Slides
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H1 2026 Results 31 July 2026
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Paul Thwaite Chief Executive Officer
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We are driving structurally higher growth and returns…. NatWest Group H1 2026 Results July 2026 3 Growing our three diversified businesses with strong and sustained momentum Enhancing our competitive advantage through improved operating leverage Delivering consistent sector-leading growth and returns Strengthening capital generation for flexibility to invest and grow
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… as we execute our strategy to deliver our ambitions… H1’26 2 2028 Target Disciplined Growth Customer Asset & Liability 1 CAGR 5.2% › >4% Leveraging Simplification Cost:income ratio 46.0% › <45% Active Balance Sheet & Risk Management Capital generation pre - distributions 137 bps › >200bps Return on Tangible Equity 19.7% › >18% NatWest Group H1 2026 Results July 2026 4
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Growing all three businesses CAL 1 +13.4% +5.2% ex. Evelyn Partners +6.8% Customer Loans2 £410bn +2.7% Customer Deposits3 £448bn +152% AUMA £131bn +14% ex. Evelyn Partners Driving operational leverage +4.4% jaws +8.9% Income4 £8.7bn +4.5% Costs5 £4.1bn 46.0% Cost:income ratio -2.8ppt CET1 ratio 13.2% Generating strong capital 6 of 137bps -5bps incl. Evelyn Partners +23.3% Earnings per share 38.1p +26.3% Dividend per share 12.0p +2.1% TNAV per share 359p +13% ex. Evelyn Partners 5NatWest Group H1 2026 Results July 2026 Growth rates quoted are year-on-year, H1’26 vs H1’25 … resulting in sector - leading returns with ROTE of 19.7%
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20.3%27.1% 23.8% +6.5%+3.6% +72.0% 47.1% -1.0ppt 41.6% -3.4ppt 63.2% -3.2ppt ~110bps~120bps ~135bps 6NatWest Group H1 2026 Results July 2026 Our diversified integrated businesses are delivering at scale Return on Equity 3 Retail Banking Private Banking & Wealth Management Commercial & Institutional UK’s biggest bank for business Growing share serving 1 in 3 families UK’s #1 Private Bank & Wealth Manager £428bn CAL £190bn CAL £369bn CAL Disciplined Growth 1 Customer Asset & Liability CAGR Leveraging Simplification 1 Cost:income ratio Active Balance Sheet & Risk Management Capital generation pre distributions 2
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7NatWest Group H1 2026 Results July 2026 Our operational momentum is driving structural growth… • #1 UK infrastructure1, #1 UK Social Housing lender2, #1 UK Sterling DCM3, leveraging our deep specialisms to meet structural demand • Leading 20% share of UK startups4 with 8% more startups onboarded5, accelerating Venture Banking growth across wide range of sectors • GenAI Cora and smart routing capability across Bankline enables 28% of enquiries to be resolved end-to-end digitally • Strengthening our leading Youth & Family proposition: Rooster customers 18x since 2021 with NPS +72; 49% more Junior ISAs opened; improved teen offering; and £8.2bn lending to First Time Buyers • Growing share in savings and investments 20% more ISAs opened and 32% more Retail customers invested • Growing AI powered experiences, launched Customer Insights in app, extended Cora GenAI enhancements, with 23% more chats resolved digitally • Record AUM net inflows of £2.0bn, +33% year-on-year, equivalent to 9.2% of opening balances • Growing share in high-net-worth segment 11% more clients with £3m+ CAL, with improving NPS of +64 • AI-powered client intelligence converts all adviser calls into actionable insights creating more capacity for productive engagement Retail Banking Private Banking & Wealth Management Commercial & Institutional UK’s biggest bank for business Growing share serving 1 in 3 families UK’s #1 Private Bank & Wealth Manager +10.4% +5.0% +18.4% Income Costs PBT 6 +8.0% +5.6% +15.1% Income Costs PBT 6 +9.7% +1.3% +16.4% Income Costs PBT 6 Growth rates quoted are year-on-year, H1’26 vs H1’25
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… accelerated by the acquisition of Evelyn Partners 8NatWest Group H1 2026 Results July 2026 Differentiated, uniquely scalable end - to - end wealth proposition Integration progressing well Delivering value for shareholders • Scaling PBWM to ~19% of Group CAL, increasing exposure to the structurally growing UK wealth market • Increasing fee income by ~20% pre-synergies • Significant revenue synergies through integrated banking and wealth proposition • ~£100m annual run-rate cost synergies, costs to achieve ~£150m PBWM Investor Spotlight in Q4’26 • Operating performance and outlook in-line with expectations • Single PBWM leadership team established • Two-way client referrals delivered in first month • Bestinvest D2C platform surfaced to selected Retail customers via mobile app • Materially enhanced wealth offering, at scale, to meet the needs of our 20m+ customers • Full-spectrum wealth management offering: ➢ Advice ➢ Financial Planning ➢ Investment Solutions ➢ D2C capabilities within our award- winning mobile app ➢ Private Banking and Wealth Services • Largest employed base of financial advisers with regional presence across the UK Creating the UK's #1 Private Bank & Wealth Manager
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We are allocating capital with discipline and dynamism… Financial strength and flexibility Investment for growth Attractive returns to shareholders Maintain flexibility to support customers and withstand stress Maintain appropriate buffer to regulatory requirements Operate with a CET1 ratio of ~13% Invest in our three businesses to grow and deepen customer relationships Dynamically allocate capital to higher return opportunities Assess value-accretive inorganic opportunities to add scale or capability Ordinary dividend payout ratio ~50% Return surplus capital via share buybacks, review each half-year EPS, DPS and TNAVps grow with higher earnings and lower sharecount NatWest Group H1 2026 Results July 2026 9
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… to deliver structurally higher growth and returns Strengthened 2026 Guidance 1 2028 Targets 1 ROTE >19% (previously >17%) Expect to announce next share buyback at FY’26 (previously H1’27) Customer assets & liabilities² >4% CAGR Cost:income Ratio <45% Capital Generation³ >200bps CET1 Ratio ~13% Return on Tangible Equity >18% Ordinary dividend payout ratio ~50% Surplus capital returned via buybacks NatWest Group H1 2026 Results July 2026 10
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Katie Murray Chief Financial Officer
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Strong financial performance 12NatWest Group H1 2026 Results July 2026 Group, £m Q2'26 Q1'26 Q2'26 vs Q1'26 H1'26 H1'25 H1'26 vs H1'25 Net interest income, ex notable items 1 3,496 3,394 3.0% 6,890 6,120 12.6% Non-interest income, ex notable items 1 953 829 15.0% 1,782 1,842 (3.3%) Total income, ex notable items 1 4,449 4,223 5.4% 8,672 7,962 8.9% Total income 4,504 4,358 3.3% 8,862 7,985 11.0% Other operating expenses (2,049) (2,027) 1.1% (4,076) (3,900) 4.5% Litigation and conduct costs (30) (15) 100.0% (45) (118) (61.9%) Operating expenses (2,079) (2,042) 1.8% (4,121) (4,018) 2.6% Operating profit before impairments 2,425 2,316 4.7% 4,741 3,967 19.5% Impairment (losses) (140) (283) (50.5%) (423) (382) 10.7% Loan impairment rate 13bps 26bps (13bps) 19bps 19bps 0bps Operating profit 2,285 2,033 12.4% 4,318 3,585 20.4% Attributable profit 1,603 1,432 11.9% 3,035 2,488 22.0% Cost:income ratio 45.5% 46.5% (1.0ppt) 46.0% 48.8% (2.8ppt) Return on Tangible Equity 21.0% 18.2% 2.8ppt 19.7% 18.1% 1.6ppt
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Income excl. notable items 1 , £m Continued income momentum across our 3 businesses £562.6bn Net interest margin2 +1.1%, £6.3bn 145 3,394 829 Q1’26 38 Daycount 53 11 3 businesses (20) Central items & other 953 Q2’26 4,223 208 4,449 +5.4% Net interest income Non interest income Average Interest Earning Assets £556.3bn In 2026 we expect Income excluding notable items to be ~£17.9bn This includes ~£275m for Evelyn Partners Assumes UK base rate of 3.75% C&I PBWM 13NatWest Group H1 2026 Results July 2026 249bps247bps +2bps Retail 3,496
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Customer Assets and Liabilities across our 3 businesses (CAL) 1 , £bn 71.7 Q1’26 9.7 Lending 2.8 Deposits 2.6 AUMA2 Q2’26 excl. Evelyn Partners Evelyn Partners AUMA Q2’26 incl. Evelyn Partners 900.1 915.2 986.9 +£15.1bn, +1.6% +£86.8bn, +9.6% Strong lending and Evelyn Partners AUMA drive £86.8bn CAL growth 14NatWest Group H1 2026 Results July 2026
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Broad based lending growth of £9.7bn, or 2.4% in Q2’26 212.1 19.8 5.0 215.4 20.0 5.0 219.3 20.1 5.0 Mortgages Unsecured Other PB&WM Gross loans to customers (amortised cost), £bn Mortgages +£7.2bn, +3.4% in H1’26 • Stock share up at 12.7%2 as at Jun’26 vs 12.5% at Dec’25 Credit Cards +£0.1bn, +10.0% in H1’26 • Credit card share of 10.3%3 as at Jun’26 vs 10.6% at Dec’25 Retail Banking and PBWM: £244.4 bn , +£ 4.0 bn, or + 1.7 % in Q2’26 , +£7.5bn, or +3.2% in H1’26 Commercial & Institutional: £165.3bn, +£5.7bn, or +3.6% in Q2’26, +£9.5bn, or +6.1% in H1’26 2.6 77.1 74.6 1.6 3.4 77.1 78.0 1.2 3.4 78.2 82.9 0.8 Business Banking Commercial Mid-market Corporate & Institutions Gov Schemes balances 392.7 400.0 409.7 3 business total +£17.0bn, +4.3% +£9.7bn, +2.4% Q4’25 Q1’26 Q2’26 1Client transfers from Commercial Mid-market to Business Banking in Q1’26 of £0.8 bn, these balances are unchanged since 31 December 2025. 15NatWest Group H1 2026 Results July 2026 1 Business Banking stable in H1’261 • Strong Gross New Lending supporting momentum as government schemes are repaid Commercial Mid Market +£1.9bn1, +2.5% in H1’26 • Increased lending in CRE, manufacturing and social housing Corporate & Institutions +£8.3bn, +11.1% in H1’26 • Structural demand across Infrastructure, Renewables and Transition finance
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6.7 6.3 6.2 36.0 34.8 35.2 Q4’25 Q1’26 Q2’26 42.7 41.1 41.4 +£0.3bn 63.5 60.3 61.6 132.9 141.2 142.4 Q4’25 Q1’26 Q2’26 196.4 201.5 204.0 +£2.5bn Retail Banking Private Banking & Wealth Management Commercial & Institutional 2 Customer deposits across the 3 customer businesses, £bn Deposit mix by interest type across the 3 customer businesses 1 %, £bn 306.3135.4Q4’25 312.3132.5Q1’26 314.3133.3Q2’26 441.7 444.8 447.6 +£6.0bn, +1.3%+£2.8bn, +0.6% 3 business total1 Non-interest-bearing balances 3 Interest-bearing balances 4 17% 52% 31% Q4’25 17% 53% 30% Q1’26 18% 52% 30% Q2’26 442 445 448 Deposit growth of £2.8bn, driven by C&I and PBWM Term Instant Access Non-interest-bearing balances 137.465.2Q4’25 136.365.9Q1’26 136.765.5Q2’26 202.6 202.2 202.2 Stable 16NatWest Group H1 2026 Results July 2026
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43.7 43.3 48.8 48.8 10.8 9.4 10.1 10.1 71.7 Q4’25 Q1’26 Q2’26 Q2’26 incl. Evelyn Partners 54.5 52.7 58.9 130.6 +£4.4bn, +8.1% +£6.2bn, +11.8% Assets under management and administration 1 , £bn AUMA more than doubled, driven by Evelyn Partners and strong flows Assets under management (AUM), £bn Assets under administration (AUA), £bn Evelyn Partners AUMA, £bn AUM net flows, £bn, % of opening AUM 0.9 0.9 1.1 Q4’25 Q1’26 Q2’262 £0.2bn, +22.2% 8.6% 8.2% 10.2% 1. Q4’25 and Q1’26 exclude Cushon of £4.0bn each respectively, 2. Excludes Evelyn Partners 17NatWest Group H1 2026 Results July 2026 AUM net flows, £bn AUM net flows as % of opening AUM
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Other operating expenses, £m Cost:income ratio, % Gross cost savings of ~£250m support strong operational leverage 2,099 2,104 657 784 587 623 557 565 H1’25 ~(250) Cost Savings ~125 Pay, NIC & Inflation ~300 Business Growth & Other H1’26 3,900 4,076 +£176m, 4.5% In 2026 we expect Group operating costs, excluding litigation and conduct costs, to be around £8.5bn This includes ~£300m for Evelyn Partners Depreciation and amortisation Premises and equipment Other administrative expenses Staff expenses 18NatWest Group H1 2026 Results July 2026 48.8% 46.0% • ~£250m Cost savings, includes tech transformation and ongoing simplification. • ~£125m Pay, NIC & Inflation includes average annual wage increase of 4.1% from 1st April. • ~£300m Business growth with a significant focus on data, technology and operating model transformation. Evelyn Partners 2026 costs to include: • Transaction costs of £28m incurred in H1 • Operating costs ~£185m in H2 • Amortisation of acquired intangibles ~£60m in H2 • Costs-to-Achieve our cost synergies ~£20m in H2 Targeting around £100m cost synergies by year 3, with Costs-to-Achieve of around £150m -2.8ppt
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Structurally lower impairments, underpinned by robust asset quality Loan impairment charge / (release), £m 193 153 136 283 140 122 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 20 H1’26 423 Loan impairment rate 1 FY’26 Guidance <25bps Q2’25 Q3’25 Q4’25 26bps Q1’26 Q2’26 13bps 19NatWest Group H1 2026 Results July 2026 19bps 15bps 13bps 296265269 262 Total PMAs 2 , £m H1’26 19bps Retail Banking 22bps 18bps 21bps 33bps 17bps 25bps Private Banking & Wealth Management - 6bps 13bps 13bps - 6bps Commercial & Institutional 20bps 14bps 5bps 24bps 10bps 17bps Group stage 3 13bps 9bps 7bps 11bps 8bps 10bps 316 Change in economic forecasts PMA change
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Strong capital generation drives better than expected trajectory Q4’25 Evelyn Partners (0.19%) Investment Spend 1.97% CET1 Capital generation (0.61%) Organic Growth 0.31% RWA Management (0.11%) RWA growth Q2’26 pre distributions Ordinary dividend accrual Q2’26 14.0% 1.78% 14.0% 13.2% CET1 ratio, % In 2026 we expect: Capital generation pre - distributions >240bps excl. 30 June 2026 impact of Evelyn Partners, equivalent to >100bps on a reported basis 20NatWest Group H1 2026 Results July 2026 137bps of organic capital generation (73bps in Q2’26) (1.42%) (0.41%) (0.76%)
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Other operating expenses Loan impairment rate Return on Tangible Equity Total income excluding notable items CET1 ratio Ordinary dividend payout ratio Consider buybacks as appropriate Top end of £17.2-17.6bn ~£8.2bn Below 25bps >17.0% ~50% ~13% £8.7bn £4.1bn 19bps 19.7% 12.0p interim dividend announced 13.2% incl. –142bps impact for Evelyn Partners Previous Guidance ex. Evelyn Partners H1’26 actuals Confident in delivering our strengthened 2026 guidance 1 21NatWest Group H1 2026 Results July 2026 ~£17.9bn incl. ~£275m for Evelyn Partners ~£8.5bn incl. ~£300m for Evelyn Partners >19.0% Strengthened Guidance incl. Evelyn Partners Now expect to announce with FY’26 results Expected to announce with H1’27 results Capital generation2 ~200bps 137bps ex. Evelyn Day 1 -5bps reported basis >240bps ex. Evelyn Day 1 >100bps reported basis Basel 3.1 RWA increase 1 Jan 2027 ~£10bn
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Q&A
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1. The guidance, targets, expectations, and trends discussed in this section represent NatWest Group plc management’s current expectations and are subject to change, including as a result of the factors described in the NatWest Group plc Risk Factors section in the 2025 Annual Report and Accounts on Form 20-F and the Summary Risk Factors in the NWG H1 2026 IMS on Form-6-K. These statements constitute forward-looking statements. Refer to Forward-looking statements on slide 46. 2. 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 AUMA. Based on our latest expectations for interest rates and economic conditions and including the impact of the Evelyn Partners acquisition, In 2026 we expect: • Total income excluding notable items to be around £17.9 billion, including around £275 million relating to Evelyn Partners. • Operating expenses, excluding litigation and conduct costs, of around £8.5 billion, including around £300 million relating to Evelyn Partners. • Loan impairment rate below 25 basis points. • Return on Tangible Equity greater than 19%. • Capital generation pre-distributions of greater than 240 basis points, excluding the impact of the Evelyn Partners acquisition on 30 June 2026, equivalent to greater than 100 basis points on a reported basis. In 2028 we expect: • Customer assets and liabilities2 to grow at a compound annual rate of greater than 4% from the end 2025 to end 2028. • Cost:income ratio, excluding litigation and conduct costs, below 45%. • Return on Tangible Equity greater than 18%. • Capital generation pre-distributions of greater than 200 basis points Capital: • We continue to target a CET1 ratio of around 13.0%. • We continue to expect to pay ordinary dividends of around 50% of attributable profit and now expect our next share buyback announcement to be with our FY 2026 results. • We expect Basel 3.1 to increase RWAs by around £10 billion on 1 January 2027 23NatWest Group H1 2026 Results July 2026 Outlook statements 1
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Notable items 24NatWest Group H1 2026 Results July 2026 Q2'25 Q3'25 Q4'25 FY'25 Q1'26 Q2'26 Group income 4,005 4,332 4,324 16,641 4,358 4,504 Notable items in Income, £m Commercial and Institutional Own credit adjustments (OCA) (3) -- (2) 1 3 (1) Dividend received on restructuring of a strategic investment -- -- 51 51 -- -- Central items & other Interest and FX risk management derivatives not in accounting hedge relationships (1) 162 17 185 38 (2) Share of gains/(losses) of associate - Business Growth Fund (1) 41 15 70 (1) 20 FX recycling gains / (losses) -- (37) 10 (27) 95 38 Loss on reclassification to disposal groups under IFRS 5 -- -- (39) (39) -- -- Total notable items in Group income (5) 166 52 241 135 55 Group income excluding notable items 4,010 4,166 4,272 16,400 4,223 4,449
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20 Final Ordinary Dividend 2025 (1) Share buyback Evelyn Partners intangible assets Attributable profit 1 Cash flow hedge reserve (1) Other2 Q2’26Q1’26 (23) (37) 400 359 1. May not cast due to rounding. 2. FVOCI, FX recycling and other movements. 3. Based on 7,959m shares at the end of Q2’26 Tangible net asset value 1 25NatWest Group H1 2026 Results July 2026 GBP, m Share count, m Pence As at 31 March 2026 31,860 7,971 400 Final Ordinary dividend 2025 (paid 5 May 2026) (1,835) (23) Share buyback (164) (28) (1) Evelyn Partners Intangible assets (2,975) (37) Post distributions and acquisition 26,886 7,943 339 Attributable profit 1,603 20 Cash flow hedge reserve (net of tax) 98 1 Other movements (44) 16 (1) Net change (3,317) (12) (41) As at 30 June 2026 28,543 7,959 359 • -£0.8bn balance as at end of Q2’26, equivalent to -10p3 • 1p movement in the quarter, of which: • +£59m (£42m net of tax) or +0.5p from movements in rates • +£73m (£53m net of tax) or +0.7p benefit from decay in Q2’26
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1. May not cast due to rounding. 2. Centre Net loans primarily comprises reverse repos. 3. Net customer loans held at amortised cost, excluding reverse repos, divided by total customer deposits, excluding repos. Segmental summary 1 26NatWest Group H1 2026 Results July 2026 Group Q2'26, £bn Retail Banking Private Banking & Wealth Management Commercial & Institutional Central items & other 2 Group Net interest income 1.6 0.2 1.7 (0.0) 3.5 Non-interest income 0.2 0.1 0.7 0.1 1.0 Total income 1.8 0.3 2.4 0.1 4.5 Income ex-notable items 1.8 0.3 2.4 (0.0) 4.4 Other operating expenses (0.7) (0.2) (1.1) (0.1) (2.0) Litigation and conduct 0.0 0.0 0.0 0.0 0.0 Operating expenses (0.7) (0.2) (1.1) (0.1) (2.1) Operating profit/(loss) before impairment (losses) 1.0 0.1 1.3 (0.0) 2.4 Impairment (losses) (0.1) -- (0.0) (0.0) (0.1) Operating profit/(loss) 0.9 0.1 1.3 (0.0) 2.3 Net loans to customers - amortised cost 223.5 19.0 163.7 29.7 435.9 Customer Deposits 202.2 41.4 204.0 1.0 448.6 Loan:deposit ratio 3 111% 46% 79% nm 90% RWAs 71.2 12.4 114.5 1.4 199.5 Cost:income ratio (excl. litigation and conduct) 40.7% 60.9% 44.9% nm 45.5% Loan impairment rate 17bps -- 10bps nm 13bps Return on equity / tangible equity 29.7% 26.5% 22.4% nm 21.0% £bn
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Our economic assumptions and weightings updated in H1 ’26 1. Full details of the economic assumptions can be found on pages 31-32 of H1’26 IMS, pages 20-22 of Q1’26 IMS and pages 190-195 of the FY’25 ARA. 2. The average for the parameters are based on: five calendar year CAGR for GDP; five calendar year average for Unemployment rate; Q4 to Q4 five-year CAGR for other parameters. UK Economic Assumptions 1,2 27NatWest Group H1 2026 Results July 2026 Scenario Upside Base Downside Extreme Upside Base Case Downside Extreme Upside Base Case Downside Extreme downside downside downside Weighting 22.8% 45.0% 19.0% 13.2% Weighted average 22.5% 45.0% 18.3% 14.2% Weighted average 22.4% 45.0% 19.5% 13.1% Weighted average UK GDP – Annual Growth (%) 2026 1.2 1.0 0.4 0.3 0.8 1.2 0.4 (0.4) (1.0) 0.3 1.9 1.0 0.3 (3.7) 0.5 2027 2.6 1.2 (1.3) (3.9) 0.4 3.2 1.0 (1.6) (3.5) 0.4 3.2 1.5 (0.6) (0.2) 1.3 5 year - CAGR2 2.0 1.3 0.6 (0.3) 1.1 2.1 1.1 0.3 (0.4) 1.0 2.1 1.4 0.5 0.1 1.2 UK Unemployment rate – annual average (%) 2026 5.1 5.3 5.3 5.4 5.3 5.1 5.5 5.5 5.7 5.4 4.7 5.4 5.5 6.1 5.3 2027 4.4 5.4 6.1 6.8 5.5 4.2 5.7 6.2 7.2 5.6 4.1 5.2 6.1 8.1 5.5 5 year average2 4.4 5.2 6.0 7.2 5.4 4.3 5.4 6.0 7.3 5.5 4.3 5.1 5.6 7.0 5.3 UK House Price Index – four quarter growth (%) 2026 4.3 0.8 (0.3) (2.9) 0.9 6.4 0.7 (4.3) (5.9) 0.1 7.8 3.4 (1.2) (13.1) 1.3 2027 7.9 1.7 (3.2) (12.6) 0.4 7.6 (1.8) (6.6) (12.4) (1.8) 7.2 3.4 (2.8) (14.1) 1.2 5 year - CAGR2 5.7 2.4 - (4.5) 2.0 6.0 1.2 (0.4) (4.2) 1.4 5.7 3.3 0.6 (3.8) 2.6 UK Commercial Real Estate Price – four quarter growth (%) 2026 9.1 0.4 (5.0) (9.9) (0.0) 11.9 (2.6) (9.4) (15.0) (2.3) 14.1 2.9 (6.8) (24.1) - 2027 6.3 0.9 (9.7) (22.6) (2.4) 4.9 (2.1) (9.5) (22.4) (4.1) 4.4 2.6 (2.5) (13.0) 0.6 5 year - CAGR2 5.8 1.1 (1.4) (5.5) 1.0 6.0 0.4 (1.6) (5.3) 0.7 6.1 2.2 (0.3) (5.0) 1.9 UK Consumer price index - four quarter growth (%) 2026 3.5 4.0 2.7 7.5 4.1 2.6 3.5 1.3 9.0 3.7 2.7 2.3 2.7 0.6 2.3 2027 2.1 2.1 1.3 6.7 2.6 2.4 2.1 1.4 4.7 2.4 2.4 2.0 1.8 1.1 1.9 5 year - CAGR2 2.3 2.4 2.0 4.6 2.6 2.2 2.3 1.7 4.3 2.5 2.6 2.4 2.4 1.8 2.3 H1'26 FY'25Q1'26
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Net interest income, margin and average interest earning assets Net Interest Income, £m Average Interest Earning Assets (AIEAs), £bn 3,094 3,268 3,441 3,394 3,496 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 161 159 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 543 548 557 556 563 Net Interest Margin 1 , % 2.28% Q2’25 2.37% Q3’25 2.45% Q4’25 2.47% Q1’26 2.49% Q2’26 Liquid Asset Buffer 1. Net Interest Margin (NIM) = Reported Group Net Interest Income / Group Average Interest Earning Assets. 2. May not cast due to rounding 28NatWest Group H1 2026 Results July 2026 162 155 155 Quarterly NIM Movement 2 , bps Lending Margin (2bps) 1bps - (2bps) (4bps) Deposit Margin 4bps 4bps 6bps 2bps 4bps Funding & Other - 3bps 2bps 2bps 2bps 1bps 9bps 8bps 2bps 2bps
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Structural hedge is annual income tailwind through to 2030 Equity Hedge income Product Hedge income £198bnNotional Period End ~£205bn CAL growth to drive further steady notional growth across product and equity hedge 0.75% 0.98% 1.47% 1.77% 2.40% ~3.2% Increasing YieldYield1 1. Annual Yield: 2021- 2025 Actual, 2026-30 Expected based on current NatWest Group base case macroeconomic assumptions. £206bn £231bn £207bn £194bn £203bn 2.97% X] 29NatWest Group H1 2026 Results July 2026 1.0 1.8 2.8 3.0 4.2 2.70.4 0.4 0.5 FY’26 FY’27 FY’28 FY’29 FY’30FY’21 0.4 FY’22 0.4 FY’23 FY’24 FY’25 0.3 H1’26 1.4 2.2 3.2 3.5 4.7 3.0 £3.3bn income growth 2025 vs 2021 +>£1.5bn in 2026 +>£1.0bn in 2027 Further annual income growth 2028-2030
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Deposit mix by interest and hedge type 1 , £bn 135 133 233 234 74 80 FY’25 H1’26 442 448 1.4% Hedge mixDeposit mix Non-interest- bearing balances 17% 74 44% 39% FY’25 18% 80 42% 40% H1’26 442 448 Product structural hedge Instant Access Term deposits Term Unhedged 17% 1. May not cast due to rounding. Deposit income drivers 30NatWest Group H1 2026 Results July 2026 18% 52%52% 30%31% 189195 178173
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Our sensitivity to interest rates Third party customer deposit rate and UK Base Rate, % 1 4.5 4.1 4.0 3.8 3.8 2.6 2.4 2.3 2.2 2.2 1.8 1.7 1.6 1.6 1.6 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Average base rate Average cost of interest bearing customer deposits across 3 businesses2 Average cost of total deposits across 3 businesses Illustrative Year 1 Income benefit of 25bps upward shift in yield curve, (£m) 40 41 43 118 153 77 H1’25 FY’25 H1’26 158 194 120 Managed Margin Structural Hedge Sensitivity considerations • Static balance sheet – sensitivity illustration is based on period end balance sheet. • Passthrough – illustration assumes ~60% passthrough but the actual passthrough will depend on market dynamics 1. Refer to page 11 of NWG H1’26 IMS for the definition of third-party rates. 2. Interest-bearing balances Retail Banking and Private Banking & Wealth Management are savings. 31NatWest Group H1 2026 Results July 2026
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Interest rate sensitivity 1 Assumes constant balance sheet as at period end 1. Page 67 of H1’26 IMS. Page 260 of the FY’25 ARA. Page 69 of the H1’25 IMS. 32NatWest Group H1 2026 Results July 2026 H1 2026 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) (59) (68) 77 80 89 Total (152) (193) (291) 120 214 312 FY 2025 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 Year 1 Year 2 Year 3 Year 1 Year 2 Year 3 (£m) (£m) (£m) (£m) (£m) (£m) Structural Hedge (40) (125) (213) 40 125 213 Managed Margin (136) (97) (98) 118 101 116 Total (176) (222) (311) 158 226 329 -25 basis points parallel downward shift +25 basis points parallel upward shift -25 basis points parallel downward shift +25 basis points parallel upward shift -25 basis points parallel downward shift +25 basis points parallel upward shift
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Structural Hedge Total Income Period end notional Average Notional Total Yield (£m) (£bn) (£bn) % Equity 300 25 25 2.45 Product 2,668 178 177 3.04 Total 2,968 203 202 2.97 Total Income Period end notional Average Notional Total Yield (£m) (£bn) (£bn) % Equity 487 25 22 2.18 Product 4,181 173 172 2.43 Total 4,668 198 194 2.40 Total Income Period end notional Average Notional Total Yield (£m) (£bn) (£bn) % Equity 222 22 22 2.06 Product 1,900 172 171 2.24 Total 2,122 194 193 2.22 H1 2026 FY 2025 H1 2025 1 33NatWest Group H1 2026 Results July 2026 1. H1 2025 has been restated to include income and yields associated with gilts, to align with updated approach in full-year 2025 disclosure.
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4.5 5.0 0.0 5.5 6.0 4.32 4.74 6.00 Q2’25 4.40 4.66 5.88 Q3’25 4.42 4.54 5.56 Q1’26 4.42 4.58 5.55 Q2’26 5.69 4.43 4.66 4.69 4.69 Q4’25 4.68 4.72 4.66 2.41 2.32 2.21 2.21 2.23 1.79 1.69 1.63 1.60 1.59 2.74 2.61 2.47 2.35 2.35 1.60 1.49 1.41 1.36 1.40 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 Q2’25 Q3’25 Q4’25 Q1’26 Q2’26 Retail Banking Private Banking & Wealth Management Commercial & Institutional NatWest Group Retail Banking Private Banking & Wealth Management Commercial & Institutional NatWest Group Gross yields of interest earning banking assets, % 1 Cost of interest - bearing and non - interest - bearing banking liabilities, % 2 Customer lending and deposit rates 1. For NatWest Group plc this is the gross yield on the IEAs of the banking business; for Retail, Commercial & Institutional and PBWM it represents the third-party customer asset rate. 2. For NatWest Group plc this is the cost of interest-bearing liabilities of the banking business plus the benefit from free funds; for Retail, Commercial & Institutional, PBWM it represents the third-party customer funding rate which includes both interest-bearing and non-interest-bearing deposits 34NatWest Group H1 2026 Results July 2026
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4% 50% 23% 19% 5% Well diversified, high - quality loan book Commercial Real Estate (CRE) £20.3bn 5% of Group lending Loan-to-value of 49%1 Credit quality remained stable with very limited instances of specific cases deteriorating Group mortgages £222.4bn 50% of Group lending Loan-to-value of 59%1 stable year-on-year 60% 5Y, 32% 2Y, 1% 10Y, 4% Tracker2, 3% SVR £46bn or 22% of the fixed book expires in 20263 Corporate and other ex CRE £102.1bn 23% of Group lending Diverse corporate loan book, with exposure across a broad range of sectors Credit quality remains stable Includes: • £15.6bn Consumer industries • £17.7bn Mobility and logistics Personal: £242.3bn, 54% of group Non-personal: £205.4bn, 46% of group5 Arrears levels remain stable and low Gross Loans and Advances 4 as at Q2’26 £ 447.7 bn Credit cards and other unsecured £19.9bn 4% of Group lending Portfolio default rates remain low New to book arrears remain stable 46% 54% Sovereign & Financial Institutions £83.1bn 19% of Group lending Over 69% less than 12-month maturity Includes £33.4bn Reverse repos Credit Cards & Other Mortgages Corporate and other ex CRE Sovereign & FI’s CRE 1. Total portfolio average LTV% as at H1’26. 2. This includes ~2% of other off-sale mortgage products. 3. Does not include any GNL assumption, but only based on contractual maturity. 4. Loans at amortised cost and FVOCI. 5. May not cast due to rounding. 35NatWest Group H1 2026 Results July 2026
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Prime mortgage book with low LTV > 60% mortgage balances with customer rate above 4% 2 9 3 % customers pay fixed rate 5 £ 200 bn of Owner occupied mortgages with 59% LTV >3 months arrears below sector average 2 160 171 182 187 189 193 200 17 FY’20 17 FY’21 21 FY’22 21 FY’23 21 FY’24 22 FY’25 22 H1’26 177 188 203 208 210 215 222 Buy-to-let Mortgage Book, £bn1 Owner occupied Mortgage Book, £bn1 Average LTV (Owner occupied),%1 3%4%1%60%32%H1’26 3%5%1%62%29%FY’25 3%6%1%63%27%FY’24 4%6%1%64%24%FY’23 2Y 5Y 10Y Tracker SVR 63%H1’26 59%FY’25 52%FY’24 32%FY’23 82% 74% 65% 45% 56 54 53 55 56 57 0.66% 0.64% 0.53% 0.58% 0.63% 0.40% 0.42% 0.91% 0.83% 0.71% 0.91% 0.91% 0.78% 0.77% FY’20 FY’21 FY’22 FY’23 FY’24 FY’25 H1’26 of which customer rates >4%2 of which customer rates between 3-4% 93% fixed 7% variable Number of UK mortgages >3 months in arrears 59 UK Industry average3 NatWest4 1. FY20-FY21 balances reflect 3 businesses, excluding Ulster. 2. Based on Retail Banking mortgages, which make up c.95% of the group mortgage balances. 3. UK industry average source is UK Finance, data latest available as at March’26. 4. FY’25 includes the impact of mortgage securitisation 5. Including Retail Banking and Private Banking & Wealth Management 36NatWest Group H1 2026 Results July 2026
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ECL coverage, % Stage 3 ECL coverage, % 466 482 651 373 694 2,172 2,070 24650 FY’25 122 Changes in economic forecast (63) Changes in risk metrics & exposure: Stages 1&2 Changes in risk metrics & exposure: Stage 3 20 Judgemental changes1 (475) Write-offs and other 28432 H1’26 Economic uncertainty PMA Other PMA Stage 3 ex PMA Stage 2 ex PMA Stage 1 ex PMA 0.83% 46.44% 0.80% 44.21% 1. Judgemental changes: changes in post model adjustments for Stage 1, Stage 2 and Stage 3. Expected credit loss 37NatWest Group H1 2026 Results July 2026
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Formal consultation on proposed leverage reform is expected after the Q3 2026 FPC meeting Leverage position supports disciplined growth Existing leverage ratio framework Proposed leverage ratio framework UK Leverage Ratio UK Average Leverage Ratio 0.4% 0.6% 3.25% Tier 1 Leverage Requirement 0.6% 0.25% 3.00% Proposed Tier 1 Leverage Requirement 4.7% 4.8% 4.3% 3.9% Leverage ratio minimum Countercyclical leverage buffer Additional leverage ratio buffer Additional leverage ratio buffer General leverage ratio buffer Leverage ratio minimum 100% CET1 75% CET1 25% AT1 100% CET1 75% CET1 25% AT1 38NatWest Group H1 2026 Results July 2026
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Risk Weighted Assets Basel 3.1 impact on 1 Jan 2027 ~£10bn 1.1 3.4 FY’25 Evelyn Partners Lending growth (1.7) RWA management 0.8 CRD IV model updates (0.1) Other H1’26 193.3 7.7 0.9 0.4 199.5 39NatWest Group H1 2026 Results July 2026 (3.9) Q1’26 Q2’26
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9.2%Low point Draw down The continued strengthening of our balance sheet, demonstrated by the lowest CET1 drawdown compared to previous Stress Tests, underpins our ability to support our customers and the broader economy Projected CET1 capital ratios in the stress scenarios1 (Before strategic management actions) 700bps 670bps 9.5% 10.3% 720bps 10.5% 360bps 11.1% 250bps 2018 2019 2021 2022/23 2025 250 400 410 480 510 560 580 430 NatWest Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Aggregate NatWest has the lowest projected CET1 drawdown in the 2025 stress scenario and is the only UK bank with no strategic management actions required1 2025 Stress scenario projected CET1 drawdown1 (before strategic management actions required) Cost of risk Loan losses as % of gross loan balance, bps 21 15 9 16 2019 2023 2024 2025 Although normalising toward pre-Covid levels, cost of risk remains below through-the-cycle levels Through-the-cycle CoR 20-30 bps 2025 Bank Capital Stress Test results reflect a robust balance sheet and a solid capital position 1. Source: Financial Stability Report December 2025 40NatWest Group H1 2026 Results July 2026
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Average liquidity coverage ratio (LCR) Liquidity portfolio composition, £bn 1 Primary liquidity securities balances by composition as at H1 2026, £bn 1 • Majority of liquidity portfolio hedged for interest rate risk • Asset swap spread volatility is captured through Fair Value through Other Comprehensive Income (FVOCI) • FVOCI movement (post-tax) £51m in H1’26 Primary liquidity securities valuation measurement as at H1 2026 142.0 99.9 88.6 81.1 72.6 26.6 48.2 72.4 76.2 79.5 63.9 74.7 61.2 80.6 72.6 FY’22 FY’23 FY’24 FY’25 H1’26 232.6 222.8 222.3 237.9 224.6 Cash Securities Secondary Liquidity 84% 6% 10% Government & SSA bonds2 Covered Bonds Other (Level 2) £79.5bn FY’22 FY’23 FY’24 FY’25 H1’26 157% 141% 151% 147% 140% 69% FVOCI 31% HTC 70% 30% Liquidity portfolio cash balances by currency as at H1 2026 GBP EUR £72.6bn Strong liquidity metrics and a high - quality portfolio 41NatWest Group H1 2026 Results July 20261. May not cast due to rounding. 2. “SSA” = Sovereign, Supranational & Agency.
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Group holding company 2026 guidance YTD issuance 1 NatWest Group plc Senior unsecured (MREL) ~£3bn ~£1.6bn • €750m 11NC10 Green • $1.25bn 6NC5 Tier 2 capital ~£1bn ~£0.6bn • $750m 21NC20 Additional Tier 1 ~£1bn £0.5bn • £500m PerpNC10 Group Operating companies NatWest Markets Plc Senior unsecured (non- MREL) ~£4bn2 ~£3.7bn • €1.0bn 5Yr FXD • €1.25bn 3Yr FXD • $1.2bn 3Yr FXD • $350m 3Yr FRN • $750m 5Yr FXD NatWest Bank Plc Senior secured – Covered bond >£1bn £1bn • £1.0bn 5Yr FRN Good progress on issuance plans, ~£7.4bn issued in benchmark transactions 42NatWest Group H1 2026 Results July 2026 1. Includes primary/benchmark transactions only. Does not include private placements. 2. Includes prefinancing of 2026 funding requirements.
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CET1 and Total capital (%RWA) 1 As at 30 June 2026, £bn Call profile of Tier 2 and AT1 capital Funding requirements based on refinancing £25.8bn £6.0bn 13.2% 2.5% 3.1% H1’26 Total capital 10.3% 2.1% 2.7% 1.3% 2026 Total capital Requirement 4.5% 1.6% 2.5% 1.7% 1.3% CET1 Minimum Requirement 18.9% 16.4% 11.6% CET1 AT1 T2 Pillar 1 Pillar 2A Capital conservation buffer Countercyclical buffer O-SII group risk add-on £26.3bn £5.1bn £6.3bn CET1 and Total capital above minimum requirements 43NatWest Group H1 2026 Results July 2026 1.0 0.6 1.3 2.8 0.6 2026 2027 2028 2029 & 2030 2031 & Later 1.0 3.7 2027 0.4 2028 2029 & 2030 2031 & Later AT1 first call date, Balance Sheet value £bn 3 5 6 7 Tier 2 first call date, Balance Sheet value £bn 3,4 10.3% MDA2 1. May not cast due to rounding. 2. “MDA” = Maximum Distributable Amount. 3. The roll-off profile is based on sterling-equivalent balance sheet value, and first call date of instrument, however this does not indicate NatWest Group’s strategy on capital and funding management. 4. The graph does not include debt accounted Tier 1 instruments although those instruments form part of the total subordinated debt balance. 5. Pillar 2A requirement held constant over the period for illustration purposes. Pillar 2A requirements are expected to vary over time and are subject to at least an annual review. 56.25% of the total Pillar 2A requirement must be met from CET1 capital. 6. The CCyB requirement is based on the weighted average of the buffer rates in effect for the countries in which institutions have exposures. The UK CCyB buffer is currently being maintained at 2%. 7. O-SII buffer of 1.5% applies to the ring-fenced bank holding company. The equivalent O-SII Group Risk Add-on’ is ~1.3%. The O-SII Group Risk Add-on is included in the Group’s minimum supervisory minimum.
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Minimum requirements of own funds and eligible liabilities (MREL) 1,2 (%RWA) As at 30 June 2026, £bn Senior MREL & MREL eligible CET1, AT1, Tier 2 capital resources Call profile of senior MREL stock Funding requirements based on refinancing Senior debt roll - off profile, first call date, £bn 4 MREL H1’26 2 x Pillar 1 16.0% 2 x Pillar 2A3 5.8% RWA Requirement 6.5% of Leverage Exposure Leverage Requirement 30.6% 21.8% 21.9% MREL position well established 1 44NatWest Group H1 2026 Results July 2026 3.5 4.8 3.6 8.7 6.3 2026 2027 2028 2029 & 2030 2031 & Later Called Remaining 1. “MREL” = Minimum requirement for own funds and eligible liabilities. MREL eligible liabilities excludes securities issued from operating subsidiaries. 2. Illustration, based on assumption of static regulatory capital requirements. MREL requirement is set at the higher of 2x (Pillar 1+ Pillar 2A) or 6.5% of Leverage Exposure per Bank of England guidance. 3. Pillar 2A requirement held constant over the period for illustration purposes. Pillar 2A requirements are expected to vary over time and are subject to at least an annual review. 56.25% of the total Pillar 2A requirement must be met from CET1 capital. 4. The roll-off profile is based on sterling-equivalent balance sheet value, and first call date of instrument, however this does not indicate NatWest Group’s strategy on capital and funding management.
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Slide 4: 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 AUMA 2. Customer assets and liabilities (CAL) and Capital generation exclude the impact of Evelyn Partners acquisition on 30 June 2026. Capital generation is 6 months actual. CAL growth is H1’26 vs H1’25. Slide 5: 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 AUMA 2. Gross loans across three businesses. 3. Customer deposits across 3 businesses 4. Income excluding notable items. 5. Other operating expenses (Total operating expenses excluding litigation and conduct). 6. Capital generation excludes the impact of Evelyn Partners acquisition on 30 June 2026 and based on 6 months actual. Slide 6: 1. Growth rates for CAL and Cost:income ratio are year-on-year, H1’26 vs H1’25. 2. Capital generation excludes the impact of Evelyn Partners acquisition on 30 June 2026 and based on 6 months actual. To better reflect the differential drivers of capital usage, the calculation uses segmental CET1 equivalent derived at different rates of 12.7% for Retail Banking, 10.9% for Private Banking & Wealth Management, and 14.1% for Commercial & Institutional, segmental operating profit or loss adjusted for paid-in-equity and tax, and segmental RWAs. 3. NatWest Group’s CET1 target is around 13% but for the purposes of computing segmental return on equity (ROE), to better reflect the differential drivers of capital usage, segmental 'operating profit or loss adjusted for paid-in-equity and tax, is divided by average notional tangible equity allocated at different rates of 12.7% for Retail Banking, 10.9% for Private 'Banking & Wealth Management, and 14.1% for Commercial & Institutional, of the period average of segmental risk-weighted assets equivalents (RWAe) incorporating the effect of capital deductions. Slide 7: 1. Infralogic H1’26 Infrastructure and Project Finance league tables. 2. Based on internal data, NatWest has provided more than £25 bn of funding to the UK social housing sector between 1st January 2018 to 31st December 25 and has committed a further £10bn between 2026 and 2028. 3. Source: Dealogic DCM Bookrunner (Parent) league tables for UK corporate issuers, ranked by apportioned deal value (£m proceeds), 1 January–30 June 2026; excludes self-mandated transactions. 4. NatWest Group is one of the leading banks for UK Start-Ups, 20.5% of those operating for less than two years identified a NatWest Group brand as their main bank. Source: Savanta MVBB survey Q2 2026 based on 485 Start-Ups. 5. Based on internal data, startups are defined as businesses established within the last 12 months, measured by incorporation date for Limited Companies and trading start date for Sole Traders. 6. Operating profit before tax. Slide 10: 1. The guidance, targets, expectations and trends discussed in this section represent NatWest Group plc management’s current expectations and are subject to change, including as a result of the factors described in the NatWest Group plc Risk Factors in the 2025 Annual Report and Accounts and Form 20-F and the Summary Risk Factors in the NWG H1 2026 IMS on Form 6-K. These statements constitute forward-looking statements. Refer to Forward-looking statements in this presentation. 2. 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 AUMA. 3. Capital generation pre- distributions. Slide 12:. 1. Excluding notable income items per slide 24. Slide 13: 1. Excluding notable income items per slide 24. 2. Group Net Interest Margin = Reported Group Net Interest Income / Group Average Interest Earning Assets; May not cast due to rounding. Slide 14 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 AUMA. 2. AUMA movement, including -£4.0bn Cushon sale, +£1.4bn net flows, +£5.1bn market movements and £0.4bn change in investment cash double-count. Slide 15: 2. Stock share of Retail Banking and Private Banking & Wealth Management mortgages, calculated as a percentage of balances outstanding of total sterling net secured lending to individuals not seasonally adjusted as per Jun’26 BoE data. 3. Stock share of Retail Banking credit cards management estimate calculated as a percentage of total sterling net credit card lending to individuals not seasonally adjusted as per Jun’26 BoE data. Slide 16: 1. May not cast due to rounding. 2. The Non-interest-bearing and Interest-bearing split for Commercial & Institutional is implied from the total for the three businesses and the disclosures for Retail Banking and Private Banking & Wealth Management. 3. Non-Interest-bearing balances for Retail Banking and Private Banking & Wealth Management are current accounts per Financial Supplement. 4. Interest- bearing balances for Retail Banking and Private Banking & Wealth Management are savings per Financial Supplement. Slide 19: 1. Loan impairment rate is the annualised loan impairment charge divided by gross customer loans 2. Post Model Adjustments Slide 21: 1. The guidance, targets, expectations and trends discussed in this section represent NatWest Group plc management’s current expectations and are subject to change, including as a result of the factors described in the NatWest Group plc Risk Factors in the 2025 Annual Report and Accounts and Form 20-F and the Summary Risk Factors in the NWG H1 2026 IMS on Form 6-K. These statements constitute forward-looking statements. Refer to Forward-looking statements in this presentation. 2. Capital generation pre-distributions. Footnotes 45NatWest Group H1 2026 Results July 2026
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46 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 Report and Accounts on Form 20-F, and the Summary Risk Factors in the NWG H1 2026 IMS on Form 6-K. Cautionary statement regarding forward-looking statements This presentation may include forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, such as statements with respect to NatWest Group’s financial condition, results of operations and business, including its strategic priorities, financial, investment and capital targets, and climate and sustainability-related targets, commitments and ambitions described herein. Statements that are not historical facts, including statements about NatWest Group’s beliefs and expectations, are forward-looking statements. Words, such as ‘expect’, ‘estimate’, ‘project’, ‘anticipate’, ‘commit’, ‘believe’, ‘should’, ‘intend’, ‘will’, ‘plan’, ‘could’, ‘target’, ‘goal’, ‘objective’, ‘may’, ‘outlook’, ‘prospects’ and similar expressions or variations on these expressions are intended to identify forward-looking statements. In particular, this document may include forward-looking statements relating , but not limited to: NatWest Group’s outlook, guidance and targets (including in relation to RoTE, total income, other operating expenses, loan impairment rate, capital generation pre-distributions, customer assets and liabilities growth rate, cost-income ratio, CET1 ratio, RWA levels and payment of dividends), its financial position, profitability and financial performance, the implementation of its strategy, its access to adequate sources of liquidity and funding, its regulatory capital position and related requirements, its impairment losses and credit exposures under certain specified scenarios, substantial regulation and oversight, ongoing legal, regulatory and governmental actions and investigations.Forward-looking statements are subject to a number of risks and uncertainties that might cause actual results and performance to differ materially from any expected future results or performance expressed or implied by the forward-looking statements. Factors that could cause or contribute to differences in current expectations include, but are not limited to, future growth initiatives (including acquisitions, joint ventures and strategic partnerships), the outcome of legal, regulatory and governmental actions and investigations, the level and extent of future impairments and write-downs, legislative, political, fiscal and regulatory developments, accounting standards, competitive conditions, technological developments such as artificial intelligence, interest and exchange rate fluctuations, general economic and political conditions and uncertainties, exposure to third party risk, operational risk, conduct risk, cyber, data and IT risk, financial crime risk, key person risk and credit rating risk and the impact of climate and sustainability-related risks and the transitioning to a net zero economy. These and other factors, risks and uncertainties that may impact any forward-looking statement or NatWest Group plc's actual results are discussed in NatWest Group plc's 2025 Annual Report on Form 20-F, NatWest Group’s Interim Management Statement for Q1 and H1 2026 on Form 6-K, and its other public filings. The forward-looking statements contained in this document speak only as of the date of this document and NatWest Group plc does not assume or undertake any obligation or responsibility to update any of the forward-looking statements contained in this document, whether as a result of new information, future events or otherwise, except to the extent legally required. Cautionary statement regarding alternative performance measures NatWest Group prepares its financial statements in accordance with UK-adopted International Accounting Standards (IAS) and IFRS. This document may contain a number of non-IFRS measures, or alternative performance measures, defined under the European Securities and Markets Authority (ESMA) guidance, or non- Generally Accepted Accounting Principles (GAAP) financial measures in accordance with the SEC regulations (together, APM). APMs are adjusted for notable and other defined items which management believes are not representative of the underlying performance of the business and which distort period-on-period comparison. APMs provide users of the financial statements with a consistent basis for comparing business performance between financial periods and information on elements of performance that are one-off in nature. Any APMs included in this document, are not measures within the scope of IFRS or GAAP, are based on a number of assumptions that are subject to uncertainties and change, and are not a substitute for IFRS or GAAP measures and a reconciliation to the closest IFRS or GAAP measure is presented where appropriate. The information, statements and opinions contained in this document 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. Climate and sustainability-related disclosures Climate and sustainability-related disclosures in this presentation are not measures within the scope of IFRS, use a greater number and level of judgments, assumptions and estimates, including with respect to the classification of climate and sustainable funding and financing activities, than our reporting of historical financial information in accordance with IFRS. These judgments, assumptions and estimates are highly likely to change materially over time, and, when coupled with the longer time frames used in these disclosures, make any assessment of materiality inherently uncertain. Refer to the cautionary statement in the section entitled ‘Additional cautionary statement regarding climate and sustainability-related data, metrics and forward-looking statement’ of the NatWest Group plc 2025 Annual Report and Accounts. The information, statements and opinions contained in this presentation 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. NatWest Group H1 2026 Results July 2026 Disclaimer