Our investment case

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Our investment case

Delivering shareholder value

We have a strong track record of returning surplus capital to shareholders and remain committed to a ~50% payout ratio with capacity for buybacks whilst operating within our 13-14% CET1 ratio target range.

 

(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 of the prevailing share price.
(2) Paid and proposed.
(3) As of 31 December.
(4) The number of ordinary shares in issue excludes own shares held.

2025 Financial highlights

Leading positions across our three businesses

Useful links

This webpage contains guidance, targets, expectations and trends that represent NatWest Group management’s current expectations, which constitute forward looking statements, and are subject to the risks inherent in statements about the future and to change, including as a result of the factors discussed in NatWest Group plc's 2024 Annual Report and Accounts(including in the section “Risk Factors” included therein) and its other public filings. The actual outcomes may differ materially from those expressed or implied by such forward-looking statements. Accordingly, prospective investors are cautioned not to place undue reliance on such statements, which speak only as of the date made. NatWest Group is under no obligation to update such statements except to the extent legally required.

NatWest Group prepares its financial statements in accordance with UK-adopted International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS)). This webpage may contain financial measures and ratios not specifically defined under GAAP or IFRS (‘Non-IFRS’) and/or alternative performance measures (‘APMs’) as defined in European Securities and Markets Authority (‘ESMA’) guidelines. Any Non-IFRS measures and/or APMs included in this webpage, are not measures within the scope of IFRS, are based on a number of assumptions that are subject to uncertainties and change, and are not a substitute for IFRS measures. See page 432 of NatWest Group plc's 2024 Annual Report and Accounts.

The information, statements and opinions contained in this webpage do not constitute a public offer under any applicable legislation or an offer to sell or a solicitation of an offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments.