UBS Group AG (0R3T) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies 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 Mackey, UBS Investor Relations. Please go ahead, madam. Good morning and welcome, everyone. Before we start, I would like to draw your attention to our cautionary statement slide at the back of today's results presentation. Please also refer to the risk factors included in our annual report together with additional disclosures in our SEC filings. Throughout our remarks, we will refer to underlying results in U.S. dollars and make year-over-year comparisons unless stated otherwise. On slide two, you can see our agenda for today. Todd will first cover fourth quarter and four-year results. Then Sergio and Todd will take you through our investor update before moving to Q&A. So now my pleasure to hand over to Todd Tuckner, Group CFO. Thank you, Sarah, and good morning, everyone. Discipline execution in the fourth quarter underpinned a strong year of financial performance as we continue to progress towards our post-integration profitability targets. In the quarter, we delivered reported net profit of $1.2 billion and earnings per share of $0.37, while group invested assets exceeded $7 trillion. Underlying pre-tax profit was $2.9 billion, up 62% year-over-year, as continued revenue momentum in our core franchises and cost discipline across the group resulted in 9 percentage points of positive jaws. Total revenues increased 10% versus the prior year, driven primarily by strong top-line growth in both global wealth...