Form 6-K UBS Group AG For: Apr 16

17 Apr 2024

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UBS Group AG and UBS AG, News Release, 16 April2024Page 1

16 April 2024

News Release

UBS publishes updated time series with restated segment financial

information reflecting previously announced changes with no impact on

Group results

Zurich, 16 April 2024 – UBS today has publishedrestated historical segment-level financial data reflectingthe

changes to the Group’s segment financial reporting announcedon 6 February 2024. These changesimprove

the consistency of reporting across the Group and provide details around fundingand cost allocation

methodologies. The changes include:

-Client segment shifts: The transfer of theCredit Suisse Swiss Bank high net worth clientsegment

representing USD 72 billion in invested assets and annualizedunderlying revenues of around USD 600

million from Personal & Corporate Banking to GlobalWealth Management, along with other smaller

transfers of businesses previously constituting Credit Suisse’sSwiss Bank. The realignment supports a

more cohesive client experience and unlocks efficienciesof added scale. We expect the transferred high

net worth segment to contribute more than USD 200million annually to Global Wealth Management

PBT by 2026.

-Group Treasuryallocations: A transfer of effectively all Group Treasury costs to the business divisions

that were historically retained centrally. We will only retain in Group Items costs that are not controlled

by the business divisions, including Group hedgingand own debt as well as DTA funding costs. Further

changes relate to the alignment of internal fundstransfer pricing methodologies toUBS’s standard.

These changes result in lower net interest income (NII)in the business divisions, with an offset in Group

Items. For the first quarter, we expect to report a low single-digit quarter-on-quarter increase in

combined NII for Global Wealth Management andPersonal & Corporate Banking. Going forward,we

expect PBT reported in Group Items, excluding the P&Lfrom Group hedging and own debt, to average

around minus USD 100 million per quarter.

-Non-core and Legacy cost allocations: A reallocation ofaround USD 300 million annually in select costs

from Non-core and Legacy into the core business divisions where they are more appropriatelyaligned

and to avoid stranded costs at the end ofthe integration process.

These changes have no impact on theGroup’s financial performance and will be reflected in thefirst quarter

results published on 7 May 2024.

The time series of financial information forUBS and its business divisions can be foundat

https://www.ubs.com/global/en/investor-relations/financial-information/timeseries.htmlincluding restated

financial information for 2023 to aid comparabilityalong with an accompanying presentation. The numbers

contained in these updated time series are unaudited.

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