NatWest Group plc (NWG) Q4 2025 Earnings Call Transcript

SA Transcripts158.39K FollowersFollow5ShareSaveCommentsPlay Earnings CallPlay Earnings Call NatWest Group plc (NWG) Q4 2025 Earnings Call February 13, 2026 4:00 AM EST Company Participants Paul Thwaite - Group CEO & Executive DirectorKatie Murray - Group CFO & Executive Director Conference Call Participants Sheel Shah - JPMorgan Chase & Co, Research DivisionBenjamin Caven-Roberts - Goldman Sachs Group, Inc., Research DivisionRobert Noble - Deutsche Bank AG, Research DivisionAmit Goel - Mediobanca - Banca di credito finanziario S.p.A., Research DivisionChristopher Cant - Bernstein Autonomous LLPJames Frederick Invine - Rothschild & Co Redburn, Research DivisionAman Rakkar - Barclays Bank PLC, Research DivisionJonathan Richard Pierce - Jefferies LLC, Research DivisionGuy Stebbings - BNP Paribas, Research DivisionEdward Hugo Firth - Keefe, Bruyette, & Woods, Inc., Research Division Presentation Operator Good morning, and welcome to NatWest Group's Full Year 2025 Results Management Presentation. Today's presentation will be presented by CEO, Paul Thwaite; and CFO, Katie Murray. After the presentation, we will take questions. Paul ThwaiteGroup CEO & Executive Director Good morning, and thank you for joining us today. As usual, I'm here with Katie, who will take you through the full year performance. After that, I'll talk about our strategy and our new 2028 targets. But first, let me start with an overview of 2025, a year in which we delivered another strong performance and made good progress on each of our strategic priorities. Highlights of the year include a return to private ownership in May, opening a new chapter for the bank with a focus on driving growth. Continued organic growth, together with successful completion of the Sainsbury's Bank transaction, improving operational leverage with a reduction in our cost income ratio of 4.8 percentage points, together with strong capital generation, enabling total distributions to shareholders of GBP 4.1 billion. You will also be aware that we announced the acquisition of the financial planning and investment firm, Evelyn Partners earlier