Julius Baer Gruppe Namen

Ladies and gentlemen, welcome to the Julius Baer 2025 full year results presentation for media and analysts. I am Sandra, the course co-operator. I would like to remind you that all participants have been listened to and the conference has been recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it is my pleasure to hand over to Alexander van Leeuwen, Head of Investor Relations. Please go ahead, sir.

Good morning, everyone. Welcome to the Julius Baer Full Year Results Call. I am Alex van Leeuwen, Head of Investor Relations. We are joined today by our CEO Stefan Bollinger and CFO Evi Kostakis. Today, in addition to the financial results presented by Evi, Stefan will also provide an update on the execution of our strategy as promised back in June. Before starting, I would like to flag the important information provided on slide two of the presentation. It's now my pleasure to hand over to Stefan for his introductory remarks.

Thank you, Alex, and good morning, everyone. Thank you for dialing in for this full year results call and update on our strategy execution. Let me start by giving you my take on our 2025 results. Overall, 2025 was a good year with a strong underlying financial performance. It was also an important transition year for us as we redefined our strategy and started our transformation journey. And with all our efforts so far, I am pleased that we are back to solid foundations with a positive execution momentum to deliver our mid-term targets. First, a few comments on business performance. We're happy to report record high assets under management of more than 520 billion Swiss francs, underpinned by solid net new money of 14.4 billion, and that despite our ongoing de-risking efforts. This further solidifies our position as the largest independent wealth manager internationally. On an underlying basis, operating income was up 6%, while costs were up only 1%, resulting in a 17% increase in pre-tax profit. Our underlying cost-income ratio improved by a full 3 percentage points to 67.6%. This resulted in positive operating leverage for the first time since 2021. We also further bolstered our capital position with a CET1 capital ratio of 17.4%. Second, in 2025, we decisively addressed legacy issues and strengthened our foundations. We completed the credit review, upgraded our governance and renewed our leadership team. We also significantly simplified the organization, enhanced accountabilities, and promoted disciplined entrepreneurship. And third, we successfully launched our new strategy and created great momentum in executing it. We empowered the organization front to back to fully focus on profitable growth. And we continued to improve operational efficiencies and advanced on our technology priorities. We achieved what we planned for the year and we are ready for the transformation ahead. I'll give you more color on the key milestones and the way forward a little later. And now I'd like to hand over to Evi for more details on the financials.