6-K 1 tm2613078d1_6k.htm FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

1 May 2026

Commission file number: 001-10306

Form 6-K

NatWest Group plc

250 Bishopsgate

London

EC2M 4AA

United Kingdom

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F X Form 40-F

This report on Form 6-K, except for any information contained on any websites linked or documents referred to in this report, shall be deemed incorporated by reference into the company’s Registration Statement on Form F-3 (File No. 333-284008) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

Forward-looking statements

Cautionary statement regarding forward-looking statements

Certain sections in this document contain ‘forward-looking statements’ as that term is defined in 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’, ‘probability’, ‘risk’, ‘target’, ‘goal’, ‘objective’, ‘may’, ‘endeavour’, ‘outlook’, ‘optimistic’, ‘prospects’ and similar expressions or variations on these expressions are intended to identify forward-looking statements. In particular, this document includes forward-looking targets and guidance relating to financial performance measures, such as income growth, operating expense, RoTE, ROE, discretionary capital distribution targets, impairment loss rates, capital generation pre-distributions, customer assets and liabilities growth rate, cost-income ratio, balance sheet reduction (including the reduction of RWAs), CET1 ratio (and key drivers of the CET1 ratio including timing, impact and details), Pillar 2 and other regulatory buffer requirements and MREL and non-financial performance measures, such as NatWest Group’s initial area of focus, climate and sustainability-related performance, ambitions, targets and metrics, including in relation to financed emissions and initiatives to transition to a net zero economy, such as our climate and transition finance activities.

Limitations inherent to forward-looking statements

These statements are based on current plans, expectations, estimates, targets and projections, and are subject to significant inherent risks, uncertainties and other factors, both external and relating to NatWest Group’s strategy or operations, which may result in NatWest Group being unable to achieve the current plans, expectations, estimates, targets, projections and other anticipated outcomes expressed or implied by such forward-looking statements. In addition, certain of these disclosures are dependent on choices relying on key model characteristics and assumptions and are subject to various limitations, including assumptions and estimates made by management. By their nature, certain of these disclosures are only estimates and, as a result, actual future results, gains or losses could differ materially from those that have been estimated. Accordingly, undue reliance should not be placed on these statements. The forward-looking statements contained in this document speak only as of the date we make them and we expressly disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein, whether to reflect any change in our expectations with regard thereto, any change in events, conditions or circumstances on which any such statement is based, or otherwise, except to the extent legally required.

Important factors that could affect the actual outcome of the forward-looking statements

We caution you that a large number of important factors could adversely affect our results or our ability to implement our strategy, cause us to fail to meet our targets, predictions, expectations and other anticipated outcomes or affect the accuracy of forward-looking statements described in this document. These factors include, but are not limited to, those set forth in the risk factors and the other uncertainties described in NatWest Group plc’s 2025 Annual Report on Form 20-F, NatWest Group’s Interim Management Statement for Q1 2026, and its other filings with the US Securities and Exchange Commission. The principal risks and uncertainties that could adversely affect NatWest Group’s future results, its financial condition and/or prospects and cause them to be materially different from what is forecast or expected, include, but are not limited to: economic and political risk (including in respect of: political and economic risks and uncertainty in the UK and global markets, including as a result of inflation and interest rates, supply chain disruption, protectionist policies, and geopolitical developments); and changes in interest rates and foreign currency exchange rates; business change and execution risk (including in respect of the implementation of NatWest Group’s strategy; future acquisitions and divestments, the competitive environment; and the transfer of its EU corporate portfolio); financial resilience risk (including in respect of: NatWest Group’s ability to meet targets and to make discretionary capital distributions; counterparty and borrower risk; liquidity and funding risks; prudential regulatory requirements for capital; reductions in the credit ratings; model risk; sensitivity to accounting policies, judgments, estimates and assumptions (and the economic, climate, competitive and other forward looking information affecting those judgments, estimates and assumptions); changes in applicable accounting standards; the value or effectiveness of credit protection; the requirements of regulatory stress tests and the adequacy of NatWest Group’s future assessments by the Prudential Regulation Authority and the Bank of England; and the application of UK statutory stabilisation or resolution powers); operational and IT resilience risk (including in respect of: operational risks (including reliance on third party suppliers); cyberattacks; the accuracy and effective use of data; complex IT systems; attracting, retaining and developing diverse senior management and skilled personnel; NatWest Group’s risk management framework; and reputational risk); legal, regulatory and conduct risk (including in respect of: the impact of substantial regulation and oversight; the outcome of legal, regulatory and governmental actions, investigations and remedial undertakings; and changes in tax legislation or failure to generate future taxable profits); and climate and sustainability risk (including in respect of: risks relating to climate change and sustainability-related risks; both the execution and reputational risk relating to NatWest Group’s climate change-related strategy, ambitions, targets and transition plan; climate and sustainability-related data and model risk; increasing levels of climate, environmental, human rights and sustainability-related regulation and oversight; and increasing; climate, environmental and sustainability-related litigation, enforcement proceedings investigations and conduct risk).

NatWest Group - Form 6-K Q1 2026 Results

Forward looking statements continued

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.

Caution on non-financial reporting

The processes we have adopted to define, collect and report data on our climate and sustainability related performance, as well as the associated metrics and disclosures in this document, are not subject to the same formal processes adopted for financial reporting in accordance with established reporting standards. They involve a higher degree of judgement, assumptions and estimates, including in relation to the classification of climate and sustainability related (including social, sustainability, sustainability linked, green, climate and transition) funding, financing and facilitation activities, than what is required for reporting of historical financial information prepared in accordance with established reporting standards. As a result, climate and sustainability-related disclosures may be amended, updated or restated over time. However, NatWest Group does not undertake to restate prior disclosures except where required by applicable law or regulation, even if subsequently available data or methodologies differ from those used at the time of the original disclosure. In addition, non-financial reporting systems are less developed than financial reporting systems, often involving manual processes and less robust controls, which may affect data quality and consistency.

Please also refer to the ‘Climate and sustainability-related risk factors’ on pages 287 to 289 of the NatWest Group plc 2025 Annual Report on Form 20-F, the 'Additional cautionary statement regarding climate and sustainability-related data, metrics and forward-looking statements' on pages 2 to 3 of the NatWest Group plc 2025 Annual Report on Form 20-F, and the cautionary statement in the section entitled ‘Caution about climate-related metrics and data required for climate reporting’ on pages 70 to 72 of the NatWest Group plc 2025 Climate Transition Plan Report.

Caution about sustainability-related funding, financing and facilitation

Sustainability-related (including social, sustainability, sustainability-linked, green, climate, transition) funding, financing and facilitation currently represents only a relatively small proportion of NatWest Group's overall funding, financing and facilitation activities. Accordingly, disclosures relating to sustainability-related funding, financing and facilitation should be read in the context of NatWest Group's broader balance sheet, risk profile and funding, financing and facilitation activities, and should not be interpreted as indicative of NatWest Group's overall funding, financing or facilitation strategy.

NatWest Group - Form 6-K Q1 2026 Results

Introduction

Presentation of information

Unless otherwise specified herein, ‘Parent company’ refers to NatWest Group plc and ‘NatWest Group’, ‘Group’ or ‘we’ refers to NatWest Group plc and its subsidiaries. The term ‘NWH Group’ refers to NatWest Holdings Limited (‘NWH Limited’) and its subsidiary and associated undertakings. The term ‘NWM Group’ refers to NatWest Markets Plc (‘NWM Plc’) and its subsidiary and associated undertakings. The term RBSH N.V. refers to RBS Holdings N.V. The term NWM N.V. Group refers to NatWest Markets N.V. and its subsidiary and associated undertakings. The term ‘NWMSI’ refers to NatWest Markets Securities, Inc. The term ‘RBS plc’ refers to The Royal Bank of Scotland plc. The term ‘NWB Plc’ refers to National Westminster Bank Plc. The term RBSI Ltd refers to The Royal Bank of Scotland International Limited.

NatWest Group publishes its financial statements in pounds sterling (‘£’ or ‘sterling’). The abbreviations ‘£m’ and ‘£bn’ represent millions and thousands of millions of pounds sterling, respectively, and references to ‘pence’ or ‘p’ represent pence where the amounts are denominated in pounds sterling (‘GBP’). Reference to ‘dollars’ or ‘$’ are to United States of America (‘US’) dollars. The abbreviations ‘$m’ and ‘$bn’ represent millions and thousands of millions of dollars, respectively. The abbreviation ‘€’ represents the ‘euro’, and the abbreviations ‘€m’ and ‘€bn’ represent millions and thousands of millions of euros, respectively.

To aid readability, this document contains references to EU legislative and regulatory provisions in effect in the UK before 1 January 2021 that have now been implemented in UK domestic law. These references should be read and construed as including references to the applicable UK implementation measures with effect from 1 January 2021.

Any information contained on websites linked or reports referenced in this interim results report for the three-month period ended 31 March 2026 on Form 6-K is for information only and will not be deemed to be incorporated by reference herein.

Non-IFRS financial information

NatWest Group prepares its financial statements in accordance with UK-adopted International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). This document contains 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 Securities and Exchange Commission (SEC) regulations. These measures 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.

The non-IFRS measures 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. The non-IFRS measures also include the basis of calculation for metrics that are used throughout the banking industry.

These non-IFRS measures are not a substitute for IFRS measures and a reconciliation to the closest IFRS measure is presented where appropriate. Refer to appendix ‘Non-IFRS financial measures’ on page 43.

NatWest Group - Form 6-K Q1 2026 Results

Inside this report

Business performance summary		Financial statements and notes
6	Q1 2026 performance summary	37	Condensed consolidated income statement
7	Performance key metrics and ratios	38	Condensed consolidated statement of comprehensive income
9	Chief Financial Officer’s review	39	Condensed consolidated balance sheet
11	Retail Banking	40	Condensed consolidated statement of changes in equity
12	Private Banking & Wealth Management	41	Presentation of condensed consolidated financial statements
13	Commercial & Institutional	41	Litigation and regulatory matters
14	Central items & other	41	Post balance sheet events
15	Segment performance


Capital and risk management		Additional information
18	Capital, liquidity and funding risk	42	Other financial data
24	Credit risk	43	Non-IFRS financial measures
24	Economic drivers	48	Performance measures not defined under IFRS
28	Segment analysis - portfolio summary
29	Segment analysis - loans
29	Movement in ECL provision
30	ECL post model adjustments
31	Measurement uncertainty and ECL sensitivity analysis
32	Sector analysis - portfolio summary

NatWest Group - Form 6-K Q1 2026 Results

Q1 2026 performance summary

Chief Executive, Paul Thwaite, commented:

“NatWest Group’s strong performance in the first quarter of 2026 reflects our consistent delivery for customers and shareholders. Total income of £4.4 billion, total income excluding notable items⁽¹⁾ of £4.2 billion and an operating profit of £2.0 billion have all increased compared to Q1 2025, with a return on equity of 13.3% and a Return on Tangible Equity of 18.2% continuing our track record of delivering attractive returns.

Having raised our ambitions in February 2026, we have continued to make good progress against our strategic priorities in Q1 2026. We have started the year with positive momentum, underpinned by healthy customer activity - growing all of our three businesses, expanding our capabilities to meet more of our customers’ needs and further improving productivity as we use AI at scale across the bank.

NatWest Group has a vital role to play in the lives of our customers and in the communities we serve throughout the UK. The strength of our balance sheet, scale of our business and depth of our long-standing relationships mean that we can provide the funding, advice and expertise our 20 million customers need in order to navigate increasing uncertainty and to achieve their goals.”

Strong financial performance

We delivered a strong financial performance in Q1 2026, with attributable profit of £1.4 billion and earnings per share of 17.9 pence, up 15.5% compared with Q1 2025. Return on equity (RoE) was 13.3% and net asset value (NAV) per share increased by 14 pence to 490 pence compared to Q4 2025. Return on Tangible Equity (RoTE) of 18.2% drove strong capital generation pre-distributions of 65 basis points in the quarter and further growth in TNAV per share, up 16 pence to 400 pence.

Strong growth in our customer businesses while strengthening and deepening relationships

We made good progress against our strategic objectives and remain well placed to support our customers through the current macroeconomic uncertainty. This reflects our focus on strengthening customer relationships, priority customer segments and deepening customer connections.

	•	Customer assets and liabilities (CAL) increased by £8.4 billion, or 0.9%, in the quarter and are 5.2% higher than Q1 2025, as we build towards our 2028 annual growth rate target of more than 4%.
	•	Net loans to customers increased by £12.7 billion compared to Q4 2025. Net loans to customers excluding central items increased by £7.2 billion in the quarter, as we grew our Retail Banking mortgage book and increased Commercial & Institutional balances. In Commercial & Institutional we onboarded 24,000 new startups, 25% higher than Q1 2025, supported by targeted initiatives and an improved onboarding journey, assisted by AI agents.
	•	Customer deposits increased by £2.5 billion compared to Q4 2025. Customer deposits excluding central items increased by £3.1 billion with growth in Corporate & Institutions partially offset by expected reductions in Retail Banking and Private Banking & Wealth Management which were impacted by seasonal tax payments.
	•	Strong lending and deposit growth was partially offset by a £1.8 billion reduction in assets under management and administration (AUMA), impacted by negative market movements. AUM net inflows of £0.9 billion in the quarter were strong, with c.23,000 people investing with us for the first time.

We continue to leverage simplification to drive efficiency

We have generated over £100 million of additional cost savings in the first quarter, and our cost:income ratio of 46.9% improved 2.8 percentage points compared with Q1 2025. Our cost:income ratio (excl. litigation and conduct) of 46.5% improved 2.1 percentage points compared with Q1 2025. This has been driven by ongoing restructuring and increased investment, building on our strong technology foundation and accelerating our use of AI to deliver simpler and better customer experiences in a responsible way. We continued to support our customers with improvements to our digital journeys to meet their needs faster and more effectively.

Active balance sheet management creates capacity for growth to deliver attractive returns

We continued to actively manage lower returning capital to create capacity for redeployment, delivering £2.2 billion of benefits from RWA management actions. Increased capital velocity supports capital generation pre-distributions of 65 basis points in the quarter. Our Common Equity Tier 1 (CET1) ratio of 14.3% was c.30 basis points higher than Q4 2025.

We continue to maintain stable and diversified sources of funding with a strong loan:deposit ratio up 2% to 97% in Q1 2026 compared to Q4 2025, and liquidity position, with an average Liquidity Coverage Ratio (LCR) of 144%. The loan:deposit ratio (excl. repos and reverse repos), was up 1% in the quarter to 89%.

Outlook⁽²⁾

Based on our latest expectations for interest rates and economic conditions, we now expect income excluding notable items to be at the top end of our previously guided range of £17.2 - 17.6 billion.⁽³⁾ Except for this strengthened guidance, we reaffirm the outlook provided in our full year 2025 results.

We are confident we will achieve our guidance however we recognise that market conditions are uncertain and we will refine our internal forecasts as the economic position evolves.

(1)

Refer to the Non-IFRS financial measures appendix for details of notable items.

(2)

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 on Form 20-F issued on 17 February 2026. All 2026 guidance excludes the expected impact of the forthcoming Evelyn Partners acquisition. These statements constitute forward-looking statements. Refer to Forward-looking statements in this announcement

(3)

Management does not assess forward-looking "total income" as performance indicator of the business and therefore reconciliation of the forward-looking non-IFRS measure "total income excluding notable items" to an equivalent IFRS measure is not available without unreasonable efforts.

NatWest Group - Form 6-K Q1 2026 Results

Business performance summary

	Quarter ended
	31 March	31 December		31 March
	2026	2025		2025
Summary consolidated income statement	£m	£m	Variance	£m	Variance
Net interest income	3,394	3,441	(1.4%)	3,026	12.2%
Non-interest income	964	883	9.2%	954	1.0%
Total income	4,358	4,324	0.8%	3,980	9.5%
Litigation and conduct costs	(15)	(37)	(59.5%)	(44)	(65.9%)
Other operating expenses	(2,027)	(2,211)	(8.3%)	(1,935)	4.8%
Operating expenses	(2,042)	(2,248)	(9.2%)	(1,979)	3.2%
Profit before impairment losses	2,316	2,076	11.6%	2,001	15.7%
Impairment losses	(283)	(136)	108.1%	(189)	49.7%
Operating profit before tax	2,033	1,940	4.8%	1,812	12.2%
Tax charge	(526)	(462)	13.9%	(471)	11.7%
Profit for the period	1,507	1,478	2.0%	1,341	12.4%

Performance key metrics and ratios
Notable items within total income (1)	£135m	£52m

SEC Form 6-K filed by NatWest Group plc