NatWest Group plc Files Form 6-K, Incorporates into F-3

TL;DR

NatWest 6-K filed, now part of F-3 registration. Check for forward-looking statements.

AI Summary

NatWest Group plc filed a Form 6-K on October 24, 2025, reporting as a Foreign Private Issuer. This filing is incorporated by reference into the company's Registration Statement on Form F-3 (File No. 333-284008). The report includes a cautionary statement regarding forward-looking statements.

Why It Matters

This filing ensures regulatory compliance and provides updated information that is incorporated into the company's existing SEC filings, affecting investors' access to current data.

Risk Assessment

Risk Level: low — This is a routine filing for a foreign private issuer and does not appear to contain significant new financial or operational information.

Key Numbers

• 001-10306 — SEC File Number (Identifies NatWest Group plc's filings with the SEC.)
• 333-284008 — Form F-3 File Number (This 6-K is incorporated into this registration statement.)

Key Players & Entities

• NatWest Group plc (company) — Filer of the 6-K report
• 001-10306 (company) — SEC file number for NatWest Group plc
• 333-284008 (company) — File number for NatWest Group plc's Registration Statement on Form F-3
• 24 October 2025 (date) — Filing date of the Form 6-K

FAQ

Filing Documents

• tm2529304d1_6k.htm (6-K) — 1556KB
• 0001104659-25-101995.txt ( ) — 1557KB

forward-looking statements

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 ESG 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, 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 financing activities. Limitations inhere

forward-looking statements

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 2024 Annual Report on Form 20-F, NatWest Group’s

Forward-looking statements continued

Forward-looking statements continued Climate and sustainability-related disclosures Climate and sustainability-related disclosures in this document are not measures within the scope of International Financial Reporting Standards (IFRS), use a greater number and level of judgments, assumptions and estimates, including with respect to the classification of climate and transition 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. In addition, our climate risk analysis, our ambition to be net zero across our financed emissions, assets under management and operational value chain by 2050 and the implementation of our climate transition plan remain under development, and the data underlying our analysis and strategy remain subject to evolution over time. The process we have adopted to define, gather and report data on our performance on climate and sustainability-related measures is not subject to the formal processes adopted for financial reporting in accordance with IFRS and there are currently limited industry standards or globally recognised established practices for measuring and defining climate (including transition and transition finance) and sustainability-related metrics. As a result, we expect that certain climate and sustainability-related disclosures made in this document are likely to be amended, updated, recalculated or restated in the future. Refer to the cautionary statement in the section entitled ‘Climate and sustainability-related and other forward-looking statements and metrics’ of the NatWest Group 2024 Sustainability Report. Cautionary statement regarding alternative performance measures NatWest Group prepares its financial statements in accordance with UK-adopted

Business

Business performance summary 6 Q3 2025 performance summary 7 Performance key metrics and ratios 9 Chief Financial Officer’s review 10 Retail Banking 11 Private Banking & Wealth Management 12 Commercial & Institutional 13 Central items & other 14 Segment performance Risk and capital management 19 Credit risk 19 Segment analysis – portfolio summary 20 Segment analysis – loans 20 Movement in ECL provision 21 ECL post model adjustments 22 Sector analysis – portfolio summary 27 Capital, liquidity and funding risk 33 Pension risk Financial 34 Condensed consolidated income statement 35 Condensed consolidated statement of comprehensive income 36 Condensed consolidated balance sheet 37 Condensed consolidated statement of changes in equity 39 Presentation of condensed consolidated financial statements 39 Litigation and regulatory matters 40 Post balance sheet events Additional information 41 Other financial data 42 Non-IFRS financial measures 47 Performance measures not defined under IFRS NatWest Group - Form 6-K Q3 2025 5 Q3 2025 performance summary Chief Executive, Paul Thwaite, commented: “NatWest Group delivered another strong performance in the third quarter of 2025, underpinned by healthy levels of customer activity and the continued support we provide to them. This is driving positive momentum across our three businesses, with continued lending growth and deposits remaining stable. With our strategic focus on growth, NatWest Group’s impact can be felt right across the economy, as we help people get on the housing ladder, save and invest for the future and grow their businesses – from innovative start-ups and vital mid-market firms to the largest multinationals responsible for critical infrastructure projects. We are also becoming a much simpler bank, with tight control of costs supporting our digital transformation

Business

Business performance summary Nine months ended Quarter ended 30 September 30 September 30 September 30 June 30 September 2025 2024 2025 2025 2024 Summary consolidated income statement £m £m Variance £m £m Variance £m Variance Net interest income 9,388 8,307 13.0% 3,268 3,094 5.6% 2,899 12.7% Non-interest income 2,929 2,571 13.9% 1,064 911 16.8% 845 25.9% Total income 12,317 10,878 13.2% 4,332 4,005 8.2% 3,744 15.7% Litigation and conduct costs (130) (142) (8.5%) (12) (74) (83.8%) (41) (70.7%) Other operating expenses (5,884) (5,740) 2.5% (1,984) (1,965) 1.0% (1,784) 11.2% Operating expenses (6,014) (5,882) 2.2% (1,996) (2,039) (2.1%) (1,825) 9.4% Profit before impairment losses 6,303 4,996 26.2% 2,336 1,966 18.8% 1,919 21.7% Impairment losses (535) (293) 82.6% (153) (193) (20.7%) (245) (37.6%) Operating profit before tax 5,768 4,703 22.6% 2,183 1,773 23.1% 1,674 30.4% Tax charge (1,412) (1,232) 14.6% (502) (439) 14.4% (431) 16.5% Profit from continuing operations 4,356 3,471 25.5% 1,681 1,334 26.0% 1,243 35.2% Profit from discontinued operations, net of tax - 12 (100.0%) - - - 1 (100.0%) Profit for the period 4,356 3,483 25.1% 1,681 1,334 26.0% 1,244 35.1% Performance key metrics and ratios Notable items within total income (1) £189m £102m 85.3% £166m (£5m) nm (£28m) nm Total income excluding notable items (1) £12,128m £10,776m 12.5% £4,166m £4,010m 3.9% £3,772m 10.4% Net interest margin (1) 2.31% 2.11% 20bps 2.37% 2.28% 9bps 2.18% 19bps Average interest earning assets (1) £544bn £526bn 3.4% £548bn £543bn 0.9% £530bn 3.4% Cost:income ratio (excl. litigation and conduct) (1) 47.8% 52.8% (5.0%) 45.8% 49.1% (3.3%) 47.6% (1.8

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View this 6-K filing on SEC EDGAR