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

November, 2025

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.

Form 20-F ☒ 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:

18 November 2025

NatWest Group plc

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

1.  NatWest Group plc (the Company) announces that the PDMR set out below purchased ordinary shares of £1.0769* each in the Company (Shares) (ISIN:GB00BM8PJY71) on 17 November 2025 at the price indicated:

Name of PDMR	Position of PDMR	No. of Shares purchased	Price of Shares purchased
Joshua Critchley	Independent non-executive director	16,000	£5.9840

This transaction took place on the London Stock Exchange (XLON).

2.  The Company announces that options to acquire Shares were granted to PDMRs on 14 November 2025 under the NatWest Group plc 2017 UK ShareSave Plan (the Plan) with an option price of £4.6688 per Share, as set out below.

Name of PDMR	Position of PDMR	No. of options granted	Options exercisable from
Solange Chamberlain	CEO, Retail Banking	781	18 December 2028
James Holian	Chief Customer & Operations Officer	781	18 December 2028
Maria Kokkinou	Chief People Officer	1,317	18 December 2030

Both Solange Chamberlain and James Holian chose a 3 year savings contract and Maria Kokkinou chose a 5 year savings contract, in accordance with the rules of the Plan.

These transactions took place outside of a trading venue.

* 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.

		NatWest Group plc (Registrant)
Date:	18 November 2025		By:	/s/ Mark Stevens
			Name:	Mark Stevens
			Title:	Assistant Secretary