Allegro giusto, B major, 3/8 time

This movement can broadly be interpreted as a sonata form without a development section, as its two thematic areas are presented a fifth apart and both return in the tonic key. However, in reality, since the first thematic area itself is in ternary form, it would be more appropriate to interpret it as ABA’B’, a form closer to that of a slow movement rather than a sonata form.

Section A features a B major passage based on quarter notes + eighth notes, reminiscent of the fourth movement of Beethoven's Piano Sonata No. 15, interspersed with a light D major middle section characterized by staccato.

Section B begins in F-sharp major and is played softly and dolce (m. 51). Typical characteristics of later Schubert are also glimpsed, such as the insertion of an F-sharp minor section (m. 67) and abrupt shifts between major and minor keys (m. 81). After a light theme is presented in G major (m. 133), a transition (m. 173) leads to the return of Section A in the tonic key (Section A', m. 195).

By concluding Section A' in E major, the subsequent Section B' returns in the tonic key of B major (m. 255). Amidst the gathering clouds created by the interplay of major and minor, the movement concludes with a fortissimo B major triad.