) 1.0 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 FY’23 FY’24 FY’25 Average base rate Structural Hedge Average cost of interest bearing customer deposits across 3 businesses
Slide 49: Interest rate sensitivity
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) (127) (140) 153 139 125 Total (198) (257) (360) 194 269 345 H1 2025 -25 ba
Slide 50: Structural hedge income and yield
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 1,900 172 171 2.24
Slide 51: Asset yields and liability costs by business
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 0.0 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 3.5 3.06 Retail Banking 2.90 Private Banking & Wealth
Slide 52: Loan book composition and credit quality
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 corporate loan book, with exposure across a broad range of sectors 62% 5Y, 29%
Slide 53: Mortgage book, LTV and arrears
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% 0.63% 0.62% 0.58% 0.53% 57 56 54 53 55 56 57 0.40% FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 FY’25 Buy-to-let Mortgage Book, £bn1 F
Slide 54: ECL coverage and impairment by portfolio
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 Changes in Changes in Judgemental Write-offs
Slide 55: Lowest projected CET1 drawdown in stress test
NatWest has the lowest projected CET1 drawdown in the 2025 stress scenario and is the only UK bank with no strategic management actions required1 Projected CET1 capital ratios in the stress scenarios1 2025 Stress scenario projected CET1 drawdown1 Cost of risk (Before strategic management actions) (b
Slide 56: Net capital generation and guidance
Earning RWAs Other FY’26 Guidance Net Capital Generation ~200bps 252 243 299 250 234 FY’28 Target 111 >200bps 42 -2 10 -60 -89 -79 FY’23 FY’24 FY’25 NatWest Group FY 2025 Results February 2026 56
Slide 57: RWAs and RWA density
Credit risk RWAs/ Net lending Counterparty risk, Market risk, Operational risk Drivers of RWA density going forward RWA, £bn • Business growth 107 105 112 • RWA management activity • Basel 3.1 impact on 1st Jan 27 81% • Operational risk (subject to income growth) 11 11 11 74% 73% 61% 60% 60% 180 181
Slide 58: Tangible net asset value movement
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 1,643 (36) 22 As at 31 Decem
Slide 59: Annual Report and Climate Transition Plan reference
See NatWest Group plc 2025 Annual Report and Accounts and NatWest Group plc 2025 Climate Transition Plan Report for more details NatWest Group FY 2025 Results February 2026 59
Slide 60: Climate and sustainable funding targets
In 2025, we exceeded our target to provide £100 We aim to reduce the WACI of our Managed billion in climate and sustainable funding and Assets by 50% by 2030 against a 2019 baseline financing between 1 July 2021 and the end of 2025 We have a target to provide £200 billion in climate We have an ambit
Slide 61: Footnotes, slides 3 to 6
Slide 3: 1. Gross loans across three businesses. 2. Income excluding notable items growth minus other operating expenses growth, excluding the impact of one-time integration costs. 3. Income excluding notable items. 4. Other operating expenses (Total operating expenses excluding litigation and condu
Slide 62: Footnotes, slides 32 and 33
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 deposits and AUM
Slide 63: Forward-looking statements
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 Annual Repo