Natwest Group Plc · LSE:NWG
Natwest — Q3 2026 Earnings Presentation
37 slides from Natwest's earnings presentation, Oct 30, 2026
Slide 1: Q3 2026 Results
Q3 2026 Results 30 October 2026
Slide 2: Paul Thwaite, Chief Executive Officer
Paul Thwaite Chief Executive Officer
Slide 3: We are driving structurally higher growth and returns
We are driving structurally higher growth and returns th 8 consecutive Growing our three connected businesses with strong and sustained momentum year of >4% CAL 1 growth Most efficient Enhancing our competitive advantage through improved operating leverage large UK bank 3 rd consecutive Strengthenin
Slide 4: Sector-leading returns: 20.2% ROTE 9M'26
Sector-leading returns: 20.2% ROTE 9M’26 Growing all +7.7% +4.3% +136% three businesses Customer Loans2 Customer Deposits3 AUMA CAL 1 +14.2% £418bn £453bn £132bn Driving operational +9.3% +4.8% 45.7% leverage Income4 Costs5 Cost:income ratio £13.3bn £6.2bn -2.1ppt +4.5% jaws Generating 13.5% +13.2%
Slide 5: Katie Murray, Chief Financial Officer
Katie Murray Chief Financial Officer
Slide 6: Strong financial performance
Strong financial performance Q3'26 vs 9M'26 vs Group, £m Q3'26 Q2'26 Q2'26 9M'26 9M'25 9M'25 Net interest income, ex notable items 1 3,559 3,496 1.8% 10,449 9,388 11.3% Non-interest income, ex notable items 1 1,028 953 7.9% 2,810 2,740 2.6% Total income, ex notable items 1 4,587 4,449 3.1% 13,259 12
Slide 7: Continued income momentum across combined businesses
Continued income momentum across combined 3 businesses Income excl. notable items1, £m In 2026 we expect Income excluding notable items to be ~£17.9bn Net interest income This includes ~£275m for Evelyn Partners Non-interest income Assumes UK base rate of 4.00% 3.1% 95 C&I* 5 4,587 141 4 PBWM 4,449
Slide 8: Strong growth across lending, deposits & AUMA drives CAL growth of £15.7bn
Strong growth across lending, deposits & AUMA drives CAL growth of £15.7bn Customer Assets and Liabilities across our 3 businesses (CAL)1, £bn +£15.7bn, +1.6% 1,002.6 1.8 5.8 8.1 986.9 Q2’26 Lending Deposits AUMA Q3’26 NatWest Group Q3 2026 Results 8 October 2026
Slide 9: Disciplined broad based lending growth of £8.1bn
Disciplined broad based lending growth of £8.1bn, or 2.0% in Q3’26 Gross loans to customers (amortised cost), £bn Retail Banking and PBWM: £245.9bn, +£1.5bn, or +0.6% in Q3’26, +£9.0bn, or +3.8% in 9M’26 212.1 Mortgages +£8.3bn, +3.9% in 9M’26 Mortgages 219.3 • Stock share of 12.7%2 as at Sep’26 vs
Slide 10: Strong deposit growth of £5.8bn, or 1.3% in Q3'26
Strong deposit growth of £5.8bn, or 1.3% in Q3’26 Customer deposits across the 3 customer businesses, £bn Deposit mix by interest type across the 3 customer businesses %, £bn 442 448 453 Retail Q4’25 65.2 137.4 202.6 17% 18% 19% Banking Q2’26 65.5 136.7 202.2 +3.1bn Q3’26 65.7 139.6 205.3 52% 52% 51
Slide 11: Continued AUMA growth momentum
Continued AUMA growth momentum Assets under management and administration1, £bn Q4’25 43.7 10.8 54.5 Assets under management (AUM), £bn Assets under administration (AUA), £bn Q2’26 116.4 14.2 130.6 +£77.9bn, 142.9% +£1.8bn, +1.4% Q3’26 118.0 14.4 132.4 AUM net flows, £bn, % of opening AUM Q4’25 0.9
Slide 12: Gross cost savings of ~£420m support operating leverage
Gross cost savings of ~£420m support operating leverage Other operating expenses, £m Cost:income ratio, % In 2026 we expect Group operating costs, 47.8% -2.1ppts 45.7% excluding litigation and conduct costs, to be around £8.5bn +£283m, 4.8% This includes ~£300m for Evelyn Partners 6,167 5,884 ~(420)
Slide 13: Robust asset quality, consistent risk appetite
Robust asset quality, consistent risk appetite Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 9M’26 FY’26 Guidance Loan impairment rate1 15bps 13bps 26bps 13bps 24bps 21bps <25bps Retail Banking 18bps 21bps 33bps 17bps 34bps 28bps Private Banking & Wealth Management 6bps 13bps 13bps - 8bps 7bps Commercial & Institut
Slide 14: Strong capital generation of 208bps in 9M'26
Strong capital generation of 208bps in 9M’26 In 2026 we expect : Capital generation pre -distributions CET1 ratio1, % 208 bps of organic capital generation (71bps in Q3’26) >240bps excl. 30 June 2026 impact of Evelyn Partners, equivalent to >100bps on a reported basis (0.51%) RWAs to be around £210
Slide 15: Reduction in Pillar 2A increases headroom to minimum requirements
Reduction in Pillar 2A increases headroom to minimum requirements 76bps reduction in Total Capital Requirement, 43bps reduction in CET1 Requirement Total Capital Ratio CET1 Capital Ratio 18.6% 15.1% 14.3% 1.7% 13.5% 1.7% £6.0bn 2.5% 11.6% 2.5% 11.1% 1.3% 10.3% 9.9% 1.3% 2.9% MDA2 2.1% 1.7% MDA2 1.7%
Slide 16: Confident in delivering our 2026 guidance
Confident in delivering our 2026 guidance1 2026 Guidance 9M’26 actuals Total income excluding notable items ~£17.9bn £13.3bn incl. ~£275m for Evelyn Partners incl. £137m for Evelyn Partners ~£8.5bn £6.2bn Other operating expenses incl. ~£300m for Evelyn Partners incl. £156m for Evelyn Partners Loan
Slide 17: Q&A
Q&A
Slide 18: Outlook statements
Outlook statements1 Based on our latest expectations for interest rates and economic conditions, we reaffirm the outlook provided in our H1 2026 results, with the enhancement that we now expect RWAs to be around £210 billion on 1 January 2027 including the impact of Basel 3.1. In 2026 we expect: • T
Slide 19: Notable items
Notable items Q3'25 Q4'25 FY'25 Q1'26 Q2'26 Q3'26 Group Income 4,332 4,324 16,641 4,358 4,504 4,640 Notable items in Income, £m Commercial and Institutional Own credit adjustments (OCA) -- (2) 1 3 (1) 4 Dividend received on restructuring of a strategic investment -- 51 51 -- -- -- Central items & ot
Slide 20: Tangible net asset value
Tangible net asset value1 GBP, m Share count, m Pence As at 30 June 2026 28,543 7,959 359 Interim Ordinary dividend 2026 (paid 18 September 2026) (954) (12) Share buybacks (205) (30) (1) Post distributions 27,384 7,929 345 Attributable profit 1,532 19 Cash flow hedge reserve (net of tax) (556) (7) O
Slide 21: Segmental summary
Segmental summary1 Private Banking & Central items & Retail Commercial & Group Q3'26, £bn Wealth Group Banking Institutional other 2 Management Net interest income 1.6 0.2 1.8 (0.0) 3.6 Non-interest income 0.1 0.2 0.7 0.1 1.1 Total income 1.7 0.4 2.4 0.0 4.6 Income ex-notable items 1.7 0.4 2.4 (0.0)
Slide 22: We are driving structurally higher growth and returns
We are driving structurally higher growth and returns Sector-leading ROTE (%) TNAV per share (p) EPS accretion (GBp) +3.2ppt +13.4% +49.9% 19.5% 20.2% 362 359 57 17.0% 316 51 38 9M’24 9M’25 9M’26 9M’24 9M’25 9M’26 9M’24 9M’25 9M’26 Continued growth momentum, CAL (£bn) Improving Operating leverage, C
Slide 23: UK Economic Assumptions
UK Economic Assumptions 1,2 Our economic assumptions and weightings updated in H1’26 H1'26 Q1'26 FY'25 Scenario Upside Base Downside Extreme Upside Base Case Downside Extreme Upside Base Case Downside Extreme downside downside downside Weighting Weighted Weighted Weighted 22.8% 45.0% 19.0% 13.2% 22.
Slide 24: Net interest income, margin and average interest earning assets
Net interest income, margin and average interest earning assets Net Interest Income, £m 3,268 3,441 3,394 3,496 3,559 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Average Interest Earning Assets (AIEAs), £bn 548 557 556 563 565 159 162 162 155 152 Liquid Asset Buffer Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 Net Interest Marg
Slide 25: Structural hedge is annual income tailwind through to 2030
Structural hedge is annual income tailwind through to 2030 Equity Hedge income Product Hedge income Further annual income growth +>£1.0bn 2028-2030 in 2027 +>£1.5bn £3.3bn income growth in 2026 2025 vs 2021 4.7 0.5 3.5 3.2 0.4 3.0 0.4 0.3 2.2 0.4 4.2 X] 1.4 2.8 3.0 2.7 0.4 1.8 1.0 FY’21 FY’22 FY’23
Slide 26: Deposit income drivers
Deposit income drivers Deposit mix by interest and hedge type 1, £bn 1.4% 442 448 442 448 17% 18% 17% 18% Term deposits 74 80 Term 74 80 Instant Access 52% 52% Unhedged 44% 42% 233 234 195 189 Non-interest- Product bearing balances 31% 30% structural hedge 39% 40% 135 133 173 178 FY’25 H1’26 FY’25 H
Slide 27: Our sensitivity to interest rates
Our sensitivity to interest rates Third party customer deposit rate and UK Base Rate, %1 Illustrative Year 1 Income benefit of 25bps upward shift in yield curve, (£m) 194 4.5 4.1 4.0 162 4.0 3.8 3.8 3.8 3.5 120 153 3.0 121 77 2.4 2.5 2.3 2.2 2.2 2.3 2.0 1.7 43 1.6 1.6 1.6 1.6 41 41 1.5 FY’24 FY’25 H
Slide 28: Interest rate sensitivity
Interest rate sensitivity1 Assumes constant balance sheet as at period end H1 2026 -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 (43) (134) (223) 43 134 223 Managed Margin (109)
Slide 29: Structural Hedge
Structural Hedge H1 2026 Period end Total Income Average Notional Total Yield notional (£m) (£bn) (£bn) % Equity 300 25 25 2.45 Product 2,668 178 177 3.04 Total 2,968 203 202 2.97 FY 2025 Period end Total Income Average Notional Total Yield notional (£m) (£bn) (£bn) % Equity 487 25 22 2.18 Product 4
Slide 30: Customer lending and deposit rates
Customer lending and deposit rates Gross yields of interest earning banking assets, % 1 6.0 5.88 5.69 5.56 5.55 5.57 5.5 NatWest Group 5.0 Retail Banking 4.69 4.66 4.68 4.72 4.83 Private Banking & Wealth Management 4.66 4.54 4.58 4.61 Commercial & Institutional 4.5 4.40 4.42 4.43 4.42 4.46 0.0 Q3’25
Slide 31: Well diversified, high-quality loan book
Well diversified, high-quality loan book Personal: £243.8bn, 52% of group Non-personal: £221.1bn, 48% of group5 Group mortgages £223.5bn Corporate and other ex CRE £104.8bn 48% of Group lending 23% of Group lending Loan-to-value of 59%1 stable year-on-year Diverse corporate loan book, with exposure
Slide 32: Prime mortgage book with low LTV
Prime mortgage book with low LTV £200bn of Owner -occupied mortgages with 59% LTV >3 months arrears below sector average 2 210 215 222 Number of UK mortgages >3 months in arrears 203 208 188 21 22 22 177 21 21 17 17 0.91% 0.91% 0.91% 0.83% 0.71% 0.78% 0.77% 182 187 189 193 200 160 171 0.66% 0.64% 0.
Slide 33: Strong liquidity metrics and a high-quality portfolio
Strong liquidity metrics and a high-quality portfolio Average liquidity coverage ratio (LCR) Primary liquidity securities balances Primary liquidity securities by composition as at Q3 2026, £bn valuation measurement as at Q3 2026 157% 151% 11% 141% 147% 137% 6% £87.2bn FY’22 FY’23 FY’24 FY’25 Q3’26
Slide 34: Good progress on issuance plans, ~£8.6bn issued in benchmark transactions
Good progress on issuance plans, ~£8.6bn issued in benchmark transactions 2026 YTD Group holding company guidance issuance 1 • €750m 11NC10 Green Senior unsecured (MREL) ~£3bn ~£2.3bn • $1.25bn 6NC5 • $1.0bn 6NC5 NatWest Group plc Tier 2 capital ~£1bn ~£0.6bn • $750m 21NC20 Additional Tier 1 ~£1bn £
Slide 35: Further progress on credit ratings
Further progress on credit ratings1 Senior ratings Moody’s S&P Fitch A3 A- A+ Group holding company NatWest Group plc Stable Stable Stable Recent developments : A1 A+ AA Fitch upgraded a number of NatWest Bank Plc Ring-fenced bank Stable 2 Stable Stable rated subsidiaries by +1 operating companies R
Slide 36: Footnotes
Footnotes Slide 3: 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 deposit
Slide 37: 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