21
Cautionary statement
regarding forward-looking statements
|
This document contains
statements that
constitute “forward-looking
statements”, including
but not limited to management’s outlook for
UBS’s financial performance, statements relating to the anticipated effect
of transactions and strategic initiatives
on UBS’s
business and
future development
and goals.
While these
forward-looking statements
represent UBS’s
judgments, expectations
and objectives
concerning
the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS’s
expectations. In
particular,
the global
economy may
suffer
significant adverse
effects from
increasing political
tensions between
world powers,
changes to
international trade policies, including
those related
to tariffs and
trade barriers, and
evolving conditions in
the Middle East,
as well as
the continuing Russia–
Ukraine war. UBS’s acquisition of the Credit Suisse Group has materially
changed its outlook and strategic
direction and introduced new operational
challenges.
The integration of the Credit Suisse
entities into the UBS structure is expected
to continue through 2026 and presents
significant operational and execution
risk,
including the risks that UBS may be unable to achieve the cost reductions and business benefits contemplated by the transaction,
that it may incur 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.
Following the failure of
Credit Suisse, Switzerland is
considering significant changes to its
capital, resolution and regulatory
regime, which, if adopted,
would
significantly increase our capital requirements or impose other costs on UBS. These factors create greater uncertainty about forward-looking statements. Other
factors that may
affect UBS’s performance
and ability to
achieve its plans,
outlook and other
objectives also include,
but are not limited
to: (i) the
degree to which
UBS is successful in the execution of its
strategic plans, including its cost reduction and efficiency initiatives and
its ability to manage its levels of
risk-weighted
assets (RWA) and leverage ratio denominator (LRD), liquidity coverage ratio and other financial
resources, including changes in RWA assets and liabilities arising
from higher market volatility and the size of the combined Group; (ii) the degree to
which UBS is successful in implementing changes to its businesses to meet
changing market, regulatory and other conditions, including any potential changes to banking examination
and oversight practices and standards as a result of
executive branch orders
or staff interpretations of
law in the
US; (iii) inflation
and interest rate
volatility in major
markets; (iv) developments
in the macroeconomic
climate and in
the markets
in which UBS
operates or to
which it is
exposed, including
movements in
securities prices or
liquidity, credit spreads, currency
exchange
rates,
residential
and
commercial
real
estate
markets,
general
economic
conditions,
and
changes
to
national
trade
policies
on
the
financial
position
or
creditworthiness of UBS’s clients
and counterparties, as well
as on client sentiment
and levels of
activity; (v) changes in
the availability of capital
and funding,
including any
adverse changes
in UBS’s
credit spreads
and credit
ratings of
UBS, as
well as
availability and
cost of
funding, including
as affected
by the
marketability
of a
current additional tier
one debt instrument, to
meet requirements for
debt eligible for
total loss-absorbing capacity (TLAC);
(vi) changes in
and potential
divergence between central 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, or resulted
in, or may
do so in
the future, more
stringent or entity-specific
capital, TLAC, leverage ratio,
net stable funding ratio,
liquidity and
funding requirements,
heightened operational
resilience requirements,
incremental tax
requirements, additional
levies, limitations
on permitted
activities, constraints on remuneration, constraints
on transfers of capital and liquidity
and sharing of operational costs
across the Group or other measures, and
the effect these will or would have on UBS’s business activities; (vii) UBS’s
ability to successfully implement resolvability and related regulatory requirements
and
the potential need
to make further
changes to the
legal structure or
booking model
of UBS in
response to legal
and regulatory requirements
including heightened
requirements and expectations
due to its acquisition
of the Credit
Suisse Group; (viii) UBS’s
ability to maintain
and improve its systems
and controls for complying
with sanctions in
a timely manner
and for
the detection and
prevention of money
laundering to meet
evolving regulatory requirements
and expectations, in
particular in
the current
geopolitical turmoil; (ix)
the uncertainty arising
from domestic
stresses in
certain major economies;
(x) changes
in UBS’s
competitive
position, including whether differences in regulatory capital
and other requirements among the major financial centers
adversely affect UBS’s ability to compete
in certain lines
of business; (xi) changes in
the standards of conduct
applicable to its
businesses that may result
from new regulations
or new enforcement of
existing standards, including measures
to impose new
and enhanced duties when
interacting with customers and
in the execution
and handling of
customer
transactions; (xii)
the liability to
which UBS
may be exposed,
or possible constraints
or sanctions that
regulatory authorities
might impose on
UBS, due to
litigation,
including litigation
it has
inherited by
virtue of
the acquisition
of Credit
Suisse, contractual
claims and
regulatory investigations,
including the
potential for
disqualification from
certain businesses,
potentially large
fines or
monetary penalties,
or the
loss of
licenses or
privileges as
a
result of
regulatory or
other
governmental sanctions, as well
as the effect that litigation, regulatory and
similar matters have on the operational
risk component of its RWA; (xiii) UBS’s
ability
to retain and attract the
employees necessary to generate revenues and to manage,
support and control its businesses, which may
be affected by competitive
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’s
ability to
implement new technologies
and business methods,
including digital
services, artificial intelligence and other technologies, and ability to successfully compete with both existing and new financial service providers, some of which
may not be regulated to the same extent; (xvi) limitations on the effectiveness of UBS’s internal processes for risk management, risk control, measurement and
modeling, and
of
financial models
generally; (xvii)
the occurrence
of operational
failures, such
as fraud,
misconduct, unauthorized
trading, financial
crime,
cyberattacks, data leakage and 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 regulated
subsidiaries of UBS AG to make
payments or distributions, including
due to restrictions on the ability
of its subsidiaries
to make loans or distributions, directly or indirectly, or, in the case of financial difficulties, due to the exercise by FINMA or the regulators of UBS’s operations in
other countries of their broad statutory powers in relation to protective measures, restructuring and liquidation proceedings; (xix) the degree to which changes
in regulation, capital or
legal structure, financial results
or other factors may
affect UBS’s ability to
maintain its stated capital
return objective; (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 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 to access
capital
markets; (xxii) the
ability of UBS
to successfully recover
from a disaster
or other business
continuity problem due
to a hurricane,
flood, earthquake,
terrorist attack,
war, conflict, pandemic, security
breach, cyberattack, power
loss, telecommunications
failure or other natural
or man-made
event; and (xxiii)
the effect that these
or other factors or
unanticipated events, including media reports and
speculations, may have on its
reputation and the additional consequences that
this may
have on its business and performance. The sequence in which the factors
above are presented is not indicative of their likelihood of occurrence or the potential
magnitude of their
consequences. UBS’s
business and financial
performance could be
affected by other
factors identified in
its past and
future filings and
reports,
including those
filed with
the US
Securities and
Exchange Commission
(the SEC).
More detailed
information about
those factors
is set
forth in
documents
furnished by UBS
and filings made
by UBS with
the SEC, including
the UBS Group
AG and UBS
AG Annual Reports
on Form 20-F
for the year
ended 31 December
2024. UBS is not under any obligation to (and expressly disclaims any obligation to) update
or alter its forward-looking statements, whether as a result of new
information, future events, or otherwise.
© UBS 2025. The key symbol and UBS are among the registered and unregistered trademarks of UBS. All rights reserved Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly
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