UBS Group AG

Ladies and gentlemen, good morning. Welcome to the UBS full year 2024 results presentation. The conference must not be recorded for publication or broadcast. You can register for questions at any time by pressing star and one on your telephone. Should you need operator assistance, please press star and zero. At this time, it's my pleasure to hand over to Sarah Mackey, UBS Investor Relations. Please go ahead, madam.

Good morning and welcome, everyone. Before we start, I'd like to draw your attention to our cautionary statement slide at the back of today's results presentation. Please also refer to the risk factors included in our annual report, together with additional disclosures in our SEC filings. On slide two, you can see our agenda for today. Sergio and Todd will go through our fourth quarter and full year results, as well as our investor update before we move on to Q&A. It's now my pleasure to hand over to Sergio Amorti, Group CEO.

Thank you, Sara, and good morning, everyone. Before we provide an update on how we are delivering on our priorities to meet our 2026 commitments, let me share some highlights for 2024. Strong four-quarter results contributed to an even stronger full-year financial performance as we rebuilt profitability across our businesses. Our full-year net profit of $5.1 billion and underlying return on CT1 capital of 8.7% reflect our unwavering commitment to serving our clients, our diversified global franchise, and the disciplined progress we have made on our integration plans. Throughout 2024, we maintained robust momentum as we captured growth across our global asset gathering platform and gained market share in the investment bank in the areas where we have made strategic investments. With over 70 billion Swiss francs of loans granted or renewed during the year and outstanding balance of 350 billion, we also maintain our commitment as a reliable partner for the Swiss economy, supporting families and businesses to achieve their goals. We delivered on all of our key integration milestones in 2024, including all major legal entity mergers and the successful completion of our client account migrations in Luxembourg, Hong Kong, Singapore, and Japan in the fourth quarter. upon the successful integration of our key operating entities, the optimization of our balance sheet and the reduction of cost and risk-weighted assets in non-core and legacy. Combined, these milestones have significantly reduced the execution risk of the Credit Suisse acquisition. As a result, we remain confident in our ability to substantially complete the integration and deliver on our financial targets by the end of 2026. Our capital position remains robust as we ended the year with a CT1 capital ratio of 14.3%. For the financial year 2024, we intend to propose a dividend of $0.90, representing a 29% increase year-on-year. This is in line with our intention to calibrate the proportion of cash dividends and share repurchases. As we execute on our business and integration plans, we are building additional capacity to invest in our people and to enhance our products and capabilities. This will allow us to better serve our clients and position UBS for future success. that includes the Americas, a region that remains a core component of both our asset gathering foundation and our capital efficient business model. In 2024, we started to make changes across the business to introduce new capabilities that will help increase the operating leverage of our platform, improve profitability, and drive sustainable growth. Across all of our businesses and supporting functions, we continue to invest in technology, leveraging our strong foundation to improve the client experience and enhance how we operate. Now, I hand over to Todd who will cover the four-quarter results.