UBS Group Q4 Earnings Call Highlights

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UBS Group (NYSE:UBS) reported fourth-quarter 2025 results marked by higher underlying profitability, continued integration advancement pursuing the Credit Suisse acquisition, and updated outgo and superior instrumentality plans. Group CFO Todd Tuckner and CEO Sergio Ermotti said the steadfast remains connected way toward its post-integration profitability targets, portion highlighting that the last signifier of Swiss lawsuit migrations remains a cardinal dependency for unlocking further savings.

For the 4th quarter, UBS reported nett net of CHF 1.2 cardinal and net per stock of CHF 0.37. Underlying pre-tax nett was CHF 2.9 billion, up 62% twelvemonth implicit year, supported by what absorption described arsenic gross momentum successful halfway franchises and outgo subject that generated “9 percent points of affirmative jaws.” Total revenues roseate 10% versus the anterior year.

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During the quarter, UBS delivered CHF 700 cardinal successful gross outgo savings tied to exertion decommissioning, relation integration, and reduced third-party spend. Total operating expenses were 1% higher twelvemonth implicit year, with synergy benefits mostly offset by higher adaptable compensation accruals connected stronger revenues. Excluding litigation, adaptable compensation, and currency effects, costs declined 7%.

Reported results included nett antagonistic adjustments of CHF 54 million, which absorption said chiefly reflected a nett nonaccomplishment of CHF 457 cardinal tied to a November buyback of CHF 8.5 cardinal of bequest Credit Suisse indebtedness issued astatine distressed spreads anterior to the acquisition, partially offset by different merger-related acquisition terms accounting (PPA) adjustments. Tuckner said replacing the costly bequest backing is expected to payment nett involvement income successful Global Wealth Management (GWM) and Personal & Corporate Banking (P&C) successful coming years and trim backing resistance successful Non-Core and Legacy (NCL). Integration-related expenses were CHF 1.1 cardinal successful the quarter.

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UBS ended the twelvemonth with CHF 1.6 trillion successful full assets, down CHF 15 cardinal from the 3rd quarter, driven chiefly by the liability absorption workout and redemptions of different semipermanent debt. Credit-impaired exposures were unchangeable astatine 90 ground points 4th implicit quarter, portion annualized outgo of hazard was 9 ground points. Tangible publication worth per stock grew 1% sequentially to $26.93, with nett net partially offset by stock repurchases.