Slides
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Q3 2026 Results 30 October 2026
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Paul Thwaite Chief Executive Officer
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We are driving structurally higher growth and returns Growing our three connected 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 8 th consecutive year of >4% CAL 1 growth Most efficient large UK bank 3 rd consecutive year of Cap Gen >200bps Highest returning large UK bank 4 th year >17% ROTE 2 NatWest Group Q3 2026 Results October 2026 3
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Growing all three businesses CAL 1 +14.2% +7.7% Customer Loans2 £418bn +4.3% Customer Deposits3 £453bn +136% AUMA £132bn Driving operational leverage +4.5% jaws +9.3% Income4 £13.3bn +4.8% Costs5 £6.2bn 45.7% Cost:income ratio -2.1ppt Generating strong capital 208bps 6 66bps incl. Evelyn Partners 13.5% CET1 ratio £200.5bn RWA +13.2% Earnings per share 57.4p -1.0% TNAV per share 359p +9.4% ex. Evelyn Partners Growth rates shown on a year-on-year basis, comparing 30 Sep 2026 with 30 Sep 2025 and 9M’26 with 9M’25, as applicable. Capital generation is for the nine-month period, RoTE is annualised nine-month. Numbers include impact from acquisition of Evelyn Partners on 30 June 2026, adding £71.7bn AUMA, reducing TNAVps by 37p and CET1 ratio by 142bps. Sector-leading returns: 20.2% ROTE 9M’26 NatWest Group Q3 2026 Results October 2026 4
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Katie Murray Chief Financial Officer
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Strong financial performance 6NatWest Group Q3 2026 Results October 2026 Group, £m Q3'26 Q2'26 Q3'26 vs Q2'26 9M'26 9M'25 9M'26 vs 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 12,128 9.3% Total income 4,640 4,504 3.0% 13,502 12,317 9.6% Other operating expenses (2,091) (2,049) 2.0% (6,167) (5,884) 4.8% Litigation and conduct costs (47) (30) 56.7% (92) (130) (29.2%) Operating expenses (2,138) (2,079) 2.8% (6,259) (6,014) 4.1% Operating profit before impairments 2,502 2,425 3.2% 7,243 6,303 14.9% Impairment (losses) (277) (140) 97.9% (700) (535) 30.8% Loan impairment rate 24bps 13bps 11bps 21bps 17bps 4bps Operating profit 2,225 2,285 (2.6%) 6,543 5,768 13.4% Attributable profit 1,532 1,603 (4.4%) 4,567 4,086 11.8% Cost:income ratio 45.1% 45.5% (0.4ppt) 45.7% 47.8% (2.1ppt) Return on Tangible Equity 21.6% 21.0% 0.6ppt 20.2% 19.5% 0.7ppt
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Income excl. notable items1, £m Continued income momentum across combined 3 businesses £565.4bn Net interest margin2,3 +0.5%, £2.7bn 141 3,496 953 Q2’26 38 Daycount (51) 5 3 businesses 4 Central items & other 1,028 Q3’26 4,449 95 4,587 3.1% Net interest income Non-interest income Average Interest Earning Assets3 £562.6bn In 2026 we expect Income excluding notable items to be ~£17.9bn This includes ~£275m for Evelyn Partners Assumes UK base rate of 4.00% C&I* PBWM 250bps*249bps +1bp • Lending margin -6bps • Deposit margin +5bps • Funding & Other +1bps Retail* 3,559 *Includes around £35m charge, equivalent to -2bps impact to NIM (lending margin), following a routine review of customer repayment behaviour across Retail Banking (£25m) and C&I (£10m). 7NatWest Group Q3 2026 Results October 2026
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Customer Assets and Liabilities across our 3 businesses (CAL)1, £bn 8.1 5.8 Q2’26 Lending Deposits 1.8 AUMA Q3’26 986.9 1,002.6 +£15.7bn, +1.6% Strong growth across lending, deposits & AUMA drives CAL growth of £15.7bn 8NatWest Group Q3 2026 Results October 2026
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Disciplined broad based lending growth of £8.1bn, or 2.0% in Q3’26 212.1 19.8 5.0 219.3 20.1 5.0 220.4 20.4 5.1 Mortgages Unsecured Other PB&WM Gross loans to customers (amortised cost), £bn Mortgages +£8.3bn, +3.9% in 9M’26 • Stock share of 12.7%2 as at Sep’26 vs 12.5% at Dec’25 Credit Cards +£0.6bn, +3.0% in 9M’26 • Credit card share of 10.2%3 as at Sep’26 vs 10.6% at Dec’25 Retail Banking and PBWM: £245.9bn, +£1.5bn, or +0.6% in Q3’26, +£9.0bn, or +3.8% in 9M’26 Commercial & Institutional: £171.9bn, +£6.6bn, or +4.0% in Q3’26, +£16.1bn, or +10.3% in 9M’26 2.6 77.1 74.6 1.6 3.4 78.2 82.9 0.8 3.4 81.2 86.6 0.7 Business Banking Commercial Mid-market Corporate & Institutions Gov Schemes balances 392.7 409.7 417.8 3 business total +£25.1bn, +6.4% +£8.1bn, +2.0% Q4’25 Q2’26 Q3’26 Business Banking stable in 9M’261 • Strong Gross New Lending supporting momentum as government schemes are repaid Commercial Mid Market +£4.9bn, +6.4% in 9M’261 • Growth in CRE, manufacturing and social housing Corporate and Institutions +£12.0bn, +16.1% in 9M’26 • Growth in infrastructure, renewables, technology 9NatWest Group Q3 2026 Results October 20261Client transfers from Commercial Mid-market to Business Banking in Q1’26 of £0.8bn.
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6.7 6.2 6.0 36.0 35.2 35.2 Q4’25 Q2’26 Q3’26 42.7 41.4 41.1 -£0.3bn 63.5 61.6 62.4 132.9 142.4 144.6 Q4’25 Q2’26 Q3’26 196.4 204.0 207.0 +£3.0bn Retail Banking Private Banking & Wealth Management Commercial & Institutional1 Customer deposits across the 3 customer businesses, £bn Deposit mix by interest type across the 3 customer businesses %, £bn 306.3135.4Q4’25 314.3133.3Q2’26 319.3134.1Q3’26 441.7 447.6 453.4 +£11.8bn, +2.6%+£5.8bn, +1.3% 3 business total Non-interest-bearing balances 2 Interest-bearing balances 3 17% 52% 31% Q4’25 18% 52% 30% Q2’26 19% 51% 30% Q3’26 442 448 453 Strong deposit growth of £5.8bn, or 1.3% in Q3’26 Term Instant Access Non-interest-bearing balances 137.465.2Q4’25 136.765.5Q2’26 139.665.7Q3’26 202.6 202.2 205.3 +3.1bn 10NatWest Group Q3 2026 Results October 2026
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43.7 116.4 118.0 10.8 14.2 14.4 Q4’25 Q2’26 Q3’26 54.5 130.6 132.4 +£77.9bn, 142.9% +£1.8bn, +1.4% Assets under management and administration1, £bn Continued AUMA growth momentum Assets under management (AUM), £bn Assets under administration (AUA), £bn AUM net flows, £bn, % of opening AUM 0.9 1.1 1.0 Q4’25 Q2’26 Q3’26 3.4% AUM net flows, £bn AUM net flows as % of opening AUM 11NatWest Group Q3 2026 Results October 2026
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Other operating expenses, £m Cost:income ratio, % Gross cost savings of ~£420m support operating leverage 3,144 3,191 983 1,089 902 970 855 917 9M’25 ~(420) Cost Savings ~170 Pay, NIC & Inflation ~530 Business Growth & Other 9M’26 5,884 6,167 +£283m, 4.8% 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 47.8% 45.7% • Cost savings ~£420m, includes technology efficiencies and ongoing simplification. • Pay, NIC & Inflation ~£170m includes average annual wage increase of 4.1% from 1st April. • Business growth and other ~£530m includes £156m of Evelyn Partners cost. -2.1ppts (7)% +3% +9% 12NatWest Group Q3 2026 Results October 2026
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Robust asset quality, consistent risk appetite Loan impairment charge / (release), £m 153 136 283 140 277 700 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 9M’26 Loan impairment rate1 FY’26 Guidance <25bps Q3’25 Q4’25 26bps Q1’26 Q2’26 15bps 13bps 262296265 316Total PMAs2, £m 9M’26 21bps 315 13bps 24bps Q3’26 Retail Banking 18bps 21bps 33bps 17bps 34bps 28bps Private Banking & Wealth Management 6bps 13bps 13bps - 8bps 7bps Commercial & Institutional 14bps 5bps 24bps 10bps 19bps 17bps Group stage 3 9bps 7bps 11bps 8bps 14bps 11bps 13NatWest Group Q3 2026 Results October 2026
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Strong capital generation of 208bps in 9M’26 FY’25 Evelyn Partners (0.30%) Investment Spend 2.88% CET1 Capital generation (0.96%) Organic Growth 0.47% RWA Management (0.01%) RWA growth Q3’26 pre distributions Ordinary dividend accrual Q3’26 14.0% 14.7% 13.5% CET1 ratio1, % In 2026 we expect : Capital generation pre - distributions >240bps excl. 30 June 2026 impact of Evelyn Partners, equivalent to >100bps on a reported basis RWAs to be around £210 billion on 1 January 2027 including the impact of Basel 3.1. 208 bps of organic capital generation (71bps in Q3’26) (1.42%) (0.51%) (1.14%) 11.7 FY’25 1.1 Evelyn Partners Lending growth (5.7) RWA management (0.6) CRD IV model updates 0.7 Other Q3’26 193.3 200.5 2.59% Other Risk - weighted assets, £bn 14NatWest Group Q3 2026 Results October 2026
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£25.8bn £6.0bn Q3’26 Reported 8.0% 2.9% 2.5% 1.7% Q3’26 Requirement 8.0% 2.1% 2.5% 1.7% 1st Jan 27 Requirement 18.6% 15.1% 14.3% Reduction in Pillar 2A increases headroom to minimum requirements Q3’26 Reported 4.5% 1.6% 2.5% 1.7% 1.3% Q3’26 Requirement 4.5% 1.2% 2.5% 1.7% 1.3% 1st Jan 27 Requirement1 13.5% 11.6% 11.1% 76bps reduction in Total Capital Requirement, 43bps reduction in CET1 Requirement Pillar 1A Pillar 2A3 Capital conservation buffer Countercyclical buffer4 O-SII group risk add-on5 10.3% MDA2 9.9% MDA2 Total Capital Ratio CET1 Capital Ratio 15NatWest Group Q3 2026 Results October 2026
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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 Below 25bps ~50% ~13% 21bps 20.2% 13.5% incl. -142bps impact for Evelyn Partners 9M’26 actuals Confident in delivering our 2026 guidance1 ~£17.9bn incl. ~£275m for Evelyn Partners ~£8.5bn incl. ~£300m for Evelyn Partners >19.0% 2026 Guidance Expect to announce with FY’26 results Capital generation2 208bps ex. Evelyn Day 1 66bps reported basis >240bps ex. Evelyn Day 1 >100bps reported basis RWA 1 Jan 2027 (New) ~£210bn Including B3.1 impacts £13.3bn incl. £137m for Evelyn Partners £6.2bn incl. £156m for Evelyn Partners 16NatWest Group Q3 2026 Results October 2026
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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 37. 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, 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: • 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 now expect RWAs to be around £210 billion on 1 January 2027 including the impact of Basel 3.1. Outlook statements1 18NatWest Group Q3 2026 Results October 2026
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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 & other Interest and FX risk management derivatives not in accounting hedge relationships 162 17 185 38 (2) 30 Share of gains/(losses) of associate - Business Growth Fund 41 15 70 (1) 20 22 FX recycling gains / (losses) (37) 10 (27) 95 38 (3) Loss on reclassification to disposal groups under IFRS 5 -- (39) (39) -- -- Total notable items in Group income 166 52 241 135 55 53 Group income excluding notable items 4,166 4,272 16,400 4,223 4,449 4,587 19NatWest Group Q3 2026 Results October 2026
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19 Q2’26 (12) Interim ordinary dividend (1) Share buybacks Attributable profit (7) Cash flow hedge reserve 1 Other2 Q3’26 359 359 1. May not cast due to rounding. 2. FVOCI, FX recycling and other movements. 3. Based on 7,931m shares at the end of Q3’26 Tangible net asset value1 • -£1.3bn balance as at end of Q3’26, equivalent to –17p3 • -7p movement in the quarter, of which: • -£814m (£-586m net of tax) or -8p from movements in rates • +£58m (£42m net of tax) or +1p benefit from decay in Q3’26 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) Other movements 84 2 1 Net change (99) (28) 0 As at 30 September 2026 28,444 7,931 359 20NatWest Group Q3 2026 Results October 2026
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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 summary1 Group Q3'26, £bn Retail Banking Private Banking & Wealth Management Commercial & Institutional Central items & other 2 Group 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) 4.6 Other operating expenses (0.7) (0.3) (1.0) (0.1) (2.1) Litigation and conduct 0.0 (0.0) (0.0) (0.0) (0.0) Operating expenses (0.7) (0.3) (1.1) (0.1) (2.1) Operating profit/(loss) before impairment (losses) 1.0 0.2 1.4 (0.1) 2.5 Impairment (losses) (0.2) (0.0) (0.1) (0.0) (0.3) Operating profit/(loss) 0.9 0.2 1.3 (0.1) 2.2 Net loans to customers - amortised cost 224.9 19.0 170.4 34.7 449.0 Customer Deposits 205.3 41.1 207.0 0.9 454.3 Loan:deposit ratio 3 110% 46% 80% nm 90% RWAs 69.4 12.5 117.2 1.4 200.5 Cost:income ratio (excl. litigation and conduct) 39.7% 64.0% 42.8% nm 45.1% Loan impairment rate 34bps 8bps 19bps nm 24bps Return on equity / tangible equity 26.1% 32.3% 22.5% nm 21.6% £bn 21NatWest Group Q3 2026 Results October 2026
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We are driving structurally higher growth and returns 38 51 57 9M’24 9M’25 9M’26 +49.9% 316 362 359 9M’24 9M’25 9M’26 +13.4% 9M’24 9M’25 9M’26 17.0% 19.5% 20.2% +3.2ppt EPS accretion (GBp)TNAV per share (p)Sector-leading ROTE (%) 197 202 9M’24 9M’25 9M’26 2081 +5.6% Capital generation (bps)Improving Operating leverage, CIR (%)Continued growth momentum, CAL (£bn) 9M’24 9M’25 9M’26 52.8% 47.8% 45.7% -7.1ppt 840.0 877.6 1,002.6 9M’24 9M’25 9M’26 +19.4% 1. Excludes impact of Evelyn Partners acquisition 22NatWest Group Q3 2026 Results October 2026
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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 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 23NatWest Group Q3 2026 Results October 2026
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Net interest income, margin and average interest earning assets Net Interest Income, £m Average Interest Earning Assets (AIEAs), £bn 3,268 3,441 3,394 3,496 3,559 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 159 162 152 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 548 557 556 563 565 Net Interest Margin1, % 2.37% Q3’25 2.45% Q4’25 2.47% Q1’26 2.49% Q2’26 2.50% Q3’26 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 162 155 Quarterly NIM Movement2, bps Lending Margin 1bp - (2bps) (4bps) (6bps) Deposit Margin 4bps 6bps 2bps 4bps 5bps Funding & Other 3bps 2bps 2bps 2bps 1bp 9bps 8bps 2bps 2bps 1bp 24NatWest Group Q3 2026 Results October 2026
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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. Hedge data based on H1’26. Annual Yield: 2021- 2025 Actual, 2026-30 Expected based on FY’25 NatWest Group base case macroeconomic assumptions. £206bn £231bn £207bn £194bn £203bn 2.97% X] 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 25NatWest Group Q3 2026 Results October 2026
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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 18% 52%52% 30%31% 189195 178173 26NatWest Group Q3 2026 Results October 2026
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Our sensitivity to interest rates Third party customer deposit rate and UK Base Rate, % 1 4.1 4.0 3.8 3.8 3.8 2.4 2.3 2.2 2.2 2.3 1.7 1.6 1.6 1.6 1.6 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Q3’25 Q4’25 Q1’26 Q2’26 Q3’26 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) 41 41 43 121 153 77 FY’24 FY’25 H1’26 162 194 120 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 42 of NWG Q3’26 IMS for the definition of third-party rates. 2. Interest-bearing balances Retail Banking and Private Banking & Wealth Management are savings. 27NatWest Group Q3 2026 Results October 2026
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Interest rate sensitivity1 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. 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 28NatWest Group Q3 2026 Results October 2026
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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 1. H1 2025 has been restated to include income and yields associated with gilts, to align with updated approach in full-year 2025 disclosure. 29NatWest Group Q3 2026 Results October 2026
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0.0 4.5 5.0 5.5 6.0 Q3’25 4.66 4.42 4.66 5.69 Q4’25 4.68 4.43 4.54 4.69 5.56 Q1’26 4.72 4.424.40 4.66 5.55 Q2’26 4.83 4.58 4.61 5.88 5.57 Q3’26 4.46 2.32 2.21 2.21 2.23 2.33 1.69 1.63 1.60 1.59 1.62 2.61 2.47 2.35 2.35 2.42 1.40 1.461.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8 1.49 Q3’25 1.41 Q4’25 1.36 Q1’26 Q2’26 Q3’26 NatWest Group Retail Banking Private Banking & Wealth Management Commercial & Institutional 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 Q3'26 QoQ YoY Gross yields of interest earning banking assets 4.83% 0.11% 0.14% Cost of interest-bearing and non interest-bearing banking liabilities 2.33% (0.10%) (0.01%) Group NIM 2.50% 0.01% 0.13% 30NatWest Group Q3 2026 Results October 2026
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4% 48% 23% 20% 5% Well diversified, high-quality loan book Commercial Real Estate (CRE) £21.3bn 5% of Group lending Loan-to-value of 49%1 Credit quality remained stable with very limited instances of specific cases deteriorating Group mortgages £223.5bn 48% of Group lending Loan-to-value of 59%1 stable year-on-year 59% 5Y, 33% 2Y, 1% 10Y, 5% Tracker2, 2% SVR £46bn or 22% of the fixed book expires in 20263 Corporate and other ex CRE £104.8bn 23% of Group lending Diverse corporate loan book, with exposure across a broad range of sectors Credit quality remains stable Includes: • £16.4bn Consumer industries • £18.2bn Mobility and logistics Personal: £243.8bn, 52% of group Non-personal: £221.1bn, 48% of group5 Gross Loans and Advances 4 as at Q3’26 £464.9bn Credit cards and other unsecured £20.2bn 4% of Group lending New to book arrears stable 48% 52% Sovereign & Financial Institutions £95.0bn 20% of Group lending Over 70% less than 12-month maturity Includes £39.6bn 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. 31NatWest Group Q3 2026 Results October 2026
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Prime mortgage book with low LTV >60% mortgage balances with customer rate above 4% 2 93% customers pay fixed rate 5 £200bn 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 32NatWest Group Q3 2026 Results October 2026
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Average liquidity coverage ratio (LCR) Liquidity portfolio composition, £bn1 Primary liquidity securities balances by composition as at Q3 2026, £bn • 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) £26m in 9M’26 Primary liquidity securities valuation measurement as at Q3 2026 142.0 99.9 88.6 81.1 66.0 26.6 48.2 72.4 76.2 87.2 63.9 74.7 61.2 80.6 69.7 FY’22 FY’23 FY’24 FY’25 Q3’26 232.6 222.8 222.3 237.9 223.0 Cash Securities Secondary Liquidity 83% 6% 11% Government & SSA bonds2 Covered Bonds Other (Level 2) £87.2bn FY’22 FY’23 FY’24 FY’25 Q3’26 157% 141% 151% 147% 137% 69% FVOCI 31% HTC 71% 29% Liquidity portfolio cash balances by currency as at Q3 2026 GBP EUR £66.0bn Strong liquidity metrics and a high-quality portfolio 1. May not cast due to rounding. 2. “SSA” = Sovereign, Supranational & Agency. 33NatWest Group Q3 2026 Results October 2026
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Group holding company 2026 guidance YTD issuance 1 NatWest Group plc Senior unsecured (MREL) ~£3bn ~£2.3bn • €750m 11NC10 Green • $1.25bn 6NC5 • $1.0bn 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 ~£4.2bn • €1.0bn 5Yr FXD • €1.25bn 3Yr FXD • $1.2bn 3Yr FXD • $350m 3Yr FRN • $750m 5Yr FXD • $500m 5Yr FRN • CHF210m 5Yr FXD NatWest Bank Plc Senior secured – Covered bond >£1bn £1bn • £1.0bn 5Yr FRN Good progress on issuance plans, ~£8.6bn issued in benchmark transactions 1. Includes primary/benchmark transactions only. Does not include private placements. 2. Includes prefinancing of 2026 funding requirements. 34NatWest Group Q3 2026 Results October 2026
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Senior ratings Moody’s S&P Fitch Group holding company NatWest Group plc A3 Stable A- Stable A+ Stable Ring-fenced bank operating companies NatWest Bank Plc A1 Stable2 A+ Stable AA Stable Royal Bank of Scotland plc A1 Stable2 A+ Stable AA Stable Non-ring-fenced bank operating companies NatWest Markets Plc A1 Stable A Stable AA Stable NatWest Markets N.V. A1 Stable A Stable AA Stable NatWest Markets Securities Inc Not rated A Stable A+ Stable RBSI Ltd A1 Stable3 A Stable AA Stable Capital ratings Group holding company NatWest Group plc Tier 24 Baa1 BBB+ A- AT14 Baa3 BBB- BBB Recent developments : Fitch upgraded a number of rated subsidiaries by +1 notch following an update to its Bank Ratings Criteria; namely how it views the notching differential for the size of Resolution Debt Buffers. Further progress on credit ratings1 1. As of 30th October 2026. 2. Moody’s long-term Issuer and Deposit Rating. The ring-fenced bank operating companies do not issue rated senior unsecured debt. Nevertheless, Moody’s assigns an Issuer Rating. The outlook on both ratings is Stable. 3. Moody’s Deposit rating. Senior Unsecured Debt rating is A2. The outlook on both ratings is Stable. 4. Ratings are based on outstanding instruments issued by NatWest Group. 35NatWest Group Q3 2026 Results October 2026
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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 deposits and AUMA 2. Based on Group Statutory ROTE 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. 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. Slide 6. 1. Excluding notable income items per slide 19. Slide 7: 1. Excluding notable income items per slide 19. 2. Group Net Interest Margin = Reported Group Net Interest Income / Group Average Interest Earning Assets. 3. May not cast due to rounding. Slide 8: 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 Slide 9: 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 Sep’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 Sep’26 BoE data. Slide 10: 1. 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. 2. Non-Interest-bearing balances for Retail Banking and Private Banking & Wealth Management are current accounts per Financial Supplement. 3. Interest bearing balances for Retail Banking and Private Banking & Wealth Management are savings per Financial Supplement. Slide 11: 1. Q4’25 excludes Cushon of £4.0bn Slide 13: 1. Loan impairment rate is the annualised loan impairment charge divided by gross customer loans 2. Post Model Adjustments Slide 14: 1. May not cast due to rounding Slide 15: 1. May not cast due to rounding. 2. “MDA” = Maximum Distributable Amount. 3. 56.25% of the total Pillar 2A requirement must be met from CET1 capital. 4. 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%. 5. 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. Slide 16: 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 NatWest Group plc 2026 Interim Results announcement. These statements constitute forward-looking statements. Refer to Forward-looking statements on slide 37. 2. Capital generation pre-distributions. Footnotes 36NatWest Group Q3 2026 Results October 2026
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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, H1 and Q3 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. Disclaimer 37NatWest Group Q3 2026 Results October 2026