UBS Group AG

Ladies and gentlemen, good morning. Welcome to the UBS first quarter 2025 results. The conference must not be recorded for publication or broadcast. You can register for questions at any time by pressing star and 1 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 would 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. It's now my pleasure to hand over to Sergio Amotti, Group CEO.

Thank you, Sarah, and good morning, everyone. Our strong results in the first quarter demonstrate once again our ability to deliver for stakeholders in different market conditions. The quarter was characterized by a substantial shift in investor sentiment and growth expectations. alongside periods of significant market volatility. This damped the positive seasonal effect we typically experience at the start of the year and tempered the bullish outlook the market had coming out of 2024 and into the first few weeks of January. Against this backdrop, these results reflect the power and scale of our diversified global franchise our unwavering commitments to clients, disciplined cost management, and the substantial progress made in integrating Credit Suisse. All this is underpinned by a balance sheet for all seasons. First quarter net profit reached 1.7 billion, and our underlying return on CT1 capital stood at 11.3%, supported by positive operating leverage in our core businesses. Net new influence onto our asset gathering platform were robust, including 32 billion in net new assets in global wealth management and 7 billion net new money in asset management. Although we haven't seen a major strategic shift in asset allocation, the breadth and depth of our advice and global capabilities help clients protect their wealth and navigate the market volatility. We saw significant demand for mandate solutions, structure products, and alternatives, including new offerings within our unified global alternatives unit, where total assets reached nearly 300 billion. For our clients in Switzerland, we kept delivering on our commitment to be a reliable partner. During the quarter, we granted or renewed 40 billion Swiss francs of loans. In the investment bank, we continue to execute on our capital light strategy. Investments we made in our areas of strategic importance allowed us to win further market share. Global markets achieved its best quarter on record. In global banking, we outperformed the fee pools in M&A and ECM, despite a challenging market backdrop. I'm also pleased to see that we are building on our already healthy pipeline. As the second quarter kicked off, the unveiling of significant changes to tariffs on trading partners by the U.S. administration increased uncertainty and market volatility, while in some days trading volumes exceeded their COVID-era peak by around 30%. I'm especially pleased by the way our colleagues were able to intensify their engagement with institutional and private clients during this period. The investments we have made to reinforce our infrastructure are paying off, with our operations proving stable and resilient as we facilitate client activity across asset classes. Looking ahead, the economic path forward is particularly unpredictable and the range of possible outcomes is wide. The prospect of higher tariffs on global trade presents a material risk to global growth and inflation. While we are encouraged that negotiations are ongoing, a prolonged period of discussion and speculation will come at a cost. Uncertainty is likely to affect sentiment and lead businesses and investors to delay important decisions on strategy, capital allocation and investment. In this environment, we expect financial markets to remain sensitive to new developments, both positive and negative, which are likely to lead to further spikes in volatility. In light of this, we are unwavering in serving our clients, executing on our growth strategy and following through on our integration plans. On that, over the course of the first quarter, we finalized our preparations to migrate more than one billion clients in Switzerland onto UBS platforms and continued to integrate 95 petabytes of data. We moved a small pilot group of clients at the start of April and we are on track to complete the first main wave of migrations by the end of the second quarter. We are pleased with our progress in non-core and legacy as we continue to reduce the complexity of our operations through book closures and the decommissioning of applications. Moreover, Our active wind-down efforts have proven so effective that we have been able to upgrade our credit and market risk weighted assets ambitions for 2025 and 2026. Our CT1 ratio capital stands in line with our guidance at 14.3%. This combined with the substantial de-risking of the acquisition and our highly capital generative strategy gives us confidence in our ability to deliver on our 2025 capital return objectives. These remain contingent on maintaining a CT1 capital ratio of around 14% and the absence of material immediate changes to the current capital regime. Our capital strength also supports our ability to deploy investments that reinforce our leadership across the globe and position UBS for the future. We are working to further enhance our client offering and capabilities to improve profitability in the Americas. At the same time, we are building on our status as the number one wealth manager in APAC by scaling our offering in the fastest growing markets across the region, while reinforcing our leadership position in EMEA and Switzerland. As highlighted in February, technology investments are a key enabler for growth. We are encouraged by our development and adoption of generative AI solutions as we empower our colleagues with tools to improve productivity and deliver tailored solutions to clients. We are pleased with our strong performance this quarter and continue to operate from a position of strength. But we are not complacent, as we are only around two-thirds of the way to restoring UBS's pre-acquisition levels of profitability. In that sense, the next phase of the integration is especially important to harvesting the full benefits of the acquisition for our clients and shareholders. and delivering on our long-term ambitions. In the meantime, we are staying focused on what we can control, serving our clients, delivering on our financial targets, and continuing to act as an engine of economic growth in the communities we serve. With that, I hand over to Todd.