<SEC-DOCUMENT>0001610520-25-000055.txt : 20250430
<SEC-HEADER>0001610520-25-000055.hdr.sgml : 20250430
<ACCEPTANCE-DATETIME>20250430105548
ACCESSION NUMBER:		0001610520-25-000055
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250330
FILED AS OF DATE:		20250430
DATE AS OF CHANGE:		20250430

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UBS Group AG
		CENTRAL INDEX KEY:			0001610520
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		ORGANIZATION NAME:           	02 Finance
		EIN:				000000000
		STATE OF INCORPORATION:			V8
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36764
		FILM NUMBER:		25891916

	BUSINESS ADDRESS:	
		STREET 1:		BAHNHOFSTRASSE 45
		CITY:			ZURICH
		STATE:			V8
		ZIP:			CH-8001
		BUSINESS PHONE:		41-44-234-1111

	MAIL ADDRESS:	
		STREET 1:		BAHNHOFSTRASSE 45
		CITY:			ZURICH
		STATE:			V8
		ZIP:			CH-8001
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>investorpresotext1q25.htm
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<div id="a3" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:21.28px;font-weight:bold;left:311.91px;top:171px;">UNITED STATES </div><div id="a5" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:21.28px;font-weight:bold;left:167.23px;top:196px;">SECURITIES AND EXCHANGE COMMISSION</div><div id="a7" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:323.75px;top:220px;">Washington, D.C. 20549 </div><div id="a9" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:334.63px;top:237px;">_________________ </div><div id="a12" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:29.28px;font-weight:bold;left:324.87px;top:271px;">FORM 6-K</div><div id="a17" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:17.28px;font-weight:bold;left:229.31px;top:322px;">REPORT OF FOREIGN PRIVATE<div style="display:inline-block;width:9.06px">&#160;</div>ISSUER </div><div id="a20" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:17.28px;font-weight:bold;left:206.75px;top:362px;">PURSUANT TO RULE 13a-16 OR 15d-16 UNDER </div><div id="a26" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:17.28px;font-weight:bold;left:217.47px;top:382px;">THE SECURITIES EXCHANGE ACT OF 1934 </div><div id="a29" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;left:333.83px;top:418px;">Date: April 30, 2025 </div><div id="a35" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:22.08px;font-weight:bold;left:322.31px;top:452px;">UBS Group AG </div><div id="a37" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:13.28px;font-weight:normal;left:343.75px;top:477px;">(Registrant's Name)</div><div id="a39" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:264.55px;top:493px;">Bahnhofstrasse 45, 8001 Zurich, Switzerland </div><div id="a41" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:13.28px;font-weight:normal;left:293.67px;top:510px;">(Address of principal executive office)</div><div id="a43" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;left:287.91px;top:525px;">Commission File Number: 1-36764 </div><div id="a48" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:22.08px;font-weight:bold;left:356.23px;top:559px;">UBS AG</div><div id="a50" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:13.28px;font-weight:normal;left:343.75px;top:584px;">(Registrant's Name)</div><div id="a52" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:264.55px;top:599px;">Bahnhofstrasse 45, 8001 Zurich, Switzerland </div><div id="a54" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:267.27px;top:616px;">Aeschenvorstadt 1, 4051 Basel, Switzerland<div style="display:inline-block;width:2.75px">&#160;</div></div><div id="a57" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:13.28px;font-weight:normal;left:291.11px;top:633px;">(Address of principal executive offices)</div><div id="a59" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;left:287.91px;top:648px;">Commission File Number: 1-15060</div><div id="a62" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:22.08px;font-weight:bold;left:505.85px;top:641px;"><div style="display:inline-block;width:5.44px">&#160;</div></div><div id="a69" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:109.31px;top:748px;">Indicate by check mark whether 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<div id="a89" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:94.59px;top:114px;">This Form 6-K consists of the transcripts of the 1Q25 Earnings call remarks<div style="display:inline-block;width:2.2px">&#160;</div>and Analyst Q&amp;A, which </div><div id="a98" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:94.59px;top:130px;">appear immediately following this page.</div></div>
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<div id="a101" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:719.01px;top:1071px;">1 </div><div id="a103" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:48px;left:68px;top:59px;">First quarter 2025 results<div style="display:inline-block;width:13.85px">&#160;</div></div><div id="a109" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:68px;top:131px;">30 April 2025 </div><div id="a112" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:68px;top:173px;">Speeches by </div><div id="a116" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;color:#E60000;left:171.23px;top:173px;">Sergio P.<div style="display:inline-block;width:7.72px">&#160;</div>Ermotti</div><div id="a117" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:302.95px;top:173px;">, Group Chief Executive Officer,<div style="display:inline-block;width:7.32px">&#160;</div>and </div><div id="a128" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;color:#E60000;left:596.25px;top:173px;">Todd<div style="display:inline-block;width:7.56px">&#160;</div>Tuckner</div><div id="a129" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:705.09px;top:173px;">, </div><div id="a130" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:68px;top:194px;">Group Chief Financial<div style="display:inline-block;width:3.21px">&#160;</div>Officer </div><div id="a139" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;left:68px;top:233px;">Including analyst<div style="display:inline-block;width:3.64px">&#160;</div>Q&amp;A session </div><div id="a142" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:14.72px;font-weight:bold;left:68px;top:271px;">Transcript.</div><div id="a144" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:14.72px;font-weight:bold;left:68px;top:288px;">Numbers for slides refer to the<div style="display:inline-block;width:5.76px">&#160;</div>first quarter 2025 results presentation. 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<div id="Page4" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div id="a211" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:56.8px;top:1071px;">2 </div><div id="a213" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:46px;">As the<div style="display:inline-block;width:6.3px">&#160;</div>second quarter<div style="display:inline-block;width:6.18px">&#160;</div>kicked off,<div style="display:inline-block;width:6.49px">&#160;</div>the unveiling<div style="display:inline-block;width:6.21px">&#160;</div>of significant<div style="display:inline-block;width:6.23px">&#160;</div>changes to<div style="display:inline-block;width:6.11px">&#160;</div>tariffs on<div style="display:inline-block;width:6.44px">&#160;</div>trading partners<div style="display:inline-block;width:6.16px">&#160;</div>by the<div style="display:inline-block;width:6.29px">&#160;</div>U.S. </div><div id="a214" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:64px;">administration<div style="display:inline-block;width:5.3px">&#160;</div>increased<div style="display:inline-block;width:5.69px">&#160;</div>uncertainty and<div style="display:inline-block;width:6.92px">&#160;</div>market<div style="display:inline-block;width:5.45px">&#160;</div>volatility,<div style="display:inline-block;width:6.84px">&#160;</div>while<div style="display:inline-block;width:5.52px">&#160;</div>in<div style="display:inline-block;width:5.52px">&#160;</div>some<div style="display:inline-block;width:5.52px">&#160;</div>days,<div style="display:inline-block;width:5.49px">&#160;</div>trading<div style="display:inline-block;width:5.6px">&#160;</div>volumes<div style="display:inline-block;width:5.43px">&#160;</div>exceeded<div style="display:inline-block;width:5.28px">&#160;</div>their </div><div id="a215" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:81px;">Covid-era peak by around 30%. </div><div id="a219" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:116px;">I am<div style="display:inline-block;width:5.39px">&#160;</div>especially pleased by<div style="display:inline-block;width:5.35px">&#160;</div>the way<div style="display:inline-block;width:5.25px">&#160;</div>our colleagues were<div style="display:inline-block;width:5.68px">&#160;</div>able to<div style="display:inline-block;width:5.25px">&#160;</div>intensify their engagement with<div style="display:inline-block;width:5.77px">&#160;</div>institutional and </div><div id="a220" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:133px;">private clients during this period. 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<div id="a300" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:730.53px;top:1071px;">3 </div><div id="a302" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;color:#E60000;left:56.8px;top:45px;">Todd<div style="display:inline-block;width:6.76px">&#160;</div>Tuckner </div><div id="a305" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:102px;">Slide 5 &#8211; 1Q25 profitability driven by positive operating<div style="display:inline-block;width:2.31px">&#160;</div>leverage in core business divisions </div><div id="a310" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:137px;">Thank you Sergio, and good morning<div style="display:inline-block;width:2.49px">&#160;</div>everyone.<div style="display:inline-block;width:3.47px">&#160;</div></div><div id="a312" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:172px;">Throughout my remarks, I&#8217;ll refer<div style="display:inline-block;width:5.41px">&#160;</div>to underlying results in US<div style="display:inline-block;width:5.28px">&#160;</div>dollars and make year-over-year<div style="display:inline-block;width:6.11px">&#160;</div>comparisons, unless </div><div id="a318" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:189px;">stated otherwise. </div><div id="a320" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:224px;">During the<div style="display:inline-block;width:5.27px">&#160;</div>first quarter of<div style="display:inline-block;width:5.5px">&#160;</div>2025 our core<div style="display:inline-block;width:5.99px">&#160;</div>businesses grew their<div style="display:inline-block;width:5.85px">&#160;</div>combined pre-tax profitability<div style="display:inline-block;width:5.5px">&#160;</div>by 15% on<div style="display:inline-block;width:5.65px">&#160;</div>strong </div><div id="a323" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:241px;">positive operating<div style="display:inline-block;width:5.6px">&#160;</div>leverage. Overall,<div style="display:inline-block;width:5.73px">&#160;</div>our Group<div style="display:inline-block;width:6.12px">&#160;</div>profit before<div style="display:inline-block;width:6.22px">&#160;</div>tax was<div style="display:inline-block;width:5.84px">&#160;</div>2.6 billion,<div style="display:inline-block;width:6.04px">&#160;</div>down 1%<div style="display:inline-block;width:5.97px">&#160;</div>year-on-year.<div style="display:inline-block;width:5.92px">&#160;</div>Group </div><div id="a328" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:258px;">revenues were broadly flat<div style="display:inline-block;width:2.44px">&#160;</div>at 12 billion and<div style="display:inline-block;width:2.2px">&#160;</div>up 6% across<div style="display:inline-block;width:2.57px">&#160;</div>our core franchises. 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<div id="a415" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:56.8px;top:1071px;">4 </div><div id="a417" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:46px;">As<div style="display:inline-block;width:5.29px">&#160;</div>I&#8217;ve<div style="display:inline-block;width:5.27px">&#160;</div>highlighted in<div style="display:inline-block;width:6.47px">&#160;</div>the past,<div style="display:inline-block;width:6.62px">&#160;</div>one<div style="display:inline-block;width:5.3px">&#160;</div>of the<div style="display:inline-block;width:6.57px">&#160;</div>keys to<div style="display:inline-block;width:6.72px">&#160;</div>meeting our<div style="display:inline-block;width:6.45px">&#160;</div>target cost-income<div style="display:inline-block;width:6.34px">&#160;</div>ratio<div style="display:inline-block;width:5.26px">&#160;</div>by<div style="display:inline-block;width:5.28px">&#160;</div>the end<div style="display:inline-block;width:6.63px">&#160;</div>of 2026<div style="display:inline-block;width:6.65px">&#160;</div>is </div><div id="a420" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:64px;">shutting down legacy Credit Suisse technology applications and<div style="display:inline-block;width:5.38px">&#160;</div>infrastructure. 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style="display:inline-block;width:5.89px">&#160;</div>balanced currency<div style="display:inline-block;width:5.29px">&#160;</div>mix across<div style="display:inline-block;width:5.51px">&#160;</div>our assets and<div style="display:inline-block;width:5.92px">&#160;</div>diversified </div><div id="a478" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:601px;">sources of long-term funding and deposits.<div style="display:inline-block;width:2.74px">&#160;</div></div><div id="a482" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:636px;">Our average LCR was 181%, and remained around this level throughout<div style="display:inline-block;width:2.37px">&#160;</div>April&#8217;s volatile markets.<div style="display:inline-block;width:3.14px">&#160;</div></div></div>
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<div id="a487" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:730.53px;top:1071px;">5 </div><div id="a489" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:46px;">Slide 9 &#8211; Maintaining a strong capital position with<div style="display:inline-block;width:2.52px">&#160;</div>CET1 capital ratio at 14.3% </div><div id="a494" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:81px;">Turning to capital on slide 9. 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on<div style="display:inline-block;width:6.77px">&#160;</div>all<div style="display:inline-block;width:5.26px">&#160;</div>of<div style="display:inline-block;width:5.4px">&#160;</div>our<div style="display:inline-block;width:5.41px">&#160;</div>2025<div style="display:inline-block;width:5.32px">&#160;</div>capital return<div style="display:inline-block;width:6.62px">&#160;</div>ambitions announced<div style="display:inline-block;width:6.25px">&#160;</div>in<div style="display:inline-block;width:5.52px">&#160;</div>February. </div><div id="a498" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:150px;">Consequently,<div style="display:inline-block;width:5.29px">&#160;</div>our CET1 capital not only accounts<div style="display:inline-block;width:5.36px">&#160;</div>for the 500 million in<div style="display:inline-block;width:5.39px">&#160;</div>shares repurchased during the<div style="display:inline-block;width:5.3px">&#160;</div>first three </div><div id="a501" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:168px;">months of the year, but it also reflects the<div style="display:inline-block;width:2.45px">&#160;</div>accrual of the remaining 2<div style="display:inline-block;width:2.39px">&#160;</div>and a half billion<div style="display:inline-block;width:2.55px">&#160;</div>share buyback we intend<div style="display:inline-block;width:2.51px">&#160;</div>to </div><div id="a502" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:185px;">execute through the rest of 2025, of which 500 million<div style="display:inline-block;width:2.55px">&#160;</div>in the second quarter.<div style="display:inline-block;width:4.45px">&#160;</div></div><div id="a506" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:220px;">Risk-weighted assets fell by 15<div style="display:inline-block;width:5.42px">&#160;</div>billion sequentially,<div 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Global Wealth Management </div><div id="a560" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:757px;">Turning to our business divisions, and starting with Global Wealth Management on<div style="display:inline-block;width:2.53px">&#160;</div>slide 10. </div><div id="a562" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:792px;">GWM&#8217;s<div style="display:inline-block;width:7.43px">&#160;</div>pre-tax<div style="display:inline-block;width:7.46px">&#160;</div>profit<div style="display:inline-block;width:7.72px">&#160;</div>was<div style="display:inline-block;width:7.25px">&#160;</div>1.5<div style="display:inline-block;width:7.47px">&#160;</div>billion,<div style="display:inline-block;width:7.44px">&#160;</div>up<div style="display:inline-block;width:7.38px">&#160;</div>21%<div style="display:inline-block;width:7.54px">&#160;</div>year-over-year<div style="display:inline-block;width:7.76px">&#160;</div>as<div style="display:inline-block;width:7.48px">&#160;</div>revenue<div style="display:inline-block;width:7.58px">&#160;</div>growth<div style="display:inline-block;width:7.47px">&#160;</div>outpaced<div style="display:inline-block;width:7.34px">&#160;</div>expenses<div style="display:inline-block;width:7.13px">&#160;</div>by<div style="display:inline-block;width:7.52px">&#160;</div>5 </div><div id="a569" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:809px;">percentage<div style="display:inline-block;width:7.54px">&#160;</div>points.<div style="display:inline-block;width:7.3px">&#160;</div>This<div style="display:inline-block;width:7.4px">&#160;</div>translated<div style="display:inline-block;width:7.27px">&#160;</div>to<div style="display:inline-block;width:7.48px">&#160;</div>a<div style="display:inline-block;width:7.52px">&#160;</div>year-over-year<div style="display:inline-block;width:7.76px">&#160;</div>improvement<div style="display:inline-block;width:7.35px">&#160;</div>in<div style="display:inline-block;width:7.44px">&#160;</div>GWM&#8217;s<div style="display:inline-block;width:7.27px">&#160;</div>cost-income<div style="display:inline-block;width:7.28px">&#160;</div>ratio<div style="display:inline-block;width:7.34px">&#160;</div>of<div style="display:inline-block;width:7.32px">&#160;</div>over<div style="display:inline-block;width:7.47px">&#160;</div>3 </div><div id="a576" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:826px;">percentage points to 75%. </div></div>
</div>
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<div id="Page8" style="background-color:RGB(255, 255, 255);position:relative;margin-left:auto;margin-right:auto;overflow:hidden;border-style:solid;border-width:thin;border-color:RGB(198, 198, 198);page-break-after:always;width:794px;height:1123px;">
<div id="a581" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:56.8px;top:1071px;">6 </div><div id="a583" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:46px;">In<div style="display:inline-block;width:6.48px">&#160;</div>Asia,<div style="display:inline-block;width:6.41px">&#160;</div>with<div style="display:inline-block;width:6.2px">&#160;</div>our<div style="display:inline-block;width:6.37px">&#160;</div>integration<div style="display:inline-block;width:6.12px">&#160;</div>efforts<div style="display:inline-block;width:6.43px">&#160;</div>now<div style="display:inline-block;width:6.35px">&#160;</div>largely<div style="display:inline-block;width:6.34px">&#160;</div>complete,<div style="display:inline-block;width:6.31px">&#160;</div>we&#8217;re<div style="display:inline-block;width:6.46px">&#160;</div>well-positioned<div style="display:inline-block;width:6.14px">&#160;</div>to<div style="display:inline-block;width:6.36px">&#160;</div>deliver<div style="display:inline-block;width:6.34px">&#160;</div>our<div style="display:inline-block;width:6.37px">&#160;</div>full<div style="display:inline-block;width:6.34px">&#160;</div>range<div style="display:inline-block;width:6.37px">&#160;</div>of </div><div id="a586" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:64px;">capabilities to<div style="display:inline-block;width:2.5px">&#160;</div>our clients.<div style="display:inline-block;width:2.28px">&#160;</div>Notably, our APAC franchise drove excellent<div style="display:inline-block;width:1.71px">&#160;</div>PBT growth of<div style="display:inline-block;width:2.02px">&#160;</div>36%, on 14<div style="display:inline-block;width:1.92px">&#160;</div>points of<div style="display:inline-block;width:2.46px">&#160;</div>positive </div><div id="a587" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:81px;">operating jaws and a<div style="display:inline-block;width:5.38px">&#160;</div>pre-tax margin of over<div style="display:inline-block;width:5.56px">&#160;</div>40%. In the Americas,<div style="display:inline-block;width:5.28px">&#160;</div>where we&#8217;re executing on<div style="display:inline-block;width:5.64px">&#160;</div>our growth plans, </div><div id="a592" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:98px;">we delivered<div style="display:inline-block;width:5.5px">&#160;</div>PBT growth<div style="display:inline-block;width:5.33px">&#160;</div>of more<div style="display:inline-block;width:5.5px">&#160;</div>than 40%<div style="display:inline-block;width:5.36px">&#160;</div>and a<div style="display:inline-block;width:5.39px">&#160;</div>pre-tax margin<div style="display:inline-block;width:5.47px">&#160;</div>of 12%. In<div style="display:inline-block;width:5.93px">&#160;</div>addition, each<div style="display:inline-block;width:5.27px">&#160;</div>of our<div style="display:inline-block;width:5.3px">&#160;</div>Switzerland </div><div id="a595" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:116px;">and EMEA regions grew profits by 7% in the quarter. </div><div id="a597" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:150px;">You<div style="display:inline-block;width:6.63px">&#160;</div>can find<div style="display:inline-block;width:6.37px">&#160;</div>additional regional<div style="display:inline-block;width:6.43px">&#160;</div>details, including<div style="display:inline-block;width:6.09px">&#160;</div>a breakdown<div style="display:inline-block;width:6.5px">&#160;</div>of revenue<div style="display:inline-block;width:6.66px">&#160;</div>lines, credit<div style="display:inline-block;width:6.6px">&#160;</div>loss<div style="display:inline-block;width:5.28px">&#160;</div>expenses, net<div style="display:inline-block;width:6.15px">&#160;</div>new </div><div id="a598" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:168px;">deposits,<div style="display:inline-block;width:5.34px">&#160;</div>and<div style="display:inline-block;width:5.3px">&#160;</div>customer deposit<div style="display:inline-block;width:6.48px">&#160;</div>balances, as<div style="display:inline-block;width:6.58px">&#160;</div>well<div style="display:inline-block;width:5.35px">&#160;</div>as comparatives<div style="display:inline-block;width:6.49px">&#160;</div>across<div style="display:inline-block;width:5.41px">&#160;</div>our<div style="display:inline-block;width:5.41px">&#160;</div>four<div style="display:inline-block;width:5.36px">&#160;</div>wealth regions,<div style="display:inline-block;width:6.8px">&#160;</div>in<div style="display:inline-block;width:5.36px">&#160;</div>our<div style="display:inline-block;width:5.25px">&#160;</div>newly </div><div id="a599" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:185px;">enhanced disclosure in the quarterly report and on page<div style="display:inline-block;width:2.53px">&#160;</div>22 in the appendix to this presentation. </div><div id="a602" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:220px;">Onto flows. 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We<div style="display:inline-block;width:5.27px">&#160;</div>saw continued momentum in discretionary mandates, including SMAs<div style="display:inline-block;width:5.44px">&#160;</div>in the US and </div><div id="a634" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:497px;">our signature<div style="display:inline-block;width:5.88px">&#160;</div>MyWay<div style="display:inline-block;width:5.25px">&#160;</div>solution, delivered<div style="display:inline-block;width:5.59px">&#160;</div>through our<div style="display:inline-block;width:5.7px">&#160;</div>Swiss and<div style="display:inline-block;width:5.79px">&#160;</div>international platforms. MyWay<div style="display:inline-block;width:6.19px">&#160;</div>mandates have </div><div id="a635" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:514px;">grown to 20 billion, up almost 80% from the prior year<div style="display:inline-block;width:2.38px">&#160;</div>quarter. </div><div id="a637" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:549px;">NNFGA growth was especially strong in our<div style="display:inline-block;width:5.42px">&#160;</div>APAC franchise at an<div style="display:inline-block;width:5.36px">&#160;</div>annualized growth rate of 10%, with mandate </div><div id="a638" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:566px;">penetration at its highest level on record. </div><div id="a640" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:601px;">Looking ahead to the second quarter,<div style="display:inline-block;width:6.67px">&#160;</div>while maturing fixed-term deposits are becoming a<div style="display:inline-block;width:5.49px">&#160;</div>less material headwind </div><div id="a643" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:618px;">to flows,<div style="display:inline-block;width:5.34px">&#160;</div>seasonal US tax-related<div style="display:inline-block;width:5.67px">&#160;</div>outflows in the<div style="display:inline-block;width:5.87px">&#160;</div>high single-digit billion<div style="display:inline-block;width:5.65px">&#160;</div>range, elevated as<div style="display:inline-block;width:5.5px">&#160;</div>a result<div style="display:inline-block;width:5.57px">&#160;</div>of last year&#8217;s </div><div id="a648" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:636px;">strong market performance, are expected to weigh on GWM&#8217;s<div style="display:inline-block;width:2.52px">&#160;</div>2Q net new assets.<div style="display:inline-block;width:3.27px">&#160;</div></div><div id="a651" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:670px;">I would also<div style="display:inline-block;width:2.08px">&#160;</div>highlight that<div style="display:inline-block;width:2.29px">&#160;</div>we saw a<div style="display:inline-block;width:2.07px">&#160;</div>modest pick-up<div style="display:inline-block;width:2.48px">&#160;</div>in lending across<div style="display:inline-block;width:2.17px">&#160;</div>the wealth<div style="display:inline-block;width:2.41px">&#160;</div>business, with<div style="display:inline-block;width:2.52px">&#160;</div>client re-leveraging </div><div id="a656" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:688px;">supported by a lower rate environment. 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<div id="a679" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:730.53px;top:1071px;">7 </div><div id="a681" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:46px;">Transaction-based income increased<div style="display:inline-block;width:2.1px">&#160;</div>by 15%<div style="display:inline-block;width:2.35px">&#160;</div>to 1.4<div style="display:inline-block;width:2.24px">&#160;</div>billion, in<div style="display:inline-block;width:2.17px">&#160;</div>a market<div style="display:inline-block;width:2.18px">&#160;</div>environment where<div style="display:inline-block;width:2.36px">&#160;</div>our franchise&#8217;s<div style="display:inline-block;width:1.97px">&#160;</div>enduring </div><div id="a684" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:64px;">advantages set us<div style="display:inline-block;width:5.27px">&#160;</div>apart. Without a major<div style="display:inline-block;width:5.66px">&#160;</div>shift in asset<div style="display:inline-block;width:5.51px">&#160;</div>allocation during the<div style="display:inline-block;width:5.34px">&#160;</div>quarter,<div style="display:inline-block;width:5.73px">&#160;</div>clients nevertheless actively </div><div id="a685" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:81px;">repositioned portfolios,<div style="display:inline-block;width:5.44px">&#160;</div>benefitting from<div style="display:inline-block;width:5.55px">&#160;</div>our investments in<div style="display:inline-block;width:6.16px">&#160;</div>capabilities, solutions, and<div style="display:inline-block;width:6.07px">&#160;</div>unified teams.<div style="display:inline-block;width:5.28px">&#160;</div>This drove </div><div id="a687" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:98px;">double-digit growth across Structured Products and Cash Equities, 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We also expect a seasonal decline in client<div style="display:inline-block;width:2.5px">&#160;</div>deposits following April tax payments in the </div><div id="a724" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:445px;">US,<div style="display:inline-block;width:6.54px">&#160;</div>although<div style="display:inline-block;width:6.31px">&#160;</div>there<div style="display:inline-block;width:6.73px">&#160;</div>could<div style="display:inline-block;width:6.33px">&#160;</div>be<div style="display:inline-block;width:6.57px">&#160;</div>upside<div style="display:inline-block;width:6.46px">&#160;</div>should<div style="display:inline-block;width:6.47px">&#160;</div>clients<div style="display:inline-block;width:6.14px">&#160;</div>maintain<div style="display:inline-block;width:6.47px">&#160;</div>a<div style="display:inline-block;width:6.56px">&#160;</div>more<div style="display:inline-block;width:6.73px">&#160;</div>defensive<div style="display:inline-block;width:6.23px">&#160;</div>posture<div style="display:inline-block;width:6.71px">&#160;</div>amid<div style="display:inline-block;width:6.43px">&#160;</div>ongoing<div style="display:inline-block;width:6.21px">&#160;</div>market </div><div id="a725" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:462px;">uncertainty, driving higher sweep and account balances. </div><div id="a727" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:497px;">For full year 2025, we continue to expect<div style="display:inline-block;width:2.38px">&#160;</div>GWM&#8217;s net interest income to decrease by a low single-digit<div style="display:inline-block;width:2.29px">&#160;</div>percentage </div><div id="a730" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:514px;">compared to 2024. </div><div id="a732" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:549px;">Underlying operating expenses were up<div style="display:inline-block;width:5.42px">&#160;</div>by 1%, with lower<div style="display:inline-block;width:5.56px">&#160;</div>personnel and support costs offset<div style="display:inline-block;width:5.52px">&#160;</div>by higher variable </div><div id="a733" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:566px;">compensation tied to<div style="display:inline-block;width:2.38px">&#160;</div>revenues. Looking through variable<div style="display:inline-block;width:2.21px">&#160;</div>compensation, litigation<div style="display:inline-block;width:2.45px">&#160;</div>and currency effects, costs<div style="display:inline-block;width:2.37px">&#160;</div>were </div><div id="a734" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:584px;">down 5% year-over-year.</div><div id="a741" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:618px;">Slide 11 &#8211; Personal &amp; Corporate Banking (CHF) </div><div id="a746" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:653px;">Turning to Personal &amp; Corporate Banking on slide 11, where my comments will<div style="display:inline-block;width:2.5px">&#160;</div>refer to Swiss francs. </div><div id="a748" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:688px;">P&amp;C delivered first<div style="display:inline-block;width:2.44px">&#160;</div>quarter pre-tax profit of<div style="display:inline-block;width:2.17px">&#160;</div>597 million, down<div style="display:inline-block;width:1.95px">&#160;</div>23% as lower<div style="display:inline-block;width:2.36px">&#160;</div>interest rates led<div style="display:inline-block;width:2.35px">&#160;</div>to an 18%<div style="display:inline-block;width:2.41px">&#160;</div>reduction </div><div id="a751" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:705px;">in net interest income. </div><div id="a753" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:740px;">Recurring net fee income increased<div style="display:inline-block;width:5.35px">&#160;</div>by 3% driven by record<div style="display:inline-block;width:5.94px">&#160;</div>volumes of investment products in<div style="display:inline-block;width:5.39px">&#160;</div>Personal Banking, </div><div id="a754" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:757px;">supported by strong<div style="display:inline-block;width:2.47px">&#160;</div>sales momentum,<div style="display:inline-block;width:2.4px">&#160;</div>including a 12%<div style="display:inline-block;width:2.21px">&#160;</div>annualized growth rate<div style="display:inline-block;width:2.12px">&#160;</div>in net new<div style="display:inline-block;width:2.4px">&#160;</div>investment flows<div style="display:inline-block;width:2.47px">&#160;</div>in the </div><div id="a755" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:774px;">first quarter.<div style="display:inline-block;width:6.03px">&#160;</div>Transaction-based<div style="display:inline-block;width:5.33px">&#160;</div>revenues decreased by<div style="display:inline-block;width:5.53px">&#160;</div>2% as strong<div style="display:inline-block;width:5.73px">&#160;</div>performance in Personal Banking was<div style="display:inline-block;width:5.7px">&#160;</div>more </div><div id="a759" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:792px;">than offset by the effect of lower corporate finance activity<div style="display:inline-block;width:2.51px">&#160;</div>amid softer economic conditions.<div style="display:inline-block;width:2.71px">&#160;</div></div><div id="a761" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:826px;">Sequentially,<div style="display:inline-block;width:5.25px">&#160;</div>NII decreased by 7%<div style="display:inline-block;width:5.44px">&#160;</div>largely reflecting the effects<div style="display:inline-block;width:5.28px">&#160;</div>of the SNB&#8217;s 50-basis<div style="display:inline-block;width:5.32px">&#160;</div>point rate cut announced in </div><div id="a764" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:844px;">December and a lower<div style="display:inline-block;width:5.63px">&#160;</div>day count, partly offset<div style="display:inline-block;width:5.66px">&#160;</div>by the effect<div style="display:inline-block;width:5.36px">&#160;</div>of the client<div style="display:inline-block;width:5.31px">&#160;</div>segmentation shift between GWM and </div><div id="a765" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:861px;">P&amp;C that I<div style="display:inline-block;width:5.54px">&#160;</div>mentioned earlier,<div style="display:inline-block;width:5.85px">&#160;</div>which provided a<div style="display:inline-block;width:5.52px">&#160;</div>1-percentage-point quarter-on-quarter uplift to<div style="display:inline-block;width:5.25px">&#160;</div>P&amp;C. To<div style="display:inline-block;width:6.32px">&#160;</div>mitigate </div><div id="a775" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:879px;">the effects<div style="display:inline-block;width:5.39px">&#160;</div>of lower<div style="display:inline-block;width:5.29px">&#160;</div>rates, we adjusted<div style="display:inline-block;width:5.67px">&#160;</div>deposit pricing on<div style="display:inline-block;width:5.6px">&#160;</div>select products<div style="display:inline-block;width:5.33px">&#160;</div>and continued optimizing<div style="display:inline-block;width:5.36px">&#160;</div>our banking </div><div id="a776" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:896px;">book.<div style="display:inline-block;width:3.67px">&#160;</div></div></div>
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<div id="a781" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:56.8px;top:1071px;">8 </div><div id="a783" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:46px;">Looking to the second quarter, we see a sequential<div style="display:inline-block;width:2.41px">&#160;</div>decrease in the low single-digit percentage<div style="display:inline-block;width:2.4px">&#160;</div>range for P&amp;C&#8217;s NII </div><div id="a786" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:64px;">in Swiss francs, which translates to<div style="display:inline-block;width:5.5px">&#160;</div>a sequential mid single-digit percentage increase<div style="display:inline-block;width:5.32px">&#160;</div>in US dollar terms, based on </div><div id="a789" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:81px;">current FX rates. The outlook is driven by last month&#8217;s SNB 25-basis point<div style="display:inline-block;width:2.55px">&#160;</div>rate cut, despite day count helping, and </div><div id="a793" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:98px;">the latest change to the SNB&#8217;s threshold factor<div style="display:inline-block;width:2.56px">&#160;</div>for remunerating sight deposits. </div><div id="a795" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:133px;">For full year 2025, we continue to expect an NII decline<div style="display:inline-block;width:2.52px">&#160;</div>of around 10% versus 2024 in Swiss francs, translating to </div><div id="a796" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:150px;">a more modest reduction on a US dollar basis. </div><div id="a798" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:185px;">Credit loss<div style="display:inline-block;width:5.5px">&#160;</div>expense was 48<div style="display:inline-block;width:5.81px">&#160;</div>million, an 8<div style="display:inline-block;width:5.98px">&#160;</div>basis point cost<div style="display:inline-block;width:5.74px">&#160;</div>of risk<div style="display:inline-block;width:5.31px">&#160;</div>on an<div style="display:inline-block;width:5.4px">&#160;</div>average loan<div style="display:inline-block;width:5.25px">&#160;</div>portfolio of 245<div style="display:inline-block;width:5.8px">&#160;</div>billion. This </div><div id="a799" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:202px;">included Stage 3 charges of 54 million, again<div style="display:inline-block;width:2.54px">&#160;</div>predominantly from Credit Suisse exposures.<div style="display:inline-block;width:3.5px">&#160;</div></div><div id="a801" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:237px;">Reflecting on<div style="display:inline-block;width:6.25px">&#160;</div>developing macroeconomic<div style="display:inline-block;width:5.9px">&#160;</div>events, we<div style="display:inline-block;width:6.1px">&#160;</div>currently<div style="display:inline-block;width:5.3px">&#160;</div>assess that<div style="display:inline-block;width:6.08px">&#160;</div>exposures<div style="display:inline-block;width:5.27px">&#160;</div>to our<div style="display:inline-block;width:6.26px">&#160;</div>more<div style="display:inline-block;width:5.29px">&#160;</div>tariff-exposed </div><div id="a804" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:254px;">corporate clients within our Swiss credit book are well-contained. 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<div id="a860" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:730.53px;top:1071px;">9 </div><div id="a862" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:46px;">Slide 13 &#8211; Investment Bank </div><div id="a867" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:81px;">On to slide 13 and the Investment Bank.<div style="display:inline-block;width:2.6px">&#160;</div></div><div id="a869" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:116px;">In the IB<div style="display:inline-block;width:5.74px">&#160;</div>we delivered pre-tax<div style="display:inline-block;width:5.69px">&#160;</div>profit of 696<div style="display:inline-block;width:5.8px">&#160;</div>million, up 72%,<div style="display:inline-block;width:5.45px">&#160;</div>and a return<div style="display:inline-block;width:5.51px">&#160;</div>on attributed equity<div style="display:inline-block;width:5.41px">&#160;</div>of 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<div id="a939" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:56.8px;top:1071px;">10 </div><div id="a941" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:46px;">For the remainder<div style="display:inline-block;width:2.05px">&#160;</div>of the<div style="display:inline-block;width:2.57px">&#160;</div>year, we expect NCL<div style="display:inline-block;width:2.35px">&#160;</div>to generate<div style="display:inline-block;width:2.37px">&#160;</div>an underlying<div style="display:inline-block;width:2.31px">&#160;</div>pre-tax loss, excluding<div style="display:inline-block;width:1.82px">&#160;</div>litigation, of<div style="display:inline-block;width:2.44px">&#160;</div>around </div><div id="a944" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:64px;">1.7 billion,<div style="display:inline-block;width:5.88px">&#160;</div>including revenues<div style="display:inline-block;width:5.8px">&#160;</div>of around<div style="display:inline-block;width:6.21px">&#160;</div>negative 300<div style="display:inline-block;width:5.59px">&#160;</div>million, mainly<div style="display:inline-block;width:5.81px">&#160;</div>from funding<div style="display:inline-block;width:6.04px">&#160;</div>costs. Revenues<div style="display:inline-block;width:5.79px">&#160;</div>from carry, </div><div id="a945" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:81px;">continued<div style="display:inline-block;width:5.66px">&#160;</div>exits<div style="display:inline-block;width:5.57px">&#160;</div>and<div style="display:inline-block;width:5.78px">&#160;</div>remaining<div style="display:inline-block;width:5.8px">&#160;</div>fair<div style="display:inline-block;width:5.73px">&#160;</div>value<div style="display:inline-block;width:5.83px">&#160;</div>positions<div style="display:inline-block;width:5.49px">&#160;</div>are<div style="display:inline-block;width:5.97px">&#160;</div>expected<div style="display:inline-block;width:5.71px">&#160;</div>to<div style="display:inline-block;width:5.72px">&#160;</div>net<div style="display:inline-block;width:5.72px">&#160;</div>around<div style="display:inline-block;width:5.84px">&#160;</div>zero,<div style="display:inline-block;width:6.05px">&#160;</div>and<div style="display:inline-block;width:5.78px">&#160;</div>underlying<div style="display:inline-block;width:5.57px">&#160;</div>operating </div><div id="a947" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:98px;">expenses should average around 450 million per<div style="display:inline-block;width:2.57px">&#160;</div>quarter.<div style="display:inline-block;width:5px">&#160;</div></div><div id="a949" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:133px;">While the<div style="display:inline-block;width:1.95px">&#160;</div>current environment<div style="display:inline-block;width:2.01px">&#160;</div>may slow<div style="display:inline-block;width:1.92px">&#160;</div>the pace<div style="display:inline-block;width:1.97px">&#160;</div>of exits,<div style="display:inline-block;width:1.87px">&#160;</div>it is<div style="display:inline-block;width:2.22px">&#160;</div>unlikely to<div style="display:inline-block;width:1.87px">&#160;</div>materially affect<div style="display:inline-block;width:1.85px">&#160;</div>the financial<div style="display:inline-block;width:1.83px">&#160;</div>performance </div><div id="a950" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:150px;">of our<div style="display:inline-block;width:2.42px">&#160;</div>NCL portfolio.<div style="display:inline-block;width:2.22px">&#160;</div>As examples,<div style="display:inline-block;width:2.41px">&#160;</div>hedges in<div style="display:inline-block;width:2.4px">&#160;</div>the macro<div style="display:inline-block;width:2.45px">&#160;</div>book, and<div style="display:inline-block;width:2.46px">&#160;</div>the nature of<div style="display:inline-block;width:1.87px">&#160;</div>our now<div style="display:inline-block;width:2.25px">&#160;</div>much smaller<div style="display:inline-block;width:2.3px">&#160;</div>credit book, </div><div id="a951" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:168px;">render the valuation of both portfolios less susceptible<div style="display:inline-block;width:2.3px">&#160;</div>to market volatility.</div><div id="a956" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:202px;">Slide 15 &#8211; NCL run down continuing at pace </div><div id="a961" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:237px;">Now onto Slide<div style="display:inline-block;width:2.22px">&#160;</div>15. Since the<div style="display:inline-block;width:2.08px">&#160;</div>second quarter of<div style="display:inline-block;width:2.07px">&#160;</div>2023, Non-core and<div style="display:inline-block;width:2.37px">&#160;</div>Legacy has freed<div style="display:inline-block;width:2.21px">&#160;</div>up almost 7<div style="display:inline-block;width:2.23px">&#160;</div>billion of capital, </div><div id="a964" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:254px;">reduced its cost base by over 60% and closed 74%<div style="display:inline-block;width:2.53px">&#160;</div>of the 14 thousand books they started<div style="display:inline-block;width:2.43px">&#160;</div>with.<div style="display:inline-block;width:3.86px">&#160;</div></div><div id="a966" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:289px;">As of the end of March, risk-weighted<div style="display:inline-block;width:2.05px">&#160;</div>assets in NCL were 7<div style="display:inline-block;width:2.58px">&#160;</div>billion lower than in the<div style="display:inline-block;width:2.4px">&#160;</div>prior quarter, as position exits </div><div id="a969" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:306px;">across securitized<div style="display:inline-block;width:2.3px">&#160;</div>products, credit<div style="display:inline-block;width:2.47px">&#160;</div>and macro<div style="display:inline-block;width:2.34px">&#160;</div>more than<div style="display:inline-block;width:2.3px">&#160;</div>offset the<div style="display:inline-block;width:2.37px">&#160;</div>inflationary effects<div style="display:inline-block;width:2.16px">&#160;</div>of the<div style="display:inline-block;width:2.41px">&#160;</div>final Basel<div style="display:inline-block;width:1.99px">&#160;</div>III standards.<div style="display:inline-block;width:3.03px">&#160;</div></div><div id="a971" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:341px;">Again this quarter, the<div style="display:inline-block;width:5.29px">&#160;</div>skillful expertise of the NCL team has kept us well ahead of our de-risking schedule. Given </div><div id="a974" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:358px;">this accelerated progress, we&#8217;re upgrading our ambitions and now aim to drive NCL&#8217;s credit and market risk RWA </div><div id="a975" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:376px;">below 8 billion by the end of 2025, and to around<div style="display:inline-block;width:2.5px">&#160;</div>4 billion by the end of 2026.<div style="display:inline-block;width:3.07px">&#160;</div></div><div id="a979" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:410px;">While<div style="display:inline-block;width:5.9px">&#160;</div>we<div style="display:inline-block;width:5.85px">&#160;</div>expect<div style="display:inline-block;width:5.86px">&#160;</div>the<div style="display:inline-block;width:5.88px">&#160;</div>reduction<div style="display:inline-block;width:6.02px">&#160;</div>in<div style="display:inline-block;width:5.84px">&#160;</div>balance<div style="display:inline-block;width:5.84px">&#160;</div>sheet<div style="display:inline-block;width:5.84px">&#160;</div>to<div style="display:inline-block;width:5.88px">&#160;</div>continue<div style="display:inline-block;width:5.81px">&#160;</div>to<div style="display:inline-block;width:5.88px">&#160;</div>contribute<div style="display:inline-block;width:5.71px">&#160;</div>to<div style="display:inline-block;width:5.88px">&#160;</div>NCL&#8217;s<div style="display:inline-block;width:5.9px">&#160;</div>cost<div style="display:inline-block;width:5.83px">&#160;</div>performance,<div style="display:inline-block;width:5.67px">&#160;</div>as<div style="display:inline-block;width:5.72px">&#160;</div>I&#8217;ve </div><div id="a980" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:428px;">highlighted in the<div style="display:inline-block;width:5.72px">&#160;</div>past, further savings<div style="display:inline-block;width:5.61px">&#160;</div>from technology,<div style="display:inline-block;width:6.6px">&#160;</div>real estate<div style="display:inline-block;width:5.35px">&#160;</div>and resolving ongoing<div style="display:inline-block;width:5.77px">&#160;</div>litigation matters will </div><div id="a981" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:445px;">take longer to achieve. This underpins our 2026<div style="display:inline-block;width:2.44px">&#160;</div>exit-rate cost guidance I offered last quarter. </div><div id="a986" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:480px;">With that, let&#8217;s open for questions. </div></div>
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<div id="a989" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:723.97px;top:1071px;">11 </div><div id="a991" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:18.72px;color:#E60000;left:56.8px;top:45px;">Analyst Q&amp;A (CEO<div style="display:inline-block;width:3.66px">&#160;</div>and CFO) </div><div id="a993" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:83px;">Jeremy Sigee, Exane BNP Paribas</div><div id="a996" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:124px;">Good morning. Thanks very much.<div style="display:inline-block;width:2.5px">&#160;</div>Firstly, just a basic one. The fact that you're accruing the whole of the 2025 </div><div id="a997" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:140px;">share buyback suggests that you intend to do that<div style="display:inline-block;width:2.54px">&#160;</div>almost regardless of what the draft rules look like when </div><div id="a998" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:156px;">they&#8217;re published in June. Is that a fair interpretation? </div><div id="a1001" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:188px;">And then my second question is a bit broader. Could you talk about how your wealth<div style="display:inline-block;width:2.48px">&#160;</div>management clients in </div><div id="a1002" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:204px;">different regions are reacting in April post the tariffs in the US? Are they doing more with the bank or less<div style="display:inline-block;width:2.44px">&#160;</div>with </div><div id="a1003" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:220px;">the bank? What are their risk appetites? If you could<div style="display:inline-block;width:2.48px">&#160;</div>talk about that, that would be great. Thank you. </div><div id="a1006" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:260px;">Sergio P.<div style="display:inline-block;width:6.1px">&#160;</div>Ermotti </div><div id="a1010" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:301px;">Thank you, Jeremy. No, it is not a fair representation considering what I said, that our language hasn't<div style="display:inline-block;width:2.54px">&#160;</div>changed </div><div id="a1011" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:317px;">and we said, very clearly that we are accruing based<div style="display:inline-block;width:2.38px">&#160;</div>on what we know and we see today, based on our strong </div><div id="a1012" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:333px;">performance, based on our strong capital position.<div style="display:inline-block;width:2.5px">&#160;</div>That, of course, all of this is subject to<div style="display:inline-block;width:2.57px">&#160;</div>us continuing to </div><div id="a1014" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:349px;">develop, well, in terms of financial targets,<div style="display:inline-block;width:2.57px">&#160;</div>the integration, and as we pointed out,<div style="display:inline-block;width:2.56px">&#160;</div>any material and immediate </div><div id="a1015" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:365px;">change in the regulatory regime. </div><div id="a1017" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:397px;">So, in respect of the activity in April, I can only say that<div style="display:inline-block;width:2.27px">&#160;</div>of course, we had a, as I mentioned in my remarks,<div style="display:inline-block;width:2.55px">&#160;</div>we </div><div id="a1018" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:413px;">saw a huge spike in client activity and volatility<div style="display:inline-block;width:2.34px">&#160;</div>in the first couple of weeks in the first<div style="display:inline-block;width:2.42px">&#160;</div>few days of April. So, </div><div id="a1019" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:429px;">even achieving a 30% increase compared to the peak<div style="display:inline-block;width:2.53px">&#160;</div>of COVID times, which is quite exceptional.<div style="display:inline-block;width:2.51px">&#160;</div>But it's fair </div><div id="a1021" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:445px;">to say that if you look at the last 10 days or<div style="display:inline-block;width:2.51px">&#160;</div>so, there is a fatigue coming in. You'd see it also in financial </div><div id="a1022" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:461px;">markets. I think that markets are stabilizing around current levels across many<div style="display:inline-block;width:2.54px">&#160;</div>asset classes and it's much more </div><div id="a1025" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:477px;">of a wait-and-see attitude and so in that sense<div style="display:inline-block;width:2.46px">&#160;</div>it's a more normalized environment. </div><div id="a1031" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:518px;">Jeremy Sigee, Exane BNP Paribas</div><div id="a1033" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:558px;">Thank you. </div><div id="a1035" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:599px;">Giulia Aurora Miotto, Morgan Stanley</div><div id="a1037" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:640px;">Yes. Hi. Good morning and thank you for taking my question. So, the first one,<div style="display:inline-block;width:2.4px">&#160;</div>I was surprised to hear that </div><div id="a1040" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:656px;">there is re-leveraging in Asia. That's quite a positive development.<div style="display:inline-block;width:2.2px">&#160;</div>And I was wondering if that has carried </div><div id="a1043" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:672px;">through also in April or was it only a Q1 phenomenon,<div style="display:inline-block;width:2.3px">&#160;</div>and then got shutdown by the tariff discussion. </div><div id="a1045" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:704px;">And then the second question instead, of course,<div style="display:inline-block;width:2.28px">&#160;</div>I have to ask on capital, and May is the<div style="display:inline-block;width:2.55px">&#160;</div>next catalyst there, or </div><div id="a1046" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:720px;">at least we will learn something there. Is there any development<div style="display:inline-block;width:2.05px">&#160;</div>that you can share with us in terms of what<div style="display:inline-block;width:2.49px">&#160;</div>to </div><div id="a1047" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:736px;">expect, and what will go under government<div style="display:inline-block;width:2.34px">&#160;</div>ordinance, what will be put to parliament, yeah,<div style="display:inline-block;width:2.46px">&#160;</div>any updated </div><div id="a1050" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:752px;">thoughts would be helpful. Thank you.</div></div>
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<div id="a1054" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:56.8px;top:1071px;">12 </div><div id="a1056" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:46px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1058" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:87px;">Let me pick up the second one, and Todd will pick up the first question. There are no developments other<div style="display:inline-block;width:2.55px">&#160;</div>than </div><div id="a1059" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:103px;">the updated timeline for the announcement<div style="display:inline-block;width:2.42px">&#160;</div>of the proposal that are now seen, are going to come in during </div><div id="a1060" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:119px;">the first week </div><div id="a1061" style="position:absolute;font-family:&apos;Frutiger&apos;;font-style:italic;color:#808080;left:142.43px;top:118px;">[edit: weeks]</div><div id="a1062" style="position:absolute;font-family:&apos;Frutiger&apos;;left:217.79px;top:119px;"><div style="display:inline-block;width:3.84px">&#160;</div>of June. So, we don't know what's the<div style="display:inline-block;width:2.49px">&#160;</div>content of this proposal in terms of &#8211; also, if </div><div id="a1067" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:135px;">there is any split between ordinance or legislative process. So, we<div style="display:inline-block;width:2.56px">&#160;</div>are in a wait-and-see and we will see like </div><div id="a1072" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:151px;">everybody in five to six weeks' time. </div><div id="a1074" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:192px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1076" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:232px;">And Giulia, I'd say it's helpful to step back<div style="display:inline-block;width:2.48px">&#160;</div>and look at the bigger picture here, on the lending question.<div style="display:inline-block;width:2.41px">&#160;</div>I mean, </div><div id="a1077" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:248px;">clearly for GWM, one of our strategic imperatives<div style="display:inline-block;width:2.27px">&#160;</div>is to grow lending, albeit selectively and profitably. And as a </div><div id="a1078" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:264px;">driver of enhanced relationship revenues for clients, so<div style="display:inline-block;width:2.46px">&#160;</div>we're pleased with the developments that we saw<div style="display:inline-block;width:2.42px">&#160;</div>in </div><div id="a1080" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:280px;">1Q. I mean, we can't speculate on where things<div style="display:inline-block;width:2.57px">&#160;</div>are going to move given the current environment for sure. But </div><div id="a1081" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:296px;">we're pleased with the 1Q performance, and that<div style="display:inline-block;width:2.5px">&#160;</div>still remains a strategic focus for us. </div><div id="a1084" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:337px;">Giulia Aurora Miotto, Morgan Stanley </div><div id="a1086" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:377px;">Thank you. </div><div id="a1088" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:402px;">Kian Abouhossein, JPMorgan </div><div id="a1090" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:443px;">Yes. Thanks for taking my questions. I wanted to come back to US wealth management.<div style="display:inline-block;width:2.29px">&#160;</div>If you could maybe </div><div id="a1092" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:459px;">run &#8211; you clearly have done some strategic changes<div style="display:inline-block;width:2.25px">&#160;</div>around the US wealth management business, both<div style="display:inline-block;width:2.43px">&#160;</div>on </div><div id="a1096" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:475px;">compensation, but also incentives, et cetera.<div style="display:inline-block;width:2.51px">&#160;</div>And if I look on a year-end basis versus<div style="display:inline-block;width:2.57px">&#160;</div>now, you have reductions </div><div id="a1100" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:491px;">in advisers. I just wanted to see where should we<div style="display:inline-block;width:2.53px">&#160;</div>think adviser numbers to go to in US wealth.<div style="display:inline-block;width:2.34px">&#160;</div>And how should </div><div id="a1101" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:507px;">we think around the net new flows but also impact<div style="display:inline-block;width:2.37px">&#160;</div>in that respect because you made some statements<div style="display:inline-block;width:2.4px">&#160;</div>in the </div><div id="a1102" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:523px;">last quarter that could be a deterioration, but<div style="display:inline-block;width:2.52px">&#160;</div>also in terms of improvement in pre-tax margin. So, a bit<div style="display:inline-block;width:2.52px">&#160;</div>more of </div><div id="a1106" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:539px;">a holistic approach around the changes that you have<div style="display:inline-block;width:2.46px">&#160;</div>done and the impact. </div><div id="a1108" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:571px;">And then secondly, just coming back to the Federal Council report, can you just take<div style="display:inline-block;width:2.57px">&#160;</div>a step back and just give </div><div id="a1109" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:587px;">your current views around your positioning against other<div style="display:inline-block;width:2.56px">&#160;</div>banks, but also potential offsets that you can think </div><div id="a1110" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:603px;">about in order to offset some kind of additional capital requirement, even<div style="display:inline-block;width:2.57px">&#160;</div>in big picture terms, if you could talk </div><div id="a1112" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:619px;">about that? </div><div id="a1114" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:660px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1116" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:700px;">Hi, Kian. So, on the wealth one, let's zoom out<div style="display:inline-block;width:2.48px">&#160;</div>a bit and just reiterate that we're executing at pace on our </div><div id="a1117" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:716px;">plans and our strategy. You<div style="display:inline-block;width:5.5px">&#160;</div>know, clearly,<div style="display:inline-block;width:5.56px">&#160;</div>quarter-on-quarter, we could see volatility. But this said, we're </div><div id="a1122" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:732px;">looking at our ambition to achieve, as you know, a structural mid-teen<div style="display:inline-block;width:2.37px">&#160;</div>pre-tax margin. And we look at that as </div><div id="a1129" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:748px;">a two to three-year journey. </div><div id="a1133" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:780px;">As we zoom in, the question on really our platforms<div style="display:inline-block;width:2.47px">&#160;</div>and advisers, first, I'd say our platform is stable.<div style="display:inline-block;width:2.27px">&#160;</div>There's </div><div id="a1134" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:796px;">been a broad support for our strategy, which is intended to better align advisor incentives<div style="display:inline-block;width:2.44px">&#160;</div>with the strategic </div><div id="a1135" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:812px;">goals of the firm. That's evidenced by the very<div style="display:inline-block;width:2.46px">&#160;</div>strong same-store net new money we've seen, perhaps<div style="display:inline-block;width:2.58px">&#160;</div>the </div><div id="a1139" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:828px;">strongest net new money we've seen over many<div style="display:inline-block;width:2.49px">&#160;</div>quarters in the first quarter. </div></div>
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<div id="a1144" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:723.97px;top:1071px;">13 </div><div id="a1146" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:45px;">In terms of the head count, I would just say<div style="display:inline-block;width:2.49px">&#160;</div>that our recruiting pipeline is robust. There is some attrition<div style="display:inline-block;width:2.55px">&#160;</div>that </div><div id="a1147" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:61px;">one can expect. And in fact, we're observing across the<div style="display:inline-block;width:2.57px">&#160;</div>industry, given the market dynamics of 2024 versus the </div><div id="a1148" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:77px;">beginning of 2025 and the outlook that would<div style="display:inline-block;width:2.46px">&#160;</div>create some movement across the industry in terms<div style="display:inline-block;width:2.57px">&#160;</div>of advisory </div><div id="a1150" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:93px;">repositioning. But nothing I would highlight in<div style="display:inline-block;width:2.56px">&#160;</div>our own platform. </div><div id="a1152" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:134px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1154" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:167px;">Kian, before I answer the question, can you specify<div style="display:inline-block;width:2.5px">&#160;</div>what do you mean by positioning versus<div style="display:inline-block;width:2.38px">&#160;</div>other banks? </div><div id="a1156" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:208px;">Kian Abouhossein, JPMorgan </div><div id="a1158" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:240px;">Yes, Sergio. I left it open on purpose, just to see, leaving the floor open to some<div style="display:inline-block;width:2.45px">&#160;</div>extent. </div><div id="a1160" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:281px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1162" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:313px;">Okay. </div><div id="a1164" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:354px;">Kian Abouhossein, JPMorgan </div><div id="a1166" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:387px;">To<div style="display:inline-block;width:5.41px">&#160;</div>see what &#8211; yeah, what you can tell us and<div style="display:inline-block;width:2.54px">&#160;</div>your thoughts about it, because it is clearly a<div style="display:inline-block;width:2.53px">&#160;</div>very open question. </div><div id="a1170" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:403px;">It's very difficult for us to look through as well. </div><div id="a1172" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:444px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1174" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:476px;">But you know, Kian, the call is scheduled to and at 10:30, so I'm<div style="display:inline-block;width:2.56px">&#160;</div>not so sure I have so much time to go through </div><div id="a1175" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:492px;">that. So, but so the issue is very clear that,<div style="display:inline-block;width:2.53px">&#160;</div>when I look at the regulatory framework in Switzerland,<div style="display:inline-block;width:2.26px">&#160;</div>it's one of </div><div id="a1176" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:508px;">the most demanding. And particularly after<div style="display:inline-block;width:2.53px">&#160;</div>we fully implemented Basel III, I think that<div style="display:inline-block;width:2.48px">&#160;</div>in terms of relative </div><div id="a1178" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:524px;">game, that we are comfortable at, that we have a strong<div style="display:inline-block;width:2.5px">&#160;</div>and demanding regime. That capital and strength is </div><div id="a1179" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:540px;">one of our key pillars. </div><div id="a1181" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:572px;">Having said that, we all know that there is a point<div style="display:inline-block;width:2.51px">&#160;</div>in time in which too much is not necessarily<div style="display:inline-block;width:2.39px">&#160;</div>positive. And </div><div id="a1182" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:588px;">therefore that's the only consideration I can say when<div style="display:inline-block;width:2.49px">&#160;</div>we speak about relative terms. So, because at the<div style="display:inline-block;width:2.52px">&#160;</div>end of </div><div id="a1183" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:604px;">the day, as we always say,<div style="display:inline-block;width:5.67px">&#160;</div>we are not only competing in terms of return on capital,<div style="display:inline-block;width:2.35px">&#160;</div>but we are also competing </div><div id="a1186" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:620px;">for capital. And therefore, having an attractive, sustainable<div style="display:inline-block;width:2.57px">&#160;</div>business that also delivers appropriate return is<div style="display:inline-block;width:2.56px">&#160;</div>a </div><div id="a1187" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:636px;">key element on judging and balancing any<div style="display:inline-block;width:2.5px">&#160;</div>regulatory regime. That's<div style="display:inline-block;width:3.5px">&#160;</div>what I can say. </div><div id="a1190" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:668px;">So, in respect of set of measures, the set of measures can only be decided<div style="display:inline-block;width:2.28px">&#160;</div>and analyzed when you know what </div><div id="a1191" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:684px;">is the outcome. And so, we will need to assess<div style="display:inline-block;width:2.41px">&#160;</div>exactly what the proposal is in terms of<div style="display:inline-block;width:2.55px">&#160;</div>impact and timing. </div><div id="a1193" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:725px;">Kian Abouhossein, JPMorgan<div style="display:inline-block;width:2.83px">&#160;</div></div><div id="a1195" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:757px;">And Sergio, just very quickly, do you expect enough clarity to assess with that report? </div><div id="a1197" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:798px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1199" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:831px;">I hope, I don't expect. </div><div id="a1201" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:872px;">Kian Abouhossein, JPMorgan Securities </div><div id="a1203" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:904px;">Okay. Thank you. </div></div>
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<div id="a1208" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:56.8px;top:1071px;">14 </div><div id="a1210" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:46px;">Stefan Stalmann, Bernstein Autonomous</div><div id="a1212" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:79px;">Hi. Good morning. Thank you very<div style="display:inline-block;width:2.48px">&#160;</div>much for taking my questions. I have two on<div style="display:inline-block;width:2.37px">&#160;</div>capital, please. The first one </div><div id="a1213" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:95px;">on the parent bank, the fully loaded CET1 ratio was I think<div style="display:inline-block;width:2.39px">&#160;</div>down by about 60 basis points during<div style="display:inline-block;width:2.48px">&#160;</div>the quarter. </div><div id="a1214" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:111px;">Was there anything particular to highlight that happened during the<div style="display:inline-block;width:2.51px">&#160;</div>quarter? </div><div id="a1217" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:143px;">And the second one, a bit more, let's say, strategic. The risk density in the group has actually come<div style="display:inline-block;width:2.36px">&#160;</div>down quite </div><div id="a1218" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:159px;">a bit. And it's now a bit below 31%. And<div style="display:inline-block;width:2.51px">&#160;</div>I think the hope was always in a way that<div style="display:inline-block;width:2.41px">&#160;</div>Basel IV would kind of lift </div><div id="a1219" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:175px;">this risk density towards 35%, where it doesn't matter<div style="display:inline-block;width:2.47px">&#160;</div>anymore whether leverage or risk-weighted assets drive </div><div id="a1223" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:191px;">your capital requirement. But now it's 31%, it looks like<div style="display:inline-block;width:2.46px">&#160;</div>you're quite deeply constrained by leverage, not risk </div><div id="a1224" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:207px;">weighted-assets going forward. Do you expect this to<div style="display:inline-block;width:2.35px">&#160;</div>change at all from what you can see? And if not, does<div style="display:inline-block;width:2.37px">&#160;</div>it </div><div id="a1229" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:223px;">have any impact on the way that you run<div style="display:inline-block;width:2.55px">&#160;</div>your capital management going forward? </div><div id="a1231" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:264px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1233" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:296px;">Thanks. Thanks, Stefan, for those questions.<div style="display:inline-block;width:2.41px">&#160;</div>I appreciate you bringing those up. So, first on the<div style="display:inline-block;width:2.54px">&#160;</div>capital, the </div><div id="a1234" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:312px;">parent bank quarter-on-quarter reduction, as I mentioned in my comments<div style="display:inline-block;width:2.18px">&#160;</div>comes from the accrual of a </div><div id="a1239" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:328px;">dividend that we expect to pay in 2026<div style="display:inline-block;width:2.57px">&#160;</div>in relation to 2025, overall earnings of the<div style="display:inline-block;width:2.38px">&#160;</div>parent bank. So, it's a </div><div id="a1241" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:344px;">dividend accrual that effectively drove the capital ratio<div style="display:inline-block;width:2.47px">&#160;</div>within our guidance. </div><div id="a1243" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:376px;">On the second one, it's a very good spot<div style="display:inline-block;width:2.57px">&#160;</div>on your point about risk density coming<div style="display:inline-block;width:2.48px">&#160;</div>in. You know,<div style="display:inline-block;width:5.55px">&#160;</div>I would say, </div><div id="a1244" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:392px;">you're also right where I would say more constrained by leverage than<div style="display:inline-block;width:2.43px">&#160;</div>risk weighting. But remember that we </div><div id="a1245" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:408px;">set our CET1 capital ratio on a risk-weighted<div style="display:inline-block;width:2.56px">&#160;</div>basis as our key target. So, in that sense,<div style="display:inline-block;width:2.45px">&#160;</div>that becomes for us </div><div id="a1249" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:424px;">binding unless truly leverage becomes binding. </div><div id="a1251" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:456px;">But to answer your question about what you<div style="display:inline-block;width:2.5px">&#160;</div>can do about it or what the cause was or<div style="display:inline-block;width:2.52px">&#160;</div>is I would say that, you </div><div id="a1252" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:472px;">see how we've been able to really drive down RWA because of the technical<div style="display:inline-block;width:2.32px">&#160;</div>nature of it, in the way we've </div><div id="a1253" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:488px;">been able to manage down work&#8230;also work<div style="display:inline-block;width:2.42px">&#160;</div>to get approvals on models, on methodology, on data quality, on </div><div id="a1256" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:504px;">all the issues, the coverage of external<div style="display:inline-block;width:2.52px">&#160;</div>ratings, all the things that have helped<div style="display:inline-block;width:2.46px">&#160;</div>us drive down. </div><div id="a1258" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:536px;">I think the leverage ratio, unfortunately, is just more simple, less fertile ground for optimization.<div style="display:inline-block;width:2.42px">&#160;</div>And so, you </div><div id="a1259" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:552px;">saw, as I commented that we had the SACCR increase, whereas on RWA we had a more fertile ground to </div><div id="a1260" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:568px;">optimize. So, I think your observation is correct, but I<div style="display:inline-block;width:2.52px">&#160;</div>don't see it this time given we intend to<div style="display:inline-block;width:2.51px">&#160;</div>operate with a </div><div id="a1262" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:584px;">CET1 capital ratio of around 14%, which for us is binding,<div style="display:inline-block;width:2.33px">&#160;</div>even though you're right, leverage is &#8211; we have<div style="display:inline-block;width:2.42px">&#160;</div>less </div><div id="a1266" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:600px;">cushion on the leverage side than we do<div style="display:inline-block;width:2.56px">&#160;</div>on the risk-weighted side going....<div style="display:inline-block;width:2.54px">&#160;</div>Nothing is changing as we move </div><div id="a1270" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:616px;">forward. That's the way we're thinking about it. </div><div id="a1272" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:657px;">Stefan Stalmann, Bernstein Autonomous</div><div id="a1276" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:689px;">Okay. Thank you very much. </div><div id="a1280" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:730px;">Benjamin Goy, Deutsche Bank </div><div id="a1282" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:763px;">Yes. Hi. Good morning. Two<div style="display:inline-block;width:5.3px">&#160;</div>questions, please, from my side. First on your India<div style="display:inline-block;width:2.44px">&#160;</div>partnership, maybe you can </div><div id="a1283" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:779px;">comment a bit more broader on the onshore, offshore dynamics we should expect<div style="display:inline-block;width:2.17px">&#160;</div>in emerging markets going </div><div id="a1284" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:795px;">forward, even in a large market like India, you have to<div style="display:inline-block;width:2.38px">&#160;</div>do a partnership. </div></div>
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<div id="a1290" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:723.97px;top:1071px;">15 </div><div id="a1292" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:45px;">And then secondly, markets are now pricing in again, negative rates in Switzerland. Just<div style="display:inline-block;width:2.55px">&#160;</div>wondering, short-</div><div id="a1294" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:61px;">term, any impact or, below zero, if there's not much like an incremental negative impact. The longer-term </div><div id="a1297" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:77px;">question is the 50% cost to income ratio target<div style="display:inline-block;width:2.32px">&#160;</div>in your Swiss business was, I assume done or<div style="display:inline-block;width:2.49px">&#160;</div>based on a more </div><div id="a1299" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:93px;">positive interest rate outlook and how do you intend<div style="display:inline-block;width:2.53px">&#160;</div>to achieve that or is more due to come out on<div style="display:inline-block;width:2.5px">&#160;</div>the cost </div><div id="a1300" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:109px;">side? The longer-term question is the 50% cost to income ratio target<div style="display:inline-block;width:2.27px">&#160;</div>in your Swiss business was, I assume </div><div id="a1305" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:125px;">done or based on a more positive interest rate outlook<div style="display:inline-block;width:2.57px">&#160;</div>and how do you intend to achieve that or<div style="display:inline-block;width:2.57px">&#160;</div>more due to </div><div id="a1306" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:141px;">come out on the cost side? Thank you. </div><div id="a1308" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:182px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1310" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:215px;">Yeah. Hi Benjamin, let me address the second question. So, on your observation regarding the market pricing </div><div id="a1311" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:231px;">and negative rates, as we indicate in our interest rate<div style="display:inline-block;width:2.33px">&#160;</div>sensitivity and as I've commented before, we certainly<div style="display:inline-block;width:2.32px">&#160;</div>see </div><div id="a1312" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:247px;">convexity in the movement of rates either<div style="display:inline-block;width:2.55px">&#160;</div>down or up, in the sense that whether rates<div style="display:inline-block;width:2.41px">&#160;</div>move into negative </div><div id="a1314" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:263px;">territory or move up, that would be accretive to our<div style="display:inline-block;width:2.32px">&#160;</div>net interest income in our P&amp;C business. So, in that<div style="display:inline-block;width:2.53px">&#160;</div>sense </div><div id="a1315" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:279px;">to the extent that is priced in and to the extent<div style="display:inline-block;width:2.37px">&#160;</div>that actually happens, we see upside in our<div style="display:inline-block;width:2.39px">&#160;</div>NII. </div><div id="a1319" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:311px;">You asked about the expectation on the cost/income ratio targets that we have<div style="display:inline-block;width:2.44px">&#160;</div>by the end of 2026. I would </div><div id="a1320" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:327px;">say it's we continue to execute against that<div style="display:inline-block;width:2.52px">&#160;</div>expectation. That is our expectation at<div style="display:inline-block;width:2.49px">&#160;</div>this stage. Not changing </div><div id="a1321" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:343px;">that given interest rate expectations at this point in time. </div><div id="a1325" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:384px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1327" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:416px;">So, on India I think that we see a secular trend developing<div style="display:inline-block;width:2.3px">&#160;</div>for the Indian market domestically and but<div style="display:inline-block;width:2.57px">&#160;</div>also at </div><div id="a1328" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:432px;">the same time, we see also an opportunity<div style="display:inline-block;width:2.54px">&#160;</div>for India residents booking business outside.<div style="display:inline-block;width:2.48px">&#160;</div>And looking at our </div><div id="a1329" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:448px;">current setup, we saw that, we decided that the best<div style="display:inline-block;width:2.55px">&#160;</div>way to pursue the next phase of growth and growth </div><div id="a1332" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:464px;">opportunities in India for us was to partner<div style="display:inline-block;width:2.4px">&#160;</div>with the only fully independent asset<div style="display:inline-block;width:2.57px">&#160;</div>gatherer in India. And so </div><div id="a1333" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:480px;">through that, through the combination of us buying a<div style="display:inline-block;width:2.47px">&#160;</div>stake, but also bringing our current business into 360, </div><div id="a1335" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:496px;">we can now leverage for the future. </div><div id="a1337" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:528px;">So, we see very good prospects across the board in terms of<div style="display:inline-block;width:2.48px">&#160;</div>not only sharing our best practice globally, but </div><div id="a1338" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:544px;">also learning on the domestic markets.<div style="display:inline-block;width:2.42px">&#160;</div>And we'll take it from there. So, I think that we are very optimistic </div><div id="a1339" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:560px;">about the long-term potential growth in India. </div><div id="a1344" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:601px;">Benjamin Goy, Deutsche Bank<div style="display:inline-block;width:4.23px">&#160;</div></div><div id="a1346" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:633px;">Thank you. </div><div id="a1348" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:674px;">Amit Goel, Mediobanca<div style="display:inline-block;width:3.08px">&#160;</div></div><div id="a1350" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:707px;">Hi. Thank you. And maybe just more of a follow-up<div style="display:inline-block;width:2.46px">&#160;</div>question, but just the remarks earlier about the equity </div><div id="a1354" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:723px;">double leverage and kind of looking to get<div style="display:inline-block;width:2.52px">&#160;</div>down to the 110% at Q2. And then continue<div style="display:inline-block;width:2.26px">&#160;</div>to bring it back to </div><div id="a1355" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:739px;">pre-acquisition levels in the quarters after. I'm still kind of curious, why? What drives the<div style="display:inline-block;width:2.58px">&#160;</div>pace of that, and kind </div><div id="a1359" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:755px;">of, what's the cost or what's the consequence<div style="display:inline-block;width:2.4px">&#160;</div>if you were to stay at 110%? Because let's say<div style="display:inline-block;width:2.56px">&#160;</div>if the group were </div><div id="a1360" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:771px;">to have less leverage at the parent bank level, what<div style="display:inline-block;width:2.43px">&#160;</div>would stop the group having a bit more leverage at the </div><div id="a1361" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:787px;">group? And what would be the consequence, or what<div style="display:inline-block;width:2.14px">&#160;</div>is the benefit of bringing that down from 110% to say </div><div id="a1363" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:803px;">105% or 100%? So, that's the question there. </div></div>
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<div id="a1368" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:56.8px;top:1071px;">16 </div><div id="a1370" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:45px;">And then just on the PCB business, again<div style="display:inline-block;width:2.45px">&#160;</div>I appreciate the response on if rates, for example, if they<div style="display:inline-block;width:2.58px">&#160;</div>were to go </div><div id="a1372" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:61px;">negative, et cetera, the convexity. I'm just wondering what you're thinking about volumes<div style="display:inline-block;width:2.54px">&#160;</div>there given the </div><div id="a1373" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:77px;">exchange rate movement. Any color would be<div style="display:inline-block;width:2.43px">&#160;</div>helpful. Thank you. </div><div id="a1375" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:118px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1377" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:151px;">Thanks, Amit. So, on the first, your question<div style="display:inline-block;width:2.43px">&#160;</div>in terms of the consequence of a higher one or<div style="display:inline-block;width:2.51px">&#160;</div>the benefit of the </div><div id="a1378" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:167px;">lower one for sure, the way we look at it is a lower<div style="display:inline-block;width:2.52px">&#160;</div>one, which is to say our pre-acquisition levels, the<div style="display:inline-block;width:2.48px">&#160;</div>way </div><div id="a1381" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:183px;">we've historically operated. One is more prudent.<div style="display:inline-block;width:2.52px">&#160;</div>It's aligned with our strategy. And third, it just offers far more </div><div id="a1383" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:199px;">flexibility. So, if you operate at a higher level and then you hit any stress, then you've effectively sold<div style="display:inline-block;width:2.46px">&#160;</div>your </div><div id="a1384" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:215px;">buffer,<div style="display:inline-block;width:5.35px">&#160;</div>and so that's the reason why it's prudent to operate<div style="display:inline-block;width:2.38px">&#160;</div>at the levels that Sergio and I have been </div><div id="a1387" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:231px;">highlighting over the last quarter or two, since<div style="display:inline-block;width:2.42px">&#160;</div>I raised the topic last quarter. </div><div id="a1389" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:263px;">In terms of P&amp;C volumes. As we look, we look<div style="display:inline-block;width:2.56px">&#160;</div>forward, I would say, at this point, the outlook on lending is </div><div id="a1390" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:279px;">flattish for now in terms of volumes and ways<div style="display:inline-block;width:2.52px">&#160;</div>that if that is a mitigant for sure, the balance sheet<div style="display:inline-block;width:2.36px">&#160;</div>optimization </div><div id="a1391" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:295px;">that they've done, that the business has done on<div style="display:inline-block;width:2.46px">&#160;</div>the asset side, has driven profitability, return on attributed </div><div id="a1393" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:311px;">equity, revenue over RWA, accretion, appreciation. So, I would say that's the main focus on the lending side. </div><div id="a1395" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:343px;">Deposit outlook is also relatively flattish, maybe some<div style="display:inline-block;width:2.36px">&#160;</div>short-term moderate down a bit in a very competitive </div><div id="a1398" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:359px;">market and we're not chasing where we're seeing competitors buying<div style="display:inline-block;width:2.4px">&#160;</div>deposits at much higher rates to protect </div><div id="a1399" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:375px;">their loan books. So, our deposit outlook is stable,<div style="display:inline-block;width:2.3px">&#160;</div>I would say. But again, there we have adjusted deposit </div><div id="a1401" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:391px;">pricing on select products to help. But at the end<div style="display:inline-block;width:2.53px">&#160;</div>of the day, as I've said before, certainly the biggest help </div><div id="a1402" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:407px;">would be rates either moving down or up<div style="display:inline-block;width:2.56px">&#160;</div>from a sort of a zero perimeter as that would really be the most </div><div id="a1404" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:423px;">accretive from a NII perspective in the P&amp;C business. </div><div id="a1406" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:464px;">Amit Goel, Mediobanca<div style="display:inline-block;width:3.08px">&#160;</div></div><div id="a1408" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:496px;">Thank you. </div><div id="a1410" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:537px;">Andrew Coombs, Citigroup<div style="display:inline-block;width:3.36px">&#160;</div></div><div id="a1412" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:569px;">Hi. Good morning. I have two follow-ups,<div style="display:inline-block;width:2.37px">&#160;</div>please. One on capital and one on GWM<div style="display:inline-block;width:2.46px">&#160;</div>NII. On capital, coming all </div><div id="a1415" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:585px;">the way back to Jeremy's first question, you've taken<div style="display:inline-block;width:2.34px">&#160;</div>a change in approach. You've fully accrued for the </div><div id="a1416" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:601px;">buyback rather than taking the capital impact<div style="display:inline-block;width:2.43px">&#160;</div>as and when you execute. And can I just<div style="display:inline-block;width:2.56px">&#160;</div>ask what was the </div><div id="a1418" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:617px;">rationale for doing this? And is this something<div style="display:inline-block;width:2.36px">&#160;</div>you envisage doing going forward, as well? </div><div id="a1420" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:649px;">And the second question on GWM NII, and I think<div style="display:inline-block;width:2.4px">&#160;</div>at the full year results, you talked about Q1 being<div style="display:inline-block;width:2.32px">&#160;</div>down </div><div id="a1421" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:665px;">low- to mid-single digits sequentially. You've ended up down 7%. And you said that 1 percentage point of that </div><div id="a1427" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:681px;">was due to the re-segmentation. But nonetheless, it looks<div style="display:inline-block;width:2.3px">&#160;</div>a little bit worse than your original guidance.<div style="display:inline-block;width:2.37px">&#160;</div>So, </div><div id="a1431" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:697px;">perhaps you could explain why it came in<div style="display:inline-block;width:2.54px">&#160;</div>slightly worse than you initially expected? </div><div id="a1433" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:729px;">And then more broadly, your full year guidance for GWM NII is unchanged. But it was previously predicated<div style="display:inline-block;width:2.47px">&#160;</div>on </div><div id="a1434" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:745px;">the second half being flattish versus the first<div style="display:inline-block;width:2.46px">&#160;</div>half. Are you now seeing a slight recovery in the second<div style="display:inline-block;width:2.46px">&#160;</div>half? </div><div id="a1436" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:786px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1438" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:819px;">So, thank you, Andrew. So, on capital, again, I think that's, the main driver<div style="display:inline-block;width:2.51px">&#160;</div>here is to also manage our ratio in </div><div id="a1439" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:835px;">respect of our guidance. And by doing the accruals,<div style="display:inline-block;width:2.42px">&#160;</div>we basically take it closer to our &#8220;around 14%.&#8221; But<div style="display:inline-block;width:2.4px">&#160;</div>most </div><div id="a1440" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:851px;">importantly, I think that's the real factor that has changed is that we moved from having an ambition<div style="display:inline-block;width:2.48px">&#160;</div>to having </div><div id="a1442" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:867px;">an intention to. </div></div>
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<div id="a1447" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:723.97px;top:1071px;">17 </div><div id="a1449" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:45px;">I mean, this is all still subject to the conditions<div style="display:inline-block;width:2.5px">&#160;</div>we always set in terms of financial performance.<div style="display:inline-block;width:2.11px">&#160;</div>And also, no </div><div id="a1450" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:61px;">material and immediate change in the regulatory framework.<div style="display:inline-block;width:2.17px">&#160;</div>But it's clear that now we have &#8211; because of<div style="display:inline-block;width:2.4px">&#160;</div>the </div><div id="a1454" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:77px;">results and the progress we are making in the integration, and everything<div style="display:inline-block;width:2.52px">&#160;</div>that we can control, we feel </div><div id="a1456" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:93px;">comfortable that this is the way to go. </div><div id="a1458" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:125px;">So, you can always expect that as soon as we<div style="display:inline-block;width:2.46px">&#160;</div>feel that there is a change between ambition and intention,<div style="display:inline-block;width:2.23px">&#160;</div>also, </div><div id="a1459" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:141px;">from a accounting standpoint of view, we will accrue in a prudent manner<div style="display:inline-block;width:2.46px">&#160;</div>which we believe is also more </div><div id="a1460" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:157px;">prudent &#8211; that kind of reserve, then in order to then execute<div style="display:inline-block;width:2.56px">&#160;</div>on capital return plans. </div><div id="a1466" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:198px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1468" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:231px;">And Andrew, on the second question. Yeah, the reason I gave some color on the segmentation change is, is </div><div id="a1470" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:247px;">just to explain a bit of the delta. But with<div style="display:inline-block;width:2.51px">&#160;</div>that explained, you kind of get into the<div style="display:inline-block;width:2.4px">&#160;</div>mid-single-digit range, which </div><div id="a1475" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:263px;">is where we've guided into 1Q sequentially from 4Q. </div><div id="a1477" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:295px;">In terms of the outlook, going forward, you're right. I mean,<div style="display:inline-block;width:2.41px">&#160;</div>I'm reaffirming the full year NII guidance for </div><div id="a1478" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:311px;">GWM. I see the loan outlook to be, again,<div style="display:inline-block;width:2.48px">&#160;</div>dependent on the rate environment, but the loan<div style="display:inline-block;width:2.58px">&#160;</div>outlook to be </div><div id="a1479" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:327px;">positive, also dependent on the macroeconomic environment.<div style="display:inline-block;width:2.53px">&#160;</div>But that right now, until we see any drastic </div><div id="a1481" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:343px;">change, the loan outlook has been accretive on the<div style="display:inline-block;width:2.53px">&#160;</div>NII in terms of the rest of the year for GWM. </div><div id="a1483" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:375px;">And also, the deposit outlook is helping as well,<div style="display:inline-block;width:2.39px">&#160;</div>again, subject to macroeconomic developments.<div style="display:inline-block;width:2.49px">&#160;</div>But we also </div><div id="a1484" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:391px;">see some of the preferential FTD headwinds tapering.<div style="display:inline-block;width:2.46px">&#160;</div>And so ultimately this is contributing as well to<div style="display:inline-block;width:2.47px">&#160;</div>deposit </div><div id="a1485" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:407px;">margins increasing. So, for those reasons, I've kept the<div style="display:inline-block;width:2.51px">&#160;</div>guidance stable for the full year. And as I said, offered </div><div id="a1487" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:423px;">the explain to sort of move into the Q1<div style="display:inline-block;width:2.57px">&#160;</div>guidance range. </div><div id="a1489" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:464px;">Andrew Coombs, Citigroup<div style="display:inline-block;width:3.36px">&#160;</div></div><div id="a1491" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:496px;">That's great. Thank you, both. </div><div id="a1493" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:537px;">Chris Hallam, Goldman Sachs<div style="display:inline-block;width:2.77px">&#160;</div></div><div id="a1495" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:569px;">Yeah. Good morning, everybody. Thank you for taking my questions. You<div style="display:inline-block;width:5.25px">&#160;</div>mentioned in the prepared remarks </div><div id="a1496" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:585px;">the LCM fee pool shifted towards corporates and away<div style="display:inline-block;width:2.27px">&#160;</div>from sponsors. Any insights you can share on your </div><div id="a1497" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:601px;">discussions with the sponsor community more broadly, how do you expect them to act in the coming quarters </div><div id="a1499" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:617px;">based on the operating backdrop we see today? And<div style="display:inline-block;width:2.27px">&#160;</div>maybe at what point would you consider reassessing<div style="display:inline-block;width:2.4px">&#160;</div>the </div><div id="a1500" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:633px;">banking revenue ambition for 2026? I guess, in light<div style="display:inline-block;width:2.47px">&#160;</div>of the slower activity levels year to date? </div><div id="a1503" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:665px;">And then second, I just want to come back on<div style="display:inline-block;width:2.38px">&#160;</div>this risk of an immediate and material change<div style="display:inline-block;width:2.37px">&#160;</div>to the regulatory </div><div id="a1504" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:681px;">regime. So, I appreciate the processes is maybe less clear than it<div style="display:inline-block;width:2.54px">&#160;</div>was, the range of outcomes has probably </div><div id="a1505" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:697px;">widened, but has the risk of immediacy also<div style="display:inline-block;width:2.48px">&#160;</div>increased? It feels as though, if anything stuff is being pushed<div style="display:inline-block;width:2.43px">&#160;</div>to </div><div id="a1507" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:713px;">the right a little bit, and obviously there hopefully would<div style="display:inline-block;width:2.41px">&#160;</div>be still some kind of phase in period, one<div style="display:inline-block;width:2.47px">&#160;</div>would </div><div id="a1508" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:729px;">assume, so just any thoughts on that.<div style="display:inline-block;width:2.47px">&#160;</div>Thank you. </div><div id="a1510" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:770px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1512" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:803px;">Well, look, I think that generally speaking it's&#8230; On<div style="display:inline-block;width:2.5px">&#160;</div>a year-on-year basis, the drop in the sponsor-related activity </div><div id="a1519" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:819px;">was more important, but I would say that in general, the<div style="display:inline-block;width:2.32px">&#160;</div>sponsors are also like everybody on a wait and see </div><div id="a1521" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:835px;">attitude. A lot of transactions are on hold. They are not<div style="display:inline-block;width:2.37px">&#160;</div>necessarily being canceled. Of course, if you look<div style="display:inline-block;width:2.48px">&#160;</div>at, to </div><div id="a1522" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:851px;">some extent the view levels of funding and spreads<div style="display:inline-block;width:2.53px">&#160;</div>and credit markets may put some transaction at,<div style="display:inline-block;width:2.54px">&#160;</div>in </div><div id="a1523" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:867px;">question. But, generally speaking the sense<div style="display:inline-block;width:2.5px">&#160;</div>is that people are waiting to see if the situation clarifies<div style="display:inline-block;width:2.3px">&#160;</div>in the next </div><div id="a1525" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:883px;">couple of months and then they're going to go<div style="display:inline-block;width:2.57px">&#160;</div>into executing on plans for either<div style="display:inline-block;width:2.56px">&#160;</div>add-on acquisitions or </div><div id="a1528" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:899px;">disposals, IPOs. So, I think that the most<div style="display:inline-block;width:2.51px">&#160;</div>important issue that we see right now is<div style="display:inline-block;width:2.44px">&#160;</div>that the pipeline of potential </div><div id="a1530" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:915px;">transaction is still healthy and building up. So,<div style="display:inline-block;width:2.48px">&#160;</div>we don't see a stop on that. </div></div>
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<div id="a1535" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:56.8px;top:1071px;">18 </div><div id="a1537" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:45px;">So, coming to your question, I think that when<div style="display:inline-block;width:2.45px">&#160;</div>we would change our outlook for the<div style="display:inline-block;width:2.49px">&#160;</div>over-the-cycle and </div><div id="a1542" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:61px;">ambitions on the top line is going to be<div style="display:inline-block;width:2.55px">&#160;</div>when, if, we have a material change<div style="display:inline-block;width:2.54px">&#160;</div>in the market conditions and in </div><div id="a1543" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:77px;">the prospect for the growth of banking businesses in the industry. Our intention to be a relative winner out<div style="display:inline-block;width:2.32px">&#160;</div>of </div><div id="a1545" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:93px;">it by gaining share of wallet remains unchanged. So, if<div style="display:inline-block;width:2.57px">&#160;</div>we have to change our revenue assumptions, we're </div><div id="a1546" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:109px;">definitely not going to change our market<div style="display:inline-block;width:2.46px">&#160;</div>share ambitions to improve and monetize on the investments<div style="display:inline-block;width:2.32px">&#160;</div>we did </div><div id="a1549" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:125px;">on the platform in the last 24 months. </div><div id="a1551" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:157px;">In respect of the second one, I mean, look, it's<div style="display:inline-block;width:2.49px">&#160;</div>just prudent &#8211; we are not in control of this process. We don't </div><div id="a1555" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:173px;">know what's coming out. And so, we can't<div style="display:inline-block;width:2.45px">&#160;</div>rule out anything in terms of the materiality<div style="display:inline-block;width:2.42px">&#160;</div>of the change, and the </div><div id="a1556" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:189px;">timing. Therefore, you have to interpret this language more as a prudent way<div style="display:inline-block;width:2.44px">&#160;</div>to highlight that we are &#8211; that </div><div id="a1561" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:205px;">that's a possibility, that doesn't necessarily reflect what we expect or don't expect. </div><div id="a1563" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:246px;">Chris Hallam,<div style="display:inline-block;width:3.51px">&#160;</div>Goldman Sachs<div style="display:inline-block;width:3.26px">&#160;</div></div><div id="a1567" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:279px;">Okay. Thanks, Sergio. </div><div id="a1570" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:320px;">Piers Brown, HSBC </div><div id="a1574" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:352px;">Yeah. Good morning. I've got two. One on FRC, so up 27% year-on-year. It's much stronger print than a lot of </div><div id="a1580" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:368px;">your peers. And I'm just wondering, is that<div style="display:inline-block;width:2.55px">&#160;</div>business mix related? You've mentioned the strength of FX, or do </div><div id="a1581" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:384px;">you feel that you're still winning back market share in<div style="display:inline-block;width:2.51px">&#160;</div>that business? </div><div id="a1583" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:416px;">And then the second question, sorry to come<div style="display:inline-block;width:2.56px">&#160;</div>back on capital again, but you did say<div style="display:inline-block;width:2.53px">&#160;</div>in the fourth quarter that </div><div id="a1584" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:432px;">you had further subsidiary repatriations potentially<div style="display:inline-block;width:2.58px">&#160;</div>in the pipeline. I think you mentioned $5 billion<div style="display:inline-block;width:2.35px">&#160;</div>from CSI </div><div id="a1585" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:448px;">and maybe something more coming out of the IHC.<div style="display:inline-block;width:2.51px">&#160;</div>Can you give an update on progress on both of those </div><div id="a1587" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:464px;">fronts? Thanks. </div><div id="a1589" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:505px;">Todd<div style="display:inline-block;width:5.37px">&#160;</div>Tuckner </div><div id="a1591" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:537px;">Hi, Piers. So, on the first question, yeah, the<div style="display:inline-block;width:2.55px">&#160;</div>pickup in FRC year-on-year was driven by FX where we're strong, </div><div id="a1596" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:553px;">concentrated. You know we had&#8230; it was a difficult quarter, I think for those that are more in rates and credit. </div><div id="a1597" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:569px;">And we're, as you know, under concentrated there, so we didn't have that impact,<div style="display:inline-block;width:2.49px">&#160;</div>so we benefited from </div><div id="a1599" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:585px;">where we were well indexed in the FRC segment. </div><div id="a1601" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:617px;">On the capital question, in terms of<div style="display:inline-block;width:2.55px">&#160;</div>an update, yes, you recall correctly that there remains additional capital<div style="display:inline-block;width:2.56px">&#160;</div>to </div><div id="a1602" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:633px;">be repatriated out of some of the foreign subs, in particular<div style="display:inline-block;width:2.47px">&#160;</div>the UK one. And a bit more as well in the US. </div><div id="a1604" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:665px;">We're going through the normal process with the regulators to approve the release of their capital,<div style="display:inline-block;width:2.55px">&#160;</div>which is to </div><div id="a1605" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:681px;">say that we continue to work down the portfolios,<div style="display:inline-block;width:2.32px">&#160;</div>largely non-core and legacy portfolios, in those<div style="display:inline-block;width:2.58px">&#160;</div>entities. And </div><div id="a1608" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:697px;">as we continue to make progress and that capital is indeed excess,<div style="display:inline-block;width:2.36px">&#160;</div>including from a supervisory standpoint, </div><div id="a1611" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:713px;">under their conservative lens, they'll give us<div style="display:inline-block;width:2.53px">&#160;</div>the &#8211; they&#8217;ll signal the okay and then we'll repatriate<div style="display:inline-block;width:2.5px">&#160;</div>that, over the </div><div id="a1615" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:729px;">course of the next several quarters. </div><div id="a1617" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:770px;">Piers Brown, HSBC </div><div id="a1619" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:803px;">All right. That's great. Thank you. </div><div id="a1621" style="position:absolute;font-family:&apos;Frutiger&apos;;font-weight:bold;left:56.8px;top:844px;">Sergio P.<div style="display:inline-block;width:6.07px">&#160;</div>Ermotti </div><div id="a1623" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:876px;">Thank you. So, there are no more questions. So, thank you for calling<div style="display:inline-block;width:2.5px">&#160;</div>in and for your questions. And the IR </div><div id="a1625" style="position:absolute;font-family:&apos;Frutiger&apos;;left:56.8px;top:892px;">team is at your disposal for any follow-ups.<div style="display:inline-block;width:2.52px">&#160;</div>So have a nice day. Thank you.</div></div>
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<div id="a1632" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:12px;left:723.97px;top:1071px;">19 </div><div id="a1634" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;font-weight:bold;left:56.8px;top:47px;">Cautionary statement<div style="display:inline-block;width:1.09px">&#160;</div>regarding forward-looking statements<div style="display:inline-block;width:0.87px">&#160;</div>| </div><div id="a1637" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:348.39px;top:47px;">This document contains<div style="display:inline-block;width:0.77px">&#160;</div>statements that<div style="display:inline-block;width:1.44px">&#160;</div>constitute &#8220;forward-looking<div style="display:inline-block;width:1.09px">&#160;</div>statements&#8221;, including </div><div id="a1640" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:56.8px;top:59px;">but not limited to management&#8217;s outlook for<div style="display:inline-block;width:4.19px">&#160;</div>UBS&#8217;s financial performance, statements relating to the anticipated effect<div style="display:inline-block;width:4.19px">&#160;</div>of transactions and strategic initiatives </div><div id="a1642" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:56.8px;top:70px;">on UBS&#8217;s<div style="display:inline-block;width:4.17px">&#160;</div>business and future<div style="display:inline-block;width:4.62px">&#160;</div>development and goals<div style="display:inline-block;width:4.36px">&#160;</div>or intentions to<div style="display:inline-block;width:4.45px">&#160;</div>achieve climate, sustainability<div style="display:inline-block;width:4.25px">&#160;</div>and other social<div style="display:inline-block;width:4.62px">&#160;</div>objectives. While these<div style="display:inline-block;width:4.5px">&#160;</div>forward-looking </div><div id="a1647" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:56.8px;top:82px;">statements represent<div style="display:inline-block;width:4.76px">&#160;</div>UBS&#8217;s judgments,<div style="display:inline-block;width:4.29px">&#160;</div>expectations and<div style="display:inline-block;width:4.63px">&#160;</div>objectives concerning the<div style="display:inline-block;width:5px">&#160;</div>matters described,<div style="display:inline-block;width:4.4px">&#160;</div>a number<div style="display:inline-block;width:4.88px">&#160;</div>of risks,<div style="display:inline-block;width:4.71px">&#160;</div>uncertainties and<div style="display:inline-block;width:4.46px">&#160;</div>other important </div><div id="a1649" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:56.8px;top:93px;">factors could cause actual<div style="display:inline-block;width:1.44px">&#160;</div>developments and results to<div style="display:inline-block;width:1.43px">&#160;</div>differ materially from UBS&#8217;s expectations.<div style="display:inline-block;width:1.01px">&#160;</div>In particular, the global economy may suffer<div style="display:inline-block;width:1.42px">&#160;</div>significant adverse </div><div id="a1651" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:56.8px;top:104px;">effects from increasing political tensions between world<div style="display:inline-block;width:1.34px">&#160;</div>powers, changes to international<div style="display:inline-block;width:1.21px">&#160;</div>trade policies, including those related<div style="display:inline-block;width:1.42px">&#160;</div>to tariffs and trade barriers, and </div><div id="a1653" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:56.8px;top:116px;">ongoing conflicts<div style="display:inline-block;width:1.41px">&#160;</div>in the Middle<div style="display:inline-block;width:0.78px">&#160;</div>East, as well<div style="display:inline-block;width:1.04px">&#160;</div>as the continuing<div style="display:inline-block;width:0.85px">&#160;</div>Russia&#8211;Ukraine war. 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(iii) inflation<div style="display:inline-block;width:1.24px">&#160;</div>and interest rate volatility in major markets; (iv) </div><div id="a1686" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:56.8px;top:240px;">developments in the macroeconomic climate<div style="display:inline-block;width:4.42px">&#160;</div>and in the<div style="display:inline-block;width:4.14px">&#160;</div>markets in which UBS<div style="display:inline-block;width:4.54px">&#160;</div>operates or to<div style="display:inline-block;width:4.15px">&#160;</div>which it is exposed,<div style="display:inline-block;width:4.46px">&#160;</div>including movements in securities prices<div style="display:inline-block;width:4.29px">&#160;</div>or </div><div id="a1689" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:56.8px;top:252px;">liquidity, credit<div style="display:inline-block;width:4.55px">&#160;</div>spreads, currency exchange rates,<div style="display:inline-block;width:4.2px">&#160;</div>residential and commercial real<div style="display:inline-block;width:4.39px">&#160;</div>estate markets, general economic conditions, and<div style="display:inline-block;width:4.46px">&#160;</div>changes to national trade </div><div id="a1691" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:56.8px;top:263px;">policies on the financial position or creditworthiness of<div style="display:inline-block;width:4.2px">&#160;</div>UBS&#8217;s clients and counterparties, as well as on client<div style="display:inline-block;width:4.26px">&#160;</div>sentiment and levels of activity; 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(xix) the degree to which changes </div><div id="a1763" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:56.8px;top:580px;">in regulation, capital or<div style="display:inline-block;width:4.48px">&#160;</div>legal structure, financial results<div style="display:inline-block;width:4.28px">&#160;</div>or other factors may<div style="display:inline-block;width:4.17px">&#160;</div>affect UBS&#8217;s ability to<div style="display:inline-block;width:4.43px">&#160;</div>maintain its stated capital<div style="display:inline-block;width:4.25px">&#160;</div>return objective; (xx) uncertainty </div><div id="a1767" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:56.8px;top:592px;">over the scope of actions that may be required by UBS, governments and others for UBS to achieve goals relating to climate, environmental and social matters, </div><div id="a1769" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:56.8px;top:603px;">as well as the<div style="display:inline-block;width:1.03px">&#160;</div>evolving nature of<div style="display:inline-block;width:1.37px">&#160;</div>underlying science<div style="display:inline-block;width:1.34px">&#160;</div>and industry and<div style="display:inline-block;width:1.17px">&#160;</div>the possibility of<div style="display:inline-block;width:1.18px">&#160;</div>conflict between different<div style="display:inline-block;width:1.34px">&#160;</div>governmental standards<div style="display:inline-block;width:1.17px">&#160;</div>and regulatory regimes; 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and (xxiii) the effect that these or other factors or unanticipated<div style="display:inline-block;width:1.28px">&#160;</div>events, including media reports and speculations, may have on its reputation </div><div id="a1781" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:56.8px;top:648px;">and the additional consequences<div style="display:inline-block;width:1.38px">&#160;</div>that this may have on<div style="display:inline-block;width:1.43px">&#160;</div>its business and performance.<div style="display:inline-block;width:1.24px">&#160;</div>The sequence in which the factors<div style="display:inline-block;width:1.09px">&#160;</div>above are presented is not indicative<div style="display:inline-block;width:1.43px">&#160;</div>of </div><div id="a1783" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:56.8px;top:660px;">their likelihood of occurrence<div style="display:inline-block;width:4.48px">&#160;</div>or the potential magnitude<div style="display:inline-block;width:4.27px">&#160;</div>of their consequences. UBS&#8217;s<div style="display:inline-block;width:4.2px">&#160;</div>business and financial performance could<div style="display:inline-block;width:4.19px">&#160;</div>be affected by<div style="display:inline-block;width:4.34px">&#160;</div>other factors </div><div id="a1785" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:56.8px;top:671px;">identified in its past and future filings and reports, including those filed with the US<div style="display:inline-block;width:4.17px">&#160;</div>Securities and Exchange Commission (the SEC). More detailed information </div><div id="a1788" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:56.8px;top:682px;">about those factors is set forth in<div style="display:inline-block;width:1.25px">&#160;</div>documents furnished by<div style="display:inline-block;width:1.46px">&#160;</div>UBS and filings made by UBS<div style="display:inline-block;width:1.39px">&#160;</div>with the SEC, including the<div style="display:inline-block;width:1.32px">&#160;</div>UBS Group AG and UBS AG Annual<div style="display:inline-block;width:1.39px">&#160;</div>Reports </div><div id="a1790" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:56.8px;top:694px;">on Form 20-F for the year ended 31 December 2024. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-</div><div id="a1795" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:56.8px;top:705px;">looking statements, whether as a result of new information,<div style="display:inline-block;width:1.01px">&#160;</div>future events, or otherwise. </div><div id="a1797" style="position:absolute;font-family:&apos;Frutiger&apos;;font-size:10.08px;left:56.8px;top:716px;">&#169; UBS 2025. The key symbol and UBS are among<div style="display:inline-block;width:1.4px">&#160;</div>the registered and unregistered trademarks of UBS. All rights<div style="display:inline-block;width:1.39px">&#160;</div>reserved </div></div>
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<div id="a1803" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:bold;left:349.19px;top:114px;">SIGNATURES</div><div id="a1806" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:142.59px;top:147px;">Pursuant to the requirements of the Securities Exchange Act of 1934, the<div style="display:inline-block;width:2.3px">&#160;</div>registrants have duly </div><div id="a1807" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:94.59px;top:164px;">caused this report to be signed on their behalf by the undersigned, thereunto<div style="display:inline-block;width:2.17px">&#160;</div>duly authorized. </div><div id="a1812" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:382.63px;top:215px;">UBS Group AG </div><div id="a1817" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:382.63px;top:282px;">By:<div style="display:inline-block;width:7.37px">&#160;</div>/s/ David Kelly<div style="display:inline-block;width:113.26px">&#160;</div></div><div id="a1820" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;color:#FFFFFF;left:614.53px;top:282px;">_ </div><div id="a1822" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:382.63px;top:299px;">Name:<div style="display:inline-block;width:7.32px">&#160;</div>David Kelly </div><div id="a1824" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:382.63px;top:316px;">Title:<div style="display:inline-block;width:15.19px">&#160;</div>Managing Director<div style="display:inline-block;width:3.14px">&#160;</div></div><div id="a1829" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:382.63px;top:383px;">By:<div style="display:inline-block;width:7.37px">&#160;</div>/s/ Ella Copetti-Campi<div style="display:inline-block;width:120.42px">&#160;</div></div><div id="a1834" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;color:#FFFFFF;left:664.29px;top:383px;">_</div><div id="a1836" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:382.63px;top:400px;">Name:<div style="display:inline-block;width:7.32px">&#160;</div>Ella Copetti-Campi </div><div id="a1841" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:382.63px;top:417px;">Title:<div style="display:inline-block;width:15.19px">&#160;</div>Executive Director </div><div id="a1845" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:382.63px;top:468px;">UBS AG </div><div id="a1850" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:382.63px;top:535px;">By:<div style="display:inline-block;width:7.37px">&#160;</div>/s/ David Kelly<div style="display:inline-block;width:113.26px">&#160;</div></div><div id="a1853" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;color:#FFFFFF;left:614.53px;top:535px;">_ </div><div id="a1855" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:382.63px;top:552px;">Name:<div style="display:inline-block;width:7.32px">&#160;</div>David Kelly </div><div id="a1857" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:382.63px;top:569px;">Title:<div style="display:inline-block;width:15.19px">&#160;</div>Managing Director<div style="display:inline-block;width:3.14px">&#160;</div></div><div id="a1862" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:382.63px;top:636px;">By:<div style="display:inline-block;width:7.37px">&#160;</div>/s/ Ella Copetti-Campi<div style="display:inline-block;width:120.42px">&#160;</div></div><div id="a1867" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;color:#FFFFFF;left:664.29px;top:636px;">_</div><div id="a1869" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:382.63px;top:653px;">Name:<div style="display:inline-block;width:7.32px">&#160;</div>Ella Copetti-Campi </div><div id="a1874" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:382.63px;top:670px;">Title:<div style="display:inline-block;width:15.19px">&#160;</div>Executive Director </div><div id="a1880" style="position:absolute;font-family:&apos;Times New Roman&apos;;font-size:14.72px;font-weight:normal;left:94.59px;top:755px;">Date:<div style="display:inline-block;width:7.32px">&#160;</div>April 30, 2025</div></div>
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