Slide 1: First quarter 2025 Financial results
First quarter 2025 Financial results 30 April 2025
Slide 2: Important information
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 initiat
Slide 3: Agenda
Agenda Key Financial Q&A messages performance Sergio P. Ermotti, Group CEO Todd Tuckner, Group CFO 2
Slide 4: Key messages
Key messages Strong 1Q25 financial performance demonstrates the power of our global, diversified model in a complex environment; net profit 1.7bn, underlying profit before tax 2.6bn, underlying RoCET1 11.3% Franchise strength demonstrated by robust client momentum; 6.2trn IA with GWM NNA 32bn and AM
Slide 5: Financial performance
Financial performance Todd Tuckner, Group CFO 4
Slide 6: 1Q25 profitability driven by positive operating leverage in core business divisions
1Q25 profitability driven by positive operating leverage in core business divisions Underlying, bn Revenues Operating expenses Profit before tax Underlying 1Q25 0% PBT 2.6bn 12.0 11.9 0% Core: RoCET1 11.3% 9.2 9.2 +6% Core: +3% Cost / (1%) 77.4% income 2.6 2.6 Core: 11.6 +15% Reported 11.0 8.5 8.7 2
Slide 7: 1Q25 demonstrates the strength of our global diversified business model
1Q25 demonstrates the strength of our global diversified business model Profits m ~0.6bn expected Underlying in 2Q251 652 (1%) 292 273 26 2,617 2,586 (215) (397) (10) o/w tax: (430m) 2,132 (1,106) ~1.1bn expected 1,692 in 2Q25 (441) 1Q24 GWM P&C AM IB NCL Group Items 1Q25 Non- Non- 1Q25 Tax 1Q25 PBT
Slide 8: Achieved 65% of gross cost save ambition, on track to ~13bn by year-end 2026
Achieved 65% of gross cost save ambition, on track to ~13bn by year-end 2026 Cumulative annualized exit rate Underlying Cumulative integration- gross cost reductions operating expenses related expenses2 USD bn / % of expected cumulative total USD bn USD bn / % of expected cumulative total (~10%) / (
Slide 9: Our balance sheet for all seasons is a key pillar of our strategy
Our balance sheet for all seasons is a key pillar of our strategy USD bn, except where indicated USD bn, except where indicated 1Q25 4Q24 1Q24 QoQ YoY 1Q25 4Q24 1Q24 QoQ YoY Total assets 1,543 1,565 1,607 (1%) (4%) Regulatory capital o/w: Cash and balances at central banks 231 223 271 +4% (15%) CET1
Slide 10: Maintaining a strong capital position with CET1 capital ratio at 14.3%
Maintaining a strong capital position with CET1 capital ratio at 14.3% CET1 capital ratio CET1 capital, bn 71.4 1.7 (0.8) (0.5) (2.5) 0.8 n/a (0.9) 69.2 0.3% 0.6% − RWA 483.3bn, (15.3bn) QoQ 14.3% (0.2%) 14.3% (0.1%) (0.2%) − Implementation of final Basel III standards resulted in (8.6bn) impact (0.
Slide 11: Global Wealth Management
Global Wealth Management Underlying USD m, except where indicated 1Q25 4Q24 1Q24 QoQ YoY Underlying 1Q25 vs. 1Q24 Total revenues 6,253 5,942 5,909 +5% +6% PBT 1,545m, +21% Net interest income 1,549 1,657 1,615 (7%) (4%) Total revenues 6,253m, +6% driven by higher recurring Recurring net fee income 3
Slide 12: Personal & Corporate Banking (CHF)
Personal & Corporate Banking (CHF) Underlying CHF m, except where indicated 1Q25 4Q24 1Q24 QoQ YoY Underlying 1Q25 vs. 1Q24 Total revenues 1,705 1,810 1,913 (6%) (11%) PBT 597m, (23%) Net interest income 923 994 1,119 (7%) (18%) Total revenues 1,705m, (11%) on lower NII; NII (7%) QoQ Recurring net f
Slide 13: Asset Management
Asset Management Underlying USD m, except where indicated 1Q25 4Q24 1Q24 QoQ YoY Underlying 1Q25 vs. 1Q24 Total revenues 741 766 776 (4%) PBT 208m, +15% (3%) Net management fees 713 709 745 +1% (4%) Performance fees 30 44 30 (32%) 0% Total revenues 741m, (4%) on lower net management fees Net gain fr
Slide 14: Investment Bank
Investment Bank Underlying USD m, except where indicated 1Q25 4Q24 1Q24 QoQ YoY Underlying 1Q25 vs. 1Q24 Total revenues 3,045 2,547 2,458 +20% +24% PBT 696m with revenues +24% Global Banking 564 675 584 (16%) (4%) Global Banking revenues (4%) Advisory 221 260 189 (15%) +17% − Advisory +17%, driven b
Slide 15: Non-core and Legacy
Non-core and Legacy Underlying Underlying 1Q25 vs. 1Q24 USD m, except where indicated 1Q25 4Q24 1Q24 QoQ YoY PBT (200m) Total revenues 284 (58) 1,001 (72%) Total revenues 284m driven by gains on position exits, Credit loss expense / (release) 7 6 36 partially offset by funding costs Operating expens
Slide 16: NCL run-down continuing at pace
NCL run-down continuing at pace Reducing complexity Underlying operating expenses excl. litigation Risk-weighted assets bn bn (60%) ~6.1 86 74% books closed Operational since June 2023 30 Risk Target: >95% by YE26 1Q25 annualized: 1.9bn 2.3 34 48% ~1.8 Credit and 56 <28 IT apps decommissioned market
Slide 17: Appendix
Appendix 16
Slide 18: Reiterating our financial targets and long-term ambitions
Reiterating our financial targets and long-term ambitions Financial targets Capital guidance Long-term ambitions ~15% ~14% ~18% Underlying RoCET1 CET1 capital RoCET1, 2026 exit rate ratio reported by 2028 <70% >4.0% >5trn Underlying cost / income CET1 leverage GWM invested assets ratio 2026 exit rat
Slide 19: UBS Group results
UBS Group results USD m, except where indicated 1Q25 4Q24 3Q24 2Q24 1Q24 Total revenues 12,557 11,635 12,334 11,904 12,739 Credit loss expense / (release) 100 229 121 95 106 Operating expenses 10,324 10,359 10,283 10,340 10,257 Operating profit / (loss) before tax 2,132 1,047 1,929 1,469 2,376 Tax e
Slide 20: 1Q25 overview of financial performance by business division
1Q25 overview of financial performance by business division USD m, except where indicated UBS Group GWM P&C AM IB NCL Group Items Total revenues as reported 12,557 6,422 2,211 741 3,183 284 (284) of which: PPA effects and other integration items1 574 165 241 138 30 of which: gain related to an inves
Slide 21: Maintaining a strong capital position
Maintaining a strong capital position 187.2bn 38.7% 12.0% Gone concern: 99.3bn Gone concern: 20.6% Gone concern: 6.4% Total loss-absorbing capacity: 25.6% Total loss-absorbing capacity: 8.75% Going concern: 87.8bn Going concern: 18.2% Going concern: 5.6% o/w CET1 Going concern: 14.9% Going concern:
Slide 22: RWA and LRD QoQ walk
RWA and LRD QoQ walk Risk weighted assets bn (3%) 498.5 0.0 5.9 483.3 (9.3) (0.8) (2.3) (8.6) • o/w: market risk +6.5bn; credit and counterparty credit risk (6.1bn); operational risk (9.0bn) 4Q24 Credit and Non-counterparty- Market risk1 Operational risk1 Final Basel III Currency effects 1Q25 counte
Slide 23: 1Q25 Global Wealth Management results by region
1Q25 Global Wealth Management results by region Americas APAC EMEA Switzerland 1Q25 1Q24 YoY 1Q25 1Q24 YoY 1Q25 1Q24 YoY 1Q25 1Q24 YoY Underlying revenues, m 3,003 2,727 10% 1,034 948 9% 1,177 1,198 (2%) 1,031 1,033 0% Net interest income, m 513 488 5% 311 325 (4%) 372 421 (12%) 345 391 (12%) Recurr
Slide 24: PPA pull to par overview and revenue recognition
PPA pull to par overview and revenue recognition Accretion of PPA adjustments on financial instruments Recognized Estimated amortization profile4 Expected future P&L Opening balance Remaining balance USD bn 2023–1Q25 releases at 31.03.25 2Q-4Q25 2026 2027+ as of 12.6.23 (close) to be recognized2 FX
Slide 25: FY22 combined cost baseline
FY22 combined cost baseline FY22 USD bn Operating expenses UBS sub-group (IFRS)1 24.9 Credit Suisse sub-group (US GAAP)2,3 19.1 UBS sub-group exclusions4 (0.3) Credit Suisse sub-group exclusions3,5 (2.0) Commission expense reclassification3,6 (1.1) FY22 combined cost baseline 40.6 • of which: ~34.5b
Slide 26: Revenue and expense currency mix
Revenue and expense currency mix Total revenues1 Operating expenses1 % % 2 6 4 9 11 13 2 12 13 6 15 15 23 10 6 8 3 5 3 3 2 12 2 4 8 9 14 3 12 5 1 5 26 29 40 22 30 95 33 88 11 70 69 64 53 51 43 46 41 35 3 5 GWM P&C AM IB Group GWM P&C AM IB NCL Group USD CHF GBP EUR Other 1 Based on estimated currenc
Slide 27: Cautionary statement regarding Forward looking statements
Cautionary statement regarding Forward looking statements Cautionary Statement Regarding 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 rela