Introduction from the CEO

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Strong financial performance with attributable profit of £5,479 million

Income
(excluding notable items)

£16400m

2023

£14,339m

2024

£14,648m

2025

£16,400m

Operating expenses
(excluding litigation and conduct)

£8095m

2023

£7,641m

2024

£7,854m

2025

£8,095m

Return on Tangible Equity

19.2%

2023

17.8%

2024

17.5%

2025

19.2%

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Leadership statements

‘As we look ahead, I firmly believe
that NatWest Group is well positioned
to lead, to innovate, and to deliver for
all of our stakeholders.’

Rick Haythornthwaite, Chair

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‘We’ve built the foundations and
capabilities to both anticipate change
and respond at pace. All this is done in
service of our customers, deepening
trust and relationships.’

Paul Thwaite, CEO

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Our strategy

Ambition

Succeeding
with customers

Purpose

The bank that turns
possibilities into
progress

Disciplined
growth

Active balance sheet
and risk management

Leveraging
simplification^*

Our strategy

Sustainably growing by building stronger and deeper relationships, whilst attracting new customers.

#1

Leading lender in the UK infrastructure sector and leading flow in digital self-serve mortgages

around 1 million

Sainsbury's Bank customer accounts successfully integrated

49%

Share of AUMA in total Private Banking & Wealth Management CAL

Actively managing our balance sheet and risk as a trusted partner to customers, delivering growth and sustainable returns.

252bps

of capital generation delivered pre-distributions in 2025

£10.9 billion

benefit from RWA management actions as we continued to actively manage our balance sheet and create capacity for lending growth

16bps

Loan impairment rate - below the 2025 guidance of 20 basis points

Maximising our technology and capability to deliver customer growth more efficiently and effectively.

5.6 days

average deployment frequency of code to business applications in 2025, down from 10.0 days in 2024

51%

of internal and external business service applications on the cloud in 2025 (2024 - 44%)

>12,000

coders have access to AI coding assistants

Building enduring, trusted relationships with our customers is the cornerstone of our strategy. It connects our purpose with our ambition, and is structured around three strategic priorities.

Our performance makes clear our strategy is working. However, in an ever competitive and fast-moving landscape, we have sharpened the focus of our priorities going forward around:

Disciplined growth
Leveraging simplification
Active balance sheet and risk management

Our Strategy

*Bank-wide simplification in 2025

Delivering shareholder value

2025 was another strong year of delivery, as reflected by an increase in share price of 62.1% and a total shareholder return (TSR) of 71.0%.

This was underpinned by high returns (RoTE 19.2%) and growth in CAL (+4.8%), leading to growth in EPS (+27.1%), DPS (+51.2%) and TNAV per share (+16.7%).

Ordinary dividend per share (DPS) (pence)⁽²⁾

2025 9.5
23.0 32.5p
2024 6.0
15.5 21.5p
2023 5.5
11.5 17.0p

Interim dividend
Final dividend

UK Government ownership⁽³⁾(%) Ordinary shares outstanding⁽³⁾(bn)

Total buybacks (£bn)

0 8.0

2025
1.5 1.5
9.99 8.0

2024 2.2
2.2
37.97 8.8

2023 0.8
1.3 2.1

On market buyback
Directed buyback

Tangible net asset value (TNAV) per share (pence)⁽⁴⁾

2025
384
2024 329
2023 292

2025 total shareholder returns⁽¹⁾

2025
71%
2024 95.6%
2023 49.7%

2025 was another strong year of delivery, as reflected by an increase in share price of 62.1% and a total shareholder return (TSR) of 71.0%.

This was underpinned by high returns (RoTE 19.2%) and growth in CAL (+4.8%), leading to growth in EPS (+27.1%), DPS (+51.2%) and TNAV per share (+16.7%).

2025 total shareholder returns⁽¹⁾

65%

2023

49.7%

2024

95.6%

2025

71%

(1)	Total shareholder return includes the share price change between 31 December 2023 and 31 December 2025 plus dividends paid during the year, the 2023 and 2024 final dividend and the 2025 interim dividend, assuming reinvestment at the prevailing share price.
(2)	Paid and proposed.
(3)	As at 31 December.
(4)	The number of ordinary shares in issue excludes own shares held.

Turning our customers’
possibilities into progress

Supporting start-ups to scale

London

“Being a NatWest customer, I feel supported because I know that I’m working with a bank that genuinely cares about entrepreneurs and people wanting to start businesses. If I have questions about new opportunities that I don’t have experience in, I know the Accelerator team can help me or connect me with someone with relevant experience. And that’s meant that I feel really reassured.”

Hanan Tantush, Founder of Intotum

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Powering growth in the UK’s EV infrastructure

Manchester

“The support from NatWest has been very important for Be.EV. At this early stage of the company’s growth, we want to work with a banking partner that can adapt and evolve as we’re evolving. Thanks to the financing we’ve received, we’ve been able to roll out charging infrastructure rapidly across the UK.”

Asif Ghafoor, CEO, Be.EV

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Building trusted customer relationships

Colchester, Essex

“I’ve never felt in a better place with my banking. The support from NatWest feels too good to be true. They really understand me, my career, and the financial challenges that come with my profession.”

Lewis Richardson, Olympic medallist and professional boxer

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Connecting island communities through flying banking

Orkney Islands

“There are lots of people in smaller communities that really do need our support, so it’s important we can find a way to reach them. Succeeding with customers means understanding their lives and being there for them, wherever they are.”

Lois Canning, Royal Bank of Scotland, Personal Banker, Kirkwall, Orkney Islands.

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Financing infrastructure that drives regional growth

Leeds

“It really feels as though NatWest is an extension of our team. The support that NatWest has provided to the airport will help expand the terminal, create new jobs, drive regional growth, and enhance the passenger experience.”

Alex Tong, Chief Financial Officer, Leeds Bradford Airport

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Championing manufacturing growth

Cookstown

“Ulster Bank has been instrumental in supporting our growth and gives us the confidence to go forward and make big investment decisions. They understand our business and how it works, and without those facilities in place we simply wouldn’t be able to grow at the rate that we are.”

Ryan Wylie, Managing Director, Maxflow Power Products

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Backing local businesses to grow and thrive

The Lake District

“Being a NatWest customer – it’s feeling like you’re dealing with a local business, but one that has the strength of a big corporation. Without the support of NatWest, I wouldn’t be standing here. We wouldn’t have the ability to do this.”

Dave Keeler, owner of the Strands Hotel and Screes Inn, Nether Wasdale, The Lake District

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Powering growth in the UK’s EV infrastructure

Building trusted customer relationships

Connecting island communities through flying banking

Financing infrastructure that drives regional growth

Championing manufacturing growth

Backing local businesses to grow and thrive

Supporting start-ups to scale

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