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Report of Foreign Private Issuer

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

the Securities Exchange Act of 1934

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31 July 2026

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Commission file number: 001-10306

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Form 6-K

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NatWest Group plc

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250 Bishopsgate

London

EC2M 4AA

United Kingdom

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(Address of principal executive offices)

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

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Form 20-F  ☒                                              Form 40-F ☐

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Form F-3 (File No. 333-284008) and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

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Forward-looking statements

Cautionary statement regarding forward-looking statements

Certain sections in this document contain ‘forward-looking statements’ as that term is defined in the United States Private Securities Litigation Reform Act of 1995, such as statements with respect to NatWest Group’s financial condition, results of operations and business, including its strategic priorities, financial, investment and capital targets, and climate and sustainability-related targets, commitments and ambitions described herein. Statements that are not historical facts, including statements about NatWest Group’s beliefs and expectations, are forward-looking statements. Words such as ‘expect’, ‘estimate’, ‘project’, ‘anticipate’, ‘commit’, ‘believe’, ‘should’, ‘intend’, ‘will’, ‘plan’, ‘could’, ‘probability’, ‘risk’, ‘target’, ‘goal’, ‘objective’, ‘may’, ‘endeavour’, ‘outlook’, ‘optimistic’, ‘prospects’ and similar expressions or variations on these expressions are intended to identify forward-looking statements. In particular, this document includes forward-looking targets and guidance relating to financial performance measures, such as income growth, operating expense, RoTE, ROE, discretionary capital distribution targets, impairment loss rates, capital generation pre-distributions, customer assets and liabilities growth rate, cost-income ratio, balance sheet reduction (including the reduction of RWAs), CET1 ratio (and key drivers of the CET1 ratio including timing, impact and details), Pillar 2 and other regulatory buffer requirements and MREL and non-financial performance measures, such as NatWest Group’s initial area of focus, climate and sustainability-related performance, ambitions, targets and metrics, including in relation to financed emissions and initiatives to transition to a net zero economy, such as our climate and transition finance activities.

Limitations inherent to forward-looking statements

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

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

We caution you that a large number of important factors could adversely affect our results or our ability to implement our strategy, cause us to fail to meet our targets, predictions, expectations and other anticipated outcomes or affect the accuracy of forward-looking statements described in this document. These factors include, but are not limited to, those set forth in the risk factors and the other uncertainties described in NatWest Group plc 2025 Annual Report on Form 20-F, NatWest Group’s Interim Management Statement for Q1 and H1 2026 on Form 6-K, and its other filings with the US Securities and Exchange Commission (SEC). The principal risks and uncertainties that could adversely affect NatWest Group’s future results, its financial condition and/or prospects and cause them to be materially different from what is forecast or expected, include, but are not limited to: economic and political risk (including in respect of: political and economic risks and uncertainty in the UK and global markets, including as a result of inflation and interest rates, supply chain disruption, protectionist policies, and geopolitical developments); and changes in interest rates and foreign currency exchange rates; business change and execution risk (including in respect of the implementation of NatWest Group’s strategy; future acquisitions and divestments, the competitive environment; and the transfer of its EU corporate portfolio); financial resilience risk (including in respect of: NatWest Group’s ability to meet targets and to make discretionary capital distributions; counterparty and borrower risk; liquidity and funding risks; prudential regulatory requirements for capital; reductions in the credit ratings; model risk; sensitivity to accounting policies, judgments, estimates and assumptions (and the economic, climate, competitive and other forward looking information affecting those judgments, estimates and assumptions); changes in applicable accounting standards; the value or effectiveness of credit protection; the requirements of regulatory stress tests and the adequacy of NatWest Group’s future assessments by the Prudential Regulation Authority and the Bank of England; and the application of UK statutory stabilisation or resolution powers); operational and IT resilience risk (including in respect of: operational risks (including reliance on third party suppliers); cyberattacks; the accuracy and effective use of data; complex IT systems; attracting, retaining and developing diverse senior management and skilled personnel; NatWest Group’s risk management framework; and reputational risk); legal, regulatory and conduct risk (including in respect of: the impact of substantial regulation and oversight; the outcome of legal, regulatory and governmental actions, investigations and remedial undertakings; and changes in tax legislation or failure to generate future taxable profits); and climate and sustainability risk (including in respect of: risks relating to climate change and sustainability-related risks; both the execution and reputational risk relating to NatWest Group’s climate change-related strategy, ambitions, targets and transition plan; climate and sustainability-related data and model risk; increasing levels of climate, environmental, human rights and sustainability-related regulation and oversight; and increasing; climate, environmental and sustainability-related litigation, enforcement proceedings investigations and conduct risk).

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Forward-looking statements continued

Cautionary statement regarding alternative performance measures

NatWest Group prepares its financial statements in accordance with UK-adopted International Accounting Standards (IAS) and IFRS. This document may contain a number of non-IFRS measures, or alternative performance measures, defined under the European Securities and Markets Authority (ESMA) guidance, or non- Generally Accepted Accounting Principles (GAAP) financial measures in accordance with the SEC regulations (together, APM). APMs are adjusted for notable and other defined items which management believes are not representative of the underlying performance of the business and which distort period-on-period comparison. APMs provide users of the financial statements with a consistent basis for comparing business performance between financial periods and information on elements of performance that are one-off in nature. Any APMs included in this document, are not measures within the scope of IFRS or GAAP, are based on a number of assumptions that are subject to uncertainties and change, and are not a substitute for IFRS or GAAP measures and a reconciliation to the closest IFRS or GAAP measure is presented where appropriate.

The information, statements and opinions contained in this document do not constitute a public offer under any applicable legislation or an offer to sell or a solicitation of an offer to buy any securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments.

Caution on non-financial reporting

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

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

Caution about sustainability-related funding, financing and facilitation

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

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Introduction

Presentation of information

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

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

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

Any information contained on websites linked or reports referenced in this interim results report for the period ended 30 June 2026 on Form 6-K is for information only and will not be deemed to be incorporated by reference herein.

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Non-IFRS financial information

NatWest Group prepares its financial statements in accordance with UK-adopted International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). This document contains a number of non-IFRS measures, or alternative performance measures, defined under the European Securities and Markets Authority (ESMA) guidance, or non-Generally Accepted Accounting Principles (GAAP) financial measures in accordance with the Securities and Exchange Commission (SEC) regulations. These measures are adjusted for notable and other defined items which management believes are not representative of the underlying performance of the business and which distort period-on-period comparison.

The non-IFRS measures provide users of the financial statements with a consistent basis for comparing business performance between financial periods and information on elements of performance that are one-off in nature. The non-IFRS measures also include the basis of calculation for metrics that are used throughout the banking industry.

These non-IFRS measures are not a substitute for IFRS measures and a reconciliation to the closest IFRS measure is presented where appropriate. For details of the basis of preparation and reconciliation where appropriate refer to appendix ‘Non-IFRS financial measures’ on page 123.

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Inside this report

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H1 2026 performance summary

Chief Executive, Paul Thwaite, commented:

“NatWest Group’s strong performance in the first half of the year shows that our strategy is consistently delivering for customers and shareholders. We are growing all three of our customer businesses, becoming even more efficient and delivering market leading returns, with a Return on Equity of 14.1% and a Return on Tangible Equity of 19.7%.

Our performance is grounded in the support we provide to more than 20 million customers throughout the UK, helping them to plan, save and invest, to get on the housing ladder and to scale and grow their businesses. As a result, deposits, lending and assets under management all continued to grow over the past six months.

We are confident in the scale and capabilities we’re building and the opportunities ahead. Through our long-standing relationships, deep regional presence, and responsible adoption of AI, we are well placed to accelerate our progress by doing even more to meet our customers’ needs, as well as helping to generate growth in every nation and region of the UK.

The consistency of our performance, coupled with the completion of our Evelyn Partners acquisition, has given us the confidence to strengthen our guidance for 2026, whilst our continued capital generation means we have today announced an interim dividend of 12.0p per share and that we will consider share - buybacks from full year 2026, six months earlier than previously planned.”

Strong financial performance

We delivered a strong financial performance in H1 2026, with attributable profit of £3.0 billion, Return on Equity of 14.1% and Return on Tangible Equity (RoTE) of 19.7%. Capital generation pre-distributions was 137 basis points, before the impact of the acquisition of Evelyn Partners, and earnings per share was 38.1 pence, up 23.3% on prior year.

Strong growth as we deepen customer relationships

We are progressing well against our strategic priorities, expanding capabilities to meet more of our customers’ needs. We have three growing customer businesses, delivering strong returns, underpinned by trusted customer relationships and a proven track-record of customer assets and liabilities (CAL) expansion.

We continue to leverage simplification to drive efficiency

We continue to simplify the bank and improve productivity, delivering a 3.8 percentage point improvement in our cost:income ratio to 46.5%. Cost:income ratio (excl. litigation and conduct) improved by 2.8 percentage points to 46.0% compared with prior year, driven by around £250 million in gross cost reductions in H1 2026.

This has been driven by ongoing structural simplification and sustained investment in our technology platforms to improve productivity and deliver simpler, faster and better customer experiences. We’re continuing to improve operational leverage, with 7.1 million conversations handled by our digital assistant Cora in H1 2026, of which 3.8 million were fulfilled entirely digitally, up by 23% compared with H1 2025. We also expanded AI-enabled capabilities across Commercial & Institutional onboarding, operations and customer servicing and our first customer-facing generative AI capability launched in Bankline.

(1)Social finance and facilitation represents only a relatively small proportion of our overall financing and facilitation activities.

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H1 2026 performance summary continued

Active balance sheet management to drive strong capital generation

We continued to actively manage risk through dynamic capital allocation and agile pricing, which is demonstrated in our low and stable cost of risk at 19 basis points in H1 2026.

We continue to manage lower returning capital to create capacity for redeployment, delivering £3.9 billion of benefits from RWA management actions. Increased capital velocity supports capital generation pre-distributions of 137 basis points, before the impact of the acquisition of Evelyn Partners. Our Common Equity Tier 1 (CET1) ratio of 13.2% was c.80 basis points lower than Q4 2025, c.140 basis points of which related to the acquisition of Evelyn Partners.

We continue to maintain stable and diversified sources of funding with a strong loan:deposit ratio in line with Q1 2026 of 97%, loan:deposit ratio (excl. repos and reverse repos), up one percentage point in the quarter to 90%, and liquidity position, with an average Liquidity Coverage Ratio (LCR) of 140%.

Outlook⁽¹⁾

Based on our latest expectations for interest rates and economic conditions and including the impact of the Evelyn Partners acquisition,

In 2026 we expect:

In 2028 we continue to expect:

Capital:

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Business performance summary

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nm = not meaningful, na = not applicable

For the footnotes to this table refer to the following page.

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Business performance summary continued

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Chief Financial Officer’s review

We delivered a strong financial performance in the first half of 2026 and continued to execute against our strategic objectives, with an operating profit of £4,318 million, Return on Equity of 14.1% and RoTE of 19.7%. We have strengthened our guidance reflecting both the impact of the Evelyn Partners acquisition and our confidence in the performance of the business.

In the first half we continued to support our customers and delivered broad-based balance sheet growth, with net loans to customers up by £17.0 billion and customer deposits up by £5.6 billion. Net loans to customers excluding central items were up by £17.0 billion and customer deposits excluding central items up by £5.9 billion. Cost:income ratio was 46.5% in H1 2026 compared with 50.3% in H1 2025. Cost:income ratio (excl. litigation and conduct) was 46.0% in H1 2026 compared with 48.8% in H1 2025 as we continue to simplify the business. Our capital and liquidity position remains robust, with a CET1 ratio of 13.2% and an average LCR of 140%. Strong income generation and disciplined cost control translated into 137 basis points of capital generation pre distributions in the first half, before the impact of the acquisition of Evelyn Partners, including a further £3.9 billion of RWA management actions to create capacity for growth.

Strong growth while strengthening and deepening relationships

We are growing in ways that build and strengthen customer relationships, focusing on our priority segments and deepening customer connections.

Leveraging simplification

Our cost:income ratio in H1 2026 of 46.5% was 3.8 percentage points lower than prior year. Cost:income ratio (excl. litigation and conduct) in H1 2026 of 46.0% was 2.8 percentage points lower than prior year as we continue to make progress towards becoming a simpler, more agile and technology-driven bank, using our capabilities to support growth, productivity and trust.

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Chief Financial Officer’s review continued

Actively managing our balance sheet and risk to deliver attractive returns

We continue to proactively manage our balance sheet and maintain stable and diversified sources of funding to increase capital velocity.

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Business performance summary

Retail Banking

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