UBS AG Q3 2025: Profit rises, CET1 at 14.2%, $4bn debt tenders
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
UBS AG filed its third‑quarter 2025 report, showing steadier profitability as integration of Credit Suisse progresses. Total revenues were USD 12,446m (up 4% year over year) and net profit attributable to shareholders was USD 1,288m (up 29%). Operating profit before tax rose to USD 1,507m and the cost/income ratio improved to 87.0%.
By division, Global Wealth Management pre‑tax profit grew 30% to USD 1,197m on higher fees and client activity; the Investment Bank’s pre‑tax profit rose to USD 782m, aided by stronger Global Banking and Global Markets and a USD 128m gain from the CSS China stake sale. Total assets were USD 1.634trn. Capital and liquidity stayed solid with a CET1 ratio of 14.2%, Liquidity Coverage Ratio 179% and NSFR 118.6%.
UBS advanced Swiss client migrations to over two‑thirds of targeted accounts and substantially completed Asset Management integration. Legal items included a EUR 730m fine and EUR 105m civil damages in France alongside a provision release gain of USD 321m, and a USD 300m payment to resolve remaining 2017 RMBS obligations. Switzerland’s proposed rules could imply around USD 24bn additional CET1 for UBS AG and, including other effects, around USD 39bn in total over time, subject to legislative outcomes. UBS and UBS Group announced debt tender offers up to USD 4bn.
Positive
- None.
Negative
- None.
Insights
Solid quarter; regulatory proposals imply higher future CET1 needs.
UBS AG delivered higher profitability with USD 12,446m revenues and USD 1,288m net profit, while the Investment Bank and Global Wealth Management led improvements. Capital stayed strong at a 14.2% CET1 ratio and LCR of 179%.
Swiss proposals, if enacted, would deduct foreign subsidiaries from CET1 and add other adjustments. On a pro‑forma basis, management quantifies ~USD 24bn extra CET1 at UBS AG, and ~USD 39bn including existing post‑merger requirements. These figures are proposal‑dependent and would phase in over years.
Short‑term items include the USD 4bn debt tenders (issuer expects a loss on purchase) and integration progress with client migrations. Subsequent filings may detail legislative outcomes and their capital timing.
FAQ
What were UBS AG’s key 3Q25 results (AMUB)?
Total revenues were USD 12,446m and net profit attributable to shareholders was USD 1,288m. Operating profit before tax was USD 1,507m.
How did UBS AG’s businesses perform in 3Q25?
Global Wealth Management pre‑tax profit was USD 1,197m (up 30%). The Investment Bank delivered USD 782m pre‑tax profit with stronger Global Banking and Markets.
What are UBS AG’s capital and liquidity ratios in 3Q25?
The CET1 ratio was 14.2%, the Liquidity Coverage Ratio was 179.0%, and the Net Stable Funding Ratio was 118.6%.
What legal and regulatory developments affected UBS AG?
UBS paid EUR 730m fine and EUR 105m civil damages in France, recognized a USD 321m provision release gain, and paid USD 300m to resolve 2017 RMBS obligations.
How might Swiss capital proposals impact UBS AG?
Management estimates around USD 24bn additional CET1 for UBS AG and around USD 39bn in total including other requirements, subject to legislative outcomes.
What integration milestones did UBS report?
Over two‑thirds of targeted Swiss client accounts have migrated; Asset Management integration is substantially completed with final portfolio migrations.
What is the scope of UBS’s 2025 debt tender offers?
UBS AG and UBS Group AG launched tenders for seven series of senior notes up to USD 4bn maximum purchase consideration; offers were scheduled to expire on 5 November 2025.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Date: November 4, 2025
UBS AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
Aeschenvorstadt 1, 4051 Basel, Switzerland
(Address of principal executive offices)
Commission File Number: 1-15060
Indicate by check mark whether the 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 Third Quarter 2025 Report of UBS AG, which appears immediately following this
page.
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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1.
Key figures
3
UBS AG consolidated key figures
2.
Recent developments
4
Recent developments
3.
UBS AG performance, business divisions
and Group Items
9
UBS AG consolidated performance
17
Global Wealth Management
19
Personal & Corporate Banking
22
Asset Management
23
Investment Bank
25
Non-core and Legacy
26
Group Items
4.
Risk and capital management
27
Risk management and control
28
Capital management
5.
Consolidated
financial statements
33
UBS AG interim consolidated financial
statements (unaudited)
6.
Comparison between UBS AG consolidated
and UBS Group AG consolidated
67
Comparison between UBS AG consolidated
and UBS Group AG consolidated
Appendix
69
Alternative performance measures
73
Abbreviations frequently used in
our financial reports
75
Information sources
76
Cautionary statement
UBS AG third quarter 2025 report
Terms used in this report, unless the context requires otherwise
“UBS”, “UBS Group”, “UBS Group AG consolidated”, “Group”
UBS Group AG and its consolidated subsidiaries
“UBS AG” and “UBS AG consolidated”, “we”, “us” and “our”
UBS AG and its consolidated subsidiaries
“Credit Suisse AG”
Credit Suisse AG and its consolidated subsidiaries before the merger
with UBS AG
“Credit Suisse Group” and “Credit Suisse”
Pre-acquisition Credit Suisse Group
“UBS Group AG”
UBS Group AG on a standalone basis
“Credit Suisse Group AG”
Credit Suisse Group AG on a standalone basis
“UBS Switzerland AG”
UBS Switzerland AG on a standalone basis
“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 the applicable recognized
accounting standards or in other applicable regulations. A number of APMs are reported in UBS’s 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. 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. These APMs may qualify as non-GAAP measures as defined by US Securities and
Exchange Commission (SEC) regulations.
Comparability
Comparative information in this report is presented as follows.
Profit and loss information and other flow-based information for the third quarter of 2025, the second quarter of
2025 and the fourth quarter of 2024 is based entirely on consolidated data following the merger of UBS AG and
Credit Suisse AG. Profit and loss information and other flow-based information for the nine-month period ending
30 September 2024 includes only four months of post-merger UBS AG data.
Balance sheet information as at 30 September 2025, 30 June 2025 and 31 December 2024 includes post-merger
consolidated information.
Comparison between UBS AG consolidated and UBS Group AG consolidated
This report should be read in conjunction with the UBS Group third quarter 2025 report that was published on
29 October 2025 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 after the
Notes to the UBS AG interim consolidated financial statements.
UBS AG third quarter 2025 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
30.9.25
30.6.25
31.12.24
30.9.24
30.9.25
30.9.24
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Net profit / (loss) attributable to shareholders
Profitability and growth
1
Return on equity (%)
Return on tangible equity (%)
Return on common equity tier 1 capital (%)
Revenues over leverage ratio denominator, gross (%)
Cost / income ratio (%)
Net profit growth (%)
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(s) and calculation method(s). 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 the quarters presented and are calculated based on an average of 65 data points in the third quarter
of 2025, 61 data points in the second quarter of 2025, 64 data points in the fourth quarter of 2024 and 65 data points in the third quarter of 2024. Refer to the “Liquidity and funding management” section of the
UBS Group third quarter 2025 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 31 Invested assets and net new money” in the “Consolidated financial statements” section of the UBS AG Annual Report 2024,
available under “Annual reporting” at ubs.com/investors, for more information.
UBS AG third quarter 2025 report |
Recent developments
Management report
Integration of Credit Suisse
We remain on track to substantially complete the integration of Credit Suisse by the end of 2026, and our focus
continues to be on client account migrations and infrastructure decommissioning.
In the third quarter of 2025, and over the course of October 2025, we successfully advanced our Swiss business
migrations, having now migrated over two-thirds of the targeted client accounts. We still aim to complete the Swiss
booking center migrations by the end of the first quarter of 2026.
Furthermore, we have substantially completed the integration of Asset Management, including the final portfolio
migrations onto UBS platforms.
Regulatory and legal developments
Developments in Switzerland aimed at strengthening financial stability
In September 2025, the Swiss Federal Council launched a public consultation on proposed legislative amendments
to capital requirements related to foreign subsidiaries. The proposed changes would require the deduction of
investments in foreign subsidiaries of systemically important banks (SIBs) from common equity tier 1 (CET1) capital.
After the end of the public consultation in January 2026, the Swiss Federal Council is expected to submit its proposal
to the Swiss Parliament in the first half of 2026. Subject to the Parliament’s final decision, the proposal states that
the amendments would enter into force in 2028, at the earliest, starting with a 65% deduction requirement in the
first year and increasing to 100% by 5-percentage-point increments each year over seven years. The phase-in is
subject to adjustment should the legislation be delayed.
A public consultation on other proposed measures at the ordinance level ended in September 2025. The proposals
include provisions to deduct capitalized software and deferred tax assets (DTAs) on temporary differences from
CET1 capital, add stricter requirements for prudent valuation adjustments (PVAs) of assets and liabilities, and
mandate the suspension of interest payments for additional tier 1 capital instruments in the event of a cumulative
loss over four quarters. The proposals also introduce measures that aim to enable the Swiss Financial Market
Supervisory Authority (FINMA) and other authorities to better assess the situation of banks in a liquidity crisis. The
entry into force of the above is expected in January 2027, at the earliest.
A public consultation by the Swiss Federal Council is expected to be launched in the first half of 2026 on additional
legislative measures, including incremental requirements for the recovery and resolution plans of SIBs, measures
aimed at increasing the potential for obtaining liquidity via the Swiss National Bank, the introduction of an enhanced
accountability framework in the form of a Senior Managers Regime for banks, and the provision of additional
powers for FINMA. We expect the Swiss Federal Council’s submission of these legislative measures to the Parliament
in the first half of 2027, with the entry into force expected in 2028 or 2029.
In addition, a public consultation on amendments to the Liquidity Ordinance is expected to be launched in the first
half of 2026. The proposals are expected to set minimum requirements for maintaining borrowing capacity for
emergency liquidity assistance.
Based on financial information published for the first quarter of 2025 and given UBS AG’s target CET1 capital ratio
of between 12.5% and 13%, UBS AG would be required to hold additional estimated CET1 capital of around
USD 24bn on a pro-forma basis if all capital measures were to be implemented as proposed. This would include
around USD 23bn related to the full deduction of UBS AG’s investments in foreign subsidiaries, of which
approximately USD 7bn would be required at the start of the proposed phase-in period. These pro-forma figures
reflect previously announced expected capital repatriations of around USD 5bn to UBS AG from its subsidiaries.
UBS AG third quarter 2025 report |
The incremental CET1 capital of around USD 24bn required for UBS AG, given our aim to maintain an equity double
leverage ratio of around 100% at UBS Group AG, would result in a CET1 capital ratio at the UBS Group AG
(consolidated) level of around 19%. At Group level, the proposed measures related to DTAs on temporary
differences, capitalized software and PVAs would eliminate capital recognition for these items, thereby reducing
the CET1 capital ratio for the Group from around 19% to around 17%, underrepresenting UBS’s capital strength
compared with peers.
The additional capital of USD 24bn would be in addition to the incremental capital that UBS will have to hold as a
result of the acquisition of the Credit Suisse Group in order to meet existing regulations. This includes around
USD 9bn to remove the regulatory concessions granted to Credit Suisse and around USD 6bn to meet the current
progressive requirements due to the increased leverage ratio denominator (LRD) and higher market share of the
combined business. The estimated effect for the progressive requirements for LRD and market share decreased to
USD 6bn, from USD 9bn, following FINMA’s confirmation about the requirements that will apply to UBS. The phase-
in of the increased capital requirements relating to the increased LRD and higher market share will commence on
1 January 2026 and will be completed by the beginning of 2030, at the latest.
On this basis, UBS would be required to hold around USD 39bn in additional CET1 capital in total.
FINMA resolution report on UBS
In September 2025, FINMA published its 2025 resolution report on UBS related to the 2024 fiscal year. FINMA
concluded that UBS remains resolvable under UBS’s existing preferred resolution strategy, which includes a
recapitalization via a bail-in at the Group holding company level. The Swiss emergency plan of UBS is designed to
ensure the continuity of systemically important functions and critical operations in Switzerland in the case of a failed
attempt to restructure the UBS Group. According to FINMA, this plan was largely compliant with the current
regulatory requirements. However, given the lessons learned from the Credit Suisse crisis, FINMA has determined
that the Swiss emergency plan requires further development to meet the objective of maintaining systemically
important functions while also safeguarding financial stability at the international level. Moreover, FINMA assessed
that UBS’s Swiss emergency plan requires better integration into UBS’s global resolution plan. Due to the ongoing
integration of Credit Suisse into UBS, FINMA has refrained from assessing UBS’s recovery plan, which outlines
measures that aim to restore financial strength if UBS should come under severe capital or liquidity stress.
›
Refer to “Recovery and resolution” in the “Regulation and supervision” section of the UBS AG Annual Report 2024,
available under “Annual reporting” at
ubs.com/investors
, for more information
Updated Federal Reserve Board stress capital buffer requirements
In August 2025, the Federal Reserve Board reduced the stress capital buffer (the SCB) of UBS Americas Holding
LLC, our US-based intermediate holding company, to 5.2%, from 9.3%, applicable from 1 October 2025 under
the Federal Reserve Board’s SCB rule, resulting in a total CET1 capital requirement of 9.7%. The SCB for UBS
Americas Holding LLC is derived from the results of the Federal Reserve Board’s 2025 Dodd–Frank Act Stress Test
(DFAST) released in June 2025.
Earlier in 2025, the Federal Reserve Board proposed measures to reduce the volatility of the SCB requirements by
averaging the capital stress test results from the past two years, with the aim of making capital planning more
predictable for banks. In addition, the Federal Reserve Board proposed moving the effective date for the annual
SCB updates from 1 October to 1 January to allow more time to meet the new requirements. We expect the final
rules to be published in the first half of 2026.
Changes to the UK senior management function and material risk taker compensation schemes
In October 2025, the Prudential Regulation Authority and Financial Conduct Authority adopted changes to their
regulations on the compensation of senior managers and material risk takers. The revised regulations generally
reduce the portion of incentive compensation subject to mandatory deferral, reduce the mandatory deferral periods
for incentive compensation to a uniform four years, eliminate post-vesting blocked periods and permit awards to
accrue interest and dividends. Changes are generally effective immediately and companies may elect to apply
certain elements of the revised requirements to awards in the current compensation year, as well as to outstanding
deferred incentive compensation plans. UBS AG is assessing the changes and the related impacts.
UBS AG third quarter 2025 report |
Other developments
Completion of obligations under Credit Suisse’s residential mortgage-backed securities settlement with the US
Department of Justice
On 1 August 2025, UBS AG entered into an agreement with the US Department of Justice (the DOJ) under which
UBS AG paid USD 300m to resolve all remaining obligations under Credit Suisse’s 2017 settlement agreement with
the DOJ related to residential mortgage-backed securities activities. The resolution had no effect on UBS AG’s
performance in the third quarter of 2025.
Resolution of legacy French cross-border matter
In September 2025, UBS AG resolved the legacy matter related to its cross-border business activities in France
between 2004 and 2012. As a result, UBS AG agreed to pay a fine of EUR 730m and EUR 105m in civil damages
to the French State in the third quarter of 2025 and recognized a gain of USD 321m (USD 284m in Global Wealth
Management and USD 37m in Personal & Corporate Banking) in connection with the release of a related provision.
In 2023, the French Supreme Court confirmed the Paris Court of Appeal’s decision finding UBS AG guilty of
unlawful client solicitation and aggravated money laundering but referred the financial penalty and civil damages
to be re-assessed by the lower court.
Sale of a 36.01% stake in Credit Suisse Securities (China) Limited
In the third quarter of 2025, UBS AG completed the sale of a 36.01% stake in a subsidiary, Credit Suisse Securities
(China) Limited (CSS), to Beijing State-Owned Assets Management Co., Ltd., as announced on 24 June 2024, and
deconsolidated the entity. The sale resulted in a pre-tax gain of USD 128m in the Investment Bank. UBS AG retains
a 14.99% shareholding in CSS and accounts for this minority interest as an investment in an associate.
Court ruling related to the write-off of Credit Suisse additional tier 1 capital instruments in 2023
In proceedings initiated by certain former holders of Credit Suisse Group AG additional tier 1 (AT1) capital
instruments against FINMA challenging FINMA’s decree of 19 March 2023 ordering the write-off of CHF 16bn
principal amount of Credit Suisse Group AG’s AT1 instruments, the Swiss Federal Administrative Court published a
partial decision in October 2025. The court determined that FINMA’s order lacked a sufficient legal basis and
revoked FINMA’s decree. FINMA has stated it will appeal the decision to the Swiss Federal Supreme Court. UBS also
intends to appeal.
Supplementary 2024 dividend to UBS Group AG
On 23 October 2025, the Extraordinary General Meeting of UBS AG approved a supplementary 2024 dividend of
USD 6,500m. The dividend was paid by UBS AG to its shareholder UBS Group AG on the same day.
Organizational changes
On 24 October 2025, UBS AG announced that Lukas Gähwiler will not stand for re-election to the Board of
Directors of UBS AG and Markus Ronner will be nominated as a new member of the Board of Directors and Vice
Chairman of UBS AG, succeeding Lukas Gähwiler. Markus Ronner is a Swiss citizen and has been with UBS since
1981.
In addition, on 24 October 2025 several changes with respect to the responsibilities of existing Executive Board (EB)
members were announced and will be effective 1 January 2026.
Michelle Bereaux, UBS AG Integration Officer, will take on the role of UBS AG Head Compliance and Operational
Risk Control.
Beatriz Martin, Head Non-core and Legacy and the EB Lead for Sustainability and Impact, will also become UBS AG
Chief Operating Officer. In addition to her current responsibilities, she will oversee the finalization of the integration
of Credit Suisse, UBS AG Operations, and the Internal Consulting and Governance teams. She will also continue to
act as President EMEA and UK Chief Executive.
Todd Tuckner will take on the responsibility for Governmental and Regulatory Affairs in addition to his role as
UBS AG CFO.
Stefan Seiler will take on the responsibility for the UBS AG Security functions in addition to his role as UBS AG Head
of HR and Corporate Services.
Mike Dargan will focus on capturing opportunities arising from innovation and technological changes in addition
to his role as UBS AG Chief Technology Officer.
UBS AG third quarter 2025 report |
UBS’s tender offers for debt securities
On 30 October 2025, UBS AG, acting through its Stamford branch, and UBS Group AG announced offers to
repurchase outstanding notes of seven series of senior debt for a maximum purchase consideration of USD 4bn.
The securities subject to the offers and the terms and conditions of the offers are set forth in the offer documents.
The offers are made as part of UBS’s proactive management of its funding and total loss-absorbing capacity, among
other factors, to optimize interest expense. The offers are scheduled to expire on 5 November 2025, unless
extended or earlier terminated. UBS AG expects to record a loss on the purchase and early repayment of these
high-spread securities at above book value. The amount of the loss will vary based on the total consideration that
will be paid.
UBS AG third quarter 2025 report |
UBS AG performance, business divisions and Group Items 8
UBS AG performance,
business divisions and Group Items
Management report
Our businesses
We report five business divisions, each of which qualifies as an operating segment pursuant to IFRS Accounting
Standards: Global Wealth Management, Personal & Corporate Banking, Asset Management, the Investment Bank,
and Non-core and Legacy. Non-core and Legacy consists of positions and businesses not aligned with our strategy
and policies.
Our Group functions are support and control functions that provide services to the Group. Virtually all costs incurred
by our Group functions are allocated to the business divisions, leaving a residual amount that we refer to as Group
Items in our segment reporting.
UBS AG third quarter 2025 report |
UBS AG performance, business divisions and Group Items | UBS AG consolidated performance 9
UBS AG consolidated performance
Income statement
For the quarter ended
% change from
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Net interest income
Other net income from financial instruments measured at fair value through profit or loss
Net fee and commission income
Other income
Total revenues
Credit loss expense / (release)
Personnel expenses
General and administrative expenses
Depreciation, amortization and impairment of non-financial assets
Operating expenses
Operating profit / (loss) before tax
Tax expense / (benefit)
Net profit / (loss)
Net profit / (loss) attributable to non-controlling interests
Net profit / (loss) attributable to shareholders
Comprehensive income
Total comprehensive income
Total comprehensive income attributable to non-controlling interests
Total comprehensive income attributable to shareholders
Net integration-related expenses, by business division and Group Items
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
1
1
Non-core and Legacy
Group Items
Net integration-related expenses
of which: total revenues
1
1
of which: operating expenses
of which: personnel expenses
of which: general and administrative expenses
of which: depreciation, amortization and impairment of non-financial assets
1 Includes a USD 128m gain from the sale of a stake in a subsidiary, Credit Suisse Securities (China) Limited.
UBS AG third quarter 2025 report |
UBS AG performance, business divisions and Group Items | UBS AG consolidated performance 10
Results: 3Q25 vs 3Q24
Operating profit before tax increased by USD 316m, or 27%, to USD 1,507m, reflecting an increase in total
revenues and a decrease in net credit loss expenses, partly offset by higher operating expenses. Total revenues
increased by USD 449m, or 4%, to USD 12,446m, which included an increase from foreign currency effects. The
increase in total revenues was largely due to an increase of USD 763m in net fee and commission income, partly
offset by decreases of USD 267m in other income. Operating expenses increased by USD 186m, or 2%, to
USD 10,826m and included an increase from foreign currency effects. The overall increase was largely due to an
increase of USD 289m in general and administrative expenses, partly offset by a USD 112m decrease in
depreciation, amortization and impairment of non-financial assets. Net credit loss expenses were USD 113m,
compared with USD 167m in the third quarter of 2024.
Integration-related expenses in general and administrative expenses primarily included shared services costs charged
from other companies in the UBS Group reporting scope and consulting, legal and audit fees. Integration-related
personnel expenses were mainly due to salaries and variable compensation and post-employment benefit plans. In
addition, there was accelerated depreciation of properties and leasehold improvements in depreciation,
amortization and impairment of non-financial assets. Integration items within revenues included a gain from the
sale of a stake in Credit Suisse Securities (China) Limited (CSS).
Total revenues: 3Q25 vs 3Q24
Net interest income and other net income from financial instruments measured at fair value through profit or loss
Total combined net interest income and other net income from financial instruments measured at fair value through
profit or loss decreased by USD 47m to USD 5,106m.
Global Wealth Management revenues decreased by USD 12m to USD 2,077m, mainly driven by the impact of lower
central bank interest rates on deposit revenues and by lower loan revenues, reflecting margin contraction, largely
offset by lower liquidity and funding costs, the effects of favorable changes in deposit mix, balance sheet
optimization measures, and positive foreign currency effects.
Personal & Corporate Banking revenues decreased by USD 50m to USD 1,399m, mainly driven by lower net interest
income, reflecting the impact of lower central bank interest rates on deposit revenues. This was partly offset by
deposit pricing measures and lower liquidity and funding costs. These revenues also included positive foreign
currency effects.
Investment Bank revenues increased by USD 360m to USD 1,873m, mainly due to higher revenues in Financing in
Global Markets, led by Prime Brokerage, supported by higher client balances. In addition, Global Banking revenues
increased, driven by higher revenues in Capital Markets.
Non-core and Legacy revenues were negative USD 91m compared with positive USD 63m in the third quarter of
2024, mainly due to lower net gains from position exits and lower net interest income from the securitized product
portfolio, partly offset by lower markdowns.
Revenues in Group Items were negative USD 143m compared with positive USD 14m in the third quarter of 2024.
The change in revenues was mainly driven by lower mark-to-market gains from Group hedging and own debt,
including hedge accounting ineffectiveness.
›
Refer to the relevant business division and Group Items commentary in this section for more information about the
specific revenues of each of the business divisions and Group Items
›
Refer to “Note 4 Net interest income” in the “Consolidated financial statements” section of this report for more
information about net interest income
UBS AG third quarter 2025 report |
UBS AG performance, business divisions and Group Items | UBS AG consolidated performance 11
Net interest income and other net income from financial instruments measured at fair value through profit or loss
For the quarter ended
% change from
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Net interest income from financial instruments measured at amortized cost and fair value
through other comprehensive income
Net interest income from financial instruments measured at fair value through profit or
loss and other
Other net income from financial instruments measured at fair value through profit or loss
Total
Global Wealth Management
of which: net interest income
of which: transaction-based income from foreign exchange and other intermediary
activity
1
Personal & Corporate Banking
of which: net interest income
of which: transaction-based income from foreign exchange and other intermediary
activity
1
Asset Management
Investment Bank
Non-core and Legacy
Group Items
1 Mainly includes spread-related income in connection with client-driven transactions, foreign currency translation effects and income and expenses from precious metals, which are included in the income statement
line Other net income from financial instruments measured at fair value through profit or loss. The amounts reported on this line are one component of Transaction -based income in the management discussion and
analysis in the “Global Wealth Management” and “Personal & Corporate Banking” sections of this report.
Net fee and commission income
Net fee and commission income increased by USD 763m to USD 7,097m.
Net brokerage fees increased by USD 251m to USD 1,293m, driven by increased volumes in Cash Equities in
Execution Services in the Investment Bank, led by the Asia Pacific region, and higher levels of client activity in Global
Wealth Management in the Asia Pacific, EMEA and Americas regions.
Fees for portfolio management and related services increased by USD 190m to USD 3,301m. These fees are largely
recurring and are driven mainly by Global Wealth Management. Investment fund fees increased by USD 188m to
USD 1,740m. These fees are also largely recurring in nature and are mainly driven by management and performance
fees in Asset Management and asset-based fund fees in Global Wealth Management. The year-on-year increase in
both of these fee categories reflected higher average levels of fee-generating assets in Global Wealth Management,
reflecting positive impacts from market performance and net new fee-generating asset inflows over the course of
the last 12 months. Increases in Asset Management reflected growth in Hedge Fund Businesses, positive market
performance and foreign currency effects, partly offset by negative impacts from continued margin compression.
›
Refer to “Note 5 Net fee and commission income” in the “Consolidated financial statements” section of this report
for more information
Other income
Other income was USD 243m compared with USD 510m in the third quarter of 2024. The third quarter of 2025
included a USD 128m gain from the sale of a stake in CSS and a USD 33m gain from the sale of our wealth
management business in India. These gains were partly offset by a USD 140m loss relating to an investment in an
associate. The third quarter of 2024 also included a USD 119m gain related to the sale of an investment in an
associate and an USD 84m gain from disposals.
›
Refer to “Note 6 Other income” in the “Consolidated financial statements” section of this report for more
information
Credit loss expense / release: 3Q25 vs 3Q24
Total net credit loss expenses in the third quarter of 2025 were USD 113m, reflecting net expenses of USD 8m
related to performing positions and net expenses of USD 105m on credit-impaired positions. Net credit loss
expenses were USD 167m in the third quarter of 2024.
›
Refer to “Note 9 Expected credit loss measurement” in the “Consolidated financial statements” section of this
report for more information
UBS AG third quarter 2025 report |
UBS AG performance, business divisions and Group Items | UBS AG consolidated performance 12
Credit loss expense / (release)
Performing positions
Credit-impaired positions
USD m
Stages 1 and 2
Stage 3
Total
For the quarter ended 30.9.25
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Total
For the quarter ended 30.6.25
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Total
For the quarter ended 30.9.24
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Total
Operating expenses: 3Q25 vs 3Q24
Operating expenses
For the quarter ended
% change from
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Personnel expenses
of which: salaries and variable compensation
of which: variable compensation – financial advisors
1
General and administrative expenses
of which: net expenses / (releases) for litigation, regulatory and similar matters
Depreciation, amortization and impairment of non-financial assets
Total operating expenses
1 Financial advisor compensation 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.
Personnel expenses
Personnel expenses increased by USD 9m to USD 5,797m, including a USD 108m increase in post-employment
benefit plans, predominantly related to integration-related expenses. There were also increases in financial advisor
compensation, resulting from higher compensable revenues, and in accruals for performance awards, reflecting
business performance. The increases were largely offset by lower salary expenses, reflecting the impact of a smaller
workforce.
›
Refer to “Note 7 Personnel expenses” in the “Consolidated financial statements” section of this report for more
information
General and administrative expenses
General and administrative expenses increased by USD 289m to USD 4,303m, largely due to an increase of
USD 340m in shared services costs charged for Technology, Finance and Risk by shared services subsidiaries of
UBS Group AG, partly offset by a decrease of USD 87m in real estate and logistics costs. The third quarter of 2025
includes net expenses of USD 41m for provisions for litigation, regulatory and similar matters, reflecting a
USD 321m net release related to the resolution of a legacy matter concerning cross-border business activities in
France, more than offset by expenses related to increases in other litigation provisions.
›
Refer to “Note 8 General and administrative expenses” in the “Consolidated financial statements” section of this
report for more information
›
Refer to “Other developments” in the “Recent developments” section and “Note 16 Provisions and contingent
liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,
regulatory and similar matters
›
Refer to the “Regulatory and legal developments” and “Risk factors” sections of the UBS AG Annual Report 2024,
available under “Annual reporting” at
ubs.com/investors
, for more information about litigation, regulatory and
similar matters on a UBS AG consolidated basis
UBS AG third quarter 2025 report |
UBS AG performance, business divisions and Group Items | UBS AG consolidated performance 13
Depreciation, amortization and impairment of non-financial assets
Depreciation, amortization and impairment of non-financial assets decreased by USD 112m to USD 726m, primarily
reflecting an USD 88m decrease in depreciation of leased real estate as a result of higher levels of accelerated
depreciation in the third quarter of 2024. In addition, there was a USD 54m decrease in the amortization of
internally generated capitalized software, reflecting a lower cost base of software assets. The decreases were partly
offset by a USD 39m increase in impairments, mainly related to internally generated capitalized software.
Tax: 3Q25 vs 3Q24
UBS AG had a net income tax expense of USD 213m in the third quarter of 2025, representing an effective tax rate
of 14.1%, compared with USD 194m in the third quarter of 2024 and an effective tax rate of 16.3%.
The net current tax expense was USD 282m, which primarily related to the taxable profits of UBS Switzerland AG
and other entities.
There was a net deferred tax benefit of USD 68m. This reflected a net deferred tax expense of USD 63m that mainly
related to the amortization of deferred tax assets (DTAs) previously recognized in relation to tax losses carried
forward and deductible temporary differences, more than offset by a USD 109m benefit in respect of the tax
deduction for deferred compensation awards and a USD 22m benefit due to an increase in DTA recognition within
UBS AG’s US branch.
Total comprehensive income attributable to shareholders
In the third quarter of 2025, total comprehensive income attributable to shareholders was USD 841m, reflecting a net
profit of USD 1,288m and other comprehensive income (OCI), net of tax, of negative USD 447m.
OCI related to own credit on financial liabilities designated at fair value was negative USD 576m, primarily due to
a tightening of our own credit spreads.
Foreign currency translation OCI was negative USD 116m, mainly resulting from the US dollar strengthening against
the Swiss franc, the euro and the pound sterling.
OCI related to cash flow hedges was USD 178m, mainly reflecting net losses on hedging instruments that were
reclassified from OCI to the income statement.
›
Refer to “Statement of comprehensive income” in the “Consolidated financial statements” section of this report for
more information
›
Refer to “Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital (UBS AG
vs UBS Group AG consolidated)” in the “Capital management” section of this report for more information about the
effects of OCI on common equity tier 1 capital
›
Refer to “Note 21 Fair value measurement” in the “Consolidated financial statements” section of the UBS AG
Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
, for more information about own
credit on financial liabilities designated at fair value
UBS AG third quarter 2025 report |
UBS AG performance, business divisions and Group Items | UBS AG consolidated performance 14
Sensitivity to interest rate movements
As of 30 September 2025, it is estimated that a parallel shift in yield curves by +100 basis points could lead to a
combined increase in annual net interest income from our banking book of approximately USD 1.4bn in the first
year after such a shift. Of this increase, approximately USD 0.8bn, USD 0.4bn and USD 0.1bn would result from
changes in Swiss franc, US dollar and euro interest rates, respectively.
A parallel shift in yield curves by –100 basis points could lead to a combined increase in annual net interest income
of approximately USD 1.0bn. Of this increase, approximately USD 1.6bn would result from changes in Swiss franc
interest rates, driven by both contractual and assumed flooring benefits under negative interest rates. US dollar and
euro interest rates would lead to an offsetting decrease of USD 0.4bn and USD 0.1bn, respectively.
These estimates do not represent net interest income forecasts, as they are based on a hypothetical scenario of an
immediate change in interest rates, equal across all currencies and relative to implied forward rates as of
30 September 2025
applied to our banking book. These estimates further assume no change to balance sheet size
and product mix, stable foreign exchange rates, and no specific management action.
›
Refer to the “Risk management and control” section of the UBS Group third quarter 2025 report, available under
“Quarterly reporting” at
ubs.com/investors
, for information about interest rate risk in the banking book
Key figures and personnel
Below is an overview of selected key figures of UBS AG consolidated. For further information about key figures
related to capital management, refer to the “Capital management” section of this report.
Cost / income ratio: 3Q25 vs 3Q24
The cost / income ratio was 87.0%, compared with 88.7%, mainly reflecting an increase in total revenues, partly
offset by higher operating expenses.
Personnel: 3Q25 vs 2Q25
The number of internal personnel employed was 62,636 (full-time equivalents) as of 30 September 2025, a net
decrease of 322 compared with 30 June 2025.
Equity, CET1 capital and returns
As of or for the quarter ended
Year-to-date
USD m, except where indicated
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Net profit
Net profit attributable to shareholders
Equity
Equity attributable to shareholders
less: goodwill and intangible assets
Tangible equity attributable to shareholders
less: other CET1 adjustments
CET1 capital
Returns
Return on equity (%)
Return on tangible equity (%)
Return on CET1 capital (%)
Common equity tier 1 capital: 3Q25 vs 2Q25
During the third quarter of 2025, common equity tier 1 (CET1) capital increased by USD 1.6bn to USD 71.5bn,
mainly driven by operating profit before tax of USD 1.5bn, partly offset by current tax expenses of USD 0.3bn and
foreign currency translation losses of USD 0.1bn.
Return on common equity tier 1 capital: 3Q25 vs 3Q24
The annualized return on CET1 capital was 7.3%, compared with 4.8%, driven by higher net profit attributable to
shareholders and a decrease in average CET1 capital.
UBS AG third quarter 2025 report |
UBS AG performance, business divisions and Group Items | UBS AG consolidated performance 15
Risk-weighted assets: 3Q25 vs 2Q25
During the third quarter of 2025, risk-weighted assets (RWA) increased by USD 4.1bn to USD 502.4bn, driven by a
USD 6.6bn increase resulting from asset size and other movements, partly offset by a USD 1.5bn decrease driven
by model updates and methodology changes and a USD 1.0bn decrease from currency effects.
Common equity tier 1 capital ratio: 3Q25 vs 2Q25
The CET1 capital ratio increased to 14.2% from 14.0%, reflecting the aforementioned increase in CET1 capital,
partly offset by the aforementioned increase in RWA.
Leverage ratio denominator: 3Q25 vs 2Q25
During the third quarter of 2025, the leverage ratio denominator (the LRD) decreased by USD 17.3bn to
USD 1,642.8bn, mainly driven by asset size and other movements of USD 12.1bn and currency effects of
USD 5.2bn.
Common equity tier 1 leverage ratio: 3Q25 vs 2Q25
The CET1 leverage ratio increased to 4.3% from 4.2%, reflecting the aforementioned increase in CET1 capital and
the aforementioned decrease in the LRD.
9M25 compared with 9M24
The legal merger of UBS AG and Credit Suisse AG on 31 May 2024 has had a significant impact on the results from
June 2024 onward. This discussion and analysis of results compares the first nine months of 2025, which cover nine
full months of post-merger results, with the first nine months of 2024, which included only four months of post-
merger results. This is a material driver in many of the increases across both revenues and operating expenses.
›
Refer to “Note 2 Accounting for the merger of UBS AG and Credit Suisse AG” in the “Consolidated financial
statements” section of this report for more information about the accounting for the merger of UBS AG and Credit
Suisse AG
Results 9M25 vs 9M24
Operating profit before tax increased by USD 1,334m, or 56%, to USD 3,708m, reflecting a USD 5,238m increase
in total revenues, which was partly offset by a USD 3,819m increase in operating expenses. Net credit loss expenses
were USD 388m compared with USD 303m in the first nine months of 2024.
Total combined net interest income and other net income from financial instruments measured at fair value through
profit or loss increased by USD 2,420m to USD 15,316m. Global Wealth Management revenues increased by
USD 906m, mainly driven by the consolidation of Credit Suisse AG revenues for the full period. The remaining
variance was driven by balance sheet optimization measures, lower liquidity and funding costs, positive foreign
currency effects, and the effects of favorable changes in deposit mix, partly offset by the impact of lower central
bank interest rates on deposit revenues and by lower loan revenues, which reflected margin contraction. Personal
& Corporate Banking revenues increased by USD 626m, largely reflecting the consolidation of Credit Suisse AG net
interest income for the full period. Investment Bank revenues increased by USD 1,238m, mainly in Global Markets,
due to an increase in Derivatives & Solutions revenues that resulted from higher revenues across all products, as
well as higher revenues in Financing, led by Prime Brokerage, supported by higher client balances. Non-core and
Legacy revenues were negative USD 124m, compared with positive USD 203m in the first nine months of 2024,
mainly due to lower net gains from position exits and lower net interest income from securitized product and credit
portfolios and the effect from the consolidation of Credit Suisse AG revenues for the full period, partly offset by
lower markdowns.
Net fee and commission income increased by USD 3,169m to USD 20,253m. Fees for portfolio management and
related services increased by USD 1,320m and investment fund fees increased by USD 772m, which included
increases driven by the consolidation of Credit Suisse AG revenues for the full period, predominantly in Global
Wealth Management and Asset Management. The year-on-year increase in Global Wealth Management in these
fee categories was also driven by higher average levels of fee-generating assets reflecting positive impacts from
market performance, and net new fee-generating asset inflows over the course of the last 12 months. Net
brokerage fees increased by USD 761m due to higher levels of client activity across the Asia Pacific, EMEA and
Americas regions in Global Wealth Management and also due to higher volumes, across all regions, in Cash Equities
in Execution Services in the Investment Bank.
UBS AG third quarter 2025 report |
UBS AG performance, business divisions and Group Items | UBS AG consolidated performance 16
Other income was USD 675m compared with USD 1,025m in the first nine months of 2024 and included the
consolidation of Credit Suisse AG income for the full period. The first nine months of 2025 included a USD 128m
gain from the sale of a stake in CSS, a USD 64m gain from the Swisscard transactions and a USD 33m gain from
the sale of our wealth management business in India. These gains were partly offset by a USD 156m loss relating
to an investment in an associate. The first nine months of 2024 included a USD 119m gain related to the sale of
an investment in an associate, as well as a USD 113m net gain from disposals.
Personnel expenses increased by USD 2,610m to USD 17,356m, mainly reflecting the consolidation of
Credit Suisse AG expenses for the full period. Additionally, there were increases in financial advisor compensation,
resulting from higher compensable revenues, and accruals for variable compensation, as well as integration-related
expenses for post-employment benefit plans.
General and administrative expenses increased by USD 1,024m to USD 12,608m, mainly driven by the consolidation
of Credit Suisse AG expenses for the full period. The overall increase was largely attributable to an increase of
USD 1,079m related to shared services costs for Technology, Finance and Risk charged by shared services subsidiaries
of the UBS Group. General and administrative expenses also included a USD 180m expense related to the Swisscard
transactions in Personal & Corporate Banking and increases of USD 103m in technology costs and USD 96m in
consulting, legal and audit fees. These increases were partly offset by a USD 721m decrease in expenses for
litigation, regulatory and similar matters, mainly due to the costs recognized in the first nine months of 2024 when
UBS agreed to fund an offer by the Credit Suisse supply chain finance funds to redeem all of the outstanding units
in the respective funds.
Outlook
With valuations elevated across most asset classes entering the fourth quarter, investors remain engaged but
increasingly focused on hedging downside risks, which is also evident in periodic headline-driven spikes in volatility.
Against this backdrop, transactional activity and our deal pipelines remain healthy, though sentiment can shift
quickly as confidence in the outlook is tested and seasonal effects come into play. Furthermore, macro uncertainties
along with a strong Swiss franc and higher US tariffs are clouding the outlook for the Swiss economy, and a
prolonged US government shutdown may delay capital market activities.
In the fourth quarter, we expect net interest income in US dollars to remain broadly stable in each of Global Wealth
Management and Personal & Corporate Banking. Credit loss expense in Personal & Corporate Banking is projected
at around CHF 80m. Quarter-end transactional activity levels in the Investment Bank are likely to normalize
compared with the strong prior-year period when markets were unusually active ahead of the US administration
change.
We remain focused on actively engaging with our clients, helping them to navigate a complex environment while
executing on our growth and integration plans. We are confident in our ability to deliver on our 2026 financial
targets, leveraging the power of our diversified business model and global footprint.
UBS AG third quarter 2025 report |
UBS AG performance, business divisions and Group Items | Global Wealth Management 17
Global Wealth Management
Global Wealth Management
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Results
Net interest income
Recurring net fee income
1
Transaction-based income
1
Other income
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Financial advisor compensation
2
Invested assets (USD bn)
1
Loans, gross (USD bn)
3
Customer deposits (USD bn)
3
Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)
1,4
Advisors (full-time equivalents)
1 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 2 Relates to licensed professionals with the ability to provide investment advice to clients in
the Americas. Consists of cash compensation, determined using a formulaic approach based on production, and deferred awards. Also includes expenses related to compensation commitments with financial advisors
entered into at the time of recruitment that are subject to vesting requirements. Recruitment loans to financial advisors were USD 1,551m as of 30 September 2025. 3 Loans and Customer deposits in this table
include customer brokerage receivables and payables, respectively, which are presented in separate reporting lines on the balance sheet. 4 Refer to the “Risk management and control” section of the UBS Group
third quarter 2025 report, available under “Quarterly reporting” at ubs.com/investors, for more information about credit-impaired exposures. Excludes loans to financial advisors.
Results: 3Q25 vs 3Q24
Profit before tax increased by USD 275m, or 30%, to USD 1,197m, mainly driven by higher total revenues, partly
offset by higher operating expenses.
Total revenues
Total revenues increased by USD 342m, or 6%, to USD 6,398m, mainly due to higher recurring net fee income and
transaction-based income.
Net interest income decreased by USD 7m to USD 1,655m, largely driven by the impact of lower central bank
interest rates on deposit revenues and by lower loan revenues, reflecting margin contraction. These decreases were
almost entirely offset by lower liquidity and funding costs, the effects of favorable changes in deposit mix, balance
sheet optimization measures, and positive foreign currency effects.
Recurring net fee income increased by USD 240m, or 7%, to USD 3,475m and largely consisted of fees for services
provided on an ongoing basis, such as portfolio management fees, asset-based investment fund fees, custody fees
and administrative fees for accounts. The year-on-year increase was mainly driven by higher average levels of fee-
generating assets reflecting positive impacts from market performance and net new fee-generating asset inflows
over the course of the last 12 months, mainly driven by mandate sales.
Transaction-based income increased by USD 128m, or 11%, to USD 1,271m, mainly driven by higher levels of client
activity in the Asia Pacific, EMEA and Americas regions.
Other income was negative USD 3m, compared with positive USD 16m, and included a loss of USD 38m related to
an investment in an associate and a USD 33m gain from the sale of our wealth management business in India.
Credit loss expense / release
Net credit loss expenses were USD 7m, compared with net credit loss expenses of USD 3m in the third quarter of
2024.
UBS AG third quarter 2025 report |
UBS AG performance, business divisions and Group Items | Global Wealth Management 18
Operating expenses
Operating expenses increased by USD 62m, or 1%, to USD 5,193m, mainly driven by an increase in post-
employment benefit plans, predominantly related to integration-related expenses, and by an increase in financial
advisor compensation as a result of higher compensable revenues, partly offset by net releases in provisions for
litigation, regulatory and similar matters, primarily reflecting USD 284m of releases related to the resolution of a
legacy matter concerning cross-border business activities in France.
›
Refer to “Other developments” in the “Recent developments” section and “Note 16 Provisions and contingent
liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,
regulatory and similar matters
Invested assets: 3Q25 vs 2Q25
Invested assets increased by USD 202bn, or 4%, to USD 4,714bn, mainly driven by positive market performance of
USD 177bn and net new asset inflows, partly offset by negative foreign currency effects of USD 7bn. Positive net
new assets were driven by inflows in the Asia Pacific region, including flows linked to strategic holdings and higher
levels of client activity across the region. The EMEA and Switzerland regions also contributed positive net new
assets.
Loans: 3Q25 vs 2Q25
Loans increased by USD 3.6bn to USD 323.5bn, mainly driven by positive net new loans.
›
Refer to the “Risk management and control” section of the UBS Group third quarter 2025 report, available under
“Quarterly reporting” at
ubs.com/investors
, for more information
Customer deposits: 3Q25 vs 2Q25
Customer deposits decreased by USD 10.6bn to USD 478.4bn, mainly driven by net new deposit outflows and
negative foreign currency effects.
Results: 9M25 vs 9M24
Profit before tax increased by USD 888m, or 34%, to USD 3,465m, largely driven by higher total revenues and the
positive impact from the merger of UBS AG and Credit Suisse AG, partly offset by higher operating expenses.
Total revenues increased by USD 2,695m, or 17%, to USD 18,861m, mainly reflecting higher recurring net fee
income, transaction-based income and net interest income. The remaining increase was due to the consolidation
of Credit Suisse AG revenues for the full period.
Net interest income increased by USD 648m, or 15%, to USD 4,831m, mainly driven by the consolidation of Credit
Suisse AG net interest income for the full period. The remaining variance was mainly due to balance sheet
optimization measures, lower liquidity and funding costs, positive foreign currency effects and the effects of
favorable changes in deposit mix. These increases were partly offset by the impact of lower central bank interest
rates on deposit revenues and by lower loan revenues, which reflected margin contraction.
Recurring net fee income increased by USD 1,280m, or 15%, to USD 10,101m, mainly due to higher average levels
of fee-generating assets reflecting positive impacts from market performance and net new fee-generating asset
inflows over the course of the last 12 months, largely driven by mandate sales. The increase was also due to the
consolidation of Credit Suisse AG recurring net fee income for the full period.
Transaction-based income increased by USD 831m, or 27%, to USD 3,919m, mainly driven by higher levels of client
activity across the Asia Pacific, EMEA and Americas regions and by the consolidation of Credit Suisse AG transaction-
based income for the full period.
Other income decreased by USD 63m to USD 11m, mostly due to lower shared services costs charged to other
subsidiaries of UBS Group AG, mainly related to secondments, and included a net loss of USD 42m related to an
investment in an associate, partly offset by a USD 33m gain from the sale of our wealth management business in
India.
Net credit loss expenses were USD 13m, compared with net credit loss expenses of USD 10m in the first nine months
of 2024.
UBS AG third quarter 2025 report |
UBS AG performance, business divisions and Group Items | Global Wealth Management 19
Operating expenses increased by USD 1,804m, or 13%, to USD 15,383m, mainly driven by the consolidation of
Credit Suisse AG operating expenses for the full period and by an increase in financial advisor compensation as a
result of higher compensable revenues, partly offset by net releases in provisions for litigation, regulatory and similar
matters, primarily reflecting USD 284m of releases related to the resolution of a legacy matter concerning cross-
border business activities in France.
›
Refer to “Other developments” in the “Recent developments” section and “Note 16 Provisions and contingent
liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,
regulatory and similar matters
Personal & Corporate Banking
Personal & Corporate Banking – in Swiss francs
As of or for the quarter ended
% change from
Year-to-date
CHF m, except where indicated
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Results
Net interest income
Recurring net fee income
1
Transaction-based income
1
Other income
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Net interest margin (bps)
1
Loans, gross (CHF bn)
Customer deposits (CHF bn)
Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)
1,2
1
Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 2
Refer to the “Risk management and control” section of the UBS Group third quarter 2025
report, available under “Quarterly reporting” at ubs.com/investors, for more information about credit-impaired exposures.
Results
:
3Q25 vs 3Q24
Profit before tax decreased by CHF 243m, or 43%, to CHF 318m, as lower total revenues and higher operating
expenses were partly offset by lower net credit loss expenses.
Total revenues
Total revenues decreased by CHF 216m, or 12%, to CHF 1,661m, mainly due to lower net interest income and
other income, and included a loss of CHF 81m related to an investment in an associate.
Net interest income decreased by CHF 121m, or 11%, to CHF 938m, mainly reflecting the impact of lower central
bank interest rates on deposit revenues. This was partly offset by deposit pricing measures and lower liquidity and
funding costs.
Recurring net fee income decreased by CHF 3m, or 1%, to CHF 337m and largely consisted of fees for services
provided on an ongoing basis, such as administrative fees for accounts, custody fees, asset-based investment fund
fees and portfolio management fees. The year-on-year change was negatively affected by lower Swisscard revenues
and a reclassification of recurring net fee income to transaction-based income as a result of aligning Credit Suisse’s
presentation to that of UBS in the second half of 2024. These effects were partly offset by higher custody fees,
mainly reflecting positive market performance and net new inflows.
Transaction-based income increased by CHF 21m, or 5%, to CHF 443m, mostly due to higher corporate finance
fees and the positive effect from the aforementioned reclassification.
Other income was negative CHF 57m, compared with positive CHF 56m and included a loss of CHF 81m related to
an investment in an associate.
Credit loss expense / release
Net credit loss expenses were CHF 62m and mainly reflected net expenses on credit-impaired positions. Net credit
loss expenses in the prior-year quarter were CHF 72m.
UBS AG third quarter 2025 report |
Operating expenses
Operating expenses increased by CHF 37m, or 3%, to CHF 1,281m and included higher integration-related
expenses,
partly offset by lower personnel and real estate expenses and by CHF 29m of net releases in provisions
for litigation, regulatory and similar matters related to the resolution of a legacy matter concerning cross-border
business activities in France.
›
Refer to “Other developments” in the “Recent developments” section and “Note 16 Provisions and contingent
liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,
regulatory and similar matters
Results
:
9M25 vs 9M24
Profit before tax decreased by CHF 388m, or 26%, to CHF 1,079m, as higher total revenues were more than offset
by higher operating expenses and net credit loss expenses.
Total revenues increased by CHF 652m, or 14%, to CHF 5,162m, mainly due to the consolidation of Credit
Suisse AG revenues for the full period, and included a gain of CHF 58m related to the Swisscard transactions and
a net loss of CHF 90m related to an investment in an associate.
Net interest income increased by CHF 297m, or 12%, to CHF 2,819m, largely reflecting the consolidation of Credit
Suisse AG net interest income for the full period.
Recurring net fee income increased by CHF 146m, or 18%, to CHF 979m, mostly due to the consolidation of Credit
Suisse AG recurring net fee income for the full period, as well as higher custody fees, mainly reflecting net new
inflows and positive market performance.
Transaction-based income increased by CHF 305m, or 28%, to CHF 1,380m, largely due to the consolidation of
Credit Suisse AG transaction-based income for the full period.
Other income was negative CHF 17m, compared with positive CHF 81m, and included a gain of CHF 58m related
to the Swisscard transactions and a net loss of CHF 90m related to an investment in an associate.
Net credit loss expenses were CHF 206m, primarily due to net credit loss expenses on credit-impaired positions in
the legacy Credit Suisse corporate loan book. Net credit loss expenses in the first nine months of 2024 were
CHF 180m.
Operating expenses increased by CHF 1,014m, or 35%, to CHF 3,878m, largely due to the consolidation of Credit
Suisse AG operating expenses for the full period, a CHF 164m expense related to the Swisscard transactions, and
higher integration-related expenses, partly offset by lower personnel expenses, including lower variable
compensation, and by CHF 29m of net releases in provisions for litigation, regulatory and similar matters related to
the resolution of a legacy matter concerning cross-border business activities in France.
›
Refer to “Other developments” in the “Recent developments” section and “Note 16 Provisions and contingent
liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,
regulatory and similar matters
UBS AG third quarter 2025 report |
Personal & Corporate Banking – in US dollars
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Results
Net interest income
Recurring net fee income
1
Transaction-based income
1
Other income
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Net interest margin (bps)
1
Loans, gross (USD bn)
Customer deposits (USD bn)
Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)
1,2
1 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 2 Refer to the “Risk management and control” section of the UBS Group third quarter 2025
report, available under “Quarterly reporting” at ubs.com/investors, for more information about credit-impaired exposures.
UBS AG third quarter 2025 report |
UBS AG performance, business divisions and Group Items | Asset Management 22
Asset Management
Asset Management
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Results
Net management fees
1
Performance fees
Net gain from disposals
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
2
Cost / income ratio (%)
2
Gross margin on invested assets (bps)
2
Information by business line / asset class
Invested assets (USD bn)
2
Equities
3
Fixed Income
3
of which: money market
Multi-asset & Solutions
3
Hedge Fund Businesses
Real Estate & Private Markets
Total invested assets excluding associates
of which: passive strategies
Associates
4
Total invested assets
Information by region
Invested assets (USD bn)
2
Americas
Asia Pacific
5
EMEA (excluding Switzerland)
Switzerland
Total invested assets
Information by channel
Invested assets (USD bn)
2
Third-party institutional
Third-party wholesale
UBS’s wealth management businesses
Associates
4
Total invested assets
1 Net management fees include 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. 2 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 3 In the third quarter of 2025, certain portfolios
were reclassified from Equities and Fixed Income to Multi-asset & Solutions, as a result of aligning Credit Suisse presentation to that of UBS. These changes were applied prospectively. 4 The invested assets amounts
reported for associates are prepared in accordance with their local regulatory requirements and practices. 5 Includes invested assets from associates.
Results: 3Q25 vs 3Q24
Profit before tax increased by USD 52m, or 31%, to USD 220m, reflecting lower operating expenses, partly offset
by lower total revenues.
Total revenues
Total revenues decreased by USD 46m, or 5%, to USD 842m, mainly due to the third quarter of 2024 including an
USD 84m net gain from disposals, partly offset by higher performance fees. The gross margin was 17 basis points.
Net management fees decreased by USD 3m to USD 755m, of which USD 736m was reported within net fee and
commission income for UBS AG. Positive market performance and foreign currency effects, as well as higher
transaction fees, were largely offset by the negative impact from continued margin compression and by USD 27m
of negative revenues related to Hedge Fund Businesses (linked to the below-described increase in performance
fees). Net management fees were also impacted by a USD 19m revaluation in the third quarter of 2024 related to
a real-estate fund co-investment.
UBS AG third quarter 2025 report |
UBS AG performance, business divisions and Group Items | Asset Management 23
Performance fees increased by USD 41m, or 90%, to USD 87m, all of which was reported within net fee and
commission income for UBS AG. The increase was mainly due to a USD 51m increase in revenues in Hedge Fund
Businesses (partly offset by the aforementioned negative revenues in net management fees), partly offset by a
USD 9m decrease in Fixed Income.
Operating expenses
Operating expenses decreased by USD 98m, or 14%, to USD 622m, driven by lower non-personnel and personnel
expenses.
Invested assets: 3Q25 vs 2Q25
Invested assets increased by USD 91bn, or 5%, to USD 2,043bn, reflecting positive market performance of
USD 78bn and net new money of USD 18bn, partly offset by negative foreign currency effects of USD 4bn.
Excluding money market flows and associates, net new money was positive USD 14bn.
Results: 9M25 vs 9M24
Profit before tax increased by USD 166m, or 49%, to USD 506m, mainly reflecting the impact from the
consolidation of Credit Suisse AG for the full period.
Total revenues increased by USD 323m, or 16%, to USD 2,354m, primarily reflecting the consolidation of Credit
Suisse AG revenues for the full period and higher performance fees, partly offset by the first nine months of 2024
including USD 113m of net gains from disposals. The gross margin was 17 basis points.
Net management fees increased by USD 373m, or 20%, to USD 2,200m, of which USD 2,113m was reported
within net fee and commission income for UBS AG. The increase largely reflected the consolidation of Credit
Suisse AG net management fees for the full period, partly offset by USD 27m of negative revenues related to Hedge
Fund Businesses (linked to the below-described increase in performance fees) and a USD 19m revaluation in the
first nine months of 2024 related to a real-estate fund co-investment.
Performance fees increased by USD 65m, or 71%, to USD 156m, all of which was reported within net fee and
commission income for UBS AG. The increase was mainly due to a USD 68m increase in revenues in Hedge Fund
Businesses (partly offset by the aforementioned negative revenues in net management fees).
Operating expenses increased by USD 157m, or 9%, to USD 1,848m, largely due to the consolidation of Credit
Suisse AG operating expenses for the full period, partly offset by lower non-personnel and personnel expenses.
Investment Bank
Investment Bank
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Results
Advisory
Capital Markets
Global Banking
Execution Services
Derivatives & Solutions
Financing
Global Markets
of which: Equities
of which: Foreign Exchange, Rates and Credit
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
n.m.
Cost / income ratio (%)
1
1 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method.
UBS AG third quarter 2025 report |
UBS AG performance, business divisions and Group Items | Investment Bank 24
Results: 3Q25 vs 3Q24
Profit before tax increased by USD 573m, or 274%, to USD 782m, mainly due to higher total revenues, partly offset
by higher operating expenses.
Total revenues
Total revenues increased by USD 703m, or 29%, to USD 3,156m, due to higher revenues in Global Banking and
Global Markets, and included a USD 128m gain from the sale of a stake in Credit Suisse Securities (China) Limited
(CSS).
›
Refer to “Other developments” in the “Recent developments” section of this report for more information about the
sale of a stake in CSS
Global Banking
Global Banking revenues increased by USD 405m, or 73%, to USD 963m, driven by higher Capital Markets and
Advisory revenues, and included the aforementioned gain from the sale of a stake in CSS.
Advisory revenues increased by USD 104m, or 47%, to USD 324m, largely driven by an increase in merger and
acquisition transaction revenues.
Capital Markets revenues increased by USD 300m, or 89%, to USD 639m, driven by the aforementioned gain from
the sale of a stake in CSS and by higher revenues in Leveraged Capital Markets, Equity Capital Markets and Debt
Capital Markets.
Global Markets
Global Markets revenues increased by USD 297m, or 16%, to USD 2,192m, mostly driven by higher Financing and
Execution Services revenues.
Execution Services revenues increased by USD 120m, or 27%, to USD 560m, mainly driven by higher Cash Equities
revenues, led by the Asia Pacific region, reflecting higher volumes.
Derivatives & Solutions revenues increased by USD 13m, or 1%, to USD 962m.
Financing revenues increased by USD 165m, or 33%, to USD 671m, led by Prime Brokerage revenues, supported
by higher client balances. The prior-year quarter included a gain of USD 51m on the sale of our investment in an
associate.
Equities
Global Markets Equities revenues increased by USD 239m, or 17%, to USD 1,656m, mainly driven by higher
revenues in Prime Brokerage and Cash Equities. The prior-year quarter included a gain of USD 51m on the sale of
our investment in an associate.
Foreign Exchange, Rates and Credit
Global Markets Foreign Exchange, Rates and Credit revenues increased by USD 59m, or 12%, to USD 536m, driven
by increases in Rates & Credit and Foreign Exchange revenues.
Credit loss expense / release
Net credit loss expenses were USD 21m, compared with net credit loss expenses of USD 4m in the third quarter of
2024.
Operating expenses
Operating expenses increased by USD 112m, or 5%, to USD 2,352m, mainly due to higher personnel expenses.
Results: 9M25 vs 9M24
Profit before tax increased by USD 1,003m, or 140%, to USD 1,721m, due to higher total revenues, partly offset
by higher operating expenses and net credit loss expenses.
Total revenues increased by USD 1,747m, or 24%, to USD 9,024m, due to higher revenues in Global Markets and
Global Banking, and included the aforementioned gain from the sale of a stake in CSS.
Global Banking revenues increased by USD 363m, or 21%, to USD 2,061m, driven by higher revenues in Advisory
and Capital Markets, and included the aforementioned gain from the sale of a stake in CSS.
Advisory revenues increased by USD 127m, or 21%, to USD 738m, largely driven by an increase in merger and
acquisition transaction revenues.
UBS AG third quarter 2025 report |
UBS AG performance, business divisions and Group Items | Investment Bank 25
Capital Markets revenues increased by USD 236m, or 22%, to USD 1,323m, mostly driven by higher revenues in
Equity Capital Markets and by the aforementioned gain from the sale of a stake in CSS.
Global Markets revenues increased by USD 1,385m, or 25%, to USD 6,964m, driven by higher Derivatives &
Solutions, Financing and Execution Services revenues.
Execution Services revenues increased by USD 335m, or 27%, to USD 1,578m, mainly driven by higher Cash
Equities revenues across all regions, reflecting higher volumes.
Derivatives & Solutions revenues increased by USD 619m, or 22%, to USD 3,381m, with higher revenues across all
products.
Financing revenues increased by USD 431m, or 27%, to USD 2,005m, with increases in all products, led by Prime
Brokerage revenues, supported by higher client balances. The prior-year period included a gain of USD 51m on the
sale of our investment in an associate.
Equities
Global Markets Equities revenues increased by USD 980m, or 24%, to USD 5,094m, mainly driven by higher
revenues in Prime Brokerage, Cash Equities and Equity Derivatives. The prior-year period included a gain of
USD 51m on the sale of our investment in an associate.
Foreign Exchange, Rates and Credit
Global Markets Foreign Exchange, Rates and Credit revenues increased by USD 404m, or 28%, to USD 1,869m,
mainly driven by increases in Foreign Exchange revenues.
Net credit loss expenses were USD 111m, compared with net credit loss expenses of USD 35m in the first nine
months of 2024.
Operating expenses increased by USD 669m, or 10%, to USD 7,192m, mainly due to higher personnel expenses.
Non-core and Legacy
Non-core and Legacy
As of or for the quarter ended
% change from
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Results: 3Q25 vs 3Q24
Loss before tax was USD 832m, compared with a loss before tax of USD 701m.
Total revenues
Total revenues were negative USD 89m, compared with total revenues of USD 225m, mainly reflecting lower net
gains from position exits and lower net interest income from the securitized product portfolio, partly offset by lower
markdowns. Total revenues in the third quarter of 2024 included a USD 67m gain from the sale of our investment
in an associate.
Credit loss expense / release
Net credit loss expenses were USD 6m, compared with net credit loss expenses of USD 76m, almost entirely driven
by higher credit-impaired positions in the third quarter of 2024.
Operating expenses
Operating expenses decreased by USD 114m, or 13%, to USD 737m, primarily driven by lower non-personnel and
personnel expenses, partly offset by net expenses related to provisions for litigation, regulatory and similar matters.
UBS AG third quarter 2025 report |
UBS AG performance, business divisions and Group Items | Non-core and Legacy 26
Results: 9M25 vs 9M24
Loss before tax was USD 2,351m, compared with a loss before tax of USD 2,184m.
Total revenues were negative USD 110m, compared with total revenues of USD 411m, mainly reflecting lower net
gains from position exits and lower net interest income from securitized product and credit portfolios and the effect
from the consolidation of Credit Suisse AG revenues for the full period, partly offset by lower markdowns. Total
revenues in the first nine months of 2025 included a loss of USD 11m from the sale of Select Portfolio Servicing, the
US mortgage servicing business of Credit Suisse. Total revenues in the first nine months of 2024 included a USD 67m
gain from the sale of our investment in an associate.
Net credit loss expenses were USD 15m, compared with net credit loss expenses of USD 53m in the first nine months
of 2024.
Operating expenses decreased by USD 317m, or 12%, to USD 2,225m, mainly due to the first nine months of 2024
including litigation expenses of USD 1,074m, largely reflecting UBS agreeing in the second quarter of 2024 to fund
an offer by the Credit Suisse supply chain finance funds to redeem all the outstanding units of the respective funds.
This effect was partly offset by USD 497m of net expenses related to provisions for litigation, regulatory and similar
matters in the first nine months of 2025 and the effect from the consolidation of Credit Suisse AG operating
expenses for the full period.
Group Items
Group Items
As of or for the quarter ended
% change from
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Results: 3Q25 vs 3Q24
Loss before tax was USD 255m, mainly reflecting operating expenses and deferred tax asset (DTA) funding costs.
The USD 194m, or 321%, change in the result between quarters was largely due to lower mark-to-market gains
from Group hedging and own debt, including hedge accounting ineffectiveness.
Results: 9M25 vs 9M24
Loss before tax was USD 917m, mainly reflecting operating expenses, DTA funding costs and mark-to-market losses
from Group hedging and own debt, including hedge accounting ineffectiveness. The USD 173m, or 23%, change
in loss before tax between periods was largely due to an increase in provisions for litigation, regulatory and similar
matters, higher shared services costs charged by other subsidiaries of UBS Group AG, and losses from disposals of
properties held for sale. In addition, the first nine months of 2025 included lower mark-to-market losses from Group
hedging and own debt, including hedge accounting ineffectiveness, compared with the first nine months of 2024.
UBS AG third quarter 2025 report |
Risk and capital management | Risk management and control 27
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 2024, available under
“Annual reporting” at
ubs.com/investors
, and the “Recent developments” section of this report 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 third quarter 2025 report is equally applicable to UBS AG consolidated.
The credit risk profile of UBS AG consolidated as of 30 September 2025 differed from that of UBS Group AG
consolidated in relation to total banking products exposure, 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
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 September 2025 was USD 1,091.0bn, i.e.
USD 7.3bn, or 0.7%, higher than the exposure of UBS Group AG consolidated. As of 30 June 2025, the total
banking products exposure of UBS AG consolidated was USD 1,111.9bn, i.e. USD 7.7bn, or 0.7%, higher than the
exposure of UBS Group AG consolidated.
›
Refer to the “Risk management and control” section of the UBS Group third quarter 2025 report, available under
“Quarterly reporting” at
ubs.com/investors
, for more information
›
Refer to the “Comparison between UBS AG consolidated and UBS Group AG consolidated” section of this report for
more information about selected financial and capital information of UBS AG consolidated and UBS Group AG
consolidated
UBS AG third quarter 2025 report |
Risk and capital management | Capital management 28
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 “Capital management” in the “Capital, liquidity and funding, and balance sheet” section
of the UBS AG Annual Report 2024, 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 five new ordinances that contain 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 local regulations requiring compliance with minimum capital, liquidity and similar
requirements.
›
Refer to the UBS Group and significant regulated subsidiaries and sub-groups 30 September 2025 Pillar 3 Report,
available 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 30.9.25
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
of which: high-trigger loss-absorbing additional tier 1 capital
Required gone concern capital
Total gone concern loss-absorbing capacity
4,5,6
of which: base requirement including add-ons for market share and LRD
7
7
Eligible gone concern capital
Total gone concern loss-absorbing capacity
Total tier 2 capital
of which: non-Basel III-compliant tier 2 capital
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 1.70% for risk-weighted assets (RWA) and 0.51% for leverage ratio denominator (LRD), of which 2 basis points for RWA and 1 basis point for LRD reflect a Pillar 2 capital add-on of
USD 107m related to the supply chain finance funds matter at Credit Suisse. An additional 23 basis points for RWA reflect 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. 2 Includes the Pillar 2 add-on for the residual exposure (after collateral mitigation) to hedge funds, private equity and family offices of 0.16% 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 3.51% consists of a 1.5% base requirement, a 1.5% base buffer capital requirement, a 0.25% LRD add-on requirement, a 0.25%
market share add-on requirement based on our Swiss credit business and a 0.01% Pillar 2 capital add-on related to the supply chain finance funds matter at Credit Suisse. 4 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. 5 From 1 January 2023,
the resolvability discount on the gone concern capital requirements for systemically important banks (SIBs) has been replaced with reduced base gone concern capital requirements equivalent to 75% of the total going
concern requirements (excluding countercyclical buffer requirements and the Pillar 2 add-ons). 6 As of July 2024, 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. 7 Includes applicable add-ons of 1.08%
for RWA and 0.38% for LRD.
UBS AG third quarter 2025 report |
Risk and capital management | Capital management 29
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 September 2025.
UBS AG and UBS Switzerland AG are subject to going and gone concern requirements on a standalone basis.
Effective 1 January 2025, a Pillar 2 capital add-on for uncollateralized exposures to hedge funds, private equity and
family offices has been introduced. This resulted in an increase of 23 basis points in the RWA-based going concern
capital requirement as of 30 September 2025.
On a standalone basis as of 30 September 2025, UBS AG’s fully applied common equity tier 1 (CET1) capital ratio
was 13.3%. Additional capital information for UBS AG standalone is provided in the UBS Group and significant
regulated subsidiaries and sub-groups 30 September 2025 Pillar 3 Report, available 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 under “Capital management” in the “Capital, liquidity and funding, and balance
sheet” section of the UBS AG Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
.
Changes to the Swiss SRB framework and requirements after the publication of the UBS AG Annual Report 2024
are described above.
Swiss SRB going and gone concern information
USD m, except where indicated
30.9.25
30.6.25
31.12.24
Eligible going concern capital
Total going concern capital
Total tier 1 capital
Common equity tier 1 capital
Total loss-absorbing additional tier 1 capital
of which: high-trigger loss-absorbing additional tier 1 capital
of which: low-trigger loss-absorbing additional tier 1 capital
Eligible gone concern capital
Total gone concern loss-absorbing capacity
Total tier 2 capital
of which: non-Basel III-compliant tier 2 capital
TLAC-eligible unsecured debt
Total loss-absorbing capacity
Total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
of which: common equity tier 1 capital ratio
Gone concern loss-absorbing capacity ratio
Total loss-absorbing capacity ratio
Leverage ratios (%)
Going concern leverage ratio
of which: common equity tier 1 leverage ratio
Gone concern leverage ratio
Total loss-absorbing capacity leverage ratio
UBS AG third quarter 2025 report |
Risk and capital management | Capital management 30
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 30.9.25
USD m, except where indicated
UBS AG
(consolidated)
UBS Group AG
(consolidated)
Difference
Eligible going concern capital
Total going concern capital
(3,526)
Total tier 1 capital
(3,526)
Common equity tier 1 capital
(3,194)
Total loss-absorbing additional tier 1 capital
(331)
of which: high-trigger loss-absorbing additional tier 1 capital
(331)
Eligible gone concern capital
Total gone concern loss-absorbing capacity
(5,927)
Total tier 2 capital
0
of which: non-Basel III-compliant tier 2 capital
0
TLAC-eligible senior unsecured debt
(5,927)
Total loss-absorbing capacity
Total loss-absorbing capacity
(9,453)
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
(2,472)
Leverage ratio denominator
2,380
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
(0.6)
of which: common equity tier 1 capital ratio
(0.6)
Gone concern loss-absorbing capacity ratio
(1.1)
Total loss-absorbing capacity ratio
(1.7)
Leverage ratios (%)
Going concern leverage ratio
(0.2)
of which: common equity tier 1 leverage ratio
(0.2)
Gone concern leverage ratio
(0.4)
Total loss-absorbing capacity leverage ratio
(0.6)
UBS AG third quarter 2025 report |
Risk and capital management | Capital management 31
Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital (UBS AG vs UBS
Group AG consolidated)
As of 30.9.25
USD m
UBS AG
(consolidated)
UBS Group AG
(consolidated)
Difference
Total equity under IFRS Accounting Standards
5,390
Equity attributable to non-controlling interests
(154)
Defined benefit plans, net of tax
12
Deferred tax assets recognized for tax loss carry-forwards
0
Deferred tax assets for unused tax credits
Deferred tax assets on temporary differences, excess over threshold
404
Goodwill, net of tax
(505)
Intangible assets, net of tax
610
Compensation-related components (not recognized in net profit)
2,298
Expected losses on advanced internal ratings-based portfolio less provisions
(6)
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
69
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 2024
1
(6,500)
Accruals for expected dividends to shareholders for 2025
(5,660)
Capital reserve for expected future share repurchases
904
Other
(56)
Total common equity tier 1 capital
(3,194)
1 Reflects the appropriation of USD 6,500m to a special dividend reserve approved at the 2025 Annual General Meeting in April 2025. The supplementary dividend of USD 6,500m was paid to UBS Group AG in
October 2025 as approved by the Extraordinary General Meeting.
The going concern capital of UBS AG consolidated was USD 3.5bn lower than the going concern capital of
UBS Group AG consolidated as of 30 September 2025, reflecting CET1 capital being USD 3.2bn lower and going
concern loss-absorbing additional tier 1 (AT1) capital being USD 0.3bn lower.
The aforementioned difference in CET1 capital was primarily due to a USD 12.2bn difference in dividend accruals
between UBS AG and UBS Group AG, partly offset by UBS Group AG’s consolidated equity being USD 5.4bn lower,
compensation-related regulatory capital accruals at the UBS Group AG level of USD 2.3bn, a capital reserve for
expected future share repurchases of USD 0.9bn and a USD 0.4bn effect from eligible deferred tax assets on
temporary differences.
The going concern loss-absorbing AT1 capital of UBS AG consolidated was USD 0.3bn lower than that of
UBS Group AG consolidated as of 30 September 2025, mainly reflecting deferred contingent capital plan awards
granted at the Group level to eligible employees for the 2020 to 2024 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.
The LRD of UBS AG consolidated was USD 2.4bn higher than the LRD of UBS Group AG consolidated, mainly
reflecting intercompany exposures in UBS AG toward Group entities, as well as purchase price allocation (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 RWA of UBS AG consolidated were USD 2.5bn 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.
›
Refer to the “Capital management” section of the UBS Group third quarter 2025 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 third quarter 2025 report |
Consolidated financial statements 32
Consolidated financial
statements
Unaudited
Table of contents
UBS AG interim consolidated financial
statements (unaudited)
33
Income statement
34
Statement of comprehensive income
35
Balance sheet
36
Statement of changes in equity
37
Statement of cash flows
Notes to the UBS AG interim consolidated financial
statements (unaudited)
38
1
Basis of accounting
39
2
Accounting for the merger of UBS AG and Credit Suisse AG
39
3
Segment reporting
40
4
Net interest income
40
5
Net fee and commission income
41
6
Other income
41
7
Personnel expenses
41
8
General and administrative expenses
42
9
Expected credit loss measurement
50
10
Fair value measurement
56
11
Derivative instruments
57
12
Other assets and liabilities
58
13
Funding from UBS Group AG measured at amortized cost
58
14
Debt issued designated at fair value
58
15
Debt issued measured at amortized cost
59
16
Provisions and contingent liabilities
UBS AG third quarter 2025 report |
Consolidated financial statements | UBS AG interim consolidated financial statements (unaudited) 33
UBS AG interim consolidated
financial statements (unaudited)
Income statement
For the quarter ended
Year-to-date
USD m
Note
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Interest income from financial instruments measured at amortized cost and fair value through
other comprehensive income
4
Interest expense from financial instruments measured at amortized cost
4
Net interest income from financial instruments measured at fair value through profit or loss and other
4
Net interest income
4
Other net income from financial instruments measured at fair value through profit or loss
Fee and commission income
5
Fee and commission expense
5
Net fee and commission income
5
Other income
6
Total revenues
Credit loss expense / (release)
9
Personnel expenses
7
General and administrative expenses
8
Depreciation, amortization and impairment of non-financial assets
Operating expenses
Operating profit / (loss) before tax
Tax expense / (benefit)
Net profit / (loss)
Net profit / (loss) attributable to non-controlling interests
Net profit / (loss) attributable to shareholders
UBS AG third quarter 2025 report |
Consolidated financial statements | UBS AG interim consolidated financial statements (unaudited) 34
Statement of comprehensive income
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
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
Effective portion of changes in fair value of hedging instruments designated as net investment hedges, before tax
Foreign currency translation differences on foreign operations reclassified to the income statement
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
Subtotal foreign currency translation, net of tax
Financial assets measured at fair value through other comprehensive income
Net unrealized gains / (losses), before tax
Net realized (gains) / losses reclassified to the income statement from equity
Income tax relating to net unrealized gains / (losses)
Subtotal financial assets measured at fair value through other comprehensive income, net of tax
Cash flow hedges of interest rate risk
Effective portion of changes in fair value of derivative instruments designated as cash flow hedges, before tax
Net (gains) / losses reclassified to the income statement from equity
Income tax relating to cash flow hedges
Subtotal cash flow hedges, net of tax
Cost of hedging
Cost of hedging, before tax
Income tax relating to cost of hedging
Subtotal cost of hedging, net of tax
Total other comprehensive income that may be reclassified to the income statement, net of tax
Other comprehensive income that will not be reclassified to the income statement
Defined benefit plans
Gains / (losses) on defined benefit plans, before tax
Income tax relating to defined benefit plans
Subtotal defined benefit plans, net of tax
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
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
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
of which: other comprehensive income that may be reclassified to the income statement
of which: other comprehensive income that will not be reclassified to the income statement
Total comprehensive income
UBS AG third quarter 2025 report |
Consolidated financial statements | UBS AG interim consolidated financial statements (unaudited) 35
Balance sheet
USD m
Note
30.9.25
30.6.25
31.12.24
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
11
Loans and advances to customers
9
Other financial assets measured at amortized cost
12
Total financial assets measured at amortized cost
Financial assets at fair value held for trading
10
of which: assets pledged as collateral that may be sold or repledged by counterparties
Derivative financial instruments
10, 11
Brokerage receivables
10
Financial assets at fair value not held for trading
10
Total financial assets measured at fair value through profit or loss
Financial assets measured at fair value through other comprehensive income
10
Investments in associates
Property, equipment and software
Goodwill and intangible assets
Deferred tax assets
Other non-financial assets
12
Total assets
Liabilities
Amounts due to banks
Payables from securities financing transactions measured at amortized cost
Cash collateral payables on derivative instruments
11
Customer deposits
Funding from UBS Group AG measured at amortized cost
13
Debt issued measured at amortized cost
15
Other financial liabilities measured at amortized cost
12
Total financial liabilities measured at amortized cost
Financial liabilities at fair value held for trading
10
Derivative financial instruments
10, 11
Brokerage payables designated at fair value
10
Debt issued designated at fair value
10, 14
Other financial liabilities designated at fair value
10, 12
Total financial liabilities measured at fair value through profit or loss
Provisions
16
Other non-financial liabilities
12
Total liabilities
Equity
Share capital
Share premium
Retained earnings
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 third quarter 2025 report |
Consolidated financial statements | UBS AG interim consolidated financial statements (unaudited) 36
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:
cash flow
hedges
Total equity
attributable to
shareholders
Balance as of 1 January 2025
2
Premium on shares issued and warrants exercised
3
Tax (expense) / benefit
Dividends
Translation effects recognized directly in retained earnings
Share of changes in retained earnings of associates and joint ventures
New consolidations / (deconsolidations) and other increases / (decreases)
Total comprehensive income for the period
of which: net profit / (loss)
of which: OCI, net of tax
Balance as of 30 September 2025
2
Non-controlling interests as of 30 September 2025
Total equity as of 30 September 2025
Balance as of 1 January 2024
2
Equity recognized due to the merger of UBS AG and Credit Suisse AG
4
Premium on shares issued and warrants exercised
Tax (expense) / benefit
Dividends
Translation effects recognized directly in retained earnings
Share of changes in retained earnings of associates and joint ventures
New consolidations / (deconsolidations) and other increases / (decreases)
5
Total comprehensive income for the period
of which: net profit / (loss)
of which: OCI, net of tax
Balance as of 30 September 2024
2
Non-controlling interests as of 30 September 2024
6
Total equity as of 30 September 2024
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. 4 Refer to Note 2 for more information. 5 Mainly reflecting effects from transactions between Credit
Suisse AG and its subsidiaries and UBS AG and its subsidiaries prior to the merger in May 2024. 6 Includes an increase of USD 490m in the second quarter of 2024 due to the merger of UBS AG and Credit Suisse AG.
UBS AG third quarter 2025 report |
Consolidated financial statements | UBS AG interim consolidated financial statements (unaudited) 37
Statement of cash flows
Year-to-date
USD m
30.9.25
30.9.24
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
Deferred tax expense / (benefit)
Net loss / (gain) from investing activities
Net loss / (gain) from financing activities
Other net adjustments
1
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
Payables from securities financing transactions measured at amortized cost
Cash collateral on derivative instruments
Loans and advances to customers
Customer deposits
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
Provisions and other non-financial assets and liabilities
Income taxes paid, net of refunds
Net cash flow from / (used in) operating activities
2
Cash flow from / (used in) investing activities
Cash and cash equivalents obtained due to the merger of UBS AG and Credit Suisse AG
3
Purchase of subsidiaries, business, associates and intangible assets
Disposal of subsidiaries, business, associates and intangible assets
4
5
Purchase of property, equipment and software
Disposal of property, equipment and software
Purchase of financial assets measured at fair value
6
Disposal and redemption of financial assets measured at fair value
6
Purchase of debt securities measured at amortized cost
Disposal and redemption of debt securities measured at amortized cost
Net cash flow from / (used in) investing activities
Cash flow from / (used in) financing activities
Repayment of Swiss National Bank funding
7
Net issuance (repayment) of short-term debt measured at amortized cost
Distributions paid on UBS AG shares
Issuance of debt designated at fair value and long-term debt measured at amortized cost
8
Repayment of debt designated at fair value and long-term debt measured at amortized cost
8
Inflows from securities financing transactions measured at amortized cost
9
Outflows from securities financing transactions measured at amortized cost
9
Net cash flows from other financing activities
Net cash flow from / (used in) financing activities
Total cash flow
Cash and cash equivalents at the beginning of the period
Net cash flow from / (used in) operating, investing and financing activities
Effects of exchange rate differences on cash and cash equivalents
1
Cash and cash equivalents at the end of the period
10
of which: cash and balances at central banks
10
of which: amounts due from banks
10
of which: money market paper
10,11
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
4
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 cash receipts
from the sale of loans and loan commitments of USD 697m and USD 2,980m within Non-core and Legacy for the nine-month periods ended 30 September 2025 and 30 September 2024, respectively. 3 Refer to
Note 2 for more information. 4 Includes dividends received from associates. 5 Includes cash proceeds net of cash and cash equivalents disposed from 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 29 Changes in organization and acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial
statements” section of the UBS AG Annual Report 2024 for more information. Also includes cash proceeds, net of cash and cash equivalents disposed of, from the sale of a stake in a subsidiary in China and the sale
of a wealth management business in India. 6 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. 7 Reflects the repayment of the Emergency Liquidity Assistance facility to the Swiss National Bank, which was recognized in the balance sheet line Amounts due to banks. 8 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). 9 Reflects cash flows from securities financing transactions measured at amortized cost that use UBS AG debt instruments as the underlying. 10 Includes only balances with an
original maturity of three months or less. 11 Money market paper is included in the balance sheet under Financial assets at fair value not held for trading (30 September 2025: USD 2,776m; 30 September
2024: USD 11,130m), Other financial assets measured at amortized cost (30 September 2025: USD 346m; 30 September 2024: USD 455m) and Financial assets at fair value held for trading
(30 September 2025: USD 179m; 30 September 2024: USD 331m).
UBS AG third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 38
Notes to the UBS AG interim consolidated financial
statements (unaudited)
Note 1 Basis of accounting
Basis of preparation
The consolidated financial statements (the financial statements) of UBS AG and its subsidiaries (together, UBS AG)
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 financial statements are prepared in accordance
with IAS 34,
Interim Financial Reporting
.
In preparing these interim 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 2024.
These interim financial statements are unaudited and should be read in conjunction with: the audited consolidated
financial statements in the UBS AG Annual Report 2024; the “Management report” sections of this report,
specifically the disclosures in the “Recent developments” section of this report regarding the sale of a 36.01% stake
in Credit Suisse Securities (China) Limited and in the “UBS AG performance, business divisions and Group Items”
section of this report regarding the sale of Select Portfolio Servicing (the US mortgage servicing business of Credit
Suisse), the transactions related to Swisscard and the sale of UBS’s wealth management business in India; and the
information about significant transactions disclosed in the UBS AG first quarter 2025 report and UBS AG second
quarter 2025 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 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 2024.
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.
Closing exchange rate
Average rate
1
As of
For the quarter ended
Year-to-date
30.9.25
30.6.25
31.12.24
30.9.24
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
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.
UBS AG third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 39
Note 2 Accounting for the merger of UBS AG and Credit Suisse AG
Merger of UBS AG and Credit Suisse AG
The merger of UBS AG and Credit Suisse AG effected on 31 May 2024 with no consideration payable by UBS AG
constituted a business combination under common control. For details of the accounting for the merger, including
accounting policies applicable to business combinations under common control, refer to “Note 1a Material
accounting policies” and “Note 2 Accounting for the merger of UBS AG and Credit Suisse AG” in the
“Consolidated financial statements” section of the UBS AG Annual Report 2024.
Comparability
The income statement and the statement of comprehensive income for the second and third quarters of 2025 and
for the third quarter of 2024 are based entirely on consolidated data following the merger of UBS AG and Credit
Suisse AG. The year-to-date information for 2025 in the income statement, the statement of comprehensive
income, the statement of changes in equity and the statement of cash flows is based entirely on consolidated data
following the merger of UBS AG and Credit Suisse AG. The year-to-date information for 2024 in the income
statement, the statement of comprehensive income, the statement of changes in equity and the statement of cash
flows includes four months of consolidated data following the merger of UBS AG and Credit Suisse AG (June
through September 2024) and five months of pre-merger UBS AG data only (January through May 2024). The
balance sheet information as of 30 September 2025, 30 June 2025 and 31 December 2024 includes post-merger
consolidated information.
Note 3 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 2024 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 nine months ended 30 September 2025
Net interest income
Non-interest income
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Tax expense / (benefit)
Net profit / (loss)
As of 30 September 2025
Total assets
1,633,877
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group
Items
UBS AG
For the nine months ended 30 September 2024
Net interest income
Non-interest income
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Tax expense / (benefit)
Net profit / (loss)
As of 31 December 2024
Total assets
UBS AG third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 40
Note 4 Net interest income
Net interest income
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
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
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
5
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
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. 5 Includes interest expense on funding from UBS Group AG measured at amortized cost, previously presented in Interest expense on loans and deposits.
Comparative period information has been revised, which resulted in a USD 1.8bn reclassification from Interest expense on loans and deposits to Interest expense on debt issued and funding from UBS Group AG
measured at amortized cost for the third quarter of 2024, and USD 4.5bn for the nine months ended 30 September 2024.
Note 5 Net fee and commission income
Net fee and commission income
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Underwriting fees
M&A and corporate finance fees
Brokerage fees
Investment fund fees
Portfolio management and related services
Other
Total fee and commission income
1
of which: recurring
of which: transaction-based
of which: performance-based
Fee and commission expense
of which: brokerage expense
Net fee and commission income
1 Reflects third-party fee and commission income for the third quarter of 2025 of USD 4,531m for Global Wealth Management (second quarter of 2025: USD 4,323m; third quarter of 2024: USD 4,148m), USD 781m
for Personal & Corporate Banking (second quarter of 2025: USD 768m; third quarter of 2024: USD 761m), USD 1,092m for Asset Management (second quarter of 2025: USD 984m; third quarter of 2024: USD 926m),
USD 1,344m for the Investment Bank (second quarter of 2025: USD 1,100m; third quarter of 2024: USD 1,041m), USD 1m for Non-core and Legacy (second quarter of 2025: USD 1m; third quarter of 2024: USD 97m)
and USD 22m for Group Items (second quarter of 2025: USD 3m; third quarter of 2024: USD 13m).
UBS AG third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 41
Note 6 Other income
Other income
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Associates, joint ventures and subsidiaries
Net gains / (losses) from acquisitions and disposals of subsidiaries
1
2
2,3
Net gains / (losses) from disposals of investments in associates and joint ventures
Share of net profit / (loss) of associates and joint ventures
4
Total
Income from properties
5
Net gains / (losses) from properties held for sale
Income from shared services provided to UBS Group AG or its subsidiaries
Other
6
7
6
7
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 gain of USD 128m from the sale of a stake in a
subsidiary, Credit Suisse Securities (China) Limited. 3 Includes a loss of USD 11m 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 29 Changes in organization and acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial statements” section of the UBS AG Annual
Report 2024 for more information. 4 Includes a gain of USD 64m 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 29
Changes in organization and acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial stateme nts” section of the UBS AG Annual Report 2024 for more information. 5 Includes rent
received from third parties. 6 Includes a USD 33m gain from the sale of UBS AG’s wealth management business in India. 7 Includes an USD 84m gain in Asset Management from the sale of UBS AG’s Brazilian
real estate fund management business (nine-month period ended 30 September 2024: USD 113m).
Note 7 Personnel expenses
Personnel expenses
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
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 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 8 General and administrative expenses
General and administrative expenses
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
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 litigation expenses relating to matters where UBS AG or its subsidiaries
do not hold the provision but have agreed to bear all or a portion of the expense. 2 Includes a USD 180m expense related to the payment to Swisscard for the sale of the Credit Suisse card portfolios to UBS AG.
Refer to “Note 29 Changes in organization and acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial statements” section of the UBS AG Annual Report 2024 for more information.
UBS AG third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 42
Note 9 Expected credit loss measurement
a) Credit loss expense / release
Total net credit loss expenses in the third quarter of 2025 were USD 113m, reflecting USD 8m net expenses related
to performing positions and USD 105m net expenses on credit-impaired positions.
Net expected credit loss expenses on the performing portfolio were primarily driven by net expenses in the corporate
lending portfolios of Personal & Corporate Banking and the Investment Bank. These expenses were partly offset by
releases in the real estate portfolios. UBS has updated several expected credit loss models within the real estate and
corporate lending portfolios to enhance risk differentiation and incorporate the latest default history.
Credit loss expenses of USD 105m for credit-impaired positions primarily related to a small number of corporate
counterparties in Personal & Corporate Banking and the Investment Bank.
Credit loss expense / (release)
Performing positions
Credit-impaired positions
USD m
Stages 1 and 2
Stage 3
Total
For the quarter ended 30.9.25
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Total
For the quarter ended 30.6.25
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Total
For the quarter ended 30.9.24
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Total
UBS AG third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 43
Note 9 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 third quarter of 2025 through a series
of governance meetings, with input and feedback from UBS AG Risk and Finance experts across the business
divisions and regions.
The baseline scenario was updated with the latest macroeconomic forecasts as of 30 September 2025. The
assumptions on a calendar-year basis are included in the table below. The scenario assumes growth in Switzerland
will remain muted in 2025 and slow in the second half of the year, reflecting a subdued outlook due to tariffs and
the appreciation of the Swiss franc in the second quarter of 2025. For the US, the outlook has improved slightly,
but the scenario still assumes a slowdown in the second half of 2025, reflecting a cooling labor market and the
impact of tariffs on domestic demand. Expectations for long-term interest rates in the US and Switzerland are
slightly lower than in the previous quarter.
At the beginning of the first quarter of 2025, UBS AG replaced the stagflationary geopolitical crisis scenario applied
at the end of 2024 with the global crisis scenario, as the severe downside scenario. It targets risks such as sovereign
defaults, low interest rates, a crisis in the Eurozone and significant emerging-market stress. The moderate stagflation
crisis scenario replaced the mild debt crisis scenario as the mild downside scenario. In the moderate stagflation crisis
scenario, interest rates are assumed to rise rather than decline, as in the previously applied mild debt crisis scenario.
However, the declines in gross domestic product and equities are similar.
UBS AG kept the scenarios and scenario weights in line with those applied in the UBS AG second quarter 2025
report. All of the scenarios, including the asset price appreciation and the baseline scenarios, have been updated
based on the latest macroeconomic forecasts as of 30 September 2025. The assumptions on a calendar-year basis
are included in the table below.
Comparison of shock factors
Baseline
Key parameters
2024
2025
2026
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
30.9.25
30.6.25
30.9.24
Asset price appreciation
–
Baseline
Mild debt crisis
–
–
Stagflationary geopolitical crisis
–
–
Moderate stagflation crisis
–
Global crisis
–
UBS AG third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 44
Note 9 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 third quarter of 2025. 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 the maximum contractual amounts.
ECL-relevant balance sheet and off-balance sheet positions
USD m
30.9.25
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
Amounts due from banks
Receivables from securities financing transactions measured at amortized cost
Cash collateral receivables on derivative instruments
Loans and advances to customers
of which: Private clients with mortgages
of which: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Lombard
of which: Credit cards
of which: Commodity trade finance
of which: Ship / aircraft financing
of which: Consumer financing
Other financial assets measured at amortized cost
of which: Loans to financial advisors
Total financial assets measured at amortized cost
Financial assets measured at fair value through other comprehensive income
Total on-balance sheet financial assets in scope of ECL requirements
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
of which: Large corporate clients
of which: SME clients
of which: Financial intermediaries and hedge funds
of which: Lombard
of which: Commodity trade finance
Irrevocable loan commitments
of which: Large corporate clients
Forward starting reverse repurchase and securities borrowing agreements
Unconditionally revocable loan commitments
of which: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Lombard
of which: Credit cards
Irrevocable committed prolongation of existing loans
Total off-balance sheet financial instruments and other credit lines
Total allowances and provisions
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances.
UBS AG third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 45
Note 9 Expected credit loss measurement (continued)
ECL-relevant balance sheet and off-balance sheet positions
USD m
30.6.25
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
Amounts due from banks
Receivables from securities financing transactions measured at amortized cost
Cash collateral receivables on derivative instruments
Loans and advances to customers
of which: Private clients with mortgages
of which: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Lombard
of which: Credit cards
of which: Commodity trade finance
of which: Ship / aircraft financing
of which: Consumer financing
Other financial assets measured at amortized cost
of which: Loans to financial advisors
Total financial assets measured at amortized cost
Financial assets measured at fair value through other comprehensive income
Total on-balance sheet financial assets in scope of ECL requirements
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
of which: Large corporate clients
of which: SME clients
of which: Financial intermediaries and hedge funds
of which: Lombard
of which: Commodity trade finance
Irrevocable loan commitments
of which: Large corporate clients
Forward starting reverse repurchase and securities borrowing agreements
Unconditionally revocable loan commitments
of which: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Lombard
of which: Credit cards
Irrevocable committed prolongation of existing loans
Total off-balance sheet financial instruments and other credit lines
Total allowances and provisions
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances.
UBS AG third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 46
Note 9 Expected credit loss measurement (continued)
ECL-relevant balance sheet and off-balance sheet positions
USD m
31.12.24
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Cash and balances at central banks
Amounts due from banks
Receivables from securities financing transactions measured at amortized cost
Cash collateral receivables on derivative instruments
Loans and advances to customers
of which: Private clients with mortgages
of which: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Lombard
of which: Credit cards
of which: Commodity trade finance
of which: Ship / aircraft financing
of which: Consumer financing
Other financial assets measured at amortized cost
of which: Loans to financial advisors
Total financial assets measured at amortized cost
Financial assets measured at fair value through other comprehensive income
Total on-balance sheet financial assets in scope of ECL requirements
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
of which: Large corporate clients
of which: SME clients
of which: Financial intermediaries and hedge funds
of which: Lombard
of which: Commodity trade finance
Irrevocable loan commitments
of which: Large corporate clients
Forward starting reverse repurchase and securities borrowing agreements
Unconditionally revocable loan commitments
of which: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Lombard
of which: Credit cards
Irrevocable committed prolongation of existing loans
Total off-balance sheet financial instruments and other credit lines
Total allowances and provisions
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances.
UBS AG third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 47
Note 9 Expected credit loss measurement (continued)
The table below provides information about the gross carrying amount of 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
sensitivity to ECL.
ECL coverage ratios are calculated by dividing ECL allowances and provisions by the gross carrying amount of the
related exposures.
The overall coverage ratio for performing positions was unchanged at 10 basis points as of 30 September 2025.
Compared with 30 June 2025, the coverage ratio for performing positions related to real estate lending (on-balance
sheet) decreased by 1 basis point to 3 basis points, and the coverage ratio for performing positions related to
corporate lending (on-balance sheet) was unchanged at 74 basis points.
Coverage ratios for core loan portfolio
30.9.25
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 third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 48
Note 9 Expected credit loss measurement (continued)
Coverage ratios for core loan portfolio
30.6.25
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 third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 49
Note 9 Expected credit loss measurement (continued)
Coverage ratios for core loan portfolio
31.12.24
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 third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 50
Note 10 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 nine months of 2025, 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
30.9.25
30.6.25
31.12.24
USD m
Level 1
Level 2
Level 3
Total
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 third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 51
Note 10 Fair value measurement (continued)
Determination of fair values from quoted market prices or valuation techniques (continued)
1
30.9.25
30.6.25
31.12.24
USD m
Level 1
Level 2
Level 3
Total
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
39,359
14,209
228
53,796
38,240
14,057
50
52,346
24,577
10,429
240
35,247
of which: Equity instruments
of which: Corporate and municipal bonds
of which: Government bills / bonds
of which: Investment fund units
Derivative financial instruments
1,579
157,499
4,457
163,534
1,294
178,463
4,148
183,905
829
175,788
4,060
180,678
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
0
62,067
0
62,067
0
57,951
0
57,951
0
49,023
0
49,023
Debt issued designated at fair value
0
95,174
10,682
105,857
0
96,878
11,374
108,252
0
90,725
11,842
102,567
Other financial liabilities designated at fair value
0
33,410
4,235
37,645
0
31,749
3,780
35,529
0
29,779
4,262
34,041
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
40,937
362,359
19,602
422,899
39,535
379,098
19,352
437,984
25,406
355,744
20,405
401,555
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
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Reserve balance at the beginning of the period
Effect from merger of UBS AG and Credit Suisse AG
1
Profit / (loss) deferred on new transactions
(Profit) / loss recognized in the income statement
Foreign currency translation
Reserve balance at the end of the period
1 Refer to Note 2 for more information.
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
30.9.25
30.6.25
31.12.24
Own credit adjustments on financial liabilities designated at fair value
1
of which: debt issued designated at fair value
of which: other financial liabilities designated at fair value
Credit valuation adjustments
2
Funding and debit valuation adjustments
Other valuation adjustments
of which: liquidity
of which: model uncertainty
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 third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 52
Note 10 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 September 2025 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 21 Fair
value measurement” in the “Consolidated financial statements” section of the UBS AG Annual Report 2024.
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)
30.9.25
31.12.24
USD bn
30.9.25
31.12.24
30.9.25
31.12.24
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
Asset-backed securities
Relative value to
market comparable
Bond price equivalent
points
Investment fund units
4
Relative value to
market comparable
Net asset value
Equity instruments
4
Relative value to
market comparable
Price
Debt issued designated at
fair value
3
Other financial liabilities
designated at fair value
3
Discounted expected
cash flows
Funding spread
basis
points
Derivative financial instruments
Interest rate
Option model
Volatility of interest rates
basis
points
Credit
Discounted expected
cash flows
Credit spreads
basis
points
Credit correlation
%
Recovery rates
%
Option model
Credit volatility
%
Recovery rates
%
Equity / index
Option model
Equity dividend yields
%
Volatility of equity stocks,
equity and other indices
%
Equity-to-FX correlation
%
Equity-to-equity correlation
%
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 Other financial
liabilities designated at fair value and Derivative financial instruments, as this would not be meaningful. 3 Debt issued 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 third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 53
Note 10 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
30.9.25
30.6.25
31.12.24
USD m
Favorable
changes
Unfavorable
changes
Favorable
changes
Unfavorable
changes
Favorable
changes
Unfavorable
changes
Loans at fair value (held for trading and not held for trading) and guarantees
2
Securities financing transactions
Auction rate securities
Asset-backed securities
Equity instruments
Investment fund units
Loan commitments measured at FVTPL
Interest rate derivatives, net
Credit derivatives, net
Foreign exchange derivatives, net
Equity / index derivatives, net
Other
Total
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.
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 2025.
UBS AG third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 54
Note 10 Fair value measurement (continued)
Movements of Level 3 instruments
USD bn
Balance at
the
beginning
of the
period
Effect from
merger of
UBS AG
and Credit
Suisse AG
1
Net gains /
losses
included in
compre-
hensive
income
2
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 nine months ended 30 September 2025
3
Financial assets at fair value held for
trading
of which: Equity instruments
0.0
of which: Corporate and municipal
bonds
0.0
of which: Loans
Derivative financial instruments –
assets
0.0
of which: Interest rate
0.0
of which: Equity / index
0.0
0.0
of which: Credit
0.0
Financial assets at fair value not held
for trading
of which: Loans
of which: Auction rate securities
0.0
0.0
0.0
0.0
0.0
0.0
0.0
of which: Equity instruments
of which: Investment fund units
0.0
of which: Asset-backed securities
0.0
0.0
Derivative financial instruments –
liabilities
0.0
of which: Interest rate
0.0
of which: Equity / index
0.0
0.0
of which: Credit
0.0
0.0
of which: Loan commitments
measured at FVTPL
0.0
0.0
Debt issued designated at fair value
0.0
0.0
Other financial liabilities designated at
fair value
0.0
For the nine months ended 30 September 2024
Financial assets at fair value held for
trading
of which: Equity instruments
of which: Corporate and municipal
bonds
0.0
0.0
of which: Loans
Derivative financial instruments –
assets
of which: Interest rate
of which: Equity / index
of which: Credit
0.0
Financial assets at fair value not held
for trading
of which: Loans
0.0
of which: Auction rate securities
0.0
0.0
0.0
0.0
0.0
0.0
0.0
of which: Equity instruments
0.0
0.0
of which: Investment fund units
0.0
0.0
of which: Asset-backed securities
0.0
0.0
0.0
Derivative financial instruments –
liabilities
of which: Interest rate
0.0
of which: Equity / index
0.0
of which: Credit
0.0
of which: Loan commitments
measured at FVTPL
0.0
Debt issued designated at fair value
0.0
Other financial liabilities designated at
fair value
0.0
0.0
1 Refer to Note 2 for more information. 2 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. 3 Total Level 3 assets as of
30 September 2025 were USD 16.7bn (31 December 2024: USD 14.7bn). Total Level 3 liabilities as of 30 September 2025 were USD 19.6bn (31 December 2024: USD 20.4bn).
UBS AG third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 55
Note 10 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 21 Fair value measurement” in the “Consolidated financial statements”
section of the UBS AG Annual Report 2024.
Financial instruments not measured at fair value
30.9.25
30.6.25
31.12.24
USD bn
Carrying
amount
Fair value
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 third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 56
Note 11
Derivative instruments
a) Derivative instruments
As of 30.9.25, USD bn
Derivative
financial
assets
Derivative
financial
liabilities
Notional values
related to derivative
financial assets and
liabilities
1
Other
notional
values
2
Derivative financial instruments
Interest rate
Credit derivatives
Foreign exchange
Equity / index
Commodities
Other
3
Total derivative financial instruments, based on netting under IFRS Accounting Standards
4
Further netting potential not recognized on the balance sheet
5
of which: netting of recognized financial liabilities / assets
of which: netting with collateral received / pledged
Total derivative financial instruments, after consideration of further netting potential
As of 30.6.25, USD bn
Derivative financial instruments
Interest rate
Credit derivatives
Foreign exchange
Equity / index
Commodities
Other
3
Total derivative financial instruments, based on netting under IFRS Accounting Standards
4
Further netting potential not recognized on the balance sheet
5
of which: netting of recognized financial liabilities / assets
of which: netting with collateral received / pledged
Total derivative financial instruments, after consideration of further netting potential
As of 31.12.24, USD bn
Derivative financial instruments
Interest rate
Credit derivatives
Foreign exchange
Equity / index
Commodities
Other
3
Total derivative financial instruments, based on netting under IFRS Accounting Standards
4
Further netting potential not recognized on the balance sheet
5
of which: netting of recognized financial liabilities / assets
of which: netting with collateral received / pledged
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. 2 Other notional values relate 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. 3 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. 4 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 22 Offsetting financial assets and financial liabilities” in the “Consolidated financial statements” section of
the UBS AG Annual Report 2024 for more information. 5 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 22 Offsetting financial assets and financial liabilities” in the “Consolidated financial statements” section of the UBS AG Annual Report 2024 for more information.
b) Cash collateral on derivative instruments
USD bn
Receivables
30.9.25
Payables
30.9.25
Receivables
30.6.25
Payables
30.6.25
Receivables
31.12.24
Payables
31.12.24
Cash collateral on derivative instruments, based on netting under IFRS Accounting
Standards
1
Further netting potential not recognized on the balance sheet
2
of which: netting of recognized financial liabilities / assets
of which: netting with collateral received / pledged
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 22 Offsetting financial assets and financial
liabilities” in the “Consolidated financial statements” section of the UBS AG Annual Report 2024 for more information.
UBS AG third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 57
Note
12
Other assets and liabilities
a) Other financial assets measured at amortized cost
USD m
30.9.25
30.6.25
31.12.24
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
30.9.25
30.6.25
31.12.24
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
371
Assets of disposal groups held for sale
2
Other
Total other non-financial assets
1 Refer to Note 16 for more information. 2 Refer to Note 6 for more information about the sale of Select Portfolio Servicing.
c) Other financial liabilities measured at amortized cost
USD m
30.9.25
30.6.25
31.12.24
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
30.9.25
30.6.25
31.12.24
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
30.9.25
30.6.25
31.12.24
Compensation-related liabilities
of which: net defined benefit liability
Current tax liabilities
Deferred tax liabilities
VAT, withholding tax and other tax payables
Deferred income
Liabilities of disposal groups held for sale
1
Other
Total other non-financial liabilities
1 Refer to Note 6 for more information about the sale of Select Portfolio Servicing.
UBS AG third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 58
Note
13
Funding from UBS Group AG measured at amortized cost
Funding from UBS Group AG measured at amortized cost
USD m
30.9.25
30.6.25
31.12.24
Debt contributing to total loss-absorbing capacity (TLAC)
Debt eligible as high-trigger loss-absorbing additional tier 1 capital instruments
1
Debt eligible as low-trigger loss-absorbing additional tier 1 capital instruments
Other
2
Total funding from UBS Group AG measured at amortized cost
3,4
1 For 30 September 2025, includes USD 13.0bn (30 June 2025: USD 10.2bn; 31 December 2024: USD 6.9bn) that is, upon the occurrence of a trigger event or a viability event, subject to conversion into ordinary UBS
shares. 2 Includes debt no longer eligible as TLAC having a residual maturity of less than one year and high-trigger loss-absorbing additional tier 1 capital instruments that ceased to be eligible when UBS Group AG
issued notice of redemption. 3 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. 4 UBS AG has also recognized funding from UBS Group AG that is designated at fair value. Refer to
Note 12d for more information.
Note
14
Debt issued designated at fair value
Debt issued designated at fair value
USD m
30.9.25
30.6.25
31.12.24
Equity-linked
1
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 September 2025, 100% of Total debt issued designated at fair value was unsecured (30 June 2025: 100%; 31 December 2024: 100%).
Note
15
Debt issued measured at amortized cost
Debt issued measured at amortized cost
USD m
30.9.25
30.6.25
31.12.24
Short-term debt
1
Senior unsecured debt
Covered bonds
Subordinated debt
of which: eligible as non-Basel III-compliant tier 2 capital instruments
Debt issued through the Swiss central mortgage institutions
Other long-term debt
Long-term debt
2
Total debt issued measured at amortized cost
3,4
1 Debt with an original contractual maturity of less than one year, includes mainly 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 (100% secured), Debt issued through the Swiss central mortgage institutions (100% secured) and Other long -term debt (94% secured), 100% of the balance was unsecured
as of 30 September 2025.
UBS AG third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 59
Note 16 Provisions and contingent liabilities
a) Provisions
The table below presents an overview of total provisions.
Overview of total provisions
USD m
30.9.25
30.6.25
31.12.24
Provisions other than provisions for expected credit losses
Provisions for expected credit losses
1
Total provisions
1 Refer to Note 9c 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 2024
Balance as of 30 June 2025
Increase in provisions recognized in the income statement
Release of provisions recognized in the income statement
5
Provisions used in conformity with designated purpose
6
Foreign currency translation and other movements
Balance as of 30 September 2025
1 Consists of provisions for losses resulting from legal, liability and compliance risks. 2 Includes USD 291m of personnel-related restructuring provisions as of 30 September 2025 (30 June 2025: USD 363m;
31 December 2024: USD 262m), USD 233m of provisions for onerous contracts related to real estate as of 30 September 2025 (30 June 2025: USD 265m; 31 December 2024: USD 383m) and USD 49m of provisions
for onerous contracts related to technology as of 30 September 2025 (30 June 2025: USD 55m; 31 December 2024: USD 54m). 3 Mainly includes provisions for reinstatement costs with respect to leased properties.
4 Mainly includes provisions related to employee benefits, VAT and operational risks. 5 Primarily includes the release of provisions regarding the resolution of the legacy matter related to UBS AG’s cross-border
business activities in France in the third quarter of 2025 as described in item 1 of section b) of this Note. 6 Mainly includes provisions used for the resolution reached with the US Department of Justice in the third
quarter of 2025 as described in item 4 of section b) of this Note.
Information about provisions and contingent liabilities with respect to litigation, regulatory and similar matters, as
a class, is included in Note 16b. 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 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 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.
UBS AG third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 60
Note 16 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 Note 16a 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 0bn to USD 2bn.
Litigation, regulatory and similar matters may also result in non-monetary penalties and consequences. A guilty plea
to, or conviction 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.
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
Group Items
UBS AG
Balance as of 31 December 2024
Balance as of 30 June 2025
Increase in provisions recognized in the income statement
Release of provisions recognized in the income statement
2
2
Provisions used in conformity with designated purpose
3
Foreign currency translation and other movements
Balance as of 30 September 2025
1 Provisions, if any, for the matters described in items 2 and 9 of this Note are recorded in Global Wealth Management. Provisions, if any, for the matters described in items 4, 5, 6, 7 and 8 of this Note are recorded
in Non-core and Legacy. Provisions, if any, for the matters described in item 1 of this Note are allocated between Global Wealth Management, Personal & Corporate Banking and Non-core and Legacy. Provisions, if
any, for the matters described in item 3 of this Note are allocated between the Investment Bank, Non-core and Legacy and Group Items. Provisions, if any, for the matters described in item 10 of this Note are allocated
between the Investment Bank and Non-core and Legacy. 2 Primarily includes the release of provisions regarding the resolution of the legacy matter related to UBS AG’s cross-border business activities in France in
the third quarter of 2025 as described in item 1 of this Note. 3 Mainly includes provisions used for the resolution reached with the US Department of Justice in the third quarter of 2025 as described in item 4 of this
Note.
UBS AG third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 61
Note 16 Provisions and contingent liabilities (continued)
1. Inquiries regarding cross-border wealth management businesses
Tax and regulatory authorities in a number of countries have made inquiries, served requests for information or
examined employees located in their respective jurisdictions relating to the cross-border wealth management
services provided by UBS and other financial institutions. Credit Suisse offices in various locations, including the UK,
the Netherlands, France and Belgium, have been contacted by regulatory and law enforcement authorities seeking
records and information concerning investigations into Credit Suisse’s historical private banking services on a cross-
border basis and in part through its local branches and banks. The UK and French aspects of these issues have been
closed. UBS is continuing to cooperate with the authorities.
Since 2013, UBS (France) S.A., UBS AG and certain former employees have been under investigation in France in
relation to UBS’s cross-border business with French clients. In connection with this investigation, the investigating
judges ordered UBS AG to provide bail (“
caution
”) of EUR 1.1bn.
In 2019, the court of first instance returned a verdict finding UBS AG guilty of unlawful solicitation of clients on
French territory and aggravated laundering of the proceeds of tax fraud, and UBS (France) S.A. guilty of aiding and
abetting unlawful solicitation and of laundering the proceeds of tax fraud. The court imposed fines aggregating
EUR 3.7bn on UBS AG and UBS (France) S.A. and awarded EUR 800m of civil damages to the French state. A trial
in the Paris Court of Appeal took place in March 2021. In December 2021, the Court of Appeal found UBS AG
guilty of unlawful solicitation and aggravated laundering of the proceeds of tax fraud. The court ordered a fine of
EUR 3.75m, the confiscation of EUR 1bn, and awarded civil damages to the French state of EUR 800m. UBS
appealed the decision to the French Supreme Court. In November 2023, the Supreme Court upheld the Court of
Appeal’s decision regarding unlawful solicitation and aggravated laundering of the proceeds of tax fraud, but
overturned the confiscation of EUR 1bn, the penalty of EUR 3.75m and the EUR 800m of civil damages awarded
to the French state. The case was remanded to the Court of Appeal for a retrial regarding these overturned
elements. In September 2025, UBS AG resolved the case and agreed to pay a fine of EUR 730m and EUR 105m in
civil damages to the French State.
In May 2014, Credit Suisse AG entered into settlement agreements with the SEC, the Federal Reserve, and the
New York Department of Financial Services and agreed with the US Department of Justice (the DOJ) to plead guilty
to conspiring to aid and assist US taxpayers in filing false tax returns (the 2014 Plea Agreement). Credit Suisse
continued to report to and cooperate with US authorities in accordance with its obligations under the 2014 Plea
Agreement, including by conducting a review of cross-border services provided by Credit Suisse. In this connection,
Credit Suisse provided information to US authorities regarding potentially undeclared US assets held by clients at
Credit Suisse since the 2014 Plea Agreement. In May 2025, Credit Suisse Services AG entered into a plea agreement
(the 2025 Plea Agreement) with the DOJ under which it agreed to plead guilty to one count of conspiracy to aid
and assist in the preparation of false income tax returns relating to legacy Credit Suisse accounts booked in Credit
Suisse’s Swiss booking center, thereby settling the investigation into Credit Suisse’s implementation of the 2014
Plea Agreement. In addition, Credit Suisse Services AG entered into a non-prosecution agreement with the DOJ
(the 2025 NPA) relating to legacy Credit Suisse accounts booked in Credit Suisse’s Singapore booking center. The
2025 Plea Agreement and the 2025 NPA provide for penalties, restitution and forfeiture of USD 511m in the
aggregate. The 2025 Plea Agreement and the 2025 NPA include ongoing obligations of UBS to furnish information
and cooperate with DOJ’s investigations of legacy Credit Suisse accounts held by US persons in its Switzerland and
Singapore booking centers and related accounts in other booking centers.
Our balance sheet at 30 September 2025 reflected provisions 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.
UBS AG third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 62
Note 16 Provisions and contingent liabilities (continued)
2. 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 have been 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
serve 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 2.1bn, 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 2bn. 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 125m 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.
3. Foreign exchange, LIBOR and benchmark rates, and other trading practices
Foreign-exchange-related regulatory matters:
concerning possible manipulation of foreign exchange markets and precious metals prices. As a result of these
investigations, UBS entered into resolutions with Swiss, US and UK regulators and the European Commission. UBS
was granted conditional immunity by the Antitrust Division of the DOJ and by authorities in other jurisdictions in
connection with potential competition law violations relating to foreign exchange and precious metals businesses.
In December 2021, the European Commission issued a decision imposing a fine of EUR 83.3m on Credit Suisse
entities based on findings of anticompetitive practices in the foreign exchange market. UBS received leniency and
accordingly no fine was assessed. Credit Suisse appealed the decision to the European General Court and, in July
2025, the court issued a judgment reducing the fine to EUR 28.9m. The judgment is now final.
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 any of the defendant banks. UBS and Credit Suisse have resolved US federal court class
actions relating to foreign currency transactions with the defendant banks and persons who transacted in foreign
exchange futures contracts and options on such futures. Certain class members have excluded themselves from
that settlement and filed individual actions in US and English courts against UBS, Credit Suisse and other banks,
alleging violations of US and European competition laws and unjust enrichment. UBS, Credit Suisse and the other
banks have resolved those individual matters. In addition, Credit Suisse and UBS, together with other financial
institutions, were named in a consolidated putative class action in Israel, which made allegations similar to those
made in the actions pursued in other jurisdictions. Credit Suisse and UBS entered into agreements to settle all claims
in this action in April 2022 and February 2024, respectively. Credit Suisse’s settlement received court approval and
became final in May 2025. UBS’s settlement remains subject to court approval.
UBS AG third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 63
Note 16 Provisions and contingent liabilities (continued)
LIBOR and other benchmark-related regulatory matters:
regarding potential improper attempts by UBS, among others, to manipulate LIBOR and other benchmark rates at
certain times. UBS and Credit Suisse reached settlements or otherwise concluded investigations relating to
benchmark interest rates with the investigating authorities. UBS was granted conditional leniency or conditional
immunity from authorities in certain jurisdictions, including the Antitrust Division of the DOJ and the Swiss
Competition Commission (WEKO), in connection with potential antitrust or competition law violations related to
certain rates. However, UBS has not reached a final settlement with WEKO, as the Secretariat of WEKO has asserted
that UBS does not qualify for full immunity.
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 allege 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.
USD LIBOR class and individual actions in the US:
Beginning in 2013, 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))
by plaintiffs who engaged in over-the-counter instruments, exchange-traded Eurodollar futures and options, bonds
or loans that referenced USD LIBOR. The complaints allege violations of antitrust law and the Commodities
Exchange Act, as well as breach of contract and unjust enrichment. Following various rulings by the SDNY and the
US Court of Appeals for the Second Circuit dismissing certain of the causes of action and allowing others to
proceed, one class action with respect to transactions in over-the-counter instruments and several actions brought
by individual plaintiffs proceeded in the district court. In September 2025, the district court granted defendants’
motion for summary judgment as to all remaining actions. UBS and Credit Suisse previously entered into settlement
agreements in respect of the class actions relating to exchange-traded instruments, bonds and loans. These
settlements have received final court approval, and the actions have been dismissed as to UBS and Credit Suisse.
Other benchmark class actions in the US:
The Yen LIBOR/Euroyen TIBOR, EURIBOR and GBP LIBOR actions have
been dismissed. 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. In September 2025, the Second Circuit affirmed the dismissal of the complaint in the GBP LIBOR
action.
In January 2023, defendants moved to dismiss the complaint in the CHF LIBOR action. In 2023, the court approved
a settlement by Credit Suisse of the claims against it in this matter. In September 2025, the court dismissed the
complaint against the remaining defendants, including UBS.
Government bonds:
breached European Union antitrust rules between 2007 and 2011 relating to European government bonds. The
European Commission fined UBS EUR 172m, which amount was confirmed on appeal in March 2025. UBS has
appealed to the European Court of Justice.
Credit default swap auction litigation –
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.
With respect to additional matters and jurisdictions not encompassed by the settlements and orders referred to
above, UBS’s balance sheet at 30 September 2025 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.
UBS AG third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 64
Note 16 Provisions and contingent liabilities (continued)
4. Mortgage-related matters
Government and regulatory related matters: DOJ RMBS settlement
LLC (CSS LLC) and its current and former US subsidiaries and US affiliates reached a settlement with the DOJ related
to its legacy Residential Mortgage-Backed Securities (RMBS) business, a business conducted through 2007. The
settlement resolved potential civil claims by the DOJ related to certain of those Credit Suisse entities’ packaging,
marketing, structuring, arrangement, underwriting, issuance and sale of RMBS. Pursuant to the terms of the
settlement a civil monetary penalty was paid to the DOJ in January 2017. The settlement also required the Credit
Suisse entities to provide certain levels of consumer relief measures, including affordable housing payments and
loan forgiveness, and the DOJ and Credit Suisse agreed to the appointment of an independent monitor to oversee
the completion of the consumer relief requirements of the settlement. In August 2025, CSS LLC entered into an
agreement with the DOJ to resolve all of Credit Suisse’s outstanding Consumer Relief Obligations under the 2017
settlement by paying USD 300m.
Civil litigation: Repurchase litigations –
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 five actions: An action brought by Asset
Backed Securities Corporation Home Equity Loan Trust, Series 2006-HE7 alleges damages of not less than
USD 374m. In December 2023, the court granted in part DLJ’s motion to dismiss, dismissing with prejudice all
notice-based claims; the parties have appealed. An action by Home Equity Asset Trust, Series 2006-8, alleges
damages of not less than USD 436m. An action by Home Equity Asset Trust 2007-1 alleges damages of not less
than USD 420m. In August 2025, the parties agreed to a settlement to resolve this litigation for USD 66.39m. The
settlement is subject to court approval. An action by Home Equity Asset Trust 2007-2 alleges damages of not less
than USD 495m. An action by CSMC Asset-Backed Trust 2007-NC1 does not allege a damages amount.
5. 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. Of the other seven cases, four are stayed, including one that was
dismissed as to Credit Suisse and most of the bank defendants prior to entry of the stay, and in three cases
defendants moved to dismiss plaintiffs’ amended complaints.
UBS AG third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 65
Note 16 Provisions and contingent liabilities (continued)
6. Customer account matters
Several clients have claimed that a former relationship manager in Switzerland had exceeded his investment
authority in the management of their portfolios, resulting in excessive concentrations of certain exposures and
investment losses. Credit Suisse AG has investigated the claims, as well as transactions among the clients. Credit
Suisse AG filed a criminal complaint against the former relationship manager with the Geneva Prosecutor’s Office
upon which the prosecutor initiated a criminal investigation. Several clients of the former relationship manager also
filed criminal complaints with the Geneva Prosecutor’s Office. In February 2018, the former relationship manager
was sentenced to five years in prison by the Geneva criminal court for fraud, forgery and criminal mismanagement
and ordered to pay damages of approximately USD 130m. On appeal, the Criminal Court of Appeals of Geneva
and, subsequently, the Swiss Federal Supreme Court upheld the main findings of the Geneva criminal court.
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 a now-concluded civil lawsuit, Credit Suisse Trust Limited was ordered to pay USD 461m, including
interest and costs.
In Bermuda, in the civil lawsuit brought against Credit Suisse Life (Bermuda) Ltd., the Supreme Court of Bermuda
issued a judgment awarding damages of USD 607.35m to the plaintiff. Credit Suisse Life (Bermuda) Ltd. appealed
the decision. In June 2023, the Bermuda Court of Appeal confirmed the award and the Supreme Court of
Bermuda’s finding that Credit Suisse Life (Bermuda) Ltd. breached its contractual and fiduciary duties, but
overturned the finding that Credit Suisse Life (Bermuda) Ltd. made fraudulent misrepresentations. In March 2024,
Credit Suisse Life (Bermuda) Ltd. was granted leave to appeal the judgment to the Judicial Committee of the Privy
Council and a hearing on the appeal was held in June 2025. The Bermuda Court of Appeal also ordered that the
current stay continue pending determination of the appeal on the condition that the damages awarded, plus
interest calculated at the Bermuda statutory rate of 3.5%, remain in the escrow account.
In Switzerland, certain civil lawsuits have been commenced against Credit Suisse AG in the Court of First Instance
of Geneva since March 2023.
7. Mozambique matter
Credit Suisse was subject to investigations by regulatory and enforcement authorities, as well as civil litigation,
regarding certain Credit Suisse entities’ arrangement of loan financing to Mozambique state enterprises, Proindicus
S.A. and Empresa Moçambicana de Atum S.A. (EMATUM), a distribution to private investors of loan participation
notes (LPN) related to the EMATUM financing in September 2013, and certain Credit Suisse entities’ subsequent
role in arranging the exchange of those LPNs for Eurobonds issued by the Republic of Mozambique. In 2019, three
former Credit Suisse employees pleaded guilty in the EDNY to accepting improper personal benefits in connection
with financing transactions carried out with two Mozambique state enterprises.
In October 2021, Credit Suisse reached settlements with the DOJ, the US Securities and Exchange Commission
(SEC), the UK Financial Conduct Authority (FCA) and FINMA to resolve inquiries by these agencies, including findings
that Credit Suisse failed to appropriately organize and conduct its business with due skill and care, and manage
risks. Credit Suisse Group AG entered into a three-year Deferred Prosecution Agreement (DPA) with the DOJ in
connection with the criminal information charging Credit Suisse Group AG with conspiracy to commit wire fraud
and Credit Suisse Securities (Europe) Limited (CSSEL) entered into a Plea Agreement and pleaded guilty to one count
of conspiracy to violate the US federal wire fraud statute. Under the terms of the DPA, UBS Group AG (as successor
to Credit Suisse Group AG) continued compliance enhancement and remediation efforts agreed by Credit Suisse,
and undertake additional measures as outlined in the DPA. In January 2025, as permitted under the terms of the
DPA, the DOJ elected to extend the term of the DPA until January 2026.
UBS AG third quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 66
Note 16 Provisions and contingent liabilities (continued)
8. ETN-related litigation
XIV litigation:
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 asserts 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.
9. Bulgarian former clients matter
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 2m. In addition, the court seized certain client
assets in the amount of approximately CHF 12m and ordered Credit Suisse AG to pay a compensatory claim in the
amount of approximately CHF 19m. Credit Suisse AG appealed the decision to the Swiss Federal Court of Appeals.
Following the merger of UBS AG and Credit Suisse AG, UBS AG confirmed the appeal. In November 2024, the
court issued a judgment that acquitted UBS AG and annulled the fine and compensatory claim ordered by the first
instance court. In February 2025, the court affirmed the acquittal of UBS AG, and the Office of the Attorney General
has appealed the judgment to the Swiss Federal Supreme Court. UBS has also appealed, limited to the issue whether
a successor entity by merger can be criminally liable for acts of the predecessor entity. In July 2025, the Swiss Federal
Supreme Court granted the appeal filed by the Office of the Attorney General and ruled that the Swiss Federal
Court of Appeals released its judgment without proper reasoning. The case was remanded to the Swiss Federal
Court of Appeals to deliver a full and reasoned judgment.
10. Archegos
Credit Suisse and UBS have received requests for documents and information in connection with inquiries,
investigations and/or actions relating to their relationships with Archegos Capital Management (Archegos),
including from FINMA (assisted by a third party appointed by FINMA), the DOJ, the SEC, the US Federal Reserve,
the US Commodity Futures Trading Commission (CFTC), the US Senate Banking Committee, the Prudential
Regulation Authority (PRA), the FCA, the WEKO, the Hong Kong Competition Commission and other regulatory
and governmental agencies. UBS is cooperating with the authorities in these matters. In July 2023, CSI and CSSEL
entered into a settlement agreement with the PRA providing for the resolution of the PRA’s investigation. Also in
July 2023, FINMA issued a decree ordering remedial measures and the Federal Reserve Board issued an Order to
Cease and Desist. Under the terms of the order, Credit Suisse paid a civil money penalty and agreed to undertake
certain remedial measures relating to counterparty credit risk management, liquidity risk management and non-
financial risk management, as well as enhancements to board oversight and governance. UBS Group, as the legal
successor to Credit Suisse Group AG, is a party to the FINMA decree and Federal Reserve Board Cease and Desist
Order.
Civil actions relating to Credit Suisse’s relationship with Archegos have been filed against Credit Suisse and/or
certain officers and directors, including claims for breaches of fiduciary duties. In one such case, the parties agreed
in July 2025 to a settlement of USD 115m. Because the action was brought by shareholders on behalf of and for
the benefit of Credit Suisse, after deducting any Court-awarded attorneys’ fees and expenses and any applicable
taxes, the cash recovery for the settlement will go to UBS, as successor to Credit Suisse, and will result in a net
recovery for UBS.
UBS AG third quarter 2025 report |
Comparison between UBS AG consolidated and UBS Group AG consolidated
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.
UBS AG and UBS Group AG both prepare consolidated financial statements in accordance with IFRS Accounting
Standards. UBS Group AG 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 AG and UBS AG consolidated levels. There are also certain scope and presentation
differences, as noted below.
›
Refer to “Note 2 Accounting for the merger of UBS AG and Credit Suisse AG” in the “Consolidated financial
statements” section of the UBS AG Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
,
for more information about the accounting for the merger of UBS AG and Credit Suisse AG
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 third quarter of 2025, UBS AG consolidated recognized a net profit of USD 1,294m, while UBS Group AG
consolidated recognized a net profit of USD 2,487m. The USD 1,193m difference was mainly due to certain
purchase price allocation (PPA) effects recognized at the UBS Group AG level upon the acquisition of the Credit
Suisse Group. These resulted in net accretion income at the UBS Group AG 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 for UBS Group AG (while
UBS AG incurred net expenses). Other differences in net profit mainly arise as UBS Business Solutions AG and other
shared services subsidiaries of UBS Group AG charge other legal entities within the UBS AG consolidation scope a
markup on costs incurred for services provided.
As of 30 September 2025, the total assets of UBS AG consolidated were USD 1.6bn higher than the total assets of
UBS Group AG consolidated. The difference mainly reflected PPA effects recognized at the UBS Group AG level
upon the acquisition of the Credit Suisse Group, partly offset by consolidation scope differences. The total liabilities
of UBS AG consolidated were USD 3.8bn lower than the total liabilities of UBS Group AG, mainly due to
consolidation scope differences and PPA effects.
The equity of UBS AG consolidated was USD 5.4bn higher than the equity of UBS Group AG consolidated as of
30 September 2025. This difference was mainly due to consolidation scope differences of USD 2.8bn and PPA
effects of USD 2.4bn 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 3.5bn lower than the going concern capital of
UBS Group AG consolidated as of 30 September 2025, reflecting the common equity tier 1 (CET1) capital of
UBS AG being lower by USD 3.2bn and going concern loss-absorbing additional tier 1 (AT1) capital being
USD 0.3bn lower.
UBS AG third quarter 2025 report |
Comparison between UBS AG consolidated and UBS Group AG consolidated
The USD 3.2bn lower CET1 capital of UBS AG consolidated was primarily due to a USD 12.2bn difference in
dividend accruals between UBS AG and UBS Group AG, partly offset by UBS Group AG consolidated equity being
USD 5.4bn lower, compensation-related regulatory capital accruals at the UBS Group AG level of USD 2.3bn, a
capital reserve for expected future share repurchases of USD 0.9bn and a USD 0.4bn effect from eligible deferred
tax assets on temporary differences.
The quarterly average liquidity coverage ratio (the LCR) of UBS AG consolidated was 3.2 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 1.1 percentage points lower than the NSFR of
UBS Group AG consolidated. The difference primarily reflected lower UBS AG consolidated eligible regulatory
capital as compared to UBS Group AG consolidated.
Comparison between UBS AG consolidated and UBS Group AG consolidated
As of or for the quarter ended 30.9.25
As of or for the quarter ended 30.6.25
As of or for the quarter ended 31.12.24
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 the quarters presented and are calculated based on an average of 65 data points in the third quarter of 2025, 61 data points in the second quarter of 2025 and
64 data points in the fourth quarter of 2024. Refer to the “Liquidity and funding management” section of the UBS Group third quarter 2025 report, available under “Quarterly reporting” at ubs.com/investors, for
more information.
UBS AG third quarter 2025 report |
Appendix 69
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. A definition of each APM, the method used to calculate it and the information
content are presented in alphabetical order in the table below. These APMs may qualify as non-GAAP measures as
defined by US Securities and Exchange Commission (SEC) regulations.
APM label
Calculation
Information content
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 of credit risk
1
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.
Fee-generating assets (USD)
– Global Wealth Management
Calculated as the sum of discretionary and
nondiscretionary 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
1
– 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.
Integration-related expenses (USD)
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.
UBS AG third quarter 2025 report |
Appendix 70
APM label
Calculation
Information content
Invested assets (USD and CHF)
– Global Wealth Management,
Personal & Corporate Banking,
Asset Management
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.
Net interest margin
1
– 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 price charged for lending and
the cost of funding, relative to loan value.
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 services.
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 deposits (USD)
– Global Wealth Management
Calculated as the net amount of inflows and outflows
of deposits 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 services.
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
services.
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 services.
Net new loans (USD)
– Global Wealth Management
Calculated as the net amount of originations,
drawdowns and repayments of loans recorded during
a specific period. Loans 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 services.
This measure provides information about the
development of loans during a specific period as a
result of net new loan flows.
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 services. 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)
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)
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.
UBS AG third quarter 2025 report |
Appendix 71
APM label
Calculation
Information content
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
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)
– Global Wealth Management,
Personal & Corporate Banking
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
1
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 common equity tier 1
capital
1
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 equity
1
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
1
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.
Revenues over leverage ratio
denominator, gross
1
Calculated as total revenues (annualized for reporting
periods shorter than 12 months) divided by the
average leverage ratio denominator.
This measure provides information about the revenues
of the business in relation to the leverage ratio
denominator.
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)
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
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.
Underlying cost / income ratio (%)
Calculated as underlying operating expenses (as
defined above) divided by underlying total revenues
(as defined above).
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.
Underlying net interest income
(USD)
– Global Wealth Management,
Personal & Corporate Banking
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.
UBS AG third quarter 2025 report |
Appendix 72
APM label
Calculation
Information content
Underlying net profit growth (%)
Calculated as the change in underlying net profit
attributable to shareholders from continuing
operations between current and comparison periods
divided by underlying net profit attributable to
shareholders from continuing operations of the
comparison period. Underlying net profit 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 profit
growth since the comparison period, while excluding
items that management believes are not
representative of the underlying performance of the
businesses.
Underlying return on attributed equity
1
(%)
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.
Underlying return on common equity
tier 1 capital
1
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.
Underlying return on tangible equity
1
(%)
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.
1
Profit or loss information for each of the third quarter of 2025, the second quarter of 2025, the fourth quarter of 2024 and the third quarter of 2024 is based entirely on consolidated data following the merger of
UBS AG and Credit Suisse AG and for the purpose of the calculation of return measures has been annualized by multiplying such by four. Profit or loss information for the first nine months of 2025 is based entirely on
consolidated data following the merger of UBS AG and Credit Suisse AG and for the purpose of the calculation of return measures has been annualized by dividing such by three and then multiplying by four. Profit or
loss information for the first nine months of 2024 is presented on a consolidated basis, including Credit Suisse AG data for four months (June to September 2024), and for the purpose of the calculation of return
measures has been annualized by dividing such by three and then multiplying by four.
This is a general list of the APMs used in our financial reporting. Not all of the APMs listed above may appear in
this particular report.
UBS AG third quarter 2025 report |
Appendix 73
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
C&ORC Compliance & 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
GCRG Group Compliance,
Regulatory and Governance
GDP gross domestic product
GEB Group Executive Board
GHG greenhouse gas
GIA Group Internal Audit
GRI Global Reporting Initiative
G-SIB global systemically
important bank
H
HQLA
high-quality liquid assets
I
IA Internal Audit
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 third quarter 2025 report |
Appendix 74
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 third quarter 2025 report |
Appendix 75
Information sources
Reporting publications
Annual publications
UBS AG Annual Report
: Published in English, this report provides descriptions of: the performance of UBS AG
(consolidated); the strategy and 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 Sustainability Report provides disclosures on environmental, social
and governance topics related to the UBS Group. It also provides certain disclosures related to diversity, equity and
inclusion.
Quarterly publications
Quarterly financial 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 no longer 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 third quarter 2025 report |
Appendix 76
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 conditions in the Middle East, as well as the continuing Russia–
Ukraine war. UBS’s acquisition of the Credit Suisse Group has 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.
Following the failure of Credit Suisse, Switzerland is considering significant changes to its capital, resolution and regulatory regime, which, if adopted, would
significantly increase our capital requirements or impose other costs on UBS. 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 a current additional tier one debt instrument, 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 regulatory 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
2024. 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 |
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
PO Box, CH-8098 Zurich
PO 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 Number 333-283672), 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: November 4, 2025