UBS Group AG (UBS) 2025 Q4 法說會逐字稿

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 US dollars and make year-over-year comparisons unless stated otherwise.

各位早安，歡迎各位。在開始之前，我想提請大家注意今天業績報告背面的警示聲明幻燈片。另請參閱我們年度報告中包含的風險因素，以及我們向美國證券交易委員會提交的文件中的其他揭露資訊。除非另有說明，否則我們在本文中將以美元計價並進行同比比較。

On slide 2, you can see our agenda for today. Total first cover fourth-quarter and full year results, then Sergio and Todd will take you through our investor update before moving to Q&A.

在第二張投影片上，您可以看到我們今天的議程。Total 首先將介紹第四季和全年業績，然後 Sergio 和 Todd 將帶您了解我們的投資者更新，之後進入問答環節。

It's now my pleasure to hand over to Todd Tucker, Group CFO.

現在我很高興將麥克風交給集團財務長托德·塔克。

Thank you, Sarah, and good morning, everyone. Disciplined 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 and while group invested assets exceeded $7 trillion. Underlying pretax 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.

謝謝你，莎拉，大家早安。第四季嚴謹的執行力為全年強勁的財務業績奠定了基礎，我們正朝著整合後的獲利目標穩步邁進。本季度，我們公佈的淨利潤為 12 億美元，每股收益為 0.37 美元，而集團投資資產超過 7 兆美元。由於核心特許經營業務的持續收入成長勢頭以及集團整體的成本控制，基本稅前利潤為 29 億美元，同比增長 62%，實現了 9 個百分點的正增長。

Total revenues increased 10% versus the prior year, driven primarily by strong top line growth in both Global Wealth Management and the Investment Bank as we leveraged our competitive strengths and unrivaled geographic footprint to capture opportunities in broadly constructive market conditions. We delivered a further $700 million in gross cost saves, reflecting steady progress in decommissioning technology, integrating functions, and reducing third-party spend.

總營收比前一年成長 10%，主要得益於全球財富管理和投資銀行業務的強勁營收成長，我們利用自身的競爭優勢和無可比擬的地域覆蓋範圍，在整體上有利的市場環境下抓住機會。我們又節省了 7 億美元的毛成本，這反映出我們在退役技術、功能整合和減少第三方支出方面取得了穩步進展。

Total operating expenses were 1% higher with realized synergies largely offset by higher variable compensation accruals on the back of stronger revenues. Excluding litigation, variable compensation and currency effects, costs declined 7%.

總營運費用增加了 1%，已實現的綜效很大程度上被收入成長帶來的可變薪酬提列增加所抵消。剔除訴訟、變動補償和匯率影響，成本下降了 7%。

Taken together, sustained execution, combined with disciplined cost and balance sheet management drove further improvement in our underlying metrics during the quarter, including a cost income ratio of 75% and a return on CET1 capital of 11.9%. We remain on track to deliver on our key integration milestones, including completing the Swiss booking client center migrations by the end of this quarter, an important enabler to achieve the remainder of our cost savings through the end of 2026.

綜上所述，持續的執行力，加上嚴格的成本和資產負債表管理，推動了本季各項基本指標的進一步改善，包括成本收入比達到 75%，CET1 資本回報率達到 11.9%。我們仍按計畫推進關鍵整合里程碑的實現，包括在本季末完成瑞士預訂客戶中心的遷移，這是實現 2026 年底剩餘成本節約目標的重要推動因素。

Moving to slide 4. With underlying pretax profit growth across our businesses, we closed the year on a strong note and sustained the consistent performance delivered throughout 2025. This quarter, we once again leveraged the strength of our business model, powered by our international scale, deep client connectivity and differentiated capabilities to help clients navigate an environment marked by complexity and unpredictability.

切換到第4張投影片。憑藉各業務部門稅前利潤的成長，我們以強勁的勢頭結束了這一年，並保持了2025年全年持續穩定的業績。本季度，我們再次利用我們強大的商業模式，憑藉我們的國際規模、深厚的客戶聯繫和差異化的能力，幫助客戶應對充滿複雜性和不可預測性的環境。

On a reported basis, revenues included net negative adjustments of $54 million, primarily reflecting a net loss of $457 million from the November buyback of $8.5 billion of legacy Credit Suisse debt instruments that were issued at distressed spreads prior to the acquisition, offset by other merger-related PPA adjustments.

按報告數據，收入包括 5,400 萬美元的淨負調整，主要反映了 11 月份回購 85 億美元的瑞士信貸遺留債務工具（這些債務工具是在收購之前以不良利差發行的）造成的 4.57 億美元淨虧損，但被其他與合併相關的 PPA 調整所抵消。

Buying back this expensive legacy debt early and replacing it with low-cost funding, is not only NPV accretive, but will also benefit the net interest income of GWM and P&C in the coming years and reduced the net funding drag in NCL. Integration-related expenses were $1.1 billion, reflecting the continued high intensity of the Swiss client account migration and ongoing work across the group to deliver key integration milestones. The effective tax rate in the quarter was 29% and 12% for the full year 2025.

提前回購這筆昂貴的遺留債務，並用低成本資金取而代之，不僅可以增加淨現值，而且在未來幾年還將有利於長城汽車和財產保險公司的淨利息收入，並減少NCL的淨融資拖累。與整合相關的支出為 11 億美元，反映出瑞士客戶帳戶遷移的持續高強度以及集團為實現關鍵整合里程碑而進行的持續努力。本季實際稅率為 29%，2025 年全年實際稅率為 12%。

Turning to our balance sheet on slide 5. As of year-end, our balance sheet for all seasons consisted of $1.6 trillion in total assets, down $15 billion versus the end of the third-quarter, primarily reflecting the liability management exercise just mentioned and net redemptions of other long-term debt. Credit impaired exposures remained stable quarter-on-quarter at 90 basis points, while the annualized cost of risk was 9 basis points, reflecting the quality and nature of our lending book.

請看第5頁的資產負債表。截至年底，我們全年的資產負債表總資產為 1.6 兆美元，比第三季末減少了 150 億美元，主要反映了剛才提到的負債管理措施和其他長期債務的淨贖回。信用減損風險敞口環比保持穩定，為 90 個基點，而年化風險成本為 9 個基點，反映了我們貸款組合的品質和性質。

Group credit loss expense was $159 million, mainly relating to credit impaired positions in our Swiss business. Our tangible book value per share grew sequentially by 1% and to $26.93, primarily from our net profit, which was partly offset by share repurchases. Overall, we continue to operate with a highly fortified and resilient balance sheet with total loss absorbing capacity of $187 billion, a net stable funding ratio of 116% and a liquidity coverage ratio of 183%.

集團信貸損失支出為 1.59 億美元，主要與我們在瑞士業務的信貸減損有關。我們的每股有形帳面價值較上季成長 1%，達到 26.93 美元，主要來自淨利潤，但部分被股票回購所抵銷。總體而言，我們繼續以高度穩健且富有韌性的資產負債表運營，總損失吸收能力為 1,870 億美元，淨穩定資金比率為 116%，流動性覆蓋率為 183%。

Looking ahead, we expect our LCR to remain around this level, reflecting both the prudent buffers we have long maintained and the more stringent Swiss liquidity requirements, which were fully phased in by the end of 2024 and which are more onerous than those in other jurisdictions. Maintaining this resilience requires holding additional HQLA and we will continue to manage the associated carry and balance sheet impact with discipline.

展望未來，我們預計我們的流動性覆蓋率將保持在目前的水平左右，這不僅反映了我們長期以來保持的審慎緩衝，也反映了瑞士更嚴格的流動性要求。這些要求已於 2024 年底全面實施，並且比其他司法管轄區的要求更為嚴格。為維持這種韌性，我們需要持有額外的HQLA，我們將繼續以嚴謹的態度管理相關的收益和資產負債表影響。

Turning to capital on slide 6. Our CET1 capital ratio at the end of December was 14.4% and our CET1 leverage ratio was 4.4% both lower sequentially and closer to our targets of around 14% and above 4%, respectively. The sequential decreases largely reflect a reduction in CET1 capital as strong operational performance was more than offset by accruals for shareholder returns of $4.1 billion.

第六張投影片將討論資本問題。截至 12 月底，我們的 CET1 資本適足率為 14.4%，CET1 槓桿率為 4.4%，均較上一季度有所下降，並分別更接近我們設定的 14% 左右和 4% 以上的目標。連續下降主要反映了一級資本的減少，因為強勁的營運表現被41億美元的股東回報應計項目所抵銷。

Of this amount, $3 billion relates to intended share repurchases in 2026 and which we'll cover later in more detail. A further $1.1 billion relates to the full year 2025 ordinary dividend, which at $1.10 per share is up 22% on last year. CET1 capital also decreased by around $0.5 billion due to the liability management exercise.

其中，30億美元與2026年計畫進行的股票回購有關，我們將在後面詳細介紹。另外 11 億美元與 2025 年全年普通股股息有關，每股 1.10 美元，比去年增長 22%。由於負債管理措施，CET1 資本也減少了約 5 億美元。

Turning to UBS AG. During the fourth-quarter, the parent bank stand-alone fully applied CET1 capital ratio increased to 14.2%, up sequentially from 13.3%. This increase largely reflects $9 billion of capital upstream from subsidiaries following strong integration progress, including in further running down NCL which enabled those entities to release surplus capital on an accelerated timeline. Of the total, Credit Suisse International in the UK paid up around $4 billion while around $3 billion was repatriated from the US IHC. The remainder was paid by other foreign subsidiaries around the group.

轉向瑞銀集團。第四季度，母行獨立完全應用的CET1資本充足率增至14.2%，較上一季的13.3%上升。這一成長主要反映了來自上游子公司的 90 億美元資本，這得益於強勁的整合進展，包括進一步削減 NCL 的資產，這使得這些實體能夠以更快的速度釋放剩餘資本。其中，英國瑞士信貸國際支付了約 40 億美元，而美國 IHC 則匯回了約 30 億美元。剩餘部分由集團旗下其他海外子公司支付。

Collectively, these distributions increased the parent bank's equity by around $2 billion and reduced its investments in subsidiaries by around $6.5 billion, resulting in a $26 billion reduction in risk-weighted assets, driving up its capital ratio.

這些分配加起來使母行的權益增加了約 20 億美元，並減少了對子公司的投資約 65 億美元，從而導致風險加權資產減少了 260 億美元，提高了其資本充足率。

By year-end, we expect another $3 billion of capital to be returned predominantly from UBS AG's UK subsidiaries as we finalize the unwinding of positions in those former Credit Suisse entities. In addition, the US IHC can be expected to repatriate around $2 billion of additional capital by 2028 as it progresses back towards its pre-acquisition CET1 capital ratio. UBS AG's fourth-quarter CET1 capital ratio also reflected an incremental accrual of $1 billion of dividends, bringing the full year 2025 total to $9 billion.

到年底，我們預計將有另外 30 億美元的資本返還，主要來自瑞銀集團的英國子公司，因為我們將最終完成對這些前瑞士信貸實體的平倉工作。此外，隨著美國IHC逐步恢復到收購前的CET1資本比率，預計到2028年，該公司將匯回約20億美元的額外資本。瑞銀集團第四季的CET1資本充足率也反映了新增10億美元的股息，使2025年全年股息總額達到90億美元。

As in 2025, a the parent bank is expected to upstream half of that total during the first half of 2026 to fund the group shareholder returns and has the option to distribute the second half in the latter part of the year depending on Swiss capital framework developments.

與 2025 年一樣，預計母銀行將在 2026 年上半年將總額的一半上繳給集團股東，用於回報股東，並可根據瑞士資本框架的發展情況，選擇在下半年分配剩餘的一半。

Finally, with dollar-swiss at around current levels, we expect to continue pacing intercompany dividends to maintain prudent capital buffers and manage FX-driven headwinds on leverage ratios across group entities. As a result, we now expect UBS AG to operate with a stand-alone CET1 capital ratio of around 14% for the foreseeable future, while we still aim to maintain the group equity double leverage ratio near 100%. At the end of 2025, the group equity double leverage ratio was 104%, down 5-percentage-points compared to the end of the second-quarter.

最後，鑑於美元兌瑞士法郎匯率處於目前水準附近，我們預期將繼續控制公司間股利的發放速度，以維持審慎的資本緩衝，並因應匯率波動對集團各實體槓桿率的不利影響。因此，我們現在預計瑞銀集團在可預見的未來將保持約 14% 的獨立 CET1 資本充足率，同時我們仍致力於將集團權益雙重槓桿率維持在接近 100% 的水平。截至 2025 年底，集團權益雙重槓桿率為 104%，較第二季末下降 5 個百分點。

Turning to our business divisions and starting with Global Wealth Management on slide 7. For the quarter, GWM delivered pretax profit of $1.6 billion, up from $1.1 billion in the prior year as revenues increased by 11%. Invested assets reached $4.8 trillion. For the full year, GWM generated pretax profits, excluding litigation of $6.1 billion, up 23% and with a cost income ratio of 75.6%, improving by more than 3-percentage-points. All 4 GWM regions grew pretax profits in 2025 with each generating around $1.5 billion excluding litigation, underscoring the strength and diversification of the world's only truly global wealth manager.

接下來我們來看看我們的業務部門，首先從第 7 頁的全球財富管理開始。本季度，長城汽車實現稅前利潤 16 億美元，高於去年同期的 11 億美元，營收成長了 11%。投資資產達到 4.8 兆美元。全年來看，長城汽車稅前利潤（不含訴訟費用）為 61 億美元，成長 23%；成本收入比為 75.6%，改善超過 3 個百分點。2025 年，GWM 的 4 個區域全部實現了稅前利潤成長，每個區域的稅前利潤約為 15 億美元（不包括訴訟費用），這凸顯了這家全球唯一真正意義上的全球財富管理公司的實力和多元化。

In the Americas, fourth-quarter pretax profit increased by 32% and with a pretax margin of 13%, up 2- percentage-points year-over-year, capping a year in which profits grew by 34%. EMEA delivered pretax profit growth of 27% and supported by strong transaction-based revenues and ongoing cost discipline, driving a 19% increase for the full year. Asia Pacific sustained its strong momentum delivering pretax profit growth of 24% in the quarter and 30% for the full year, it's first following completion of the Credit Suisse client migration in 2024 reinforcing the region's significant runway for continued growth. In Switzerland, pretax profit declined 4% in the quarter amid net interest income headwinds and but increased 2% for the full year on strong growth in non-NII revenue.

在美洲，第四季稅前利潤成長了 32%，稅前利潤率為 13%，年增 2 個百分點，為全年利潤成長 34% 畫上了圓滿的句號。歐洲、中東和非洲地區稅前利潤成長 27%，在強勁的交易收入和持續的成本控制的支持下，全年利潤成長 19%。亞太地區保持強勁成長勢頭，本季稅前利潤成長 24%，全年成長 30%，這是自 2024 年瑞士信貸客戶遷移完成以來的首次成長，鞏固了該地區持續成長的巨大潛力。在瑞士，由於淨利息收入面臨不利因素，本季稅前利潤下降了 4%，但由於非淨利息收入強勁增長，全年稅前利潤增長了 2%。

Moving to flows for the quarter. Net new assets were $8.5 billion, with $23 billion of inflows across EMEA, APAC and Switzerland, partially offset by outflows of $14 billion in the Americas, primarily reflecting net recruiting-related impacts.

接下來是本季的財務資料流。淨新增資產為 85 億美元，其中 EMEA、APAC 和瑞士的流入量為 230 億美元，部分被美洲的流出量 140 億美元所抵消，這主要反映了淨招聘相關影響。

For the full year 2025, we generated net new assets of $101 billion, representing 2.4% growth. We delivered this while absorbing the expected temporary flow headwinds and from strategic actions taken to support higher pretax margins and enhance our return on equity.

2025 年全年，我們創造了 1,010 億美元的淨新增資產，成長了 2.4%。我們在承受預期的暫時性流動逆風的同時，透過採取策略行動來支持更高的稅前利潤率和提高我們的股本回報率，從而實現了這一目標。

Net new fee-generating assets were $9 billion, with APAC delivering 10% annualized growth. Mandate penetration was up for the fourth consecutive quarter with our My Way discretionary solution being a strong driver, nearly doubling invested assets year-over-year to over $30 billion. Net new deposits were broadly flat in the quarter, with an observable mix shift towards non-maturing balances supporting our deposit margin as we look forward. Net new loans were $5 billion as demand strengthened, particularly in Lombard and securities-based lending, supported by lower rates.

淨新增收費資產達 90 億美元，其中亞太地區年化成長率達 10%。授權滲透率連續第四個季度上升，其中「我的選擇」全權委託解決方案發揮了強勁作用，投資資產年增近一倍，達到 300 億美元以上。本季淨新增存款基本上持平，但存款結構明顯向非到期餘額轉移，這為我們未來的存款利潤率提供了支撐。由於需求走強，尤其是倫巴第貸款和證券抵押貸款的需求走強，淨新增貸款額達到 50 億美元，這得益於較低的利率。

In the Americas, loan balances grew for the seventh consecutive quarter demonstrating continued progress in enhancing our banking platform. Moving to the revenue lines. Recurring net fee income rose 9% to $3.6 billion as fee-generating assets grew to $2.1 trillion. Transaction-based revenues were $1.2 billion, up 20%, driven by strength in structured products and cash equities. Close collaboration between GWM and the Investment Bank remains a key differentiator and enabling us to deliver tailored structured solutions at scale and deepen the value we bring to our wealth clients.

在美洲，貸款餘額連續第七個季度增長，這表明我們在增強銀行平台方面取得了持續進展。接下來分析收入項目。隨著創收資產成長至2.1兆美元，經常性淨手續費收入成長9%至36億美元。基於交易營收達 12 億美元，成長 20%，主要得益於結構性產品和現金股票的強勁表現。GWM與投資銀行之間的緊密合作仍然是一項關鍵的差異化優勢，使我們能夠大規模地提供量身定制的結構化解決方案，並加深我們為財富客戶帶來的價值。

Net interest income was $1.7 billion, up 3% year-on-year and 4% sequentially, reflecting higher average loan and deposit volumes as well as a more favorable deposit mix. For the first-quarter, we expect a low single-digit percentage decline in NII as positive loan volume and deposit mix effects are expected to be more than offset by day count and deposit rates.

淨利息收入為 17 億美元，年增 3%，季增 4%，反映出平均貸款和存款規模增加以及存款結構更有利。我們預計第一季淨利息收入將出現個位數百分比的下降，因為貸款規模和存款結構方面的正面影響預計將被存貨天數和存款利率的下降所抵消。

For the full year, we expect GWM net interest income to increase by low single digits year-over-year, driven by strong loan growth, support from the November liability management exercise and an improved deposit mix more than offsetting deposit margin compression in lower rate currencies. Underlying operating expenses increased 4% versus the prior year quarter, driven primarily by higher production-linked compensation excluding litigation, variable compensation and currency effects, costs declined 2%.

我們預計，在強勁的貸款成長、11 月份負債管理措施的支持以及存款結構改善的推動下，GWM 全年淨利息收入將同比增長個位數百分比，足以抵消低利率貨幣存款利潤率的壓縮。基本營運費用較上年同期成長 4%，主要原因是生產相關補償增加（不包括訴訟、可變補償和匯率影響），成本下降 2%。

Turning to Personal and Corporate Banking on slide 8. P&C delivered fourth-quarter pretax profit of CHF543 million, down 5%, primarily due to lower interest rates weighing on net interest income, which declined 10%. This was partly offset by lower credit loss expenses and reduced operating costs.

請參閱第 8 頁，以了解個人和企業銀行業務。財產及意外險業務第四季稅前利潤為 5.43 億瑞士法郎，下降 5%，主要原因是利率下降導致淨利息收入下降 10%。但這部分被較低的信貸損失費用和減少的營運成本所抵消。

Sequentially, net interest income decreased by 2% and as targeted pricing measures largely mitigated the headwinds from Switzerland 0 rate environment. Notwithstanding that Swiss franc rates are expected to remain at current levels throughout 2026 and P&C's full year NII is modeled to increase by a mid-single-digit percentage in US dollars, supported by FX translation, the liability management exercise and expected loan growth.

淨利息收入環比下降 2%，有針對性的定價措施在很大程度上緩解了瑞士 0 利率環境的不利影響。儘管預計瑞士法郎利率將在 2026 年全年保持當前水平，並且財產險和意外險的全年淨利息收入預計在美元計價下增長個位數百分比，這得益於外匯折算、負債管理措施和預期貸款增長。

For the first-quarter, we expect NII to remain broadly stable in US dollar terms. Non-NII revenues were down 3%, with sustained growth in Personal Banking more than offset by lower client activity in the Corporate and Institutional segment. Credit loss expense was CHF80 million in the quarter and CHF277 million for the full year. Looking ahead, a mixed credit backdrop in Switzerland, reflecting a more challenging economic outlook is expected to result in quarterly credit loss expense of around CHF75 million on average. Operating expenses in the quarter were CHF1.1 billion, down 1%.

我們預計第一季淨利息收入（以美元計）將保持大致穩定。非NII收入下降了3%，個人銀行業務的持續成長被企業和機構客戶活動減少所抵銷。本季信貸損失支出為 8,000 萬瑞士法郎，全年信貸損失支出為 2.77 億瑞士法郎。展望未來，瑞士喜憂參半的信貸環境反映出更具挑戰性的經濟前景，預計將導致每季平均信貸損失支出約為 7,500 萬瑞士法郎。本季營運支出為 11 億瑞士法郎，下降 1%。

Turning to Asset Management on slide 9. Pretax profit increased by 20% to $268 million, driven by higher revenues and lower costs. The quarter also reflected a loss of $29 million related to the sale of the O'Connor business. Excluding the P&L from disposals, pretax profit was up 41%. As investments in our growth initiatives and platform scalability continue to take hold, we're seeing the benefits translate into sustained profitability improvement.

接下來請看第 9 頁的資產管理部分。受收入增加和成本降低的推動，稅前利潤成長了 20%，達到 2.68 億美元。該季度還反映出與出售 O'Connor 業務相關的 2,900 萬美元損失。剔除處置損益表的影響，稅前利潤成長了 41%。隨著我們對成長計畫和平台可擴展性的投資不斷取得成效，我們看到這些收益正在轉化為持續的獲利能力提升。

Net new money in the quarter was positive $8 billion, led by inflows in ETFs, money market strategies, and our US SMAs and while invested assets reached $2.1 trillion. Full year net new money was $30 billion, representing a 1.7% growth rate with flows reflecting product rationalization as asset management completed the Credit Suisse integration. In Unified Global alternatives, net new client commitments were $9 billion, including $8 billion from GWM clients with funded invested assets now at $330 billion.

本季淨新增資金為 80 億美元，主要得益於 ETF、貨幣市場策略和美國 SMA 的資金流入，而投資資產達到 2.1 兆美元。全年淨新增資金為 300 億美元，成長率為 1.7%，資金流動反映了資產管理完成與瑞士信貸的整合後產品合理化的情況。在 Unified Global 的另類投資領域，新增客戶淨承諾金額為 90 億美元，其中包括 GWM 客戶的 80 億美元，GWM 的已投資資產目前為 3,300 億美元。

Overall revenues rose 4%, driven by an 11% increase in net management fees on higher assets under management. Operating expenses declined 2%, resulting in a 66% cost-to-income ratio.

整體收入成長了 4%，這主要得益於管理資產規模擴大，淨管理費增加了 11%。營運費用下降了 2%，導致成本收入比為 66%。

On to slide 10 and the Investment Bank. Pretax profit of $703 million increased 56%, driven by 13% higher revenues. This performance capped the IB's strongest top line year on record delivering $11.8 billion of revenue, up 18%. We achieved this result with essentially no incremental RWA, reflecting disciplined risk management and highly capital-efficient growth. For the full year, the IB's return on attributed equity was 15%. Banking revenues rose by 2% in the quarter to $687 million. Advisory grew by 2% and driven by strong performance in Switzerland and across our broader EMEA franchise.

接下來是第 10 張投影片，主題是投資銀行。稅前利潤為 7.03 億美元，成長 56%，主要得益於營收成長 13%。這項業績為IB創紀錄的最強勁的營收年度畫上了圓滿的句號，營收達到118億美元，成長了18%。我們基本上沒有增加風險加權資產 (RWA) 就取得了這一成果，這體現了嚴格的風險管理和高效的資本增長。全年來看，IB 的歸屬於權益報酬率為 15%。本季銀行業營收成長2%，達6.87億美元。諮詢業務成長了 2%，主要得益於瑞士以及我們在歐洲、中東和非洲地區的強勁表現。

Capital Markets increased 1%, powered by ECM, which was up 68% and outperformed fee pools across all regions. We held leading roles on several transactions during the quarter, highlighting the benefits of our targeted investments in strategic sectors and products. Revenues were lower in LCM, reflecting softer sponsor activity across our client base.

資本市場成長 1%，主要得益於 ECM 的強勁表​​現，ECM 成長了 68%，在所有地區都超過了費用池。本季我們在多項交易中發揮了主導作用，凸顯了我們對策略產業和產品進行有針對性投資的優勢。LCM 的收入較低，反映出我們客戶群的贊助商活動減少。

Moving to Global Markets. Revenues increased by 17% to $2.2 billion as we delivered our strongest fourth-quarter performance on record, both globally and in every region. Equities rose 9% versus an exceptionally strong prior year quarter, driven by prime brokerage, cash equities on record market share and equity derivatives. FRC revenues increased by 46% and with FX and precious metals in particular, standing out.

進軍全球市場。營收成長 17% 至 22 億美元，我們實現了有史以來最強勁的第四季度業績，無論在全球還是在各個地區都是如此。受主經紀業務、現金股票市場份額創歷史新高以及股票衍生性商品交易的推動，股價較去年同期異常強勁的走勢上漲了 9%。FRC 收入成長了 46%，其中外匯和貴金屬業務表現特別突出。

Our continued technology investment, combined with a highly regionally diversified platform and deep connectivity with Global Wealth Management continues to differentiate our markets business, supporting strong client engagement and sustained momentum. Against the strong revenue performance, operating expenses increased by 6%.

我們持續的技術投資，加上高度區域多元化的平台以及與全球財富管理的深度聯繫，使我們的市場業務脫穎而出，支持強大的客戶參與度和持續的成長勢頭。儘管營收表現強勁，但營運費用卻成長了 6%。

On slide 11, noncore and legacy generated a pretax loss of $224 million in the quarter. Revenues were negative $10 million at funding costs of $86 million were partly offset by net revenues from physician marks and disposals. Operating expenses were down by nearly 60% year-on-year, reflecting the significant progress we're making in exiting costs from the platform. Risk-weighted assets at quarter end were $29 billion or $5 billion excluding operational risk RWAs down $2 billion sequentially. LRD decreased by $6 billion or 25% quarter-on-quarter ending the year at $19 billion.

第 11 頁顯示，非核心業務和遺留業務在本季造成了 2.24 億美元的稅前虧損。收入為負 1,000 萬美元，融資成本為 8,600 萬美元，部分被醫師行銷和資產處置的淨收入所抵銷。營運費用較去年同期下降近 60%，反映出我們在平台成本退出方面取得了顯著進展。季末風險加權資產為 290 億美元，若不計入營運風險風險加權資產，則為 50 億美元，季減 20 億美元。LRD 環比減少 60 億美元或 25%，年底為 190 億美元。

Moving to a short recap on our full year group performance on slide 12. We delivered net profit of $7.8 billion, up 53% year-over-year with an underlying return on CET1 capital of 13.7%. Excluding litigation and applying a normalized tax rate, our return on CET1 capital was 11.5%. Revenues grew 8% in our core businesses and 4% overall, while costs were 2% lower as we continue to progress towards completing the Credit Suisse integration.

接下來，我們將在第 12 張投影片上簡要回顧我們全年的團隊表現。我們實現了78億美元的淨利潤，年增53%，CET1資本報酬率為13.7%。不計訴訟費用，並採用正常稅率，我們的 CET1 資本回報率為 11.5%。核心業務收入成長 8%，整體營收成長 4%，而成本下降 2%，我們繼續推進完成與瑞士信貸的整合。

As we look at our full year performance through a regional lens on slide 13, the contributions across the group underscore the strength of our globally diversified model and unrivaled global connectivity. Outside of Switzerland, our anchor and most profitable region, which delivered over $5 billion in pretax profit, each region delivered strong profitability and grew at a double-digit rate year-over-year.

當我們從區域角度審視我們全年的業績時（請參閱第 13 頁投影片），集團各部門的貢獻凸顯了我們全球多元化模式和無與倫比的全球互聯互通的優勢。除瑞士（我們的主要市場和最盈利的地區，稅前利潤超過 50 億美元）以外，每個地區都實現了強勁的盈利能力，並且同比增長率達到兩位數。

APAC and EMEA were up over 40%, with the Americas 14% higher, clear evidence that our scale, reach and disciplined integration are building a more balanced earnings profile that positions us well to perform through the cycle and to capitalize on growth opportunities where they're strongest.

亞太地區和歐洲、中東及非洲地區成長超過 40%，美洲地區成長 14%，這清楚地表明，我們的規模、覆蓋範圍和嚴謹的整合正在建立一個更加平衡的獲利結構，使我們能夠更好地應對週期性變化，並在成長最強勁的地區抓住成長機會。

With that, I hand over to Sergio for the investor update.

接下來，我將把發言權交給塞爾吉奧，讓他為投資者帶來最新情況介紹。

Thank you, Todd, and Welcome, everybody. 2025 was a year marked by exceptional dedication from our colleagues as we advanced in our journey to position UBS for sustainable long-term success. We achieved excellent financial results and made great progress on the first integration of 2G [SiPs] for sure, one of the most complex integrations in banking history. We did this despite an unpredictable market backdrop and amid regulatory uncertainty in Switzerland while never losing sight of what matter most serving our clients.

謝謝托德，也歡迎各位。 2025年是同事們展現出非凡奉獻精神的一年，我們朝著實現瑞銀可持續長期成功的目標邁出了堅實的一步。我們取得了優異的財務業績，並在 2G [SiPs] 的首次整合方面取得了巨大進展，這無疑是銀行業歷史上最複雜的整合之一。儘管市場環境難以預測，瑞士監管也存在不確定性，但我們始終沒有忘記最重要的事情—服務客戶。

As a result, we captured growth across our asset gathering platform supported robust private and institutional client activity and increased market share in our areas of strategic focus in the investment bank. In Switzerland, clients relied on UBS for their domestic needs and our global capabilities and expertise.

因此，我們的資產募集平台實現了成長，支持了強勁的私人和機構客戶活動，並在投資銀行的策略重點領域提高了市場份額。在瑞士，客戶依賴瑞銀滿足其國內需求，並依賴我們的全球能力和專業知識。

During the year, we also extended or renewed around CHF80 billion of loans to businesses and households, reinforcing our commitment to act as a reliable partner for the Swiss economy.

年內，我們也向企業和家庭延長或續簽了約 800 億瑞士法郎的貸款，進一步鞏固了我們作為瑞士經濟可靠合作夥伴的承諾。

At the same time, we substantially completed the client migration in Personal and Corporate Banking, and we are set to finish the remaining transfers for Swiss Book clients by the end of the first-quarter. With this, alongside further progress in simplifying our operations, we are on track to substantially finalize the integration by the end of the year and reach our 2026 group exit rate targets.

同時，我們已基本完成個人和企業銀行的客戶遷移工作，並計劃在第一季末完成瑞士銀行客戶剩餘的轉移工作。憑藉這些優勢，再加上我們在簡化營運方面取得的進一步進展，我們預計在年底前基本完成整合，並實現我們 2026 年的集團退出率目標。

Our performance throughout the year further fortifies our capital strength and our ability to follow through on our capital return plans. As Todd mentioned, we are honouring our capital return commitments with an increase in our dividend. This was complemented by our share repurchases, which we plan to replicate in 2026.

我們全年的業績進一步鞏固了我們的資本實力和執行資本回報計劃的能力。正如托德所提到的，我們將透過提高股息來履行我們的資本回報承諾。此外，我們也進行了股票回購，並計劃在 2026 年繼續實施這項措施。

Our momentum is also enabling our strategic investments to support our clients, reinforce our technology and position UBS for long-term growth. At the same time, we are seeing increasingly strong adoption of AI across the firm supported by our rollout of next-generation tools and platforms to improve efficiency and productivity. We entered 2026 from a position of strength and are committed to executing on our proven strategy to generate sustainably higher returns and long-term value for all stakeholders.

我們的發展動能也使我們能夠進行策略性投資，從而支持我們的客戶，加強我們的技術，並為瑞銀的長期成長奠定基礎。同時，我們看到，在新一代工具和平台的推出下，公司內部對人工智慧的採用力度越來越大，以提高效率和生產力。2026 年伊始，我們便處於強勢地位，並致力於執行我們行之有效的策略，為所有利害關係人創造可持續的更高回報和長期價值。

I'm pleased by the integration progress we have made to date, and I am confident in our ability to substantially complete the integration and capture the remaining synergies by the end of the year. But the final wave of the Swiss book lines migration as the highest level of complexity and is a key dependency to fully winding down the legacy infrastructure through the end of the year. Therefore, we cannot be complacent and have to maintain the same level of focus and intensity, we -- as we approach the last mile.

我對我們迄今為止的整合進展感到滿意，並且我有信心在年底前基本完成整合並實現剩餘的協同效應。但瑞士圖書線路遷移的最後一波是複雜性最高的，也是在年底前徹底關閉遺留基礎設施的關鍵依賴項。因此，我們不能自滿，必須保持同樣的專注和強度，因為我們即將到達最後一公里。

In the planning process for 2026, we identified an additional $500 million in cost synergies. This allowed us to increase our gross cost savings ambition to $13.5 billion. I'm particularly pleased that we will be able to produce these synergies at a very efficient cost to achieve multiple of 1.1. Each step we take towards completing the integration brings us closer to our 2026 exit rate targets for the group while we are on track to reach a 15% underlying return on CET1 capital and a cost income ratio below 70% by the end of the year. This slide underscores the efforts that are still required to get there.

在 2026 年的規劃過程中，我們發現了額外的 5 億美元成本綜效。這使我們能夠將總成本節約目標提高到 135 億美元。我特別高興的是，我們將能夠以非常高效的成本實現這些協同效應，從而達到 1.1 倍的收益倍數。我們在完成整合過程中邁出的每一步，都使我們更接近集團 2026 年的退出率目標，同時我們預計在年底前實現 15% 的 CET1 資本回報率和低於 70% 的成本收入比。這張投影片強調了要實現目標仍然需要付出的努力。

As we entered the first-quarter, the macroeconomic backdrop continues to support steady global growth and easing inflation. Market conditions remained largely constructive with broader equity dispersion and rotation supporting client engagement as well as healthy transactional and capital markets activity and pipeline.

進入第一季度，宏觀經濟環境持續支撐全球經濟穩定成長和通膨放緩。市場狀況整體保持良好，股票分散化和輪動增強，支持了客戶參與，同時交易和資本市場活動及專案儲備也保持健康。

Demand remains focused on geographic and asset class diversification as well as principal protection. However, continued elevated geopolitical and economic policy uncertainties mean sentiment and positioning can shift quickly, leading to spikes in volatility influencing institutional and corporate client activity levels. So across all of our businesses, helping our clients navigate these challenges and sustaining client momentum is still our number one priority.

市場需求仍集中在地域和資產類別多元化以及本金保障方面。然而，持續高企的地緣政治和經濟政策不確定性意味著市場情緒和部位可能會迅速轉變，導致波動性激增，從而影響機構和企業客戶的交易活動水平。因此，在我們所有的業務中，幫助客戶應對這些挑戰並保持客戶的發展勢頭仍然是我們的首要任務。

While we are about to finish the integration, our strategy for delivering long-term value remains unchanged. We are fully committed to our global diversified model. Our weight towards our asset gathering franchises provide us with an attractive business mix that sets us apart from our competitors.

雖然我們即將完成整合，但我們實現長期價值的策略卻保持不變。我們完全致力於我們的全球多元化模式。我們對資產累積特許經營業務的重視，使我們擁有了極具吸引力的業務組合，這使我們從競爭對手中脫穎而出。

And while our leadership in the largest and fastest-growing market is fundamental to serving our clients, it also provides significant diversification benefits, which underpin our ability to deliver attractive and stable profits through the cycle. Fortified by a balance sheet for old season and a disciplined approach to risk and cost management, it is clear that our strategy reinforces UBS' road as a stabilizing force for our stakeholders and for the Swiss economy.

雖然我們在規模最大、成長最快的市場中的領先地位對於服務我們的客戶至關重要，但它也帶來了顯著的多元化優勢，這支撐了我們在整個週期中實現可觀且穩定的利潤的能力。憑藉著穩健的資產負債表和嚴謹的風險與成本管理方法，我們的策略顯然鞏固了瑞銀作為利害關係人和瑞士經濟穩定力量的地位。

Our global client franchises also provide us with a competitive advantage that cannot easily be replicated. We are the world's only truly global wealth manager and the number one Swiss Universal bank with leading global capabilities across our asset management franchise and our competitive capital-light investment bank. While our business divisions are strong on their own, it is the intense partnership between them that creates truly differentiated value for clients and stakeholders. This is why further reinforcing collaboration across the group must continue to be one of our key levers for sustainable growth.

我們的全球客戶網路也為我們提供了難以複製的競爭優勢。我們是全球唯一真正意義上的全球財富管理公司，也是瑞士排名第一的全能銀行，在資產管理業務和具有競爭力的輕資本投資銀行領域擁有領先的全球實力。雖然我們各個業務部門本身實力雄厚，但正是它們之間緊密的合作關係，為客戶和利害關係人創造了真正差異化的價值。因此，進一步加強集團內部的合作必須繼續成為我們實現永續成長的關鍵槓桿之一。

With the integration nearly done, it is now important for us to apply a one-bank approach to our entire operation. To do this, we are redesigning front-to-back processes and accelerating investments in technology and AI. Building on these strong foundations, we are investing in a portfolio of large-scale transformational AI programs designed to increase our operational resilience, enhance the client experience, and unlock higher levels of efficiency and effectiveness across the organization.

隨著整合工作接近完成，現在對我們來說，在整個營運中採用單一銀行模式至關重要。為此，我們正在重新設計從前到後的流程，並加快對科技和人工智慧的投資。基於這些堅實的基礎，我們正在投資一系列大規模的變革性人工智慧項目，旨在提高我們的營運韌性，增強客戶體驗，並在整個組織內釋放更高的效率和效能。

In addition to the levers within our control, the secular trends shaping the industry support our long-term growth ambitions and our ability to serve our clients. More than ever before, rapidly evolving geopolitical, societal, and demographic dynamics are influencing where people choose to leave. These trends are also accelerating the pace of wealth migration and changing how clients invest and manage risk across public, private, and alternative markets. In addition, longer life expectancies and intergenerational wealth transfers, are extending investment horizons and increasing demand for holistic wealth planning.

除了我們可控的因素外，塑造產業的長期趨勢也支持我們的長期成長目標和我們服務客戶的能力。如今，快速變化的地緣政治、社會和人口動態比以往任何時候都更能影響人們選擇離開的地方。這些趨勢也正在加速財富遷移，並改變客戶在公共、私人和另類市場進行投資和管理風險的方式。此外，預期壽命的延長和代際財富轉移，正在延長投資期限，並增加對整體財富規劃的需求。

Meanwhile, the next generation of investors expect a seamless technological experience and the emergence of digital assets and tokenization is creating opportunities to fundamentally change how we operate. In this context, clients will increasingly place an even higher premium on trusted advice from partners who can offer true global connectivity, access to innovative products and seamless cross-border solutions. UBS is uniquely positioned to convert these trends into stronger profitability and long-term value creation. These trends are also reflected in our 2028 ambitions for all our business divisions.

同時，新一代投資者期望獲得無縫的技術體驗，而數位資產和代幣化的出現正在創造機會，從根本上改變我們的營運方式。在此背景下，客戶將越來越重視能夠提供真正全球連結、創新產品和無縫跨境解決方案的合作夥伴提供的值得信賴的建議。瑞銀擁有得天獨厚的優勢，能夠將這些趨勢轉化為更強的獲利能力和長期價值創造。這些趨勢也體現在我們為所有業務部門所訂定的 2028 年目標。

Let's start with Global Wealth Management, where we are on track to realize the final integration related synergies to increase efficiency and capacity for investments and support the next level of profitability and growth. We will leverage our global reach, regional expertise, and strong connectivity with Personal and Corporate Banking, Asset Management, and the Investment Bank to deepen client relationships and maintain momentum.

讓我們先從全球財富管理說起，我們正按計劃實現最終的整合綜效，以提高效率和投資能力，並支持下一階段的獲利能力和成長。我們將利用我們的全球影響力、區域專業知識以及與個人和企業銀行、資產管理和投資銀行的緊密聯繫，深化客戶關係並保持發展勢頭。

In addition, a key priority is to scale and expand our high net worth franchise. To achieve that, we are investing in next-generation digital capabilities that strengthen our products and services while also improving adviser productivity and pretax margins.

此外，一項關鍵優先事項是擴大和拓展我們的高淨值客戶業務。為了實現這一目標，我們正在投資下一代數位能力，以增強我們的產品和服務，同時提高顧問的工作效率和稅前利潤率。

By 2028, we expect all of our regions to increase their profitability, supporting global wealth management's ambition to achieve a reported cost/income ratio of around 68%.As we begin to fully capitalize on the benefits of our greater scale and capabilities, we aim to deliver more than $200 billion in net new assets per annum by 2028. In 2026, we expect GWM's net new asset to exceed $125 billion as we capture the benefits of our leadership and momentum across APAC, EMEA and Switzerland and Latin America.

到2028年，我們預計所有區域的獲利能力都將有所提高，從而支持全球財富管理實現約68%的報告成本收入比的目標。我們將開始充分利用我們更大的規模和能力所帶來的好處，我們的目標是到 2028 年每年新增淨資產超過 2000 億美元。預計到 2026 年，隨著我們在亞太地區、歐洲、中東和非洲地區以及瑞士和拉丁美洲的領先地位和發展勢頭帶來益處，長城汽車的淨新增資產將超過 1,250 億美元。

In the US, our strategic actions to improve operating leverage are resulting in anticipated temporary headwinds, but we expect net new assets in the Americas to be positive in 2026, supported by healthy recruiting pipeline and improved retention of our most productive advisers.

在美國，我們為提高營運槓桿而採取的策略行動預計會帶來暫時的不利影響，但我們預計，在健康的招聘管道和提高最有生產力的顧問的留任率的支持下，2026 年美洲地區的淨新增資產將為正值。

On this slide, you can see our unique and diversified positioning coming through across all of our regions, with each being a meaningful driver of growth and equally contributing to GWM's profitability. Together, they form the basis for our unrivaled global scale, which adds to our local capabilities. In APAC, our strong growth and profitability reflects our status as the largest wealth manager in the world's fastest-growing market. Building on this, we are reinforcing our strong goals in Singapore and Hong Kong, while increasing our scale in key growth markets in Southeast Asia, Taiwan, Japan, India, and Australia.

從這張投影片中，您可以看到我們獨特且多元化的市場定位貫穿我們所有地區，每個地區都是重要的成長驅動力，並為長城汽車的獲利能力做出同等貢獻。它們共同構成了我們無與倫比的全球規模的基礎，並增強了我們的本地能力。在亞太地區，我們強勁的成長和獲利能力反映了我們作為全球成長最快市場中最大的財富管理公司的地位。在此基礎上，我們正​​在加強在新加坡和香港的強勁發展目標，同時擴大在東南亞、台灣、日本、印度和澳洲等主要成長市場的規模。

Across the region, we aim to expand share of wallet, accelerate strategic partnerships built on our feeder channels and hire more client advisers. Our leadership in EMEA is driven by our highly profitable international platform that offers cross-border services through our Swiss booking center. This expanded offering in the region is reasoning with our clients, particularly in the Middle East, where our franchise has nearly doubled in size compared to its pre-acquisition position.

在整個地區，我們的目標是擴大客戶錢包份額，加速建立基於我們現有管道的策略合作夥伴關係，並招募更多客戶顧問。我們在歐洲、中東和非洲地區的領先地位，得益於我們高獲利的國際平台，該平台透過我們的瑞士預訂中心提供跨境服務。此次在該地區擴大服務範圍的做法贏得了客戶的認可，尤其是在中東地區，我們的特許經營規模與收購前相比幾乎翻了一番。

Complemented by our growing onshore franchises, EMEA is poised to capture growth and further amplify our global diversification. Switzerland is a unique source of stability for our wealth management franchise, supported by deep client relationships and our home country's role as a destination for international clients. Once the Swiss Book client migration are completed later this quarter, our adviser will be in a superior position to focus on capturing enhanced growth.

憑藉著不斷壯大的本土業務，EMEA 已做好準備，抓住成長機遇，進一步擴大我們的全球多元化發展。瑞士是我們財富管理業務的獨特穩定來源，這得益於我們與客戶的深厚關係以及我們祖國作為國際客戶目的地的地位。瑞士圖書客戶遷移工作將於本季稍後完成，屆時我們的顧問將處於更有利的地位，能夠專注於實現更大的成長。

A year ago, we outlined our multiyear plan to improve the sustainable performance of our US wealth business and positioning it to grow -- a 3-percentage-point improvement in pretax margins in 2025 demonstrates that we are making good progress against that plan.

一年前，我們制定了多年計劃，旨在提高美國財富管理業務的可持續業績，並使其實現增長——到 2025 年稅前利潤率提高 3 個百分點表明，我們在實現該計劃方面取得了良好進展。

Simplifying access to the investment bank has been a clear differentiator for our clients contributing to greater client activity as we further extend our specialized advisory and capital market solutions to our wealthiest clients and family offices. Meanwhile, investments to enhance our coverage model across our client segments are streamlining the distribution of tailored products enhancing the client experience and improving financial adviser productivity.

簡化投資銀行服務流程已成為我們客戶的明顯優勢，隨著我們進一步向最富有的客戶和家族辦公室提供專業的諮詢和資本市場解決方案，客戶的業務活動也隨之增加。同時，我們加大了對客戶群覆蓋模式的改進投入，簡化了客製化產品的經銷流程，從而提升了客戶體驗，並提高了財務顧問的工作效率。

Moving forward, the most significant source of our margin expansion is our core banking offering. We have healthy momentum today, supported by seven consecutive quarters of loan growth. And the conditional approval of a national charter gives us a clear path to further expand our banking platform and product suite to support our ability to further reduce our profitability gap to peers.

展望未來，我們利潤率擴張的最重要來源是我們的核心銀行服務。目前我們發展勢頭良好，貸款連續七個季度實現成長。獲得國家特許經營權的有條件批准，為我們進一步擴展銀行平台和產品組合提供了明確的途徑，從而支持我們進一步縮小與同行之間的盈利差距。

Our operational momentum and strategic progress in 2025 allow us to bring forward our ambition by a year, and we are now targeting a pretax margin of around 15% in 2026. We will then look to achieve a PBT margin of around 16% in 2027 before building to around 18% in 2028. The Americas, including our US franchise is a cornerstone of our capital-generative business model and Wealth Management franchise and we will continue to invest to reinforce our position.

憑藉 2025 年的營運動能和策略進展，我們可以將目標提前一年實現，我們現在的目標是 2026 年稅前利潤率達到 15% 左右。然後，我們將力爭在 2027 年實現約 16% 的稅前利潤率，然後在 2028 年將其提高到約 18%。美洲地區，包括我們的美國特許經營權，是我們資本創造商業模式和財富管理特許經營權的基石，我們將繼續投資以鞏固我們的地位。

Let's now turn to Personal and Corporate Banking, which underpins our status as the leading Swiss universal bank and reliable provider of credit for the Swiss economy. P&C's performance in 2025 reflects our commitment to stay close to clients while executing one of the industry's most complex client account migrations ever with minimal disruption and limited asset outflows.

現在讓我們來看看個人和企業銀行業務，這鞏固了我們作為瑞士領先的綜合銀行和瑞士經濟可靠信貸提供者的地位。2025 年財產險和意外險的業績反映了我們致力於與客戶保持緊密聯繫，同時以最小的干擾和有限的資產外流，執行業內最複雜的客戶帳戶遷移之一。

With this major milestone soon behind us, P&C is well positioned to benefit from a single operating platform freeing up time and resources to serve clients. Just as importantly, winding down legacy infrastructure will unlock material cost synergies to improve profitability while creating additional capacity to reinvest.

隨著這一重大里程碑即將過去，財產和意外保險業將能夠從單一營運平台中受益，從而騰出時間和資源來更好地服務客戶。同樣重要的是，逐步淘汰傳統基礎設施將釋放實質的成本綜效，從而提高獲利能力，同時創造額外的再投資能力。

The power of our fully integrated offering in Switzerland, combined with our global reach, allowed us to retain more corporate and institutional clients from Credit Suisse than we had expected as we optimized our financial resources. Now we will continue to improve offering to reinforce our standing as the bank of choice for clients and drive growth. We are strengthening our digital leadership by increasing personalization as we roll out selective AI-enabled capabilities to streamline service and bolster productivity.

憑藉我們在瑞士提供的全面一體化服務，以及我們的全球影響力，我們在優化財務資源的同時，比預期保留了更多來自瑞士信貸的企業和機構客戶。現在我們將繼續改進產品和服務，以鞏固我們作為客戶首選銀行的地位，並推動業務成長。我們正在透過推出選擇性的人工智慧賦能功能來簡化服務、提高生產力，從而加強我們的數位化領先地位，並提高個人化服務水準。

Meanwhile, as digital assets become a more relevant part of the financial system, we are taking a focused client-led approach. We are building out the core infrastructure and exploring targeted offerings from crypto access for individual clients to tokenize deposit solutions for corporates.

同時，隨著數位資產在金融體系中扮演越來越重要的角色，我們正採取以客戶為中心的策略。我們正在建立核心基礎設施，並探索有針對性的產品和服務，從為個人客戶提供加密貨幣訪問，到為企業提供代幣化存款解決方案。

In terms of our financial ambitions, it is likely that the Swiss franc interest rate headwinds that have persisted since 2024 will delay the achievement of our -- an underlying cost/income ratio below 50% by the end of 2026. Despite this, we still expect the enhanced scale of the franchise and improving operating leverage to translate into double-digit pretax profit growth this year.

就我們的財務目標而言，自 2024 年以來持續存在的瑞士法郎利率逆風可能會推遲我們實現目標——即到 2026 年底將基本成本/收入比率降至 50% 以下。儘管如此，我們仍然預計特許經營規模的擴大和營運槓桿的提高將在今年轉化為兩位數的稅前利潤成長。

For this reason, we also aim to achieve a reported cost/income ratio around 48% for 2028, even if rates remain at zero. In Asset Management, we have seen a significant improvement in operating leverage alongside the substantial completion of our integration priorities. This allowed us to meet our 2026 exit rate ambition a year ahead of schedule. With better strategic positioning and a sharper product offering, Asset Management is well positioned to capture efficient growth through its differentiated capabilities.

因此，即使利率維持在零，我們也力求在 2028 年實現報告成本/收入比率在 48% 左右。在資產管理方面，隨著我們整合重點工作的實質完成，營運槓桿率得到了顯著提高。這使我們能夠提前一年實現 2026 年的退出率目標。憑藉更好的策略定位和更精準的產品組合，資產管理業務完全有能力透過其差異化能力實現高效成長。

That includes alternatives where $330 billion in invested assets in our unified global alternatives units makes us a top five limited partner with a critical scale necessary to provide our clients with access to innovative investment opportunities across private markets, hedge funds and real estate.

這其中包括另類投資，我們統一的全球另類投資部門擁有 3300 億美元的投資資產，使我們成為排名前五的有限合夥人，具備必要的規模，能夠為我們的客戶提供在私募市場、對沖基金和房地產領域的創新投資機會。

We also have deep traction across our ETF and index offering, our credit investments group and our separately managed accounts capabilities developed in partnership with GWM. We intend to build on these areas of strength while with an ambition to realize around 3% net new money growth through the cycle. Through a combination of growth continued cost discipline and the rationalization of our platform, we are targeting a reported cost/income ratio of around 65% by 2028.

我們在 ETF 和指數產品、信貸投資集團以及與 GWM 合作開發的獨立管理帳戶功能方面也取得了顯著進展。我們打算鞏固這些優勢領域，同時力求在本輪週期內實現約 3% 的淨新增資金成長。透過持續成長、成本控制和平台合理化，我們的目標是到 2028 年將報告成本/收入比率控制在 65% 左右。

Turning to the Investment Bank. We are capitalizing on investments in our areas of strategic importance to enhance our client offering and deliver sustainable returns. In 2025, global markets had record revenues, while Global Banking continued to benefit from the stable improvement improving market share since the acquisition.

轉向投資銀行。我們正在利用在策略重點領域的投資來增強我們為客戶提供的服務，並實現可持續的回報。2025年，全球市場收入創歷史新高，而自收購以來，全球銀行業持續受惠於市場佔有率的穩定提升。

Our performance throughout the year also highlights the benefits of our diversified platform with leading franchises across APAC, EMEA and Switzerland, complemented by a strengthened presence in the Americas. Looking ahead, we expect global markets to continue to perform well in the current market environment, supported by enhanced market share in equities, FX, and precious metals and by taking advantage of our reinforced global research capabilities.

我們全年的業績也突顯了我們多元化平台的優勢，我們在亞太地區、歐洲、中東和非洲地區以及瑞士擁有領先的特許經營權，並在美洲地區得到了加強。展望未來，我們預期在當前市場環境下，全球市場將繼續表現良好，這得益於我們在股票、外匯和貴金屬領域市場份額的提升，以及我們不斷增強的全球研究能力。

In Global Banking, our strengthened coverage and product teams are adding to an already healthy pipeline providing us with momentum as 2026 gets underway. Assuming supportive markets, we still aim to double global banking revenues by the end of this year on an annualized basis compared to our 2022 baseline. At the same time, we will continue to build on our connectivity to GWM, P&C and Asset Management to support growth across the group and generate a 15% reported return on attributed equity through the cycle. And it will continue to consume no more than 25% of the group's risk-weighted assets.

在全球銀行業務方面，我們加強了覆蓋範圍和產品團隊，為原本就健康的業務管道注入了新的活力，使我們在 2026 年伊始就擁有了強勁的發展勢頭。假設市場狀況良好，我們仍計劃在今年年底，全球銀行業年化收入將比 2022 年的基準水準翻倍。同時，我們將繼續加強與長城汽車、財產保險和資產管理業務的聯繫，以支持集團整體成長，並在整個週期中實現 15% 的股權回報率。而且，它將繼續消耗不超過集團風險加權資產的 25%。

The consistent execution of our capital-generative strategy and our financial resource optimization efforts over the last two years, a broad revenues over risk-weighted assets much closer to pre-acquisition levels. This gives us confidence that we are embedded -- that we have embedded the necessary capital discipline across our combined business and is more of a proof of our integration progress. Importantly, we can now fully focus on deploying capital towards accretive growth opportunities while following through on our capital return objectives.

過去兩年，我們持續執行資本創造策略和財務資源優化措施，使得公司以風險加權資產計算的整體收入更接近收購前的水準。這讓我們確信我們已經融入其中——我們已經在合併後的業務中貫徹了必要的資本紀律，這更能證明我們的整合進展。重要的是，我們現在可以全力專注於將資本投入到能夠帶來增值成長的機會中，同時實現我們的資本回報目標。

After repurchasing $3 billion of shares in 2025, we intend to buy back another $3 billion in 2026 with an aim to do more. The amount will be subject to our financial performance, maintaining a CET1 capital ratio of around 14% and further clarity on the future regulatory regime in Switzerland. We expect to hear more on this later in the first half.

在 2025 年回購 30 億美元的股票後，我們計劃在 2026 年再回購 30 億美元，並爭取做得更多。這筆金額將取決於我們的財務業績，維持約 14% 的 CET1 資本充足率，以及瑞士未來監管制度的進一步明朗化。我們預計上半年稍後會聽到更多相關消息。

Beyond 2026, we do not expect any change to our capital return policy. We intend to continue to pursue a progressive dividend. This will be complemented by a share buyback problem that will be calibrated based on our financial results and the final outcome and timing of implementation of the new regulatory regime in Switzerland.

2026 年以後，我們預期資本回報政策不會有任何改變。我們將繼續追求逐年遞增的股利。我們將透過股票回購問題來補充此策略，該策略將根據我們的財務表現以及瑞士新監管制度的最終結果和實施時間進行調整。

Once our restructuring work is behind us, we will be able to harvest the full benefits of the acquisition and produce sustainably higher returns. Our progress over the last two years and our expected profitability in 2026 will allow us to build towards our ambition to restore and surpass pre-acquisition levels of profitability.

一旦我們的重組工作完成，我們將能夠充分發揮收購帶來的好處，並產生可持續的更高回報。過去兩年我們取得的進展以及我們預計在 2026 年實現的盈利能力，將使我們能夠朝著恢復並超越收購前盈利水平的目標邁進。

For 2028, we aim to deliver a reported return on CET1 capital of around 18% under the current capital framework and a reported cost/income ratio of around 67%. A lot of hard work still lies ahead of us, but I'm more than confident than ever in our ability to create significant value for all our clients, our people, our shareholders, and the communities where we live and work.

到 2028 年，我們的目標是在目前的資本框架下實現約 18% 的 CET1 資本回報率，以及約 67% 的成本/收入比率。前方還有很多艱苦的工作要做，但我比以往任何時候都更有信心，我們有能力為我們所有的客戶、員工、股東以及我們生活和工作的社區創造巨大的價值。

With that, I hand back to Todd for more details on the plan.

於是，我把麥克風交還給陶德，讓他提供更多計畫細節。

Thank you, Sergio. Bringing together the achievements and ambitions highlighted so far. Slide 30 sets out the path as we work towards our 2026 exit rate targets of an underlying return on CET1 capital of around 15% and an underlying cost-to-income ratio below 70%. Underpinning this plan is our expectation that on an overall basis, our core franchises will be the primary contributor to year-on-year pretax growth and return accretion. Building on the enhanced scale, capabilities, and competitive positioning we've already achieved.

謝謝你，塞爾吉奧。總結迄今為止所取得的成就和展現的目標。第 30 頁闡述了我們為實現 2026 年退出率目標而採取的路徑，即 CET1 資本的基本回報率約為 15%，基本成本收入比低於 70%。該計劃的基礎是我們預期，總體而言，我們的核心特許經營業務將成為逐年稅前成長和收益增加的主要貢獻者。在已取得的規模、能力和競爭地位的基礎上繼續發展。

We expect broad-based revenue momentum in Global Wealth Management, the investment bank and asset management to more than offset net interest income headwinds in Personal and Corporate Banking. Critical to our return accretion the imminent completion of client account migration in our Swiss booking center is set to unlock more meaningful cost reductions as we retire legacy infrastructure and create additional staff capacity particularly benefiting our Global Wealth and Swiss franchises.

我們預期全球財富管理、投資銀行和資產管理業務的全面收入成長動能將足以抵銷個人和企業銀行業務淨利息收入的不利因素。我們瑞士預訂中心客戶帳戶遷移即將完成，這對我們的收益成長至關重要。隨著我們淘汰舊式基礎設施並增加員工能力，這將釋放更有意義的成本降低，尤其有利於我們的全球財富和瑞士業務部門。

In Non-core and Legacy, we expect the continued rundown of costs during 2026 to further reduce the drag on returns. By year-end, the cost run rate is expected to be better sized to the limited residual portfolio, underscoring the further progress we intend in taking down this legacy cost base.

在非核心和傳統業務方面，我們預計 2026 年成本的持續下降將進一步減少對回報的拖累。到年底，成本運行率預計將更好地與有限的剩餘投資組合相匹配，這凸顯了我們打算在降低這一遺留成本基礎方面取得的進一步進展。

On capital, having already lifted revenues over RWAs to our 10% ambition and with capital efficiency embedded in how we allocate resources across the group, we're well positioned to selectively deploy incremental resources to capture attractive growth opportunities while maintaining our RWA productivity.

在資本方面，我們已經將收入超過風險加權資產的比例提升到我們 10% 的目標，並且資本效率已融入到我們集團的資源分配方式中，因此我們有能力有選擇地部署增量資源，以抓住有吸引力的增長機會，同時保持我們的風險加權資產生產力。

Accordingly, we expect disciplined capital deployment to underpin overall return accretion. Our 2025 effective tax rate was well below our structural level, reflecting material net litigation reserve releases in noncore and legacy and tax planning linked to the optimization of our legal entity structure.

因此，我們預期有紀律的資本部署將支撐整體收益的成長。我們 2025 年的實際稅率遠低於我們的結構性稅率，這反映了非核心和遺留業務中大量淨訴訟準備金的釋放，以及與優化我們的法律實體結構相關的稅務規劃。

Assuming no material reserve movements going forward and with a less meaningful drag from NCL, we expect our effective tax rate to normalize in 2026 to around 23% for the full year. Taken together, these factors are expected to translate to an underlying return on CET1 capital of approximately 13% and a cost income ratio of around 73% for the full year 2026. As we've highlighted in the past, all of 2026 is required to deliver the remaining integration milestones with net saves expected to build progressively and a greater proportion weighted to the second half.

假設未來不會出現重大儲備變動，且 NCL 的影響較小，我們預計到 2026 年，全年有效稅率將恢復正常，約 23%。綜合來看，這些因素預計將使 2026 年全年 CET1 資本的基本回報率約為 13%，成本收入比約為 73%。正如我們過去所強調的那樣，2026 年全年都需要完成剩餘的整合里程碑，預計淨節省金額將逐步增加，並且下半年所佔比例將更大。

This is why we focus on exit rate targets. By the end of this year, with integration execution substantially complete, -- the remaining synergies largely captured and the run rate benefit of the net savings embedded in our cost base. We expect an annualized view of our normalized run rate of underlying OpEx to provide an appropriate basis for the cost income ratio that we aim to deliver from that point forward.

這就是我們關注退出率目標的原因。到今年年底，隨著整合執行基本完成，剩餘的綜效也基本實現，淨節省帶來的運作效益將反映在我們的成本基礎中。我們預計，按年計算的營運支出正常化運行率將為我們今後要實現的成本收入比提供適當的基礎。

Turning to costs on slide 31. As of year-end, we delivered $10.7 billion of cumulative gross run rate cost saves, including $3.2 billion in 2025. Compared to our 2022 baseline, -- this has reduced our cost base by around 25%, excluding currency effects, litigation and variable compensation linked to production and by around 12% on an overall basis. Building on this progress and through the execution of our integration road map, we identified during our planning process around $500 million of incremental gross cost saves to be delivered by the end of 2026 and taking the planned total to approximately $13.5 billion.

接下來討論第 31 頁的成本問題。截至年底，我們累計節省了 107 億美元的毛運行成本，其中 2025 年將節省 32 億美元。與 2022 年的基準相比，這使我們的成本基礎降低了約 25%，不包括匯率影響、訴訟和與生產相關的可變補償，總體而言降低了約 12%。在此基礎上，透過執行我們的整合路線圖，我們在規劃過程中確定了到 2026 年底可實現的約 5 億美元的增量毛成本節約，使計劃總額達到約 135 億美元。

These incremental savings are enabled by our simplification agenda in addition to the decommissioning work underway and help shape our post-integration operating model creating capacity to invest in technology and talent for future growth while supporting the delivery of our exit rate targets.

除了正在進行的退休工作外，我們的簡化計劃也帶來了這些逐步節省，這有助於塑造我們整合後的營運模式，從而創造能力投資於技術和人才以實現未來的成長，同時支持我們實現退出率目標。

Of the residual $2.8 billion of gross cost reduction targeted for this year, around 40% is expected to come from technology infrastructure and run costs, 40% from workforce capacity and the remainder from third-party spend and real estate. The biggest driver is retiring the Credit Suisse platform in Switzerland, which in turn enables the phaseout of associated middle and back office systems.

今年計劃削減的剩餘 28 億美元總成本中，預計約 40% 將來自技術基礎設施和營運成本，40% 將來自勞動能力，其餘部分將來自第三方支出和房地產。最大的驅動因素是瑞士信貸平台在瑞士的退役，這反過來又使得相關的中後台系統得以逐步淘汰。

With client migrations in the Swiss booking center running through the end of the first-quarter, the most complex decommissioning work ramps up from midyear, driving more meaningful net savings realization from that point onward.

瑞士預訂中心的客戶遷移工作將持續到第一季末，而最複雜的退役工作將從年中開始逐步展開，從那時起將實現更有意義的淨節省。

Turning to cost to achieve. The $13 billion of integration-related expenses incurred to date reflects both the scale of execution delivered so far and the additional efficiency opportunities unlocked as we progressed supporting incremental savings and faster benefit capture. For 2026, we expect around $2 billion of additional integration-related expenses to deliver on our cost-saving ambition. This amount reflects continued execution intensity and targeted investment to deliver incremental savings alongside the remaining integration synergies.

轉向成本控制。迄今為止發生的 130 億美元整合相關費用，既反映了迄今為止的執行規模，也反映了隨著我們推進工作而釋放的額外效率機會，從而支持逐步節省成本並更快地獲得收益。預計到 2026 年，我們將增加約 20 億美元的整合相關支出，以實現我們的成本節約目標。這筆金額反映了持續的執行力度和有針對性的投資，旨在實現增量節約，同時發揮剩餘的整合協同效應。

Notably, the cost to achieve multiple remains unchanged at 1.1 times underscoring continued discipline and cost control through this highly complex integration. As a result, we now expect final cumulative integration-related expenses to be around $15 billion at historical FX and by the end of 2026. A further important driver of the cost synergies underpinning our plan to deliver our exit rate cost-to-income ratio target is the continued cost reduction in noncore and legacy as shown on slide 32. Since its formation following the acquisition, NCL has reduced its RWAs by two-thirds, freeing up nearly $8 billion of capital and has cut operating costs by roughly 80%. We've also exited the costliest debt inherited from Credit Suisse and resolved several of the most complex legacy litigation matters.

值得注意的是，實現倍數成長的成本仍保持在 1.1 倍不變，這凸顯了在這高度複雜的整合過程中持續的紀律性和成本控制。因此，我們現在預計，到 2026 年底，以歷史匯率計算，最終累積整合相關費用將約為 150 億美元。實現退出率成本收入比目標的計畫背後的成本綜效的另一個重要驅動因素是持續降低非核心和遺留業務的成本，如投影片 32 所示。自收購後成立以來，NCL 已將其風險加權資產減少了三分之二，釋放了近 80 億美元的資本，並將營運成本削減了約 80%。我們也擺脫了從瑞士信貸繼承而來的最昂貴的債務，並解決了幾個最複雜的遺留訴訟問題。

With the vast majority of the balance sheet rundown now behind us, -- the team is squarely focused on driving further cost efficiencies. As a result, we expect to exit 2026 with annualized operating expenses, excluding litigation, of approximately $500 million. around 40% of 2025 levels and annualized net funding costs of less than $200 million, reflecting savings from November's liability management exercise. We then see the resulting pretax loss run rate having again by 2028 and tapering to immaterial levels thereafter.

隨著資產負債表清理工作的大部分完成，團隊正全力以赴地提高成本效益。因此，我們預計到 2026 年底，不包括訴訟費用在內的年度營運支出約為 5 億美元，約為 2025 年水準的 40%，年度淨融資成本低於 2 億美元，這反映了 11 月份負債管理措施所節省的資金。然後我們看到，由此產生的稅前虧損運行率到 2028 年再次上升，此後逐漸降至微不足道的水平。

We also expect NCL to exit 2026 with around $28 billion of RWAs, consisting of $4 billion of market and credit risk and $24 billion of operational risk. On op risk, -- we recently updated our run-off projections as part of our annual review legacy provisions and settlements reflecting last year's significant progress in resolving inherited legal matters, broadly offset other roll-offs. So our year-end 2025 balance and our expected 2026 balance remain broadly unchanged at around $24 billion.

我們也預計，NCL 到 2026 年底的風險加權資產 (RWA) 將達到約 280 億美元，其中包括 40 億美元的市場和信用風險以及 240 億美元的營運風險。關於營運風險，——我們最近更新了我們的清算預測，作為我們年度審查遺留準備金和結算的一部分，反映了去年在解決遺留法律問題方面取得的重大進展，大致抵消了其他清算。因此，我們 2025 年末的餘額和我們預計 2026 年的餘額基本上保持不變，約為 240 億美元。

Looking forward and reflecting our regulators' instructions, we continue to include certain discontinued businesses in the 10-year loss history and do not assume any accelerated releases. Under these assumptions, roughly 10% of the current balance rolls off through 2030 with the remainder substantially running off between 2031 and 2035.

展望未來，並遵循監管機構的指示，我們將繼續將某些已終止經營的業務納入 10 年的虧損歷史，並且不假設任何加速釋放。根據這些假設，到 2030 年，當前餘額的大約 10% 將到期，其餘部分將在 2031 年至 2035 年之間基本到期。

Staying with risk-weighted assets and capital efficiency on slide 33. As the slide illustrates, we've made meaningful progress in lifting our revenues over RWAs back to our ambition level of around 10% and from less than 8% just two years ago. This principally reflects three drivers.

繼續討論風險加權資產和資本效率（見第 33 頁）。如幻燈片所示，我們在將收入與風險加權資產之比提升至我們設定的 10% 左右的目標水平方面取得了實質進展，而兩年前這一比例還不到 8%。這主要反映了三個驅動因素。

First, strong progress in running down NCL, reducing RWAs and freeing up capacity. Second, disciplined balance sheet optimization across our core businesses since the acquisition, ensuring we earn appropriate returns for the risk deployed; and third, stronger underlying performance, particularly in 2025, and where we monetize the value of our enhanced scale, capabilities and competitive positioning to translate constructive markets into meaningful revenue growth and share gains with a greater proportion of the uplift coming from the more capital-light parts of the franchise.

首先，在減少淨負債、降低風險加權資產和釋放產能方面取得了顯著進展。第二，自收購以來，我們對核心業務進行了嚴格的資產負債表優化，確保我們獲得與所承擔風險相匹配的適當回報；第三，我們對核心業務進行了嚴格的資產負債表優化，確保我們獲得與所承擔風險相匹配的適當回報；第三，我們擁有更強勁的基礎業績，尤其是在 2025 年，我們將利用增強的規模、能力和競爭地位的價值，將建設性的市場轉化為較有意義的收入增長和市場份額，其中更大的增長

On that stronger footing and with capital efficiency embedded in how we allocate resources across the group, we're well positioned to selectively deploy incremental balance sheet to support profitable revenue growth across our core businesses. Specifically, as our focus shifts from restoring capital discipline to enabling the next phase of growth, we are no longer guiding to an RWA target.

憑藉更穩固的基礎，以及集團資源分配方式中所體現的資本效率，我們能夠選擇性地部署增量資產負債表，以支援核心業務的獲利性收入成長。具體而言，隨著我們的重點從恢復資本紀律轉向實現下一階段的成長，我們不再以 RWA 目標為導向。

Rather, we expect our risk-weighted assets trajectory to be a function of our growth ambitions and disciplined execution as we drive higher returns while maintaining a strong capital position and retaining the RWA productivity we've restored since the acquisition. I should note that we're driving this capital efficiency and productivity while absorbing RWA headwinds from the final Basel III implementation in Switzerland which has had a cumulative net impact of adding around $60 billion of RWAs since we started preparing for its adoption over the last several years.

相反，我們預計我們的風險加權資產軌跡將取決於我們的成長目標和嚴謹的執行力，因為我們將在保持強勁資本狀況的同時，推動更高的回報，並保持自收購以來我們恢復的風險加權資產生產力。需要指出的是，我們在提高資本效率和生產力的同時，也要應對瑞士最終實施巴塞爾協議 III 帶來的風險加權資產 (RWA) 不利影響。自從過去幾年我們開始為採用巴塞爾協議 III 做準備以來，該協議已累計淨增加了約 600 億美元的風險加權資產。

In addition, we're preparing for the phase-in of the Basel III output floor and we continue to work to mitigate its impact through actions such as improving data quality and pursuing external ratings for relevant counterparties and business areas. Based on our current estimates, the effect should remain modest. No impact in 2026, potentially up to 1% in 2027 and around 2% in 2028 when the output floor reaches its fully phased level of 72.5% of standardized RWAs.

此外，我們正在為巴塞爾協議 III 產出下限的逐步實施做準備，並將繼續透過提高數據品質和為相關交易對手和業務領域尋求外部評級等措施來減輕其影響。根據我們目前的估計，這種影響應該不會很大。2026 年不會產生影響，2027 年可能會產生高達 1% 的影響，2028 年當產出下限達到標準化 RWA 的 72.5% 的完全分階段水準時，可能會產生 2% 左右的影響。

Adding to this, the current Swiss application of an internal loss multiplier is driving materially higher operational risk RWAs that we would expect under the corresponding implementations in the UK, the EU and the US where authorities are expected to set the ILM at one. In that case, Op-Risk RWAs would be driven by the revenue-based business indicator alone, which for us would mean $40 billion lower risk-weighted assets.

此外，瑞士目前採用的內部損失乘數導致營運風險 RWA 顯著高於我們預期在英國、歐盟和美國相應實施情況下的 RWA，在這些國家，監管機構預計將 ILM 設定為 1。在這種情況下，營運風險 RWA 將僅由基於收入的業務指標驅動，這對我們來說意味著風險加權資產將減少 400 億美元。

Turning to capital on slide 34. As of year-end, our group total loss absorbing capacity stood at $187 billion with a going concern capital ratio of 18.5%. As already highlighted, our group CET1 capital ratio was 14.4% and reflected a $3 billion reserve for planned share repurchases in 2026.

轉到第 34 頁的資本部分。截至年底，我們集團的總損失吸收能力為 1,870 億美元，持續經營資本適足率為 18.5%。如前所述，我們集團的 CET1 資本充足率為 14.4%，並反映了 30 億美元的儲備金，用於 2026 年計畫的股票回購。

Looking ahead, we continue to target a CET1 capital ratio of around 14%, giving us a robust buffer above regulatory minimums and the capacity to both self-fund growth and deliver attractive capital returns. This said, as Sergio mentioned, it's our intention to continue to buy back shares beyond 2026. While it's premature to comment on the absolute level of future repurchases, we may begin accruing later this year for a portion of the 2027 share buyback.

展望未來，我們將繼續以14%左右的CET1資本充足率為目標，這將使我們擁有高於監管最低要求的充足緩衝，並有能力實現自我融資成長和提供有吸引力的資本回報。話雖如此，正如塞爾吉奧所提到的那樣，我們打算在 2026 年以後繼續回購股票。雖然現在評論未來回購的絕對規模還為時過早，但我們可能會在今年稍後開始累積資金，用於 2027 年的部分股票回購。

The timing and pace of any accrual will depend on our financial performance, developments in the Swiss capital framework, and our ability to operate at our CET1 capital ratio target of around 14%. As we await the final capital ordinance expected later this half, our CET1 capital ratio may therefore temporarily sit above our target level.

任何應計款項的計提時間和速度將取決於我們的財務表現、瑞士資本框架的發展以及我們實現約 14% 的 CET1 資本充足率目標的能力。由於我們仍在等待預計於本半年稍後出台的最終資本條例，因此我們的 CET1 資本比率可能會暫時高於我們的目標水準。

On to AT1s. With approximately $13 billion of issuance since the acquisition, our AT1s reach 4% of RWAs at year-end against a current regulatory allowance of 4.4%. For 2026, having already placed $3 billion of our targeted $3.5 billion of AT1 issuance in January, we're well advanced on our AT1 funding plan for the year. We'll continue to stay close to the market and where it makes sense bring our issuance's forward.

接下來是AT1。自收購以來，我們的 AT1 債券發行量約為 130 億美元，截至年底，其 RWA 佔比達到 4%，而目前的監管允許值為 4.4%。2026 年，我們已於 1 月完成了 30 億美元的 AT1 債券發行目標（35 億美元），今年的 AT1 融資計畫進展順利。我們將繼續密切關注市場動態，並在適當的時候提前發行債券。

In terms of gone concern capital, we closed the year with $90 billion of TLAC eligible debt. Looking ahead to 2026, and as we continue to optimize our gone concern capital stack, we target approximately $11 billion of holdco issuances against around $20 billion of expected maturities, redemptions and first calls.

就已消失的資本而言，我們年底的TLAC合格債務為900億美元。展望 2026 年，隨著我們繼續優化已消失企業資本結構，我們的目標是發行約 110 億美元的控股公司債券，以應對約 200 億美元的預期到期、贖回和首次贖回。

Since the start of the integration, disciplined execution of our funding strategy has generated around $1.2 billion in net funding cost savings, exceeding our original 2026 target of $1 billion. Just as importantly, we've strengthened the quality and composition of our liability profile, reinforcing our balance sheet for all seasons and positioning us well to fund growth through the cycle.

自整合開始以來，我們嚴格執行融資策略，並節省了約 12 億美元的淨融資成本，超過了我們最初設定的 2026 年 10 億美元的目標。同樣重要的是，我們加強了負債結構的品質和組成，從而增強了我們應對各種情況的資產負債表，並使我們能夠更好地為週期中的成長提供資金。

To conclude on page 35. The strategic financial and operational improvements we delivered during the past year reinforce our confidence in achieving our 2026 exit rate targets and give us a clear line of sight into the drivers of performance that support our financial ambitions beyond the conclusion of the integration.

結論見第35頁。我們在過去一年中實現的策略性財務和營運改善增強了我們對實現 2026 年退出率目標的信心，並讓我們清楚地了解了推動業績成長的因素，這些因素將在整合完成後支持我們的財務目標。

With that, let's open up for questions.

那麼，接下來就是提問環節。

(Operator Instructions)

（操作說明）

Chris Hallam, Goldman Sachs.

克里斯‧哈勒姆，高盛集團。

So Todd, you talked at the start of the call about the $9 billion of capital that you've been able to upstream from the subsidiaries and that $26 billion drop in RWAs at the parent bank. And then I guess there's more that you plan to do. So if we were to rerun the math that got us to the $24 billion foreign sub capital shortfall earlier in the year, is it fair to say that number today would be lower? And can you give us a sense sort of by how much lower and how much repatriation re-balancing you can still do to work that number lower from here?

托德，你在電話會議開始時談到了你已經從子公司向上游籌集了 90 億美元的資金，以及母行風險加權資產下降了 260 億美元。我想你肯定還有其他計劃。因此，如果我們重新計算今年稍早得出的 240 億美元外國次級資本缺口，那麼今天這個數字是否會更低？您能否大致說明一下，為了讓這個數字進一步降低，您還能透過多少資金回流再平衡措施來降低這個數字？

And then second question, which is more broadly, I guess, on the group. You've got the 13% CET1 you won't guide for this year -- there was a strong narrative across the street on the potential for better capital markets activity levels this year, effectively a bit of a Goldilocks operating environment. Now the backdrop becomes more volatile. So if we spend much of 2026 with this current market backdrop, elevated volatility, dollar weakness, more questions around public and private market valuation levels. How would that impact your -- the group across your various businesses?

第二個問題，我想這個問題更廣泛地是關於這個小組的。您今年的 CET1 收益率為 13%，您不會給出指導——街對面有強烈的輿論認為，今年資本市場活動水平可能會有所改善，實際上，這是一個非常理想的經營環境。現在局勢變得更加動盪。因此，如果我們在 2026 年的大部分時間都處於當前的市場背景下，即高波動性、美元疲軟，以及圍繞公共和私人市場估值水平的更多疑問。這將對貴公司及其旗下各業務部門產生什麼影響？

How resilient would the 13% target be in that context? And I guess anything you'd want to think about in terms of the banking target, '26 versus '22? And just on that target, is that now run rate because I think it used to be double 22 and 26 and now it's on an annualized basis. So just checking if that's shifted to an exit run rate guide as well.

在這種情況下，13%的目標能有多大的韌性？那麼，關於銀行業目標，您想考慮的還有什麼呢？例如 2026 年與 2022 年的比較？就這個目標而言，現在的運行率是多少？因為我記得以前是 22 和 26 的兩倍，現在是按年計算的。所以我想確認一下，這是否也已經轉變為退出運行率指南了。

Chris, thanks for the for the question. So on the first one, yes, it's fair to say that the -- if you rerun the numbers that the uptick from 1Q '25 or indeed 2Q '25 would be lower for this. But naturally, as we've said, we always had every intention to upstream this capital. It's important to reiterate that this capital that we've been repatriating from the Credit Suisse subs was always part of our planning. Our strong progress in derisking the entities, as I mentioned, has in these cases, just simply accelerated the return of the capital. We've always assumed we would get it.

克里斯，謝謝你的提問。所以對於第一個問題，是的，可以公平地說——如果你重新計算一下，那麼從 2025 年第一季或第二季來看，這個成長幅度會更低。但正如我們所說，我們一直都有將這筆資金投入上游的計畫。需要重申的是，我們從瑞士信貸子公司匯回的這部分資金始終是我們計畫的一部分。正如我之前提到的，我們在降低實體風險方面取得的巨大進展，在這些案例中，只是簡單地加快了資本的回報。我們一直都認為自己會得到它。

It's always been a form part of our planning. It's also been assumed to be up streamed and informed what we told you a year ago in bringing our equity double leverage ratio to pre Credit Suisse acquisition levels to around 100%. So that hasn't changed.

它一直是我們計劃的一部分。這也被認為是上游因素，並影響了我們一年前告訴你們的情況，即我們的股權雙重槓桿率恢復到瑞士信貸收購前的水平，約為 100%。所以這一點並沒有改變。

What has changed, obviously, is the pace at which the cash has come up to the parent bank, one; and two, the fact that as we've mentioned, FX-driven headwinds on the Tier 1 leverage ratios of several group entities, including UBS AG consolidated forces us to pace intercompany dividends, including at the UBS AG level -- and as a result, limits how much capital in the very near term, we can upstream to group. But certainly, mathematically, your inference is correct.

顯然，改變的是，第一，現金流入母行的速度；第二，正如我們所提到的，外匯波動對包括瑞銀集團在內的幾個集團實體的一級資本槓桿率造成了不利影響，迫使我們控制公司間股息的發放速度，包括瑞銀集團層面的股息——因此，在短期內，我們能夠向上游注入的資本數量受到限制。但從數學角度來看，你的推論當然是正確的。

In terms of the current environment, yes, I mean, we certainly recognize and in our outlook statement talking about 2026, recognize that we entered the quarter with constructive markets continuing, still seeing higher dispersion and lower correlation in markets that informed constructive two-way trading in our IB and still our wealth clients remaining risk on despite the need to continue to diversify across asset classes and geography. Of course, as volatility, as we've said, event-driven volatility from various things, whether it be geopolitics or some of what we've been seeing recently, naturally suggest that things can turn quickly.

就當前環境而言，是的，我的意思是，我們當然認識到，並且在我們關於 2026 年的展望聲明中也認識到，我們進入本季度時，市場依然保持著積極的態勢，市場分散度較高，相關性較低，這促使我們的投資銀行開展了積極的雙向交易，儘管需要繼續在資產類別和地域上進行財富投資，但我們的財富偏好。當然，正如我們所說，波動性，以及由各種因素（無論是地緣政治還是我們最近看到的一些情況）引起的事件驅動型波動性，自然表明情況可能會迅速改變。

So we're focused just on what we can control and the ambitions and targets we've laid out reflect that. On the banking target, I think it's fair to say that we remain confident in our ability to continue to scale up, what you and I have discussed many times in terms of doubling the 2022 revenues in '26.

因此，我們只專注於我們能夠控制的事情，我們所設定的目標和願景也體現了這一點。關於銀行業務目標，我認為可以公平地說，我們仍然有信心繼續擴大規模，正如你我多次討論的那樣，在 2026 年將 2022 年的收入翻一番。

Sergio made the comment in his prepared remarks. It's fair to say that the front half of 2025 for banking, in particular, where we're indexed in some of the markets and with -- only picking up later in 2025 effectively delayed us a bit. And as a result, Sergio and I are talking about getting there in 2026 on an annualized basis.

塞爾吉奧是在事先準備好的演講稿中發表了這番言論。公平地說，2025 年上半年銀行業，特別是我們與一些市場掛鉤的銀行業，直到 2025 年下半年才開始復甦，這實際上耽誤了我們一些時間。因此，塞爾吉奧和我正在討論如何按年實現這個目標，目標是在 2026 年實現。

Kian Abouhossein, JPMorgan.

Kian Abouhossein，摩根大通。

I mean the first one is just coming back to US wealth management and maybe just bottom up a little bit around the restructuring of the adviser side, when should we expect it by the attrition to end? And how should we think about net flows as we progress through 2026. And in that context, clearly, your pretax margin you give some indication of what will drive said.

我的意思是，第一個問題是回歸美國財富管理，或許應該從基層開始，圍繞顧問的重組進行一些調整，我們該何時才能看到人員流失結束？那麼，隨著我們邁入 2026 年，我們該如何看待淨流量呢？在這種情況下，很顯然，你的稅前利潤率可以顯示哪些因素會推動這個結果。

I recall Peter Wortley talking about ultra-high net worth and family office growth in the US and I'm just trying to understand what is the difficulty in the US to enter that market because it seems to be extremely difficult to gain market share, especially multifamily -- in family office, sorry.

我記得彼得·沃特利談到美國超高淨值人群和家族辦公室的增長，我只是想了解在美國進入這個市場有什麼困難，因為似乎很難獲得市場份額，尤其是多戶住宅——抱歉，是家族辦公室。

And lastly, Sergio you discussed a little bit tokenized assets, and you guys are quite advanced in this field based on what we research and I'm just trying to understand what the long-term strategy is because on the one hand, you could argue wealth management, on advantages you get access to all these products being a wealth management client and to tokenization, you kind of commoditize that. So I'm just trying to understand how you think about the impact of tokenization in particular of assets on your wealth business long term?

最後，Sergio，你剛才稍微談到了代幣化資產，根據我們的研究，你們在這個領域相當先進。我只是想了解你們的長期策略是什麼，因為一方面，你可以說財富管理的優勢在於，作為財富管理客戶，你可以獲得所有這些產品；而代幣化，某種程度上是將這些產品商品化。所以我想了解您如何看待資產代幣化對您財富管理業務的長期影響？

Kian, let me address the first question on US Wealth. So first, I would say, we're very pleased with our positioning as we continue to work through the levers that we've discussed particularly happy with our positioning at the high end of the market. I think that's where we have a stronghold. What we're trying to do is leverage that and also work on greater penetration in all aspects of high net worth, but we're happy with our position, especially at the top end.

Kian，讓我來回答關於美國財富的第一個問題。首先，我想說，我們對目前的市場定位非常滿意，我們將繼續努力，運用我們討論過的各種手段，尤其對我們在高端市場的定位感到滿意。我認為那是我們的優勢。我們正在努力利用這一點，並努力提高在高淨值人群各個方面的滲透率，但我們對目前的地位感到滿意，尤其是在高端市場。

We're certainly not satisfied with the net movement we've seen around our advisers, but as Sergio said, it's a transition-related issue, and it's part of the changes that we introduced a year ago that we considered necessary to improve pretax margin and inform sustainable, profitable growth.

我們當然對顧問團隊的整體變動並不滿意，但正如塞爾吉奧所說，這是一個與過渡相關的問題，也是我們一年前引入的變革的一部分，我們認為這些變革對於提高稅前利潤率和促進可持續的盈利增長是必要的。

Now on -- in terms of how we see this playing out, asset inflows or outflows from adviser hires or exits, as I've said in the past, do occur several months after announcement, so we can model the impacts on NNA based on announced net recruiting data -- and on that basis, we do expect further NNA headwinds through the first half of 2026, after which we expect net recruiting outflow impacts to materially taper and as Sergio said, for the US business to be a positive contributor to GWM net flows in 2026 overall.

現在來說說——就我們目前對此事的預期發展而言，正如我之前所說，顧問的聘用或離職導致的資產流入或流出會在公告發布幾個月後發生，因此我們可以根據已公佈的淨招聘數據來模擬其對淨資產的影響— —基於此，我們預期淨資產在2026年上半年將面臨進一步的不利因素，之後我們預期淨招聘流出的影響將大幅減弱，正如塞爾吉奧所說，美國業務將在2026年整體上對GWM的淨流入做出積極貢獻。

And what gives us confidence around this is our building recruiting pipeline as well as the feedback we're getting across the field, where advisers are telling us that the changes that we've introduced reinforced the strength of our platform and make UBS the best place for FAs to serve their clients and grow their businesses.

而讓我們對此充滿信心的，是我們正在建立的人才儲備，以及我們從各領域獲得的回饋。顧問告訴我們，我們引入的變革增強了我們平台的實力，使瑞銀成為財務顧問服務客戶和發展業務的最佳場所。

Kian, on tokenized assets, I think it's fair to say that, yes, we are really pursuing a strategy of being a fast follower in that area. So in respect of really looking for solutions for well personal clients or wealthy clients or corporates. But when you look down at how we're going to do it. First of all, I think like AI, this, of course, may have some cannibalization effect on the services you do. But I would not underestimate the impact on the cost to serve on this technology.

Kian，關於代幣化資產，我認為可以公平地說，是的，我們確實在該領域奉行快速跟進的策略。因此，在真正為個人客戶、富裕客戶或企業尋找解決方案方面。但當你仔細想想我們將如何做的時候。首先，我認為就像人工智慧一樣，這當然可能會對你提供的服務產生一些蠶食效應。但我不會低估這項技術對服務成本的影響。

So while we see maybe pressure on the top line, the advantage is coming from the rationalization of the processes, the back office, the operations will be substantial. So I'm not so concerned about that kind of threat. By the way, also recognizing that as a highly regulated bank, we cannot be upfront a front runner in terms of implementing and deploying this kind of technology, but we need to take a very prudent approach. So I see tokenization as a journey like for AI that will play out over the next three to five years and which will be complementary to our more traditional existing businesses.

因此，雖然我們可能會看到營收面臨壓力，但優勢來自於流程的合理化，後台營運將取得顯著成效。所以我並不太擔心那種威脅。順便一提，我們也意識到，作為一家受到嚴格監管的銀行，我們不能在實施和部署這類技術方面走在前列，而是需要採取非常謹慎的態度。所以我認為代幣化就像人工智慧的發展歷程一樣，將在未來三到五年內逐步展開，並將與我們更傳統的現有業務形成互補。

And by the way, where knowledge is going to be important. Technology is important. And last but not least, when we talk about wealth management and wealthy clients and wealth planning in general, the emotional part of the equation, having the client proximity, the human touch will continue to be a critical factor to differentiate yourselves.

順便說一句，知識在哪些方面會非常重要。科技很重要。最後但同樣重要的是，當我們談論財富管理、富裕客戶和財富規劃時，等式中的情感因素，即與客戶的親近感和人情味，將繼續成為讓你們脫穎而出的關鍵因素。

Antonio Rosale, Bank of America.

安東尼奧·羅薩萊，美國銀行。

It's Antonio from Bank of America. I have two questions, please. The first one on net new assets. I mean, can you help us better understand the path to your ambition of reaching more than $200 billion net new assets by 2028? And maybe give us some more color around sort of the key regions.

我是美國銀行的安東尼奧。請問我有兩個問題。第一項是關於淨新增資產的。我的意思是，您能否幫助我們更了解您實現到 2028 年淨新增資產超過 2000 億美元這一目標的路徑？或許還可以為我們介紹一下關鍵區域的具體情況。

It would be great if you could talk specifically about the trend and reminders of the initiatives you are taking to capture some of the tailwinds, I'm thinking in Asia Pacific on both wealth creation and capital market activity. I mean, we've seen the pipeline of IPO in China and Hong Kong looking very, very strong.

如果您能具體談談目前的趨勢，並提醒大家您為抓住一些有利因素所採取的舉措，那就太好了。我指的是亞太地區的財富創造和資本市場活動。我的意思是，我們看到中國內地和香港的IPO市場前景非常非常強勁。

So that would be my first question. My second one is on costs. You talked about the delivery of cost synergies and the efforts are clearly visible with almost the entire organization working on that delivery. Can you talk us through a little bit more on sort of your expectations for net cost savings from here on? I mean I've heard your remarks and seen your targets, but if you give us a sense of how much of these savings are reinvested in the business, IT, AI capabilities, or a favour attention? And how much can be the sort of net cost savings coming through?

這是我的第一個問題。我的第二個問題是關於成本的。您談到了成本協同效應的實現，而幾乎整個組織都在為實現這一目標而努力，這一點顯而易見。能否再詳細談談您對未來淨成本節約的預期？我的意思是，我聽過您的講話，也看過您的目標，但您能否讓我們了解一下，這些節省下來的資金有多少會重新投資於業務、IT、人工智慧能力，或用於其他方面？那麼，最終能節省多少淨成本呢？

So let's make -- let's step back on the first question and maybe provide some context to help unpack it. So on the path to $200 billion, it's important to remember that we guided to $100 billion in 2024 and 2025 because we flagged that there are a number of headwinds that we have to work through around this unprecedented integration, and that's going to create some offset to NNA or some of the strategic actions we're taking to drive pretax margins and return on equity was going to come at the expense of flows. And indeed, that's played out over the course of '24 and '25.

那麼，讓我們——讓我們回到第一個問題，或許可以提供一些背景資訊來幫助理解它。因此，在實現 2000 億美元營收目標的過程中，重要的是要記住，我們曾預測 2024 年和 2025 年的營收目標為 1000 億美元，因為我們指出，圍繞這一前所未有的整合，我們必須克服許多不利因素，這將對淨資產收益率 (NNA) 或我們指出，圍繞這一前所未有的整合，我們必須克服許多不利因素，這將對淨資產收益率 (NNA) 或我們為提高現金比率而採取一些回報率和報酬率的代價。而事實上，這種情況在 2024 年和 2025 年都得到了體現。

So what gives us confidence in terms of the build is the fact that we've worked through many of these headwinds. We just talked about in response to Kian's question on flows in the US. They'll remain a headwind into 2026. But outside the US a lot of the things that I spent time over the last several quarters discussing in terms of headwinds that we have to navigate through, we have done.

因此，讓我們對專案建設充滿信心的一點是，我們已經克服了許多不利因素。我們剛才討論的是為了回應 Kian 關於美國資金流動的問題。它們將持續構成不利因素直至2026年。但在美國以外，過去幾季我花了很多時間討論的我們必須克服的諸多不利因素，我們已經克服了。

So that gives us effectively confidence to believe that just working through those headwinds themselves, is a boon to NNA growth. In terms of specific things that we want to do, we want to continue to capture wallet across the board with our best-in-breed CIO solution shelf and leverage our unrivaled global connectivity at a time when wealth is increasingly mobile, as Sergio described in his comments earlier. We continue to see signs of the IPO recovery, which is supportive of net new assets.

因此，這讓我們有信心相信，克服這些不利因素本身就是 NNA 成長的一大助力。就我們想要做的具體事情而言，我們希望繼續憑藉我們一流的 CIO 解決方案全面贏得客戶的錢包，並在財富日益流動的時代，利用我們無與倫比的全球連接性，正如 Sergio 在他之前的評論中所描述的那樣。我們持續看到IPO復甦的跡象，這對新增淨資產構成支撐。

We're also regaining the front foot on strategic recruiting, and we could see that coming through, and that's for sure what we're doing in APAC in driving growth there. And in addition, we are -- look, we're very focused on net new client acquisition in the context of wealth transfer as well. So these are things that we're doing outside the US, also, of course, building out our more digitized offering into high net worth will help. So I think it gives you a sense of where we expect to grow. It's going to be across our franchise.

我們也在策略招募方面重新掌握了主動權，而且我們已經看到了成效，這肯定也是我們在亞太地區推動成長的方式。此外，我們也非常注重在財富轉移領域獲取新的客戶。所以這些都是我們在美國以外地區正在做的事情，當然，向高淨值人士拓展我們更數位化的產品和服務也會有所幫助。所以我認為這能讓你對我們未來的發展方向有所了解。這將在我們所有加盟店中實施。

Naturally, as we said, the US will -- is expected to be a net positive contributor in '26, but we know in '27 and '28, the US has to contribute more in order to grow to greater than $200 billion. And so that's part of the plan as well.

當然，正如我們所說，美國預計在 2026 年將成為淨正貢獻者，但我們知道，在 2027 年和 2028 年，美國必須做出更多貢獻才能成長到 2,000 億美元以上。所以這也是計劃的一部分。

On cost, I think it's fair to say that you asked just to get a little bit more insight on the safe. So first, in terms of the path to the $13.5 billion, we have $2.8 billion of gross cost saves to deliver through 2026. As I mentioned in my comments, it's about 40% on the tech side, about 40% personnel related and 20% third-party spend and real estate.

關於價格，我認為你問這個問題只是為了更深入了解保險箱的情況，這種說法是合理的。首先，就實現 135 億美元的目標而言，到 2026 年，我們需要節省 28 億美元的毛成本。正如我在評論中提到的，其中約 40% 用於技術方面，約 40% 用於人員相關方面，20% 用於第三方支出和房地產。

Once the gross cost saves are achieved, we expect that gross to net ratio to fall in line with where we have been guiding in prior quarters. If I look at my gross to net in terms of what I planned for the end of 2026 on the $13.5 billion, I intend to deliver net saves of around 75% of that amount, excluding variable and FA comp. Anything that any headwind from that and effectively is excluded, but it's a 75% gross to net cost capture and how we think about getting to our end of 2026 targets.

一旦實現毛成本節約目標，我們預計毛利潤與淨利潤之比將與我們前幾季的預期一致。如果我以 135 億美元為目標，從 2026 年底的毛利潤到淨利潤來看，我打算實現該金額的 75% 左右的淨節省，不包括可變薪酬和固定收益。任何由此產生的不利因素都會被排除在外，但這是 75% 的毛成本到淨成本的轉換率，也是我們思考如何實現 2026 年底目標的方式。

Giulia Miotto, Morgan Stanley.

朱莉婭·米奧托，摩根士丹利。

The first one, Todd, I want to check if I understood you correctly. I think you said that half of the $9 billion accrued between parent and group could be distributed in the second half of the year, subject to big to (technical difficulty). I just want to understand what outcome could drive essentially a $4 billion additional buyback in the year, if I understood this correctly.

托德，首先，我想確認一下我是否理解正確。我認為您說過，母公司和集團之間累積的90億美元中，有一半可能會在下半年分配，但這取決於大額交易的安排。（技術難題）我只是想了解，如果我理解正確的話，究竟是什麼結果會導致今年額外回購 40 億美元的股票。

And then secondly on the parent bank, I think you said you intend now to run around 14% CET1 there because of FX headwinds. Do you disclose anywhere, any sensitivity in terms of what we can expect the FX impact to be on this ratio going forward in case the CHF appreciates further? And I know you disclosed the sensitivities at group level, the 14 basis point impact for 10% depreciation of the dollar, but I was just interested in looking at the parent more closely.

其次，關於母行，我想您說過，由於外匯逆風，您現在打算將 CET1 持倉比例控制在 14% 左右。您是否在任何地方披露，如果瑞士法郎進一步升值，匯率波動會對該比率產生何種影響？我知道您已經揭露了集團層面的敏感性，即美元貶值 10% 將帶來 14 個基點的影響，但我只是想更仔細地看看母公司的情況。

So on the $9 billion accrual at the parent bank with respect to its dividend to pay up to group we said that like last year, we were going to split it in two. So we're imminently paying up half of that or $4.5 billion to the holding company. The other $4.5 billion, we're just taking a prudent wait and see to see what happens in the -- in terms of the Swiss regulatory capital framework developments like we had last year, just retaining that optionality to either retain or to pay up. And so that's the way we've done the split again in in respect of the 2025 dividend accrual of the parent bank up to the holding company.

因此，對於母行90億美元的股息應計款項（用於向集團支付股息），我們表示，像去年一樣，我們將把它分成兩部分。因此，我們即將向控股公司支付其中的一半，即 45 億美元。對於另外 45 億美元，我們採取謹慎的觀望態度，看看瑞士監管資本框架的發展情況，就像去年那樣，我們保留選擇權，可以選擇保留或償還。因此，我們再次以這種方式對母銀行到控股公司的 2025 年股息累積進行了拆分。

In terms of the you mentioned the CET1, you're looking for the sensi the FX sensi. So first, I would just tell you that in general, maybe to step back a bit, that the dollar softness that we've seen in the -- also in the first part of this year, given the currency mix of our businesses and balance sheet is moderately supportive of pretax profit accretion.

關於你提到的 CET1，你要找的是 FX Sensi。首先，我想告訴大家，總的來說，或許應該稍微回顧一下，今年上半年我們看到的美元走軟，考慮到我們業務和資產負債表的貨幣組合，對稅前利潤增長起到了一定的支撐作用。

And that's across the group while offering a moderate headwind on our capital ratios. So just a sensi, as you know, across group, is a further 10% drop in the dollar versus other currencies would drive a 3% PBT accretion while placing low double-digit basis point headwind on our capital and leverage ratios. At the AG consolidated level, the sensitivity is, by and large, very similar to the group. So while we don't disclose it, you can take away that the FX sensi at the AG consolidated level behaves in a very similar way.

而這種情況遍及整個集團，同時也對我們的資本比率構成了一定的不利影響。因此，如您所知，就整個集團而言，美元對其他貨幣進一步下跌 10% 將推動稅前利潤增長 3%，同時對我們的資本和槓桿率造成兩位數基點的不利影響。在 AG 合併層面，其敏感度與集團整體非常相似。因此，雖然我們不予揭露，但您可以了解到，AG 合併層面的外匯敏感度表現非常相似。

Jeremy Sigee, BNP.

Jeremy Sigee，BNP。

Just one question on the capital. You mentioned the ordinance measures you expect publication later in the first half, which I think is what has been planned. Do you have any clarification on when the go-live date for that aspect and particularly the phase-in which I know we've talked about before. I just wondered if there's any clarification on your expectations for that on the ordinance measures, specifically what the phasing would be?

關於首都，我只有一個問題。您提到了您預計在今年上半年稍後公佈的法令措施，我認為這正是我們計劃的。您能否就該方面的上線日期，特別是分階段實施的日期，給出一些說明？我知道我們之前討論過這個問題。我只是想了解您對這些法令措施的期望是否有任何澄清，特別是分階段實施的具體安排？

And then my other question really was on just if you could talk a bit more about Asia wealth management flows, which were a bit soft in the quarter. I just wondered if there was any giveback from the strong flows you had last quarter and sort of how you see the outlook for wealth management flows in Asia going forward?

然後我的另一個問題其實是關於您能否再多談談亞洲財富管理資金流動情況，該季度亞洲財富管理資金流動略顯疲軟。我想知道上個季度強勁的資金流入是否有所回落，以及您如何看待亞洲財富管理資金流入的未來前景？

Jeremy. So let me take your two questions. So the first, the -- when the ordinance is published, the federal counsel will have to confirm then what the effective date is and the phase-in. So I think it's reasonable, as we've said before, to expect to phase in. And it's reasonable to expect a prospective application date or effective date just given historical practice, but that will have to be confirmed by the Swiss Federal Council when they published the ordinance later in the first half.

傑里米。那麼，讓我來回答你們的兩個問題。因此，首先，當該法令公佈後，聯邦法律顧問將不得不確認生效日期和分階段實施計劃。所以我認為，正如我們之前所說，分階段實施是合理的。根據歷史慣例，可以合理預期會有一個預期的適用日期或生效日期，但這需要瑞士聯邦委員會在下半年稍後公佈該法令時予以確認。

In terms of Asia flows, look, we're very happy and very comfortable with the position Asia is in from a flow standpoint, in particular, of course, moreover around their ability to generate profitable growth. As I mentioned in my comments, I believe the power of the integrated franchise, which this is their first full year since the client account migration at the end of 2024 is clearly contributing to growth and profitability overall. And as I mentioned in response to an earlier question from Antonio, our focus is on growing assets across the region by doing things like deepening share of wallet, accelerating strategic partnerships.

就亞洲資金流動而言，我們對亞洲目前的資金流動狀況非常滿意，尤其對其創造獲利成長的能力感到欣慰。正如我在評論中提到的，我相信整合特許經營的力量（這是自 2024 年底客戶帳戶遷移以來的第一個完整年度）顯然有助於整體增長和盈利能力。正如我在回答安東尼奧之前提出的問題時提到的那樣，我們的重點是透過提高客戶錢包份額、加速策略合作等方式，在整個地區發展資產。

As Sergio mentioned, strengthening high net worth feeder channels, particularly through digital and ramping up the impact hiring of client advisers. And I believe the evidence of this is in the 2025 results for the region. As I mentioned, the region's first year post the platform consolidation.

正如塞爾吉奧所提到的，要加強高淨值客戶管道，特別是透過數位化管道，並加強對客戶顧問的招募。我相信，該地區 2025 年的選舉結果就能證明這一點。正如我之前提到的，這是該地區平台整合後的第一年。

If you look at net new assets and net new fee generating asset growth, both at 8% for the year in Asia with strong mandate penetration gains. And of course, while they continue to drive their bellwether, which is transactional revenues in an environment where Clearly, our advice and structuring expertise, our differentiated capabilities.

如果觀察淨新增資產和淨新增收費資產的成長，亞洲今年的兩項成長率均為 8%，且委託滲透率大幅提升。當然，儘管他們繼續推動其風向標——交易收入——在一個顯然，我們的諮詢和結構化專業知識，我們差異化的能力，在這樣的環境下，仍然至關重要。

Joseph Dickerson, Jefferies.

Joseph Dickerson，傑富瑞集團。

Yes. I just have a couple of quick questions. Is the right way to think about the $26 billion reduction of fully applied RWAs related to the upstreaming of capital to UBS AG is to put, call it, a 12.5% CET1, so it brings down the capital associated with those by about $3.25 billion. Is that the right way to think about it just to be precise. And could you discuss in the US in terms of the FAs, you're clearly investing in wealth advice centers.

是的。我還有幾個問題想問一下。將與向瑞銀集團上游注入資本相關的 260 億美元完全應用風險加權資產減少額，正確的理解方式是將其視為 12.5% 的 CET1，這樣一來，與這些資本相關的資本減少了約 32.5 億美元。準確地說，這種思考方式是否正確？您能否談談美國的財務顧問（FA）情況？顯然，您正在投資財富諮詢中心。

So if we think about the net change in FAs, I guess, what's the -- is there a way to think about the marginal pretax associated once the accounts are funded and transacting, et cetera. Is there a way to think about the marginal pretax margin on wealth advice centers versus, say, the back book, if you will, of existing business.

所以如果我們考慮 FA 的淨變化，我想，有沒有辦法考慮帳戶注資並進行交易後相關的邊際稅前等因素。有沒有辦法考慮財富諮詢中心的稅前邊際利潤率與現有業務的後備業務（如果可以這麼說的話）之間的差異？

Joe. So the $26 billion reduction in RWA is a function of the portion of the upstream capital that gives rise to either offset because of it's a repatriation. So it's an offset at the parent level investment in subsidiary accounting or from impairments on dividends, so some portion of the $9 billion were characterized locally for legal purposes as dividend and may have been associated with offsetting impairments.

喬。因此，RWA 減少 260 億美元取決於上游資本中因資金回流而產生抵銷的部分。因此，這可以抵消母公司層級在子公司會計處理中的投資或股息減值，因此，90 億美元中的某些部分在當地法律上被歸類為股息，並且可能與抵銷減損有關。

So the $26 billion is the impact, the way you calculate it is actually the net reduction in the investment in subsidiary account which is the -- as I said, the portion that's repatriated plus any dividends, any investment valuation change on dividends, times 400% because foreign subs, the RWA impact is 400%. So that's how you would get to the $26 billion. So it's effectively $6.5 billion times four is another way to calculate it.

所以，260億美元的影響，其計算方法實際上是子公司帳戶投資的淨減少額，也就是——正如我所說，匯回的部分加上任何股息，任何股息投資估值變化乘以400%，因為外國子公司的RWA影響為400%。所以，這就是計算出260億美元的方法。所以，另一種計算方法是，65億美元乘以4。

In terms of -- you mentioned the buildup in the wealth advice center. I think it is fair to say that our strategy is sort of multifaceted in that respect. One is to provide leverage to the more senior advisers in the field. So it helps them to also grow their books of business. Secondly, the advisers that were hiring in the Wealth Advice Center are also there to build up their own books of business. And I think it is fair to say that the cost to carry in the Wealth Advice center because it's a different compensation model is lower than your traditional brokerage model that the senior FAs would be subject to.

關於－你提到了財富諮詢中心的人員配置。我認為可以公平地說，從這個角度來看，我們的策略是多方面的。一是為該領域資深顧問提供影響力。所以這也有助於他們拓展生意。其次，在財富諮詢中心招募的顧問也是為了建立自己的客戶群。我認為可以公平地說，財富諮詢中心的營運成本較低，因為它採用了不同的薪酬模式，所以比高級財務顧問所採用的傳統經紀模式要低。

So sure, if we build up successfully the Wealth Advice Center, which is a lever in our strategy as one of the feeder channels, I think it's fair to say that the pretax margin from that business contribution is higher.

所以，如果我們成功建立起財富諮詢中心（這是我們策略中的一個槓桿，也是我們的客戶輸送管道之一），我認為可以公平地說，該業務貢獻的稅前利潤率更高。

Stefan Stalmann, Autonomous Research.

Stefan Stalmann，自主研究。

Good morning. I would like to first ask you a question about your targets and ambitions. How do you want us to measure the exit targets for 2026? Is that fourth-quarter number? Or are there pro forma calculations involved? How do you think about this?

早安.我首先想問您一個關於您的目標和抱負的問題。您希望我們如何衡量 2026 年的退出目標？這是第四季的數據嗎？或其中是否涉及形式計算？你對此有何看法？

And also, is there any particular reason why 2028 remains an ambition rather than a target? And the second question I wanted to ask is on your FRC business in the Investment Bank. Can you give us maybe a rough split of how much of that is FX versus how much was precious metals, please.

另外，2028 年仍然是一個願景而不是一個目標，有什麼特別的原因嗎？我想問的第二個問題是關於您在投資銀行的 FRC 業務。請問您能否大致估算一下，其中外匯交易佔多少，貴金屬交易佔多少？

So the '26 exit rate calculation, well, the expectation will be that we'll look at our certainly on the numerator we would take the run rate -- normalized run rate of where we are at the end of the year and annualize that. I think that's reasonably straightforward in terms of how we would think about the numerator. The denominator would do the same. Naturally, of course, revenues are always a little bit more interesting in the fourth-quarter if you have seasonality. So I think we will look back rather than look forward and develop a denominator that seems reasonable.

所以，對於 2026 年的退出率計算，預計我們會考慮，當然，在分子上，我們會採用年末的正常運行率，並將其年化。我認為就分子而言，這相當簡單明了。分母也會發生同樣的情況。當然，如果有季節性因素，那麼第四季的收入總是會更有意思。所以我認為我們應該回顧過去，而不是展望未來，並建立一個合理的基數。

But we believe that fundamentally, this comes out in the wash as we go through 2027, as I think you would agree in terms of when we convert this underlying exit rate cost income ratio -- what is that -- is that manifesting through a cost-to-income ratio when we report in 2027, below 70. And so that's really the key.

但我們相信，從根本上講，隨著我們進入 2027 年，這種情況將會得到改善。我想您也會同意，當我們把這個潛在的退出率成本收入比率——也就是什麼——轉化為成本收入比率時，到 2027 年，我們的報告會顯示該比率低於 70。所以，這才是關鍵。

But in terms of how we will sort of settle the business at the end of the year. That's my expectation at this point in time. I think in terms of the ambition versus target, I think the group CET1, reported CET1 of 18% and the cost-to-income ratio of 67% our targets are the -- those are targets. So -- but there's no -- given my response, you could see that.

但就年底我們如何結算業務而言，情況仍有待商榷。這是我目前階段的預期。我認為就雄心壯志與目標而言，集團的 CET1 報告為 18%，成本收入比為 67%，我們的目標是——這些都是目標。所以——但是並沒有——從我的回答來看，你應該可以看出這一點。

At the end of the day, target and ambitions are almost the same. I would say that the targets are more short term. What we can see the look through is for 2026, we can -- we have a visibility to talk about targets versus '28 and going forward is more of an ambition that I wouldn't be too bothered about over-analysing that kind of aspect we want to get there. So I mean, that's what it is.

歸根究底，目標和抱負幾乎是一回事。我認為這些目標更偏向短期目標。我們可以預見的是，到 2026 年，我們可以——我們有了談論目標的視野，與 2028 年相比，而展望未來更多的是一種雄心壯志，我不會太在意過度分析我們想要達到的那個方面。所以，我的意思是，就是這樣。

And Stefan, in terms of the split in FRC on FX and precious metals, we'll come back and give you the specific breakout.

Stefan，關於 FRC 對外匯和貴金屬的分割情況，我們稍後會詳細分析。

Anke Reingen, RBC.

Anke Reingen，RBC。

The first is just to clarify on the '26 share buyback. So you said about $3 billion and potentially more. And then you also talked about accruals for the 2027 share buyback. I just wanted to confirm it's not the same thing. So we could have an additional share buyback in '26 on top of the $3 billion plus an accrual for 2027.

首先，我想澄清一下 2026 年的股票回購計畫。所以你剛才說的是大約30億美元，甚至可能更多。然後您也談到了 2027 年股票回購的應計款項。我只是想確認一下，這兩者不是一回事。因此，除了 30 億美元之外，我們還可以在 2026 年進行額外的股票回購，併計入 2027 年的應計款項。

And then secondly, on the slide where you talk about the through the cycle revenues over RWA, is the 10%, is that what informs your 18% return in 2028 as well -- and then just surprised that -- I mean, looking at the 9.6% in 2025, 10% doesn't seem that much of a step-up. So they should be more focused on the shaded area or be like higher than 10%? Or were you sort of like over-earning in '25 and some others.

其次，在您談到週期收入與 RWA 的那張投影片中，10% 這個數字是否也影響了您 2028 年 18% 的報酬率？ ——我感到很驚訝——我的意思是，考慮到 2025 年的回報率是 9.6%，10% 似乎並沒有帶來多大的提升。所以他們應該更關注陰影區域，或是比例要高於10%？還是你在 2025 年和其他一些年份裡收入過高？

So on the first question, the idea is if we do come out with guidance on what we intend to do in terms of our aim to do more later in the year, we would, at that point, accrue for that. And to the extent that we -- as I said in my comments, accrue for the 2027 share buyback or a portion thereof that would be on top.

所以關於第一個問題，我們的想法是，如果我們確實發布了關於我們打算在今年晚些時候做更多事情的指導意見，那麼到那時，我們就會為此積累資金。而且，正如我在評論中所說，我們為 2027 年股票回購累積的資金，或其中的部分資金，將會額外增加。

In terms of revenue of RWA actually, we're quite comfortable with that as a hurdle in terms of the productivity of the RWA that we put to work. You also have to consider; there are a lot of headwinds that I described in my comments that we also have to navigate around that. So I talked about a lot of the Basel III headwinds that we have. But certainly driving higher revenues over RWA and creating RWA productivity, for sure, contributed to the 18% return on CET1.

就 RWA 的收入而言，我們其實相當滿意，因為這可以作為 RWA 生產力方面的一個障礙。你還得考慮到，我在評論中提到的許多不利因素，我們也要克服這些困難。所以我談到了我們面臨的許多巴塞爾協議III帶來的不利影響。但可以肯定的是，提高 RWA 收入和提高 RWA 生產力，確實促成了 CET1 18% 的回報率。

Yes. And overly focusing on above that level would basically come at a cost of growth. I mean, in terms of net new asset loans, ability to be competitive in pricing. So I think that's having a revenue on risk-weighted assets at 10% is a quite competitive number. And if we overstretch that number, it's going to come at cost of growth. And so I think that we have material upside and marginal benefits in balancing out the efficiency with growth.

是的。而過度關注高於這個水準的目標，基本上會以犧牲成長為代價。我的意思是，就新增淨資產貸款而言，在定價方面具有競爭力。所以我認為，風險加權資產收益率達到 10% 是一個相當有競爭力的數字。如果我們過度擴張這個數字，就會以犧牲成長為代價。因此，我認為，在提高效率和促進成長之間取得平衡，我們有實質的提升空間和邊際效益。

Andrew Coombs, Citi.

安德魯·庫姆斯，花旗銀行。

One broad-based question on net interest income and then a follow up on the (technical difficulty). On net interest income, firstly, on the Q1 guide, GWM you called out a small decline due to day count, but also you said deposit rates, perhaps you just elaborate on what you mean by changing deposit rates there?

首先提出一個關於淨利息收入的總體問題，然後進行後續跟進。（技術難題）關於淨利息收入，首先，在第一季業績指引中，GWM 指出由於天數統計導致淨利息收入略有下降，但您也提到了存款利率，您能否詳細說明一下您所說的存款利率變化是什麼意思？

And then my broader question on full year '26 in net interest income. When you gave your guidance, you talked about the contribution from the ALM exercise in demo, the LME exercise in November. But can you just talk about the NII benefit across the divisions and that LME exercise and also the AT1 issuance you recently did in January. I know you got back to your net interest income, so what is the impact to your GWM and an NII numbers on that as well.

然後，我還有一個更廣泛的問題，就是 2026 年全年的淨利息收入。您在提供指導時，談到了 ALM 演習在演示中的貢獻，以及 11 月的 LME 演習。但您能否談談各部門的 NII 收益、倫敦金屬交易所的運作以及您最近在 1 月發行的 AT1？我知道您的淨利息收入已經恢復正常，那麼這對您的 GWM 和 NII 資料有何影響？

And then the broad the other question, just on the (technical difficulty) legislation. But obviously, I think we've all (technical difficulty) the finance minister into in (technical difficulty) at the end of January. I mean she was talking about AT1 being unsuitable for the purpose of the capital reform because it is cost to bank as much as exiting capital, it would unsettled market. And you could just share your thoughts on AT1 versus core Tier 1 capital?

然後是另一個比較廣泛的問題，只是關於（技術難題）立法。但顯然，我認為我們都（技術困難）財政部長在一月底（技術困難）進入了。我的意思是，她當時說AT1不適合資本改革的目的，因為它既會增加銀行的成本，也會增加退出資本的成本，這會擾亂市場。能否分享一下您對AT1與核心一級資本的看法？

So Andy, so on NII, I mean, normally using rates are supportive for net interest income in general. But to unpack that a bit. Outside the US, the benefit from lower deposit rates is more limited because a meaningful portion of our deposits particularly in Swiss francs, are at or near their effective floor, and we have a significant part of our deposit base in Swiss francs. And as a result, the asset yields or the replicating portfolios reprice down faster and that compresses margins.

所以安迪，關於淨利息收入（NII），我的意思是，通常情況下，利率對淨利息收入總體上是有利的。但讓我們稍微解釋一下。在美國以外，較低的存款利率帶來的好處較為有限，因為我們相當一部分存款（特別是瑞士法郎存款）處於或接近其有效最低水平，而且我們很大一部分存款基礎是瑞士法郎。因此，資產收益率或複製投資組合的重新定價速度更快，從而壓縮了利潤率。

So that's what I mean by the impact on the impact from deposit rates that weigh a bit on the sequential QoQ as rates come lower in -- particularly in the lower rate currencies like Swiss francs, but also euro to an extent as well.

這就是我所說的存款利率對季度環比的影響，因為利率下降——尤其是在瑞士法郎等低利率貨幣中，歐元在某種程度上也是如此。

On the LME the benefit that we see is about $100 million per year across net of the PPA across each of the next three years roughly. So we see that, and it's split across wealth, P&C. And with respect to the OpCo issuance we bought back as well non-core and legacy in terms of its funding cost drag.

在倫敦金屬交易所 (LME)，我們看到的收益大約是未來三年內每年淨增加 1 億美元（扣除購電協議 (PPA) 的影響）。所以我們可以看到，這種情況在財富、財產和消費者群體中有所體現。至於 OpCo 的發行，我們也回購了非核心和遺留資產，以降低其融資成本。

Yes. On the AT1 topic, I think that -- first of all, it's clear that the lessons learned on what happened in 2023 tells us that maybe some clarification around some aspect on how the AT1 should be called into a restructuring are necessary.

是的。關於 AT1 的話題，我認為——首先，很明顯，從 2023 年發生的事情中吸取的教訓告訴我們，或許有必要對 AT1 的重組方式進行一些澄清。

Having said that I would just point out that without AT1, Credit Suisse would have gone through a resolution on Monday morning. So I mean, if one want to question the effectiveness of the AT1, we had a concrete not theoretical example on how it was critical to restoring very rapidly financial stability in Switzerland and also globally.

話雖如此，我只想指出，如果沒有 AT1，瑞士信貸週一早上就會進行清算。所以我的意思是，如果有人想質疑AT1的有效性，我們有一個具體的而非理論的例子，說明它對於迅速恢復瑞士乃至全球的金融穩定至關重要。

So from my standpoint of view, that's a first observation. The second one, I would say that the Basel Committee has confirmed its total backing of the AT1 as a vital part of the capital stack. So frankly, I think that that's -- it's very important to really understand the international landscape and how these things are working and regulate accordingly.

所以從我的角度來看，這是我的第一印象。第二點，我認為巴塞爾委員會已經確認了對 AT1 作為資本結構重要組成部分的完全支持。坦白說，我認為真正了解國際情勢以及這些事情的運作方式並據此進行監管非常重要。

Flora Bocahut, Barclays.

弗洛拉·博卡胡特，巴克萊銀行。

The first question, I'd like to come back on the buyback, just to make sure I fully understand the message there. Because in the past, you used to do two tranches on the buybacks, one in H1, in H2 -- so can you clarify and apologies if you already have on the buyback for 2026, when you say $3 billion and potentially more, when are you going to launch that buyback? And is the plan as of now that the whole of the $3 billion would be achieved over H1. So just to understand here the timing of the buyback.

第一個問題，我想再問一下回購的事情，以確保我完全理解其中的含義。因為過去你們的股票回購是分兩批進行的，一批在上半年，一批在下半年——所以，如果你們已經就 2026 年的股票回購做出承諾，能否澄清一下？如果已經做出承諾，我深表歉意。你們說 30 億美元甚至更多，那你們什麼時候啟動 2026 年的股票回購？目前的計劃是，全部 30 億美元將在上半年實現。所以，這裡需要了解一下回購的時間安排。

The second question is about the P&C bank cost/income ratio. You said in your presentation that you continue to target that exit rate 26% or below 50% and then reported 48% for '28. You said you think you can achieve that even if rates are zero at the SMB. But obviously, in '25, you're still much higher than that. So can you maybe elaborate again on what gives you the confidence that you can decline the cost-income ratio by so much over 10 points basically in '26?

第二個問題是關於財產和意外傷害銀行的成本/收入比率。你在報告中說，你將繼續把退出率目標設定在 26% 或 50% 以下，然後報告 2028 年的退出率為 48%。你說過，即使中小企業利率為零，你也認為可以實現這個目標。但很顯然，到了 25 年，你的水平仍然遠高於這個值。那麼，您能否再詳細說明一下，是什麼讓您有信心在 2026 年將成本收入比降低 10 個百分點以上？

And how much of that would be driven specifically by the decommissioning of the IT system at Credit Suisse.

其中有多少是由瑞士信貸 IT 系統的退役直接導致的？

So on the first question, in terms of our approach, when we hear further on the ordinance later in the first- quarter -- first half of the year, we would come out in a subsequent quarter and potentially offer a view on our willingness to do more, and if so, how much? So that is contingent, of course, on what those final rules say and just if there's even further visibility on the broader regulatory framework in Switzerland. So we would come out and talk about that.

所以關於第一個問題，就我們的方法而言，當我們在今年第一季晚些時候（上半年）聽到有關該法令的進一步消息時，我們將在隨後的一個季度發表意見，並可能就我們是否願意做更多的事情以及如果願意的話，做多少的事情發表意見。當然，這取決於最終規則的內容，以及瑞士更廣泛的監管框架是否會有更清晰的了解。所以我們會出來談談這件事。

In terms of the $3 billion that we're committing to do, we think it's fair that around $2 billion will be undertaken in the first half of 2026 to think about just timing in respect of that. On the P&C cost-to-income ratio, as Sergio mentioned, we it's unlikely we would meet the less than 50% cost/income ratio on an underlying basis in 2026, given the NII headwinds. And as you rightly say, we said that the 48% can be achieved by '28, even in the current interest rate environment. So what gives us confidence on that.

就我們承諾投入的 30 億美元而言，我們認為在 2026 年上半年投入約 20 億美元是合理的，僅從時間表上考慮這一點就足夠了。關於財產險成本收入比，正如塞爾吉奧所提到的那樣，考慮到淨利息收入的不利因素，我們不太可能在 2026 年實現低於 50% 的成本收入比。正如您所說，我們說過，即使在當前的利率環境下，到 2028 年也能實現 48% 的目標。那麼，是什麼讓我們對此充滿信心呢？

So I would say it's two things, broadly. One, it's P&C building out their non-NII revenues continuing to grow non-NII revenues, whether it be across Personal Banking, but also in the corporate and institutional segment. So very focused, especially after the platform migration is completed at the end of Q1 that without distraction that the business is out and improving and driving growth in those areas on the top line.

所以，總的來說，我認為這是兩件事。第一，財產及意外險業務正在拓展其非淨利息收入，持續成長非淨利息收入，無論是在個人銀行業務，或是在企業和機構領域。因此，我們非常專注，尤其是在第一季末完成平台遷移之後，不受任何干擾地開展業務，並在這些領域推動營收成長。

And then, of course, on the expense side, of course, we have it's important to recognize that we're taking a lot of cost out of the businesses that are in their operating margins at the moment. We take those costs out P&C will be a big beneficiary of the gross cost saves that we take out in 2026, so that's going to help.

當然，在支出方面，我們必須認識到，我們正在從目前處於營運利潤率範圍內的企業中削減大量成本。扣除這些成本後，財產和意外保險將成為 2026 年我們節省的總成本的主要受益者，這將有所幫助。

And then just further efficiency as we do some of the things that Sergio highlighted in his prepared remarks in terms of creating more operating efficiency through continuing investments in our operating model and in technology.

然後，我們將進一步提高效率，正如塞爾吉奧在事先準備好的演講稿中所強調的那樣，透過不斷投資我們的營運模式和技術，來提高營運效率。

So those are the things that give us confidence to get to around 48% by '28 irrespective of the rate environment.

所以，無論利率環境如何，這些因素都讓我們有信心在 2028 年達到 48% 左右的目標。

Amit Goel, Mediobanca.

Amit Goel，Mediobanca。

So one question, just coming back on the US wealth business. Just in terms of squaring Circle, so I think, obviously, you're talking about a positive kind of full year flow performance with the first half potentially still being a bit negative to ramping up in the second half. When I think about that then, it probably does require a bit of more commitment expense and so to get the kind of better operating margins that I think you're guiding to now for next year and the year after -- especially with lower rates.

那麼，關於美國財富管理產業，我還有一個問題。就「方圓」而言，我認為，顯然，你指的是全年積極的流量表現，上半年可能仍然略有下滑，但下半年會有所好轉。那麼，仔細想想，要達到你現在預測的明年和後年更高的營運利潤率，尤其是在利率較低的情況下，可能確實需要投入更多的資金。

I'm just wondering what are you baking in for the impact from getting the national charter and how quickly and how significantly can that impact or should we expect or is that baked into your expectations?

我只是想知道，您考慮到獲得國家特許狀的影響，以及這種影響會以多快的速度和多大程度顯現出來，或者我們應該期待什麼，或者這是否已經包含在您的預期之中？

And then secondly, just coming back on the capital up-streaming the $9 billion. I suppose I was a bit surprised that you being able to accelerate or to do a bit quicker. I was just kind of curious because then, for example, in terms of the $26 billion number that has been presented as incremental capital demand, that drops to about 21.5 or just above.

其次，回到上游90億美元的資本問題上。我有點驚訝你居然能加速或做得更快。我只是有點好奇，因為例如，如果按照之前公佈的 260 億美元的增量資本需求來看，這個數字就會下降到 215 億美元左右或略高一些。

So I'm just kind of curious why you do this now versus waiting until we have got a bit further down the parliamentary discussion process because it could give the impression that some of these demands are a bit more manageable. So just wanted to touch on that, if possible.

所以我很好奇，為什麼你們現在要這樣做，而不是等到議會討論進程更深入一些之後再這樣做，因為這可能會給人一種印象，即其中一些要求更容易解決。所以，如果可以的話，我想稍微談談這一點。

So on your first question, look, the -- in terms of our '28 ambitions that Sergio described in his prepared remarks in the US pretax margin, US wealth pretax margin. Naturally, the costs are baked in, if you're talking about, I guess, I think in your first point, you were trying to say more commitment to sort of reverse the net recruiting impacts as well as you talked about the national charter. So the cost of doing that are, of course, in our plans, in terms of ramping up recruiting, but also seeing that some of the movements also start to taper as we move through 2026. That is our expectation.

所以關於你的第一個問題，你看，就塞爾吉奧在他準備好的發言稿中描述的我們2028年的目標而言，美國稅前利潤率，美國稅前財富利潤率。當然，成本已經包含在內了。我想，在你的第一點中，你試圖表達的是要投入更多精力來扭轉淨招募影響，就像你談到國家憲章一樣。因此，這樣做的成本當然也在我們的計畫之中，例如加大招募力度，但我們也意​​識到，隨著我們進入 2026 年，一些招募活動也會開始逐漸減少。這是我們的預期。

In terms of the timing on the national charter, I think it's -- we already are leveraging the build-out of the banking capabilities we're doing quite well with it. We're growing NII. We're growing loan balances and the national charter; we're going to be able to just leverage the progress that we're making. That will take time. Once we get the national charter and we're able to roll out the additional capabilities to clients, it will take time before there's meaningful growth and that contributes to a meaningful pretax margin accretion.

就國家特許狀的時機而言，我認為——我們已經在利用銀行業務能力的建設，而且我們在這方面做得相當不錯。我們正在發展NII。我們正在增加貸款餘額和國家特許權；我們將能夠充分利用我們正在取得的進展。那需要時間。一旦我們獲得全國特許經營權，並能夠向客戶推出額外的功能，還需要一段時間才能實現有意義的成長，而這有助於實現有意義的稅前利潤成長。

You asked about the upstreaming and the timing. I think for us, we're focused on derisking noncore and legacy as fast as possible. That's been our stated objective all along to reduce the balance sheet and take out costs and to do it in a capital effective way. We've said that from the very beginning. We've made very strong progress in doing that.

你問到了上游傳輸和時間安排的問題。我認為對我們來說，我們目前的重點是盡快降低非核心和遺留系統的風險。我們一直以來的目標就是減少資產負債表，削減成本，並以資本有效的方式實現這一目標。我們從一開始就這麼說了。我們在這方面取得了非常顯著的進展。

And as a result, we've been able to satisfy supervisory reviews around the capital that sits in a number of these entities across the globe, including in the UK and the US we've secured approvals to upstream the capital and we've done that.

因此，我們得以滿足全球多家實體（包括英國和美國）的資本監管審查要求，我們已獲得向上游轉移資本的批准，並且我們已經做到了這一點。

Benjamin Goy, Deutsche Bank.

班傑明‧戈伊，德意志銀行。

One last question on Investment Bank. We have shown strong revenue growth without any RWA increase. I'm just wondering that there are more opportunities left. Or do you expect revenue growth and RWA growth to pick up? And are you willing to even allow for disproportionate RWA growth if the opportunities are there?

關於投資銀行的最後一個問題。我們在沒有增加風險加權資產的情況下實現了強勁的營收成長。我只是想知道是否還有更多機會。還是您預計營收成長和RWA成長將會加快？如果機會擺在眼前，你是否願意允許RWA（風險加權資產）不成比例的成長？

Benjamin. Just on the RWA, Look, I think it's important to point out, 2025 just was a particularly strong year for the investment bank in terms of their ability to generate revenues in a capital-light fashion. They will always do that because that's the nature of their business, but it was potentially accentuated in 2025 by two things. One, I just think the market conditions were such that and given our positioning vis-a-vis the market that we were able to generate significant trading flows without significantly taking up market RWAs, so that -- that's one thing.

班傑明。就 RWA 而言，我認為有必要指出，2025 年對於投資銀行來說是一個特別強勁的年份，因為它們能夠以輕資本的方式創造收入。他們總是會這樣做，因為這是他們業務的性質，但到 2025 年，有兩件事可能會加劇這種情況。第一，我認為市場狀況就是這樣，鑑於我們相對於市場的定位，我們能夠在不大量佔用市場風險加權資產的情況下產生大量的交易流量，所以——這是一方面。

And the second thing, it's also important, I mentioned that we, as a bank, are wearing the burden of significant RWA inflation from having implemented Basel III, but also over a number of years and preparing for it. It is fair to say that on trade date, which is the implementation date of Basel III final for us at the beginning of 2025, there were reductions.

第二點也很重要，我之前提到過，作為一家銀行，我們承受著實施巴塞爾協議 III 帶來的重大 RWA 通膨壓力，而且這種通膨壓力也是多年來我們為此所做的準備工作造成的。可以公平地說，在交易日（即巴塞爾協議 III 最終實施日，在我們這裡是 2025 年初），出現了降幅。

So even though we -- as I said, we're wearing about $60 billion of additional RWA on settlement data, I should say, of the Basel III that we ultimately saw reductions. And so the IB benefited from that as well in 2025 in terms of its RWA consumption. So a number of factors, I think, that played in and making '25 quite unusual. But look, we always believe that the IB will be able to be successful in a capital-light fashion.

所以即使我們——正如我所說，我們在結算數據上增加了約 600 億美元的 RWA，我應該說，這是巴塞爾協議 III 的結算數據，我們最終看到了減少。因此，到 2025 年，IB 的 RWA 消耗也從中受益。我認為有很多因素促成了 2025 年的異常情況。但是，我們始終相信投資銀行能夠以輕資產的方式取得成功。

I think there are no further questions. We just thank everyone for dialling in, and we look forward to speaking to you again with our first-quarter results. Thank you.

我想應該沒有其他問題了。我們衷心感謝大家的參與，期待下次與您分享我們第一季的業績。謝謝。