23 <\/p>\n
Cautionary statement regarding forward-looking statements|This document contains statementsthat constitute \u201cforward-looking statements\u201d,including but not limited tomanagement\u2019s outlook for UBS\u2019sfinancial performance, statements relatingto the anticipated effectof transactions and strategicinitiatives on UBS\u2019s businessand future developmentand goals.While theseforward-looking statements representUBS\u2019s judgments,expectations andobjectives concerning the matters described, a number of risks, uncertaintiesand other important factors could cause actualdevelopments and results to differ materiallyfrom UBS\u2019s expectations.Inparticular,the globaleconomymay suffersignificant adverseeffectsfromincreasingpolitical tensionsbetweenworld powers,changesto international tradepolicies, includingthoserelatedto tariffsand tradebarriers, andevolving armedconflicts. UBS\u2019sacquisition ofthe CreditSuisseGroup materially changedits outlookand strategicdirection andintroduced newoperational challenges.The integrationof theCredit Suisseentities intothe UBS structure is expectedto continue through2026 and presentssignificant operational andexecution risk, including therisks that UBSmay be unable toachieve the cost reductions and business benefits contemplated by the transaction, that it mayincur higher costs to execute the integration of Credit Suisse and that the acquired business may have greater risks or liabilities, including those related to litigation, than expected. In response to the failure ofCredit Suisse, Switzerland has amended its Capital Adequacy Ordinance and is considering changes to itsBanking Act, which, if enacted as proposed, would substantially increasecapital requirements forUBS in relationto its foreignsubsidiaries. These factorscreate greateruncertainty about forward-lookingstatements. Other factorsthat may affect UBS\u2019s performance andability to achieve itsplans, outlook and otherobjectives also include, butare not limited to:(i) the degree towhich UBS is successful in the execution of its strategicplans, including its cost reductionand efficiency initiatives and itsability to manage its levels ofrisk-weighted assets (RWA) and leverage ratio denominator (LRD),liquidity coverage ratio andother financial resources, including changesin RWA assets and liabilitiesarising from higher market volatility and thesize of thecombined Group; (ii)the degreeto which UBSis successful inimplementing changes toits businesses tomeet changing market, regulatory and other conditions,including any potential changes tobanking examination and oversight practicesand standards as aresult of executive branch orders or staff interpretations of law inthe US; (iii) inflation and interest rate volatility inmajor markets; (iv) developments in the macroeconomic climate and in the marketsin whichUBS operatesor towhich itis exposed,including movementsin securitiesprices orliquidity,credit spreads,currency exchangerates, <\/p>\n
residential and commercial real estate markets, general economic conditions, and changes to national trade policies on the financial position or creditworthiness <\/p>\n
of UBS\u2019s clients and counterparties,as well as on clientsentiment and levels of activity;(v) changes in the availabilityof capital and funding, includingany adverse changes in UBS\u2019s credit spreads and creditratings of UBS, as well as availability and cost of funding,including as affected by the marketability of additional tier one debt instruments, to meetrequirements for debt eligiblefor total loss-absorbing capacity (TLAC);(vi) changes in and potential divergencebetween central <\/p>\n
bank policies or the implementation of financial legislation and regulation in Switzerland, the US, the UK, the EU and other financial centers that have imposed, <\/p>\n
orresultedin,ormaydosointhefuture,morestringentorentity-specificcapital,TLAC,leverageratio,netstablefundingratio,liquidityandfunding requirements, heightened operational resiliencerequirements, incremental tax requirements,additional levies, limitations on permitted activities, constraintson remuneration, constraints on transfers of capitaland liquidity and sharing of operational costsacross the Group or othermeasures, and the effect thesewill or would have on UBS\u2019sbusiness activities; (vii) UBS\u2019s abilityto successfully implement resolvabilityand related regulatory requirementsand the potential need to make further changes to the legal structureor booking model of UBS in responseto legal and regulatory requirementsincluding heightened requirements and expectations due to its acquisitionof the Credit Suisse Group;(viii) UBS\u2019s ability to maintainand improve its systemsand controls for complyingwith sanctions in a timelymanner and forthe detection andprevention of moneylaundering to meetevolving regulatory requirementsand expectations, inparticular in the current geopolitical turmoil;(ix) the uncertainty arisingfrom domestic stressesin certain major economies;(x) changes in UBS\u2019scompetitive position, including whether differences in regulatory capital and other requirementsamong the major financial centers adverselyaffect UBS\u2019s ability to competein certain lines of business; (xi) changes inthe standards of conductapplicable to its businessesthat may result fromnew regulations or newenforcement of existing standards, including measures to impose new andenhanced duties when interacting with customers andin the execution and handling of customertransactions; (xii) the <\/p>\n
liability to which UBS may be exposed, or possible constraints or sanctions that regulatory authorities might impose on UBS, due to litigation, including litigation <\/p>\n
it has inherited by virtue ofthe acquisition of the Credit SuisseGroup, contractual claims and regulatory investigations, includingthe potential for disqualification from certain businesses, potentially largefines or monetary penalties,or the loss oflicenses or privileges asa result of regulatory orother governmental sanctions, <\/p>\n
as well as the effect that litigation, regulatory and similar matters have on the operational risk component of its RWA; (xiii) UBS\u2019s ability to retain and attract the <\/p>\n
employees necessary togenerate revenues andto manage, supportand control itsbusinesses, which maybe affected bycompetitive factors; (xiv)changes in accounting or tax standards or policies, and determinations or interpretations affecting the recognition of gain or loss,the valuation of goodwill, the recognition of deferred tax assets and other matters; (xv) UBS\u2019s ability to implement new technologies and businessmethods, including digital services, artificial intelligence and other technologies, and abilityto successfully compete with bothexisting and new financial serviceproviders, some of whichmay not be regulatedto the same extent;(xvi) limitations onthe effectivenessof UBS\u2019s internalprocesses forrisk management,risk control,measurement andmodeling, and offinancial models generally; (xvii) the occurrenceof operational failures, such asfraud, misconduct, unauthorized trading, financialcrime, cyberattacks, data leakage and <\/p>\n
systems failures, the risk of which is increased with persistently high levels of cyberattack threats; (xviii) restrictions on the ability of UBS Group AG, UBS AG and <\/p>\n
regulated subsidiaries of UBS AG to make payments or distributions, including due to restrictionson the ability of its subsidiaries to make loans or distributions, directly or indirectly,or, in thecase of financial difficulties, due to theexercise by the Swiss Financial MarketSupervisory Authority (FINMA) or the regulators of UBS\u2019s operations in other countries of their broad statutory powers in relation to protective measures, restructuring and liquidationproceedings; (xix) the degree to which changes in regulation, capital or legal structure, financialresults or other factors may affect UBS\u2019s ability tomaintain its stated capital return objective; <\/p>\n
(xx) uncertainty over the scope of actions that may be required by UBS, governments and others for UBS to achieve goals relating to climate, environmental and <\/p>\n
social matters, as well as the evolving nature of underlying science and industry and the increasing divergence among regulatory regimes; (xxi) the ability of UBS <\/p>\n
to access capitalmarkets; (xxii) theability of UBSto successfully recoverfrom a disasteror other businesscontinuity problem dueto a hurricane,flood, earthquake, <\/p>\n
terrorist attack, war, conflict, pandemic, security breach, cyberattack, power loss, telecommunications failure or other natural or man-made event; and (xxiii) the <\/p>\n
effect that these or other factors or unanticipated events, includingmedia reports and speculations, may have on its reputation andthe additional consequences that this may have on its business and performance. The sequence in which the factors above are presented is not indicative oftheir likelihood of occurrence or the potentialmagnitude oftheir consequences.UBS\u2019s businessand financialperformance couldbe affectedby otherfactors identifiedin itspast andfuture filings and reports, including thosefiled with the US Securitiesand Exchange Commission (the SEC). Moredetailed information about those factorsis set forth in documentsfurnished by UBSand filingsmade byUBS withthe SEC,including the UBSGroup AGand UBS AGAnnual Reportson Form20-F for theyear ended 31 December 2025. UBS is not underany obligation to (and expressly disclaims any obligationto) update or alter its forward-looking statements, whether <\/p>\n
as a result of new information, future events, or otherwise. <\/p>\n
\u00a9 UBS 2026. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"23 Cautionary statement regarding forward-looking statements|This document contains statementsthat constitute \u201cforward-looking statements\u201d,including but not limited tomanagement\u2019s outlook for…\n","protected":false},"author":2,"featured_media":58266,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[129],"tags":[11682,32374,32377,1617,32375,32373,30041,32376,223,1551],"class_list":{"0":"post-58265","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ubs","8":"tag-amub","9":"tag-cet1-14-7","10":"tag-cost-savings-13-5b-target","11":"tag-credit-suisse-integration","12":"tag-investment-bank-record-quarter","13":"tag-net-profit-3-0b","14":"tag-q1-2026-results","15":"tag-share-buyback-3b","16":"tag-ubs","17":"tag-ubs-group"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ch\/116494089980500359","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/58265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=58265"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/58265\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/58266"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=58265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=58265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=58265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}