UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________ FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 Date: March 17, 2025 UBS Group AG (Registrant's Name) Bahnhofstrasse 45, 8001 Zurich, Switzerland (Address of principal executive office) Commission File Number: 1-36764 UBS AG (Registrant's Name) Bahnhofstrasse 45, 8001 Zurich, Switzerland Aeschenvorstadt 1, 4051 Basel, Switzerland (Address of principa ...

Financial Performance - Net interest income from financial instruments measured at fair value through profit or loss increased by 87% to USD 7,061 million in 2024, compared to USD 3,770 million in 2023[597]. - Net fee and commission income rose by USD 4,568 million to USD 26,138 million, primarily due to the consolidation of Credit Suisse revenues for the full period[598]. - Fees for portfolio management and related services increased by USD 1,650 million to USD 12,323 million, largely driven by the consolidation of Credit Suisse revenues and positive market performance[599]. - Total revenues increased by USD 2,960m, or 14%, to USD 24,516m, driven by the consolidation of Credit Suisse revenues and higher recurring net fee income[640]. - Total comprehensive income attributable to shareholders was USD 3,388 million, reflecting a net profit of USD 5,085 million and negative other comprehensive income of USD 1,698 million[617]. - Total revenues increased by USD 2,245 million, or 26%, to USD 10,948 million, with underlying total revenues rising by 23% to USD 9,958 million[687]. Expenses and Cost Management - Personnel expenses increased by USD 2,419 million to USD 27,318 million, largely due to the consolidation of Credit Suisse expenses for the full period[607]. - General and administrative expenses decreased by USD 32 million to USD 10,124 million, primarily due to a reduction in litigation-related expenses[608]. - Operating expenses rose by USD 2,663m, or 15%, to USD 20,608m, including a USD 785m increase in integration-related expenses[646]. - The cost/income ratio improved to 84.8%, down from 95.0%, reflecting higher total revenues despite increased operating expenses[626]. - The cost/income ratio increased to 84.1% from 83.2%, while the underlying cost/income ratio improved to 79.5% from 81.3%[647]. Taxation - The effective tax rate for 2024 was 24.6%, compared to 3.1% in 2023, with total income tax expenses recognized at USD 1,675 million[613]. - The Group expects the 2025 full year effective tax rate to be materially less than the structural rate of 23% due to projected reorganization-related tax benefits[616]. Credit and Risk Management - Total net credit loss expenses in 2024 were USD 551 million, a decrease from USD 1,037 million in 2023, reflecting net releases of USD 99 million related to performing positions[605]. - Net credit loss releases were USD 16m, a significant improvement from net credit loss expenses of USD 166m in 2023[645]. - Credit loss expenses decreased to USD 97 million from USD 190 million in 2023, reflecting improved credit conditions[694]. - The total credit-impaired exposure, gross, was USD 6.637 billion as of December 31, 2024, with stage 3 impairments at USD 5.300 billion[788]. - Total allowances and provisions for expected credit losses amounted to USD 2.507 billion, with stage 1 allowances at USD 487 million[788]. Asset Management - Total revenues for the Asset Management division increased by USD 496m, or 18%, to USD 3,182m, reflecting the consolidation of Credit Suisse revenues[674]. - Net management fees in Asset Management rose by USD 367m, or 14%, to USD 2,921m, attributed to the consolidation of Credit Suisse net management fees and positive market performance[675]. - Total net new money in Asset Management reached USD 44.6 billion, a significant increase from USD 15.7 billion in the previous year[672]. Market and Geopolitical Risks - Geopolitical and macroeconomic risks remain significant, impacting business activities and financial results[718]. - Cyber risks have increased due to geopolitical trends, necessitating enhanced operational resilience measures[718]. - Sustainability and climate risks are a focus for UBS, with enhanced methodologies and updated guidelines on sustainable finance to address emerging risks[720]. Integration and Future Outlook - Integration of Credit Suisse is progressing, with client account migrations completed in Hong Kong, Singapore, Japan, and parts of Europe[716]. - The company aims for a fully integrated risk framework by the end of 2025, incorporating legacy Credit Suisse models into UBS's risk management[716]. Risk Governance and Compliance - The Group Chief Risk Officer is responsible for developing the risk management framework for various risk categories, including credit and market risks[730]. - The Group Chief Compliance and Governance Officer oversees the framework for non-financial risks, including financial crime and operational risks[731]. - The risk governance framework operates along three lines of defense, ensuring accountability and effective risk management processes[721]. Loans and Advances - Total loans and advances to customers, gross, decreased from USD 317,137 million in 31.12.23 to USD 295,856 million in 31.12.24, a decline of approximately 6.5%[795]. - Residential real estate loans decreased from USD 111,755 million in 31.12.23 to USD 106,124 million in 31.12.24, a decline of about 5.9%[795]. - Total allowances for loans and advances increased from USD 181 million in 31.12.23 to USD 221 million in 31.12.24, an increase of about 22.1%[795].

Core Insights - Colgate-Palmolive has achieved organic revenue growth in line or above its long-term algorithm for 24 consecutive quarters, demonstrating resilience in a volatile market environment [1]. Group 1: Company Performance - The company has implemented several strategic initiatives over the past few years that have improved financial delivery [1]. - Colgate-Palmolive's organic revenue growth has been consistent despite dynamic market conditions [1].

Core Viewpoint - Tesla's stock has rebounded to $250, despite bearish sentiment from Wall Street and concerns over CEO Elon Musk's political involvement and declining sales [1][2]. Group 1: Stock Performance - TSLA was trading at $250, reflecting an over 8% increase for the day, countering a bearish trend that risked pushing the stock below $220 [2]. - The stock still faces challenges, with projected losses for 2025 estimated at nearly 35% [2]. Group 2: Analyst Ratings and Price Targets - JPMorgan has lowered its price target for Tesla from $135 to $120, indicating a potential 51% decline from the current valuation, citing a reduced delivery outlook due to waning demand [3]. - Redburn-Atlantic reaffirmed a 'Sell' rating with a $160 price target, attributing it to stagnant growth and high inventories [6]. - UBS reduced its price target from $259 to $225, cutting Q1 2025 delivery estimates to 367,000 vehicles, reflecting softer demand [6]. - Goldman Sachs trimmed its target from $345 to $320 while maintaining a 'Neutral' rating, highlighting sluggish deliveries across key markets [7]. Group 3: Delivery Projections - JPMorgan expects Tesla's Q1 2025 deliveries to reach 355,000 units, marking an 8% year-over-year decline and a 28% drop from the previous quarter, which is 15% below Bloomberg's consensus estimate [5]. - UBS's Q1 2025 delivery estimate reflects a 5% year-over-year decline and a 26% quarter-over-quarter drop [6]. Group 4: Market Sentiment and Future Outlook - Growing discontent over Musk's political affiliations has led to customer protests and sales boycotts, which could further harm Tesla's brand and sales [4]. - Some analysts remain optimistic about Tesla's long-term prospects, with Morgan Stanley maintaining an 'Overweight' rating and a $430 price target, viewing Tesla as a diversified tech company [8]. - Wedbush's Dan Ives defended Tesla, calling the current situation a "gut check moment" for investors, reiterating an 'Outperform' rating with a $550 target [9].

Core Viewpoint - Tesla is expected to experience its weakest quarter for car deliveries since 2022, with a significant reduction in forecasted deliveries due to the impact of CEO Elon Musk's controversial role in the Trump administration [1][2]. Delivery Forecast - JPMorgan analysts have lowered their forecast for Tesla's first-quarter deliveries by 20%, from 444,000 to 355,000, which is below the consensus estimate of 430,000 [1][2]. - This prediction indicates Tesla's lowest deliveries since Q3 2022 and an 8% decline compared to Q1 2024 [2]. Market Impact - Tesla's sales in Europe are under significant pressure, with new vehicle registrations dropping 50% year-over-year in January, attributed to Musk's statements regarding geopolitical issues [3]. - Analysts believe Tesla stands to lose the most among American car manufacturers due to potential changes in electric vehicle tax credits under the Trump administration [4]. Stock Performance - Despite the bearish forecast, Tesla's stock saw a rebound, gaining over 8% in early trading, although it remains down 38% year-to-date and 48% from its all-time high in December [6]. - JPMorgan's price target for Tesla is $120, representing more than 50% downside from its current price of $250 [4]. Public Perception - A CNN poll indicates that 53% of Americans hold a negative view of Musk, while only 35% view him positively [7]. Industry Context - JPMorgan is among several major firms, including Goldman Sachs and UBS, that have recently cut their Q1 delivery forecasts for Tesla [9]. - Tesla's stock initially surged after Trump's election, gaining up to 91% before declining due to concerns over Musk's role and potential tariffs [9].

Core Insights - The ACC announced the 2025 ACC Value Champions, recognizing eight corporate law departments and five external partners for their innovative approaches to enhancing legal efficiency and cost savings [1][2][4]. Group 1: ACC Value Champions - The 2025 ACC Value Champions include notable companies such as PepsiCo, FedEx, and UBS, showcasing a diverse range of sectors including food and beverage, technology, and logistics [1][4][7]. - These champions have implemented innovative strategies utilizing data, streamlined processes, and cutting-edge technologies to improve legal service delivery [2][3]. Group 2: Legal Innovation and Efficiency - The ACC Value Champions have developed creative solutions to address the challenges posed by evolving global regulations and resource constraints, leading to improved predictability and better outcomes for their organizations [2][3]. - The program has been recognizing legal innovation since 2012, highlighting the importance of optimizing resources and workflows within legal departments [4][6]. Group 3: Upcoming Recognition Event - The 2025 ACC Value Champions will be honored at the ACC Legal Ops Con on April 9 in Chicago, Illinois, an event focused on legal innovation and technology [5].

Core Viewpoint - Matinas BioPharma Holdings, Inc. has appointed Keith Murphy and Edward Neugeboren as independent members of its Board of Directors, effective March 11, 2025, while Matthew Wikler and Natasha Giordano have stepped down from the Board [1][2] Group 1: Board Appointments - Keith Murphy and Edward Neugeboren bring extensive biotech industry experience to Matinas BioPharma's Board, which is expected to enhance the company's strategic direction and shareholder value [2] - Mr. Murphy will chair the Nominating and Governance Committee and join the Compensation Committee, while Mr. Neugeboren will chair the Compensation Committee and join the Audit Committee [2] Group 2: Profiles of New Board Members - Keith Murphy has a strong background in biotech, having co-founded Viscient Bio and previously led Organovo Holdings, with significant experience at Amgen, where he was involved in the development of denosumab, generating over $6 billion in annual sales [3][4] - Edward Neugeboren has over 33 years of experience in healthcare, including roles in corporate management and investment banking, and currently serves as Chief Strategy Officer at Cronus Pharma, leading various commercial operations [5][6][7] Group 3: Company Overview - Matinas BioPharma focuses on innovative therapies utilizing its lipid nanocrystal (LNC) platform technology [8] - The company's MAT2203 is a potential oral treatment for invasive fungal infections, designed to overcome limitations of existing therapies, and has shown promising results in Phase 2 studies [9]

Tesla stock plunged on Monday with its largest single-day decline in several years amid a broad-based market sell-off amid concerns about a potential recession and uncertainty over President Donald Trump's tariff plans. Tesla shares declined 15.4% during Monday's trading session amid weakness in the electric vehicle (EV) industry. That was the largest single-day percentage decline since September 2020, when it fell more than 21% in a single day.In 2025 so far, Tesla stock is down 41.4% year-to-date, includi ...

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **China Equity Strategy** and the implications of the **2025 National People's Congress (NPC)** meetings on the equity market and various sectors within China. Core Insights and Arguments 1. **Government Objectives for 2025**: - GDP growth target set at around **5%** and fiscal deficit target at **4%** with a **RMB1.3 trillion** issuance of ultra-long-term special government bonds [2][7] - Emphasis on lifting domestic consumption and household income, with **RMB500 billion** allocated to support consumer goods trade-in and equipment swap programs [2][3] 2. **NDRC Report Changes**: - Recognition of price decline's impact on income and topline growth [3] - First-time mention of stabilizing and supporting the equity market [3] - New growth engines identified include **VR**, **smart home**, **advanced computing**, and **6G** [3] 3. **Equity Market Implications**: - Positive outlook for the equity market, particularly for large-cap names driven by domestic consumption [4] - A-share market expected to be supported by ample liquidity and regulatory backing [4] 4. **Sector-Specific Implications**: - Consumer sectors like **auto**, **smartphones**, and **white goods** likely to benefit from trade-in subsidy programs [5] - AI development support may positively impact data centers and AI-related companies [5] - Potential short-term negative impact on banks due to easy monetary policy, but offset by property sector support measures [5] 5. **Economic Challenges**: - Risks include a hard landing for the property market, capital outflows due to currency depreciation, and slow structural reforms [15] - Excessive stimulus policies could hinder the transition to a consumption-driven economy and increase government and SOE debt [15] Additional Important Content - **Historical Performance**: The report includes a historical analysis of MSCI China performance post-NPC meetings, indicating varied market reactions based on fiscal policies and economic conditions [12] - **Valuation Methods**: Various valuation approaches are employed for stocks, including DCF models and relative valuation analysis [14] - **Long-term Strategy**: The report emphasizes the need for policy coordination and execution to effectively boost household income and consumption [2][4] This summary encapsulates the key points discussed in the conference call, highlighting the strategic direction for the Chinese equity market and the implications for various sectors.

Financial Data and Key Metrics Changes - The company reported Q1 revenue of $7.9 billion, representing a 17% year-over-year growth, marking the fourth consecutive quarter of accelerated revenue growth [36][38] - Non-GAAP diluted net earnings per share were 49 cents, consistent with the company's outlook range [41] - Non-GAAP gross margin was 29.4%, down 680 basis points year-over-year, primarily due to a higher mix of server revenue and lower contributions from Intelligent Edge [39] - Free cash flow was negative $877 million, in line with normal seasonal patterns [54] Business Line Data and Key Metrics Changes - Server revenue reached $4.3 billion, up 30% year-over-year, although it fell sequentially due to the timing of AI systems deals [42] - Intelligent Edge revenue was $1.1 billion, up 2% quarter-over-quarter but down 4% year-over-year [48] - Hybrid cloud revenue grew 11% year-over-year to $1.4 billion, although it declined 12% sequentially [50] - Financial services generated $873 million in revenue, up 2% year-over-year and flat quarter-over-quarter [53] Market Data and Key Metrics Changes - The company experienced double-digit year-over-year orders growth across all key geographies and products, including campus switching [20] - AI systems revenue was $900 million in Q1, up from about $400 million last year, but down sequentially as expected due to chip availability and customer readiness [44][24] - The AI systems backlog was $3.1 billion, up 29% quarter-over-quarter [22] Company Strategy and Development Direction - The company plans to reduce its employee base by 5% over the next twelve to eighteen months, targeting approximately 2,500 positions to better align its cost structure with its business mix and long-term strategy [16] - The company is committed to closing the Juniper acquisition, which is expected to deliver at least $450 million in gross annual run rate synergies to shareholders within three years [10] - The company aims to leverage its global supply chain to mitigate the impact of recent tariff policies [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that while Q1 performance met expectations, execution could have been better, particularly in the server segment [13][33] - The company expects continued pressure on server operating margins in the near term but anticipates improvements in the back half of fiscal 2025 [15][34] - Management expressed confidence in achieving revenue growth of 7% to 11% for fiscal 2025, with a significant portion weighted towards the second half [60] Other Important Information - The company is implementing cost-saving measures, targeting discretionary spending, and has reduced non-GAAP operating expenses to a record low of 19% of revenue [40] - The company expects to achieve at least $350 million in gross savings by fiscal 2027, with about 20% of the savings expected by the end of this year [57] Q&A Session Summary Question: How much of the operating profit dollar headwind is from tariff assumptions? - Management indicated that the guidance includes a seven cents impact from tariffs for the year, with four cents expected in Q2, primarily affecting the server business [91][92] Question: What gives confidence in revenue growth and operating margin expansion in the back half of the year? - Management highlighted three critical areas: improved server execution, mitigation of tariffs, and the impact of the cost efficiency program as drivers for profitability [122] Question: How is the customer mix changing? - Management noted a balanced approach targeting both service provider model builders and enterprise customers, with a focus on maintaining a solid pipeline and addressing the needs of various segments [110][112]