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NatWest Group (GB:NWG)
LSE:NWG

NatWest Group (NWG) AI Stock Analysis

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GB:NWG

NatWest Group

(LSE:NWG)

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Neutral 64 (OpenAI - 5.2)
Rating:64Neutral
Price Target:
660.00 p
▲(15.18% Upside)
Action:DowngradedDate:02/20/26
The score is driven primarily by solid profitability and upbeat guidance/capital returns, reinforced by attractive valuation. These positives are tempered by weak and volatile cash flow (including the most recent year), and softer near-term technical momentum.
Positive Factors
Capital generation and CET1 strength
Consistent capital generation (252bps in 2025) and a CET1 ratio around 14% provide durable loss-absorption and regulatory buffer. This strengthens the bank’s capacity to lend, support distributions and absorb RWA inflation from Basel 3.1 without immediate recapitalisation.
Customer and balance-sheet growth (CAL expansion)
Multi-year CAL growth and material retail/customer inflows expand stable deposit funding and lendable assets. Broader customer base and higher gross lending support sustainable net interest income generation and diversify funding, improving long-term earnings stability.
Strategic scale into Private Banking & Wealth
Acquiring Evelyn meaningfully scales wealth management AUMA, diversifying fee income and improving revenue mix. Material day‑1 fee uplift and targeted synergies support higher recurring non‑interest income and longer-term cross‑sell opportunities versus pure lending.
Negative Factors
Basel 3.1 / RWA inflation headwind
A ~£10bn RWA uplift from Basel 3.1 raises required capital and constrains risk-weighted asset expansion absent offsetting capital generation. This structural regulatory shift will increase capital intensity and could limit lending growth or force higher capital retention over multiple years.
Volatile cash generation / negative recent cash flow
Inconsistent operating and free cash flow despite reported profits reduces long-term cash conversion reliability. Volatile cash flows complicate funding of dividends, buybacks and organic investment, making capital planning more sensitive to one-off balance-sheet swings.
Evelyn integration and adviser retention risk
While Evelyn boosts scale, adviser attrition or integration delays would erode projected fee synergies and ROIC. Execution risk on adviser retention and cultural/product alignment is structural for wealth M&A and could depress medium-term returns relative to acquisition-case assumptions.

NatWest Group (NWG) vs. iShares MSCI United Kingdom ETF (EWC)

NatWest Group Business Overview & Revenue Model

Company DescriptionNatWest Group plc, together with its subsidiaries, provides banking and financial products and services to personal, commercial, corporate, and institutional customers in the United Kingdom and internationally. It operates through Retail Banking, Commercial Banking, Private Banking, RBS International, and NatWest Markets segments. The Retail Banking segment offers a range of banking products and related financial services, such as current accounts, mortgages, personal unsecured lending, and personal deposits, as well as mobile and online banking services. The Commercial Banking segment offers banking and financing solutions to start-up, SME, commercial, corporate, and institutional customers. The Private Banking segment provides private banking and wealth management products for high-net-worth individuals and their business interests. The RBS International segment offers banking various products and services to institutional customers. It also operates in wholesale branches and fund depositary service businesses. The NatWest Markets segment provides services to corporate and institutional customers for the management of financial risks for achieving short-term and long-term sustainable financial goals. NatWest Group plc operates approximately 800 branches and 16,000 physical points of presence. The company was formerly known as The Royal Bank of Scotland Group plc and changed its name to NatWest Group plc in July 2020. NatWest Group plc was founded in 1727 and is headquartered in Edinburgh, the United Kingdom.
How the Company Makes MoneyNatWest Group generates revenue through multiple key streams, primarily from net interest income and non-interest income. Net interest income is derived from the difference between the interest earned on loans and mortgages provided to customers and the interest paid on deposits and borrowings. Non-interest income includes fees and commissions from various banking services, such as account maintenance fees, transaction fees, and wealth management services. Additionally, NatWest engages in investment banking activities, providing advisory and capital market services to corporate clients, which also contributes to its revenue. Significant partnerships with tech firms and fintech companies enhance its digital banking capabilities, attracting more customers and driving further revenue growth.

NatWest Group Earnings Call Summary

Earnings Call Date:Feb 13, 2026
(Q4-2025)
|
% Change Since: |
Next Earnings Date:May 01, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial narrative: robust 2025 results (income +12%, EPS +27%), meaningful cost savings and improved efficiency (cost/income down 4.8ppts), strong capital generation (252bps) and pronounced strategic ambition (Evelyn Partners acquisition, 2028 targets for >4% CAL growth, cost/income <45%, RoTE >18%). Notable risks include RWA and regulatory headwinds (Basel 3.1), exposure to hedge assumptions for near‑term income, integration and adviser retention execution risk on Evelyn, and some revenue and cost pressures tied to expected rate cuts and inflationary/staff cost pressures. On balance the positive operating momentum, capital strength and explicit guidance/targets outweigh the risks highlighted.
Q4-2025 Updates
Positive Updates
Strong overall financial performance
Income (ex-notables) +12% to GBP 16.4bn; operating profit GBP 7.7bn; profit attributable GBP 5.5bn. EPS +27% to 68p; dividends per share +51% to 32.5p; tangible NAV per share +17% to 384p; RoTE 19.2%; CET1 ratio 14%.
Customer and balance sheet growth
Added ~1 million customers in 2025. Gross lending +5.6% to GBP 393bn, customer deposits +2.4% to GBP 442bn, assets under management & administration +20% to GBP 58.5bn. CAL (customer assets & liabilities) continued multi-year growth.
Improved efficiency and cost savings
Delivered ~GBP 600m of gross cost savings (~7% of 2024 cost base); created GBP 100m of reinvestment capacity. Group cost/income ratio reduced by 4.8 percentage points to 48.6% (positive jaws ~10%).
Capital generation and RWA management
Generated 252bps of CET1 during 2025 (CET1 before distributions 16.1%); ended year CET1 14% after distributions. RWAs reduced by GBP 10.9bn through active management to fund lending growth.
Positive segment performance and strategic wins
Retail: customer base +>5%, customer assets & liabilities +4% to GBP 421bn, unsecured share increased (6.4% -> 7.2%) and credit card share (9.7% -> 10.6%); Mortgages flow share FT buyers 10% -> 12%. Private Banking & WM: >50k new investors, net new flows +41%, AUMA +20% to GBP 58.5bn. Commercial & Institutional: lending up c.10% (GBP 14bn), FX revenue growth ~20% and GBP 19bn climate/transition finance in 2025.
Strategic acquisition: Evelyn Partners
Announced acquisition adding GBP 69bn AUMA, scaling Private Banking & WM to ~20% of group CAL. Expected Day‑1 fee income uplift ~20%, projected income synergies >GBP 700m, cost synergies ~GBP 100m, cost to achieve ~GBP 150m, and expected EBITDA c. GBP 400m — accretive and targeted to deliver superior ROIC vs buybacks by year 3 (day‑1 CET1 impact ~130bps).
Digital, AI and operational progress
Cora generative AI increased resolvable queries by ~20 percentage points; Retail app NPS 51; PBWM App Store rating 4.4 and NPS 54. Decommissioned ~200 business applications; deployment frequency >4x since 2021; critical incidents reduced from 9 (2021) to 1 (2025). ~12,000 engineers using AI assistance.
Structural hedge tailwind
Product hedge income GBP 4.2bn (up GBP 1.2bn y/y); equity hedge ~GBP 500m (up ~GBP 50m). Management expects hedge income ~GBP 1.5bn higher in 2026 vs 2025 and ~GBP 1bn higher in 2027 vs 2026, with yields projected to rise (illustrated 2.4% in 2025 -> ~3.1% in 2026).
Negative Updates
Regulatory / RWA headwinds (Basel 3.1 & model inflation)
RWAs increased by GBP 10.1bn to GBP 193.3bn in 2025 (including CRD IV model inflation ~GBP 7.3bn). Management expects Basel 3.1 (Jan 2027) to increase RWAs by around GBP 10bn, raising capital requirements and nominal CET1 need despite some Pillar 2 offsets.
Cost pressures and near‑term expense headwinds
Other operating expenses GBP 8.1bn (including GBP 96m integration one‑offs); guidance ~GBP 8.2bn for 2026. Staff costs, supplier inflation and business transformation are expected to be key drivers of cost growth; Evelyn integration costs (~GBP 150m) and one‑off items noted.
Income sensitivity to rate cuts / mortgage margin pressure
Company expects Bank Rate to fall to 3.25% by end‑2026 with two cuts penciled in (April & October) and estimates rate reductions will be a drag of c. GBP 500m on 2026 NII, partially offset by hedge and volume growth. Mortgage margin compression and competitive savings pricing are cited as headwinds.
Non‑interest income weakness and seasonality
Non‑interest income grew only +1.3% y/y in 2025; Q4 non‑interest income down 3.7% (driven by C&I seasonality after a strong Q3), indicating some variability in fee and trading revenues.
Private Banking & Wealth cost efficiency remains low
Despite improvement, the cost/income ratio for Private Banking & Wealth Management remains high at 64% (reduced 10 percentage points), indicating lower short‑term operating leverage in that division.
Execution and retention risks on Evelyn Partners
Market and analyst questions about integration and advisor attrition risk were raised. Management expects to realize revenue synergies and retain advisers/customers but noted execution and retention as key operational risks; cost to achieve synergies ~GBP 150m.
Expected normalization in impairments
Loan impairment charge was low at 16bps in 2025 but guidance for 2026 expects the loan impairment rate to be below 25bps (i.e., higher than 2025). ECL coverage 83bps with remaining post‑model adjustment GBP 246m; unemployment expected to peak in 2026 — factors requiring monitoring.
Concentration of near‑term income on hedge assumptions
A significant portion of near‑term income growth is driven by structural hedge assumptions (notional growth, reinvestment yields and durations). Outcomes depend on future reinvestment rates, deposit behaviour and CAL growth; this creates sensitivity to market rate and behavioral assumptions.
Company Guidance
NatWest guided for 2026 (ex‑Evelyn Partners) to income excluding notable items of £17.2–17.6bn, other operating expenses of ~£8.2bn, a loan impairment rate below 25bps, capital generation of around 200bps before distributions and a return on tangible equity >17%; it targets a CET1 ratio of around 13% (supervisory minimum 11.6%), expects Basel 3.1 to raise RWAs by ~£10bn (Jan‑2027), and reiterated a c.50% dividend payout policy with scope for buybacks (2025 distributions were £4.1bn: buybacks £1.5bn, dividends £2.6bn, including a £750m buyback). Management also flagged a strong hedge tailwind (combined hedge notional ~£198bn in 2025, hedge yield rising from 2.4% in 2025 to ~3.1% in 2026, with 2026 hedge income ~£1.5bn higher than 2025 and 2027 ~£1bn higher than 2026 and equity‑hedge income ~£500m in 2025). Looking to 2028 (including Evelyn), targets are CAL growth >4% p.a., a cost‑income ratio <45%, >200bps capital generation before distributions and RoTE >18%.

NatWest Group Financial Statement Overview

Summary
Strong multi-year profitability recovery and solid recent margins, plus improving leverage trends. However, cash flow is highly inconsistent with the latest year showing negative operating and free cash flow, creating uncertainty around earnings quality.
Income Statement
78
Positive
Revenue and earnings show a strong multi-year recovery: revenue rose sharply in 2025 (vs. 2024) and profits have remained solidly positive since 2021 after a loss in 2020. Profitability is healthy for the recent period, with 2025 showing good operating and net margins and a higher net income than prior years. Offsetting this, year-to-year revenue growth has been uneven (very low in 2024 before the 2025 jump), which suggests more volatility than a steadily compounding earnings profile.
Balance Sheet
64
Positive
The balance sheet shows meaningful leverage, which is typical for banks but still a key risk factor: debt-to-equity was elevated in 2021–2023 (around ~3x+) before improving to ~1.7x in 2024–2025. Equity has grown modestly alongside stable total assets, and returns on equity have been consistently positive since 2021 and improved into 2025. The main weakness is that leverage remains significant in absolute terms, leaving results more sensitive to credit/market cycles despite the recent de-risking trend.
Cash Flow
38
Negative
Cash generation has been volatile. Operating and free cash flow were strongly positive in 2020–2021, but turned negative in 2022–2023 and again in 2025, indicating inconsistent cash conversion and potentially higher balance-sheet-driven swings. While 2024 returned to positive operating and free cash flow, the most recent year’s negative operating cash flow and free cash flow is a clear near-term red flag versus reported profitability.
BreakdownTTMDec 2025Dec 2024Dec 2023Dec 2022Dec 2021
Income Statement
Total Revenue21.80B29.84B14.34B14.17B12.98B11.75B
Gross Profit15.30B16.30B14.34B14.78B13.35B10.34B
EBITDA7.86B8.79B7.25B6.56B5.55B4.77B
Net Income5.25B5.83B4.80B4.64B3.59B3.27B
Balance Sheet
Total Assets730.78B714.55B707.99B692.67B720.05B781.99B
Cash, Cash Equivalents and Short-Term Investments90.71B98.23B182.46B104.52B145.06B177.76B
Total Debt69.96B71.83B65.92B127.26B116.55B125.60B
Total Liabilities688.80B671.94B668.61B655.49B683.56B740.19B
Stockholders Equity41.96B42.60B39.35B37.16B36.49B41.80B
Cash Flow
Free Cash Flow0.00-17.35B694.00M-14.92B-44.24B52.79B
Operating Cash Flow0.00-16.68B1.77B-13.37B-43.60B53.69B
Investing Cash Flow0.00-15.91B-12.70B-14.69B19.06B3.06B
Financing Cash Flow0.0022.41B-1.89B-23.52B-10.65B-2.60B

NatWest Group Technical Analysis

Technical Analysis Sentiment
Negative
Last Price573.00
Price Trends
50DMA
629.16
Negative
100DMA
619.16
Negative
200DMA
567.78
Positive
Market Momentum
MACD
-14.17
Positive
RSI
38.00
Neutral
STOCH
40.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:NWG, the sentiment is Negative. The current price of 573 is below the 20-day moving average (MA) of 600.65, below the 50-day MA of 629.16, and above the 200-day MA of 567.78, indicating a neutral trend. The MACD of -14.17 indicates Positive momentum. The RSI at 38.00 is Neutral, neither overbought nor oversold. The STOCH value of 40.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:NWG.

NatWest Group Peers Comparison

Overall Rating
UnderperformOutperform
Sector (68)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
80
Outperform
£205.38B12.108.88%4.27%-11.86%-24.31%
68
Neutral
$18.00B11.429.92%3.81%9.73%1.22%
67
Neutral
£56.10B10.478.08%3.41%-22.85%-21.12%
64
Neutral
£45.62B9.0014.96%3.85%4.27%26.21%
61
Neutral
£53.63B9.379.41%1.50%14.18%46.12%
58
Neutral
£35.62B11.029.85%1.70%-4.35%21.86%
53
Neutral
£281.54M34.92-16.30%-3.77%-147.20%
* Financial Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GB:NWG
NatWest Group
565.20
132.27
30.55%
GB:STAN
Standard Chartered
1,546.50
399.14
34.79%
GB:BARC
Barclays
386.25
97.29
33.67%
GB:HSBA
HSBC Holdings
1,180.40
353.18
42.69%
GB:LLOY
Lloyds Banking
94.18
27.94
42.18%
GB:VANQ
Vanquis Banking Group
110.00
58.00
111.54%

NatWest Group Corporate Events

Business Operations and StrategyStock Buyback
NatWest Continues Share Buyback With 752,846 Shares Repurchased for Cancellation
Positive
Feb 19, 2026

NatWest Group has continued its on-market share buyback programme, repurchasing a total of 752,846 ordinary shares on 19 February 2026 across the London Stock Exchange and other trading venues at volume-weighted average prices slightly above 616p per share. The bank intends to cancel the repurchased shares, which will reduce its share count to about 7.98 billion shares in issue excluding treasury holdings, marginally enhancing earnings per share and signalling ongoing capital return to shareholders within its existing buyback framework.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £725.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Advances Capital Return with New Share Buyback Tranche
Positive
Feb 18, 2026

NatWest Group has repurchased 541,067 ordinary shares on 18 February 2026 across the London Stock Exchange, CHIX and BATE trading venues as part of its ongoing share buyback programme with UBS acting as counterparty. The repurchased shares, bought at volume-weighted average prices around 628p, are intended to be cancelled, leaving 218,076,298 shares held in treasury and 7,980,014,062 shares in issue, effectively tightening the company’s free float and potentially enhancing earnings per share for investors.

The transaction continues NatWest’s capital return strategy, signalling management’s confidence in the bank’s balance sheet strength and future prospects. By reducing the number of shares in circulation while maintaining robust treasury holdings, the move may support the share price and underscores the group’s ongoing efforts to optimise its capital structure within the regulated U.K. banking environment.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £725.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Financial DisclosuresRegulatory Filings and Compliance
NatWest Group Files Annual Form 20-F with U.S. SEC
Positive
Feb 18, 2026

NatWest Group plc has filed its Annual Report on Form 20-F for the year with the U.S. Securities and Exchange Commission, reinforcing its compliance with U.S. reporting requirements as a foreign issuer. The report is now accessible on both the SEC and NatWest websites, with the bank also offering hard copies of its audited financial statements free of charge to security holders, underscoring its commitment to transparency and investor communication.

The filing ensures U.S. investors have full access to NatWest’s audited financial information, which supports informed investment decisions and maintains alignment with cross-border regulatory standards. This step underpins NatWest’s ongoing engagement with international capital markets and highlights the governance role of its Chief Governance Officer and Company Secretary in overseeing disclosure obligations.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £7.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Cancels 634,502 Shares Under Ongoing Buyback Programme
Positive
Feb 17, 2026

NatWest Group has repurchased 634,502 of its ordinary shares, with a nominal value of £1.0769 each, from UBS across multiple trading venues including the London Stock Exchange, CHIX and BATE, at volume-weighted average prices around 609p per share. The transactions were executed under the bank’s existing share buyback programme, and the repurchased shares will be cancelled, leaving 7.98 billion ordinary shares in issue and 218.1 million held in treasury, a move that supports capital return to shareholders and marginally enhances earnings per share.

By continuing to execute on its buyback mandate, NatWest further signals confidence in its capital position and future prospects while optimizing its balance sheet structure. The cancellation of these shares, rather than holding them for re-issuance, underscores a long-term commitment to reducing share count, which may strengthen shareholder value and consolidate the bank’s position within the competitive U.K. banking sector.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £7.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Advances Buyback With 634,623-Share Repurchase
Positive
Feb 16, 2026

NatWest Group has continued its capital management strategy by repurchasing 634,623 ordinary shares on 16 February 2026 across the London Stock Exchange and alternative trading venues. The purchases, executed via UBS at volume-weighted average prices around 605–606 pence, form part of the bank’s existing share buyback programme and are intended to be cancelled to reduce the overall share count.

Following settlement of these transactions, NatWest will hold 218,170,622 ordinary shares in treasury and have 7,981,095,307 shares in issue excluding treasury stock. The move marginally enhances earnings per share and underscores ongoing efforts to return surplus capital to shareholders, signalling confidence in the bank’s balance sheet strength and capital position.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £7.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
NatWest Updates £40bn Euro Medium Term Note Programme with FCA-Approved Supplement
Positive
Feb 16, 2026

NatWest Group has published a supplementary prospectus to its £40 billion Euro Medium Term Note Programme, originally established in December 2025 and now updated via a document dated 13 February 2026. The supplementary prospectus has been approved by the Financial Conduct Authority and lodged with the National Storage Mechanism, reinforcing the bank’s ongoing access to wholesale funding markets through its large-scale EMTN issuance platform.

This regulatory approval ensures investors can review the latest information governing NatWest’s sizeable note-issuance framework, which underpins a significant part of its capital markets funding strategy. The move signals continued active management of disclosure and documentation requirements, supporting transparency and potentially facilitating future debt issuances under the programme for institutional and other fixed-income investors.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £715.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest launches £750m share buyback to cut share capital
Positive
Feb 16, 2026

NatWest Group has launched a new share buyback programme of up to £750 million, beginning on 16 February 2026 and running to no later than mid-January 2027, with a possible short extension to February. The initiative, conducted via non-discretionary instructions to UBS, is aimed at reducing the bank’s issued share capital and is capped at a maximum repurchase of 650 million ordinary shares.

The repurchased shares will be cancelled, underscoring NatWest’s continued focus on returning excess capital to investors within the limits approved by shareholders at its 2025 AGM. The move reinforces the group’s capital management strategy and may support earnings per share and equity valuation, while signalling confidence in its balance sheet and future performance without altering existing restrictions on U.S. market participation.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £715.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Completes £750m Share Buyback Programme
Positive
Feb 13, 2026

NatWest Group has executed further purchases of its own ordinary shares on the London Stock Exchange as part of its existing share buyback programme with Merrill Lynch International. The latest transaction involved 889,690 shares bought at a volume‑weighted average price of 588.56 pence, with the company intending to cancel the repurchased stock.

Following these trades, NatWest will hold 218,209,569 shares in treasury and have 7,981,690,983 shares in issue, excluding treasury holdings. The bank also confirmed completion of the buyback that began in July 2025, under which it has repurchased and cancelled 131,244,323 shares for a total consideration of £750 million, signalling ongoing capital returns to shareholders and a reduced free float.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £770.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyDividendsFinancial Disclosures
NatWest lifts profits, capital and dividends on broad UK customer growth
Positive
Feb 13, 2026

NatWest Group, one of the UK’s largest retail and commercial banks, operates across Retail Banking, Private Banking & Wealth Management, and Commercial & Institutional segments, with offerings ranging from mortgages and savings to investment and corporate banking services. The group has been investing heavily in simplification, digitisation and AI partnerships to sharpen its customer focus and improve productivity while maintaining strong capital and liquidity positions.

NatWest reported a strong 2025, with income excluding notable items rising to £16.4 billion, return on tangible equity hitting 19.2% and attributable profit reaching £5.5 billion, supported by higher deposit margins, loan growth and FX trading income. The bank added around one million customers, expanded net loans by £20.7 billion, grew customer deposits by £10.4 billion and lifted assets under management and administration by nearly 20%, while cost control and AI‑driven efficiencies improved its cost:income ratio and supported higher dividends.

The group’s active balance sheet and risk management delivered significant risk‑weighted asset benefits, boosted capital generation and lifted its CET1 ratio to 14.0%, underpinning a 51% increase in total dividends per share compared with 2024. Management highlighted the bank’s return to full private ownership and said the strong performance and strengthened balance sheet give it the confidence to raise strategic ambitions, deepen customer relationships and consolidate its position as a trusted partner across the UK economy.

Operationally, NatWest continued to grow across all three customer businesses, with strong mortgage lending, savings inflows and more than 50,000 new investment clients driving a 19.6% increase in AUMA. The bank emphasised the success of tailored propositions such as its Family‑Backed Mortgage and youth-focused Rooster Money platform, which it says are helping first-time buyers onto the housing ladder and building financial habits in younger customers, reinforcing long-term franchise strength.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £780.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Financial DisclosuresRegulatory Filings and Compliance
NatWest files 2025 annual report as it flags mounting macro and market risks
Negative
Feb 13, 2026

NatWest Group has published its 2025 Annual Report and Accounts and its 2025 Pillar 3 regulatory disclosure, making both documents available via the UK’s National Storage Mechanism and the bank’s investor website, with printed copies to be sent to shareholders who have requested them. The release highlights a wide range of principal risks, including macroeconomic and geopolitical uncertainty, the impact of changing interest rates on margins and valuations, and currency fluctuations that could materially affect future results, capital, and the value of its securities, underlining the bank’s sensitivity to UK and global market conditions.

The group warns that inflation, shifting monetary and fiscal policies, supply chain disruption, sanctions, conflicts such as in Ukraine and the Middle East, and potential political change in Scotland could all undermine customer activity and asset values. It also notes that volatility in rates and foreign exchange, along with rapid customer responses to rate moves, may weaken net interest income and hedging effectiveness, reinforcing the importance of risk management as NatWest navigates a challenging operating environment for UK financial institutions.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £780.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock BuybackRegulatory Filings and Compliance
NatWest Advances Capital Return with Further Share Buyback and Cancellation
Positive
Feb 12, 2026

NatWest Group has repurchased 880,853 of its ordinary shares on 12 February 2026 as part of its ongoing share buyback programme, with trades executed by Merrill Lynch International on the London Stock Exchange at a volume-weighted average price of 607.78 pence. The bank intends to cancel these shares, which will leave 7,982,557,962 ordinary shares in issue excluding 218,232,280 held in treasury, a move that marginally enhances earnings per share and signals continued capital return to shareholders.

The transaction underscores NatWest’s efforts to manage its capital base and optimise its balance sheet following prior authorisations for buybacks issued in July 2025. By steadily reducing its free-float through treasury holdings and cancellations, the group is reinforcing its shareholder distribution strategy while maintaining regulatory transparency under the U.K. Market Abuse Regulation.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £780.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Buys Back and Cancels 857,224 Shares Under Ongoing Programme
Positive
Feb 11, 2026

NatWest Group has repurchased 857,224 of its ordinary shares on 11 February 2026 as part of its ongoing share buyback programme, with trades executed on the London Stock Exchange via Merrill Lynch International. The bank plans to cancel these shares, leaving 7,983,364,091 ordinary shares in issue excluding 218,307,004 held in treasury, a move that is expected to enhance capital efficiency and support shareholder value by reducing the overall share count.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £780.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
NatWest to Redeem $1 Billion Callable Notes Ahead of 2027 Maturity
Positive
Feb 11, 2026

NatWest Group has announced it will redeem in full its $1 billion 5.847% Senior Callable Fixed-to-Fixed Reset Rate Notes due 2027 on 2 March 2026, exercising its call option under the existing indenture. The move retires all outstanding securities in this series, simplifying the bank’s debt profile and potentially lowering future funding costs, while signalling active balance sheet and capital structure management to bond investors and other stakeholders.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £7.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Continues Share Buyback With 914,095-Share Repurchase
Positive
Feb 10, 2026

NatWest Group has repurchased 914,095 ordinary shares on 10 February 2026 as part of its ongoing share buyback programme, paying a volume‑weighted average price of 611.77 pence per share. The transaction was executed on the London Stock Exchange through Merrill Lynch International, with the bank intending to cancel the repurchased stock rather than hold it for resale.

Following this latest buyback, NatWest will hold 218,330,682 shares in treasury and have 7,984,197,637 ordinary shares in issue, marginally reducing its free float and overall share count. The continued execution of the buyback programme underscores management’s capital-return strategy and may support earnings per share metrics and shareholder value over time.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £7.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Continues Buyback With New Share Repurchase and Cancellation
Positive
Feb 9, 2026

NatWest Group has continued its ongoing share buyback programme, repurchasing 841,455 ordinary shares of £1.0769 nominal value each from Merrill Lynch International on 9 February 2026. The shares were bought on the London Stock Exchange at prices between 593.80p and 655.40p, with a volume-weighted average price of 620.30p.

The bank intends to cancel the repurchased shares, which will reduce the number of shares in circulation and may enhance earnings per share and capital return metrics for investors. Following settlement, NatWest will hold 218,374,752 shares in treasury and have 7,985,067,662 ordinary shares in issue, underscoring its continued use of buybacks as a tool for capital management and shareholder returns.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £725.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock BuybackFinancial DisclosuresM&A Transactions
NatWest to Buy Evelyn Partners for £2.7bn and Launch £750m Buyback
Positive
Feb 9, 2026

NatWest Group has agreed to acquire U.K. wealth manager Evelyn Partners for an enterprise value of £2.7 billion and launch a £750 million share buyback, in a move that will create what it calls the country’s leading private banking and wealth management business. The deal, funded from existing resources and expected to close in summer 2026 subject to regulatory approval, will combine Evelyn’s £69 billion of assets under management and administration with NatWest’s £59 billion, giving £127 billion in AUMA and £188 billion in total customer assets and liabilities.

Evelyn Partners, which has grown its AUMA at more than 7% annually and generated £179 million of EBITDA in 2025, brings an integrated platform spanning financial planning, discretionary investment management and a direct-to-consumer offering. NatWest expects the combination to boost fee income by about 20% before revenue synergies, deliver around £100 million in annual cost synergies at a cost of £150 million to achieve, and be accretive to growth and return on tangible equity in the first year, even after a roughly 130 basis point hit to its CET1 ratio.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £725.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Continues Buyback with £0.66-per-Share Repurchase on LSE
Positive
Feb 6, 2026

NatWest Group has repurchased 797,428 of its own ordinary shares on 6 February 2026 from Merrill Lynch International as part of its ongoing share buyback programme, at a volume-weighted average price of 659.29 pence per share on the London Stock Exchange. The bank plans to cancel the repurchased shares, leaving 218,398,429 shares held in treasury and 7,985,846,685 ordinary shares in issue, a move that continues its capital return strategy and marginally enhances earnings per share for remaining shareholders while signalling management’s confidence in the group’s financial position.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £781.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Continues Share Buyback with Further £1 Nominal Shares Repurchase
Positive
Feb 5, 2026

NatWest Group plc has continued execution of its share buyback programme, repurchasing 805,465 ordinary shares on 5 February 2026 from Merrill Lynch International on the London Stock Exchange at a volume-weighted average price of 664.69 pence per share. The bank plans to cancel the repurchased shares, which will reduce the number of shares in circulation and can enhance earnings per share, leaving 7,986,644,113 ordinary shares in issue (excluding 218,437,184 held in treasury), underscoring ongoing capital return to shareholders and active balance sheet management.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £781.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Stock Buyback
NatWest Buys Back 765,496 Shares for Cancellation Under Ongoing Programme
Positive
Feb 4, 2026

NatWest Group plc has repurchased 765,496 of its own ordinary shares on 4 February 2026 as part of its ongoing share buyback programme, executed via Merrill Lynch International on the London Stock Exchange at a volume-weighted average price of 697.74 pence per share. The bank intends to cancel the repurchased shares, which will reduce the overall number of shares in circulation to 7,987,372,130 (excluding 218,514,632 shares held in treasury), a move that can enhance earnings per share and signal continued confidence in its capital position and long-term value for shareholders.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £770.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Buys Back and Cancels 767,600 Shares Under Ongoing Programme
Positive
Feb 3, 2026

NatWest Group has repurchased 767,600 of its ordinary shares on 3 February 2026 as part of its ongoing share buyback programme, at a volume-weighted average price of 694.55 pence per share on the London Stock Exchange. The bank intends to cancel these shares, which will leave it with 218,623,531 shares held in treasury and 7,988,028,727 ordinary shares in issue, a move that supports capital management objectives and can enhance earnings per share for existing shareholders.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £770.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Buys Back and Cancels Nearly 796,000 Shares Under Ongoing Programme
Positive
Feb 2, 2026

NatWest Group plc has repurchased 795,988 of its ordinary shares on 2 February 2026 on the London Stock Exchange as part of its existing share buyback programme, at a volume-weighted average price of 673.71 pence per share. The bank intends to cancel the repurchased shares, which will leave it with 218,707,198 ordinary shares held in treasury and 7,988,712,660 ordinary shares in issue, a move that supports capital management and may enhance earnings per share for investors while signalling continued confidence in its financial position.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £752.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Continues Share Buyback With Purchase of 787,709 Shares
Positive
Jan 30, 2026

NatWest Group has continued its existing share buyback programme by repurchasing 787,709 ordinary shares on 30 January 2026 from Merrill Lynch International on the London Stock Exchange at a volume-weighted average price of 663.60 pence per share. The bank intends to cancel the repurchased shares, which will reduce the number of shares in circulation and can enhance earnings per share, leaving it with 218,748,847 shares held in treasury and 7,989,466,999 ordinary shares in issue, signalling ongoing capital return to shareholders and confidence in its capital position.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £738.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Regulatory Filings and Compliance
NatWest Group Updates Market on Total Voting Rights and Share Capital
Neutral
Jan 30, 2026

NatWest Group has disclosed its total voting rights and issued share capital as at 30 January 2026, in line with UK Disclosure Guidance and Transparency Rules. The bank reported 7,991,063,144 ordinary shares in issue excluding treasury shares, with each ordinary share carrying four voting rights, resulting in 31,964,252,576 exercisable voting rights, alongside additional non-exercisable voting rights attached to cumulative preference shares and ordinary shares held in treasury. The total number of shares in issue amounts to 8,210,295,131, representing 31,966,185,136 voting rights in aggregate, a figure shareholders are advised to use when assessing whether they must notify holdings or changes in holdings under regulatory disclosure requirements, underscoring ongoing transparency obligations for investors in the group.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £738.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Stock Buyback
NatWest Continues Share Buyback With £0.66-per-Share Repurchase
Positive
Jan 29, 2026

NatWest Group has repurchased 808,436 of its ordinary shares on 29 January 2026 from Merrill Lynch International as part of its ongoing share buyback programme, paying a volume-weighted average price of 659.73p per share on the London Stock Exchange. The bank intends to cancel the repurchased shares, leaving 218,787,070 shares held in treasury and 7,990,216,485 shares in issue, a move that supports capital return to shareholders and may enhance earnings per share while signalling continued confidence in its balance sheet strength and capital position.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £743.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Stock Buyback
NatWest Continues Share Buyback with £0.81m Share Repurchase on 28 January
Positive
Jan 28, 2026

NatWest Group has repurchased 810,744 of its own ordinary shares on 28 January 2026 through Merrill Lynch International as part of its ongoing share buyback programme, at a volume-weighted average price of 661.96 pence per share on the London Stock Exchange. The bank intends to cancel the repurchased shares, leaving 218,865,321 ordinary shares held in treasury and 7,990,946,670 shares in issue, a move that incrementally reduces its free float and can enhance earnings per share, signalling continued capital return to shareholders and balance sheet strength.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £754.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Stock Buyback
NatWest Repurchases 796,761 Shares for Cancellation Under Ongoing Buyback
Positive
Jan 27, 2026

NatWest Group has repurchased 796,761 of its own ordinary shares on 27 January 2026 as part of its ongoing share buyback programme, at a volume-weighted average price of 665.48 pence per share on the London Stock Exchange. The repurchased shares, acquired from Merrill Lynch International under instructions issued in July 2025, are intended to be cancelled, leaving the bank with 218,955,463 shares held in treasury and 7,991,667,272 ordinary shares in issue, a move that marginally reduces the share count and may enhance capital efficiency and shareholder value.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £735.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Repurchases and Cancels Over 800,000 Shares Under Ongoing Buyback
Positive
Jan 26, 2026

NatWest Group has repurchased 811,927 of its ordinary shares on 26 January 2026 as part of its ongoing share buyback programme, with the trades executed by Merrill Lynch International on the London Stock Exchange at a volume-weighted average price of 651.31 pence per share. The bank intends to cancel the repurchased shares, which will reduce the number of shares in circulation to 7,992,420,184 (excluding 218,999,312 shares held in treasury), a move that typically supports capital management objectives and may enhance earnings per share for remaining shareholders.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £731.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Stock Buyback
NatWest Repurchases and Cancels 821,613 Shares Under Ongoing Buyback Programme
Positive
Jan 23, 2026

NatWest Group has repurchased 821,613 ordinary shares on 23 January 2026 from Merrill Lynch International as part of its existing share buyback programme, paying a volume-weighted average price of 649.75p per share. The bank intends to cancel the repurchased shares, which will leave it holding 219,045,601 shares in treasury and 7,993,185,822 ordinary shares in issue, a move that is expected to enhance capital efficiency and potentially support earnings per share and shareholder value by reducing the free-float share count.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £734.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Repurchases Over 800,000 Shares Under Ongoing Buyback Programme
Positive
Jan 22, 2026

NatWest Group has repurchased 811,319 of its ordinary shares on 22 January 2026 as part of its ongoing share buyback programme, with the shares bought on the London Stock Exchange at a volume-weighted average price of 654.46 pence. The bank plans to cancel the repurchased shares, resulting in 219,129,618 ordinary shares held in treasury and 7,993,923,418 ordinary shares in issue, a move that supports capital management objectives and may enhance earnings per share and capital return for shareholders.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £734.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Stock Buyback
NatWest Continues Share Buyback With January Purchase for Cancellation
Positive
Jan 21, 2026

NatWest Group has repurchased 830,691 of its own ordinary shares on 21 January 2026 from Merrill Lynch International as part of its ongoing share buyback programme, paying a volume-weighted average price of 647.34 pence per share on the London Stock Exchange. The bank intends to cancel the repurchased shares, which will leave it holding 219,247,163 shares in treasury and 7,994,617,192 shares in issue, a move that supports capital return to shareholders and marginally enhances earnings per share by reducing the stock’s free float.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £730.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Buys Back Over 800,000 Shares for Cancellation in Ongoing Capital Return
Positive
Jan 20, 2026

NatWest Group has repurchased 812,206 of its ordinary shares on 20 January 2026 as part of its ongoing share buyback programme, with the trades executed by Merrill Lynch International on the London Stock Exchange at a volume‑weighted average price of 648.77 pence per share. The bank plans to cancel the repurchased shares, leaving 7,995,366,513 ordinary shares in issue excluding 219,328,533 shares held in treasury, a move that supports capital management, can enhance earnings per share over time, and underscores management’s commitment to returning surplus capital to shareholders while tightening the free float of its stock.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £738.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Stock Buyback
NatWest Continues Share Buyback With Purchase of 827,000 Shares
Positive
Jan 19, 2026

NatWest Group has continued its existing share buyback programme by repurchasing 826,992 ordinary shares on 19 January 2026 from Merrill Lynch International on the London Stock Exchange, at a volume-weighted average price of 643.14 pence per share. The bank plans to cancel the repurchased shares, which will leave 219,454,919 ordinary shares held in treasury and 7,996,052,333 shares in issue (excluding treasury), a move that marginally reduces the company’s outstanding share count and can be supportive of earnings per share and capital return to shareholders.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £738.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Continues Share Buyback With New £0.644 per Share Purchase
Positive
Jan 16, 2026

NatWest Group has continued its ongoing share buyback programme, repurchasing 827,502 ordinary shares on 16 January 2026 from Merrill Lynch International on the London Stock Exchange at a volume-weighted average price of 644.39 pence per share. The bank intends to cancel the repurchased shares, which will reduce the number of shares in circulation and is typically supportive of earnings per share and capital return to investors; following settlement, NatWest will hold 219.5 million shares in treasury and have just under 8.0 billion ordinary shares in issue, underscoring its active capital management strategy.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £680.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Continues Share Buyback With New £0.64-Per-Share Repurchase
Positive
Jan 15, 2026

NatWest Group has repurchased 827,445 of its own ordinary shares on 15 January 2026 through Merrill Lynch International as part of its ongoing share buyback programme, paying a volume-weighted average price of 640.29 pence per share on the London Stock Exchange. The bank intends to cancel the repurchased shares, leaving 219,591,372 shares held in treasury and 7,997,570,374 shares in issue, a move that supports capital management, may enhance earnings per share, and signals continued confidence in its financial position to investors.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £700.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Continues Capital Return Drive With Further Share Buyback
Positive
Jan 14, 2026

NatWest Group has repurchased 842,406 ordinary shares on 14 January 2026 as part of its ongoing share buyback programme, buying the stock on the London Stock Exchange at a volume-weighted average price of 630.97p per share. The bank intends to cancel the repurchased shares, which will reduce its share count to 7,998,241,274 ordinary shares in issue (excluding 219,747,917 held in treasury), supporting capital return to investors and potentially enhancing earnings per share and capital efficiency as it continues to manage its balance sheet and shareholder distributions.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £700.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Repurchases and Cancels 845,000 Shares Under Ongoing Buyback
Positive
Jan 13, 2026

NatWest Group has repurchased 845,398 of its ordinary shares on 13 January 2026 from Merrill Lynch International as part of its ongoing share buyback programme, paying a volume-weighted average price of 630.81 pence per share on the London Stock Exchange. The bank plans to cancel the repurchased shares, leaving 7,999,008,668 ordinary shares in issue excluding 219,822,929 shares held in treasury, a move that supports capital return to shareholders and may enhance earnings per share and capital efficiency within its broader capital management strategy.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £700.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Continues Capital Return Drive With Further Share Buyback and Cancellation
Positive
Jan 12, 2026

NatWest Group has repurchased 842,883 of its ordinary shares on 12 January 2026 from Merrill Lynch International as part of its ongoing share buyback programme, paying a volume-weighted average price of 640.01 pence per share on the London Stock Exchange. The bank intends to cancel the repurchased shares, which will leave 219,918,893 ordinary shares held in treasury and 7,999,758,102 ordinary shares in issue, a move that continues its capital return strategy and slightly enhances earnings per share for existing investors by reducing the overall share count.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £700.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyExecutive/Board Changes
NatWest refreshes board with tech-focused non-executive director appointment
Positive
Jan 12, 2026

NatWest Group has announced that long-serving non-executive director Yasmin Jetha will retire from its board on 31 March 2026, marking the end of her tenure that began in 2017. The bank has appointed technology veteran Albert Hitchcock as an independent non-executive director from 16 February 2026, bringing more than three decades of experience in technology, cyber, AI and financial services from senior roles at Nortel Networks, Vodafone, Pearson and, more recently, as a non-executive director at Nationwide Building Society. The move underscores NatWest’s strategic focus on strengthening its board-level expertise in digital transformation and technology governance at a time when cyber resilience and AI capabilities are increasingly central to competitive positioning and risk management in the banking sector.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £700.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Repurchases and Cancels Further Shares Under Ongoing Buyback Programme
Positive
Jan 9, 2026

NatWest Group has continued its existing share buyback programme, repurchasing 841,756 ordinary shares on 9 January 2026 on the London Stock Exchange at a volume-weighted average price of 641.89 pence per share from Merrill Lynch International. The bank plans to cancel the repurchased shares, which will leave it holding 219,996,633 shares in treasury and 8,000,523,245 ordinary shares in issue, a move that marginally reduces the share count and can enhance earnings per share and capital return to investors as part of its broader capital management strategy.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £700.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Cancels 799,553 Shares in Ongoing Buyback Programme
Positive
Jan 8, 2026

NatWest Group has repurchased 799,553 of its ordinary shares on 8 January 2026 from Merrill Lynch International as part of its ongoing share buyback programme, paying a volume-weighted average price of 640.21 pence per share on the London Stock Exchange. The bank intends to cancel the repurchased shares, which will leave it with 220,084,521 shares held in treasury and 8,001,277,113 ordinary shares in issue excluding treasury, a move that supports capital return to shareholders and may enhance earnings per share while signalling continued confidence in the group’s financial position.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £700.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Continues Share Buyback with £848,792-Share Repurchase for Cancellation
Positive
Jan 7, 2026

NatWest Group plc has repurchased 848,792 of its own ordinary shares on 7 January 2026 as part of its ongoing share buyback programme, executed through Merrill Lynch International on the London Stock Exchange at a volume-weighted average price of 638.20 pence per share. The bank intends to cancel the repurchased shares, a move that will slightly reduce the total number of shares in issue to 8.0 billion (excluding 220.3 million held in treasury), supporting capital efficiency and potentially enhancing earnings per share, while signalling continued confidence in its balance sheet and long-term value to shareholders.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £700.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Repurchases and Cancels 787,737 Shares Under Ongoing Buyback Programme
Positive
Jan 6, 2026

NatWest Group plc has repurchased 787,737 of its ordinary shares on 6 January 2026 from Merrill Lynch International as part of its ongoing share buyback programme, paying a volume-weighted average price of 666.27 pence per share on the London Stock Exchange. The bank plans to cancel the repurchased shares, leaving 220,488,230 shares held in treasury and 8,002,521,749 ordinary shares in issue, a move that supports capital management and may enhance earnings per share while signalling continued confidence in the group’s financial position to shareholders and the wider market.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £720.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Stock Buyback
NatWest Continues Share Buyback With Purchase of 806,867 Shares for Cancellation
Positive
Jan 5, 2026

NatWest Group has repurchased 806,867 of its ordinary shares on 5 January 2026 from Merrill Lynch International as part of its ongoing share buyback programme, paying a volume-weighted average price of 664.25 pence per share on the London Stock Exchange. The bank plans to cancel the repurchased shares, leaving 8,003,055,571 ordinary shares in issue excluding 220,742,145 shares held in treasury, a move that supports capital return to shareholders and may enhance earnings per share by reducing the overall share count.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £695.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Other
NatWest Chairman and Non-Executive Directors Increase Shareholdings
Positive
Jan 5, 2026

NatWest Group has disclosed that its chairman and several independent non-executive directors, including the senior independent director, purchased additional ordinary shares in the bank on 2 January 2026 under the company’s shareholding policy for the board. The insider share purchases, all executed on the London Stock Exchange at £6.6040 per share, underline continued alignment of the board’s financial interests with those of shareholders and provide a signal of confidence in the bank’s prospects and governance practices.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £695.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Continues Share Buyback With Repurchase of Over 1 Million Shares
Positive
Jan 2, 2026

NatWest Group plc has repurchased 1,060,397 of its ordinary shares on 2 January 2026 as part of its ongoing share buyback programme, with trades executed on the London Stock Exchange through Merrill Lynch International. The bank intends to cancel the repurchased shares, leaving 220,914,162 shares held in treasury and 8,003,690,421 ordinary shares in issue, a move that marginally reduces its share count and can enhance earnings per share, signalling continued capital return to shareholders and confidence in its balance sheet.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £695.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Repurchases and Cancels 562,698 Shares Under Ongoing Buyback Programme
Positive
Jan 2, 2026

NatWest Group has continued its ongoing share buyback programme by repurchasing 562,698 ordinary shares from Merrill Lynch International on 31 December 2025, at a volume-weighted average price of 651.29 pence per share on the London Stock Exchange. The bank intends to cancel the repurchased shares, which will leave it with 221,018,778 ordinary shares held in treasury and 8,004,646,202 ordinary shares in issue excluding treasury, a move that marginally enhances earnings per share and signals continued capital return to shareholders within its existing buyback framework.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £695.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Stock Buyback
NatWest Repurchases and Cancels Further Shares Under Ongoing Buyback Programme
Positive
Dec 24, 2025

NatWest Group has repurchased 193,319 of its ordinary shares on 24 December 2025 under its ongoing share buyback programme, with the shares acquired on the London Stock Exchange at a volume-weighted average price of 647.46 pence. The bank intends to cancel the repurchased shares, leaving 221,577,438 shares held in treasury and 8,006,316,790 shares in issue, a move that marginally reduces the overall share count and can enhance earnings per share and capital returns for existing shareholders while signalling continued confidence in the group’s financial position.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £695.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Continues Share Buyback With Purchase and Cancellation of 771,656 Shares
Positive
Dec 23, 2025

NatWest Group has repurchased 771,656 of its ordinary shares on 23 December 2025 as part of its ongoing share buyback programme, with the trades executed on the London Stock Exchange by Merrill Lynch International. The bank intends to cancel the repurchased shares, which will leave it holding 221,881,172 shares in treasury and 8,006,206,375 shares in issue, a move that marginally reduces its share count and can enhance earnings per share while signalling continued capital strength and active balance sheet management to investors.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £695.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Regulatory Filings and Compliance
NatWest CIO Exercises ShareSave Option to Acquire Additional Shares
Neutral
Dec 23, 2025

NatWest Group has disclosed that Group Chief Information Officer Scott Marcar has acquired 1,933 ordinary shares in the bank following the exercise of an option granted under the NatWest Group plc 2017 UK ShareSave Plan. The shares, with a nominal value of £1.0769 each, were purchased on 23 December 2025 at £1.8619 per share on the London Stock Exchange, constituting a routine notification of a transaction by a person discharging managerial responsibilities in line with market abuse regulations.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £695.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Repurchases 882,353 Shares Under Ongoing Buyback Programme
Positive
Dec 22, 2025

NatWest Group has repurchased 882,353 of its own ordinary shares on 22 December 2025 as part of its ongoing share buyback programme, with the trades executed via Merrill Lynch International on the London Stock Exchange at a volume-weighted average price of 643.06 pence per share. The bank plans to cancel the repurchased shares, which will leave it holding 222,478,928 shares in treasury and 8,006,380,275 ordinary shares in issue, a move that is likely to enhance earnings per share and reflects continued capital return to shareholders under its existing buyback mandate.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £695.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Stock Buyback
NatWest Group Executes Share Buyback as Part of Ongoing Program
Neutral
Dec 12, 2025

NatWest Group plc has executed a share buyback transaction, purchasing 865,257 ordinary shares at a volume-weighted average price of 618.21 GBp per share. This move is part of the company’s ongoing share buyback program, with the intention to cancel the repurchased shares, potentially impacting the company’s stock value and shareholder equity.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £695.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Executes Share Buyback to Enhance Shareholder Value
Positive
Dec 11, 2025

NatWest Group plc announced the purchase of 857,028 ordinary shares as part of its ongoing share buyback program. This transaction, executed through Merrill Lynch International, reflects the company’s strategy to manage its capital structure and enhance shareholder value by reducing the number of shares in circulation.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £695.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Stock Buyback
NatWest Group Enhances Shareholder Value Through Share Buyback
Positive
Dec 10, 2025

NatWest Group plc announced the repurchase of 857,176 ordinary shares as part of its ongoing share buyback program, with the highest price paid per share being 620.80 GBp and the lowest at 610.80 GBp. This transaction, executed through Merrill Lynch International, aims to enhance shareholder value by reducing the number of shares in circulation, with the repurchased shares intended for cancellation.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £695.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Stock Buyback
NatWest Group Executes Share Buyback as Part of Ongoing Program
Neutral
Dec 9, 2025

NatWest Group plc has executed a share buyback transaction, purchasing 862,225 ordinary shares at an average price of 621.45 GBp per share. This move is part of an ongoing share buyback program, with the repurchased shares intended for cancellation, potentially impacting the company’s share capital structure and shareholder value.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £695.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Group Continues Share Buyback Program
Positive
Dec 8, 2025

NatWest Group plc has announced the purchase of 851,800 ordinary shares as part of its ongoing share buyback program, executed through Merrill Lynch International. This move is part of the company’s strategy to manage its capital structure by reducing the number of shares in circulation, which could potentially enhance shareholder value.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £695.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Stock Buyback
NatWest Group Enhances Shareholder Value with Share Buyback
Positive
Dec 5, 2025

NatWest Group plc has announced the purchase of 855,069 of its own ordinary shares as part of its ongoing share buyback program. The repurchased shares, acquired at an average price of 623.54 GBp, will be cancelled, reducing the total number of shares in circulation and potentially enhancing shareholder value.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £685.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Other
NatWest Chairman Purchases Shares, Signaling Confidence
Positive
Dec 5, 2025

NatWest Group plc announced a transaction involving Rick Haythornthwaite, the Chairman, who purchased 23,869 ordinary shares at £6.2820 each on the London Stock Exchange. This transaction highlights insider confidence in the company’s stock, potentially impacting investor perceptions and market positioning.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £685.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
NatWest Group Launches £40 Billion Euro Medium Term Note Programme
Positive
Dec 5, 2025

NatWest Group plc has announced the approval and publication of a prospectus for its £40 billion Euro Medium Term Note Programme. This development signifies a strategic financial move, potentially enhancing the company’s capital structure and offering more flexibility in its funding operations, which could impact its market positioning and stakeholder interests.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £685.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Group Advances Share Buyback Strategy
Positive
Dec 4, 2025

NatWest Group plc has announced the purchase of 843,622 ordinary shares as part of its ongoing share buyback program, with the intention to cancel these shares. This move is part of a strategy to manage its capital structure and potentially enhance shareholder value, reflecting the company’s commitment to optimizing its financial operations and market positioning.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £685.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Group Advances Share Buyback Program
Positive
Dec 3, 2025

NatWest Group plc announced the purchase of 851,396 ordinary shares as part of its ongoing share buyback program, with the intention to cancel these shares. This move is part of a strategic effort to manage its capital structure, potentially enhancing shareholder value and indicating confidence in the company’s financial health.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £7.65 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Stock Buyback
NatWest Group Executes Share Buyback to Adjust Capital Structure
Neutral
Dec 2, 2025

NatWest Group plc has announced the purchase of 834,401 of its own ordinary shares as part of its ongoing share buyback program. This transaction, executed through Merrill Lynch International, aims to cancel the repurchased shares, impacting the company’s share capital structure by holding 230,155,278 shares in treasury and having 8,011,219,497 shares in issue.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £7.65 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyFinancial Disclosures
NatWest Group Passes 2025 Bank of England Stress Test with Strong Resilience
Positive
Dec 2, 2025

NatWest Group has successfully passed the Bank of England’s 2025 stress test, demonstrating its strong financial resilience. The Group’s capital ratios remained well above the required minimums, highlighting its ability to withstand severe economic scenarios without needing strategic management actions. This outcome underscores the continued strengthening of NatWest’s balance sheet since the previous stress test, ensuring sustainable value creation and robust shareholder distributions.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £7.65 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Group Advances Share Buyback Strategy
Positive
Dec 1, 2025

NatWest Group plc has announced the purchase of 2,432,493 ordinary shares as part of its ongoing share buyback program, with the shares acquired from Merrill Lynch International. The company plans to cancel these repurchased shares, which will impact the total number of shares in issue, reflecting a strategic move to manage its capital structure and potentially enhance shareholder value.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £7.65 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyPrivate Placements and Financing
NatWest Group Announces Redemption of $1.5 Billion Capital Notes
Positive
Dec 1, 2025

NatWest Group plc has announced the redemption of its $1.5 billion 6.000% Perpetual Subordinated Contingent Convertible Additional Tier 1 Capital Notes on December 29, 2025. This redemption will result in a gain to Common Equity Tier 1 of approximately 5 basis points due to changes in foreign exchange rates since the issuance of the Notes, potentially strengthening the company’s capital position.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £7.65 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Stock Buyback
NatWest Group Advances Share Buyback Program
Positive
Nov 28, 2025

NatWest Group plc has announced the purchase of 492,803 of its own ordinary shares as part of its ongoing share buyback program. The shares, acquired at a volume-weighted average price of 632.06 GBp, will be cancelled, reducing the number of shares in circulation and potentially enhancing shareholder value.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £720.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Regulatory Filings and Compliance
NatWest Group Announces Total Voting Rights and Capital Update
Neutral
Nov 28, 2025

NatWest Group plc has announced the total voting rights and capital as of 28 November 2025, in line with the Disclosure Guidance and Transparency Rules. The company reported a total of 32,061,985,824 voting rights, which shareholders can use to assess their interest in the company. This update is crucial for stakeholders to understand their voting power and any potential changes in their shareholding status.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £720.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Group Advances Share Buyback Program with Latest Purchase
Positive
Nov 27, 2025

NatWest Group plc announced the purchase of 34,122 ordinary shares as part of its ongoing share buyback program, executed through Merrill Lynch International. The company plans to cancel the repurchased shares, which is expected to optimize its capital structure and potentially enhance shareholder value. Following this transaction, NatWest holds a significant number of shares in treasury, reflecting its strategic focus on managing share capital effectively.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £720.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Dividends
NatWest Group Declares Half-Yearly Dividends on Preference Shares
Positive
Nov 27, 2025

NatWest Group has announced the declaration of half-yearly dividends on its 11 per cent and 5.5 per cent cumulative preference shares, set to be paid on 31 December 2025. This decision reflects the company’s commitment to providing returns to its shareholders and could impact its financial performance and stakeholder confidence.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £720.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Group Advances Share Buyback Strategy
Positive
Nov 26, 2025

NatWest Group plc has announced the purchase of 429,074 ordinary shares as part of its ongoing share buyback program, with the intention to cancel these shares. This move is part of the company’s strategy to manage its capital structure and return value to shareholders, reflecting its strong financial position and commitment to enhancing shareholder returns.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £720.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Group Enhances Shareholder Value with Share Buyback
Positive
Nov 25, 2025

NatWest Group plc has announced the purchase of 880,354 of its own ordinary shares as part of its ongoing share buyback program. These shares, bought from Merrill Lynch International, will be canceled, reducing the total number of shares in circulation. This move is part of a strategic effort to manage the company’s capital structure and potentially enhance shareholder value.

The most recent analyst rating on (GB:NWG) stock is a Hold with a £720.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Group Announces Share Buyback Transaction
Neutral
Nov 24, 2025

NatWest Group plc has announced the purchase of 911,626 ordinary shares as part of its ongoing share buyback program. This transaction, executed through Merrill Lynch International, is part of the company’s strategy to manage its capital structure, with the repurchased shares intended for cancellation. Following this transaction, NatWest will hold over 230 million shares in treasury, with more than 8 billion shares remaining in issue, reflecting the company’s continued efforts to optimize shareholder value.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £7.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Group Advances Share Buyback Program with New Purchase
Positive
Nov 21, 2025

NatWest Group plc announced the purchase of 922,666 ordinary shares as part of its ongoing share buyback program. This transaction, executed through Merrill Lynch International, is intended to enhance shareholder value by reducing the number of shares in circulation, with the repurchased shares set to be canceled. Following this transaction, NatWest will hold over 230 million shares in treasury, reflecting its strategic focus on optimizing its capital structure and returning value to shareholders.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £7.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Business Operations and StrategyStock Buyback
NatWest Group Advances Share Buyback Program with Recent Purchase
Positive
Nov 20, 2025

NatWest Group plc has announced the purchase of 918,142 ordinary shares as part of its ongoing share buyback program, with the highest price paid being 585.00 GBp and the lowest at 577.00 GBp. This transaction, executed through Merrill Lynch International, is part of the company’s strategy to manage its capital structure, and the repurchased shares will be canceled, impacting the total number of shares in issue and potentially benefiting shareholders by increasing the value of remaining shares.

The most recent analyst rating on (GB:NWG) stock is a Buy with a £7.00 price target. To see the full list of analyst forecasts on NatWest Group stock, see the GB:NWG Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Feb 20, 2026