[144] Progressive Corporation SEC Filing

Rhea-AI Filing Summary

NatWest Group plc (NWG) has filed a Form 6-K to confirm the launch of its previously announced £750 million on-market share buyback (the “2025 Programme”). The repurchase starts 28 July 2025 and is scheduled to run through 13 February 2026, with an automatic extension option to 13 March 2026 if trading is disrupted.

• Size limit: up to £750 m, representing a maximum 807,750,182 ordinary shares (10 % of issued share capital as of 13 March 2025).
• Execution: Merrill Lynch International will conduct purchases under non-discretionary instructions, acting independently of the Company.
• Purpose: all repurchased shares will be cancelled, permanently reducing outstanding equity.
• Authority: programme operates within the mandate granted at the 23 April 2025 AGM.
• Geography: no purchases will be made in the United States or in NatWest ADRs.

The filing incorporates this report into NatWest’s Form F-3 shelf and contains customary forward-looking-statement and regulatory disclaimers. No additional financial results are provided.

Insights

Equity Research Analyst

TL;DR: £750 m buyback (10 % share cap) is sizeable, de-leveraging share count and signalling capital strength—positive for shareholder return.

The authorised repurchase of up to 807.8 m shares should enhance per-share metrics once cancelled and demonstrates surplus capital deployment. Executing under non-discretionary instructions reduces insider-trading risk and increases transparency. Absence of U.S./ADR purchases limits liquidity sources but concentrates activity in the primary London market. Lack of concurrent earnings data tempers precise valuation impact, yet the scale—full AGM limit—implies management confidence in capital buffers. Overall market-relevant and shareholder-friendly.

Regulatory Capital Specialist

TL;DR: Buyback uses discretionary capital; impact on CET1 not disclosed—likely manageable within AGM authority; programme is operationally routine.

The announcement reiterates AGM-approved limits and provides execution dates but omits CET1 ratio projections, so prudential impact cannot be quantified. Execution through Merrill Lynch and cancellation of shares aligns with regulatory expectations for own-share transactions. Absence of U.S. purchases mitigates cross-border compliance complexity. Material to equity structure but unlikely to trigger supervisory concerns given prior disclosure.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Fidelity Brokerage Services LLC 900 Salem Street Smithfield RI 02917	30660	7641698.40	586223643	07/28/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	07/25/2025	Restricted Stock Vesting	Issuer			30660	07/25/2025	Compensation

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

When does NatWest (NWG) start its 2025 share buyback programme?

The programme commences on 28 July 2025.

What is the total monetary limit of NatWest's 2025 buyback?

Repurchases are capped at £750 million.

How many ordinary shares can NatWest repurchase under the programme?

Up to 807,750,182 ordinary shares, equivalent to 10 % of the share capital.

When is the scheduled end date for the buyback?

The programme is set to end no later than 13 February 2026, extendable to 13 March 2026 if trading days are lost.

Will NatWest buy back its American Depositary Receipts (ADRs)?

No. ADRs will not be purchased; buying activity will occur outside the United States only.

What will NatWest do with the shares it repurchases?

All repurchased ordinary shares will be cancelled to reduce the company’s issued share capital.