UBS Group AG

Ladies and gentlemen, good morning. Welcome to the UBS Third Quarter 2026 results. The conference must not be recorded for publication or broadcast. Analysts can register for questions at any time by pressing star and one on the telephone. Media representatives are invited to join this call in listen-only mode. 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. Throughout our remarks we will refer to underlying results in US dollars and make year-over-year comparisons, unless stated otherwise. On slide two, you can see our agenda for today. It's now my pleasure to hand over to Sergio Ermotti, Group CEO.

Thank you, Sara, and good morning, everyone. In an increasingly complex market environment, our strong third quarter performance once again demonstrated the benefits of our diversified global business model and Discipline Execution. We remained focused on what we could control, deepening client relationships, prudently managing resources and risks, and finalizing the integration of Credit Suisse while delivering on our related financial ambitions. With a year-to-date return on CT1 capital of 17%, we are increasingly confident in our ability to outperform and many more. Strategic investments continue to translate into consistently higher levels of profitability and growth. In Switzerland, the value clients place in our local and global capabilities is increasingly evident in our results, and we granted or renewed around 40 billion Swiss francs of loans to businesses and households. Meanwhile, in EMEA, our Enhanced scale is translating into stronger operating leverage in the region. More broadly, the breadth and depth of our offering allowed us to attract 55 billion of inflows in global wealth management. We also saw record demand for our unified global alternatives strategies, further bolstering our scale and growth momentum. In the investment bank, we improved on our already best-in-class efficiency with record third-quarter performance reflecting the strength of our equities franchise and our ability to capture high return opportunities, particularly in Asia. As we enter the fourth quarter, investor sentiments remain measured amid elevated macroeconomic volatility, ongoing geopolitical tensions, and political uncertainty, with consequential elections, including in the US. Against this backdrop, we are staying close to clients to help them navigate market conditions and capture opportunities. Our profitability and balance sheet for all seasons gives us the capacity to do this while also delivering on our capital return plans. We have repurchased $4.8 billion of shares and accrued $2.8 billion for our dividend year to date. We have already achieved the ambition we set early in the integration journey for 2026 with total capital returns now to exceed pre-acquisition levels. Over the next three months, we intend to repurchase $1.2 billion of shares, completing our current program. As usual, we will outline our capital return plans for 2027 with our four-quarter results. Turning to the integration of Credit Suisse We are in the last mile and the finish line is in sight. Nearly all legacy applications are no longer in use, with 90% fully decommissioned, and as said, we are close to achieving our related financial ambitions. Of all we have accomplished over the last three years, I remain very proud of how our people come together under a common culture and vision. Our recent employee survey results continue to exceed financial services benchmarks across all comparable measures, with overall sentiment remaining strong and broadly consistent across UBS and former Credit Suisse employees. That sense of shared purpose has been a driving force behind our success. More importantly, it gives me confidence that we can continue to evolve as a firm and unlock the growth opportunities that lie ahead. Increasingly, technology and AI are amplifying the ability of our people to serve clients and operate as a more integrated firm. Our progress was recently validated by the 2026 Evident AI Index, with UBS recognized as the global leader in responsible AI and talent development in banking. Of course, another defining factor for the future of UBS is the ongoing parliamentary process related to banking regulation in Switzerland. I'm convinced that, as was the case in March 2023, we are once again in a critical juncture where the course for the coming decades will be set for the Swiss Financial Center. September's outcome in the Hopper House is very concerning. We have made every effort to engage and contribute constructively to create a basis for a truly democratic process. Our goal has been and remains to reach a solution that balances financial stability Taxpayer Protection and Competitiveness. Unfortunately, the latest proposal on the table also fails to achieve that balance. It continues to disregard the serious concerns raised by the overwhelming majority of respondents to the consultation and would excessively tighten capital requirements that are already among the most stringent globally. Just as troubling is the failure to consider the consequences for our shareholders who remained the first line of defense in periods of stress and whose critical financial support during the acquisition helped protect Switzerland's reputation and financial stability. We will continue to engage constructively in the hope that the Parliament will reach a solution that supports the country's financial stability without imposing on due cost on UBS's shareholders, clients and employees, and without impacting its long-term competitive position. The ongoing debate is generating considerable attention, leading to a lot of speculation, opinions and requests for clarification from all of our stakeholders. We do not intend to address everything, but on one topic we want to be very clear. For UBS, the top priority is to protect the long-term interests of our shareholders, clients and employees around the world. In a very competitive environment, it is essential to be able to continue to grow sustainably while remaining strategically committed to our diversified business model and our global and regional footprint, which allow us to create value for all of our stakeholders. After more than three years of disciplined execution, we are on track to complete the integration by year end and have a strong momentum across our businesses. With that, let me hand over to Todd.