our financial reports.

In 2025, we delivered strong performance for our clients despite volatile markets and heightened policy uncertainty. Our long-term approach means our balance sheet remains extremely solid, totalling CHF 15 billion at end-December 2025. In October 2025, ratings agency Fitch reaffirmed our Group credit rating at AA-, the highest possible for a bank of our size, while our CET1 ratio is among the highest in the industry at 33%, more than double that required by the regulator. At the end of the year our Group had total client assets of CHF 349 billion, an 6.5% year-on-year rise, lifted by solid net new money and top quartile investment performance. We continue to remain close to our clients as a stable provider of bespoke investment solutions and advice.