NatWest Group completes share buyback programme after latest London purchases

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NatWest share buyback complete

Highlights

NatWest Group completed its buyback programme, purchasing 11,116,055 shares over 2–3 November at average prices around 587.6 pence per share.
Since February, NatWest repurchased 121,932,783 shares at an average price of 615.09 pence, spending £749,999,998.96 in total.
Repurchased shares will be cancelled, with voting rights now totaling 31,602,299,908, potentially supporting earnings per share and impacting disclosure thresholds.

Latest purchases and programme completion

As reported by London Stock Exchange, NatWest Group plc bought 11,116,055 ordinary shares from UBS AG, London Branch over 2 and 3 November as part of the buyback programme it announced on 16 February 2026.

On 2 November, the company purchased 2,738,872 shares on the LSE, 1,049,394 on CHIX and 3,090,604 on BATE. Volume-weighted average prices were 587.6270 pence on the LSE, 587.6810 pence on CHIX and 587.6764 pence on BATE, with transaction prices ranging from 575.60 pence to 595.60 pence.

On 3 November, NatWest bought 2,864,193 shares on the LSE, 964,882 on CHIX and 408,110 on BATE. Volume-weighted average prices were 584.6896 pence, 584.3780 pence and 584.3265 pence respectively, with prices ranging from 579.40 pence to 592.00 pence.

The company says these purchases complete the share buyback programme launched in February. Since the programme began, NatWest has repurchased 121,932,783 ordinary shares at a volume-weighted average price of 615.09 pence per share for total consideration of £749,999,998.96.

Capital structure and shareholder implications

NatWest says it intends to cancel the repurchased ordinary shares. After settlement of the latest transactions, the group will hold 177,875,932 ordinary shares in treasury and will have 7,900,091,837 ordinary shares in issue, excluding treasury shares.

The total number of voting rights in the company will be 31,602,299,908. NatWest says shareholders may use that figure as the denominator when determining whether they must notify an interest, or a change in an interest, under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

The update marks the close of a capital return programme that has been executed through UBS in the UK market. For investors, the cancellation of shares can support earnings per share and adjusts the base used for ownership disclosure calculations.

Our earlier article on Equites Property Fund’s interim results explained how the company lifted its interim distribution after accelerating its exit from the UK and redirecting capital to South Africa. We also noted that the £200.5 million Aviva portfolio sale helped reduce leverage and build liquidity, supporting FY27 guidance and funding further domestic logistics growth.

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