UBS Switzerland AG (AMUB) posts CHF 2,128m profit with strong capital ratios
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
UBS Switzerland AG generated net profit of CHF 2,128m for 2025, slightly below CHF 2,371m a year earlier. Total operating income was stable at CHF 11,943m, while operating expenses rose to CHF 9,397m, driven mainly by higher general and administrative costs.
The balance sheet totaled CHF 500.7bn, with customer deposits of CHF 348.6bn and mortgage loans of CHF 282.6bn. Invested assets reached CHF 1,086bn, supported by CHF 25bn of net new money.
Regulatory metrics remained strong: common equity tier 1 capital was CHF 21.2bn, a CET1 ratio of 12.91%, a liquidity coverage ratio of 132.0% and a net stable funding ratio of 125.24%. The Board proposes a CHF 2,000m dividend and CHF 128m appropriation to voluntary reserves.
Positive
- None.
Negative
- None.
Insights
Profit dipped modestly as costs rose, but capital and liquidity stayed strong.
UBS Switzerland AG delivered net profit of CHF 2,128m, down from CHF 2,371m, on essentially flat operating income of CHF 11,943m. The main pressure came from higher general and administrative expenses, which increased to CHF 5,881m.
The franchise remains sizeable, with customer deposits of CHF 348.6bn, mortgage loans of CHF 282.6bn and invested assets of CHF 1,086bn, including net new money of CHF 25bn. This suggests underlying client activity stayed healthy despite integration work.
Regulatory strength is evident: the CET1 ratio of 12.91%, liquidity coverage ratio of 132.0% and net stable funding ratio of 125.24% are all above Swiss requirements. The proposed CHF 2,000m dividend indicates management confidence in capital levels, while still leaving a sizeable loss‑absorbing buffer.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Date: March 9, 2026
UBS Group AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number: 1-36764
UBS AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
Aeschenvorstadt 1, 4051 Basel, Switzerland
(Address of principal executive offices)
Commission File Number: 1-15060
Indicate by check mark whether the registrants file or will file annual reports under cover of Form 20-F or Form
40-
F.
Form 20-F
☒
☐
This Form 6-K consists of the UBS Switzerland AG audited standalone financial statements for the year ended
31 December 2025, which appear immediately following this page.
UBS Switzerland AG
31 December 2025
Table of contents
1
Report of the statutory auditor
5
UBS Switzerland AG standalone financial statements
(audited)
5
Income statement
6
Balance sheet
7
Off-balance sheet
7
Statement of changes in equity
8
1
Name, legal form and registered office
8
2
Accounting Policies, Change in Organization and Risk
Management
12
3a
Net trading income by business
12
3b
Net trading income by underlying risk category
12
4
Personnel expenses
12
5
General and administrative expenses
13
6
Extraordinary income and expenses
13
7
Taxes
13
8
Securities financing transactions
14
9a
Collateral for loans and off-balance sheet transactions
14
9b
Impaired financial instruments
14
10a
Allowances
15
10b
Provisions
16
10c
Development of allowances and provisions for credit
losses
18
10d
Balance sheet and off-balance sheet positions subject to
ECL
19
10e
Financial assets subject to credit risk, by rating category
22
11
Trading portfolio and other financial instruments
measured at fair value
23
12
Derivative instruments
24
13a
Financial investments by instrument type
24
13b
Financial investments by counterparty rating – debt
instruments
25
14
Investments in subsidiaries and other participations
25
15
Companies in which the bank holds a permanent direct
or indirect significant participation
26
16
Property, equipment and software
27
17
Goodwill and other intangible assets
27
18a
Other assets
27
18b
Other liabilities
28
19
Pledged assets
28
20
Maturity structure of financial instruments
29
21
Assets and liabilities by domestic and foreign origin in
accordance with the domicile principle
30
22
Total assets by geographical location
30
23
Country risk of total assets
31
24
Assets and liabilities by the most significant currencies for
the bank
32
25
Bonds issued and loans from central mortgage
institutions
32
26a
Share capital
32
26b
Significant shareholders
33
27
Pension plans
33
28
Related parties
34
29
Fiduciary transactions
34
30a
Invested assets and net new money
34
30b
Development of invested assets
35
Statement of proposed appropriation of total profit
and dividend distribution
36
UBS Switzerland AG standalone regulatory
information
36
Key metrics for the fourth quarter of 2025
38
Swiss systemically relevant bank going and gone concern
requirements and information
40
Sustainability and climate risk
41
Cautionary statement
UBS Switzerland AG standalone financial statements (audited)
UBS Switzerland AG standalone financial statements (audited)
UBS Switzerland AG standalone financial statements (audited)
UBS Switzerland AG standalone financial statements (audited)
UBS Switzerland AG standalone financial statements (audited)
UBS Switzerland AG standalone financial statements
(audited)
Income statement
For the year ended
CHF m
Note
31.12.25
31.12.24
1
Interest and discount income
2
Interest and dividend income from financial investments
Interest expense
3
Gross interest income
Credit loss (expense) / release
Net interest income
Fee and commission income from securities and investment business
Credit-related fees and commissions
Other fee and commission income
Fee and commission expense
Net fee and commission income
Net trading income
Net income from disposal of financial investments
Dividend income from investments in subsidiaries and other participations
Income from real estate holdings
Sundry ordinary income
Sundry ordinary expenses
Other income from ordinary activities
Total operating income
Personnel expenses
General and administrative expenses
Subtotal operating expenses
Impairment of investments in subsidiaries and other participations
Depreciation and impairment of property, equipment and software
Amortization and impairment of goodwill and other intangible assets
Changes in provisions for litigation, regulatory and similar matters, and other provisions
Total operating expenses
Operating profit
Extraordinary income
Extraordinary expenses
Tax expense / (benefit)
Net profit / (loss) for the period
1 Contains nine months of profit and loss information of the former Credit Suisse (Schweiz) AG. Refer to Note 2 for more information. 2 Interest and discount income includes negative interest income on financial
assets of CHF 1m and CHF 4m for the years ended 31 December 2025 and 31 December 2024, respectively. 3 Interest expense includes negative interest expense on financial liabilities of CHF 68m and CHF 5m for
the years ended 31 December 2025 and 31 December 2024, respectively.
UBS Switzerland AG standalone financial statements (audited)
Balance sheet
CHF m
Note
31.12.25
31.12.24
Assets
Cash and balances at central banks
Due from banks
Receivables from securities financing transactions
Due from customers
Mortgage loans
Trading portfolio assets
Derivative financial instruments
Financial investments
Accrued income and prepaid expenses
Investments in subsidiaries and other participations
14, 15
Property, equipment and software
Goodwill and other intangible assets
Other assets
Total assets
of which: subordinated assets
of which: subject to mandatory conversion and / or debt waiver
Liabilities
Due to banks
of which: total loss-absorbing capacity eligible
Payables from securities financing transactions
Due to customers
Trading portfolio liabilities
Derivative financial instruments
Bonds issued and loans from central mortgage institutions
Accrued expenses and deferred income
Other liabilities
Provisions
Total liabilities
Equity
Share capital
Statutory capital reserve
of which: capital contribution reserve
of which: other statutory capital reserve
Voluntary earnings reserve
Net profit / (loss) for the period
Total equity
Total liabilities and equity
of which: subordinated liabilities
of which: subject to mandatory conversion and / or debt waiver
UBS Switzerland AG standalone financial statements (audited)
Balance sheet (continued)
CHF m
31.12.25
31.12.24
Off-balance sheet items
Contingent liabilities, gross
Sub-participations
Contingent liabilities, net
of which: guarantees to third parties related to subsidiaries
of which: credit guarantees and similar instruments
of which: performance guarantees and similar instruments
of which: documentary credits
Irrevocable commitments, gross
Sub-participations
Irrevocable commitments, net
of which: loan commitments
of which: payment commitment related to deposit insurance
Forward starting transactions
1
of which: reverse repurchase agreements
of which: repurchase agreements
Liabilities for calls on shares and other equity instruments
1 Cash to be paid in the future by either UBS or the counterparty.
Off-balance sheet items
UBS Switzerland AG is jointly and severally liable for the combined value-added tax (VAT) liability of UBS entities that
belong to the VAT group of UBS in Switzerland. This contingent liability is not included in the table above.
Swiss deposit insurance
Swiss banking law and the deposit insurance system require Swiss banks and securities dealers to jointly guarantee
privileged client deposits in the event that a Swiss bank or securities dealer becomes insolvent. The payment obligations
for all banks corresponds to the value specified in applicable law of 1.6% of all protected deposits in Switzerland. The
share of UBS Switzerland AG in the table above decreased to CHF 1,494m as of 31 December 2025, compared with
CHF 1,549m as of 31 December 2024.
Joint and several liability
In June 2015, the Personal & Corporate Banking and Wealth Management businesses booked in Switzerland were
transferred from UBS AG to UBS Switzerland AG through an asset transfer in accordance with the Swiss Merger Act.
As of 31 December 2025, the joint and several liability of UBS Switzerland AG for contractual obligations of UBS AG
amounted to CHF 1.5bn, compared with CHF 2.4bn as of 31 December 2024.
Furthermore, as of 31 December 2025, UBS Switzerland AG was also jointly and severally liable for UBS AG’s liabilities of
CHF 529m (compared with CHF 538m as of 31 December 2024) under the international covered bond program, for
which UBS Switzerland AG has pledged assets with a carrying value of CHF 875m. UBS AG has provided cash deposits
to UBS Switzerland AG to fully collateralize this contingent liability.
As of 31 December 2025, the probability of cash outflows for these matters was assessed to be remote and, as a result,
no exposures were included in the table above.
Statement of changes in equity
CHF m
Share capital
Statutory
capital reserve
Voluntary
earnings reserve
Net profit /
(loss) for the
period
Total equity
Balance as of 1 January 2025
Dividends and other distributions
1
Net profit / (loss) for the period
Balance as of 31 December 2025
1 Includes CHF 100m of dividend in kind. Refer to Note 2 for more information.
UBS Switzerland AG standalone financial statements (audited)
Note 1 Name, legal form and registered office
UBS Switzerland AG is incorporated and domiciled in Switzerland and operates under Art. 620 et seq. of the Swiss Code
of Obligations and Swiss banking law as an
Aktiengesellschaft
, a corporation limited by shares. Its registered office is at
Bahnhofstrasse 45, CH-8001 Zurich, Switzerland. UBS Switzerland AG is 100% owned by UBS AG.
Note 2 Accounting Policies, Change in Organization and Risk Management
a) Significant accounting policies
The UBS Switzerland AG standalone financial statements are prepared in accordance with Swiss GAAP (the FINMA
Accounting Ordinance, FINMA Circular 2020/1 “Accounting – banks” and the Banking Ordinance) and represent
“reliable assessment statutory standalone financial statements”. The accounting policies are principally the same as for
the consolidated financial statements of UBS Group AG outlined in Note 1 to the consolidated financial statements of
UBS Group AG included in the UBS Group AG Annual Report 2025. Major differences between the Swiss GAAP
requirements and IFRS Accounting Standards are described in Note 32 to the consolidated financial statements of UBS
Group AG. The functional currency of UBS Switzerland AG is the Swiss franc. The significant accounting policies applied
for the standalone financial statements of UBS Switzerland AG are discussed below.
›
Refer to the UBS Group Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more information
Compensation policy
The compensation structure and processes of UBS Switzerland AG conform to the compensation principles and
framework of UBS Group AG.
›
Refer to the UBS Group AG Compensation Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more
information
Deferred compensation
UBS Group AG is the grantor of the majority of UBS’s deferred compensation plans. Expenses for awards granted under
such plans to UBS Switzerland AG employees are charged by UBS Group AG to UBS Switzerland AG.
›
Refer to “Note 26 Employee benefits: variable compensation” in the “Consolidated financial statements” section of the UBS Group
Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more information
Foreign currency translation
Transactions denominated in foreign currency are translated into Swiss francs at the spot exchange rate on the date of
the transaction. At the balance sheet date, all monetary assets and liabilities, as well as equity instruments recorded in
Trading portfolio assets
Financial investments
, denominated in foreign currency are translated into Swiss francs using
the closing exchange rate. Non-monetary items measured at historic cost are translated at the spot exchange rate on the
date of the transaction. All currency translation effects are recognized in the income statement.
The main currency translation rates used by UBS Switzerland AG are provided in Note 31 to the consolidated financial
statements of UBS Group AG.
›
Refer to the UBS Group Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
,
for more information
Group-internal funding
UBS Switzerland AG obtains funding from UBS AG in the form of loans that qualify as going concern additional tier 1
(AT1) capital and as gone concern loss-absorbing capacity at the UBS Switzerland AG standalone level. A portion of
Group-internal funding obtained is further on lent to a subsidiary in the form of loans.
Where such Group-internal funding is eligible to meet the requirements for total loss-absorbing capacity (TLAC) at the
level of UBS Switzerland AG, the aggregate amount of the respective obligations is separately disclosed on the balance
sheet. For those TLAC instruments that are eligible to meet the going concern capital requirements (i.e. are subordinated
and subject to mandatory conversion and / or debt waiver, as explained below), the aggregate corresponding amounts
are disclosed on the balance sheet.
Obligations of UBS Switzerland AG arising from Group-internal funding it has received are presented as
Due to banks
and measured at amortized cost. UBS Switzerland AG claims arising from Group-internal funding it has provided are
presented as
Due from banks
UBS Switzerland AG standalone financial statements (audited)
Note 2 Accounting Policies, Change in Organization and Risk Management (continued)
Subordinated assets and liabilities
Subordinated assets are composed of claims that, based on an irrevocable written declaration, in the event of liquidation,
bankruptcy or composition concerning the debtor, rank after the claims of all other creditors and may not be offset
against amounts payable to the debtor nor be secured by its assets. Subordinated liabilities are composed of
corresponding obligations.
Subordinated liabilities that contain a point-of-non-viability clause in accordance with Swiss capital requirements pursuant
to Art. 29 and 30 of the Capital Adequacy Ordinance are disclosed as being
Subject to mandatory conversion and / or
debt waiver
issuing bank reaches a point of non-viability.
Services received from and provided to Group entities
UBS Switzerland AG receives services from UBS Business Solutions AG, the main Group service company, mainly relating
to Group Technology, Group Operations and Group Corporate Services, as well as certain other services from other
Group entities. UBS Switzerland AG provides services to Group entities, mainly relating to the distribution of security and
investment products. Services received from and provided to Group entities are settled in cash as entity cost transfers or
entity revenue transfers paid or received.
When the nature of the underlying transaction between UBS Switzerland AG and the Group entity contains a single,
clearly identifiable service element, related income and expenses are presented in the respective income statement line
item, e.g.
Fee and commission income from securities and investment business
,
,
and commission expense
,
General and administrative expenses
.
To the extent the nature of the
underlying transaction contains various service elements and is not clearly attributable to a particular income statement
line item, related income and expenses are presented in
.
›
Refer to Note 5 for more information
Post-employment benefit plans
UBS Switzerland AG has elected to apply Swiss accounting standards for the pension plans in its standalone financial
statements. The requirements of the Swiss accounting standards are better aligned with the specific nature of pension
plans, which are hybrid in that they combine elements of defined contribution and defined benefit plans but are treated
as defined benefit plans under IFRS Accounting Standards. Swiss accounting standards require that the employer
contributions to the pension fund are recognized as Personnel expenses in the income statement. The employer
contributions to the pension fund are determined as a percentage of contributory compensation. Furthermore, Swiss
accounting standards require an assessment as to whether, based on the financial statements of the pension funds
prepared in accordance with Swiss accounting standards (Swiss GAAP FER 26), an economic benefit to, or obligation of,
UBS Switzerland AG arises from the pension funds that is recognized in the balance sheet when conditions are met.
Conditions for recording a pension asset or liability would be met if, for example, an employer contribution reserve was
available or UBS Switzerland AG was required to contribute to the reduction of a pension deficit (on the pension plan’s
Swiss GAAP FER 26 basis).
›
Refer to Note 27 for more information
Deferred taxes
Deferred tax assets are not recognized in UBS Switzerland AG’s standalone financial statements. However, deferred tax
liabilities may be recognized for taxable temporary differences. Changes in the deferred tax liability balance are
recognized in the income statement.
Allowances and provisions for expected credit losses
UBS Switzerland AG is required to apply an expected credit loss (ECL) approach for non-impaired financial instruments
in its standalone financial statements in addition to the approach for impaired financial instruments.
For non-impaired exposures within the scope of the Swiss GAAP ECL requirements, UBS Switzerland AG has generally
chosen to apply the IFRS Accounting Standards ECL approach that is applied in the UBS Group AG consolidated financial
statements for its standalone financial statements. These exposures include all financial assets measured at amortized
cost under both Swiss GAAP and IFRS Accounting Standards, fee and lease receivables, guarantees, irrevocable loan
commitments, revolving revocable credit lines, and forward starting reverse repurchase and securities borrowing
agreements. Further information about the ECL approach under IFRS Accounting Standards is provided in Note 1 to the
consolidated financial statements of UBS Group AG.
UBS Switzerland AG standalone financial statements (audited)
Note 2 Accounting Policies, Change in Organization and Risk Management (continued)
UBS applies a single definition of default for credit risk management purposes, regulatory reporting and ECL, with a
counterparty classified as defaulted based on quantitative and qualitative criteria.
›
Refer to the ‘’Risk management and control” section of the UBS Group Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more information
An allowance for credit losses is reported as a decrease in the carrying amount of a financial asset. For an off-balance
sheet item, such as a commitment, a provision for credit losses is reported in
Provisions
. Changes to allowances and
provisions for credit losses are recognized in
Credit loss (expense) / release
.
›
Refer to Note 10 for more information
Dispensations in the standalone financial statements
As UBS Switzerland AG has no listed shares outstanding and is within the scope of the UBS Group AG consolidated
financial statements prepared in accordance with IFRS Accounting Standards, UBS Switzerland AG is exempt from various
disclosures in the standalone financial statements. The dispensations include the management report and the statement
of cash flows. As the UBS Group AG consolidated financial statements are presented in US dollars, UBS Switzerland AG
provides certain Notes disclosures that would otherwise be covered by the disclosure dispensation, i.e. Notes 14, 15, 16,
17, 20, 21, 22, 24 and 25.
Covered bonds issued
UBS Switzerland AG issues bonds collateralized with pledged mortgage loans. These covered bonds are presented as
Bonds issued and loans from central mortgage institutions
Issued and repurchased covered bonds are deemed extinguished for accounting purposes and are derecognized from the
balance sheet. Such covered bonds may serve as collateral in securities financing transactions. In these cases, the pledged
mortgage loans covering the repurchased bonds are disclosed as collateral for the securities financing transaction.
›
Refer to Note 25 and Note 19 for more information
b) Change in accounting policies
There were no significant changes in accounting policies during 2025.
c) Change in organization
Transfer of Wealth Management International and Global Financial Intermediaries businesses
In 2025, UBS decided to consolidate the Wealth Management International business, the Global Financial Intermediaries
business, and other related businesses booked in Switzerland in UBS AG to further optimize Group legal and operational
structures and to address regulatory considerations.
In the second quarter of 2025, UBS Switzerland AG transferred the beneficial ownership of the Wealth Management
International business and the Global Financial Intermediaries business booked in UBS Switzerland AG to UBS AG, with
effect from 1 January 2025. The transfer was made in the form of a dividend in kind amounting to CHF 100m, reflecting
the net asset value of the in-scope businesses. In the fourth quarter of 2025, UBS Switzerland AG transferred the
beneficial ownership of the related businesses to UBS AG, with effect from 1 May 2025. The transfer was made in the
form of a dividend in kind amounting to CHF 1,000, reflecting the net asset value of the in-scope businesses.
UBS Switzerland AG will continue to manage the businesses under a contractual relationship with UBS AG until the
completion of legal transfer, which is expected to take place in 2028, and will continue to recognize the underlying assets
and liabilities of the relevant businesses until then. UBS AG’s share of the net profits of CHF 555m for the full year of
2025 is reflected in
Fee and commission expense
.
Swisscard AECS GmbH
In October 2024, UBS entered into an agreement to sell to American Express Swiss Holdings GmbH (American Express)
its 50% participation in Swisscard AECS GmbH (Swisscard), a joint venture in Switzerland between UBS and American
Express, subject to certain closing conditions. Also in October 2024, UBS entered into an agreement with Swisscard to
transition the Credit Suisse-branded card portfolios to UBS. In January 2025, UBS completed the purchase of the card
portfolios and recorded goodwill in the amount of CHF 200m. As of 31 December 2025, the 50% interest in Swisscard
was presented as
Financial investment
sale of its interest in Swisscard.
UBS Switzerland AG standalone financial statements (audited)
Note 2 Accounting Policies, Change in Organization and Risk Management (continued)
Merger with Credit Suisse (Schweiz) AG
In 2024, the Board of Directors of UBS Group AG approved the merger of UBS Switzerland AG and Credit Suisse (Schweiz)
AG. Following approvals from their respective boards and FINMA, both entities signed a final merger agreement on
25 June 2024. On 1 July 2024, UBS Switzerland AG formally completed the merger by absorption of Credit Suisse
(Schweiz) AG.
In the standalone financial statements of UBS Switzerland AG, the acquisition has been applied retroactively as of 1 April
2024 at the previous book values of Credit Suisse (Schweiz) AG. Accordingly, the merger balance sheet with assets of
CHF 220,174m and liabilities of CHF 208,991m was initially recognized, with a corresponding increase of
Statutory capital
reserves
Statutory capital contribution reserves
CHF 1,161m to
Other statutory capital reserves
. An amount of CHF 700m was retained in
Profit carried forward
subsequently distributed as dividend, as approved by the Annual General Meeting of Credit Suisse (Schweiz) AG on
23 April 2024, before the merger was legally effective. Similarly, UBS Switzerland AG’s accounting policies were applied
retroactively as of 1 April 2024, which resulted in a measurement loss of CHF 91m, which was recorded as
Extraordinary
expense
.
d) Events after the reporting period
Sale of interest in Swisscard AECS GmbH
In January 2026, UBS Switzerland AG completed the sale of its 50% interest in Swisscard to American Express. The
transaction is expected to generate a gain of approximately CHF 0.3bn, subject to potential post-closing adjustments.
Transfer of Wealth Management International and Global Financial Intermediaries businesses
In connection with the migration of legacy Credit Suisse clients to UBS’s client platform, UBS has decided to transfer to
UBS Switzerland AG, the Wealth Management International business, the Global Financial Intermediaries business and
other related businesses booked in UBS AG in Switzerland that are associated with legacy Credit Suisse clients. The
beneficial ownership of these businesses is retained by UBS AG. The execution of the transfer is effected through two
statutory bulk transfers pursuant to the Swiss Merger Act, both with effect as of 1 January 2026. The combined transfer
balance sheets consist of assets of CHF 13.1bn (mainly loans) and liabilities of CHF 12.6bn (mainly customer deposits).
e) Risk management
UBS Switzerland AG is fully integrated into the Group-wide risk management process described in the audited part of
the “Risk management and control” section of the UBS Group AG Annual Report 2025.
More information about the use of derivative instruments and hedge accounting is provided in Notes 1 and 10 to the
consolidated financial statements of UBS Group AG.
›
Refer to the UBS Group Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more information
UBS Switzerland AG standalone financial statements (audited)
Note 3a Net trading income by business
Net trading income by business
For the year ended
CHF m
31.12.25
31.12.24
1
Global Wealth Management
Personal & Corporate Banking
Other business divisions and Group Items
Total net trading income
1 Contains nine months of profit and loss information of the former Credit Suisse (Schweiz) AG. Refer to Note 2 for more information.
Note 3b Net trading income by underlying risk category
Net trading income by underlying risk category
For the year ended
CHF m
31.12.25
31.12.24
1
Foreign exchange instruments
Interest rate instruments (including funds)
Precious metals / commodities
Equity instruments (including funds)
Credit instruments
Total net trading income
1 Contains nine months of profit and loss information of the former Credit Suisse (Schweiz) AG. Refer to Note 2 for more information.
Note 4 Personnel expenses
Personnel expenses
For the year ended
CHF m
31.12.25
31.12.24
1
Salaries
Variable compensation – performance awards
Variable compensation – other
Contractors
Social security
Post-employment benefit plans
Other personnel expenses
Total personnel expenses
1 Contains nine months of profit and loss information of the former Credit Suisse (Schweiz) AG. Refer to Note 2 for more information.
As of 31 December 2025, UBS Switzerland AG employed 14,194 personnel (31 December 2024: 15,181) on a full-time
equivalent basis.
Note 5 General and administrative expenses
General and administrative expenses
For the year ended
CHF m
31.12.25
31.12.24
1
Real estate
Technology costs
Market data services
Marketing and communication
Travel and entertainment
Fees to audit firms
Other professional fees
Outsourcing costs
Other general and administrative expenses
Total general and administrative expenses
1 Contains nine months of profit and loss information of the former Credit Suisse (Schweiz) AG. Refer to Note 2 for more information.
UBS Switzerland AG standalone financial statements (audited)
Note 6 Extraordinary income and expenses
Extraordinary income of CHF 5m for 2025 relates to the gain from sale of an associate, as well as gains from sales of real
estate.
Extraordinary expenses of CHF 91m for 2024 relate to the accounting for the merger with Credit Suisse (Schweiz) AG as
of 1 April 2024, as UBS Switzerland AG’s accounting policies and practices were initially applied to the merger balance
sheet. This effect mainly consists of CHF 109m related to immediate expensing of certain loan origination costs and fees
previously deferred and recognized over time, as well as CHF 10m for employee benefit and retirement benefit plans,
and was partly reduced by CHF 26m related to lower allowances and provisions for expected credit losses.
Note 7 Taxes
Taxes
For the year ended
CHF m
31.12.25
31.12.24
1
Income tax expense / (benefit)
of which: current
Capital tax
Total tax expense / (benefit)
1 Contains nine months of profit and loss information of the former Credit Suisse (Schweiz) AG. Refer to Note 2 for more information.
For 2025, the average tax rate, defined as income tax expense divided by the sum of operating profit and extraordinary
income minus extraordinary expenses and capital tax, was 15.6% (2024: 16.9%).
Note 8 Securities financing transactions
Securities financing transactions
CHF bn
31.12.25
31.12.24
On-balance sheet
Receivables from securities financing transactions, gross
Netting of securities financing transactions
Receivables from securities financing transactions, net
Payables from securities financing transactions, gross
Netting of securities financing transactions
Payables from securities financing transactions, net
Assets pledged as collateral in connection with securities financing transactions
of which: financial investments
of which: assets that may be sold or repledged by counterparties
Off-balance sheet
Fair value of assets received as collateral in connection with securities financing transactions
of which: repledged
of which: sold in connection with short sale transactions
UBS Switzerland AG standalone financial statements (audited)
Note 9a Collateral for loans and off-balance sheet transactions
Collateral for loans and off-balance sheet transactions
31.12.25
31.12.24
Secured
Unsecured
Total
Secured
Unsecured
Total
Secured by collateral
Secured by
other credit
enhancements
2
Secured by collateral
Secured by
other credit
enhancements
2
CHF m
Real estate
Other
collateral
1
Real estate
Other
collateral
1
On-balance sheet
Due from customers, gross
Mortgage loans, gross
of which: residential mortgages
of which: office and business
premises mortgages
of which: industrial premises
mortgages
of which: other mortgages
Total on-balance sheet, gross
Allowances
Total on-balance sheet, net
Off-balance sheet
Contingent liabilities, gross
Irrevocable commitments, gross
Forward starting reverse
repurchase and securities
borrowing transactions
Liabilities for calls on shares and
other equities
Total off-balance sheet
1 Includes but is not limited to deposits, securities, life insurance contracts, inventory, accounts receivable, patents and copyrights. 2 Includes credit default swaps and guarantees.
Note 9b Impaired financial instruments
Impaired financial instruments
31.12.25
31.12.24
CHF m
Gross impaired
financial
instruments
Allowances and
provisions
Estimated
liquidation
proceeds of
collateral
Net impaired
financial
instruments
Gross impaired
financial
instruments
Allowances
and
provisions
Estimated
liquidation
proceeds of
collateral
Net impaired
financial
instruments
Amounts due from customers
Accrued income and prepaid
expenses
Mortgage loans
Guarantees and loan commitments
Total impaired financial instruments
Note 10a Allowances
Allowances
CHF m
Balance as of
31.12.24
Increase
recognized in
the income
statement
Release
recognized in
the income
statement
Write-offs
Recoveries and
past due
interest
Reclassifications
Foreign currency
translation
Balance as of
31.12.25
Default risk relating to on-balance sheet
exposures
of which: incurred credit losses
of which: expected credit losses
Other
Total value adjustments for default and
country risks
UBS Switzerland AG standalone financial statements (audited)
Note 10b Provisions
Provisions
CHF m
Balance as
of 31.12.24
Increase
recognized in
the income
statement
Release
recognized in
the income
statement
Provisions
used in
conformity
with
designated
purpose
Recoveries
Reclassifications
/ Other
1
Foreign
currency
translation
Balance as of
31.12.25
Default risk related to off-balance sheet items and credit
lines
of which: incurred credit losses
of which: expected credit losses
Operational risks
Litigation, regulatory and similar matters
Real Estate
Restructuring
Employee benefits
Other
Total provisions
1 Includes provisions transferred from / to UBS AG and from UBS Business Solutions AG.
Litigation, regulatory and similar matters
UBS Switzerland AG is involved in various disputes and legal proceedings, including litigation, arbitration, and regulatory
and criminal investigations arising in connection with the conduct of its business. The matters described below are those
that management considers to be material or of significance due to potential financial, reputational and other effects.
Significant matters may also result in non-monetary consequences, such as (i) a guilty plea to, or conviction of, a crime,
or (ii) resolution of regulatory proceedings which may require UBS Switzerland AG to obtain waivers to maintain certain
operations, lead to limitations, suspension or termination of licenses and regulatory authorizations.
UBS Switzerland AG makes no statement about whether it has established a provision for any matter because, either: (a)
it has not established a provision; or (b) it has established a provision but expects disclosure of that fact to prejudice
seriously its position with other parties in the matter because it would reveal the fact that UBS Switzerland AG believes
an outflow of resources to be probable and reliably estimable.
1. Suspended criminal investigation
By the end of 2017, a criminal complaint was filed
inter alia
fraudulent stock selling scheme conducted by call agent companies as well as employees of a corporate client. UBS was
accused of having conspired in the alleged fraud by distributing physical shares of the company and by allegedly failing
to block its clients’ accounts and file AML notifications with the Swiss Money Laundering Reporting Office. The criminal
investigation of UBS Switzerland AG has been suspended since 2018.
2. Anti-competition investigation
The Secretariat of the Swiss Competition Commission (WEKO) has lodged an investigation in November 2018 of UBS
Switzerland AG and other financial institutions into whether the investigated parties engaged in anticompetitive behavior
resulting in a boycott of other mobile payment solutions providers. UBS is fully cooperating with the investigation of
WEKO.
3. Swiss retrocessions
The Federal Supreme Court of Switzerland ruled in 2012, in a test case against UBS, that distribution fees paid to a firm
for distributing third-party and intra-group investment funds and structured products must be disclosed and surrendered
to clients who have entered into a discretionary mandate agreement with the firm, absent a valid waiver. FINMA issued
a supervisory note to all Swiss banks in response to the Supreme Court decision. UBS has met the FINMA requirements
and has notified all potentially affected clients.
The Supreme Court decision has resulted, and continues to result, in a number of client requests for UBS to disclose and
potentially surrender retrocessions. Client requests are assessed on a case-by-case basis. Considerations taken into
account when assessing these cases include, among other things, the existence of a discretionary mandate and whether
or not the client documentation contained a valid waiver with respect to distribution fees.
UBS Switzerland AG standalone financial statements (audited)
Note 10c Development of allowances and provisions for credit losses
Development of allowances and provisions for credit losses
CHF m
Total
Stage 1
Stage 2
Stage 3
Balance as of 31 December 2024
Net movement from new and derecognized transactions
1
of which: Private clients with mortgages
of which: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Financial intermediaries and hedge funds
of which: Other
Remeasurements with stage transfers
2
of which: Private clients with mortgages
of which: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Financial intermediaries and hedge funds
of which: Other
Remeasurements without stage transfers
3
of which: Private clients with mortgages
of which: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Financial intermediaries and hedge funds
of which: Other
Model changes
4
Movements recognized in credit loss (expense) / release
5
Movements not recognized in credit loss (expense) / release (write-off, FX and other)
6
Write-offs / recoveries
Reclassifications
Foreign exchange movements
Other
Balance as of 31 December 2025
1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final
derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and
provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value.
4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Includes ECL movements from new and derecognized transactions, remeasurement changes, and model
and methodology changes. 6 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is deemed
uncollectible or forgiven and movements in foreign exchange rates.
UBS Switzerland AG standalone financial statements (audited)
Note 10c Development of allowances and provisions for credit losses (continued)
Development of allowances and provisions for credit losses
CHF m
Total
Stage 1
Stage 2
Stage 3
Balance as of 31 December 2023
(744)
(159)
(165)
(420)
Balance recognized upon the merger with Credit Suisse (Schweiz) AG as of 1.4.24
Net movement from new and derecognized transactions
1
of which: Private clients with mortgages
of which: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Financial intermediaries and hedge funds
of which: Other
Remeasurements with stage transfers
2
of which: Private clients with mortgages
of which: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Financial intermediaries and hedge funds
of which: Other
Remeasurements without stage transfers
3
of which: Private clients with mortgages
of which: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Financial intermediaries and hedge funds
of which: Other
Model changes
4
0
0
0
0
Movements recognized in credit loss (expense) / release
5
(292)
55
17
(365)
Movements not recognized in credit loss (expense) / release (write-off, FX and other)
6
83
25
(1)
60
Balance as of 31 December 2024
(1,719)
(241)
(225)
(1,253)
1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final
derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and
provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time
value. 4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Includes ECL movements from new and derecognized transactions, remeasurement changes,
and model and methodology changes. 6 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset
is deemed uncollectible or forgiven and movements in foreign exchange rates as, well as a net gain of CHF 26m related to expected credit loss measurement differences due to UBS accounting policy adoption of
Credit Suisse (Schweiz) AG upon the merger with UBS Switzerland AG, recognized under extraordinary expense.
UBS Switzerland AG standalone financial statements (audited)
Note 10d Balance sheet and off-balance sheet positions subject to ECL
Balance sheet and off-balance sheet positions subject to ECL
CHF m
31.12.25
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Cash and balances at central banks
88,185
88,185
0
0
0
0
0
0
Due from banks
10,109
10,010
98
0
(12)
(8)
(4)
0
Receivables from securities financing transactions
1,899
1,899
0
0
0
0
0
0
Due from customers
78,653
70,769
6,201
1,683
(1,489)
(139)
(87)
(1,262)
Mortgage loans
282,607
271,034
10,120
1,453
(155)
(30)
(43)
(82)
Accrued income and prepaid expenses
858
808
18
31
0
0
0
0
Other assets
2
490
490
0
0
(2)
(2)
0
0
Total on-balance sheet financial assets within the scope of ECL
462,801
443,196
16,437
3,168
(1,658)
(179)
(134)
(1,345)
Total exposure
ECL provisions
Off-balance sheet (within the scope of ECL)
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Contingent liabilities, gross
12,850
11,723
1,031
96
(34)
(11)
(17)
(6)
Irrevocable commitments, gross
26,800
26,373
363
64
(65)
(41)
(17)
(8)
Forward starting transactions (SFT)
62
62
0
0
0
0
0
0
Other Credit Lines
58,260
55,413
2,640
208
(47)
(35)
(12)
0
Irrevocable committed prolongation of existing loans
6,479
6,449
25
4
(2)
(2)
0
0
Total off-balance sheet financial instruments and other credit lines within the scope
of ECL
104,452
100,020
4,059
373
(149)
(90)
(46)
(14)
Total allowances and provisions
(1,807)
(269)
(180)
(1,358)
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes Settlement and clearing accounts and Other. Refer to
Note 18a for more information.
Balance sheet and off-balance sheet positions subject to ECL
CHF m
31.12.24
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Cash and balances at central banks
Due from banks
Receivables from securities financing transactions
Due from customers
Mortgage loans
Accrued income and prepaid expenses
Other assets
2
Total on-balance sheet financial assets within the scope of ECL
Total exposure
ECL provisions
Off-balance sheet (within the scope of ECL)
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Contingent liabilities, gross
Irrevocable commitments, gross
Forward starting transactions (securities financing transactions)
Other credit lines
Irrevocable committed prolongation of existing loans
Total off-balance sheet financial instruments and other credit lines within the scope
of ECL
Total allowances and provisions
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes Settlement and clearing accounts and Other. Refer to
Note 18a for more information.
UBS Switzerland AG standalone financial statements (audited)
Note 10e Financial assets subject to credit risk, by rating category
Financial assets subject to credit risk, by rating category
CHF m
31.12.25
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total
gross
carrying
amount
ECL
allowances
Net carrying
amount
(maximum
exposure to
credit risk)
Financial instruments measured at amortized cost
Cash and balances at central banks
of which: stage 1
Due from banks
of which: stage 1
of which: stage 2
Receivables from securities financing transactions
of which: stage 1
Due from customers
of which: stage 1
of which: stage 2
of which: stage 3
Mortgage loans
of which: stage 1
of which: stage 2
of which: stage 3
Accrued income and prepaid expenses
of which: stage 1
of which: stage 2
of which: stage 3
Other assets
of which: stage 1
Total in scope of ECL assets / ECL amounts by stages
UBS Switzerland AG standalone financial statements (audited)
Note 10e Financial assets subject to credit risk, by rating category (continued)
Off-balance sheet positions and other credit lines subject to expected credit loss, by rating category
CHF m
31.12.25
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total carrying
amount
(maximum
exposure to
credit risk)
ECL provision
Off-balance sheet (in scope of ECL)
Contingent liabilities, gross
of which: stage 1
of which: stage 2
of which: stage 3
Irrevocable commitments, gross
of which: stage 1
of which: stage 2
of which: stage 3
Forward starting transactions (securities financing transactions)
of which: stage 1
Credit lines
of which: stage 1
of which: stage 2
of which: stage 3
Irrevocable committed prolongation of existing loans
of which: stage 1
of which: stage 2
of which: stage 3
Total off-balance sheet financial instruments and credit lines
›
Refer to “Note 9 Financial assets at amortized cost and other positions in scope of expected credit loss measurement” in the
“Consolidated financial statements” section of the UBS Group Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more information about ECL in accordance with IFRS Accounting Standards
UBS Switzerland AG standalone financial statements (audited)
Note 10e Financial assets subject to credit risk, by rating category (continued)
Financial assets subject to credit risk, by rating category
CHF m
31.12.24
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total gross
carrying
amount
ECL
allowances
Net carrying
amount
(maximum
exposure to
credit risk)
Financial instruments measured at amortized cost
Cash and balances at central banks
of which: stage 1
Due from banks
of which: stage 1
of which: stage 2
Receivables from securities financing transactions
of which: stage 1
Due from customers
of which: stage 1
of which: stage 2
of which: stage 3
Mortgage loans
of which: stage 1
of which: stage 2
of which: stage 3
Accrued income and prepaid expenses
of which: stage 1
of which: stage 2
of which: stage 3
Other assets
of which: stage 1
Total in scope of ECL assets / ECL amounts by stages
Off-balance sheet positions and other credit lines subject to expected credit loss, by rating category
CHF m
31.12.24
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total carrying
amount
(maximum
exposure to
credit risk)
ECL provision
Off-balance sheet (in scope of ECL)
Contingent liabilities, gross
of which: stage 1
of which: stage 2
of which: stage 3
Irrevocable commitments, gross
of which: stage 1
of which: stage 2
of which: stage 3
Forward starting transactions (securities financing transactions)
of which: stage 1
Credit lines
of which: stage 1
of which: stage 2
of which: stage 3
Irrevocable committed prolongation of existing loans
of which: stage 1
of which: stage 2
of which: stage 3
Total off-balance sheet financial instruments and credit lines
UBS Switzerland AG standalone financial statements (audited)
Note 11 Trading portfolio and other financial instruments measured at fair value
Trading portfolio and other financial instruments measured at fair value
CHF m
31.12.25
31.12.24
Assets
Trading portfolio assets
of which: debt instruments
1
of which: listed
of which: equity instruments
of which: precious metals and other physical commodities
Total assets measured at fair value
of which: fair value derived using a valuation model
of which: securities eligible for repurchase transactions in accordance with liquidity regulations
2
Liabilities
Trading portfolio liabilities
of which: debt instruments
1
of which: listed
of which: equity instruments
Total liabilities measured at fair value
of which: fair value derived using a valuation model
1 Includes money market paper. 2 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank or other central banks.
UBS Switzerland AG standalone financial statements (audited)
Note 12 Derivative instruments
Derivative instruments
31.12.25
31.12.24
CHF m, except where indicated
Derivative
financial
assets
Derivative
financial
liabilities
Total notional
values
(CHF bn)
Derivative
financial
assets
Derivative
financial
liabilities
Total notional
values
(CHF bn)
Interest rate contracts
Forwards
1
Swaps
of which: designated in hedge accounting relationships
Over-the-counter (OTC) options
Total
Foreign exchange contracts
Forwards
Interest and currency swaps
of which: designated in hedge accounting relationships
Over-the-counter (OTC) options
Total
Equity / index contracts
Forwards
Swaps
Over-the-counter (OTC) options
Exchange-traded options
Total
Credit derivative contracts
Credit default swaps
Total
Commodity, precious metals and other contracts
Forwards
Swaps
Over-the-counter (OTC) options
Exchange-traded options
Total
Total before netting
of which: trading derivatives
of which: fair value derived using a valuation model
of which: derivatives designated in hedge accounting relationships
of which: fair value derived using a valuation model
Netting with cash collateral payables / receivables
Replacement value netting
Total after netting
of which: with bank and broker-dealer counterparties
of which: other client counterparties
1 Includes forward rate agreements.
UBS Switzerland AG standalone financial statements (audited)
Note 13a Financial investments by instrument type
Financial investments by instrument type
31.12.25
31.12.24
CHF m
Carrying amount
Fair value
Carrying amount
Fair value
Debt instruments
of which: held to maturity
of which: available for sale
Equity instruments
of which: qualified participations
1
Property
Total financial investments
of which: securities eligible for repurchase transactions in accordance with liquidity regulations
2
1 Investment reclassified from Investments in subsidiaries and other participations. 2 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank or other
central banks.
Note 13b Financial investments by counterparty rating – debt instruments
Financial investments by counterparty rating – debt instruments
CHF m
31.12.25
31.12.24
Internal UBS rating
1
0–1
2–3
4–5
6–8
9–13
Non-rated
Total financial investments
1 Refer to Note 23 for more information.
UBS Switzerland AG standalone financial statements (audited)
Note 14 Investments in subsidiaries and other participations
Investments in subsidiaries and other participations
CHF m
31.12.25
31.12.24
Historical cost
Balance at the beginning of the year
Balance recognized upon the merger with Credit Suisse (Schweiz) AG as of 1.4.24
Additions
Disposals
1
Reclassifications to Financial investments
2
Balance at the end of the year
Accumulated value adjustments and changes in book value
Balance at the beginning of the year
Balance recognized upon the merger with Credit Suisse (Schweiz) AG as of 1.4.24
Value adjustments
Balance at the end of the year
Net book value
Book value at the beginning of the year
Book value at the end of the year
of which: without market value
of which: subsidiaries
of which: Bank-now AG
of which: TopCard Service AG
of which: UBS Card Center AG
of which: other participations
of which: SIX Group AG
of which: Pfandbriefbank schweizerischer Hypothekarinstitute AG
of which: TWINT AG
of which: CLS Group Holdings AG
of which: Credit Suisse Asset Management & Investor Services (Schweiz) Holding AG
1
of which: Swisscard AECS GmbH
2
of which: Taurus SA
1
of which: Houzy AG
1 Investments sold in 2025. The stake in Credit Suisse Asset Management & Investor Services (Schweiz) Holding AG was sold to Credit Suisse Asset Management International Holding AG. 2 Investment reclassified
to Financial investments due to prospect of sale. Refer to Note 2 for more information.
Note 15 Companies in which the bank holds a permanent direct or indirect significant participation
Companies in which the bank holds a permanent direct or indirect significant participation
1
31.12.25
Company name
Domicile
Primary business division
Share capital,
in thousands
Share of
capital,
in %
Share of
votes,
in %
Held directly,
in thousands
Held indirectly,
in thousands
Bank-now AG
Switzerland
Personal & Corporate
CHF
Credit Suisse Entrepreneur Capital AG
Switzerland
Personal & Corporate
CHF
FIDES Treasury Services AG
Switzerland
Personal & Corporate
CHF
TopCard Service AG
Switzerland
Personal & Corporate
CHF
UBS Card Center AG
Switzerland
Personal & Corporate
CHF
UBS Hypotheken Schweiz AG
Switzerland
Personal & Corporate
CHF
Credit Suisse (Schweiz) Hypotheken AG
Switzerland
Personal & Corporate
CHF
UBS Hypotheken AG in Liquidation
Switzerland
Personal & Corporate
CHF
Auto lease-now 2023-1 AG
Switzerland
Personal & Corporate
CHF
Auto lease-now 2023-2 AG
Switzerland
Personal & Corporate
CHF
Swisscard AECS GmbH
Switzerland
Personal & Corporate
CHF
Pfandbriefbank schweizerischer Hypothekarinstitute AG
Switzerland
Personal & Corporate
CHF
SIX Group AG
Switzerland
Personal & Corporate
CHF
TWINT AG
Switzerland
Personal & Corporate
CHF
1 Includes all subsidiaries and participations with voting rights above 5% and book value above CHF 5m.
UBS Switzerland AG standalone financial statements (audited)
Note 16 Property, equipment and software
Property, equipment and software
At historical cost less accumulated depreciation
CHF m
Own-used
properties
Leasehold
improvements
IT hardware
and
communication
Internally
generated
software
Other
machines and
equipment
Projects in
progress
1
31.12.25
31.12.24
Historical cost
Balance at the beginning of the year
Balance recognized upon the merger with Credit Suisse (Schweiz)
AG as of 1.4.24
Additions
Disposals / write-offs
2
Reclassifications
Balance at the end of the year
Accumulated depreciation
Balance at the beginning of the year
Balance recognized upon the merger with Credit Suisse (Schweiz)
AG as of 1.4.24
Depreciation
Impairment
Disposals / write-offs
2
Reclassifications
Balance at the end of the year
Net book value
Net book value at the beginning of the year
Net book value at the end of the year
1 Mainly related to Internally generated software. 2 Includes write-offs of fully depreciated assets.
Operating lease commitments
CHF m
31.12.25
Expenses for operating leases to be recognized in:
2026
131
2027
122
2028
116
2029
49
2030
20
2031 and thereafter
69
Total commitments for minimum payments under operating
leases
506
Property, equipment and software are depreciated on a straight-line basis over their useful life, which is between 3 and
10 years.
UBS Switzerland AG standalone financial statements (audited)
Note 17 Goodwill and other intangible assets
Goodwill and other intangible assets
At historical cost less accumulated amortization
CHF m
31.12.25
31.12.24
Historical cost
Balance at the beginning of the year
Additions
Balance at the end of the year
Accumulated amortization
Balance at the beginning of the year
Amortization
Balance at the end of the year
Net book value
Net book value at the beginning of the year
Net book value at the end of the year
In January 2025, as part of the transaction with Swisscard AECS GmbH, UBS Switzerland AG recognized goodwill of
CHF 200m. This goodwill is amortized on a straight-line basis over five years and assessed for impairment annually.
›
Refer to Note 2 for more information
Note 18a Other assets
Other assets
CHF m
31.12.25
31.12.24
Settlement and clearing accounts
VAT and other indirect tax receivables
Other
of which: other receivables due from UBS Group AG or its subsidiaries
Total other assets
1
1 Includes components of Settlement and clearing accounts and Other of CHF 490m within the scope of ECL as of 31 December 2025 (CHF 625m as of 31 December 2024). Refer to Note 10d for more information.
Note 18b Other liabilities
Other liabilities
CHF m
31.12.25
31.12.24
Deferral position for hedging instruments
Settlement and clearing accounts
VAT and other indirect tax payables
Other
of which: other payables due to UBS Group AG or its subsidiaries
Total other liabilities
UBS Switzerland AG standalone financial statements (audited)
Note 19 Pledged assets
Pledged assets
1
31.12.25
31.12.24
CHF m
Carrying amount of
pledged assets
Effective
commitment
Carrying amount of
pledged assets
Effective
commitment
Cash and balances at central banks
2
Due from customers
3
Mortgage loans
4
5
6
Total pledged assets
1 Excluding securities financing transactions. Refer to Note 8 for more information on securities financing transactions. 2 Related to the collateral account with the Swiss National Bank pledged in favor of Esisuisse
to cover the required 50% of the payment commitment related to deposit insurance. Refer to the “Off-balance sheet items” section for more information about Swiss deposit insurance. 3 Related to COVID-19 loans
granted under the program established by the Swiss Federal Council pledged to the Swiss National Bank. 4 These pledged mortgage loans serve as collateral for existing liabilities against Swiss central mortgage
institutions and for existing covered bond issuances (including repurchased covered bonds). 5 Excludes CHF 4.3bn of assets pledged in excess of collateral requirements against existing liabilities and therefore
available to secure additional lending in the future. 6 Of these pledged mortgage loans, approximately CHF 7.2bn could be withdrawn or used for future liabilities without breaching existing collateral requirements.
Note 20 Maturity structure of financial instruments
Maturity analysis of financial instruments
CHF m
At sight
Cancellable
Due within
1 month
Due between
1 and 3
months
Due between
3 and 12
months
Due between
1 and 5
years
Due after
5 years
Perpetual /
Not
applicable
Total
Assets
Cash and balances at central banks
1
Due from banks
Receivables from securities financing transactions
Due from customers
Mortgage loans
Trading portfolio assets
Derivative financial instruments
Financial investments
Total assets / financial instruments
as of 31.12.25
Total assets / financial instruments
as of 31.12.24
Liabilities
Due to banks
2
Payables from securities financing transactions
Due to customers
Trading portfolio liabilities
Derivative financial instruments
Bonds issued and loans from central mortgage
institutions
Total liabilities / financial instruments
as of 31.12.25
Total liabilities / financial instruments
as of 31.12.24
1 Cash and balances at central banks cancellable relates to the collateral account with the Swiss National Bank pledged in favor of Esisuisse to cover the required 50% of the payment commitment related to deposit
insurance. 2 Due to banks with maturity above one year and Perpetual mainly relates to loss-absorbing capacity-eligible positions.
UBS Switzerland AG standalone financial statements (audited)
Note 21 Assets and liabilities by domestic and foreign origin in accordance with the domicile principle
Assets and liabilities by domestic and foreign origin in accordance with the domicile principle
31.12.25
31.12.24
CHF m
Domestic
Foreign
Domestic
Foreign
Assets
Cash and balances at central banks
Due from banks
Receivables from securities financing transactions
Due from customers
Mortgage loans
Trading portfolio assets
Derivative financial instruments
Financial investments
Accrued income and prepaid expenses
Investments in subsidiaries and other participations
Property, equipment and software
Goodwill and other intangible assets
Other assets
Total assets
Liabilities
Due to banks
Payables from securities financing transactions
Due to customers
Trading portfolio liabilities
Derivative financial instruments
Bonds issued and loans from central mortgage institutions
Accrued expenses and deferred income
Other liabilities
Provisions
Total liabilities
Equity
Share capital
Statutory capital reserve
Voluntary earnings reserve
Net profit / (loss) for the period
Total equity
Total liabilities and equity
UBS Switzerland AG standalone financial statements (audited)
Note 22 Total assets by geographical location
Total assets by geographical location
31.12.25
31.12.24
CHF m
%
CHF m
%
Assets
Switzerland
Europe, Middle East and Africa
of which: Qatar
of which: Luxembourg
of which: Germany
of which: United Kingdom
of which: France
of which: United Arab Emirates
Americas
of which: United States
of which: British Virgin Islands
Asia Pacific
Total assets
Note 23 Country risk of total assets
The table below provides a breakdown of total non-Swiss assets by credit rating. These credit ratings reflect the sovereign
credit rating of the country to which the ultimate risk of the underlying asset is related. The ultimate country of risk for
unsecured loan positions is the domicile of the immediate borrower or, in the case of a legal entity, the domicile of the
ultimate parent entity. For collateralized or guaranteed positions, the ultimate country of risk is the domicile of the
provider of the collateral or guarantor or, if applicable, the domicile of the ultimate parent entity of the provider of the
collateral or guarantor.
For mortgage loans, the ultimate country of risk is the country where the real estate is located. Similarly, the ultimate
country of risk for property and equipment is the country where the property and equipment are located. Assets for
which Switzerland is the ultimate country of risk are provided separately, in order to reconcile them to total balance sheet
assets.
›
Refer to the “Risk management and control” section of the UBS Group Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more information
Country risk of total assets
31.12.25
31.12.24
Classification
Internal UBS rating
Description
Moody’s Investors
Service
S&P
Fitch
CHF m
%
CHF m
%
Low risk
0 and 1
Investment grade
Aaa
AAA
AAA
2
Aa1 to Aa3
AA+ to AA–
AA+ to AA–
Medium risk
3
A1 to A3
A+ to A–
A+ to A–
4
Baa1 to Baa2
BBB+ to BBB
BBB+ to BBB
5
Baa3
BBB–
BBB–
High risk
6
Sub-investment grade
Ba1
BB+
BB+
7
Ba2
BB
BB
8
Ba3
BB–
BB–
9
B1
B+
B+
Very high risk
10
B2
B
B
11
B3
B–
B–
12
Caa1 to Caa2
CCC+ to CCC
CCC+ to CCC
13
Caa3 to C
CCC– to C
CCC– to C
Distressed
Default
Defaulted
D
D
Subtotal
Switzerland
Total assets
UBS Switzerland AG standalone financial statements (audited)
Note 24 Assets and liabilities by the most significant currencies for the bank
Assets and liabilities by the most significant currencies for the bank
31.12.25
CHF m
CHF
USD
EUR
GBP
Other
Total
Assets
Cash and balances at central banks
Due from banks
Receivables from securities financing transactions
Due from customers
Mortgage loans
Trading portfolio assets
Derivative financial instruments
Financial investments
Accrued income and prepaid expenses
Investments in subsidiaries and other participations
Property, equipment and software
Goodwill and other intangible assets
Other assets
Total assets shown on the balance sheet
Delivery entitlements from spot exchange, forward forex and forex options transactions
Total assets
Liabilities
Due to banks
Payables from securities financing transactions
Due to customers
Trading portfolio liabilities
Derivative financial instruments
Bonds issued and loans from central mortgage institutions
Accrued expenses and deferred income
Other liabilities
Provisions
Total liabilities shown on the balance sheet
Equity
Share capital
Statutory capital reserve
Net profit / (loss) for the period
Total equity shown on the balance sheet
Total liabilities and equity shown on the balance sheet
Delivery obligations from spot exchange, forward forex and forex options transactions
Total equity and liabilities
Net position per currency as of 31.12.25
Net position per currency as of 31.12.24
UBS Switzerland AG standalone financial statements (audited)
Note 25 Bonds issued and loans from central mortgage institutions
Bonds issued and loans from central mortgage institutions
Contractual maturity of carrying amount
CHF m
Due within 1
year
Due between
1 and 2 years
Due between
2 and 3 years
Due between
3 and 4 years
Due between
4 and 5 years
Due after 5
years
Total
31.12.25
Total
31.12.24
Loans from central mortgage institutions
1
Fixed-rate
Interest rates (range in %)
0.05–4.6
0.05–2.55
0.05–2.18
0.05–1.8
0.05–2.68
0.18–2.68
Bonds issued
1
Fixed-rate
o.w. in EUR
Interest rates (in %)
2.75–2.78
o.w. in CHF
Interest rates (range in %)
1.82–1.88
0.00–1.54
0.00–1.51
0.00–0.56
0.00–2.04
Floating-rate
o.w. in EUR
Interest rates (in %)
Total
1 Non-subordinated debt.
Note 26a Share capital
Share capital
31.12.25
31.12.24
Nominal value
in CHF
Number of
shares
of which: dividend
bearing
Nominal value
in CHF
Number of shares
of which: dividend
bearing
Share capital
1
of which: shares outstanding
1 Registered shares issued.
UBS Switzerland AG’s share capital is fully paid up. Each share has a nominal value of CHF 0.10 and entitles the holder
to one vote at the meeting of the shareholders of UBS Switzerland AG, if entered into the share register as having the
right to vote, as well as a proportionate share of distributed dividends. UBS Switzerland AG does not apply any restrictions
or limitations on the transferability of shares.
Non-distributable reserves
Non-distributable reserves were CHF 5m as of 31 December 2025 (CHF 5m as of 31 December 2024), equivalent to 50%
of the share capital of UBS Switzerland AG.
Note 26b Significant shareholders
The sole direct shareholder of UBS Switzerland AG is UBS AG, which holds 100% of UBS Switzerland AG shares. These
shares are entitled to voting rights. Indirect shareholders of UBS Switzerland AG, who do not have voting rights, include
UBS Group AG, which holds 100% of UBS AG shares. Included in the table below are also direct shareholders of UBS
Group AG (acting in their own name or in their capacity as nominees for other investors or beneficial owners) that were
registered in the UBS Group AG share register with 3% or more of the share capital of UBS Group AG as of 31 December
2025 or as of 31 December 2024.
The shares and share capital of UBS Switzerland AG held by indirect shareholders shown in the table below represent
their relative holding of UBS Group AG shares. They do not have voting rights in UBS Switzerland AG.
Significant shareholders
31.12.25
31.12.24
CHF m, except where indicated
Share capital held
Shares held (%)
Share capital held
Shares held (%)
Significant direct shareholder of UBS Switzerland AG
UBS AG
Significant indirect shareholders of UBS Switzerland AG
UBS Group AG
DTC (Cede & Co.), New York
1
The Bank of New York Mellon, Everett
Nortrust Nominees Ltd., London
1 DTC (Cede & Co.), New York, “The Depository Trust Company”, is a US securities clearing organization.
UBS Switzerland AG standalone financial statements (audited)
Note 27 Pension plans
Pension plans
a) Liabilities related to the pension plans
CHF m
31.12.25
31.12.24
Provision for pension plans
Bank accounts at UBS and UBS debt instruments held by pension funds
UBS derivative financial instruments held by pension funds
Total liabilities related to pension plans
b) Pension plans
As of or for the year ended
CHF m
31.12.25
31.12.24
Pension plans surplus
1
Economic benefit / (obligation) of UBS Switzerland AG
Change in economic benefit / (obligation) recognized in the income statement
Employer contributions in the period recognized in the income statement
Performance awards-related employer contributions accrued
Total pension expense recognized in the income statement within Personnel expenses
1 The pension plans surplus is determined in accordance with Swiss GAAP (FER 26) and consists of the reserves for the fluctuation in asset values and prepaid contributions. The reserves for the fluctuation did not
represent an economic benefit for UBS Switzerland AG in accordance with Swiss accounting standards as of both 31 December 2025 and 31 December 2024. Refer to Note 2 for more information.
The pension plans recognized an economic benefit of CHF 7m as of 31 December 2025 and as of 31 December 2024.
Note 28 Related parties
Transactions with related parties are conducted at internally agreed transfer prices, at arm’s length or, with respect to
loans, fixed advances and mortgages to non-independent members of the governing bodies in the ordinary course of
business, on substantially the same terms and conditions that are available to other employees, including interest rates
and collateral, and neither involve more than the normal risk of collectability nor contain any other unfavorable features
for the firm. Independent members of the governing bodies are granted loans and mortgages in the ordinary course of
business at general market conditions.
Related parties
31.12.25
31.12.24
CHF m
Amounts due from
Amounts due to
Amounts due from
Amounts due to
Qualified shareholders
1
of which: due from / to banks
of which: receivables / payables from securities financing transactions
of which: due from / to customers
of which: derivative financial instruments
of which: accrued income / expenses
of which: other assets / liabilities
Subsidiaries
2
of which: due from / to banks
of which: due from / to customers
of which: derivative financial instruments
Affiliated entities
3
of which: due from / to banks
of which: due from / to customers
of which: other assets / liabilities
Members of governing bodies
4
External auditors
Other related parties
5
1 Qualified shareholders of UBS Switzerland AG are UBS Group AG and UBS AG. 2 Subsidiaries of UBS Switzerland AG are UBS Card Center AG, TopCard Service AG, UBS Hypotheken Schweiz AG, UBS Hypotheken
AG, Bank-now AG, FIDES Treasury Services AG, Credit Suisse Entrepreneur Capital AG and Credit Suisse (Schweiz) Hypotheken AG. 3 Affiliated entities of UBS Switzerland AG are all direct and indirect subsidiaries
of UBS Group AG, excluding subsidiaries of UBS Switzerland AG. Refer to Note 15 for more information. 4 Members of governing bodies consist of the members of the Board of Directors and Group Executive Board
of UBS Group AG and the members of the Board of Directors and Executive Board of UBS Switzerland AG and the members of the Board of Directors and Executive Board of UBS AG. 5 Includes amounts due from /
to other participations. As of 31 December 2025, CHF 115m of guarantees (31 December 2024: CHF 172m) and CHF 483m of irrevocable loan commitments (31 December 2024: CHF 765m) are reported off-balance
sheet as contingent liabilities under Credit guarantees and similar instruments and Irrevocable commitments, respectively. Additionally, CHF 91m other credit lines were provided to other participations as of
31 December 2025 (31 December 2024: CHF 73m).
UBS Switzerland AG standalone financial statements (audited)
Note 29 Fiduciary transactions
Fiduciary transactions
CHF m
31.12.25
31.12.24
Fiduciary deposits
of which: placed with third-party banks
of which: placed with subsidiaries and affiliated entities
Fiduciary loans
Total fiduciary transactions
Fiduciary transactions encompass customer deposits and loans transactions entered into or granted by UBS Switzerland
AG that result in holding or placing assets and liabilities on behalf of individuals, trusts, defined benefit plans and other
institutions. Unless the recognition criteria for the assets and liabilities are satisfied, these assets and liabilities and the
related income and expense are excluded from UBS Switzerland AG’s balance sheet and income statement but are
disclosed in this Note as off-balance sheet fiduciary transactions. Client deposits that are initially placed as fiduciary
transactions with UBS Switzerland AG may be recognized on UBS Switzerland AG’s balance sheet in situations in which
the deposit is subsequently placed within UBS Switzerland AG. In such cases, these deposits are not reported in the table
above.
Note 30a Invested assets and net new money
Invested assets and net new money
As of or for the year ended
CHF bn
31.12.25
31.12.24
Discretionary assets
Other invested assets
Total invested assets
of which: double counts
Net new money
1
1 Includes double counts.
Note 30b Development of invested assets
Development of invested assets
For the year ended
CHF bn
31.12.25
31.12.24
Total invested assets (including double counts) at the beginning of the year
Invested assets recognized upon the merger with Credit Suisse (Schweiz) AG as of 1.7.24
1
Net new money inflows / (outflows)
Market movements (including dividends and interests)
Currency effects
Other effects
of which: transfers from / to UBS Group AG subsidiaries
of which: acquisitions / (divestments)
Total invested assets at the end of the year
2
1 Invested assets recognized upon the legal effectiveness date of the merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG were measured as of 1 July 2024 and were reported in alignment with UBS
accounting policies outlined in “Note 31 Invested assets and net new money” in the “Consolidated financial statements” section of the UBS Group Annual Report 2024. 2 Includes double counts.
›
Refer to “Note 30 Invested assets and net new money” in the “Consolidated financial statements” section of the UBS Group
Annual Report 2025,
available under “Annual reporting” at
ubs.com/investors
, for more information
UBS Switzerland AG standalone financial statements (audited)
Statement of proposed appropriation of total profit
and dividend distribution
The Board of Directors proposes that the Annual General Meeting of Shareholders on 14 April 2026 approve the
appropriation of total profit and an ordinary dividend distribution of CHF 2,000m out of the total profit as follows:
Statement of proposed appropriation of total profit and dividend distribution
For the year ended
CHF m
31.12.25
Net profit for the period
Profit / (loss) carried forward
Total profit available for appropriation
Appropriation of total profit
Appropriation to voluntary earnings reserve
Dividend distribution
Profit / (loss) carried forward
UBS Switzerland AG standalone regulatory information
UBS Switzerland AG standalone regulatory
information
Key metrics for the fourth quarter of 2025
The table below is based on the Swiss Financial Market Supervisory Authority (FINMA) Ordinance on the Disclosure
Obligations of Banks and Securities Firms (DisO-FINMA) rules and IFRS Accounting Standards.
During the fourth quarter of 2025, common equity tier 1 capital decreased by CHF 0.3bn to CHF 21.2bn, mainly as the
operating profit was more than offset by additional dividend accruals.
Total risk-weighted assets (RWA) decreased by CHF 4.2bn to CHF 164.1bn, mainly driven by lower credit and counterparty
credit risk RWA.
The leverage ratio denominator (the LRD) decreased by CHF 9.5bn to CHF 538.3bn, mainly due to a reduction in the
exposure to the Swiss National Bank, driven by treasury activities.
The quarterly average liquidity coverage ratio (the LCR) of UBS Switzerland AG decreased 8.4 percentage points to
132.0%, remaining above the prudential requirement communicated by FINMA. The movement in the quarterly average
LCR was primarily driven by a CHF 4.3bn increase in the average net cash outflows to CHF 87.3bn, mainly due to higher
outflows from intercompany funding from UBS AG and customer deposits. Average high-quality liquid assets decreased
by CHF 1.2bn to CHF 115.2bn, mainly reflecting lower cash available due to an increase in lending assets, partly offset
by higher cash available from funding received from UBS AG.
As of 31 December 2025, the net stable funding ratio decreased 0.8 percentage points to 125.2%, remaining above the
prudential requirement communicated by FINMA. Available stable funding increased by CHF 5.6bn to CHF 357.0bn,
mainly driven by higher intercompany funding and customer deposits. Required stable funding increased by CHF 6.2bn
to CHF 285.0bn, predominantly reflecting higher lending assets.
UBS Switzerland AG standalone regulatory information
KM1: Key metrics
CHF m, except where indicated
31.12.25
30.9.25
30.6.25
31.3.25
31.12.24
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
2
Tier 1
3
Total capital
Risk-weighted assets (amounts)
4
Total risk-weighted assets (RWA)
4a
Total risk-weighted assets (pre-floor)
4b
Minimum capital requirement
1
Risk-based capital ratios as a percentage of RWA
5
Common equity tier 1 ratio (%)
5b
Common equity tier 1 ratio (%) (pre-floor)
6
Tier 1 ratio (%)
6b
Tier 1 ratio (%) (pre-floor)
7
Total capital ratio (%)
7b
Total capital ratio (%) (pre-floor)
Additional CET1 buffer requirements as a percentage of RWA
8
Capital conservation buffer requirement (%)
9
Countercyclical buffer requirement (%)
9a
Additional countercyclical buffer for Swiss mortgage loans (%)
10
Bank G-SIB and / or D-SIB additional requirements (%)
11
Total of bank CET1 specific buffer requirements (%)
2
12
CET1 available after meeting the bank’s minimum capital requirements (%)
3
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
14
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves)
4
14b
Basel III leverage ratio (%) (excluding the impact of any applicable
temporary exemption of central bank reserves)
14c
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves) incorporating mean values for SFT
assets
4
14d
Basel III leverage ratio (%) (excluding the impact of any applicable
temporary exemption of central bank reserves) incorporating mean values for
SFT assets
14e
Minimum capital requirements
5
Liquidity coverage ratio (LCR)
6
15
Total high-quality liquid assets (HQLA)
16
Total net cash outflow
16a
of which: cash outflows
16b
of which: cash inflows
17
LCR (%)
Net stable funding ratio (NSFR)
7
18
Total available stable funding
19
Total required stable funding
20
NSFR (%)
125.24
126.02
128.55
128.51
132.20
1 Calculated as 8% of total RWA, based on total capital minimum requirements, excluding CET1 buffer requirements. 2 Excludes non-BCBS capital buffer requirements for risk-weighted positions that are directly
or indirectly backed by residential properties in Switzerland. 3 Represents the CET1 ratio that is available to meet buffer requirements. Calculated as the CET1 ratio minus the BCBS CET1 capital requirement and,
where applicable, minus the BCBS tier 2 capital requirement met with CET1 capital. 4 There is currently no temporary exemption of central bank reserves for UBS. 5 The higher of capital requirements based on
8% of RWA or 3% of LRD. 6 Calculated after the application of haircuts and inflow and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows. Calculated based on an average of
64 data points in the fourth quarter of 2025 and 65 data points in the third quarter of 2025. For the prior-quarter data points, refer to the respective Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors, for more information. 7 UBS Switzerland AG is required to maintain a minimum NSFR of at least 100% on an ongoing basis, as set out in Art. 17h para. 1 of the Liquidity Ordinance. A portion of
the excess funding is used to fulfill the NSFR requirement of UBS AG standalone.
UBS Switzerland AG standalone regulatory information
Swiss systemically relevant bank going and gone concern requirements and information
The tables below provide details of the Swiss systemically relevant bank (SRB) RWA- and LRD-based going and gone
concern requirements and information as required by FINMA; details regarding eligible gone concern instruments are
provided below.
UBS Switzerland AG is considered an SRB under Swiss banking law and is subject to capital regulations on a standalone
basis. As of 31 December 2025, the going concern capital and leverage ratio requirements for UBS Switzerland AG
standalone were 15.26% (including a countercyclical buffer of 0.96%) and 5.00%, respectively.
The Swiss SRB framework and going concern requirements applicable to UBS Switzerland AG standalone are the same
as those applicable to UBS Group AG consolidated. The gone concern requirement corresponds to 62% of the Group’s
going concern requirements, excluding the countercyclical buffer requirements and Pillar 2 add-ons. Outstanding total
loss-absorbing capacity-eligible unsecured debt instruments are eligible to meet gone concern requirements until one
year before maturity.
The gone concern requirements were 8.87% for the RWA-based requirement and 3.10% for the LRD-based requirement.
›
Refer to “Capital and capital ratios of our significant regulated subsidiaries” in the “Capital management” section of the UBS
Group Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for information about the joint liability of
UBS AG and UBS Switzerland AG
Swiss SRB going and gone concern requirements and information
As of 31.12.25
RWA
LRD
CHF m, except where indicated
in %
in %
Required going concern capital
Total going concern capital
1
1
Common equity tier 1 capital
of which: minimum capital
of which: buffer capital
of which: countercyclical buffer
Maximum additional tier 1 capital
of which: additional tier 1 capital
of which: additional tier 1 buffer capital
Eligible going concern capital
Total going concern capital
Common equity tier 1 capital
Total loss-absorbing additional tier 1 capital
of which: high-trigger loss-absorbing additional tier 1 capital
Required gone concern capital
2
Total gone concern loss-absorbing capacity
of which: base requirement including add-ons for market share and LRD
3
3
Eligible gone concern capital
Total gone concern loss-absorbing capacity
TLAC-eligible unsecured debt
Total loss-absorbing capacity
Required total loss-absorbing capacity
Eligible total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
1 Includes applicable add-ons of 1.44% for risk-weighted assets (RWA) and 0.50% for leverage ratio denominator (LRD). 2 A maximum of 25% of the gone concern requirements can be met with instruments that
have a remaining maturity of between one and two years. Once at least 75% of the minimum gone concern requirement has been met with instruments that have a remaining maturity of greater than two years, all
instruments that have a remaining maturity of between one and two years remain eligible to be included in the total gone concern capital. 3 Includes applicable add-ons of 0.89% for RWA and 0.31% for LRD.
UBS Switzerland AG standalone regulatory information
Swiss SRB going and gone concern information
CHF m, except where indicated
31.12.25
30.9.25
31.12.24
Eligible going concern capital
Total going concern capital
Total tier 1 capital
Common equity tier 1 capital
Total loss-absorbing additional tier 1 capital
of which: high-trigger loss-absorbing additional tier 1 capital
Eligible gone concern capital
Total gone concern loss-absorbing capacity
TLAC-eligible unsecured debt
Total loss-absorbing capacity
Total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
of which: common equity tier 1 capital ratio
Gone concern loss-absorbing capacity ratio
Total loss-absorbing capacity ratio
Leverage ratios (%)
Going concern leverage ratio
of which: common equity tier 1 leverage ratio
Gone concern leverage ratio
Total loss-absorbing capacity leverage ratio
UBS Switzerland AG standalone regulatory information
Sustainability and climate risk
Our climate strategy and governance are determined and overseen at the UBS Group level. Climate-related metrics for
the UBS Switzerland AG legal entity are presented in the UBS Group Annual Report 2025.
›
Refer to “Our focus on sustainability” in the “Our stakeholders” section and to “Sustainability and climate risk” in the “Risk
management and control” section of the UBS Group Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more information
›
Refer to “Our sustainability and impact strategy” in the “Strategy” section of the UBS Group Sustainability Report 2025, available
under “Annual reporting” at
ubs.com/investors
, for more information
Cautionary statement |
of an offer to buy or sell any securities or other financial instruments in Switzerland, the United States or any other jurisdiction. No investment decision relating
to securities of or relating to UBS Group AG, UBS AG or their affiliates should be made on the basis of this report. Refer to UBS’s most recent annual report on
Form 20-
F,
quarterly reports and other information furnished to or filed with the US Securities and Exchange Commission (the SEC) on Form 6-K, available at
ubs.com/investors
, for additional information.
Rounding |
disclosed in text and tables are calculated on the basis of unrounded figures. Absolute changes between reporting periods disclosed in the text, which can be
derived from numbers presented in related tables, are calculated on a rounded basis.
Tables |
available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis. Values
that are zero on a rounded basis can be either negative or positive on an actual basis.
Websites |
of any such websites into this report.
UBS Switzerland AG
P.O. Box
CH-8098 Zurich
ubs.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this
report to be signed on their behalf by the undersigned, thereunto duly authorized.
UBS Group AG
By: _/s/ Steffen Henrich__________
Name: Steffen Henrich
Title: Group Controller
By: _/s/ David Kelly _____________
Name: David Kelly
Title: Managing Director
UBS AG
By: _/s/ Steffen Henrich__________
Name: Steffen Henrich
Title: Controller
By: _/s/ David Kelly _____________
Name: David Kelly
Title: Managing Director
Date: March 9, 2026
FAQ
How much profit did UBS Switzerland AG (AMUB) earn in 2025?
UBS Switzerland AG reported net profit of CHF 2,128m for 2025, compared with CHF 2,371m in 2024. Operating income was broadly stable at CHF 11,943m, while higher operating expenses and credit loss charges weighed modestly on the bottom line.
What are the key balance sheet figures for UBS Switzerland AG (AMUB) at year-end 2025?
At 31 December 2025, UBS Switzerland AG had total assets of CHF 500.7bn. Customer deposits were CHF 348.6bn and mortgage loans CHF 282.6bn. Cash and balances at central banks amounted to CHF 88.2bn, underlining a large, liquidity-rich domestic banking balance sheet.
How strong are UBS Switzerland AG’s capital and leverage ratios for 2025?
Common equity tier 1 capital stood at CHF 21.2bn, giving a CET1 ratio of 12.91%. Total capital ratio was 17.79%. On a leverage basis, the Basel III leverage ratio was 5.42%, comfortably above Swiss systemically relevant bank minimum requirements disclosed in the report.
What liquidity metrics did UBS Switzerland AG (AMUB) report for 2025?
UBS Switzerland AG reported an average liquidity coverage ratio of 132.0% for the fourth quarter of 2025, based on high-quality liquid assets of CHF 115.2bn and net cash outflows of CHF 87.3bn. The net stable funding ratio was 125.24%, also exceeding regulatory thresholds.
How did UBS Switzerland AG’s invested assets and net new money develop in 2025?
Invested assets reached CHF 1,086bn at year-end 2025, up from CHF 1,049bn. The bank recorded net new money inflows of CHF 25bn, with additional changes from market movements, currency effects and internal transfers influencing the overall invested assets balance during the year.
What dividend is proposed from UBS Switzerland AG’s 2025 profit?
The Board proposes an ordinary dividend of CHF 2,000m from 2025 results. Out of total profit of CHF 2,128m, CHF 128m is earmarked for appropriation to voluntary earnings reserves, with no profit carried forward after the proposed distribution to the sole shareholder.
How did credit quality and expected credit losses evolve at UBS Switzerland AG in 2025?
Total allowances and provisions for expected credit losses increased to CHF 1,807m from CHF 1,719m. Credit loss expense was CHF 205m versus CHF 292m in 2024. Impaired financial instruments totaled CHF 4,885m gross, with collateral and provisions significantly reducing net impaired exposures.