Mixed Q3 figures as expected

• Revenues were up by 42% to $11.7bn for Q3 23 compared to Q3 22 • Net result attributable to shareholders switched from a profit of $1.7bn in Q3 22 to a loss of $785m for Q3 23 • Net new money (NNM) inflow was $21bn for Q3 23 compared to $35bn for Q3 22

Net profit of $28.9bn for Q2 due to badwill from CS acquisition

• Revenues were up by 7% to $9.5bn before the badwill effect for Q2 23 compared to Q2 22 • UBS realised a badwill (or negative goodwill or lucky buy) of $28.9bn from the CS acquisition in Q2 23 • Credit Suisse Switzerland will be fully integrated into UBS in 2024 • UBS aims now to achieve a gross exit-rate cost saving greater than $10bn by end-2026 • UBS progresses towards a 2026 exit-rate return on CET1 capital of around 15%

Disappointing UBS Q1 23 figures due to an unexpected litigation provision

• Revenues were down by 7% to $8.7bn for Q1 23 compared to Q1 22 • UBS booked a litigation provision of $665m in Q1 23 for a 15 years old US RMBS matter • Net profit attributable to shareholders decreased by 52% to $1.03bn in Q1 23 • RoCET 1 was 9.1% for Q1 23 and below the 15-18% target range • Net new money (NNM) inflow was $42bn for Q1 23 compared to $34bn for Q1 22

Credit Suisse is history. UBS will take over Credit Suisse

• The Swiss government and regulators partly ousted the shareholders and AT1 bondholders via an emergency law on Sunday • UBS will take over Credit Suisse. CS shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held • UBS benefits from CHF25bn of downside protection. CS’s Additional Tier 1 Capital of approximately CHF16bn will be written down to zero • UBS is committed to a progressive cash dividend but has temporarily suspended share repurchases • Cost reductions of m

Good Q4 profit; higher dividend and share buy-backs

• Net profit attributable to shareholders increased by 23% to $1.65bn in Q4 22, 29% above consensus • Revenues decreased by 8% and total operating expenses by 13% for Q4 22 • Dividend per share increased from CHF0.50 for FY2021 to $0.55 for FY2022 • UBS repurchased $5.6bn of shares in 2022 and expects to repurchase more than $5bn in 2023

Good Q3 figures, earnings above consensus

• Net profit attributable to shareholders decreased by 24% to $1.7bn in Q3 22 • Net new money (NNM) inflow was $35bn for Q3 22 • UBS repurchased $1.0bn of shares in Q3 22 and $4.3bn in the first 9 months of the year, and expects to repurchase approximately $5.5bn of shares during FY2022

Mixed Q2 22 figures

• Net profit attributable to shareholders increased by 5% to $2.1bn in Q2 22 • Q2 22 figures included a disposal gain of $848m from the sale of a Japanese real estate joint venture • Invested assets (AuM) declined by 15% to $3.9tn in H1 22 • RoCET 1 was 18.9% for Q2/H1 22 and above the 15-18% target range

Good UBS Q2 21 figures come in above expectations

• Revenues were up by 8% to $9.4bn for Q1 22 compared to Q1 21 • Net profit attributable to shareholders increased by 17% to $2.13bn in Q1 22 • RoCET 1 was 19.0% for Q1 22 and above the 15-18% target range • Net new money (NNM) inflow was $34bn for Q1 22 compared to $62.4bn for Q1 21

Good Q4 burdened by higher French provisions; higher dividend and share buy-backs

• Net profit attributable to shareholders decreased by 18% to $1.35bn for Q4 21 but clearly above consensus of $863m • UBS increased litigation provisions by $740m (€650m) for the French cross-border tax matter • Dividend per share increased from CHF0.37 for FY2020 to $0.50 for FY2021 • Up to $5bn share buy-backs in 2022 • UBS has updated its RoCET1 target of 12-15% to 15-18% and the cost/income range target of 75-78% to 70-73%

Good Q3 figures, earnings above consensus

• Net profit attributable to shareholders increased by 9% to $2.3bn • Credit loss expenses switched from $89m for Q3 20 to an income of $14m for Q3 21 • The net profit of $6.1bn for 9M 21 is clearly ahead of our FY2021 forecast

Impressive figures for Q2 21, consensus clearly exceeded

• Net profit attributable to shareholders increased by 63% to $2.0bn for Q2 21 • Credit loss expenses switched from $272m for Q2 20 to an income of $80m for Q2 21 • Invested assets (AuM) rose by 7% to $4.85tn in H1 21 • Strong performance across all business segments in Q2 21

Strong Q4 20, financial targets exceeded, shift from dividends to share buy-backs

Net profit attributable to shareholders increased by 122% to $1.7bn for Q4 20 clearly above consensus UBS switched its payout focus from dividend to share buy-backs Dividend per share decreased from CHF0.73 to CHF0.37 for FY2020, new three-year share buy-back programme (2021-23) of up to CHF4bn compared to CHF2bn before A decision at the French tax fraud case is now expected in H1 21

Strong figures for Q3 20, including a disposal gain

• Net profit attributable to shareholders increased by 99% to $2.1bn • Disposal gains of $631m due to the majority stake sale in Fondcenter • Credit loss expenses increased from $38m for Q3 19 to $89m for Q3 20 but were significantly below Q2 20’s level of $272m • The net profit of $4.9bn for 9M 20 is clearly ahead of our FY2020 forecast

Strong figures for Q1 20

• Net profit attributable to shareholders increased by 40% to $1.6bn • Credit loss expenses increased from $20m for Q1 19 to $268m for Q1 20 • Net new money inflow was excellent $45bn for Q1 20 • Q1 20 net profit is ahead of our FY2020 forecast

Better Q4 profit but downgraded return target, $600m disposal gain 2020

• Q4 net profit somewhat above consensus expectations • Dividend per share increased from CHF0.70 to CHF0.73 for FY2019 • UBS downgraded its RoCET1 target from 15% for 2019 and 17% for 2021 (ambition) to 12-15% for 2020 to 2022 • Majority stake sale of Fondcenter leads to a nice disposal gain of $600m after tax in 2020

LIBERUM: Plus500: Strategic progress pays dividends

Tatton Asset Management (TAM LN) - Record net inflows

Tatton, the leading on-platform discretionary fund manager (DFM) and IFA support services Group has released a trading update ahead of its results to 31 March 2024, due on 18 June 2024.

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

Ondo InsurTech FY24 Trading Update

Ondo InsurTech has released a brief post-YE update revealing its good progress continued through 2H24 and consequently FY24 will be in line with market expectations.

BlackRock World Mining

BRWM’s managers: we see all the classic signs of high commodity prices...

NextEnergy Solar Fund - Attractive Refinancing

The refinancing of a £135m revolving credit facility and the extension of a similar £70m facility gives NESF firepower as development opportunities for new solar are especially attractive thanks to lower module prices in Europe. They give the fund key financial flexibility at a critical time as it pursues its capital recycling programme.

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

Initial Equity Trading Comments - 19 February 2024

M Winkworth+ (WINK, House Stock at 163p) - Solid FY23A results, well placed to grow

Resilient FY24, confident long-term outlook

Vp’s full year update highlights sector-leading results, once again benefiting from the diversity of its end markets and the quality of its specialist businesses. With results expected to be broadly in line with expectations, we trim our FY24 PBT forecast by c.5% to £39.0m, a shade below the FY23 outturn (£40.2m). We consider this an impressively resilient performance set against a mixed market backdrop. Under new leadership, a strategic refresh is underway and management is confident in long

Hybridan Small Cap Feast - 16/04/2024

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NextEnergy Solar Fund – High- and growing-income opportunity?

NextEnergy Solar Fund (NESF) is almost 10 years old. Since launch, it has built a £1.2bn, 933MW portfolio of 100 operating solar assets, powering the equivalent of over 330,000 homes, declared dividends totalling £333m, and avoided the emission of about 2.2 Mt CO2e. NESF is on track to pay 8.35p in dividends, with forecast dividend cover of about 1.3x. Share price weakness that has afflicted the whole sector means that dividend translates to a yield of 11.1%, one of the highest in its sector, a

Jupiter Green

JGC’s fundamental story continues to show resilience, but the discount remains wide…

Lowland Investment Company - Is the tide turning?

Lowland Investment Company’s (LWI’s) unconstrained, multi-cap investment policy differentiates it from most peers in the AIC UK Equity Income sector. It offers investors broad market exposure, outside of the large, traditional ‘income stocks’ at a 13% discount to NAV. The underperformance of small- and mid-cap companies versus larger peers has slowed and a turnaround would be very positive for LWI. Portfolio returns are already benefiting from acquisition activity, spurred by low valuations, and

AUM up 30% in FY24, record flows, forecasts raised

AUM jumped £3.8bn or +30% in FY24, reaching £16.6bn on 31 Mar 24, 12% above our previous forecast of £14.7bn. Including 50%-owned 8AM Global, Assets Under Influence hit £17.6bn. Investment performance provided a tailwind, adding £1.5bn to AUM. But our key takeaway from Tatton’s hugely impressive last few years, is that it has designed and implemented a superior offering in platform-MPS with net flows consistently far higher than peers. That leadership looks even more pronounced in H2-24 with net