UBS Group AG

Good morning! Today we published our first quarter results. The quarter saw a substantial shift in investor sentiment and growth expectations, as well as significant market volatility. Yet once again, we demonstrated our ability to deliver for stakeholders in different market conditions. Our results reflect our many strengths. The power and scale of our diversified global franchise, our unwavering focus on clients, disciplined cost management and the substantial progress made in integrating Credit Suisse. This is all underpinned by a balance sheet for all seasons. Influence onto our asset gathering platform were robust. 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, structured products and alternatives. We also kept fulfilling our commitment to remain a reliable partner to clients in Switzerland. And, in the Investment Bank, we continued to execute on our Capital Light strategy while gaining market share in areas of strategic importance. At the same time, we remain focused on executing on our integration plans. We finalized preparations to migrate more than 1 million clients onto UBS platforms in Switzerland, and we are on track to complete the first wave by the end of the second quarter. In non-core and legacy, we have further reduced the complexity of our operations. 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. Furthermore, we have continued to position UBS for the future. For example, our development and adoption of GenAI solutions empower our colleagues to be more efficient and provide even better service to clients. In closing, we are pleased with our strong performance this quarter, and while we continue to operate from a position of strength, we are not complacent. I would also like to address the environment we have seen since the start of the second quarter. The tariff announcements in early April significantly increased uncertainty, market volatility and client activity. During this period, we have been able to intensify our engagement with institutional and private clients, and the investments we have made in our infrastructure are paying off with operations proving stable and resilient. Looking ahead, we expect markets to remain sensitive to new developments, likely leading to further volatility. We will stay focused on what we can control, serving our clients, achieving our financial targets, completing the next critical phase of the integration and acting as an engine of economic growth in our communities.