NatWest Group (NWG) Company Report

Analyst Coverage

Research analysts who have asked questions during NatWest Group earnings calls.

Guy Stebbings

BNP Paribas

4 questions for NWG

Also covers: BARC.L, BCS, LYG

Robert Smalley

Verition Fund Management LLC

4 questions for NWG

Also covers: BCS, DB

Aman Rakkar

Barclays PLC

3 questions for NWG

Also covers: HSBC, LYG

Andrew Coombs

Citigroup

3 questions for NWG

Also covers: ATMP, BCS, DB +3 more

Christopher Cant

Autonomous Research

3 questions for NWG

Also covers: BARC.L, BCS, LYG

Sheel Shah

J.P. Morgan

3 questions for NWG

Also covers: LYG

Alvaro de Tejada

Morgan Stanley

2 questions for NWG

Also covers: BBVA, BCS, CAIXY +1 more

Amit Goel

Mediobanca S.p.A.

2 questions for NWG

Also covers: BCS, HSBC, JBAXY +2 more

Benjamin Toms

RBC Capital Markets

2 questions for NWG

Also covers: BARC.L, BBVA, BCS +3 more

Dan David

Wolfpack Research

2 questions for NWG

Also covers: DB, MCY

Daniel David

Autonomous Research

2 questions for NWG

Also covers: BCS, DB, HSBC

Ed Firth

Keefe, Bruyette & Woods (KBW)

2 questions for NWG

Edward Hugo Firth

Stifel

2 questions for NWG

Also covers: BARC.L, HSBC, LYG

Jonathan Pierce

Jefferies

2 questions for NWG

Also covers: ATMP, BCS, LYG

Jonathan Richard Pierce

Numis

2 questions for NWG

Also covers: BARC.L, BCS, LYG

Robin Down

HSBC

2 questions for NWG

Also covers: ATMP, BARC.L, BCS +1 more

Alvaro Serrano

Morgan Stanley

1 question for NWG

Also covers: ATMP, BARC.L, BBVA +3 more

Alvaro Serrano Saenz de Tejada

Morgan Stanley

1 question for NWG

Also covers: BCS, SAN

Arman Rakhar

Barclays

1 question for NWG

Benjamin Cavan Roberts

Goldman Sachs

1 question for NWG

Benjamin Caven-Roberts

The Goldman Sachs Group, Inc.

1 question for NWG

Also covers: LYG

Chris Kent

Autonomous

1 question for NWG

Fahed Kunwar

Redburn Atlantic

1 question for NWG

Also covers: MA, V

Gildas Sori

Crédit Agricole

1 question for NWG

Gildas Surry

Crédit Agricole

1 question for NWG

Also covers: BCS

Jason Napier

UBS Group AG

1 question for NWG

Also covers: BCS, HSBC, LYG

Raul Sinha

JPMorgan Chase & Co.

1 question for NWG

Also covers: HSBC

Robert Noble

Deutsche Bank AG

1 question for NWG

Also covers: BCS, HSBC

Latest news

Recent press releases and 8-K filings for NWG.

NatWest Group plc Prices Subordinated Notes

NWG

Debt Issuance

NatWest Group plc (NWG) has priced USD 750,000,000 Fixed-to-Fixed Reset Rate Subordinated Tier 2 Notes due 2047.
The proceeds from these notes will be used to fund NWG's general banking business.
The offering is scheduled to close on 3 March 2026.

18 hours ago

6-K

NatWest Group plc Completes Share Buyback Program

NWG

Share Buyback

On February 13, 2026, NatWest Group plc purchased 889,690 ordinary shares from Merrill Lynch International at a volume weighted average price of 588.56 GBp per share.
This purchase was part of an existing share buyback programme, and the company intends to cancel the repurchased shares.
Following this transaction, the share buyback programme announced on July 25, 2025, has completed.
Under this completed program, NatWest Group plc repurchased a total of 131,244,323 ordinary shares for cancellation, with a total consideration of £750,000,000 at a volume weighted average price of 571.45 pence per ordinary share.

Feb 13, 2026, 6:58 PM

6-K

NatWest Group plc Details Extensive Economic, Financial, and Regulatory Risks in Q4 2025 6-K

NWG

Legal Proceedings

Profit Warning

Demand Weakening

NatWest Group faces continued economic and political risks in the UK and global markets, including inflation, interest rates, geopolitical developments, and potential adverse effects from Scottish independence.
The company is significantly exposed to credit risk, with its mortgage loan portfolio amounting to £215.2 billion as of December 31, 2025, representing 50.0% of its total loan exposure, making it vulnerable to property price fluctuations and increased impairment charges.
NatWest Group's financial resilience and ability to make discretionary capital distributions are subject to various internal and external factors, including macroeconomic uncertainties and competitive pressures, and it may not achieve its financial targets.
The company's liquidity position, with an average liquidity coverage ratio of 147% and average net stable funding ratio of 135% for the 12 months preceding December 31, 2025, could be adversely affected under stress, potentially impacting its ability to meet obligations.
NatWest Group is subject to substantial and evolving regulation and faces significant legal and regulatory actions, including investigations and litigation, which could lead to material financial, reputational, or operational consequences.

Feb 13, 2026, 3:05 PM

6-K

NatWest Group plc Reports Strong 2025 Results and Provides Future Outlook

NWG

Earnings

Guidance Update

M&A

NatWest Group plc delivered a strong 2025, with total income of £16.641 billion and operating profit before tax of £7.708 billion, achieving a Return on Tangible Equity (RoTE) of 19.2%.
The company increased dividends per share by 51% compared to 2024 and targets ordinary dividends of around 50% of attributable profit, with buybacks considered.
For 2026, NatWest Group forecasts total income (excluding notable items) between £17.2 billion and £17.6 billion and a Return on Tangible Equity greater than 17%.
A key strategic move in 2025 was the announced acquisition of Evelyn Partners, aiming to create the UK's leading private bank and wealth management business.
The CET1 ratio stood at a robust 14.0% as of December 31, 2025.

Feb 13, 2026, 2:50 PM

6-K

NatWest Group Reports Strong FY 2025 Results and Provides 2026 Guidance and 2028 Targets

NWG

Earnings

Guidance Update

Dividends

NatWest Group reported strong full year 2025 financial performance, with income (excluding notable items) growing 12% to GBP 16.4 billion, driving operating profit before tax to GBP 7.7 billion and profit attributable to ordinary shareholders to GBP 5.5 billion.
The company achieved a return on tangible equity of 19.2% and an earnings per share of GBP 0.68, up 27% year-over-year. The CET1 ratio stood at 14%, and dividends per share increased 51% to GBP 0.325.
Customer loans increased 5.6% to GBP 392.7 billion, and assets under management grew 20% in 2025.
For 2026, the group forecasts income (excluding notable items) between GBP 17.2 billion and GBP 17.6 billion, with a loan impairment rate expected to be below 25 basis points, and a return on tangible equity greater than 17%.
Looking ahead to 2028, NatWest Group targets annual customer assets and liabilities growth greater than 4%, a cost-income ratio below 45%, and a return on tangible equity greater than 18%.

Feb 13, 2026, 1:30 PM

Transcript

NatWest Group Reports Strong Full Year 2025 Results and Updates Capital Targets

NWG

Earnings

Guidance Update

Dividends

NatWest Group reported strong full-year 2025 results, with income (excluding notable items) up 12% to £16.4 billion, a cost income ratio reduced to 48.6%, and earnings per share growing 27% to £0.68.
The company maintained a robust capital position, ending 2025 with a CET1 ratio of 14% and an average liquidity coverage ratio (LCR) of 147%. The CET1 target has been revised to around 13%.
Broad-based growth was observed across its businesses, with customer loans increasing 5.6%, deposits up 2.4%, and assets under management (AUMAs) rising 20%.
For 2026, NatWest Group expects other operating expenses to be around £8.2 billion and projects total hedge income to be approximately £1.5 billion higher than in 2025.

Feb 13, 2026, 1:30 PM

Transcript

NatWest Group Reports Strong Q4 2025 Results, Provides 2026 Guidance and 2028 Targets

NWG

Earnings

Guidance Update

Dividends

NatWest Group reported strong Q4 2025 financial results, including a 12% increase in income to GBP 16.4 billion, a reduced cost-income ratio of 48.6%, and a Return on Tangible Equity (RoTE) of 19.2%. The company also announced a 51% increase in dividends per share to GBP 0.325 and a GBP 750 million share buyback.
The company maintained a robust capital position with a CET1 ratio of 14% and performed strongly in the Bank of England stress test, leading to a revised CET1 target of around 13% for 2028.
For 2026, NatWest Group anticipates income (excluding notable items) between GBP 17.2 billion and GBP 17.6 billion, with a loan impairment rate below 25 basis points, and RoTE greater than 17%.
Looking ahead to 2028, targets include annual customer assets and liabilities growth greater than 4%, a cost-income ratio below 45%, and RoTE greater than 18%.

Feb 13, 2026, 1:30 PM

Transcript

NatWest Group Reports Strong 2025 Performance, Announces Evelyn Partners Acquisition, and Sets Ambitious 2028 Targets

NWG

Earnings

M&A

Guidance Update

NatWest Group reported strong full-year 2025 results, with income up 12% to GBP 16.4 billion, operating profit of GBP 7.7 billion, and attributable profit of GBP 5.5 billion. Earnings per share increased 27% to GBP 0.68, and return on tangible equity reached 19.2%.
The company announced the acquisition of financial planning and investment firm Evelyn Partners, which is projected to boost assets under management and administration to GBP 127 billion and customer assets and liabilities to GBP 188 billion.
New 2028 targets include a return on tangible equity greater than 18%, annual customer assets and liabilities growth greater than 4%, and a cost-income ratio below 45%.
For 2026, NatWest Group anticipates income (excluding notable items) in the range of GBP 17.2 billion to GBP 17.6 billion, with other operating expenses around GBP 8.2 billion, and a loan impairment rate below 25 basis points.

Feb 13, 2026, 9:00 AM

Transcript

NatWest Group Delivers Strong 2025 Performance, Acquires Evelyn Partners, and Outlines 2028 Goals

NWG

Earnings

M&A

Guidance Update

NatWest Group reported a strong full-year 2025 performance with an operating profit of GBP 7.7 billion and attributable profit of GBP 5.5 billion, achieving a Return on Tangible Equity (RoTE) of 19.2% and Earnings Per Share (EPS) growth of 27% to GBP 0.68. Total income grew 12% to GBP 16.4 billion, and the cost-income ratio improved to 48.6%.
The company announced the acquisition of Evelyn Partners, which is expected to create the UK's leading private bank and wealth manager, significantly increasing Assets Under Management and Administration (AUMA) to GBP 127 billion and Customer Assets and Liabilities (CAL) to GBP 188 billion. This acquisition is projected to be accretive from year one.
For 2025, NatWest Group distributed GBP 4.1 billion to shareholders, comprising GBP 1.5 billion in buybacks and GBP 2.6 billion in dividends, maintaining a payout ratio of around 50%. The CET1 ratio stood at 14%.
For 2026 (excluding Evelyn Partners), the company expects income (excluding notable items) to be in the range of GBP 17.2 billion - GBP 17.6 billion and a Return on Tangible Equity greater than 17%.
New 2028 targets include a Return on Tangible Equity greater than 18%, a cost-income ratio below 45%, and annual customer assets and liabilities growth greater than 4%. The company also aims to maintain a 50% dividend payout ratio.

Feb 13, 2026, 9:00 AM

Transcript

NatWest Group Reports Strong FY 2025 Results, Acquires Evolent Partners, and Sets Ambitious 2028 Targets

NWG

Earnings

M&A

Guidance Update

NatWest Group reported strong full-year 2025 performance, with income up 12% to £16.4 billion, operating profit of £7.7 billion, and attributable profit of £5.5 billion. Earnings per share increased 27% to 68p, and return on tangible equity reached 19.2%. Total distributions to shareholders amounted to £4.1 billion.
The company announced the acquisition of Evolent Partners, which is expected to significantly scale its private banking and wealth management business, increasing combined assets under management and administration (AUMAs) to £127 billion and fee income by almost 20% on day one. This acquisition is projected to deliver a return on invested capital above a share buyback by year three.
For 2026, NatWest Group anticipates income (excluding notable items) to be between £17.2 billion and £17.6 billion, with a return on tangible equity greater than 17%. The loan impairment rate is guided to be below 25 basis points, and capital generation before distributions is expected to be around 200 basis points.
The company set ambitious 2028 targets, aiming for a return on tangible equity greater than 18%, annual customer assets and liabilities (CAL) growth greater than 4%, and a cost-income ratio below 45%. The CET1 target has been reduced to around 13%.