NWG 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

March, 2026

Commission File Number 001-10306

NatWest Group plc

250 Bishopsgate,

London, EC2M 4AA

United Kingdom

(Address of principal executive offices)

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

The following information was issued as Company announcements in London, England and is furnished pursuant to General Instruction B to the General Instructions to Form 6-K:

11 March 2026

NatWest Group plc

INITIAL NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY (PDMRs) IN ACCORDANCE WITH ARTICLE 19 OF THE UK MARKET ABUSE REGULATION

1.    NatWest Group plc (the Company) announces that conditional performance share plan awards (PSP) and deferred awards (Deferred Awards) over ordinary shares of £1.0769* each in the Company (Shares) (ISIN: GB00BM8PJY71) have been granted on 9 March 2026 under the NatWest Group plc 2024 Employee Share Plan (the Plan) to the PDMRs set out below:

The market price per Share used on the grant of the above awards was £5.9716.

A pre-vest performance assessment will take place for the PSP at the end of three years. Subject to this, the PSP will be eligible to vest between 2029 and 2030. Following vesting, Executive Director's Shares will be subject to a 12-24 month retention period.

Deferred Awards will be eligible to vest between 2026 and 2030. Shares vesting in 2026 will be subject to a 12 month retention period.

Dividend equivalents will apply to both PSP and Deferred Awards, and additional Shares will be delivered on vesting to reflect the value of dividends paid over the vesting period.

Malus provisions will apply to each award up until vesting and clawback provisions will apply for a period of seven years from the date of grant.  Such period can be extended to ten years in certain circumstances.

2.    The Company announces that long term incentive awards (LTI), restricted share plan awards (RSP), Deferred Awards and buy-out awards (Buy-out Awards) over Shares vested on 9 March 2026 to the PDMRs set out below. The awards were granted under the Plan between March 2019 and March 2025. The number of Shares withheld to meet associated tax liabilities arising on vesting and the number of vested Shares retained by each PDMR is set out below:

The market price used to meet associated tax liabilities was £5.6623.

3.    The Company announces that Shares were delivered to PDMRs on 9 March 2026, as set out below. The Shares delivered represent payment of a fixed share allowance for the three-month period ending 31 March 2026 and have been calculated using a share price of £5.9716.

The number of Shares delivered, the number of Shares withheld to meet associated tax liabilities and the number of Shares retained by each PDMR is as follows:

The market price used to determine the number of Shares withheld to meet associated tax liabilities was £5.6623. Shares retained after payment of associated tax liabilities will be held on behalf of PDMRs and will be released in instalments over a five year period.

4.    The Company announces that the PDMRs set out below have sold Shares on the date and at the price indicated under, and in accordance with the terms of, the irrevocable trading plans entered into by the PDMRs, as announced on 01 September 2025:

All of the above transactions took place on the London Stock Exchange (XLON).

* Note: the nominal value of ordinary shares without rounding is £1.076923076923077 per share

Legal Entity Identifier: 2138005O9XJIJN4JPN90

For further information contact:

NatWest Group Investor Relations

Claire Kane

Director of Investor Relations

+44 20 7672 1758

NatWest Group Media Relations

+44(0)131 523 4205

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.