UBS AG (NYSE: AMUB) more than doubles profit to $4.7B in H1 2026
Rhea-AI Filing Summary
UBS AG reported strong interim results for the six months ended 30 June 2026. Total revenues reached USD 27,510m, up from 23,798m a year earlier, and net profit attributable to shareholders rose to USD 4,713m from 2,220m. Return on equity improved to 10.5%, while the cost/income ratio fell to 77.1%, supported by higher income with broadly stable operating expenses.
As of 30 June 2026, total assets were USD 1,707,065m. Common equity tier 1 capital was USD 71,637m, giving a CET1 ratio of 14.3% and a going concern capital ratio of 18.9%. Total loss-absorbing capacity was USD 188,540m, a 37.7% ratio versus a required 26.10%. Liquidity remained high, with a liquidity coverage ratio of 172.5% and a net stable funding ratio of 114.7%. Invested assets increased to USD 7,326bn from 6,618bn, while headcount decreased to 59,594 full-time equivalents from 62,958.
In the second quarter of 2026, UBS AG consolidated earned net profit of USD 2,224m, compared with 2,811m at the UBS Group consolidated level, mainly due to purchase price allocation effects from the 2023 Credit Suisse acquisition and service markups from UBS Business Solutions subsidiaries. From 2026, UBS provides full IAS 34 interim financial statements semi-annually, with first- and third-quarter reports prepared under its accounting policies but with fewer disclosures.
Positive
- First-half net profit attributable to shareholders increased to USD 4,713m from 2,220m a year earlier, with return on equity rising to 10.5% and the cost/income ratio improving to 77.1% from 89.6%.
- Capital and liquidity buffers are strong: the common equity tier 1 ratio is 14.3%, total loss-absorbing capacity ratio 37.7% versus a 26.10% requirement, and the liquidity coverage ratio is 172.5%.
Negative
- None.
Filing Explained
The June 30 interim report is unaudited and records a USD 4,500m special-dividend reserve pending a later decision and stated conditions.
As a Form 6-K, the filing furnishes UBS AG interim information; its current state is an unaudited report for the six months ended
It reports UBS AG consolidated results, not UBS Group consolidated results: first-half net profit was
UBS appropriated
Key Figures
Total revenues: USD 27,510m
Net profit attributable to shareholders: USD 4,713m
Return on equity: 10.5%
+5 more
8 metrics
Total revenues
USD 27,510m
For the six months ended 30 June 2026, compared with 23,798m in the first half of 2025
Net profit attributable to shareholders
USD 4,713m
For the six months ended 30 June 2026; up from 2,220m in the first half of 2025
Return on equity
10.5%
For the six months ended 30 June 2026, versus 4.7% in the prior-year period
Common equity tier 1 ratio
14.3%
UBS AG consolidated CET1 capital ratio as of 30 June 2026
Total loss-absorbing capacity ratio
37.7%
UBS AG consolidated TLAC ratio as of 30 June 2026, above the 26.10% requirement
Liquidity coverage ratio
172.5%
Quarterly average LCR for UBS AG consolidated in the second quarter of 2026
Total assets
USD 1,707,065m
Consolidated balance sheet total for UBS AG as of 30 June 2026
Invested assets
USD 7,326bn
Invested assets across major divisions as of 30 June 2026, up from 6,618bn a year earlier
Key Terms
purchase price allocation, total loss-absorbing capacity, leverage ratio denominator, net stable funding ratio, +2 more
6 terms
purchase price allocation financial
"mainly due to certain purchase price allocation (PPA) effects recognized at the UBS Group level"
Purchase price allocation is the accounting process that breaks down the total amount paid for an acquired business into specific pieces—like tangible assets, identifiable intangible assets (brands, patents, customer lists) and goodwill—based on their estimated fair values. Investors care because this breakdown affects future earnings, tax costs and reported asset values: higher allocations to amortizable intangibles or goodwill can change profit volatility, depreciation and potential impairment charges, similar to splitting a restaurant bill to see what you actually bought versus what you paid extra for goodwill.
total loss-absorbing capacity financial
"Total loss-absorbing capacity ratio (%) 37.7 38.4 36.8 36.5"
leverage ratio denominator financial
"The leverage ratio denominator (the LRD) of UBS consolidated was USD 0.4bn higher"
net stable funding ratio financial
"Net stable funding ratio (%) 114.7 116.1 115.7 120.9"
systemically relevant bank regulatory
"applicable to Swiss systemically relevant banks (SRBs)"
gone concern loss-absorbing capacity financial
"Total gone concern loss-absorbing capacity 93,760 96,717 90,164"
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were UBS AG (AMUB) revenues and net profit for the first half of 2026?
UBS AG generated total revenues of USD 27,510m and net profit attributable to shareholders of USD 4,713m in the first half of 2026, up from 23,798m and 2,220m respectively in the first half of 2025.
How did UBS AG (AMUB) profitability change in the first half of 2026?
Profitability improved significantly, with return on equity rising to 10.5% from 4.7% and the cost/income ratio falling to 77.1% from 89.6%. Net profit attributable to shareholders more than doubled to 4,713m from 2,220m year-on-year.
What are UBS AG (AMUB)’s key capital ratios as of 30 June 2026?
As of 30 June 2026, UBS AG reported a common equity tier 1 ratio of 14.3%, a going concern capital ratio of 18.9%, a gone concern loss-absorbing capacity ratio of 18.7%, and a total loss-absorbing capacity ratio of 37.7% under the Swiss SRB framework.
How do UBS AG (AMUB) and UBS Group AG consolidated profits differ in Q2 2026?
In the second quarter of 2026, UBS AG consolidated reported net profit of USD 2,224m, while UBS Group AG consolidated reported 2,811m. The USD 587m difference mainly reflects purchase price allocation effects and service markups recognized at the Group level.
What liquidity metrics did UBS AG (AMUB) report at 30 June 2026?
UBS AG reported a liquidity coverage ratio of 172.5% and a net stable funding ratio of 114.7% as of 30 June 2026, based on quarterly averages, indicating substantial high-quality liquid assets and stable funding relative to regulatory requirements.
What are UBS AG (AMUB)’s total assets and invested assets as of 30 June 2026?
Total assets were USD 1,707,065m on 30 June 2026. Invested assets across Global Wealth Management, Asset Management and Personal & Corporate Banking reached USD 7,326bn, up from 6,618bn a year earlier, reflecting growth in client assets under management.
What changes did UBS AG (AMUB) make to its interim reporting from 2026?
From 2026, UBS AG publishes semi-annual interim financial reports under IAS 34 for the six months ended 30 June. First- and third-quarter financial reports continue, but they follow UBS AG accounting policies without full IAS 34 notes, so they are not IAS 34 interim reports.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Date: July 31, 2026
(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 registrant files 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 Second Quarter 2026 Report of UBS AG, which appears immediately following this
page.
UBS AG 30 June 2026 Interim Report
1.
Key figures
3
UBS AG consolidated key figures
2.
Introduction
4
Introduction
3.
Risk and capital management
9
Risk management and control
10
Capital management
4.
Consolidated
financial statements
15
UBS AG interim consolidated financial
statements (unaudited)
Appendix
45
Alternative performance measures
50
Abbreviations frequently used in
our financial reports
52
Information sources
53
Cautionary statement
Corporate calendar UBS AG
Information about future publication dates is generally available at
ubs.com/global/en/investor-relations/events/calendar.html
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Imprint
Publisher: UBS AG, Zurich, Switzerland | ubs.com
Language: English
© UBS 2026. The key symbol and UBS are among the registered and unregistered
trademarks of UBS. All rights reserved.
UBS AG 30 June 2026 Interim Report
Terms used in this report, unless the context requires otherwise
“UBS”, “UBS Group”, “UBS Group AG consolidated”, “Group” and “the Group”
UBS Group AG and its consolidated subsidiaries
“UBS AG” and “UBS AG consolidated”, “we”, “us” and “our”
UBS AG and its consolidated subsidiaries
“1m”
One million, i.e. 1,000,000
“1bn”
One billion, i.e. 1,000,000,000
“1trn”
One trillion, i.e. 1,000,000,000,000
In this report, unless the context requires otherwise, references to any gender shall apply to all genders.
Alternative performance measures
An alternative performance measure (an APM) is a financial measure of historical or future financial performance,
financial position or cash flows other than a financial measure defined or specified in IFRS Accounting Standards,
as issued by the International Accounting Standards Board (the IASB), or in other applicable recognized accounting
standards or regulations. We report a number of APMs in the discussion of the financial and operating performance
of UBS AG, our business divisions and Group Items. We use APMs to provide a more complete picture of our
operating performance and to reflect management’s view of the fundamental drivers of our business results. A
definition of each APM, the method used to calculate it and the information content are presented under
“Alternative performance measures” in the appendix to this report. Each APM that qualifies as a non-GAAP
measure as defined by US Securities and Exchange Commission (SEC) regulations is designated as such in the table
of APMs in the appendix to this report.
›
Refer to “Alternative performance measures” in the appendix to this report for additional information
Comparison between UBS AG consolidated and UBS Group AG consolidated
This report should be read in conjunction with the UBS Group 30 June 2026 Interim Report that was published on
29 July 2026 and is available under “Quarterly reporting” at
ubs.com/investors
. A comparison of selected financial
and capital information of UBS AG consolidated and of UBS Group AG consolidated is provided in the
“Introduction” section of this report.
Change in interim reporting
Starting from 2026, UBS AG publishes semi-annual interim financial reports that include interim consolidated
financial statements as of and for the six-month period ending 30 June, prepared in accordance with IAS 34,
Interim
Financial Reporting
. The income statement, the statement of comprehensive income, the statement of changes in
equity and the statement of cash flows and related information in this report are presented on the basis of the six-
month periods ended 30 June 2026 and 30 June 2025. The balance sheet and related information are presented
as of 30 June 2026 and 31 December 2025.
From the first quarter of 2026 onward, UBS AG’s first- and third-quarter financial reports include consolidated
financial information that is no longer prepared in accordance with IAS 34. Instead, UBS AG publishes financial
information for those quarters that is prepared in accordance with UBS AG accounting policies, which are consistent
with IFRS Accounting Standards, but does not include all explanatory notes as required under IAS 34 and therefore
does not constitute an “interim financial report” as defined by IAS 34. This change was intended to improve
efficiency, while maintaining a high level of transparency for investors.
UBS AG 30 June 2026 Interim Report
|
Key figures
UBS AG consolidated key figures
UBS AG consolidated key figures
As of or for the quarter ended
As of or year-to-date
USD m, except where indicated
30.6.26
31.3.26
31.12.25
30.6.25
30.6.26
30.6.25
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Net profit / (loss) attributable to shareholders
Profitability and growth
Return on equity (%)
1
Return on tangible equity (%)
1
Return on common equity tier 1 capital (%)
1
Cost / income ratio (%)
1
Net profit growth (%)
1
n.m.
n.m.
Resources
Total assets
Equity attributable to shareholders
Common equity tier 1 capital
2
Risk-weighted assets
2
Common equity tier 1 capital ratio (%)
2
Going concern capital ratio (%)
2
Total loss-absorbing capacity ratio (%)
2
Leverage ratio denominator
2
Common equity tier 1 leverage ratio (%)
2
Liquidity coverage ratio (%)
3
Net stable funding ratio (%)
Other
Invested assets (USD bn)
1,4
Personnel (full-time equivalents)
1 Refer to “Alternative performance measures” in the appendix to this report for the relevant definition and calculation method. Each alternative performance measure (APM) that qualifies as a non-GAAP measure
as defined by US Securities and Exchange Commission (SEC) regulations is designated as such in the table of APMs in the appendix to this report. 2 Based on the Swiss systemically relevant bank framework. Refer
to the “Capital management” section of this report for more information. 3 The disclosed ratios represent quarterly averages for each of the quarters presented and have been calculated based on an average of
60 data points in the second quarter of 2026, 62 data points in the first quarter of 2026, 64 data points in the fourth quarter of 2025 and 61 data points in the second quarter of 2025. Refer to the “Liquidity and
funding management” section of the UBS Group 30 June 2026 Interim Report, available under “Quarterly reporting” at ubs.com/investors, for more information. 4 Consists of invested assets for Global Wealth
Management, Asset Management (including invested assets from associates) and Personal & Corporate Banking. Refer to “Note 30 Invested assets and net new money” in the “Consolidated financial statements”
section of the UBS AG Annual Report 2025, available under “Annual reporting” at ubs.com/investors, for more information.
UBS AG 30 June 2026 Interim Report |
Introduction
Introduction
Overview
UBS Group AG is the holding company for the UBS Group and the parent company of UBS AG. UBS Group AG
holds 100% of the issued shares in UBS AG. UBS AG and UBS Group both prepare annual consolidated financial
statements in accordance with IFRS Accounting Standards and semi-annual interim consolidated financial
statements in accordance with IAS 34,
Interim Financial Reporting
.
The interim consolidated financial statements included in this report have been prepared in accordance with
UBS AG’s accounting policies as described in “Note 1 Summary of material accounting policies” to the UBS AG
consolidated annual financial statements for the year ended 31 December 2025, except for changes described in
“Note 1 Basis of accounting” in the “Consolidated financial statements” section of this report.
›
Refer to the “Consolidated financial statements” section of this report for more information
UBS Group has applied acquisition accounting as defined by IFRS 3,
Business Combinations
, to the acquisition of
the Credit Suisse Group in 2023. The merger of UBS AG and Credit Suisse AG on 31 May 2024 has been accounted
for as a business combination under common control, as defined in IFRS 3, using the historic carrying values of the
assets and liabilities of Credit Suisse AG as at the date of the transaction (31 May 2024), determined under IFRS
Accounting Standards. Therefore, differences exist between the accounting treatments applied at the UBS Group
and UBS AG consolidated levels. There are also certain scope and presentation differences, as noted below.
›
Refer to “Note 28 Changes in organization and acquisitions and disposals of subsidiaries and businesses” in the
“Consolidated financial statements” section of the UBS AG Annual Report 2025, available under “Annual reporting”
at
ubs.com/investors
, for more information about the accounting for the merger of UBS AG and Credit Suisse AG
Except for the differences related to the above and discussed in the next section, financial information for UBS AG
consolidated does not differ materially from that for UBS Group AG consolidated.
›
Refer to the UBS Group 30 June 2026 Interim Report, available under “Quarterly reporting” at
ubs.com/investors
,
for more information
UBS AG 30 June 2026 Interim Report |
Introduction
Comparison between UBS AG consolidated and
UBS Group AG consolidated
The table below provides a comparison of selected financial and capital information of UBS AG consolidated and
of UBS Group AG consolidated.
Assets, liabilities, revenues, operating expenses and tax expenses / (benefits) relating to UBS Group AG and its
directly held subsidiaries, including UBS Business Solutions AG, are reflected in the consolidated financial statements
of UBS Group AG but not in those of UBS AG. UBS AG’s assets, liabilities, revenues and operating expenses related
to transactions with UBS Group AG and its directly held subsidiaries, including UBS Business Solutions AG and other
shared services subsidiaries, are not subject to elimination in the UBS AG consolidated financial statements, but are
eliminated in the UBS Group AG consolidated financial statements.
In the second quarter of 2026, UBS AG consolidated recognized a net profit of USD 2,224m, while UBS Group AG
consolidated recognized a net profit of USD 2,811m. The USD 587m difference was mainly due to certain purchase
price allocation (PPA) effects recognized at the UBS Group level upon the acquisition of the Credit Suisse Group.
These resulted in net accretion income at the UBS Group level, net of tax effects, whereas UBS AG has not applied
acquisition accounting and does not have the PPA effects or the corresponding net income. The PPA effects also
resulted in net releases for litigation, regulatory and similar matters at the UBS Group AG consolidated level (while
UBS AG consolidated incurred net expenses). Other differences in net profit mainly arose due to UBS Business
Solutions AG and other shared services subsidiaries of UBS Group AG charging other legal entities within the
UBS AG consolidation scope a markup on costs incurred for services provided.
For the first half of 2026, UBS AG consolidated recognized a net profit of USD 4,738m, while UBS Group AG
consolidated recognized a net profit of USD 5,866m. The USD 1,128m difference was mainly due to the
aforementioned PPA effects recognized at the UBS Group level and the aforementioned markup charged by
UBS Business Solutions AG and other shared services subsidiaries of UBS Group AG to other legal entities within
the UBS AG consolidation scope.
As of 30 June 2026, the total assets of UBS AG consolidated were USD 0.2bn lower than the total assets of
UBS Group AG consolidated. The difference mainly reflected consolidation scope differences, largely offset by PPA
effects recognized at the UBS Group AG level upon the acquisition of the Credit Suisse Group. The total liabilities
of UBS AG consolidated were USD 0.6bn higher than the total liabilities of UBS Group AG consolidated, mainly due
to consolidation scope differences.
The equity of UBS AG consolidated was USD 0.8bn lower than the equity of UBS Group AG consolidated as of 30 June
2026. This difference was mainly due to consolidation scope differences of USD 2.2bn, partly offset by PPA effects of
USD 1.2bn recognized at the UBS Group AG level upon the acquisition of the Credit Suisse Group that did not impact
UBS AG consolidated, primarily related to loans and loan commitments measured at amortized cost and contingent
liabilities recognized under IFRS 3 for litigation, partly offset by PPA effects on real estate and debt issued.
The going concern capital of UBS AG consolidated was USD 1.2bn lower than the going concern capital of
UBS Group AG consolidated as of 30 June 2026, reflecting the common equity tier 1 (CET1) capital of UBS AG
consolidated being lower by USD 0.8bn and going concern loss-absorbing additional tier 1 (AT1) capital being
USD 0.4bn lower.
The USD 0.8bn lower CET1 capital of UBS AG consolidated was primarily due to a USD 6.1bn difference in dividend
accruals between UBS AG and UBS Group AG and UBS AG consolidated equity being USD 0.8bn lower, partly
offset by capital reserves for expected future share repurchases of USD 3.3bn, compensation-related regulatory
capital accruals at the UBS Group AG level of USD 2.5bn and a USD 0.5bn effect from eligible deferred tax assets
on temporary differences.
The going concern loss-absorbing AT1 capital of UBS AG consolidated was USD 0.4bn lower than that of
UBS Group AG consolidated as of 30 June 2026, mainly reflecting deferred contingent capital plan awards granted
at the Group level to eligible employees for the 2021 to 2025 performance years.
Differences in capital between UBS AG consolidated and UBS Group AG consolidated related to employee
compensation plans will reverse to the extent underlying services are performed by employees of, and are
consequently charged to, UBS AG and its subsidiaries. Such reversal generally occurs over the service period of the
employee compensation plan.
UBS AG 30 June 2026 Interim Report |
Introduction
The leverage ratio denominator (the LRD) of UBS AG consolidated was USD 0.4bn higher than the LRD of
UBS Group AG consolidated, mainly reflecting intercompany exposures in UBS AG toward Group entities, as well
as PPA adjustments that apply at the Group level but not at the UBS AG level, partly offset by fixed assets held
outside of the UBS AG consolidation scope.
The risk-weighted assets (RWA) of UBS AG consolidated were USD 3.5bn lower than the RWA of UBS Group AG
consolidated, mainly reflecting non-counterparty-related assets held outside the UBS AG consolidation scope, partly
offset by intercompany credit risk exposures in UBS AG toward Group entities outside of the UBS AG consolidation
scope.
The LRD for UBS AG consolidated exceeds that of UBS Group AG consolidated, and UBS AG’s RWA are lower than
those of UBS Group AG consolidated. This divergence stems mainly from certain PPA adjustments that apply at the
Group level but not at the UBS AG level and are subject to low risk weights.
The quarterly average liquidity coverage ratio (the LCR) of UBS AG consolidated was 4.8 percentage points lower
than the quarterly average LCR of UBS Group AG consolidated. The difference mainly reflected the higher net cash
outflows of UBS AG consolidated from intercompany deposits and loans that are not within the Group
consolidation scope but are within the UBS AG consolidation scope.
The net stable funding ratio (the NSFR) of UBS AG consolidated was 0.4 percentage points lower than the NSFR of
UBS Group AG consolidated. The difference primarily reflected lower UBS AG consolidated eligible regulatory
capital compared with UBS Group AG consolidated.
Comparison between UBS AG consolidated and UBS Group AG consolidated
As of or for the quarter ended 30.6.26
As of or for the quarter ended 31.3.26
As of or for the quarter ended 31.12.25
USD m, except where indicated
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Income statement
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Net profit / (loss)
Balance sheet
Total assets
Total liabilities
Total equity
Capital, liquidity and funding information
Common equity tier 1 capital
Going concern capital
Risk-weighted assets
Common equity tier 1 capital ratio (%)
Going concern capital ratio (%)
Total loss-absorbing capacity ratio (%)
Leverage ratio denominator
Common equity tier 1 leverage ratio (%)
Liquidity coverage ratio (%)
1
Net stable funding ratio (%)
1 The disclosed ratios represent quarterly averages for each of the quarters presented and have been calculated based on an average of 60 data points in the second quarter of 2026, 62 data points in the first quarter
of 2026 and 64 data points in the fourth quarter of 2025. Refer to the “Liquidity and funding management” section of the UBS Group 30 June 2026 Interim Report, available under “Quarterly reporting” at
ubs.com/investors, for more information.
Comparison between UBS AG consolidated and UBS Group AG consolidated – income statement year-to-date
Year-to-date 30.6.26
Year-to-date 30.6.25
USD m, except where indicated
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Income statement
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Net profit / (loss)
UBS AG 30 June 2026 Interim Report |
Introduction
Additional information about our business divisions
Global Wealth Management
For the quarter ended 30.6.26
For the quarter ended 31.3.26
For the quarter ended 31.12.25
USD m
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Profit before tax was USD 1,751m at the UBS AG level, compared with profit before tax of USD 1,883m at the
UBS Group level. The USD 132m difference mainly reflected PPA effects on total revenues recognized in Global
Wealth Management at the UBS Group level.
Personal & Corporate Banking – in Swiss francs
For the quarter ended 30.6.26
For the quarter ended 31.3.26
For the quarter ended 31.12.25
CHF m
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Profit before tax was CHF 550m at the UBS AG level, compared with profit before tax of CHF 676m at the
UBS Group level. The CHF 126m difference mainly reflected PPA effects on total revenues recognized in Personal &
Corporate Banking at the UBS Group level.
Personal & Corporate Banking – in US dollars
For the quarter ended 30.6.26
For the quarter ended 31.3.26
For the quarter ended 31.12.25
USD m
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Asset Management
For the quarter ended 30.6.26
For the quarter ended 31.3.26
For the quarter ended 31.12.25
USD m
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
UBS AG 30 June 2026 Interim Report |
Introduction
Investment Bank
For the quarter ended 30.6.26
For the quarter ended 31.3.26
For the quarter ended 31.12.25
USD m
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Profit before tax was USD 1,095m at the UBS AG level, compared with profit before tax of USD 1,150m at the
UBS Group level. The USD 55m difference mainly reflected PPA effects on total revenues recognized in the
Investment Bank at the UBS Group level,
as well as share-based compensation resulting in an expense recognized
at the UBS AG level. The difference also arose due to UBS Business Solutions AG and other shared services
subsidiaries of UBS Group AG charging other legal entities within the UBS AG consolidation scope a markup on
costs incurred for services provided.
Non-core and Legacy
For the quarter ended 30.6.26
For the quarter ended 31.3.26
For the quarter ended 31.12.25
USD m
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Loss before tax was USD 360m at the UBS AG level, compared with a loss before tax of USD 203m at the UBS Group
level. The USD 157m difference was mainly due to PPA effects that resulted in net releases for litigation, regulatory
and similar matters recognized in Non-core and Legacy at the UBS Group level, while at the UBS AG level Non-core
and Legacy incurred net expenses for such matters.
Group Items
For the quarter ended 30.6.26
For the quarter ended 31.3.26
For the quarter ended 31.12.25
USD m
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Loss before tax was USD 480m at the UBS AG level, compared with a loss before tax of USD 307m at the UBS Group
level. The USD 172m difference mainly arose due to UBS Business Solutions AG and other shared services
subsidiaries of UBS Group AG charging other legal entities within the UBS AG consolidation scope a markup on
costs incurred for services provided.
UBS AG 30 June 2026 Interim Report |
Risk and capital management | Risk management and control 9
Risk and capital management
Management report
Risk management and control
This section provides information about key developments during the reporting period and should be read in
conjunction with the “Risk management and control” section of the UBS AG Annual Report 2025, available under
“Annual reporting” at
ubs.com/investors
, and the “Recent developments” section of the UBS Group 30 June 2026
Interim Report, available under “Quarterly reporting” at
ubs.com/investors
, for more information about the
integration of Credit Suisse.
UBS AG consolidated risk profile
The risk profile of UBS AG consolidated does not differ materially from that of UBS Group AG consolidated, and
the risk information provided in the UBS Group 30 June 2026 Interim Report is equally applicable to UBS AG
consolidated.
The total banking products exposure of UBS AG consolidated as of 30 June 2026 differed from that of
UBS Group AG consolidated, mainly reflecting purchase price allocation effects booked at the Group level relating
to the acquisition of the Credit Suisse Group, as well as receivables of UBS AG standalone and UBS Switzerland AG
from UBS Group AG and UBS Business Solutions AG, reflecting consolidation scope differences.
The total banking products exposure of UBS AG consolidated as of 30 June 2026 was USD 1,110.0bn, i.e.
USD 5.0bn, or 0.5%, higher than the exposure of UBS Group AG consolidated. As of 31 March 2026, the total
banking products exposure of UBS AG consolidated was USD 1,112.5bn, i.e. USD 6.8bn, or 0.6%, higher than the
exposure of UBS Group AG consolidated.
›
Refer to the “Risk management and control” section of the UBS Group 30 June 2026 Interim Report, available under
“Quarterly reporting” at
ubs.com/investors
, for more information
›
Refer to “Comparison between UBS AG consolidated and UBS Group AG consolidated” in the “Introduction” section
of this report for more information about selected financial and capital information of UBS AG consolidated and
UBS Group AG consolidated
UBS AG 30 June 2026 Interim Report |
Risk and capital management | Capital management 10
Capital management
The disclosures in this section are provided for UBS AG on a consolidated basis and focus on information in
accordance with the Basel III framework, as applicable to Swiss systemically relevant banks (SRBs). They should be
read in conjunction with the “Capital management” section of the UBS AG Annual Report 2025, available under
“Annual reporting” at
ubs.com/investors
, which provides more information about relevant capital management
objectives, planning and activities, as well as the Swiss SRB total loss-absorbing capacity framework, on a UBS AG
consolidated basis.
In Switzerland, the amendments to the Capital Adequacy Ordinance (the CAO) that incorporate the final Basel III
standards into Swiss law, including the new ordinances containing the implementing provisions for the revised CAO,
entered into force on 1 January 2025.
UBS AG contributes a significant portion of capital to, and provides substantial liquidity to, its subsidiaries. Many of
these subsidiaries are subject to regulations requiring compliance with minimum capital, liquidity and similar
requirements.
›
Refer to the UBS Group and significant regulated subsidiaries and sub-groups 30 June 2026 Pillar 3 Report, which
will be available as of 14 August 2026 under “Pillar 3 disclosures” at
ubs.com/investors
, for more information about
additional regulatory disclosures for UBS Group AG on a consolidated basis, as well as the significant regulated
subsidiaries and sub-groups of UBS Group AG
Swiss SRB going and gone concern requirements and information
As of 30.6.26
RWA
LRD
USD m, except where indicated
in %
in %
Required going concern capital
Total going concern capital
1
1
Common equity tier 1 capital
2
3
of which: minimum capital
of which: buffer capital
of which: countercyclical buffer
Maximum additional tier 1 capital
2
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
4
of which: high-trigger loss-absorbing additional tier 1 capital
Required gone concern capital
Total gone concern loss-absorbing capacity
5,6,7
of which: base requirement including add-ons for market share and LRD
8
8
Eligible gone concern capital
Total gone concern loss-absorbing capacity
9
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 1.90% for risk-weighted assets (RWA) and 0.58% for leverage ratio denominator (LRD). For the RWA-based requirement, the add-on includes 0.86% for market share, 0.79% for
LRD, 0.23% reflecting a Pillar 2 capital add-on for the residual exposure (after collateral mitigation) to hedge funds, private equity and family offices, effective 1 January 2025, and 1 basis point reflecting a Pillar 2
capital add-on of USD 40m related to the supply chain finance funds matter at Credit Suisse. For the LRD-based requirement, the add-on includes 0.30% for market share and 0.28% for LRD. 2 Includes the Pillar 2
add-on for the residual exposure (after collateral mitigation) to hedge funds, private equity and family offices of 0.17% for CET1 capital and 0.07% for AT1 capital, effective 1 January 2025. For AT1 capital under
Pillar 1 requirements a maximum of 4.3% of AT1 capital can be used to meet going concern requirements; 4.37% includes the aforementioned Pillar 2 capital add-on. 3 Our CET1 leverage ratio requirement of
3.58% consists of a 1.5% base requirement, a 1.5% base buffer capital requirement, a 0.28% LRD add-on requirement and a 0.30% market share add-on requirement based on our Swiss credit business. 4 UBS
meets its minimum going concern capital requirements with CET1 capital and AT1 capital. As UBS exceeds its minimum going concern requirements, the actual available and eligible AT1 capital is above the AT1
capital used to meet the minimum requirements (which is capped at 4.37% as explained in footnote 2 above). 5 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. 6 Systemically important banks (SIBs) are subject to base gone concern capital
requirements equivalent to 75% of the total going concern requirements (excluding countercyclical buffer requirements and the Pillar 2 add-ons). 7 FINMA has the authority to impose a surcharge of up to 25% of
the total going concern capital requirements (excluding countercyclical buffer requirements and the Pillar 2 add-ons) should obstacles to an SIB’s resolvability be identified in future resolvability assessments. 8 Includes
applicable add-ons of 1.24% for RWA and 0.43% for LRD. 9 Includes an add-back of 45% of unrealized gains from financial assets measured at fair value through other comprehensive income. Such gains do not
qualify as CET1 capital, but 45% of these gains can be recognized as gone concern capital.
UBS AG 30 June 2026 Interim Report |
Risk and capital management | Capital management 11
UBS AG, on a consolidated basis, is subject to the going and gone concern requirements of the Swiss CAO, which
include additional requirements applicable to Swiss SRBs. The table above provides the risk-weighted asset (RWA)-
and leverage ratio denominator (LRD)-based requirements and information as of 30 June 2026.
UBS AG and UBS Switzerland AG are subject to going and gone concern requirements on a standalone basis.
On a standalone basis as of 30 June 2026, UBS AG’s fully applied common equity tier 1 capital ratio was 14.4%.
Additional capital information for UBS AG standalone will be provided in the UBS Group and significant regulated
subsidiaries and sub-groups 30 June 2026 Pillar 3 Report, which will be available as of 14 August 2026 under
“Pillar 3 disclosures” at
ubs.com/investors
.
Total loss-absorbing capacity
The table below provides Swiss SRB going and gone concern information based on the Swiss SRB framework and
requirements that are discussed in the “Capital management” section of the UBS AG Annual Report 2025, available
under “Annual reporting” at
ubs.com/investors
.
Swiss SRB going and gone concern information
USD m, except where indicated
30.6.26
31.3.26
31.12.25
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
of which: low-trigger loss-absorbing additional tier 1 capital
Eligible gone concern capital
Total gone concern loss-absorbing capacity
1
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
1 Includes an add-back of 45% of unrealized gains from financial assets measured at fair value through other comprehensive income. Such gains do not qualify as CET1 capital, but 45% of these gains can be
recognized as gone concern capital.
UBS AG 30 June 2026 Interim Report |
Risk and capital management | Capital management 12
UBS AG vs UBS Group AG consolidated loss-absorbing capacity and leverage information
Swiss SRB going and gone concern information (UBS AG vs UBS Group AG consolidated)
As of 30.6.26
USD m, except where indicated
UBS AG
(consolidated)
UBS Group AG
(consolidated)
Difference
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
1
TLAC-eligible senior 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
1 Includes an add-back of 45% of unrealized gains from financial assets measured at fair value through other comprehensive income. Such gains do not qualify as CET1 capital, but 45% of these gains can be
recognized as gone concern capital.
UBS AG 30 June 2026 Interim Report |
Risk and capital management | Capital management 13
Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital (UBS AG vs UBS
Group AG consolidated)
As of 30.6.26
USD m
UBS AG
(consolidated)
UBS Group AG
(consolidated)
Difference
Total equity under IFRS Accounting Standards
Equity attributable to non-controlling interests
Defined benefit plans, net of tax
Deferred tax assets recognized for tax loss carry-forwards
Deferred tax assets for unused tax credits
Deferred tax assets on temporary differences, excess over threshold
Goodwill, net of tax
Intangible assets, net of tax
Compensation-related components (not recognized in net profit)
Expected losses on advanced internal ratings-based portfolio less provisions
Unrealized (gains) / losses from cash flow hedges, net of tax
Own credit related to (gains) / losses on financial liabilities measured at fair value that existed at the balance sheet date,
net of tax
Own credit related to (gains) / losses on derivative financial instruments that existed at the balance sheet date
Prudential valuation adjustments
Accruals for dividends to shareholders for 2025
1
Accruals for expected dividends to shareholders for 2026
Existing capital reserve for expected future share repurchases in 2026
New capital reserve for expected future share repurchases
Other
Total common equity tier 1 capital
1 Reflects the appropriation of USD 4,500m to a special dividend reserve, approved at the 2026 Annual General Meeting in April 2026. The decision on the distribution of the special dividend is intended to be made
at an Extraordinary General Meeting in the second half of 2026 and is subject to UBS AG meeting its capital requirements on a standalone and consolidated level, and further visibility on the deliberations by the
Swiss Parliament on the capitalization of foreign subsidiaries.
›
Refer to “Comparison between UBS AG consolidated and UBS Group AG consolidated” in the “Introduction” section
of this report for more information about the differences between UBS AG consolidated and UBS Group AG
consolidated
›
Refer to the “Capital management” section of the UBS Group 30 June 2026 Interim Report, available under
“Quarterly reporting” at
ubs.com/investors
, for information about the developments of loss-absorbing capacity,
RWA and LRD for UBS Group AG consolidated
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements 14
Consolidated financial
statements
Unaudited
Table of contents
UBS AG interim consolidated financial
statements (unaudited)
15
Income statement
16
Statement of comprehensive income
17
Balance sheet
18
Statement of changes in equity
19
Statement of cash flows
Notes to the UBS AG interim consolidated financial
statements (unaudited)
20
1
Basis of accounting
21
2
Segment reporting
22
3
Net interest income
22
4
Net fee and commission income
23
5
Other income
23
6
Personnel expenses
23
7
General and administrative expenses
24
8
Expected credit loss measurement
30
9
Fair value measurement
36
10
Derivative instruments
37
11
Other assets and liabilities
38
12
Funding from UBS Group AG measured at amortized cost
38
13
Debt issued designated at fair value
38
14
Debt issued measured at amortized cost
39
15
Provisions and contingent liabilities
44
16
Supplemental guarantor information
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | UBS AG interim consolidated financial statements (unaudited) 15
UBS AG interim consolidated
financial statements (unaudited)
Income statement
Year-to-date
USD m
Note
30.6.26
30.6.25
Interest income from financial instruments measured at amortized cost and fair value through
other comprehensive income
3
Interest expense from financial instruments measured at amortized cost
3
(11,661 )
(13,715 )
Net interest income from financial instruments measured at fair value through profit or loss and other
3
Net interest income
3
Other net income from financial instruments measured at fair value through profit or loss
Fee and commission income
4
Fee and commission expense
4
(1,516 )
(1,303 )
Net fee and commission income
4
Other income
5
Total revenues
Credit loss expense / (release)
8
Personnel expenses
6
General and administrative expenses
7
Depreciation, amortization and impairment of non-financial assets
Operating expenses
Operating profit / (loss) before tax
Tax expense / (benefit)
(32 )
Net profit / (loss)
Net profit / (loss) attributable to non-controlling interests
Net profit / (loss) attributable to shareholders
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | UBS AG interim consolidated financial statements (unaudited) 16
Statement of comprehensive income
Year-to-date
USD m
30.6.26
30.6.25
Comprehensive income attributable to shareholders
Net profit / (loss)
Other comprehensive income that may be reclassified to the income statement
Foreign currency translation
Foreign currency translation movements related to net assets of foreign operations, before tax
(847 )
Effective portion of changes in fair value of hedging instruments designated as net investment hedges, before tax
(2,330 )
Foreign currency translation differences on foreign operations reclassified to the income statement
(5 )
(1 )
Effective portion of changes in fair value of hedging instruments designated as net investment hedges reclassified to
the income statement
Income tax relating to foreign currency translations, including the effect of net investment hedges
(12 )
(5 )
Subtotal foreign currency translation, net of tax
(626 )
Financial assets measured at fair value through other comprehensive income
Net unrealized gains / (losses), before tax
(27 )
(7 )
Net realized (gains) / losses reclassified to the income statement from equity
Income tax relating to net unrealized gains / (losses)
(6 )
Subtotal financial assets measured at fair value through other comprehensive income, net of tax
(33 )
(7 )
Cash flow hedges of interest rate risk
Effective portion of changes in fair value of derivative instruments designated as cash flow hedges, before tax
(870 )
Net (gains) / losses reclassified to the income statement from equity
Income tax relating to cash flow hedges
(256 )
Subtotal cash flow hedges, net of tax
(436 )
Cost of hedging
Cost of hedging, before tax
(1 )
Income tax relating to cost of hedging
Subtotal cost of hedging, net of tax
(1 )
Total other comprehensive income that may be reclassified to the income statement, net of tax
(1,096 )
Other comprehensive income that will not be reclassified to the income statement
Defined benefit plans
Gains / (losses) on defined benefit plans, before tax
(102 )
Income tax relating to defined benefit plans
(9 )
Subtotal defined benefit plans, net of tax
(77 )
Own credit on financial liabilities designated at fair value
Gains / (losses) from own credit on financial liabilities designated at fair value, before tax
Income tax relating to own credit on financial liabilities designated at fair value
(4 )
Subtotal own credit on financial liabilities designated at fair value, net of tax
Total other comprehensive income that will not be reclassified to the income statement, net of tax
Total other comprehensive income
(919 )
Total comprehensive income attributable to shareholders
Comprehensive income attributable to non-controlling interests
Net profit / (loss)
Total other comprehensive income that will not be reclassified to the income statement, net of tax
Total comprehensive income attributable to non-controlling interests
Total comprehensive income
Net profit / (loss)
Other comprehensive income
(909 )
of which: other comprehensive income that may be reclassified to the income statement
(1,096 )
of which: other comprehensive income that will not be reclassified to the income statement
Total comprehensive income
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | UBS AG interim consolidated financial statements (unaudited) 17
Balance sheet
USD m
Note
30.6.26
31.12.25
Assets
Cash and balances at central banks
Amounts due from banks
8
Receivables from securities financing transactions measured at amortized cost
8
Cash collateral receivables on derivative instruments
10
Loans and advances to customers
8
Other financial assets measured at amortized cost
11
Total financial assets measured at amortized cost
Financial assets at fair value held for trading
9
of which: assets pledged as collateral that may be sold or repledged by counterparties
Derivative financial instruments
9, 10
Brokerage receivables
9
Financial assets at fair value not held for trading
9
Total financial assets measured at fair value through profit or loss
Financial assets measured at fair value through other comprehensive income
9
Investments in associates
Property, equipment and software
Goodwill and intangible assets
Deferred tax assets
Other non-financial assets
11
Total assets
Liabilities
Amounts due to banks
Payables from securities financing transactions measured at amortized cost
Cash collateral payables on derivative instruments
10
Customer deposits
Funding from UBS Group AG measured at amortized cost
12
Debt issued measured at amortized cost
14
Other financial liabilities measured at amortized cost
11
Total financial liabilities measured at amortized cost
Financial liabilities at fair value held for trading
9
Derivative financial instruments
9, 10
Brokerage payables designated at fair value
9
Debt issued designated at fair value
9, 13
Other financial liabilities designated at fair value
9, 11
Total financial liabilities measured at fair value through profit or loss
Provisions
15
Other non-financial liabilities
11
Total liabilities
Equity
Share capital
Share premium
Retained earnings
(1,750 )
(2,147 )
Other comprehensive income recognized directly in equity, net of tax
Equity attributable to shareholders
Equity attributable to non-controlling interests
Total equity
Total liabilities and equity
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | UBS AG interim consolidated financial statements (unaudited) 18
Statement of changes in equity
USD m
Share
capital and
share
premium
Retained
earnings
OCI recognized
directly in
equity,
net of tax
1
of which:
foreign
currency
translation
of which:
financial
assets
measured
at fair
value
through
OCI
of which:
cash flow
hedges
of which:
cost of
hedging
Total equity
attributable to
shareholders
Balance as of 1 January 2026
2
(2,147 )
(1,339 )
(44 )
Premium on shares issued and warrants exercised
(3 )
3
(3 )
Tax (expense) / benefit
Dividends
(4,500 )
(4,500 )
Translation effects recognized directly in retained earnings
(8 )
(7 )
Share of changes in retained earnings of associates and joint ventures
(1 )
(1 )
New consolidations / (deconsolidations) and other increases / (decreases)
Total comprehensive income for the period
(1,096 )
(626 )
(33 )
(436 )
(1 )
of which: net profit / (loss)
of which: OCI, net of tax
(1,096 )
(626 )
(33 )
(436 )
(1 )
(919 )
Balance as of 30 June 2026
2
(1,750 )
(1,783 )
(45 )
Non-controlling interests as of 30 June 2026
Total equity as of 30 June 2026
Balance as of 1 January 2025
2
(2,585 )
(100 )
Premium on shares issued and warrants exercised
Tax (expense) / benefit
Dividends
(6,500 )
(6,500 )
Translation effects recognized directly in retained earnings
(50 )
(50 )
Share of changes in retained earnings of associates and joint ventures
(2 )
(2 )
New consolidations / (deconsolidations) and other increases / (decreases)
(89 )
(89 )
Total comprehensive income for the period
(7 )
of which: net profit / (loss)
of which: OCI, net of tax
(7 )
Balance as of 30 June 2025
2
(6 )
(1,527 )
(73 )
Non-controlling interests as of 30 June 2025
Total equity as of 30 June 2025
1 Excludes other comprehensive income related to defined benefit plans and own credit that is recorded directly in Retained earnings. 2 Excludes non-controlling interests. 3 Includes decreases related to recharges
by UBS Group AG for share-based compensation awards granted to employees of UBS AG or its subsidiaries.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | UBS AG interim consolidated financial statements (unaudited) 19
Statement of cash flows
Year-to-date
USD m
30.6.26
30.6.25
Cash flow from / (used in) operating activities
Net profit / (loss)
Non-cash items included in net profit and other adjustments
Depreciation, amortization and impairment of non-financial assets
Credit loss expense / (release)
Share of net (profit) / loss of associates and joint ventures and impairment related to associates
(110 )
(157 )
Deferred tax expense / (benefit)
(792 )
Net loss / (gain) from investing activities
(81 )
(14 )
Net loss / (gain) from financing activities
Other net adjustments
1
(30,564 )
Net change in operating assets and liabilities
1
Amounts due from banks and amounts due to banks
Receivables from securities financing transactions measured at amortized cost
(982 )
Payables from securities financing transactions measured at amortized cost
Cash collateral on derivative instruments
(6,822 )
(3,954 )
Loans and advances to customers
(19,083 )
(6,143 )
Customer deposits
(1,575 )
Financial assets and liabilities at fair value held for trading and derivative financial instruments
Brokerage receivables and payables
Financial assets at fair value not held for trading and other financial assets and liabilities
(1,029 )
(12,224 )
Provisions and other non-financial assets and liabilities
(2,880 )
Income taxes paid, net of refunds
(578 )
(1,237 )
Net cash flow from / (used in) operating activities
Cash flow from / (used in) investing activities
Purchase of subsidiaries, businesses, associates and intangible assets
(17 )
Disposal of subsidiaries, businesses, associates and intangible assets
2
3
Purchase of property, equipment and software
(983 )
(885 )
Disposal of property, equipment and software
Purchase of financial assets measured at fair value
4
(3,879 )
(7,175 )
Disposal and redemption of financial assets measured at fair value
4
Purchase of debt securities measured at amortized cost
(7,939 )
(14,792 )
Disposal and redemption of debt securities measured at amortized cost
Net cash flow from / (used in) investing activities
(1,050 )
(13,927 )
Cash flow from / (used in) financing activities
Net issuance (repayment) of short-term debt measured at amortized cost
Distributions paid on UBS AG shares
(4,500 )
(6,500 )
Issuance of debt designated at fair value and long-term debt measured at amortized cost
5
Repayment of debt designated at fair value and long-term debt measured at amortized cost
5
(79,547 )
(69,435 )
Inflows from securities financing transactions measured at amortized cost
6
Outflows from securities financing transactions measured at amortized cost
6
(1,561 )
Net cash flows from other financing activities
(358 )
(505 )
Net cash flow from / (used in) financing activities
(12,112 )
Total cash flow
Cash and cash equivalents at the beginning of the year
Net cash flow from / (used in) operating, investing and financing activities
(6,012 )
Effects of exchange rate differences on cash and cash equivalents
1
(3,867 )
Cash and cash equivalents at the end of the year
of which: cash and balances at central banks
7
of which: amounts due from banks
7
of which: money market paper
7,8
Additional information
Net cash flow from / (used in) operating activities includes:
Interest received in cash
Interest paid in cash
Dividends on equity investments, investment funds and associates received in cash
2
1 Foreign currency translation and foreign exchange effects on operating assets and liabilities and on cash and cash equivalents are presented within the Other net adjustments line, with the exception of foreign
currency hedge effects related to foreign exchange swaps, which are presented on the line Financial assets and liabilities at fair value held for trading and derivative financial instruments. 2 Includes dividends
received from associates. 3 Includes cash proceeds of USD
m from the sale of a
% interest in Swisscard. Refer to “Note 28 Changes in organization and acquisitions and disposals of subsidiaries and
businesses” in the “Consolidated financial statements” section of the UBS AG Annual Report 2025 for more information. 4 Includes cash flows in relation to financial assets measured at fair value through other
comprehensive income and financial assets measured at fair value through profit or loss. 5 Includes funding from UBS Group AG measured at amortized cost (recognized on the balance sheet in Funding from UBS
Group AG measured at amortized cost) and measured at fair value (recognized on the balance sheet in Other financial liabilities designated at fair value). 6 Reflects cash flows from securities financing transactions
measured at amortized cost that use UBS AG debt instruments as the underlying. 7 Includes only balances with an original maturity of three months or less. 8 Money market paper is included in the balance sheet
under Financial assets at fair value not held for trading (30 June 2026: USD
m; 30 June 2025: USD
m), Other financial assets measured at amortized cost (30 June 2026: USD
m; 30 June 2025:
USD
m), Financial assets measured at fair value through other comprehensive income (30 June 2026: USD
m; 30 June 2025: USD
m) and Financial assets at fair value held for trading (30 June 2026: USD
m;
30 June 2025: USD
m).
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 20
Notes to the UBS AG interim consolidated financial
statements (unaudited)
Note 1 Basis of accounting
Basis of preparation
The interim consolidated financial statements (the financial statements) of UBS AG and its subsidiaries (together,
UBS AG) for the six-month period ended 30 June 2026 are prepared in accordance with IFRS Accounting Standards,
as issued by the International Accounting Standards Board (the IASB), and are presented in US dollars. These interim
consolidated financial statements are prepared in accordance with IAS 34,
Interim Financial Reporting,
the consolidated balance sheet as of 30 June 2026 and the related consolidated statements of income,
comprehensive income, changes in equity and cash flows for the six-month period ended 30 June 2026, as well as
accompanying explanatory notes.
In preparing these interim consolidated financial statements, the same accounting policies and methods of
computation have been applied as in the UBS AG consolidated annual financial statements for the period ended
31 December 2025, except for changes described in this Note. These interim consolidated financial statements are
unaudited and should be read in conjunction with: the audited consolidated financial statements in the UBS AG
Annual Report 2025; the “Management report” sections of the UBS Group 30 June 2026 Interim Report,
specifically the disclosures in the “UBS Group performance, business divisions and Group Items” section regarding
the O’Connor business exit and the sale of UBS AG’s interest in Swisscard AECS GmbH; and the information about
these transactions disclosed in the UBS Group first quarter 2026 report. In the opinion of management, all necessary
adjustments have been made for a fair presentation of UBS AG’s financial position, results of operations and cash
flows.
Preparation of these interim consolidated financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosures of contingent
assets and liabilities. These estimates and assumptions are based on the best available information. Actual results
in the future could differ from such estimates and differences may be material to the financial statements. Revisions
to estimates, based on regular reviews, are recognized in the period in which they occur. For more information
about areas of estimation uncertainty that are considered to require critical judgment, refer to “Note 1a Material
accounting policies” in the “Consolidated financial statements” section of the UBS AG Annual Report 2025.
Change in interim reporting
Starting from 2026, UBS AG publishes semi-annual interim financial reports that include interim consolidated
financial statements as of and for the six-month period ending 30 June, prepared in accordance with IAS 34. The
income statement, the statement of comprehensive income, the statement of changes in equity and the statement
of cash flows and related information in this report are presented on the basis of the six-month periods ended
30 June 2026 and 30 June 2025. The balance sheet and related information are presented as of 30 June 2026 and
31 December 2025.
From the first quarter of 2026 onward, UBS AG’s first- and third-quarter financial reports include consolidated
financial information that is no longer prepared in accordance with IAS 34. Instead, UBS AG publishes financial
information for those quarters that is prepared in accordance with UBS AG accounting policies, which are consistent
with IFRS Accounting Standards, but does not include all explanatory notes as required under IAS 34 and therefore
does not constitute an “interim financial report” as defined by IAS 34. This change was intended to improve
efficiency, while maintaining a high level of transparency for investors.
Amendments to IFRS 9,
Financial Instruments,
Financial Instruments: Disclosures
Effective from 1 January 2026, UBS AG has adopted the
Amendments to the Classification and Measurement of
Financial Instruments – Amendments to IFRS 9 and IFRS 7
assets and derecognition of financial instruments, including the introduction of an accounting policy election to
derecognize financial liabilities settled through electronic transfer systems before the settlement date, if certain
conditions are met. The Amendments also introduced new disclosure requirements for financial instruments with
contractual terms that can change the timing or amount of contractual cash flows, which UBS AG presents in
Note 12. The impact of the Amendments
on these interim consolidated financial statements was not material.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 21
Other amendments to IFRS Accounting Standards
The IASB has issued new IFRS Accounting Standards and a number of minor amendments to IFRS Accounting
Standards, effective from 1 January 2026 and later. These do not have or are not expected to have a material effect
on UBS AG when they are adopted.
Currency translation rates
The following table shows the rates of the main currencies used to translate the financial information of UBS AG’s
operations with a functional currency other than the US dollar into US dollars.
Currency translation rates
Closing exchange rate
Average rate
1
As of
For the quarter ended
Year-to-date
30.6.26
31.3.26
31.12.25
30.6.25
30.6.26
31.3.26
30.6.25
30.6.26
30.6.25
1 CHF
1 EUR
1 GBP
100 JPY
1 Monthly income statement items of operations with a functional currency other than the US dollar are translated into US dollars using month-end rates. Disclosed average rates for a quarter represent an average
of three month-end rates, weighted according to the income and expense volumes of all operations of UBS AG with the same functional currency for each month. Weighted -average rates for individual business
divisions may deviate from the weighted-average rates for UBS AG.
Note 2 Segment reporting
UBS AG’s business divisions are organized globally into five business divisions: Global Wealth Management,
Personal & Corporate Banking, Asset Management, the Investment Bank, and Non-core and Legacy. All five business
divisions are supported by Group Items and qualify as reportable segments for the purpose of segment reporting.
Together with Group Items they reflect the management structure of UBS AG.
›
Refer to the “Consolidated financial statements” section of the UBS AG Annual Report 2025 for more information
about UBS AG’s reporting segments
Segment reporting
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group
Items
UBS AG
For the six months ended 30 June 2026
Net interest income
(28 )
(1,040 )
(70 )
(643 )
Non-interest income
Total revenues
(350 )
Credit loss expense / (release)
(75 )
Operating expenses
Operating profit / (loss) before tax
(625 )
(849 )
Tax expense / (benefit)
Net profit / (loss)
As of 30 June 2026
Total assets
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group
Items
UBS AG
For the six months ended 30 June 2025
Net interest income
(35 )
(1,559 )
(134 )
(737 )
Non-interest income
Total revenues
(21 )
(116 )
Credit loss expense / (release)
(1 )
Operating expenses
Operating profit / (loss) before tax
(1,519 )
(663 )
Tax expense / (benefit)
(32 )
Net profit / (loss)
As of 31 December 2025
Total assets
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 22
Note 3 Net interest income
Net interest income
Year-to-date
USD m
30.6.26
30.6.25
Interest income from loans and deposits
1
Interest income from securities financing transactions measured at amortized cost
2
Interest income from other financial instruments measured at amortized cost
Interest income from debt instruments measured at fair value through other comprehensive income
Interest income from derivative instruments designated as cash flow hedges
(358 )
(672 )
Total interest income from financial instruments measured at amortized cost and fair value through other comprehensive income
Interest expense on loans and deposits
3
Interest expense on securities financing transactions measured at amortized cost
4
Interest expense on debt issued and funding from UBS Group AG measured at amortized cost
Interest expense on lease liabilities
Total interest expense from financial instruments measured at amortized cost
Total net interest income from financial instruments measured at amortized cost and fair value through other comprehensive income
(177 )
Net interest income from financial instruments measured at fair value through profit or loss and other
Total net interest income
1 Consists of interest income from cash and balances at central banks, amounts due from banks, and cash collateral receivables on derivative instruments, as well as negative interest on amounts due to banks,
customer deposits, and cash collateral payables on derivative instruments. 2 Includes interest income on receivables from securities financing transactions and negative interest, including fees, on payables from
securities financing transactions. 3 Consists of interest expense on amounts due to banks, cash collateral payables on derivative instruments, and customer deposits, as well as negative interest on cash and balances
at central banks, amounts due from banks, and cash collateral receivables on derivative instruments. 4 Includes interest expense on payables from securities financing transactions and negative interest, including
fees, on receivables from securities financing transactions.
Note 4 Net fee and commission income
Net fee and commission income
Year-to-date
USD m
30.6.26
30.6.25
Underwriting fees
M&A and corporate finance fees
Brokerage fees
Portfolio management, investment fund and related services fees
1
Other
Total fee and commission income
2
of which: recurring
of which: transaction-based
of which: performance-based
Fee and commission expense
3
Net fee and commission income
of which: recurring net fee and commission income
of which: Global Wealth Management
of which: Personal & Corporate Banking
of which: Asset Management
of which: transaction-based net fee and commission income
of which: Global Wealth Management
of which: Personal & Corporate Banking
of which: Asset Management
of which: performance-based net fee and commission income
of which: Asset Management
1 Fees for portfolio management and related services and investment fund fees are presented on a combined basis. Comparative-period information has been aligned with the information presented for the six-month
period ended 30 June 2026. This category includes fees earned on portfolio management mandates with clients and management and performance fees earned on UBS-managed funds and third-party-managed
funds. 2 For the six-month period ended 30 June 2026 reflects third-party fee and commission income of USD
m for Global Wealth Management, USD
m for Personal & Corporate Banking, USD
m
for Asset Management, USD
m for the Investment Bank, USD
m for Non-core and Legacy, and USD
m for Group Items (for the six-month period ended 30 June 2025: USD
m for Global Wealth
Management, USD
m for Personal & Corporate Banking, USD
m for Asset Management, USD
m for the Investment Bank, USD
m for Non-core and Legacy, USD
m for Group Items). 3 Includes
brokerage expense for the six-month period ended 30 June 2026 of USD
m (for the six-month period ended 30 June 2025: USD
m).
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 23
Note 5 Other income
Other income
Year-to-date
USD m
30.6.26
30.6.25
Associates, joint ventures and subsidiaries
Net gains / (losses) from acquisitions and disposals of subsidiaries
1
(9 )
2
Net gains / (losses) from disposals of investments in associates and joint ventures
3
Share of net profit / (loss) of associates and joint ventures
4
Total
Income from properties
5
Net gains / (losses) from properties held for sale
(28 )
Income from shared services provided to UBS Group AG or its subsidiaries
Other
(22 )
(23 )
Total other income
1 Includes foreign exchange gains / (losses) reclassified from other comprehensive income related to the disposal or closure of foreign operations. 2 Includes a loss of USD
m recognized upon completion of the
sale of the US mortgage servicing business of Credit Suisse, Select Portfolio Servicing, which was managed in Non-core and Legacy. Refer to “Note 28 Changes in organization and acquisitions and disposals of
subsidiaries and businesses” in the “Consolidated financial statements” section of the UBS AG Annual Report 2025 for more information. 3 Represents a gain related to the sale of UBS AG’s
% interest in
Swisscard AECS GmbH (Swisscard), a joint venture in Switzerland between UBS AG and American Express Swiss Holdings GmbH (American Express), to American Express, which was managed in Personal & Corporate
Banking. Refer to “Note 28 Changes in organization and acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial statements” section of the UBS AG Annual Report 2025 for more
information. 4 Includes a gain of USD
m related to UBS AG’s share of the income recorded by Swisscard for the sale of the Credit Suisse card portfolios to UBS AG. Refer to “Note 28 Changes in organization and
acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial statements” section of the UBS AG Annual Report 2025 for more information. 5 Includes rent received from third parties.
Note 6 Personnel expenses
Personnel expenses
Year-to-date
USD m
30.6.26
30.6.25
Salaries and variable compensation
1
of which: variable compensation – financial advisors
2
Contractors
Social security
Post-employment benefit plans
Other personnel expenses
Total personnel expenses
1 Includes role-based allowances. 2 Financial advisor compensation mainly consists of cash compensation, determined using a formulaic approach based on production, and deferred awards. It also includes expenses
related to compensation commitments with financial advisors entered into at the time of recruitment that are subject to vesting requirements.
Note 7 General and administrative expenses
General and administrative expenses
Year-to-date
USD m
30.6.26
30.6.25
Outsourcing costs
Technology costs
Consulting, legal and audit fees
Real estate and logistics costs
Market data services
Marketing and communication
Travel and entertainment
Litigation, regulatory and similar matters
1
Other
2
of which: shared services costs charged by UBS Group AG or its subsidiaries
Total general and administrative expenses
1 Reflects the net increase / (decrease) in provisions for litigation, regulatory and similar matters recognized in the income statement, as well as recoveries from third parties or other UBS Group entities. Refer to
Note 15b for more information. 2 Includes a USD
m expense related to the payment to Swisscard for the sale of the Credit Suisse card portfolios to UBS AG. Refer to “Note 28 Changes in organization and
acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial statements” section of the UBS AG Annual Report 2025 for more information.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 24
Note 8 Expected credit loss measurement
a) Credit loss expense / release
Total net credit loss expenses in the first six months of 2026 were USD
m, reflecting USD
m net expenses
related to performing positions and USD
m net expenses on credit-impaired positions.
Net expected credit loss expenses on the performing portfolio were mainly driven by post-model adjustments of
USD
m in the corporate lending portfolio, mainly in the Investment Bank, reflecting current macroeconomic and
geopolitical uncertainty.
Net credit loss expenses of USD
m were recognized for credit-impaired positions and included a USD
m
release following the repayment of a corporate lending exposure, of which USD
m was in Non-core and Legacy
and USD
m in the Investment Bank. The effect of this release was more than offset by net credit loss expenses,
primarily related to a small number of corporate counterparties across Personal & Corporate Banking, the
Investment Bank and Non-core and Legacy.
Credit loss expense / (release)
Performing positions
Credit-impaired positions
USD m
Stages 1 and 2
Stage 3
Total
Year-to-date 30.6.26
Global Wealth Management
(9 )
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
(75 )
(75 )
Group Items
Total
Year-to-date 30.6.25
Global Wealth Management
(10 )
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
(1 )
(1 )
Total
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 25
Note 8 Expected credit loss measurement (continued)
b) Changes to ECL models, scenarios and scenario weights
Scenarios and scenario weights
The expected credit loss (ECL) scenarios, along with their related macroeconomic factors and market data, were
reviewed in light of the economic and political conditions prevailing in the first half of 2026 through a series of
governance meetings, with input and feedback from UBS AG’s Risk and Finance experts across the business divisions
and regions.
UBS AG kept the scenarios and scenario weights in line with those applied in the UBS AG’s Annual Report 2025.
All of the scenarios have been updated based on the latest macroeconomic forecasts as of 30 June 2026. The
current scenario suite, together with the applied scenario weightings and the level of post-model adjustments, is
deemed appropriate to sufficiently capture prevailing macroeconomic and geopolitical uncertainties. The
assumptions on a calendar-year basis are included in the table below.
The baseline scenario was updated with the latest macroeconomic forecasts as of 30 June 2026.
Global growth
and inflation forecasts have been adjusted to reflect higher energy prices and related uncertainty. However, the
boom in AI has been providing a meaningful offset. In the US, growth is expected to be relatively resilient, and
inflation is expected to peak in the second half of 2026, reflecting the lasting effects of the conflict-related pressure
in the supply chain. In the Eurozone, the outlook is more challenging, with Germany and Italy particularly exposed.
Swiss GDP outlook is below trend, affected by the negative spillovers from the Eurozone.
Compared with the January 2026 baseline, US GDP growth projections for 2026 and 2027 have been revised
slightly upward. Stronger-than-expected economic performance in the beginning of the year more than offset the
negative effects of higher energy prices. In the Eurozone the Iran conflict has contributed to lower growth and
higher inflation, and in Switzerland GDP growth is also slightly weaker and inflation slightly higher in 2026 than in
the January baseline. Equity forecasts for 2026 have been revised upward across developed economies. The revision
for European stocks reflects the improved earnings outlook at the beginning of 2026, while US stocks have been
supported by strong technology-sector results. Oil price forecasts for 2026 and 2027 have been adjusted upward
in 2026 and 2027 to reflect the situation in Iran.
The downside scenario set is unchanged, with global trade war remaining the binding scenario and moderate
stagflation crisis the secondary downside scenario. While the underlying narratives remain unchanged, brent oil
price assumptions for 2026 and 2027 were recalibrated to reflect recent geopolitical developments and the ongoing
conflicts in the Middle East, resulting in a higher energy price profile.
Comparison of shock factors
Baseline
Key parameters
2025
2026
2027
Real GDP growth (annual percentage change)
US
Eurozone
Switzerland
Unemployment rate (%, annual average)
US
Eurozone
Switzerland
Fixed income: 10-year government bonds (%, Q4)
USD
EUR
CHF
Real estate (annual percentage change, Q4)
US
Eurozone
Switzerland
Economic scenarios and weights applied
Assigned weights in %
ECL scenario
30.6.26
31.12.25
30.6.25
Asset price appreciation
Baseline
Moderate stagflation crisis
Global trade war
Mild stagflation crisis
Global crisis
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 26
Note 8 Expected credit loss measurement (continued)
c) ECL-relevant balance sheet and off-balance sheet positions including ECL allowances and provisions
The following tables provide information about financial instruments and certain non-financial instruments that are
subject to ECL requirements. For amortized-cost instruments, the carrying amount represents the maximum
exposure to credit risk, taking into account the allowance for credit losses. Financial assets measured at fair value
through other comprehensive income (FVOCI) are also subject to ECL; however, unlike amortized-cost instruments,
the allowance for credit losses for FVOCI instruments does not reduce the carrying amount of these financial assets.
Instead, the carrying amount of financial assets measured at FVOCI represents the maximum exposure to credit risk.
No purchased credit-impaired financial assets were recognized in the first half of 2026. Originated credit-impaired
financial assets were not material and are not presented in the table below.
In addition to recognized financial assets, certain off-balance sheet financial instruments and other credit lines are
also subject to ECL. The maximum exposure to credit risk for off-balance sheet financial instruments is calculated
based on notional amounts.
ECL-relevant balance sheet and off-balance sheet positions
USD m
30.6.26
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
(271 )
(271 )
Amounts due from banks
(3 )
(3 )
Receivables from securities financing transactions measured at amortized cost
(1 )
(1 )
Cash collateral receivables on derivative instruments
Loans and advances to customers
(3,162 )
(365 )
(286 )
(2,511 )
of which: Private clients with mortgages
(148 )
(41 )
(23 )
(84 )
of which: Real estate financing
(89 )
(26 )
(26 )
(37 )
of which: Large corporate clients
(767 )
(104 )
(101 )
(562 )
of which: SME clients
(1,445 )
(92 )
(86 )
(1,267 )
of which: Lombard
(74 )
(5 )
(69 )
of which: Credit cards
(53 )
(7 )
(13 )
(33 )
of which: Commodity trade finance
(141 )
(9 )
(131 )
of which: Ship / aircraft financing
(11 )
(7 )
(4 )
of which: Consumer financing
(171 )
(29 )
(25 )
(118 )
Other financial assets measured at amortized cost
(138 )
(31 )
(15 )
(91 )
of which: Loans to financial advisors
(35 )
(4 )
(1 )
(31 )
Total financial assets measured at amortized cost
(3,576 )
(398 )
(576 )
(2,603 )
Financial assets measured at fair value through other comprehensive income
Total on-balance sheet financial assets in scope of ECL requirements
(3,576 )
(398 )
(576 )
(2,603 )
Notional exposure
ECL provisions
Off-balance sheet (in scope of ECL)
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Guarantees
(76 )
(16 )
(24 )
(37 )
of which: Large corporate clients
(21 )
(8 )
(7 )
(6 )
of which: SME clients
(41 )
(4 )
(15 )
(22 )
of which: Financial intermediaries and hedge funds
(1 )
(1 )
of which: Lombard
(2 )
(2 )
of which: Commodity trade finance
Irrevocable loan commitments
(293 )
(119 )
(83 )
(91 )
of which: Large corporate clients
(264 )
(98 )
(80 )
(85 )
Forward starting reverse repurchase and securities borrowing agreements
Committed unconditionally revocable credit lines
(68 )
(53 )
(14 )
of which: Real estate financing
(4 )
(5 )
of which: Large corporate clients
(13 )
(8 )
(4 )
of which: SME clients
(33 )
(25 )
(7 )
of which: Lombard
2
of which: Credit cards
(9 )
(7 )
(2 )
Irrevocable committed prolongation of existing loans
(6 )
(5 )
(1 )
Total off-balance sheet financial instruments and other credit lines
(443 )
(192 )
(122 )
(128 )
Total allowances and provisions
(4,019 )
(590 )
(698 )
(2,731 )
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Committed unconditionally revocable credit lines decreased by
USD
bn, primarily in Global Wealth Management and mainly driven by certain Lombard facilities becoming uncommitted either following changes to certain contractual terms in the course of client account
migrations or by a refinement of UBS’s definition of a commitment.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 27
Note 8 Expected credit loss measurement (continued)
ECL-relevant balance sheet and off-balance sheet positions
USD 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
(262 )
(262 )
Amounts due from banks
(14 )
(9 )
(5 )
Receivables from securities financing transactions measured at amortized cost
(1 )
(1 )
Cash collateral receivables on derivative instruments
Loans and advances to customers
(3,236 )
(352 )
(271 )
(2,613 )
of which: Private clients with mortgages
(134 )
(44 )
(18 )
(72 )
of which: Real estate financing
(68 )
(26 )
(30 )
(12 )
of which: Large corporate clients
(1,009 )
(117 )
(94 )
(798 )
of which: SME clients
(1,305 )
(80 )
(81 )
(1,144 )
of which: Lombard
(130 )
(6 )
(124 )
of which: Credit cards
(48 )
(7 )
(12 )
(29 )
of which: Commodity trade finance
(136 )
(8 )
(128 )
of which: Ship / aircraft financing
(17 )
(9 )
(8 )
of which: Consumer financing
(167 )
(19 )
(24 )
(123 )
Other financial assets measured at amortized cost
(122 )
(29 )
(9 )
(84 )
of which: Loans to financial advisors
(34 )
(3 )
(1 )
(30 )
Total financial assets measured at amortized cost
(3,635 )
(392 )
(546 )
(2,697 )
Financial assets measured at fair value through other comprehensive income
Total on-balance sheet financial assets in scope of ECL requirements
(3,635 )
(392 )
(546 )
(2,697 )
Total exposure
ECL provisions
Off-balance sheet (in scope of ECL)
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Guarantees
(50 )
(15 )
(22 )
(13 )
of which: Large corporate clients
(17 )
(7 )
(6 )
(4 )
of which: SME clients
(24 )
(5 )
(15 )
(4 )
of which: Financial intermediaries and hedge funds
(1 )
(1 )
of which: Lombard
(2 )
(1 )
of which: Commodity trade finance
(1 )
(1 )
Irrevocable loan commitments
(227 )
(114 )
(77 )
(36 )
of which: Large corporate clients
(184 )
(91 )
(72 )
(20 )
Forward starting reverse repurchase and securities borrowing agreements
Unconditionally revocable loan commitments
(67 )
(51 )
(16 )
of which: Real estate financing
(3 )
(5 )
of which: Large corporate clients
(15 )
(7 )
(6 )
(2 )
of which: SME clients
(31 )
(24 )
(7 )
of which: Lombard
of which: Credit cards
(9 )
(7 )
(2 )
Irrevocable committed prolongation of existing loans
(3 )
(3 )
Total off-balance sheet financial instruments and other credit lines
(347 )
(184 )
(115 )
(49 )
Total allowances and provisions
(3,982 )
(575 )
(661 )
(2,746 )
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 28
Note 8 Expected credit loss measurement (continued)
The table below provides information about the exposures subject to ECL and the ECL coverage ratio for UBS AG’s
core loan portfolios (i.e.
Loans and advances to customers
) and relevant off-balance
sheet exposures.
Cash and balances at central banks
,
Amounts due from banks
,
Receivables from securities financing
transactions
,
Cash collateral receivables on derivative instruments
Financial assets measured at fair value through
other comprehensive income
ECL coverage ratios are calculated by dividing ECL allowances and provisions by the gross carrying amount of the
corresponding on-balance sheet exposures or by the notional amount of the off-balance sheet exposures.
The overall coverage ratio for performing positions increased by
Compared with 31 December 2025, the coverage ratio for performing positions related to real estate lending (on-
balance sheet) was unchanged at
corporate lending (on-balance sheet) increased by
Coverage ratios for core loan portfolio
30.6.26
Gross carrying amount (USD m)
ECL coverage (bps)
On-balance sheet
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
Private clients with mortgages
Real estate financing
Total real estate lending
Large corporate clients
SME clients
Total corporate lending
Lombard
Credit cards
Commodity trade finance
Ship / aircraft financing
Consumer financing
Other loans and advances to customers
Loans to financial advisors
Total other lending
Total
1
Notional exposure (USD m)
ECL coverage (bps)
Off-balance sheet
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
Private clients with mortgages
Real estate financing
Total real estate lending
Large corporate clients
SME clients
Total corporate lending
Lombard
2
Credit cards
Commodity trade finance
Ship / aircraft financing
Consumer financing
Financial intermediaries and hedge funds
Other off-balance sheet commitments
Total other lending
Total
3
Total on- and off-balance sheet
4
1 Includes Loans and advances to customers and Loans to financial advisors, which are presented on the balance sheet line Other financial assets measured at amortized cost. 2 Committed unconditionally revocable
credit lines decreased by USD
bn, primarily in Global Wealth Management and mainly driven by certain Lombard facilities becoming uncommitted either following changes to certain contractual terms in the
course of client account migrations or by a refinement of UBS’s definition of a commitment. 3 Excludes Forward starting reverse repurchase and securities borrowing agreements. 4 Includes on-balance sheet
exposure, gross and off-balance sheet exposure (notional) and the related ECL coverage ratio (bps).
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 29
Note 8 Expected credit loss measurement (continued)
Coverage ratios for core loan portfolio
31.12.25
Gross carrying amount (USD m)
ECL coverage (bps)
On-balance sheet
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
Private clients with mortgages
Real estate financing
Total real estate lending
Large corporate clients
SME clients
Total corporate lending
Lombard
Credit cards
Commodity trade finance
Ship / aircraft financing
Consumer financing
Other loans and advances to customers
Loans to financial advisors
Total other lending
Total
1
Gross exposure (USD m)
ECL coverage (bps)
Off-balance sheet
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
Private clients with mortgages
Real estate financing
Total real estate lending
Large corporate clients
SME clients
Total corporate lending
Lombard
Credit cards
Commodity trade finance
Ship / aircraft financing
Consumer financing
Financial intermediaries and hedge funds
Other off-balance sheet commitments
Total other lending
Total
2
Total on- and off-balance sheet
3
1 Includes Loans and advances to customers and Loans to financial advisors, which are presented on the balance sheet line Other financial assets measured at amortized cost. 2 Excludes Forward starting reverse
repurchase and securities borrowing agreements. 3 Includes on-balance sheet exposure, gross and off-balance sheet exposure (notional) and the related ECL coverage ratio (bps).
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 30
Note 9 Fair value measurement
a) Fair value hierarchy
The fair value hierarchy classification of financial and non-financial assets and liabilities measured at fair value is
summarized in the table below.
During the first six months of 2026, assets and liabilities that were transferred from Level 2 to Level 1, or from
Level 1 to Level 2, and were held for the entire reporting period were not material.
Determination of fair values from quoted market prices or valuation techniques
1
30.6.26
31.12.25
USD m
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial assets measured at fair value on a recurring basis
Financial assets at fair value held for trading
of which: Equity instruments
of which: Government bills / bonds
of which: Investment fund units
of which: Corporate and municipal bonds
of which: Loans
of which: Asset-backed securities
Derivative financial instruments
of which: Foreign exchange
of which: Interest rate
of which: Equity / index
of which: Credit
of which: Commodities
Brokerage receivables
Financial assets at fair value not held for trading
of which: Financial assets for unit-linked investment contracts
of which: Corporate and municipal bonds
of which: Government bills / bonds
of which: Loans
of which: Securities financing transactions
of which: Asset-backed securities
of which: Auction rate securities
of which: Investment fund units
of which: Equity instruments
Financial assets measured at fair value through other comprehensive income on a recurring basis
Financial assets measured at fair value through other comprehensive income
of which: Government bills / bonds
of which: Commercial paper and certificates of deposit
of which: Corporate and municipal bonds
Non-financial assets measured at fair value on a recurring basis
Precious metals and other physical commodities
Non-financial assets measured at fair value on a non-recurring basis
Other non-financial assets
2
Total assets measured at fair value
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 31
Note 9 Fair value measurement (continued)
Determination of fair values from quoted market prices or valuation techniques (continued)
1
30.6.26
31.12.25
USD m
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial liabilities measured at fair value on a recurring basis
Financial liabilities at fair value held for trading
of which: Equity instruments
of which: Corporate and municipal bonds
of which: Government bills / bonds
of which: Investment fund units
Derivative financial instruments
of which: Foreign exchange
of which: Interest rate
of which: Equity / index
of which: Credit
of which: Commodities
of which: Loan commitments measured at FVTPL
Financial liabilities designated at fair value on a recurring basis
Brokerage payables designated at fair value
Debt issued designated at fair value
Other financial liabilities designated at fair value
of which: Financial liabilities related to unit-linked investment contracts
of which: Securities financing transactions
of which: Funding from UBS Group AG
of which: Over-the-counter debt instruments
and others
Total liabilities measured at fair value
1 Bifurcated embedded derivatives are presented on the same balance sheet lines as their host contracts and are not included in this table. The fair value of these derivatives was not material for the periods presented.
2 Other non-financial assets primarily consist of properties and other non-current assets held for sale, which are measured at the lower of their net carrying amount or fair value less costs to sell.
b) Valuation adjustments
The table below summarizes the changes in deferred day-1 profit or loss reserves during the relevant period.
Deferred day-1 profit or loss is generally released into
Other net income from financial instruments measured at fair
value through profit or loss
observable or when the transaction is closed out.
Deferred day-1 profit or loss reserves
Year-to-date
USD m
30.6.26
30.6.25
Reserve balance at the beginning of the period
Profit / (loss) deferred on new transactions
(Profit) / loss recognized in the income statement
(166 )
(135 )
Foreign currency translation
(2 )
Reserve balance at the end of the period
The table below summarizes other valuation adjustment reserves recognized on the balance sheet.
Other valuation adjustment reserves on the balance sheet
As of
USD m
30.6.26
31.12.25
Own credit adjustments on financial liabilities designated at fair value
1
(1,424 )
(1,733 )
of which: debt issued designated at fair value
(779 )
(1,014 )
of which: other financial liabilities designated at fair value
(645 )
(719 )
Credit valuation adjustments
2
(24 )
(29 )
Funding and debit valuation adjustments
(70 )
(50 )
Other valuation adjustments
(741 )
(740 )
of which: liquidity
(508 )
(523 )
of which: model uncertainty
(233 )
(217 )
1 Own credit adjustments on financial liabilities designated at fair value includes amounts for TLAC notes. 2 Amount does not include reserves against defaulted counterparties.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 32
Note 9 Fair value measurement (continued)
c) Level 3 instruments: valuation techniques and inputs
The table below presents material Level 3 assets and liabilities, together with the valuation techniques used to
measure fair value, as well as the inputs used in a given valuation technique that are considered significant as of
30 June 2026 and unobservable, and a range of values for those unobservable inputs.
The range of values represents the highest- and lowest-level inputs used in the valuation techniques. Therefore, the
range does not reflect the level of uncertainty regarding a particular input or an assessment of the reasonableness of
UBS AG’s estimates and assumptions, but rather the different underlying characteristics of the relevant assets and
liabilities held by UBS AG.
The significant unobservable inputs disclosed in the table below are consistent with those included in “Note 20 Fair
value measurement” in the “Consolidated financial statements” section of the UBS AG Annual Report 2025.
Valuation techniques and inputs used in the fair value measurement of Level 3 assets and liabilities
Fair value
Significant unobservable
input(s)
1
Range of inputs
Assets
Liabilities
Valuation technique(s)
30.6.26
31.12.25
USD bn
30.6.26
31.12.25
30.6.26
31.12.25
low
high
weighted
average
2
low
high
weighted
average
2
unit
1
Financial assets and liabilities at fair value held for trading and Financial assets at fair value not held for trading
Corporate and municipal
bonds
Relative value to
market comparable
Bond price equivalent
points
Loans at fair value (held for
trading and not held for
trading) and guarantees
3
Relative value to
market comparable
Loan price equivalent
points
Discounted expected
cash flows
Credit spread
basis
points
Market comparable
and securitization
model
Credit spread
basis
points
Investment fund units
4
Relative value to
market comparable
Net asset value
Equity instruments
4
Relative value to
market comparable
Price
Securities financing
transactions
Discounted expected
cash flows
Funding spread
basis
points
Debt issued designated at
fair value and Other
financial liabilities
designated at fair value
3
Derivative financial instruments
Interest rate
Option model
Volatility of interest rates
basis
points
Credit
Discounted expected
cash flows
Credit spreads
basis
points
Recovery rates
%
Option model
Recovery rates
%
Equity / index
Option model
Equity dividend yields
%
Volatility of equity stocks,
equity and other indices
%
Equity-to-FX correlation
(65 )
(65 )
%
Equity-to-equity correlation
(10 )
%
Loan commitments
measured at FVTPL
Relative value to
market comparable
Loan price equivalent
points
1 The ranges of significant unobservable inputs are represented in points, percentages and basis points. Points are a percentage of par (e.g. 100 points would be 100% of par). 2 Weighted averages are provided
for most non-derivative financial instruments and were calculated by weighting inputs based on the fair values of the respective instruments. Weighted averages are not provided for inputs related to Securities
financing transactions and Derivative financial instruments, as this would not be meaningful. 3 Excludes securities financing transactions. Debt issued designated at fair value and Other financial liabilities designated
at fair value primarily consists of UBS AG structured notes, which include variable maturity notes with various equity and foreign exchange underlying risks, as well as rates-linked and credit-linked notes, all of which
have embedded derivative parameters that are considered to be unobservable. The derivative instrument parameters for debt issued designated at fair value, embedded derivatives for over-the-counter debt instruments
reported under Other financial liabilities designated at fair value and funded derivatives reported under Loans at fair value (held for trading and not held for trading) are presented in the corresponding derivative
financial instruments lines in this table. 4 The range of inputs is not disclosed, as there is a dispersion of values given the diverse nature of the investments.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 33
Note 9 Fair value measurement (continued)
d) Level 3 instruments: sensitivity to changes in unobservable input assumptions
The table below summarizes those financial assets and liabilities classified as Level 3 for which a change in one or
more of the unobservable inputs to reflect reasonably possible alternative assumptions would change fair value
significantly, and the estimated effect thereof.
The sensitivity data shown below presents an estimation of valuation uncertainty based on reasonably possible
alternative values for Level 3 inputs at the balance sheet date and does not represent the estimated effect of stress
scenarios. Typically, these financial assets and liabilities are sensitive to a combination of inputs from Levels 1–3.
Although well-defined interdependencies may exist between Level 1 / 2 parameters and Level 3 parameters (e.g.
between interest rates, which are generally Level 1 or Level 2, and prepayments, which are generally Level 3), these
have not been incorporated in the table. Furthermore, direct interrelationships between the Level 3 parameters are
not a significant element of the valuation uncertainty.
Sensitivity of fair value measurements to changes in unobservable input assumptions
1
30.6.26
31.12.25
USD m
Favorable
changes
Unfavorable
changes
Favorable
changes
Unfavorable
changes
Loans at fair value (held for trading and not held for trading) and guarantees
2
(49 )
(67 )
Securities financing transactions
(22 )
(8 )
Auction rate securities
(4 )
Asset-backed securities
(15 )
(15 )
Equity instruments
3
(194 )
(389 )
Investment fund units
(181 )
(206 )
Loan commitments measured at FVTPL
(26 )
(25 )
Interest rate derivatives, net
(24 )
(23 )
Credit derivatives, net
(49 )
(55 )
Foreign exchange derivatives, net
(5 )
(6 )
Equity / index derivatives, net
(705 )
(570 )
Other
(119 )
(83 )
Total
(1,389 )
(1,452 )
1 Sensitivity of issued and over-the-counter debt instruments is reported with the equivalent derivative or Other. 2 Sensitivity of funded derivatives is reported under equivalent derivatives. 3 Sensitivity decreased
due to refinements applied in estimating valuation uncertainty.
e) Level 3 instruments: movements during the period
The table below presents additional information about material Level 3 assets and liabilities measured at fair value
on a recurring basis. Level 3 assets and liabilities may be hedged with instruments classified as Level 1 or Level 2 in
the fair value hierarchy and, as a result, realized and unrealized gains and losses included in the table may not
include the effect of related hedging activity. Furthermore, the realized and unrealized gains and losses presented
in the table are not limited solely to those arising from Level 3 inputs, as valuations are generally derived from both
observable and unobservable parameters.
Assets and liabilities transferred into or out of Level 3 are presented as if those assets or liabilities had been
transferred on 1 January 2026.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 34
Note 9 Fair value measurement (continued)
Movements of Level 3 instruments
USD bn
Balance at
the
beginning
of the period
Net gains /
losses
included in
compre-
hensive
income
1
of which:
related to
instruments
held at the
end of the
period
Purchases
Sales
Issuances
Settlements
Transfers
into
Level 3
Transfers
out of
Level 3
Foreign
currency
translation
Balance at
the end
of the
period
For the six months ended 30 June 2026
2
Financial assets at fair value held for
trading
(0.0 )
(0.0 )
(0.7 )
(0.4 )
(0.2 )
(0.0 )
of which: Equity instruments
(0.0 )
(0.0 )
(0.3 )
(0.0 )
(0.0 )
(0.0 )
of which: Corporate and municipal
bonds
(0.0 )
(0.0 )
(0.2 )
(0.2 )
(0.0 )
of which: Loans
(0.3 )
(0.4 )
(0.0 )
(0.0 )
Derivative financial instruments – assets
(0.8 )
(0.7 )
(0.0 )
of which: Interest rate
(0.1 )
(0.4 )
of which: Equity / index
(0.7 )
(0.3 )
(0.0 )
of which: Credit
(0.1 )
(0.0 )
(0.0 )
(0.0 )
(0.0 )
Financial assets at fair value not held
for trading
(0.1 )
(1.0 )
(0.2 )
(0.0 )
of which: Loans
(0.5 )
(0.2 )
(0.0 )
of which: Auction rate securities
(0.0 )
(0.2 )
of which: Equity instruments
(0.0 )
(0.0 )
(0.0 )
of which: Investment fund units
(0.0 )
(0.0 )
(0.1 )
(0.0 )
(0.0 )
(0.0 )
of which: Asset-backed securities
(0.0 )
(0.0 )
(0.0 )
(0.0 )
(0.0 )
Derivative financial instruments –
liabilities
(1.5 )
(0.5 )
(0.0 )
of which: Interest rate
(0.2 )
(0.1 )
(0.0 )
of which: Equity / index
(1.3 )
(0.4 )
(0.0 )
of which: Credit
(0.0 )
(0.0 )
(0.0 )
(0.0 )
of which: Loan commitments
measured at FVTPL
(0.0 )
(0.0 )
Debt issued designated at fair value
(0.0 )
(2.3 )
(2.4 )
(0.1 )
Other financial liabilities designated at
fair value
(0.6 )
(0.0 )
(0.0 )
For the six months ended 30 June 2025
Financial assets at fair value held for
trading
(0.0 )
(0.1 )
(1.1 )
(0.4 )
(0.1 )
of which: Equity instruments
(0.0 )
(0.0 )
(0.0 )
(0.0 )
(0.0 )
of which: Corporate and municipal
bonds
(0.0 )
(0.0 )
(0.4 )
(0.0 )
(0.1 )
of which: Loans
(0.0 )
(0.5 )
(0.3 )
(0.0 )
Derivative financial instruments – assets
(0.0 )
(0.0 )
(0.9 )
(0.3 )
of which: Interest rate
(0.0 )
(0.2 )
(0.0 )
(0.1 )
of which: Equity / index
(0.2 )
(0.2 )
(0.3 )
(0.2 )
of which: Credit
(0.0 )
(0.3 )
(0.1 )
Financial assets at fair value not held
for trading
(0.3 )
(0.8 )
(0.1 )
of which: Loans
(0.0 )
(0.7 )
(0.0 )
of which: Auction rate securities
of which: Equity instruments
(0.1 )
(0.0 )
(0.0 )
of which: Investment fund units
(0.1 )
(0.0 )
of which: Asset-backed securities
(0.0 )
(0.0 )
(0.1 )
(0.0 )
Derivative financial instruments –
liabilities
(0.0 )
(1.0 )
(0.6 )
of which: Interest rate
(0.0 )
(0.1 )
(0.0 )
of which: Equity / index
(0.6 )
(0.5 )
of which: Credit
(0.0 )
(0.1 )
(0.2 )
(0.0 )
(0.0 )
of which: Loan commitments
measured at FVTPL
(0.0 )
(0.0 )
(0.0 )
(0.0 )
Debt issued designated at fair value
(1.7 )
(2.9 )
Other financial liabilities designated at
fair value
(0.1 )
(0.1 )
(0.0 )
(0.8 )
(0.0 )
1 Net gains / losses included in comprehensive income are recognized in Net interest income and Other net income from financial instruments measured at fair value through profit or loss in the Income statement,
and also in Gains / (losses) from own credit on financial liabilities designated at fair value, before tax in the Statement of comprehensive income. Of the USD
bn net losses (30 June 2025: USD
bn net gains) in
net gains / losses included in comprehensive income, USD
bn net losses (30 June 2025: USD
bn net gains) are recognized in the Income statement and USD
bn net gains (30 June 2025: USD
bn net gains)
are recognized in the Statement of comprehensive income in Gains / (losses) from own credit on financial liabilities designated at fair value, before tax. 2 Total Level 3 assets as of 30 June 2026 were USD
bn
(31 December 2025: USD
bn). Total Level 3 liabilities as of 30 June 2026 were USD
bn (31 December 2025: USD
bn).
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 35
Note 9 Fair value measurement (continued)
f) Financial instruments not measured at fair value
The table below reflects the estimated fair values of financial instruments not measured at fair value. Valuation
principles applied when determining fair value estimates for financial instruments not measured at fair value are
consistent with those described in “Note 20 Fair value measurement” in the “Consolidated financial statements”
section of the UBS AG Annual Report 2025.
Financial instruments not measured at fair value
30.6.26
31.12.25
USD bn
Carrying amount
Fair value
Carrying amount
Fair value
Assets
Cash and balances at central banks
Amounts due from banks
Receivables from securities financing transactions measured at amortized cost
Cash collateral receivables on derivative instruments
Loans and advances to customers
Other financial assets measured at amortized cost
Liabilities
Amounts due to banks
Payables from securities financing transactions measured at amortized cost
Cash collateral payables on derivative instruments
Customer deposits
Funding from UBS Group AG measured at amortized cost
Debt issued measured at amortized cost
Other financial liabilities measured at amortized cost
1
1 Excludes lease liabilities.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 36
Note 10
Derivative instruments
a) Derivative instruments
As of 30.6.26, USD bn
Derivative
financial
assets
Derivative
financial
liabilities
Notional amounts
1
Derivative financial instruments
Interest rate
Foreign exchange
Equity / index
Credit derivatives
Commodities
Others
2
Total derivative financial instruments, based on netting under IFRS Accounting Standards
3
Further netting potential not recognized on the balance sheet
4
(169.3 )
(180.4 )
of which: netting of recognized financial liabilities / assets
(142.1 )
(142.1 )
of which: netting with collateral received / pledged
(27.2 )
(38.3 )
Total derivative financial instruments, after consideration of further netting potential
As of 31.12.25, USD bn
Derivative financial instruments
Interest rate
Foreign exchange
Equity / index
Credit derivatives
Commodities
Others
2
Total derivative financial instruments, based on netting under IFRS Accounting Standards
3
Further netting potential not recognized on the balance sheet
4
(132.8 )
(139.3 )
of which: netting of recognized financial liabilities / assets
(110.3 )
(110.3 )
of which: netting with collateral received / pledged
(22.4 )
(29.0 )
Total derivative financial instruments, after consideration of further netting potential
1 In cases where derivative financial instruments are presented on a net basis on the balance sheet, the respective notional values of the netted derivative financial instruments are still presented on a gross basis.
Notional amounts of client-cleared ETD and OTC transactions through central clearing counterparties are not disclosed, as they have a significantly different risk profile. Includes other notional values related to
derivatives that are cleared through either a central counterparty or an exchange and settled on a daily basis. The fair value of these derivatives is presented on the balance sheet within Cash collateral receivables on
derivative instruments and Cash collateral payables on derivative instruments. 2 Includes Loan commitments measured at FVTPL, as well as unsettled purchases and sales of non-derivative financial instruments for
which the changes in the fair value between trade date and settlement date are recognized as derivative financial instruments. 3 Financial assets and liabilities are presented net on the balance sheet if UBS AG has
the unconditional and legally enforceable right to offset the recognized amounts, both in the normal course of business and in the event of default, bankruptcy or insolvency of UBS AG or its counterparties, and
intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. Refer to “Note 21 Offsetting financial assets and financial liabilities” in the “Consolidated financial statements”
section of the UBS AG Annual Report 2025 for more information. 4 Reflects the netting potential in accordance with enforceable master netting and similar arrangements where not all criteria for a net presentation
on the balance sheet have been met. Refer to “Note 21 Offsetting financial assets and financial liabilities” in the “Consolidated financial statements” section of the UBS AG Annual Report 2025 for more information.
b) Cash collateral on derivative instruments
USD bn
Receivables
30.6.26
Payables
30.6.26
Receivables
31.12.25
Payables
31.12.25
Cash collateral on derivative instruments, based on netting under IFRS Accounting Standards
1
Further netting potential not recognized on the balance sheet
2
(31.5 )
(19.3 )
(25.8 )
(17.5 )
of which: netting of recognized financial liabilities / assets
(29.7 )
(17.5 )
(24.1 )
(15.8 )
of which: netting with collateral received / pledged
(1.8 )
(1.8 )
(1.7 )
(1.7 )
Cash collateral on derivative instruments, after consideration of further netting potential
1 Financial assets and liabilities are presented net on the balance sheet if UBS AG has the unconditional and legally enforceable right to offset the recognized amounts, both in the normal course of business and in
the event of default, bankruptcy or insolvency of UBS AG or its counterparties, and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. 2 Reflects the netting potential
in accordance with enforceable master netting and similar arrangements where not all criteria for a net presentation on the balance sheet have been met. Refer to “Note 21 Offsetting financial assets and financial
liabilities” in the “Consolidated financial statements” section of the UBS AG Annual Report 2025 for more information.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 37
Note
11
Other assets and liabilities
a) Other financial assets measured at amortized cost
USD m
30.6.26
31.12.25
Debt securities
Loans to financial advisors
Fee- and commission-related receivables
Finance lease receivables
Settlement and clearing accounts
Accrued interest income
Other
1
Total other financial assets measured at amortized cost
1 Predominantly includes cash collateral provided to exchanges and clearing houses to secure securities trading activity through those counterparties.
b) Other non-financial assets
USD m
30.6.26
31.12.25
Precious metals and other physical commodities
Deposits and collateral provided in connection with litigation, regulatory and similar matters
1
Prepaid expenses
Current tax assets
VAT, withholding tax and other tax receivables
Properties and other non-current assets held for sale
Other
Total other non-financial assets
1 Refer to Note 15 for more information.
c) Other financial liabilities measured at amortized cost
USD m
30.6.26
31.12.25
Other accrued expenses
Accrued interest expenses
Settlement and clearing accounts
Lease liabilities
Other
Total other financial liabilities measured at amortized cost
d) Other financial liabilities designated at fair value
USD m
30.6.26
31.12.25
Financial liabilities related to unit-linked investment contracts
Securities financing transactions
Over-the-counter debt instruments and other
Funding from UBS Group AG
1
Total other financial liabilities designated at fair value
1 Funding from UBS Group AG consists of subordinated debt of UBS AG and its subsidiaries toward UBS Group AG. Subordinated debt consists of unsecured debt obligations that are contractually subordinated in
right of payment to all other present and future non-subordinated obligations of the respective issuing entity.
e) Other non-financial liabilities
USD m
30.6.26
31.12.25
Compensation-related liabilities
of which: net defined benefit liability
Current tax liabilities
Deferred tax liabilities
VAT, withholding tax and other tax payables
Deferred income
Other
Total other non-financial liabilities
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 38
Note
12
Funding from UBS Group AG measured at amortized cost
Funding from UBS Group AG measured at amortized cost
USD m
30.6.26
31.12.25
Debt contributing to total loss-absorbing capacity (TLAC)
Debt eligible as high-trigger loss-absorbing additional tier 1 capital instruments
Other
1
Total funding from UBS Group AG measured at amortized cost
2,3,4
1 Includes one high-trigger loss-absorbing additional tier 1 capital instrument that ceased to be eligible when UBS Group AG issued a notice of redemption in the first half year of 2026. 2 Includes USD
bn
(31 December 2025: USD
bn) of contingent capital instruments that are subject to equity conversion upon the occurrence of a contractual trigger event or a contractual viability event and USD
bn (31 December
2025: USD
bn) of contingent capital instruments that are subject to write-down upon the occurrence of a contractual trigger event or a contractual viability event, in each case without prejudice to FINMA's statutory
powers (refer to “Note 1 Summary of material accounting policies” in the “Consolidated financial statements” section of the UBS AG Annual Report 2025 for more information). The aforementioned contingent capital
instruments subject to write-down are financial instruments with contractual terms that can change the timing and amount of contractual cash flows and are required to be disclosed by new disclosure requirements
in IFRS 7, effective from 1 January 2026 (refer to Note 1). 3 Total funding from UBS Group AG measured at amortized cost consists of subordinated debt of UBS AG and its subsidiaries toward UBS Group AG.
Subordinated debt consists of unsecured debt obligations that are contractually subordinated in right of payment to all other present and future non-subordinated obligations of the respective issuing entity. All
instruments contributing to TLAC have been subordinated since 1 January 2020. 4 UBS AG has also recognized funding from UBS Group AG that is designated at fair value. Refer to Note 11d for more information.
Note
13
Debt issued designated at fair value
Debt Issued designated at Fair Value
USD m
30.6.26
31.12.25
Equity-linked
Rates-linked
Fixed-rate
Credit-linked
Commodity-linked
Other
Total debt issued designated at fair value
2
1 Includes investment fund unit-linked instruments issued. 2 As of 30 June 2026,
% of Total debt issued designated at fair value was unsecured (31 December 2025:
%).
Note
14
Debt issued measured at amortized cost
Debt issued measured at amortized cost
USD m
30.6.26
31.12.25
Short-term debt
Senior unsecured debt
Covered bonds
Subordinated debt
Debt issued through the Swiss central mortgage institutions
Other long-term debt
Long-term debt
Total debt issued measured at amortized cost
3,4
1 Predominantly consists of debt with an original contractual maturity of less than one year and mainly includes certificates of deposit and commercial paper. 2 Debt with an original contractual maturity greater
than or equal to one year. The classification of debt issued into short-term and long-term does not consider any early redemption features. 3 Net of bifurcated embedded derivatives, the fair value of which was
not material for the periods presented. 4 Except for Covered bonds (
% secured; 31 December 2025:
% secured), Debt issued through the Swiss central mortgage institutions (
% secured; 31 December
2025:
% secured) and Other long-term debt (
% secured; 31 December 2025:
% secured),
% of the balance was unsecured as of 30 June 2026 (31 December 2025:
% unsecured).
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 39
Note 15 Provisions and contingent liabilities
a) Provisions
The table below presents an overview of total provisions.
Overview of total provisions
USDm
30.6.26
31.12.25
Provisions other than provisions for expected credit losses
Provisions for expected credit losses
1
Total provisions
1 Refer to Note 8 for more information about ECL provisions recognized for off-balance sheet financial instruments and credit lines.
The table below presents additional information for provisions other than provisions for expected credit losses.
Additional information for provisions other than provisions for expected credit losses
USD m
Litigation,
regulatory and
similar matters
1
Restructuring
2
Real estate
3
Other
4
Total
Balance as of 31 December 2025
Increase in provisions recognized in the income statement
Release of provisions recognized in the income statement
(61 )
(54 )
(10 )
(32 )
(157 )
Provisions used in conformity with designated purpose
(451 )
(329 )
(8 )
(29 )
(818 )
Foreign currency translation and other movements
(10 )
(9 )
Balance as of 30 June 2026
1 Consists of provisions for losses resulting from legal, liability and compliance risks. 2 Mainly includes USD
m of personnel-related restructuring provisions as of 30 June 2026 (31 December 2025: USD
m),
USD
m of provisions for onerous contracts related to real estate as of 30 June 2026 (31 December 2025: USD
m) and USD
m of restructuring provisions for onerous contracts related to technology as of
30 June 2026 (31 December 2025: USD
m). 3 Mainly includes provisions for reinstatement costs with respect to leased properties. 4 Mainly includes provisions in relation to VAT, employee benefits and
operational risks.
Information about provisions and contingent liabilities with respect to litigation, regulatory and similar matters, as
a class, is included in part b). There are no material contingent liabilities associated with the other classes of
provisions.
b) Litigation, regulatory and similar matters
UBS operates in a legal and regulatory environment that exposes it to significant litigation and similar risks arising
from disputes and regulatory proceedings. As a result, UBS is involved in various disputes and legal proceedings,
including litigation, arbitration, and regulatory and criminal investigations. “UBS”, “we” and “our”, for purposes
of this Note, refer to UBS AG and / or one or more of its subsidiaries, as applicable.
Such matters are subject to many uncertainties, and the outcome and the timing of resolution are often difficult to
predict, particularly in the earlier stages of a case. There are also situations where UBS may enter into a settlement
agreement. This may occur in order to avoid the expense, management distraction or reputational implications of
continuing to contest liability, even for those matters for which UBS believes it should be exonerated. The
uncertainties inherent in all such matters affect the amount and timing of any potential outflows for both matters
with respect to which provisions have been established and other contingent liabilities. UBS makes provisions for
such matters brought against it when, in the opinion of management after seeking legal advice, it is more likely
than not that UBS has a present legal or constructive obligation as a result of past events, it is probable that an
outflow of resources will be required, and the amount can be reliably estimated. Where these factors are otherwise
satisfied, a provision may be established for claims that have not yet been asserted against UBS, but are nevertheless
expected to be, based on UBS’s experience with similar asserted claims. If any of those conditions is not met, such
matters result in contingent liabilities. If the amount of an obligation cannot be reliably estimated, a liability exists
that is not recognized even if an outflow of resources is probable. Accordingly, no provision is established even if
the potential outflow of resources with respect to such matters could be significant. Developments relating to a
matter that occur after the relevant reporting period, but prior to the issuance of the consolidated financial
statements, which affect management’s assessment of the provision for such matter (because, for example, the
developments provide evidence of conditions that existed at the end of the reporting period), are adjusting events
after the reporting period under IAS 10 and must be recognized in the consolidated financial statements for the
reporting period.
Specific litigation, regulatory and other matters are described below, including all such matters that management
considers to be material and others that management believes to be of significance to UBS due to potential
financial, reputational and other effects. The amount of damages claimed, the size of a transaction or other
information is provided where available and appropriate in order to assist users in considering the magnitude of
potential exposures. For additional disclosures relating to risks that may result in litigation, regulatory or similar
matters disclosed in this section, refer to the “Risk factors” section of the UBS AG Annual Report 2025.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 40
Note 15 Provisions and contingent liabilities (continued)
In the case of certain matters below, we state that we have established a provision, and for the other matters, we
make no such statement. When we make this statement and we expect disclosure of the amount of a provision to
prejudice seriously our position with other parties in the matter because it would reveal what UBS believes to be
the probable and reliably estimable outflow, we do not disclose that amount. In some cases we are subject to
confidentiality obligations that preclude such disclosure. With respect to the matters for which we do not state
whether we have established a provision, either: (a) we have not established a provision; or (b) we have established
a provision but expect disclosure of that fact to prejudice seriously our position with other parties in the matter
because it would reveal the fact that UBS believes an outflow of resources to be probable and reliably estimable.
With respect to certain litigation, regulatory and similar matters for which we have established provisions, we are
able to estimate the expected timing of outflows. However, the aggregate amount of the expected outflows for
those matters for which we are able to estimate expected timing is immaterial relative to our current and expected
levels of liquidity over the relevant time periods.
The aggregate amount provisioned for litigation, regulatory and similar matters as a class is disclosed in the
“Provisions” table in part a) above. UBS provides below an estimate of the aggregate liability for its litigation,
regulatory and similar matters as a class of contingent liabilities. Estimates of contingent liabilities are inherently
imprecise and uncertain as these estimates require UBS to make speculative legal assessments as to claims and
proceedings that involve unique fact patterns or novel legal theories, that have not yet been initiated or are at early
stages of adjudication, or as to which alleged damages have not been quantified by the claimants. Taking into
account these uncertainties and the other factors described herein, UBS estimates the future losses that could arise
from litigation, regulatory and similar matters disclosed below for which an estimate is possible, that are not covered
by existing provisions are in the range of USD
bn to USD
bn.
Litigation, regulatory and similar matters may also result in non-monetary penalties and consequences. Certain
resolutions or convictions of a crime could have material consequences for UBS. Resolution of regulatory
proceedings may require UBS to obtain waivers of regulatory disqualifications to maintain certain operations, may
entitle regulatory authorities to limit, suspend or terminate licenses and regulatory authorizations, and may permit
financial market utilities to limit, suspend or terminate UBS’s participation in such utilities. Failure to obtain such
waivers, or any limitation, suspension or termination of licenses, authorizations or participations, could have
material consequences for UBS.
In May 2025, Credit Suisse Services AG entered into a plea agreement with the DOJ relating to legacy Credit Suisse
accounts booked in Credit Suisse’s Swiss booking center and a non-prosecution agreement relating to legacy Credit
Suisse accounts booked in Credit Suisse’s Singapore booking center. These agreements include ongoing obligations
of UBS to provide information and cooperate with the DOJ.
Provisions for litigation, regulatory and similar matters, by business division and in Group Items
1
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-
core and
Legacy
2
Group Items
UBS AG
Balance as of 31 December 2025
Increase in provisions recognized in the income statement
Release of provisions recognized in the income statement
(48 )
(6 )
(1 )
(5 )
(61 )
Provisions used in conformity with designated purpose
(106 )
(7 )
(262 )
(76 )
(451 )
Foreign currency translation and other movements
(1 )
(6 )
Balance as of 30 June 2026
1 Provisions, if any, for the matters described in items 1 and 7 of this Note are recorded in Global Wealth Management. Provisions, if any, for the matters described in items 3, 4, 5 and 6 of this Note are recorded in
Non-core and Legacy. Provisions, if any, for the matters described in item 2 of this Note are allocated between the Investment Bank, Non-core and Legacy, and Group Items. 2 Includes a provision for the estimated
costs of UBS’s ongoing obligations with the US Department of Justice as described in this Note.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 41
Note 15 Provisions and contingent liabilities (continued)
1. Madoff
In relation to the Bernard L. Madoff Investment Securities LLC (BMIS) investment fraud, UBS AG, UBS (Luxembourg)
S.A. (now UBS Europe SE, Luxembourg branch) and certain other UBS subsidiaries were subject to inquiries by a
number of regulators, including the Swiss Financial Market Supervisory Authority (FINMA) and the Luxembourg
Commission de Surveillance du Secteur Financier. Those inquiries concerned two third-party funds established
under Luxembourg law, substantially all assets of which were with BMIS, as well as certain funds established in
offshore jurisdictions with either direct or indirect exposure to BMIS. These funds faced severe losses, and the
Luxembourg funds are in liquidation. The documentation establishing both funds identifies UBS entities in various
roles, including custodian, administrator, manager, distributor and promoter, and indicates that UBS employees
served as board members.
In 2009 and 2010, the liquidators of the two Luxembourg funds filed claims against UBS entities, non-UBS entities
and certain individuals, including current and former UBS employees, seeking amounts totaling approximately
EUR
bn, which includes amounts that the funds may be held liable to pay the trustee for the liquidation of BMIS
(BMIS Trustee).
A large number of alleged beneficiaries have filed claims against UBS entities (and non-UBS entities) for purported
losses relating to the Madoff fraud. The majority of these cases have been decided in favor of UBS or dismissed for
want of prosecution.
In the US, the BMIS Trustee filed claims against UBS entities, among others, in relation to the two Luxembourg
funds and one of the offshore funds. The total amount claimed against all defendants in these actions was not less
than USD
bn. In 2014, the US Supreme Court rejected the BMIS Trustee’s motion for leave to appeal decisions,
dismissing all claims against UBS defendants except those for the recovery of approximately USD
m of payments
alleged to be fraudulent conveyances and preference payments. Similar claims have been filed against Credit Suisse
entities seeking to recover redemption payments. In 2016, the bankruptcy court dismissed these claims against the
UBS entities and most of the Credit Suisse entities. In 2019, the Court of Appeals reversed the dismissal of the BMIS
Trustee’s remaining claims. The cases were remanded to the Bankruptcy Court for further proceedings.
2. Foreign exchange, LIBOR and benchmark rates, and other trading practices
Foreign-exchange-related civil litigation:
Putative class actions have been filed since 2013 in US federal courts and
in other jurisdictions against UBS, Credit Suisse and other banks on behalf of persons who engaged in foreign
currency transactions with the defendant banks. While many of these cases have concluded, UBS and Credit Suisse
continue to defend against several remaining matters. In one such case, Credit Suisse and UBS have entered into
agreements to settle all claims in a putative class action in Israel. Credit Suisse’s settlement received court approval
and is final. UBS’s settlement remains subject to court approval.
LIBOR and other benchmark-related civil litigation:
A number of putative class actions and other actions are pending
in the federal courts in New York against UBS and numerous other banks on behalf of parties who transacted in
certain interest rate benchmark-based derivatives. Also pending in the US and in other jurisdictions are a number
of other actions asserting losses related to various products whose interest rates were linked to LIBOR and other
benchmarks, including adjustable rate mortgages, preferred and debt securities, bonds pledged as collateral, loans,
depository accounts, investments and other interest-bearing instruments. The complaints alleged manipulation,
through various means, of certain benchmark interest rates, including USD LIBOR, Yen LIBOR, EURIBOR, CHF LIBOR,
and GBP LIBOR and seek unspecified compensatory and other damages under various legal theories. The CHF and
GBP LIBOR actions have concluded.
Putative class actions were filed in US federal district courts and subsequently consolidated in the US District Court
for the Southern District of New York (SDNY) relating to various transactions that referenced USD LIBOR. Following
various rulings, one class action with respect to transactions in over-the-counter instruments and several actions
brought by individual plaintiffs proceeded. In September 2025, the district court granted defendants’ motion for
summary judgment as to all remaining actions. Plaintiffs have appealed.
The Yen LIBOR/Euroyen TIBOR and EURIBOR actions have been dismissed. The plaintiffs have appealed the
dismissals. In August 2025, the Second Circuit affirmed in part and reversed in part the district court’s dismissal of
the complaint in the EURIBOR action, returning the action to the district court.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 42
Note 15 Provisions and contingent liabilities (continued)
Credit default swap auction litigation
:
In June 2021, Credit Suisse, along with other banks and entities, was named
in a putative class action filed in federal court in New Mexico alleging manipulation of credit default swap (CDS)
final auction prices. Defendants filed a motion to enforce a previous CDS class action settlement in the SDNY. In
January 2024, the SDNY ruled that, to the extent claims in the New Mexico action arise from conduct prior to
30 June 2014, those claims are barred by the SDNY settlement. The plaintiffs appealed and, in May 2025, the
Second Circuit affirmed the SDNY decision. Defendants filed a motion for judgment on the pleadings in December
2025.
With respect to additional matters and jurisdictions not encompassed by the settlements and orders referred to
above, UBS’s balance sheet at 30 June 2026 reflected a provision in an amount that UBS believes to be appropriate
under the applicable accounting standard. As in the case of other matters for which we have established provisions,
the future outflow of resources in respect of such matters cannot be determined with certainty based on currently
available information and accordingly may ultimately prove to be substantially greater (or may be less) than the
provision that we have recognized.
3. Mortgage-related matters
Credit Suisse affiliates are defendants in various civil litigation matters related to their roles as issuer, sponsor,
depositor, underwriter and/or servicer of RMBS transactions. These cases currently include repurchase actions by
RMBS trusts and/or trustees, in which plaintiffs generally allege breached representations and warranties in respect
of mortgage loans and failure to repurchase such mortgage loans as required under the applicable agreements.
The amounts disclosed below do not reflect actual realized plaintiff losses to date. Unless otherwise stated, these
amounts reflect the original unpaid principal balance amounts as alleged in these actions.
DLJ Mortgage Capital, Inc. (DLJ) is a defendant in New York State court in four actions: An action brought by Asset
Backed Securities Corporation Home Equity Loan Trust, Series 2006-HE7 alleges damages of not less than
USD
m. In December 2023, the trial court granted in part DLJ’s motion to dismiss, dismissing with prejudice all
notice-based claims. On appeal, the appellate court modified the trial court’s dismissal in April 2025 to reinstate
certain of plaintiff’s notice-based claims and otherwise dismissed plaintiff’s claims. Plaintiff has sought leave from
the New York Court of Appeals to further appeal the dismissal of certain of its claims. An action by Home Equity
Asset Trust, Series 2006-8, alleges damages of not less than USD
m. An action by Home Equity Asset Trust
2007-2 alleges damages of not less than USD
m. An action by CSMC Asset-Backed Trust 2007-NC1 does not
allege a damages amount.
4. ATA litigation
Since November 2014, a series of lawsuits have been filed against a number of banks, including Credit Suisse, in
the US District Court for the Eastern District of New York (EDNY) and the SDNY alleging claims under the United
States Anti-Terrorism Act (ATA) and the Justice Against Sponsors of Terrorism Act. The plaintiffs in each of these
lawsuits are, or are relatives of, victims of various terrorist attacks in Iraq and allege a conspiracy and/or aiding and
abetting based on allegations that various international financial institutions, including the defendants, agreed to
alter, falsify or omit information from payment messages that involved Iranian parties for the express purpose of
concealing the Iranian parties’ financial activities and transactions from detection by US authorities. The lawsuits
allege that this conduct has made it possible for Iran to transfer funds to Hezbollah and other terrorist organizations
actively engaged in harming US military personnel and civilians. In January 2023, the Second Circuit affirmed a
September 2019 ruling by the EDNY granting defendants’ motion to dismiss the first filed lawsuit. In October 2023,
the US Supreme Court denied plaintiffs’ petition for a writ of certiorari, and in September 2025 the EDNY denied
plaintiffs’ motion to vacate the judgment; the matter has concluded. Of the other seven cases, five are stayed and
the EDNY dismissed two of these cases in April 2026; the dismissals may be appealed by plaintiffs.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 43
Note 15 Provisions and contingent liabilities (continued)
5. Customer account matters
Several clients have alleged that a former relationship manager in Switzerland exceeded his investment authority,
resulting in excessive concentrations of certain exposures and investment losses. Following investigations and
criminal complaints, in February 2018, the former relationship manager was sentenced to five years in prison by
the Geneva criminal court and ordered to pay damages of approximately USD
m, a decision upheld on appeal.
Civil lawsuits have been initiated against Credit Suisse AG and / or certain affiliates in various jurisdictions, based
on the findings established in the criminal proceedings against the former relationship manager.
In Singapore, in 2024 in a now-concluded civil lawsuit, Credit Suisse Trust Limited was ordered to pay USD
m,
including interest and costs.
In Bermuda, in November 2025, the Judicial Committee of the Privy Council issued its final judgment on the appeal,
denying Credit Suisse Life (Bermuda) Ltd.’s appeal on liability, but partially granting its appeal concerning the
quantum of damages and directing the parties to recalculate damages.
In Switzerland, certain civil lawsuits have been commenced against Credit Suisse AG and UBS AG (as the successor
of Credit Suisse AG) in the Court of First Instance of Geneva since March 2023.
6. ETN-related litigation
Since March 2018, three class action complaints were filed in the SDNY on behalf of a putative class of purchasers
of VelocityShares Daily Inverse VIX Short-Term Exchange Traded Notes linked to the S&P 500 VIX Short-Term Futures
Index (XIV ETNs). The complaints have been consolidated and assert claims against Credit Suisse for violations of
various anti-fraud and anti-manipulation provisions of US securities laws arising from a decline in the value of XIV
ETNs in February 2018. On appeal from an order of the SDNY dismissing all claims, the Second Circuit issued an
order that reinstated a portion of the claims. In decisions in March 2023 and February 2025, the court granted class
certification for two of the three classes proposed by plaintiffs and denied class certification of the third proposed
class.
7. Credit Suisse anti-money laundering matters
In December 2020, the Swiss Office of the Attorney General brought charges against Credit Suisse AG and other
parties concerning the diligence and controls applied to a historical relationship with Bulgarian former clients who
are alleged to have laundered funds through Credit Suisse AG accounts. In June 2022, following a trial, Credit
Suisse AG was convicted in the Swiss Federal Criminal Court of certain historical organizational inadequacies in its
anti-money-laundering framework and ordered to pay a fine of CHF
m. In addition, the court seized certain client
assets in the amount of approximately CHF
m and ordered Credit Suisse AG to pay a compensatory claim in the
amount of approximately CHF
m. Credit Suisse AG appealed the decision to the Chamber of Appeals of the
Swiss Federal Criminal Court (Chamber of Appeals). Following the merger of UBS AG and Credit Suisse AG, UBS AG
confirmed the appeal. In November 2024, the Chamber of Appeals acquitted UBS AG and annulled the fine and
compensatory claim ordered by the first instance court. Subsequently, the Office of the Attorney General has
appealed the judgment to the Swiss Federal Supreme Court. UBS has also appealed, limited to the issue of whether
a successor entity by merger can be criminally liable for acts of the predecessor entity. In July 2025, the Swiss Federal
Supreme Court remanded the case back to the Chamber of Appeals for a full and reasoned judgment. In March
2026, the Chamber of Appeals issued a judgment again acquitting UBS AG. This judgment may be appealed by
the parties to the Swiss Federal Supreme Court. Separately, in November 2025, the Swiss Office of the Attorney
General filed criminal charges against UBS Group and UBS AG, as the successors to Credit Suisse Group AG and
Credit Suisse AG, respectively, alleging that Credit Suisse failed to maintain appropriate controls to detect and
prevent money laundering in connection with certain payments from accounts at Credit Suisse by parties associated
with Mozambique state enterprises for which Credit Suisse arranged loan financing between 2013 and 2016. In
April 2026, the court dismissed the proceedings, finding criminal liability could not be transferred from Credit Suisse
Group AG and Credit Suisse AG to UBS Group AG and UBS AG. The Attorney General has appealed.
UBS AG 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 44
Note 16 Supplemental guarantor information
In 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. Under the terms of the asset transfer agreement, UBS Switzerland AG assumed joint liability for contractual
obligations of UBS AG existing on the asset transfer date, including the full and unconditional guarantee of certain
SEC-registered debt securities issued by UBS AG. The joint liability of UBS Switzerland AG for contractual obligations
of UBS AG decreased in the first half of 2026 by USD
bn to USD
bn as of 30 June 2026. The decrease was
mainly driven by
contractual maturities.
UBS AG, together with UBS Group AG, has fully and unconditionally guaranteed the outstanding US Securities and
Exchange Commission (SEC)-registered debt securities of UBS Americas Inc., which as of 30 June 2026 consisted
of a single outstanding issuance with a notional amount of USD
m maturing in July 2032. UBS Americas Inc. is
an indirect, wholly owned subsidiary of UBS AG and became the issuer of the guaranteed securities upon the
merger of Credit Suisse (USA) LLC into UBS Americas Inc. on 2 February 2026. UBS AG assumed Credit Suisse AG’s
obligations under the guarantee as of 31 May 2024 (i.e. the date on which the merger of UBS AG and
Credit Suisse AG was completed). In accordance with the guarantee, if UBS Americas Inc. fails to make a timely
payment under the agreements governing such debt securities, the holders of the debt securities may demand
payment from either UBS Group AG or UBS AG, without first proceeding against UBS Americas Inc.
UBS AG 30 June 2026 Interim Report |
Appendix 45
Appendix
Alternative performance measures
An alternative performance measure (an APM) is a financial measure of historical or future financial performance,
financial position or cash flows other than a financial measure defined or specified in the applicable recognized
accounting standards or in other applicable regulations. A number of APMs are reported in the discussion of the
financial and operating performance of the external reports (annual, quarterly and other reports). APMs are used
to provide a more complete picture of operating performance and to reflect management’s view of the fundamental
drivers of the business results. The table below indicates where an APM also qualifies as a non-GAAP measure as
defined by US Securities and Exchange Commission (SEC) regulations. A definition of each APM, and non-GAAP
measure as applicable, the method used to calculate it and the information content are presented in alphabetical
order in the table below.
APM / non-GAAP label
Calculation
Information content / usefulness
Cost / income ratio (%)
Calculated as operating expenses divided by total
revenues.
This measure provides information about the
efficiency of the business by comparing operating
expenses with total revenues.
Cost / income ratio (underlying) (%)
(non-GAAP measure)
Calculated as operating expenses (underlying) (as
defined below) divided by total revenues (underlying)
(as defined below).
This measure provides information about the
efficiency of the business by comparing operating
expenses with total revenues, while excluding items
that management believes are not representative of
the underlying performance of the businesses.
Cost of credit risk (bps)
Calculated as total credit loss expense / (release)
(annualized for reporting periods shorter than
12 months) divided by the average balance of lending
assets for the reporting period, expressed in basis
points. Lending assets include the gross amounts of
Amounts due from banks and Loans and advances to
customers.
This measure provides information about the total
credit loss expense / (release) incurred in relation to
the average balance of gross lending assets for the
period.
Credit-impaired lending assets as a
percentage of total lending assets,
gross (%)
Calculated as credit-impaired lending assets divided
by total lending assets. Lending assets includes the
gross amounts of Amounts due from banks and
Loans and advances to customers. Credit-impaired
lending assets refers to the sum of stage 3 and
purchased credit-impaired positions.
This measure provides information about the
proportion of credit-impaired lending assets in the
overall portfolio of gross lending assets.
Credit-impaired loan portfolio as a
percentage of total loan portfolio,
gross (%)
– Global Wealth Management,
Personal & Corporate Banking
Calculated as credit-impaired loan portfolio divided by
total gross loan portfolio.
This measure provides information about the
proportion of the credit-impaired loan portfolio in the
total gross loan portfolio.
Customer deposit volumes (USD)
– Global Wealth Management
(non-GAAP measure)
Calculated as the sum of customer deposits and
brokerage payables.
This measure provides information about the volume
of customer deposits in Global Wealth Management.
Fee-generating assets (USD)
– Global Wealth Management
Calculated as the sum of discretionary and non-
discretionary wealth management portfolios
(mandate volume) and assets where generated
revenues are predominantly of a recurring nature, i.e.
mainly investment, mutual, hedge and private-market
funds where we have a distribution agreement,
including client commitments into closed-ended
private-market funds from the date that recurring
fees are charged. Assets related to our Global
Financial Intermediaries business are excluded, as are
assets of sanctioned clients.
This measure provides information about the volume
of invested assets that create a revenue stream,
whether as a result of the nature of the contractual
relationship with clients or through the fee structure
of the asset. An increase in the level of fee-generating
assets results in an increase in the associated revenue
stream. Assets of sanctioned clients are excluded from
fee-generating assets.
Gross margin on invested assets (bps)
– Asset Management
Calculated as total revenues (annualized for reporting
periods shorter than 12 months) divided by average
invested assets.
This measure provides information about the total
revenues of the business in relation to invested assets.
UBS AG 30 June 2026 Interim Report |
Appendix 46
APM / non-GAAP label
Calculation
Information content / usefulness
Integration-related expenses (USD)
(non-GAAP measure)
Generally include costs of internal staff and
contractors substantially dedicated to integration
activities, retention awards, redundancy costs,
incremental expenses from the shortening of useful
lives of property, equipment and software, and
impairment charges relating to these assets.
Classification as integration-related expenses does not
affect the timing of recognition and measurement of
those expenses or the presentation thereof in the
income statement. Integration-related expenses
incurred by Credit Suisse also included expenses
associated with restructuring programs that existed
prior to the acquisition.
This measure provides information about expenses
that are temporary, incremental and directly related to
the integration of Credit Suisse into UBS.
Invested assets (USD and CHF)
Calculated as the sum of managed fund assets,
managed institutional assets, discretionary and
advisory wealth management portfolios, fiduciary
deposits, time deposits, savings accounts, and wealth
management securities or brokerage accounts.
This measure provides information about the volume
of client assets managed by or deposited with UBS for
investment purposes.
Loan volumes (USD)
– Global Wealth Management
(non-GAAP measure)
Calculated as loans and advances to customers and
brokerage receivables, gross of expected credit losses.
This measure provides information about the loan
volumes in Global Wealth Management.
Net interest income (underlying) (USD)
– Global Wealth Management,
Personal & Corporate Banking
(non-GAAP measure)
Calculated by adjusting net interest income as
reported in accordance with IFRS Accounting
Standards for items that management believes are
not representative of the underlying performance of
the businesses.
This measure provides information about the amount
of net interest income, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Net interest margin (bps)
– Personal & Corporate Banking
Calculated as net interest income (annualized for
reporting periods shorter than 12 months) divided by
average loans.
This measure provides information about the
profitability of the business by calculating the
difference between the interest charged for lending
and the associated cost of funding, relative to loan
value.
Net management fees (USD)
– Asset Management
(non-GAAP measure)
Calculated as the total of transaction fees, fund
administration revenues (including net interest and
trading income from lending activities and foreign-
exchange hedging as part of the fund services
offering), distribution fees, incremental fund-related
expenses, gains or losses from seed money and co-
investments, funding costs, the negative pass-through
impact of third-party performance fees, and other
items that are not Asset Management’s performance
fees.
This measure provides information about the amount
of net management fees earned through managing
client assets.
Net new assets (USD)
– Global Wealth Management
Calculated as the net amount of inflows and outflows
of invested assets (as defined in UBS policy) recorded
during a specific period, plus interest and dividends.
Excluded from the calculation are movements due to
market performance, foreign exchange translation,
fees, and the effects on invested assets of strategic
decisions by UBS to exit markets or cease offering
services in a particular location, or those resulting
from new externally imposed regulations.
This measure provides information about the
development of invested assets during a specific
period as a result of net new asset flows, plus the
effect of interest and dividends.
Net new assets growth rate (%)
– Global Wealth Management
Calculated as the net amount of inflows and outflows
of invested assets (as defined in UBS policy) recorded
during a specific period (annualized for reporting
periods shorter than 12 months), plus interest and
dividends, divided by total invested assets at the
beginning of the period.
This measure provides information about the growth
of invested assets during a specific period as a result
of net new asset flows.
Net new deposit volumes (USD)
– Global Wealth Management
(non-GAAP measure)
Calculated as the net amount of inflows and outflows
of deposit volumes recorded during a specific period.
Deposits include customer deposits and customer
brokerage payables. Excluded from the calculation are
movements due to fair value measurement, foreign
exchange translation, accrued interest and fees, as
well as the effects on customer deposits of strategic
decisions by UBS to exit markets or cease offering
services in a particular location, or those resulting
from new externally imposed regulations.
This measure provides information about the
development of deposits during a specific period as a
result of net new deposit flows.
UBS AG 30 June 2026 Interim Report |
Appendix 47
APM / non-GAAP label
Calculation
Information content / usefulness
Net new deposits (USD and CHF)
– Personal & Corporate Banking
Calculated as the net amount of inflows and outflows
of customer deposits recorded during a specific
period. Excluded from the calculation are movements
due to fair value measurement, foreign exchange
translation, accrued interest and fees, as well as the
effects on customer deposits of strategic decisions by
UBS to exit markets or cease offering services in a
particular location, or those resulting from new
externally imposed regulations.
This measure provides information about the
development of deposits during a specific period as a
result of net new deposit flows.
Net new fee-generating assets (USD)
– Global Wealth Management
Calculated as the net amount of fee-generating asset
inflows and outflows, including dividend and interest
inflows into mandates and outflows from mandate
fees paid by clients during a specific period. Excluded
from the calculation are the effects on fee-generating
assets of strategic decisions by UBS to exit markets or
cease offering services in a particular location, or
those resulting from new externally imposed
regulations.
This measure provides information about the
development of fee-generating assets during a
specific period as a result of net flows, excluding
movements due to market performance and foreign
exchange translation, as well as the effects on fee-
generating assets of strategic decisions by UBS to exit
markets or cease offering services in a particular
location, or those resulting from new externally
imposed regulations.
Net new loan volumes (USD)
– Global Wealth Management
(non-GAAP measure)
Calculated as the net amount of originations,
drawdowns and repayments of loan volumes
recorded during a specific period. Loan volumes
include loans and advances to customers and
customer brokerage receivables. Excluded from the
calculation are allowances, movements due to fair
value measurement and foreign exchange translation,
as well as the effects on loans and advances to
customers of strategic decisions by UBS to exit
markets or cease offering services in a particular
location, or those resulting from new externally
imposed regulations.
This measure provides information about the
development of loan volumes during a specific period
as a result of net new loan volumes.
Net new loans (USD and CHF)
– Personal & Corporate Banking
Calculated as the net amount of originations,
drawdowns and repayments of loans and advances to
customers recorded during a specific period. Excluded
from the calculation are allowances, movements due
to fair value measurement and foreign exchange
translation, as well as the effects on loans and
advances to customers of strategic decisions by UBS
to exit markets or cease offering services in a
particular location, or those resulting from new
externally imposed regulations.
This measure provides information about the
development of loans during a specific period as a
result of net new loans.
Net new money (USD)
– Global Wealth Management,
Asset Management
Calculated as the net amount of inflows and outflows
of invested assets (as defined in UBS policy) recorded
during a specific period. Excluded from the calculation
are movements due to market performance, foreign
exchange translation, dividends, interest and fees, as
well as the effects on invested assets of strategic
decisions by UBS to exit markets or cease offering
services in a particular location, or those resulting
from new externally imposed regulations. Net new
money is not measured for Personal & Corporate
Banking.
This measure provides information about the
development of invested assets during a specific
period as a result of net new money flows.
Net profit growth (%)
Calculated as the change in net profit attributable to
shareholders from continuing operations between
current and comparison periods divided by net profit
attributable to shareholders from continuing
operations of the comparison period.
This measure provides information about profit
growth since the comparison period.
Operating expenses (underlying) (USD)
(non-GAAP measure)
Calculated by adjusting operating expenses as
reported in accordance with IFRS Accounting
Standards for items that management believes are
not representative of the underlying performance of
the businesses.
This measure provides information about the amount
of operating expenses, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Operating profit / (loss) before tax
(underlying) (USD)
(non-GAAP measure)
Calculated by adjusting operating profit / (loss) before
tax as reported in accordance with IFRS Accounting
Standards for items that management believes are
not representative of the underlying performance of
the businesses.
This measure provides information about the amount
of operating profit / (loss) before tax, while excluding
items that management believes are not
representative of the underlying performance of the
businesses.
Other revenues (USD and CHF)
– Global Wealth Management,
Personal & Corporate Banking
(non-GAAP measure)
Calculated by including other income as reported in
accordance with IFRS Accounting Standards, profit or
loss related to non-client derivative instruments and
profit or loss related to equity investments measured
at fair value through profit or loss.
This measure provides information about residual
business division revenues, after deduction of net
interest income, recurring net fee income and
transaction-based income.
UBS AG 30 June 2026 Interim Report |
Appendix 48
APM / non-GAAP label
Calculation
Information content / usefulness
Other revenues (underlying)
(USD and CHF)
– Global Wealth Management,
Personal & Corporate Banking
(non-GAAP measure)
Calculated by adjusting other revenues for items that
management believes are not representative of the
underlying performance of the businesses.
This measure provides information about the amount
of other revenues, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Pre-tax profit growth (%)
– Global Wealth Management,
Personal & Corporate Banking,
Asset Management,
the Investment Bank
Calculated as the change in net profit before tax
attributable to shareholders from continuing
operations between current and comparison periods
divided by net profit before tax attributable to
shareholders from continuing operations of the
comparison period.
This measure provides information about pre-tax
profit growth since the comparison period.
Pre-tax profit growth (underlying) (%)
– Global Wealth Management,
Personal & Corporate Banking,
Asset Management,
the Investment Bank
(non-GAAP measure)
Calculated as the change in underlying net profit
before tax attributable to shareholders from
continuing operations between current and
comparison periods divided by underlying net profit
before tax attributable to shareholders from
continuing operations of the comparison period.
Underlying net profit before tax attributable to
shareholders from continuing operations excludes
items that management believes are not
representative of the underlying performance of the
businesses and also excludes related tax impact.
This measure provides information about pre-tax
profit growth since the comparison period, while
excluding items that management believes are not
representative of the underlying performance of the
businesses.
Recurring net fee income
(USD and CHF)
– Personal & Corporate Banking
(non-GAAP measure)
Calculated as the total of fees for services provided on
an ongoing basis, such as portfolio management fees,
asset-based investment fund fees and custody fees,
which are generated on client assets, and
administrative fees for accounts.
This measure provides information about the amount
of recurring net fee income.
Return on attributed equity (%)
– Global Wealth Management,
Personal & Corporate Banking,
Asset Management,
the Investment Bank
Calculated as business division operating profit before
tax (annualized for reporting periods shorter than
12 months) divided by average attributed equity.
This measure provides information about the
profitability of the business divisions in relation to
attributed equity.
Return on attributed equity
(underlying) (%)
(non-GAAP measure)
Calculated as underlying business division operating
profit before tax (annualized for reporting periods
shorter than 12 months) (as defined above) divided by
average attributed equity.
This measure provides information about the
profitability of the business divisions in relation to
attributed equity, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Return on common equity tier 1 capital
(%)
Calculated as net profit attributable to shareholders
(annualized for reporting periods shorter than
12 months) divided by average common equity tier 1
capital.
This measure provides information about the
profitability of the business in relation to common
equity tier 1 capital.
Return on common equity tier 1 capital
(underlying) (%)
(non-GAAP measure)
Calculated as underlying net profit attributable to
shareholders (annualized for reporting periods shorter
than 12 months) divided by average common equity
tier 1 capital. Underlying net profit attributable to
shareholders excludes items that management
believes are not representative of the underlying
performance of the businesses and also excludes
related tax impact.
This measure provides information about the
profitability of the business in relation to common
equity tier 1 capital, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Return on equity (%)
Calculated as net profit attributable to shareholders
(annualized for reporting periods shorter than
12 months) divided by average equity attributable to
shareholders.
This measure provides information about the
profitability of the business in relation to equity.
Return on tangible equity (%)
Calculated as net profit attributable to shareholders
(annualized for reporting periods shorter than
12 months) divided by average equity attributable to
shareholders less average goodwill and intangible
assets.
This measure provides information about the
profitability of the business in relation to tangible
equity.
Return on tangible equity (underlying)
(%)
(non-GAAP measure)
Calculated as underlying net profit attributable to
shareholders (annualized for reporting periods shorter
than 12 months) divided by average equity
attributable to shareholders less average goodwill and
intangible assets. Underlying net profit attributable to
shareholders excludes items that management
believes are not representative of the underlying
performance of the businesses and also excludes
related tax impact.
This measure provides information about the
profitability of the business in relation to tangible
equity, while excluding items that management
believes are not representative of the underlying
performance of the businesses.
UBS AG 30 June 2026 Interim Report |
Appendix 49
APM / non-GAAP label
Calculation
Information content / usefulness
Tangible book value per share (USD)
Calculated as equity attributable to shareholders less
goodwill and intangible assets divided by the number
of shares outstanding.
This measure provides information about tangible net
assets on a per-share basis.
Total book value per share (USD)
Calculated as equity attributable to shareholders
divided by the number of shares outstanding.
This measure provides information about net assets
on a per-share basis.
Total revenues (underlying) (USD)
(non-GAAP measure)
Calculated by adjusting total revenues as reported in
accordance with IFRS Accounting Standards for items
that management believes are not representative of
the underlying performance of the businesses.
This measure provides information about the amount
of total revenues, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Transaction-based income
(USD and CHF)
– Global Wealth Management,
Personal & Corporate Banking
(non-GAAP measure)
Calculated as the total of the non-recurring portion of
net fee and commission income, mainly composed of
brokerage and transaction-based investment fund
fees, and credit card fees, as well as fees for payment
and foreign-exchange transactions, together with
other net income from financial instruments
measured at fair value through profit or loss.
This measure provides information about the amount
of the non-recurring portion of net fee and
commission income, together with other net income
from financial instruments measured at fair value
through profit or loss.
Transaction-based income (underlying)
(USD and CHF)
– Global Wealth Management,
Personal & Corporate Banking
(non-GAAP measure)
Calculated by adjusting transaction-based income for
items that management believes are not
representative of the underlying performance of the
businesses.
This measure provides information about the amount
of transaction-based income, while excluding items
that management believes are not representative of
the underlying performance of the businesses.
This is a general list of the APMs and non-GAAP measures used in our financial reporting. Not all of the above-
listed measures may appear in this particular report.
UBS AG 30 June 2026 Interim Report |
Appendix 50
Abbreviations frequently used in our financial reports
A
ABS asset-backed securities
AG Aktiengesellschaft
AGM Annual General Meeting of
shareholders
AI artificial intelligence
A-IRB advanced internal ratings-
based
ALCO Asset and Liability
Committee
AMA advanced measurement
approach
AML anti-money laundering
AoA Articles of Association
APM alternative performance
measure
ARR alternative reference rate
ARS auction rate securities
ASF available stable funding
AT1 additional tier 1
AuM assets under management
B
BCBS Basel Committee on
Banking Supervision
BIS Bank for International
Settlements
BoD Board of Directors
C
CAO Capital Adequacy
Ordinance
CCAR Comprehensive Capital
Analysis and Review
CCF credit conversion factor
CCP central counterparty
CCR counterparty credit risk
CCRC Corporate Culture and
Responsibility Committee
CDS credit default swap
CEO Chief Executive Officer
CET1 common equity tier 1
CFO Chief Financial Officer
CGU cash-generating unit
CHF Swiss franc
CIO Chief Investment Office
CORC Compliance and
Operational Risk Control
CRM credit risk mitigation
CRO Chief Risk Officer
CST combined stress test
CUSIP Committee on Uniform
Security Identification
Procedures
CVA credit valuation adjustment
D
DBO defined benefit obligation
DCCP Deferred Contingent
Capital Plan
DFAST Dodd–Frank Act Stress Test
DisO-FINMA FINMA Ordinance on the
Disclosure Obligations of
Banks and Securities Firms
DM discount margin
DOJ US Department of Justice
DTA deferred tax asset
DVA debit valuation adjustment
E
EAD exposure at default
EB Executive Board
EC European Commission
ECB European Central Bank
ECL expected credit loss
EGM Extraordinary General
Meeting of shareholders
EIR effective interest rate
EL expected loss
EMEA Europe, Middle East and
Africa
EOP Equity Ownership Plan
EPS earnings per share
ESG environmental, social and
governance
ETD exchange-traded derivatives
ETF exchange-traded fund
EU European Union
EUR euro
EURIBOR Euro Interbank Offered Rate
EVE economic value of equity
EY Ernst & Young Ltd
F
FCA UK Financial Conduct
Authority
FDIC Federal Deposit Insurance
Corporation
FINMA Swiss Financial Market
Supervisory Authority
FMIA Swiss Financial Market
Infrastructure Act
FRTB Fundamental Review of the
Trading Book
FSB Financial Stability Board
FTA Swiss Federal Tax
Administration
FVA funding valuation
adjustment
FVOCI fair value through other
comprehensive income
FVTPL fair value through profit or
loss
FX foreign exchange
G
GAAP generally accepted
accounting principles
GBP pound sterling
GDP gross domestic product
GEB Group Executive Board
GHG greenhouse gas
GCORC Group Compliance and
Operational Risk Control
GRI Global Reporting Initiative
G-SIB global systemically
important bank
H
HQLA
high-quality liquid assets
I
IAS International Accounting
Standards
IASB International Accounting
Standards Board
IBOR interbank offered rate
IFRIC International Financial
Reporting Interpretations
Committee
IFRS accounting standards
Accounting issued by the IASB
Standards
IRB internal ratings-based
IRRBB interest rate risk in the
banking book
ISDA International Swaps and
Derivatives Association
ISIN International Securities
Identification Number
UBS AG 30 June 2026 Interim Report |
Appendix 51
Abbreviations frequently used in our financial reports (continued)
K
KRT Key Risk Taker
L
LAS liquidity-adjusted stress
LCR liquidity coverage ratio
LGD loss given default
LIBOR London Interbank Offered
Rate
LLC limited liability company
LoD lines of defense
LRD leverage ratio denominator
LTIP Long-Term Incentive Plan
LTV loan-to-value
M
M&A mergers and acquisitions
MRT Material Risk Taker
N
NII net interest income
NSFR net stable funding ratio
NYSE New York Stock Exchange
O
OCA own credit adjustment
OCI other comprehensive
income
OECD Organisation for Economic
Co-operation and
Development
OTC over-the-counter
P
PCI purchased credit impaired
PD probability of default
PIT point in time
PPA purchase price allocation
Q
QCCP qualifying central
counterparty
R
RBC risk-based capital
RbM risk-based monitoring
REIT real estate investment trust
RMBS residential mortgage-
backed securities
RniV risks not in VaR
RoCET1 return on CET1 capital
RoU right-of-use
rTSR relative total shareholder
return
RWA risk-weighted assets
S
SA standardized approach or
société anonyme
SA-CCR standardized approach for
counterparty credit risk
SAR Special Administrative
Region of the People’s
Republic of China
SDG Sustainable Development
Goal
SEC US Securities and Exchange
Commission
SFT securities financing
transaction
SIBOR Singapore Interbank
Offered Rate
SICR significant increase in credit
risk
SIX SIX Swiss Exchange
SME small and medium-sized
entities
SMF Senior Management
Function
SNB Swiss National Bank
SOR Singapore Swap Offer Rate
SPPI solely payments of principal
and interest
SRB systemically relevant bank
SVaR stressed value-at-risk
T
TBTF too big to fail
TCFD Task Force on Climate-
related Financial Disclosures
TIBOR Tokyo Interbank Offered
Rate
TLAC total loss-absorbing capacity
TTC through the cycle
U
USD US dollar
V
VaR value-at-risk
VAT
value-added tax
This is a general list of the abbreviations frequently used in our financial reporting. Not all of the listed abbreviations
may appear in this particular report.
UBS AG 30 June 2026 Interim Report |
Appendix 52
Information sources
Reporting publications
Annual publications
UBS AG Annual Report
: Published in English, this report provides descriptions of: our businesses, the performance
of UBS AG (consolidated); the performance of the business divisions and Group functions; risk, treasury and capital
management; corporate governance; and financial information, including the financial statements.
Compensation Report
: This report discusses the compensation framework and provides information about
compensation for the Board of Directors and the Group Executive Board members. It is available in English and
German (
“Vergütungsbericht
”) and represents a component of the UBS Group Annual Report.
Sustainability Report
: Published in English, the UBS Group Sustainability Report provides disclosures on
environmental, social and governance (ESG) topics.
Quarterly publications
Interim Report
: This report provides an update on performance and strategy (where applicable) for the respective
quarter. It is available in English.
The annual and quarterly publications are available in .pdf and online formats at
ubs.com/investors
, under “Financial
information”. Printed copies, in any language, of the aforementioned annual publications are not provided.
Other information
Website
The “Investor Relations” website at
ubs.com/investors
news releases; financial information, including results-related filings with the US Securities and Exchange
Commission (the SEC); information for shareholders, including UBS dividend and share repurchase program
information, and for bondholders, including rating agencies reports; the corporate calendar; and presentations by
management for investors and financial analysts. Information is available online in English, with some information
also available in German.
Results presentations
Quarterly results presentations are webcast live. Recordings of most presentations can be downloaded from
ubs.com/presentations
.
Messaging service
Email alerts to news about UBS can be subscribed for under “UBS News Alert” at
ubs.com/global/en/investor-
relations/contact/investor-services.html
. Messages are sent in English, German, French or Italian, with an option to
select theme preferences for such alerts.
Form 20-F and other submissions to the US Securities and Exchange Commission
UBS files periodic reports with and submits other information to the SEC. Principal among these filings is the annual
report on Form 20-F, filed pursuant to the US Securities Exchange Act of 1934. The filing of Form 20-F is structured
as a wraparound document. Most sections of the filing can be satisfied by referring to the UBS AG Annual Report.
However, there is a small amount of additional information in Form 20-F that is not presented elsewhere and is
particularly targeted at readers in the US. Readers are encouraged to refer to this additional disclosure. Any
document that is filed with the SEC is available on the SEC’s website:
sec.gov
. Refer to
ubs.com/investors
information.
UBS AG 30 June 2026 Interim Report |
Appendix 53
Cautionary statement regarding forward-looking statements |
not limited to management’s outlook for UBS’s financial performance, statements relating to the anticipated effect of transactions and strategic initiatives on
UBS’s business and future development and goals. While these forward-looking statements represent UBS’s judgments, expectations and objectives concerning
the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS’s
expectations. In particular, the global economy may suffer significant adverse effects from increasing political tensions between world powers, changes to
international trade policies, including those related to tariffs and trade barriers, and evolving armed conflicts. UBS’s acquisition of the Credit Suisse Group
materially changed its outlook and strategic direction and introduced new operational challenges. The integration of the Credit Suisse entities into the UBS
structure is expected to continue through 2026 and presents significant operational and execution risk, including the risks that UBS may be unable to achieve
the cost reductions and business benefits contemplated by the transaction, that it may incur higher costs to execute the integration of Credit Suisse and that the
acquired business may have greater risks or liabilities, including those related to litigation, than expected. In response to the failure of Credit Suisse, Switzerland
has amended its Capital Adequacy Ordinance and is considering changes to its Banking Act, which, if enacted as proposed, would substantially increase capital
requirements for UBS in relation to its foreign subsidiaries. These factors create greater uncertainty about forward-looking statements. Other factors that may
affect UBS’s performance and ability to achieve its plans, outlook and other objectives also include, but are not limited to: (i) the degree to which UBS is successful
in the execution of its strategic plans, including its cost reduction and efficiency initiatives and its ability to manage its levels of risk-weighted assets (RWA) and
leverage ratio denominator (LRD), liquidity coverage ratio and other financial resources, including changes in RWA assets and liabilities arising from higher market
volatility and the size of the combined Group; (ii) the degree to which UBS is successful in implementing changes to its businesses to meet changing market,
regulatory and other conditions, including any potential changes to banking examination and oversight practices and standards as a result of executive branch
orders or staff interpretations of law in the US; (iii) inflation and interest rate volatility in major markets; (iv) developments in the macroeconomic climate and in
the markets in which UBS operates or to which it is exposed, including movements in securities prices or liquidity, credit spreads, currency exchange rates,
residential and commercial real estate markets, general economic conditions, and changes to national trade policies on the financial position or creditworthiness
of UBS’s clients and counterparties, as well as on client sentiment and levels of activity; (v) changes in the availability of capital and funding, including any adverse
changes in UBS’s credit spreads and credit ratings of UBS, as well as availability and cost of funding,
including as affected by the marketability of additional tier
one debt instruments, to meet requirements for debt eligible for total loss-absorbing capacity (TLAC); (vi) changes in and potential divergence between central
bank policies or the implementation of financial legislation and regulation in Switzerland, the US, the UK, the EU and other financial centers that have imposed,
or resulted in, or may do so in the future, more stringent or entity-specific capital, TLAC, leverage ratio, net stable funding ratio, liquidity and funding
requirements, heightened operational resilience requirements, incremental tax requirements, additional levies, limitations on permitted activities, constraints on
remuneration, constraints on transfers of capital and liquidity and sharing of operational costs across the Group or other measures, and the effect these will or
would have on UBS’s business activities; (vii) UBS’s ability to successfully implement resolvability and related regulatory requirements and the potential need to
make further changes to the legal structure or booking model of UBS in response to legal and regulatory requirements including heightened requirements and
expectations due to its acquisition of the Credit Suisse Group; (viii) UBS’s ability to maintain and improve its systems and controls for complying with sanctions
in a timely manner and for the detection and prevention of money laundering to meet evolving regulatory requirements and expectations, in particular in the
current geopolitical turmoil; (ix) the uncertainty arising from domestic stresses in certain major economies; (x) changes in UBS’s competitive position, including
whether differences in regulatory capital and other requirements among the major financial centers adversely affect UBS’s ability to compete in certain lines of
business; (xi) changes in the standards of conduct applicable to its businesses that may result from new regulations or new enforcement of existing standards,
including measures to impose new and enhanced duties when interacting with customers and in the execution and handling of customer transactions; (xii) the
liability to which UBS may be exposed, or possible constraints or sanctions that regulatory authorities might impose on UBS, due to litigation, including litigation
it has inherited by virtue of the acquisition of Credit Suisse, contractual claims and regulatory investigations, including the potential for disqualification from
certain businesses, potentially large fines or monetary penalties, or the loss of licenses or privileges as a result of regul atory or other governmental sanctions, as
well as the effect that litigation, regulatory and similar matters have on the operational risk component of its RWA; (xiii) UBS’s ability to retain and attract the
employees necessary to generate revenues and to manage, support and control its businesses, which may be affected by competitive factors; (xiv) changes in
accounting or tax standards or policies, and determinations or interpretations affecting the recognition of gain or loss, the valuation of goodwill, the recognition
of deferred tax assets and other matters; (xv) UBS’s ability to implement new technologies and business methods, including digital services, artificial intelligence
and other technologies, and ability to successfully compete with both existing and new financial service providers, some of which may not be regulated to the
same extent; (xvi) limitations on the effectiveness of UBS’s internal processes for risk management, risk control, measurement and modeling, and of financial
models generally; (xvii) the occurrence of operational failures, such as fraud, misconduct, unauthorized trading, financial crime, cyberattacks, data leakage and
systems failures, the risk of which is increased with persistently high levels of cyberattack threats; (xviii) restrictions on the ability of UBS Group AG, UBS AG and
regulated subsidiaries of UBS AG to make payments or distributions, including due to restrictions on the ability of its subsidiaries to make loans or distributions,
directly or indirectly, or, in the case of financial difficulties, due to the exercise by FINMA or the regulators of UBS’s operations in other countries of their broad
statutory powers in relation to protective measures, restructuring and liquidation proceedings; (xix) the degree to which changes in regulation, capital or legal
structure, financial results or other factors may affect UBS’s ability to maintain its stated capital return objective; (xx) uncertainty over the scope of actions that
may be required by UBS, governments and others for UBS to achieve goals relating to climate, environmental and social matters, as well as the evolving nature
of underlying science and industry and the increasing divergence among regulatory regimes; (xxi) the ability of UBS to access capital markets; (xxii) the ability of
UBS to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack, war, conflict, pandemic,
security breach, cyberattack, power loss, telecommunications failure or other natural or man-made event; and (xxiii) the effect that these or other factors or
unanticipated events, including media reports and speculations, may have on its reputation and the additional consequences that this may have on its business
and performance. The sequence in which the factors above are presented is not indicative of their likelihood of occurrence or the potential magnitude of their
consequences. UBS’s business and financial performance could be affected by other factors identified in its past and future filings and reports, including those
filed with the US Securities and Exchange Commission (the SEC). More detailed information about those factors is set forth in documents furnished by UBS and
filings made by UBS with the SEC, including the UBS Group AG and UBS AG Annual Reports on Form 20-F for the year ended 31 December 2025. UBS is not
under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future
events, or otherwise.
Rounding |
percent changes 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 AG
P.O. Box, CH-8098 Zurich
P.O. Box, CH-4002 Basel
ubs.com
This Form 6-K is hereby incorporated by reference into (1) the registration statements of UBS AG on Form F-3
(Registration Numbers 333-283672 and 333-293403), and into each prospectus outstanding under the foregoing
registration statement, (2) any outstanding offering circular or similar document issued or authorized by UBS AG
that incorporates by reference any Forms 6-K of UBS AG that are incorporated into its registration statements filed
with the SEC, and (3) the base prospectus of Corporate Asset Backed Corporation (“CABCO”) dated June 23, 2004
(Registration Number 333-111572), the Form 8-K of CABCO filed and dated June 23, 2004 (SEC File Number 001-
13444), and the Prospectus Supplements relating to the CABCO Series 2004-101 Trust dated May 10, 2004 and May
17, 2004 (Registration Number 033-91744 and 033-91744-05).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
UBS AG
By: /s/ Sergio Ermotti
_
Name: Sergio Ermotti
Title: President of the Executive Board
By: /s/ Todd Tuckner
_
Name: Todd Tuckner
Title: Chief Financial Officer
By: /s/ Steffen Henrich
______________
Name: Steffen Henrich
Title: Controller
Date: July 31, 2026