Core Viewpoint - The clarity of Swiss capital regulations will support UBS's capital accumulation and buyback plans for the fourth quarter [1] Group 1: Capital Accumulation and Buyback Plans - UBS's CFO indicated that the clarity of Swiss capital rules will provide a basis for the bank's capital accumulation and buyback plans in Q4 [1] - The scale of stock buybacks for 2026 will be determined based on integration progress and capital conditions [1] Group 2: Client Migration and IPO Considerations - There are no significant issues regarding the migration of Credit Suisse clients [1] - Potential adverse factors for an IPO delay include a government shutdown in the U.S. [1]

UBS (UBS) came out with quarterly earnings of $0.76 per share, beating the Zacks Consensus Estimate of $0.48 per share. This compares to earnings of $0.43 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +58.33%. A quarter ago, it was expected that this bank would post earnings of $0.7 per share when it actually produced earnings of $0.72, delivering a surprise of +2.86%.Over the last four quarters, the company has surpassed co ...

Group 1 - Butterfly Network, Inc. is a digital health company focused on transforming care through handheld, whole-body ultrasound technology and intuitive software [1] - Joseph DeVivo, the President, CEO, and Chairman of Butterfly Network, along with Megan Carlson, the Senior Vice President and Interim CFO, will participate in a fireside chat and hold one-on-one investor meetings at the UBS Global Healthcare Conference [1]

“There is a little bit of witch hunting,”UBS CEO Sergio Ermotti defends his bank against criticism over the exposure to First Brands, saying investors were aware that they were engaged in higher-risk strategies https://t.co/RfRfj4qGEY https://t.co/7rvatG5RqS ...

Group 1: UBS Financial Performance - UBS reported a pre-tax profit increase of 47% year-over-year, reaching 2.8 billion [4][5] - Revenue also exceeded analyst expectations, with core results up nearly 20% when excluding one-off items [5] - The investment bank segment saw a 23% increase, indicating strong performance and market share gains [6] Group 2: GSK Financial Performance - GSK delivered strong Q3 results with sales of 3.4 billion pounds, driven by a 16% increase in specialty medicines [22][23] - The company upgraded its 2025 guidance, projecting turnover growth of 6-7%, up from a previous range of 3-5% [23][24] - Core operating profit growth guidance was also raised to 9-11%, previously 6-8% [23][24] Group 3: Market Trends and Federal Reserve - The AI trade is gaining momentum, contributing to record highs in Wall Street markets, particularly driven by Nvidia's recent deals [4][30] - Traders are anticipating a 25 basis point rate cut from the Federal Reserve, with a 99.9% probability priced in [30] - The Fed's decision-making is complicated by a lack of economic data due to the government shutdown, raising concerns about the labor market [31][38] Group 4: European Stock Market Integration - There are discussions about the potential for a single European stock exchange to enhance liquidity and capital access [42][43] - Euronext currently holds a significant market capitalization, approximately 6.2-6.5 trillion euros, compared to the London Stock Exchange's 3 trillion [46] - The fragmentation of liquidity in European markets is a concern, with calls for greater consolidation among exchanges [54][55]

Financial Data and Key Metrics Changes - The company reported a net profit of $2.5 billion, up 74% year-over-year, with earnings per share of $0.76 [12] - Underlying pre-tax profit was $3.6 billion, a 50% increase, driven by 5% revenue growth [12] - Return on CET1 capital was 16.3%, with a 12.7% return excluding litigation reserve releases [12][18] Business Line Data and Key Metrics Changes - Global Wealth Management (GWM) delivered a pre-tax profit of $1.8 billion, up 21% year-over-year, with significant growth in APAC [19][20] - Personal and Corporate Banking (PNC) reported a pre-tax profit of CHF 668 million, up 1%, despite a challenging Swiss macro environment [26] - Asset Management achieved a pre-tax profit of $282 million, up 19% year-over-year, with invested assets surpassing $2 trillion for the first time [29] Market Data and Key Metrics Changes - Invested assets reached nearly $7 trillion across the group, with Global Wealth Management and Asset Management contributing significantly [4] - In APAC, invested assets exceeded $1 trillion, reinforcing the company's position as the largest global wealth manager in the region [4] - GWM's invested assets increased by 4% sequentially to $4.7 trillion, with net new assets of $38 billion [22] Company Strategy and Development Direction - The company is focused on completing the integration of Credit Suisse and enhancing its platform for sustainable growth [8][11] - A national bank charter application was filed in the U.S. to broaden banking capabilities and improve client offerings [9] - The company is advancing its AI capabilities with 340 live use cases to enhance client experience and operational efficiency [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong performance despite macroeconomic uncertainties and regulatory challenges [10] - The outlook for the fourth quarter indicates healthy deal pipelines, although macro uncertainties and a strong Swiss franc may impact capital market activities [10] - Management remains committed to executing strategic priorities while maintaining a focus on client relationships and integration efforts [11] Other Important Information - The company achieved $900 million in incremental gross run-rate cost savings in Q3, reaching a cumulative total of $10 billion [14] - The integration of Asset Management is substantially complete, allowing for a focus on driving efficient growth [6] - The company resolved significant legacy litigation matters, enhancing capital strength and confidence in capital return plans [8] Q&A Session Summary Question: Why wait for Q4 before upgrading guidance? - Management indicated that ongoing year-end planning will inform guidance updates for 2026 [39] Question: Comments on the $500 million hit on asset management client assets? - Management clarified that UBS has no balance sheet exposure to First Brands and is taking steps to protect clients' interests [40] Question: Benefits of the national charter and net new asset outlook? - The national charter will broaden banking capabilities and enhance service offerings, with expectations of tapering advisor turnover [44][46] Question: Clarification on AT1 write-down and acquisition of Credit Suisse? - Management confirmed that the AT1 write-down was integral to the rescue transaction and that Credit Suisse had no outstanding AT1 instruments at the time of acquisition [47][73] Question: Integration of Swiss operations and system failures? - Management stated that the integration is progressing well, with most clients satisfied, and any issues are typical during such a large migration [79]

Financial Data and Key Metrics Changes - The company reported a net profit of $2.5 billion for Q3 2025, representing a 74% increase year-over-year, with earnings per share of $0.76 [11] - Underlying pre-tax profit was $3.6 billion, up 50% on 5% revenue growth, with a return on CET1 capital of 16.3% [11][12] - The tangible book value per share grew by 2% to $26.54, primarily due to net profit, partially offset by share repurchases [15] Business Line Data and Key Metrics Changes - Global Wealth Management (GWM) delivered a pre-tax profit of $1.8 billion, up 21% year-over-year, with APAC showing a standout performance with a 48% increase [17][18] - Personal and Corporate Banking (PNC) reported a pre-tax profit of CHF 668 million, up 1%, with transaction-based income increasing by 10% [23][24] - Asset Management achieved a pre-tax profit of $282 million, up 19% year-over-year, with invested assets surpassing $2 trillion for the first time [26][27] - The Investment Bank reported a pre-tax profit of $787 million, more than double year-on-year, with revenues up 23% to $3 billion [28][29] Market Data and Key Metrics Changes - Invested assets reached nearly $7 trillion across the group, with Global Wealth Management and Asset Management contributing significantly [3][4] - In APAC, invested assets exceeded $1 trillion, reinforcing the company's position as the largest global wealth manager in the region [3] Company Strategy and Development Direction - The company is focused on completing the integration of Credit Suisse and enhancing its platform for sustainable growth, including applying for a national bank charter in the U.S. [8][10] - The integration of Asset Management is substantially complete, allowing the company to focus on driving efficient growth [5][27] - The company aims to strategically invest across its platform to position itself for long-term value creation [7][8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong results amid macroeconomic uncertainties and regulatory challenges, emphasizing the importance of client engagement [9][10] - The outlook for Q4 indicates healthy deal pipelines, although macro uncertainties and a strong Swiss franc may cloud the economic outlook [9][10] Other Important Information - The company has made significant progress in its cost reduction program, achieving $900 million in incremental gross run-rate cost savings in Q3, with a cumulative total reaching $10 billion [13][14] - The company is actively managing its balance sheet, with total assets of $1.6 trillion and a CET1 capital ratio of 14.8% [16] Q&A Session Summary Question: Why wait for Q4 before upgrading guidance? - Management indicated that the ongoing year-end planning process will inform guidance updates for 2026 [37] Question: Comments on the $500 million hit on asset management client assets? - Management clarified that UBS does not have balance sheet exposure to First Brands and is taking steps to protect clients' interests [38] Question: Benefits of the national charter and net new asset outlook? - The national charter is expected to broaden banking capabilities and enhance net interest income, with a healthy recruiting pipeline supporting future growth [41][42] Question: Clarification on AT1 write-down and acquisition of Credit Suisse? - Management confirmed that the AT1 write-down was integral to the rescue transaction and that Credit Suisse had no outstanding AT1 instruments at the time of acquisition [72]

Financial Data and Key Metrics Changes - The company reported a net profit of $2.5 billion, up 74% year-over-year, with earnings per share of $0.76 [11] - Underlying pre-tax profit was $3.6 billion, a 50% increase, driven by 5% revenue growth [11] - The return on CET1 capital was 16.3%, with a 12.7% return excluding litigation impacts [11][12] - Total assets decreased by $38 billion to $1.6 trillion, while loan balances remained stable at $666 billion [14][16] Business Line Data and Key Metrics Changes - Global Wealth Management (GWM) delivered a pre-tax profit of $1.8 billion, up 21% year-over-year, with significant growth in APAC [18][19] - Personal and Corporate Banking (PNC) reported a pre-tax profit of CHF 668 million, up 1%, despite challenging macro conditions [25] - Asset Management achieved a pre-tax profit of $282 million, up 19% year-over-year, with invested assets surpassing $2 trillion for the first time [27][28] - The Investment Bank's pre-tax profit was $787 million, more than double year-over-year, with revenues up 23% to $3 billion [29][31] Market Data and Key Metrics Changes - Invested assets in GWM increased by 4% sequentially to $4.7 trillion, with net new assets of $38 billion [20] - APAC showed exceptional inflows, contributing $38 billion, while the Americas experienced negative net new assets of $9 billion [20][21] - The company reported a stable credit impaired exposure at 90 basis points, with a cost of risk decreasing by 4 basis points [15] Company Strategy and Development Direction - The company is focused on completing the integration of Credit Suisse and enhancing its platform for sustainable growth [6][10] - A national bank charter application was filed in the U.S. to broaden banking capabilities and improve client offerings [7] - The company aims to strategically invest across its platform while maintaining a disciplined approach to cost management [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's capital strength and ability to execute capital return plans despite macroeconomic uncertainties [6][9] - The outlook for the fourth quarter indicates healthy deal pipelines, although macro uncertainties and a strong Swiss franc may impact capital market activities [9] - Management highlighted the importance of client engagement and the positive sentiment among UBS and former Credit Suisse employees [5][6] Other Important Information - The integration of Asset Management is substantially complete, allowing for a focus on driving efficient growth [5] - The company has made significant progress in decommissioning legacy systems, achieving $10 billion in gross run-rate cost savings ahead of schedule [13][14] - The company resolved significant legacy litigation matters, which positively impacted financial performance [6] Q&A Session Summary Question: Why wait for Q4 before upgrading guidance despite strong performance? - Management indicated that ongoing year-end planning will inform guidance updates, considering integration budgets and outlook for divisions [39] Question: Comments on the $500 million hit on asset management client assets? - Management clarified that UBS has no balance sheet exposure to First Brands and is taking steps to protect clients' interests [40] Question: Benefits of the national charter and net new asset outlook? - The national charter will enhance banking capabilities and support net interest income growth, with expectations of tapering advisor turnover [42][44] Question: Clarification on AT1 write-down and its relation to the Credit Suisse acquisition? - Management confirmed that the AT1 write-down was integral to the rescue transaction and that UBS had no outstanding AT1 instruments at the time of acquisition [46][62] Question: Integration of Swiss operations and system failures? - Management stated that any system issues are unrelated to client migration and emphasized the successful management of net interest income in a zero interest rate environment [68][70]

Core Insights - The current investment landscape is characterized by difficulty in finding fairly priced asset classes, leading clients to focus on downside risk and maintain cash reserves for potential market corrections [1][2] - Diversification is a key strategy for clients to avoid overexposure to any single sector, including popular areas like gold and AI, as they brace for potential market corrections [2][3] - The complexity of the macroeconomic and geopolitical environment is prompting investors to seek prudent diversification strategies [3] Private Credit Insights - There have been notable issues in the private credit sector, particularly highlighted by recent collapses, which raise concerns about the overall health of this asset class [3][5] - Despite the challenges, private credit remains crucial for asset allocation and economic funding, with most of it being of good quality, although some areas may be vulnerable to economic downturns [6][7] - Currently, there are no signs of systemic stress in private markets, and the industry is focused on helping clients manage losses while navigating the evolving landscape [5][7]

Third quarter 2025 Financial results 29 October 2025 Important information Forward-looking statements: This presentation contains statements that constitute "forward-looking statements", including but not limited to management's outlook for UBS's financial performance, statements relating to the anticipated effect of transactions and strategic initiatives on UBS's business and future development and goals. While these forward-looking statements represent UBS's judgments, expectations and objectives concerni ...