UBS Group (NYSE:UBS) Q4 2025 Earnings call February 04, 2026 05:15 AM ET Company ParticipantsAriane Lüthi - JournalistChristian Kolbe - JournalistDaniel Zulauf - JournalistHolger Alich - Deputy Chief EditorMargot Patrick - JournalistMercedes Ruehl - JournalistMyriam Balezou - JournalistOliver Hart - EconomistSergio Ermotti - Group CEOSteve Slater - Associate EditorTodd Tuckner - Group CFOYoung-Sun Sohn - Senior CorrespondentSergio ErmottiGood morning, and thank you for joining our media call. As usual, we'r ...

UBS Group (NYSE:UBS) Q4 2025 Earnings call February 04, 2026 05:15 AM ET Company ParticipantsHolger Alich - Deputy Chief EditorSergio Ermotti - Group CEOOperatorGood morning, and thank you for joining our media call. As usual, we're joined this morning by our Group CEO, Sergio Ermotti, and our Group CFO, Todd Stuckner. You would have seen that in addition to our fourth quarter and full year results for 2025, we've also presented an investor update earlier today. Let's now open it up for question. Operator, ...

UBS Group (NYSE:UBS) Q4 2025 Earnings call February 04, 2026 05:15 AM ET Speaker0Good morning, and thank you for joining our media call. As usual, we're joined this morning by our Group CEO, Sergio Ermotti, and our Group CFO, Todd Stuckner. You would have seen that in addition to our fourth quarter and full year results for 2025, we've also presented an investor update earlier today. Let's now open it up for question. Operator, please go ahead.Speaker3The first question comes from the line of Holger Alich f ...

Core Insights - UBS ended the year with total assets of CHF 1.6 trillion, a decrease of CHF 15 billion from the previous quarter, primarily due to liability management and long-term debt redemptions [1] - The company reported a net profit of CHF 1.2 billion for the fourth quarter, with a pre-tax profit of CHF 2.9 billion, reflecting a 62% year-over-year increase supported by revenue momentum and cost discipline [3][4] - UBS's CET1 capital ratio was 14.4% at the end of December, slightly lower sequentially, attributed to capital reduction from shareholder returns [5] Financial Performance - The fourth-quarter pre-tax profit for Global Wealth Management was CHF 1.6 billion, up from CHF 1.1 billion a year earlier, with revenues increasing by 11% [9] - Personal & Corporate Banking reported a pre-tax profit of CHF 543 million, down 5%, mainly due to lower net interest income [11] - Investment Bank's pre-tax profit rose 56% to CHF 703 million, with revenues increasing by 13% [13] Cost Management and Savings - UBS achieved CHF 700 million in gross cost savings through technology decommissioning and reduced third-party spending [3] - The company has delivered CHF 10.7 billion in cumulative gross run-rate cost savings to date and increased its savings ambition to CHF 13.5 billion [15] Capital Management and Buybacks - UBS plans to repurchase $3 billion of shares in 2026, contingent on financial performance and regulatory clarity [6] - The parent bank's CET1 ratio increased to 14.2% due to CHF 9 billion of capital returned from subsidiaries [7] Regulatory and Market Outlook - UBS expects the liquidity coverage ratio to remain around current levels due to Swiss liquidity rules fully phased in by the end of 2024 [5] - Management indicated that the timing and phase-in of expected capital ordinance measures will need confirmation from the Swiss Federal Council [8]

Core Viewpoint - UBS anticipates continued outflows in its U.S. wealth management division during the first half of 2026 due to advisers departing the bank and taking clients with them [1] Group 1 - UBS's chief financial officer, Todd Tuckner, indicated that the outflows are expected to persist as advisers leave the firm [1]

Core Viewpoint - UBS AG reported a strong fourth-quarter performance, exceeding market expectations and signaling a push for capital returns through a significant share buyback program of at least $3 billion in 2026, reflecting confidence in its balance sheet strength after integrating Credit Suisse [1][1][1] Financial Performance - Net profit attributable to shareholders increased by 56% year-on-year to $1.2 billion in Q4, surpassing analysts' expectations of $919 million [1][1][1] - Group revenues for the quarter totaled $12.1 billion, matching analyst forecasts, but decreased from $12.8 billion in Q3 while increasing from $11.6 billion a year earlier, indicating stabilization rather than rapid growth [1][1][1] - Total reported revenue for the period was $13.74 billion, with revenue net of interest expense at $12.15 billion, also exceeding market expectations [1][1][1] Capital Ratios and Balance Sheet - UBS ended the quarter with a common equity tier 1 capital ratio of 14.4%, slightly down from 14.8% in the previous quarter, but still above regulatory requirements, allowing for shareholder distributions [1][1][1] - For the full year, UBS reported a profit of $7.77 billion on revenue of $49.57 billion, indicating a recovery in capital generation [1][1][1] - Group-invested assets surpassed $7 trillion for the first time, highlighting UBS's scale post-Credit Suisse acquisition [1][1][1] Leadership and Integration - CEO Sergio Ermotti is expected to step down in April 2027 after the completion of the integration of Credit Suisse, which is described as one of the most complex banking integrations on record [1][1][1] - The results suggest a transition from crisis management to long-term capital planning, with analysts expressing confidence in UBS's ability to meet medium-term targets as integration risks diminish [1][1][1]

智通财经APP获悉，瑞银集团(UBS.US)首席执行官Sergio Ermotti表示，全球政治动荡正推动客户调整投 资组合，瑞银的业务也因此受益，且他预计这一趋势将在未来数年持续。 Ermotti在接受采访时表示："地缘政治与宏观经济的不确定性正在引发市场波动，我坚信，未来十年左 右，我们都将不得不面对这一现状。" 他指出，这一局面正促使客户调整投资的地域布局，未来会减少对美国资产的配置。"我并非指撤离、 减持或抛售美资产，而是指利用闲置流动性实现投资多元化。" Ermotti表示，瑞银在全球各地均设有交易记账中心，能够为客户提供相关服务，也因此从客户的这一 系列调整中获益。 针对近日全球软件与科技股的抛售潮，这位首席执行官回应称，相关板块的估值仍需经历"一定修正"。 "显而易见，部分板块的估值存在泡沫，"但他同时表示，由人工智能(AI)引领的社会变革将产生深远影 响，"在这一进程中，行业内必将出现赢家与输家。" Ermotti还透露，瑞士境内仍有15万名最为复杂的客户尚未完成迁移，待迁移工作结束后，瑞银将关停 瑞信相关的信息技术系统与数据中心。据悉，瑞银对2023年以30亿美元收购的瑞信的整合已进入最后一 ...

Financial Data and Key Metrics Changes - The company reported a net profit of CHF 1.2 billion and earnings per share of CHF 0.37 for the fourth quarter, with total revenues increasing by 10% year-over-year, driven by strong growth in global wealth management and the investment bank [3][5] - Underlying pre-tax profit was CHF 2.9 billion, up 62% year-over-year, reflecting positive jaws of 9 percentage points [3][4] - The cost-income ratio improved to 75%, and return on CET1 capital was 11.9% [4] Business Line Data and Key Metrics Changes - Global Wealth Management (GWM) delivered pre-tax profit of CHF 1.6 billion, up from CHF 1.1 billion in the prior year, with revenues increasing by 11% [12] - Personal and Corporate Banking (P&C) reported a pre-tax profit of CHF 543 million, down 5%, primarily due to lower interest rates impacting net interest income [17] - Asset Management saw a pre-tax profit increase of 20% to CHF 268 million, driven by higher revenues and lower costs [18] Market Data and Key Metrics Changes - GWM's invested assets reached CHF 4.8 trillion, with net new assets of CHF 101 billion for the full year, representing 2.4% growth [14] - The Americas experienced a decline in net new assets due to recruiting-related impacts, while EMEA and APAC regions showed strong growth [14][33] - The investment bank achieved record revenues of CHF 11.8 billion, up 18% year-over-year, with a pre-tax profit of CHF 703 million, increasing by 56% [20] Company Strategy and Development Direction - The company aims to complete the integration of Credit Suisse by the end of 2026, with a focus on achieving a cost-income ratio below 70% and a return on CET1 capital of around 15% [27][45] - Strategic investments in technology and AI are prioritized to enhance operational efficiency and client experience [30][31] - The company plans to increase gross cost savings to CHF 13.5 billion, with a focus on simplifying operations and retiring legacy infrastructure [49] Management's Comments on Operating Environment and Future Outlook - The management highlighted a constructive market environment with steady global growth and easing inflation, but acknowledged potential volatility due to geopolitical uncertainties [28] - The company remains committed to its diversified model and aims to leverage its global capabilities to capture growth opportunities [29] - Management expressed confidence in achieving long-term profitability and value creation through strategic investments and operational improvements [43][44] Other Important Information - The effective tax rate for the fourth quarter was 29%, with a full-year rate of 12% [6] - The company plans to repurchase CHF 3 billion in shares in 2026, maintaining a progressive dividend policy [42][43] - Integration-related expenses totaled CHF 1.1 billion, reflecting ongoing efforts to migrate Swiss client accounts [6][10] Q&A Session Summary Question: What are the expectations for net new assets in Global Wealth Management? - The company expects GWM's net new assets to exceed $125 billion in 2026, supported by strong growth across various regions [33] Question: How is the integration of Credit Suisse progressing? - The management confirmed that the integration is on track to be completed by the end of the first quarter, with significant synergies expected to be realized [25][26] Question: What are the anticipated challenges in the upcoming year? - Management noted that while the macroeconomic backdrop is supportive, geopolitical uncertainties could lead to volatility affecting client activity levels [28]

Financial Data and Key Metrics Changes - The company reported a net profit of CHF 1.2 billion and earnings per share of CHF 0.37 for Q4 2025, with underlying pre-tax profit increasing by 62% year-over-year to CHF 2.9 billion [3][4] - Total revenues rose by 10% compared to the previous year, driven by strong growth in global wealth management and the investment bank [3][4] - The cost-income ratio improved to 75%, and the return on CET1 capital was 11.9% [4] Business Line Data and Key Metrics Changes - Global Wealth Management (GWM) achieved a pre-tax profit of CHF 1.6 billion for Q4, up from CHF 1.1 billion the previous year, with revenues increasing by 11% [12][13] - Personal and Corporate Banking (P&C) reported a pre-tax profit of CHF 543 million, down 5%, primarily due to lower net interest income [18] - Asset Management's pre-tax profit increased by 20% to CHF 268 million, driven by higher revenues and lower costs [19] Market Data and Key Metrics Changes - GWM's invested assets reached CHF 4.8 trillion, with net new assets of CHF 101 billion for the full year, representing 2.4% growth [15][12] - In the Americas, net new assets were negatively impacted by outflows of CHF 14 billion, while EMEA and APAC saw inflows of CHF 23 billion [15] - The investment bank's revenues increased by 18% year-over-year, reaching CHF 11.8 billion [21] Company Strategy and Development Direction - The company aims to complete the integration of Credit Suisse by the end of 2026, with a focus on achieving a cost-income ratio below 70% and a return on CET1 capital of around 15% [30][51] - Strategic investments in technology and AI are being prioritized to enhance operational efficiency and client experience [28][33] - The company plans to increase gross cost savings to CHF 13.5 billion, with a focus on simplifying operations and retiring legacy systems [30][55] Management's Comments on Operating Environment and Future Outlook - The management highlighted a constructive market environment with steady global growth and easing inflation, but acknowledged potential volatility due to geopolitical and economic uncertainties [30][31] - The company remains committed to its diversified model and aims to leverage its global capabilities to capture growth opportunities [32][34] - Management expressed confidence in achieving integration milestones and capturing remaining synergies by the end of the year [29][30] Other Important Information - The effective tax rate for Q4 was 29%, with a full-year rate of 12% for 2025 [6] - The company plans to repurchase CHF 3 billion in shares in 2026, maintaining a CET1 capital ratio around 14% [47][65] - The company has identified an additional CHF 500 million in cost synergies during its planning process [30][55] Q&A Session Summary Question: What are the expectations for net new assets in Global Wealth Management? - The company expects GWM's net new assets to exceed $125 billion in 2026, supported by strong growth across various regions [37] Question: How is the integration of Credit Suisse progressing? - The management confirmed that the integration is on track to be completed by the end of the first quarter, with significant progress made in client migrations [26][41] Question: What are the anticipated challenges in Personal and Corporate Banking? - The management noted that while interest rates are expected to remain low, they anticipate a mixed credit backdrop in Switzerland, which may impact profitability [18][43]

UBS Group (NYSE:UBS) Q4 2025 Earnings call February 04, 2026 03:00 AM ET Speaker0Ladies and gentlemen, good morning. Welcome to the UBS fourth quarter 2025 results presentation. The conference must not be recorded for publication or broadcast. You can register for questions at any time by pressing star and one 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 Mecky, UBS Investor Relations. Please go ahead, madam.Speaker1G ...