UBS AG standalone profit jumps to $9.1B in 2025
UBS AG reports strong 2025 standalone results under Swiss GAAP, with net profit rising to USD 9,149m from USD 5,138m in 2024.
Rhea-AI Filing Summary
UBS AG reports strong 2025 standalone results under Swiss GAAP, with net profit rising to USD 9,149m from USD 5,138m in 2024. Operating profit increased to USD 8,501m, helped by higher fee and commission income, strong dividend income of USD 10,812m from subsidiaries and a USD 535m net credit loss release.
Total operating income grew to USD 25,548m, while total operating expenses were USD 17,048m. UBS AG distributed USD 13,000m of dividends and ended 2025 with total assets of USD 792,341m and equity of USD 80,457m.
Positive
- None.
Negative
- None.
Insights
Standalone profit surged on subsidiary dividends and credit loss releases.
UBS AG’s standalone net profit rose to USD 9,149m, driven by higher dividend income from key subsidiaries and a swing to a USD 535m net credit loss release. Operating profit more than quadrupled to USD 8,501m, despite still‑negative net interest income.
Litigation and similar provision charges fell sharply to USD 323m from USD 1,078m, while personnel and general expenses stayed elevated, reflecting ongoing integration and shared services costs. The bank paid USD 13,000m in ordinary and supplementary dividends, reducing equity to USD 80,457m but keeping a sizeable capital base against USD 792,341m of assets.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much standalone net profit did UBS AG (AMUB) report for 2025?
UBS AG reported standalone net profit of USD 9,149m for 2025, up from USD 5,138m in 2024. The increase was driven by higher fee income, strong dividends from subsidiaries and a significant net release of credit loss allowances.
What was UBS AG’s total operating income and expenses in 2025?
Total operating income reached USD 25,548m in 2025, while total operating expenses were USD 17,048m. Higher fee and trading income, plus dividend income from subsidiaries, outweighed personnel, administrative and impairment costs, resulting in much stronger operating profitability than in 2024.
How did credit loss allowances affect UBS AG (AMUB) results in 2025?
UBS AG recorded a USD 535m net credit loss release in 2025, compared with a USD 206m expense in 2024. This mainly reflected improvements on credit‑impaired positions and releases related to a loan to a subsidiary, supporting the year’s higher net profit.
What dividend distributions did UBS AG make based on 2024 earnings?
In 2025, UBS AG distributed a total of USD 13,000m of dividends based on 2024 results, split equally between an ordinary dividend and a supplementary dividend. Both were paid out of the voluntary earnings reserve, materially reducing that reserve during the year.
What were UBS AG’s total assets and equity at year-end 2025?
At 31 December 2025, UBS AG reported total assets of USD 792,341m and total equity of USD 80,457m. The balance sheet is dominated by customer loans, trading portfolios and funding to subsidiaries, funded mainly by customer deposits, market instruments and group funding.
How did provisions for litigation and similar matters change in 2025?
Expenses from provisions for litigation, regulatory and similar matters, and other provisions were USD 323m in 2025, down from USD 1,078m in 2024. This reduction lowered total operating expenses and contributed to the improvement in UBS AG’s standalone profitability.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Date: March 9, 2026
UBS 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 UBS AG audited standalone financial statements for the year ended 31 December
2025, as well as the consent of Ernst & Young Ltd. with respect thereto, which appear immediately following this
page.
31 December 2025
Table of contents
1
Report of the statutory auditor
7
UBS AG standalone financial statements (audited)
7
Income statement
8
Balance sheet
9
Off-balance sheet
10
Statement of changes in equity
11
1
Name, legal form and registered office
11
2
Accounting policies
16
3a
Net trading income by business
16
3b
Net trading income by underlying risk category
17
4
Investments in subsidiaries and other participations
17
5
Sundry ordinary income and expenses
18
6
Personnel expenses
18
7
General and administrative expenses
19
8
Changes in provisions for litigation, regulatory and
similar matters, and other provisions
19
9
Extraordinary income and expenses
20
10
Taxes
20
11
Securities financing transactions
21
12a
Collateral for loans and off-balance sheet
transactions
22
12b
Credit-impaired financial instruments
22
13
Allowances and provisions
23
13a
Allowances for credit losses
23
13b
Provisions
24
13c
Development of allowances and provisions for credit
losses
26
13d
Balance sheet and off-balance sheet positions subject
to expected credit losses
28
13e
Financial assets subject to credit risk, by rating
category
32
14
Trading portfolio and other financial instruments
measured at fair value
33
15
Derivative instruments
35
16a
Financial investments by instrument type
35
16b
Financial investments by counterparty rating – debt
instruments
35
17a
Other assets
36
17b
Other liabilities
36
18
Pledged assets
37
19
Country risk of total assets
38
20
Structured debt instruments
38
21
Funding eligible as total loss-absorbing capacity at
the UBS AG level
39
22a
Share capital
39
22b
Significant shareholders
40
23
Post-employment benefit plans
41
24
Related parties
42
25
Fiduciary transactions
42
26a
Invested assets and net new money
42
26b
Development of invested assets
43
Statement of proposed appropriation of total profit
and dividend distribution
44
UBS AG standalone regulatory information
44
Key metrics for the fourth quarter of 2025
45
Swiss systemically relevant bank going and gone concern
requirements and information
48
Sustainability and climate risk
49
Cautionary statement
UBS AG standalone financial statements (audited)
UBS AG standalone financial statements (audited)
UBS AG standalone financial statements (audited)
UBS AG standalone financial statements (audited)
UBS AG standalone financial statements (audited)
UBS AG standalone financial statements (audited)
UBS AG standalone financial statements (audited)
UBS AG standalone financial statements (audited)
Income statement
USD m
CHF m
For the year ended
For the year ended
Note
31.12.25
31.12.24
31.12.25
31.12.24
Interest and discount income
23,937
30,753
18,980
27,217
Interest and dividend income from trading portfolio
3,708
4,063
2,940
3,607
Interest and dividend income from financial investments
1,698
1,544
1,347
1,364
Interest expense
(31,074)
(39,684)
(24,639)
(35,129)
Gross interest income
(1,731)
(3,324)
(1,373)
(2,940)
Credit loss (expense) / release
13
535
(206)
424
(179)
Net interest income
(1,196)
(3,531)
(948)
(3,120)
Fee and commission income from securities and investment business and other fee and
commission income
5,686
4,256
4,509
3,760
Credit-related fees and commissions
299
330
237
292
Fee and commission expense
(1,201)
(1,041)
(953)
(920)
Net fee and commission income
4,784
3,545
3,793
3,132
Net trading income
9,442
9,451
7,487
8,334
Net income from disposal of financial investments
99
68
78
52
Dividend income from investments in subsidiaries and other participations
4
10,812
6,275
8,573
5,730
Income from real estate holdings
550
463
436
409
Sundry ordinary income
5
2,985
2,814
2,367
2,470
Sundry ordinary expenses
5
(1,927)
(800)
(1,528)
(700)
Other income from ordinary activities
12,518
8,821
9,926
7,960
Total operating income
25,548
18,286
20,258
16,307
Personnel expenses
6
5,657
5,511
4,486
4,868
General and administrative expenses
7
7,335
8,097
5,816
7,144
Subtotal operating expenses
12,992
13,608
10,302
12,012
Impairment of investments in subsidiaries and other participations
4
2,808
543
2,226
500
Depreciation, amortization and impairment of property, equipment, software and intangible
assets
925
1,028
734
907
Changes in provisions for litigation, regulatory and similar matters, and other provisions
8
323
1,078
256
942
Total operating expenses
17,048
16,258
13,517
14,361
Operating profit
8,501
2,028
6,740
1,946
Extraordinary income
9
904
4,211
716
3,693
Extraordinary expenses
9
17
600
14
505
Tax expense / (benefit)
10
238
501
189
451
Net profit / (loss)
9,149
5,138
7,254
4,684
UBS AG standalone financial statements (audited)
Balance sheet
USD m
CHF m
Note
31.12.25
31.12.24
31.12.25
31.12.24
Assets
Cash and balances at central banks
13
68,630
69,614
54,418
63,217
Due from banks
13, 24
102,570
96,243
81,330
87,399
Receivables from securities financing transactions
11, 13, 24
90,565
117,338
71,811
106,555
Due from customers
12, 13, 24
160,471
148,955
127,241
135,266
Funding provided to significant regulated subsidiaries eligible as total loss-absorbing capacity
1
12, 13, 24
45,085
43,652
35,749
39,640
Mortgage loans
12, 13
8,695
8,438
6,894
7,662
Trading portfolio assets
14
162,706
148,686
129,013
135,022
Derivative financial instruments
15
14,034
21,941
11,128
19,925
Financial investments
16
52,625
39,850
41,727
36,188
Accrued income and prepaid expenses
13
3,918
4,194
3,107
3,808
Investments in subsidiaries and other participations
4
66,093
73,103
52,406
66,385
Property, equipment and software
5,471
5,364
4,338
4,871
Other assets
12, 13, 17
11,478
13,918
9,101
12,638
Total assets
792,341
791,297
628,262
718,576
of which: subordinated assets
35,593
34,918
28,222
31,709
of which: subject to mandatory conversion and / or debt waiver
34,389
33,344
27,268
30,279
Liabilities
Due to banks
24
83,924
87,538
66,545
79,493
Payables from securities financing transactions
11,24
28,091
42,638
22,274
38,720
Due to customers
24
237,917
227,493
188,649
206,587
Funding received from UBS Group AG measured at amortized cost
21, 24
114,423
113,898
90,728
103,431
Trading portfolio liabilities
14
47,268
29,316
37,480
26,622
Derivative financial instruments
15
16,476
14,005
13,064
12,718
Financial liabilities designated at fair value
14, 20
110,126
102,901
87,321
93,444
of which: funding received from UBS Group AG
20, 21, 24
6,430
4,998
5,098
4,539
Bonds issued
21
61,634
72,673
48,871
65,994
Accrued expenses and deferred income
7,062
8,230
5,600
7,474
Other liabilities
17
3,213
5,196
2,548
4,718
Provisions
13
1,751
3,101
1,388
2,816
Total liabilities
711,884
706,989
564,467
642,016
Equity
Share capital
22
386
386
306
380
Statutory capital reserve
65,627
65,627
52,037
60,185
of which: capital contribution reserve
77,661
77,661
61,579
70,626
(12,034)
(12,034)
(9,542)
(10,441)
Voluntary earnings reserve
5,295
13,157
4,199
11,311
Net profit / (loss) for the period
9,149
5,138
7,254
4,684
Total equity
80,457
84,308
63,796
76,560
Total liabilities and equity
792,341
791,297
628,262
718,576
of which: subordinated liabilities
123,199
121,588
97,687
110,414
of which: subject to mandatory conversion and / or debt waiver
122,830
120,865
97,394
109,757
1 Represents the Swiss GAAP carrying amount of instruments qualifying as total loss-absorbing capital at the level of the respective subsidiaries. 2 The capital contribution reserve balance of USD 77,661m
(CHF 61,579m) as of 31 December 2025 includes an amount of USD 53,533m (CHF 42,447m) that the Swiss Federal Tax Administration has assessed as available for distribution to the shareholder free of Swiss
withholding tax.
UBS AG standalone financial statements (audited)
Balance sheet (continued)
USD m
CHF m
31.12.25
31.12.24
31.12.25
31.12.24
Off-balance sheet items
Contingent liabilities, gross
45,623
34,989
36,176
31,773
Sub-participations
(208)
(1,141)
(165)
(1,036)
Contingent liabilities, net
45,415
33,848
36,010
30,737
of which: guarantees to third parties related to subsidiaries
11,911
8,389
9,445
7,618
Irrevocable loan commitments, gross
43,644
44,469
34,606
40,382
Sub-participations
(32)
(26)
(25)
(24)
Irrevocable loan commitments, net
43,613
44,443
34,581
40,359
Forward starting transactions
1
100,493
101,465
79,683
92,140
of which: forward starting reverse repurchase agreements
56,836
64,036
45,067
58,151
of which: repurchase agreements
43,657
37,428
34,616
33,989
Liabilities for calls on shares and other equity instruments
5
5
4
4
1 Cash to be paid in the future by either UBS AG or the counterparty.
Off-balance sheet items
Contingent liabilities include indemnities and guarantees issued by UBS AG for the benefit of subsidiaries and creditors
of subsidiaries.
Where the indemnity amount issued by UBS AG is not specifically defined, the indemnity relates to the solvency or
minimum capitalization of a subsidiary, and therefore no amount is included in the table above.
Joint and several liability – value-added tax
UBS AG is jointly and severally liable for the combined value-added tax (
VAT
) liability of UBS entities that belong to the
VAT group of UBS in Switzerland. This contingent liability is not included in the table above.
Guarantees – UBS Europe SE
Following the combined UK business transfer and cross-border merger of UBS Limited into UBS Europe SE in March 2019,
UBS AG issued a guarantee for the benefit of counterparties of UBS Europe SE’s investment banking business, covering
transactions subject to master netting agreements.
A similar guarantee that UBS AG issued in 2003 for the benefit of each counterparty of UBS Limited also continues to be
effective. This guarantee covers transactions in accordance with and contemplated under any agreement entered into by
UBS Limited prior to the merger into UBS Europe SE, to the extent that such an agreement has not been amended by
UBS Europe SE thereafter.
Under both guarantees, UBS AG promises to pay to the beneficiary counterparties any unpaid liabilities covered under
the terms of the guarantees on demand. These guarantees are included as contingent liabilities in the off-balance sheet
items table above.
Indemnities – UBS Europe SE
In connection with the establishing of UBS Europe SE in 2016, UBS AG entered into agreements with UBS Europe SE
under which UBS AG would provide UBS Europe SE with limited indemnification of payment obligations that may arise
from certain litigation, regulatory and similar matters.
As of 31 December 2025, the amount of such potential payment obligations could not be reliably estimated and the
likelihood of an outflow is not considered to be probable or the probability of an outflow was assessed to be remote;
therefore, the table above does not include any amount related to this limited indemnification.
In addition, in accordance with the bylaws of the Deposit Protection Fund of the Association of German Banks, UBS AG
issued an indemnity in favor of this fund on behalf of UBS Europe SE. The probability of an outflow was assessed to be
remote, and as a result, the table above does not include any exposure arising under this indemnity.
UBS AG standalone financial statements (audited)
Statement of changes in equity
USD m
Share capital
Statutory
capital
reserve
of which:
capital
contribution
reserve
of which:
other
statutory
capital
reserve
Voluntary
earnings
reserve and
profit / (loss)
carried
forward
Net profit /
(loss)
for the period
Total equity
Balance as of 1 January 2025
386
65,627
77,661
(12,034)
13,157
5,138
84,308
Net profit / (loss) appropriation
5,138
(5,138)
0
Dividend distribution
(13,000)
1
(13,000)
Net profit / (loss) for the period
9,149
9,149
Balance as of 31 December 2025
386
65,627
77,661
(12,034)
5,295
9,149
80,457
1 Includes ordinary dividend distribution of USD 6,500m and supplementary dividend distribution of USD 6,500m out of special dividend reserve within the voluntary earnings reserve.
Statement of changes in equity
CHF m
Share capital
Statutory
capital
reserve
of which:
capital
contribution
reserve
of which:
other
statutory
capital
reserve
Voluntary
earnings
reserve and
profit / (loss)
carried
forward
Net profit /
(loss)
for the period
Total equity
Balance as of 1 January 2025
380
60,185
70,626
(10,441)
11,311
4,684
76,560
Effect of translating opening balance at closing rate
1
(74)
(8,149)
(9,047)
899
(878)
(610)
(9,710)
Net profit / (loss) appropriation
4,074
(4,074)
0
Dividend distribution
(10,308)
2
(10,308)
Net profit / (loss) for the period
7,254
7,254
Balance as of 31 December 2025
306
52,037
61,579
(9,542)
4,199
7,254
63,796
1 Refer to “Presentation currencies” in Note 2a for more information. 2 Includes ordinary dividend distribution of CHF 5,154m and supplementary dividend distribution of CHF 5,154m out of special dividend reserve
within the voluntary earnings reserve.
UBS AG standalone financial statements (audited)
Note 1 Name, legal form and registered office
UBS AG is incorporated and domiciled in Switzerland. Its registered offices are at Bahnhofstrasse 45, CH-8001 Zurich
and Aeschenvorstadt 1, CH-4051 Basel, Switzerland. UBS AG operates under Art. 620 et seq. of the Swiss Code of
Obligations and Swiss banking law as an
Aktiengesellschaft
, a corporation limited by shares.
UBS AG is a regulated bank in Switzerland and is 100% owned by UBS Group AG, the ultimate parent of the UBS Group.
UBS AG holds investments in and provides funding to subsidiaries, including the other banking subsidiaries of the UBS
Group. In addition, UBS AG operates globally, including business activities from all five UBS business divisions (which are
supported by Group functions which mainly include Group Services and Group Treasury). In the ordinary course of
business, the main contributors to the net profit / (loss) of UBS AG are Group Treasury (including dividend income from
investments in subsidiaries and other participations), Global Wealth Management, the Investment Bank and Group
Services. The balance sheet is mainly composed of financial assets and liabilities from the Investment Bank, Global Wealth
Management and Group Treasury, as well as investments in subsidiaries and other participations in Group Treasury and
fixed assets of Group Services.
UBS AG employed 15,045 personnel on a full-time equivalent basis as of 31 December 2025, compared with 18,161
personnel as of 31 December 2024.
Note 2 Accounting policies
a) Significant accounting policies
UBS AG standalone financial statements are prepared in accordance with Swiss GAAP (the FINMA Accounting Ordinance,
FINMA Circular 2020/1 “Accounting – banks” and the Banking Ordinance) and represent “reliable assessment statutory
single-entity financial statements”. The accounting policies are principally the same as those outlined in Note 1 to the
consolidated financial statements of UBS AG included in the UBS AG Annual Report 2025. Major differences between
the Swiss GAAP requirements and IFRS Accounting Standards are described in Note 32 to the consolidated financial
statements of UBS AG. The significant accounting policies applied for the standalone financial statements of UBS AG are
discussed below.
›
Refer to the “Consolidated financial statements” section of the UBS AG Annual Report 2025, available under “Annual reporting”
at
ubs.com/investors
, for more information
Compensation policy
The compensation structure and processes of UBS AG conform to the compensation principles and framework of UBS
Group AG.
›
Refer to the UBS Group AG Compensation Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more
information
Deferred compensation
Expenses for deferred compensation awards granted by UBS Group AG to employees of UBS AG in the form of UBS
shares, notional additional tier 1 (AT1) capital instruments and notional investment funds are charged by UBS Group AG
to UBS AG.
›
Refer to “Note 26 Employee benefits: variable compensation” in the “Consolidated financial statements” section of the UBS AG
Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more information
Foreign currency translation
Non-US-dollar-denominated transactions are translated into US dollars at the spot exchange rate on the date of the
transaction. At the balance sheet date, all non-US-dollar-denominated monetary assets and liabilities, as well as non-US-
dollar-denominated equity instruments recorded in
Trading portfolio assets
Financial investments
, are translated into
US dollars using the closing exchange rate. Non-monetary items measured at historic cost are translated at the spot
exchange rate on the date of the transaction. Assets and liabilities of branches with functional currencies other than the
US dollar are translated into US dollars at the closing exchange rate. Income and expense items of such branches are
translated at weighted-average exchange rates for the period. All currency translation effects are recognized in the
income statement.
›
Refer to Note 2c for information about the retroactive translation of Credit Suisse AG’s financial information in 2024 following
the merger of UBS AG and Credit Suisse AG
The main currency translation rates used by UBS AG are provided in Note 31 to the UBS AG consolidated financial
statements in the UBS AG Annual Report 2025.
›
Refer to “Note 31 Currency translation rates” in the “Consolidated financial statements” section of the UBS AG Annual Report
2025, available under “Annual reporting” at
ubs.com/investors
, for more information
UBS AG standalone financial statements (audited)
Note 2 Accounting policies (continued)
Presentation currencies
The primary presentation currency of the financial statements of UBS AG is the US dollar. Amounts in Swiss francs are
additionally presented for each component of the financial statements.
As of 1 January 2025, UBS AG has prospectively adopted the closing rate method for presenting US dollar amounts in
Swiss francs. Under this method, all assets, liabilities and equity positions, as well as income and expense items and other
movements, are translated at the closing rate. For movement tables, such as the statement of changes in equity, the
opening balance is remeasured at the closing rate, with the resulting currency translation effect presented in a separate
row or column as
Effect of translating opening balance at closing rate
.
In the comparative period, UBS AG applied the modified closing rate method for converting the US dollar presentation
currency amounts into Swiss francs: assets and liabilities were converted at the closing rate, equity positions at historic
rates and income and expense items at the weighted-average rate for the period. The resulting currency translation
effects were recognized separately in
Voluntary earnings reserve
.
UBS AG has updated the accounting policy as it provides a more current and more relevant presentation of the Swiss
franc equivalents of the underlying US dollar amounts. The change in the accounting policy had no impact on the
amounts presented in the primary presentation currency, the US dollar.
›
Refer to Note 2c for information about the retroactive translation of Credit Suisse AG’s financial information in 2024 following
the merger of UBS AG and Credit Suisse AG
Structured debt instruments
Structured debt instruments consist of debt instruments issued and transacted over the counter and include a host
contract and one or more embedded derivatives that do not relate to UBS AG’s own equity. By applying the fair value
option, the vast majority of structured debt instruments are measured at fair value as a whole and recognized in
liabilities designated at fair value
. The fair value option for structured debt instruments can be applied only if the following
criteria are cumulatively met:
–
the structured debt instrument is measured on a fair value basis and is subject to risk management that is equivalent
to risk management for trading activities;
–
the application of the fair value option eliminates or significantly reduces an accounting mismatch that would
otherwise arise; and
–
changes in fair value attributable to changes in unrealized own credit are not recognized.
Fair value changes related to
Financial liabilities designated at fair value
, excluding changes in unrealized own credit, are
recognized in
Net trading income
. Interest expense on
Financial liabilities designated at fair value
Interest
expense
.
Where the designation criteria for the fair value option are not met, the embedded derivatives are assessed for bifurcation
for measurement purposes. Bifurcated embedded derivatives are measured at fair value through profit or loss and
presented in the same balance sheet line as the host contract.
›
Refer to Note 20 for more information
Group-internal funding
UBS AG obtains funding from UBS Group AG in the form of loans that are subject to mandatory conversion and / or debt
waiver, as explained below, and generally either qualify as loss-absorbing tier 1 capital or as gone concern loss-absorbing
capacity, i.e. total funding eligible as total loss-absorbing capacity (TLAC), at the UBS AG consolidated and standalone
levels. A portion of Group-internal funding obtained is further on lent by UBS AG to certain subsidiaries in the form of
loans.
›
Refer to Note 21 for information about funding eligible as total loss-absorbing capacity at the UBS AG level
UBS AG’s obligations arising from Group-internal funding it has received are presented as
Funding received from UBS
Group AG measured at amortized cost
Funding received from UBS Group AG
Financial liabilities designated
at fair value.
Funding provided
to significant regulated subsidiaries eligible as total loss-absorbing capacity
allowance for expected credit losses.
UBS AG standalone financial statements (audited)
Note 2 Accounting policies (continued)
Subordinated assets and liabilities
Subordinated assets
bankruptcy or composition concerning the debtor rank after the claims of all other creditors and may not be offset against
amounts payable to the debtor nor be secured by its assets.
Subordinated liabilities
obligations.
Subordinated assets and liabilities that contain a point-of-non-viability clause in accordance with Swiss capital
requirements pursuant to Art. 29 and 30 of the Capital Adequacy Ordinance are disclosed as being
Subject to mandatory
conversion and / or debt waiver
the event that the issuing bank reaches a point of non-viability.
Investments in subsidiaries and other participations
Investments in subsidiaries and other participations
or for other strategic purposes. They include all subsidiaries directly held by UBS AG through which UBS AG conducts its
business on a global basis. The investments are measured individually and carried at cost less impairment. The carrying
amount is tested for impairment when indicators of a potential decrease in value exist, which include significant operating
losses incurred or a severe depreciation of the currency in which the investment is denominated. If an investment in a
subsidiary is impaired, its value is generally written down to the net asset value or a value above the net asset value if, in
the opinion of management, forecasts of future profitability provide sufficient evidence that a carrying amount above net
assets is supported. Subsequent recoveries in value are recognized up to the original cost value based on either an
increased net asset value or a value above the net asset value if aforementioned conditions are met. Management may
exercise its discretion as to what extent, and in which period, a recovery in value is recognized. Impairments of investments
are presented as
Impairment of investments in subsidiaries and other participations
are
presented as
Extraordinary income
a subsidiary during the same annual period are determined on a net basis.
›
Refer to Note 4 for more information
Hedge accounting for Investments in subsidiaries and other participations
UBS AG applies hedge accounting for certain investments in subsidiaries and other participations denominated in
currencies other than the US dollar, which are designated as hedged items. For this purpose, foreign exchange (FX)
derivatives, mainly FX forwards and FX swaps, are used and designated as hedging instruments.
The hedged risk is determined as the change in the carrying amount of the hedged item arising solely from changes in
spot FX rates. Consequently, UBS AG only designates the spot element of the FX derivatives as hedging instruments.
Changes in the fair value of the hedging instruments attributable to changes in forward points are not part of a hedge
accounting designation. These amounts, therefore, do not form part of the effectiveness assessment and are recognized
in
Net trading income
.
The effective portion of gains and losses of these FX derivatives is deferred on the balance sheet as
Other assets
Other
liabilities
FX rates. Otherwise, the effective portion of gains and losses of these FX derivatives is matched with the corresponding
valuation adjustments of the hedged item recorded in the income statement and recorded either as a reduction of
Impairment of investments in subsidiaries and other participations
Extraordinary income
.
Revenue and expense transfers with other Group entities
UBS AG pays to and receives amounts from other Group entities in connection with revenue-sharing arrangements.
Revenues transferred to and received from Group entities are settled in cash as entity revenue transfers paid or received.
When the nature of the underlying transaction between UBS AG and the Group entity contains a single, clearly
identifiable service component, related income and expenses are presented in the respective income statement line item,
e.g.
Fee and commission income from securities and investment business and other fee and commission income
,
Fee and
commission expense
Net trading income
. To the extent the nature of the underlying transaction contains various
service components and is not clearly attributable to a particular income statement line item, related income and expenses
are presented in
Sundry ordinary income
Sundry ordinary expenses
.
UBS AG receives services from UBS Business Solutions AG, mainly relating to the Group Operations and Technology Office,
as well as certain other services from other Group entities.
UBS AG provides services to Group entities, mainly relating to real estate and selected other Group Services functions.
Services received from and provided to Group entities are settled in cash as entity cost transfers paid or received. Entity
cost transfers paid are presented within
General and administrative expenses
presented within
Sundry ordinary income
Income from real estate holdings
.
›
Refer to Notes 5 and 7 for more information
UBS AG standalone financial statements (audited)
Note 2 Accounting policies (continued)
Post-employment benefit plans
Swiss GAAP permit the use of IFRS Accounting Standards or Swiss accounting standards for post-employment benefit
plans, with the election made on a plan-by-plan basis.
UBS AG has elected to apply Swiss accounting standards for the Swiss pension plans in its standalone financial statements.
The requirements of the Swiss accounting standards are better aligned with the specific nature of Swiss pension plans,
which are hybrid in that they combine elements of defined contribution and defined benefit plans but are treated as
defined benefit plans under IFRS Accounting Standards. Swiss accounting standards require that the employer
contributions to the pension fund are recognized as
Personnel expenses
contributions to the Swiss pension fund are determined as a percentage of contributory compensation. Furthermore,
Swiss accounting standards require an assessment as to whether, based on the financial statements of the pension funds
prepared in accordance with Swiss accounting standards (Swiss GAAP FER 26), an economic benefit to, or obligation of,
UBS AG arises from the pension funds that is recognized in the balance sheet when conditions are met. Conditions for
recording a pension asset or liability would be met if, for example, an employer contribution reserve was available or
UBS AG was required to contribute to the reduction of a pension deficit (on the pension plan’s Swiss GAAP FER 26 basis).
Key differences between Swiss accounting standards and IFRS Accounting Standards include the treatment of dynamic
elements, such as future salary increases and future interest credits on retirement savings, which are not considered under
the static method used in accordance with Swiss accounting standards. Also, the discount rate used to determine the
defined benefit obligation in accordance with IFRS Accounting Standards is based on the yield of high-quality corporate
bonds of the market in the respective pension plan country. The discount rate used in accordance with Swiss accounting
standards, i.e. the technical interest rate, is determined by the Pension Foundation Boards.
›
Refer to Note 23 for more information
UBS AG has elected to apply IFRS Accounting Standards (IAS 19) for its non-Swiss defined benefit plans. However,
remeasurements of the defined benefit obligation and the plan assets are recognized in the income statement rather
than directly in equity.
›
Refer to the “Consolidated financial statements” section of the UBS AG Annual Report 2025, available under “Annual reporting”
at
ubs.com/investors
, for more information
Deferred taxes
Deferred tax assets are not recognized in UBS AG’s standalone financial statements. However, deferred tax liabilities may
be recognized for taxable temporary differences. Changes in the deferred tax liability balance are recognized in the
income statement.
Allowances and provisions for expected credit losses
UBS AG is required to apply expected credit loss (ECL) approaches for credit-impaired and non-credit-impaired financial
instruments in its standalone financial statements.
For the substantial majority of non-credit-impaired exposures within the scope of the Swiss GAAP ECL requirements,
UBS AG has chosen to apply the IFRS Accounting Standards ECL approach, which is also applied in its consolidated
financial statements. These exposures include all financial assets that are measured at amortized cost under both
frameworks, Swiss GAAP and IFRS Accounting Standards, fee and lease receivables, claims arising from Group-internal
funding presented as
Funding provided to significant regulated subsidiaries eligible as total loss-absorbing capacity
,
guarantees, irrevocable loan commitments, revolving revocable credit lines, and forward starting reverse repurchase and
securities borrowing agreements. Further information about the ECL approach under IFRS Accounting Standards is
provided in Note 1 to the consolidated financial statements of UBS AG.
›
Refer to the “Consolidated financial statements” section of the UBS AG Annual Report 2025, available under “Annual reporting”
at
ubs.com/investors
, for more information
For the small residual population of exposures within the scope of the Swiss GAAP ECL requirements, which are not
subject to ECL under IFRS Accounting Standards due to classification differences, alternative approaches are applied.
–
For exposures for which Pillar 1 internal ratings-based models are applied for measurement of credit risk risk-weighted
assets (RWA), ECL for such exposures is calculated as the regulatory expected loss (EL), with an add-on to scale up to
the residual maturity of exposures maturing beyond the next 12 months. This approach is mainly applied for brokerage
receivables presented within
Due from customers
, which
generally mature within 12 months. For detailed information
about regulatory EL, refer to the “Risk management and control” section of the UBS AG Annual Report 2025.
–
For exposures for which the standardized approach is applied for the measurement of credit risk RWA, ECL is
determined using a portfolio approach that derives a conservative probability of default (PD) and a conservative loss
given default (LGD) for the entire portfolio. This approach is mainly applied for a small number of loans to large
corporate clients presented within
Due from customers
.
UBS AG standalone financial statements (audited)
Note 2 Accounting policies (continued)
UBS applies a single definition of default for credit risk management purposes, regulatory reporting and ECL, with a
counterparty classified as defaulted based on quantitative and qualitative criteria.
›
Refer to the “Risk management and control” section of the UBS AG Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more information
An allowance for credit losses is reported as a decrease in the carrying amount of a financial asset. For an off-balance
sheet item, such as a commitment, a provision for credit losses is reported in
Provisions
. Changes to allowances and
provisions for credit losses are recognized in
Credit loss (expense) / release
.
›
Refer to Note 13 for more information
Dispensations in the standalone financial statements
As UBS AG prepares consolidated financial statements in accordance with IFRS Accounting Standards, UBS AG is exempt
from various disclosures in the standalone financial statements. The dispensations include the management report, the
statement of cash flows and various note disclosures, as well as the publication of full interim financial statements.
b) Changes in accounting policies
As of 1 January 2025, UBS AG has prospectively adopted the closing rate method for translating the US dollar amounts
included in the financial statements into the additional presentation currency, i.e. the Swiss franc.
›
Refer to Note 2a Presentation currencies for more information
c) Changes in organization and other events affecting profitability
In 2025, UBS continued the integration of Credit Suisse, with a focus on client account migrations, infrastructure
decommissioning and legal entity integration.
›
Refer to the “Our business model and environment” section of the UBS AG Annual Report 2025, available under “Annual
reporting” at
ubs.com/investors
, for more information
Transfer of Global Wealth Management International and Global Financial Intermediaries businesses
In 2025, UBS decided to consolidate the Wealth Management International business, the Global Financial Intermediaries
business, and other related businesses booked in Switzerland in UBS AG to further optimize Group legal and operational
structures and to address regulatory considerations.
In the second quarter of 2025, UBS Switzerland AG transferred the beneficial ownership of the Wealth Management
International business and the Global Financial Intermediaries business booked in UBS Switzerland AG to UBS AG, with
effect from 1 January 2025. The transfer was made in the form of a dividend in kind amounting to USD 126m
(CHF 100m), reflecting the net asset value of the in-scope businesses. In the fourth quarter of 2025, UBS Switzerland AG
transferred the beneficial ownership of the related businesses to UBS AG, with effect from 1 May 2025. The transfer was
made in the form of a dividend in kind amounting to USD 1,261 (CHF 1,000), reflecting the net asset value of the in-
scope businesses.
UBS Switzerland AG will continue to manage the businesses under a contractual relationship with UBS AG until the
completion of legal transfer, which is expected to take place in 2028, and will continue to recognize the underlying assets
and liabilities of the relevant businesses until then. UBS AG’s share of the net profits of USD 695m (CHF 551m) for the
full year of 2025 is reflected in
Fee and commission income from securities and investment business and other fee and
commission income
.
Merger of UBS AG and Credit Suisse AG, completed in 2024
In December 2023, the Board of Directors of UBS Group AG approved the merger of UBS AG and Credit Suisse AG, and
both entities entered into a definitive merger agreement, as amended on 30 April 2024. On 31 May 2024, UBS AG
formally completed the merger by absorption of Credit Suisse AG. In the standalone financial statements of UBS AG, the
acquisition has been accounted for retroactively as of 1 January 2024, applying the previous book values of Credit Suisse
AG. The merger balance sheet with assets of USD 306,447m (CHF 257,935m) and liabilities of USD 275,105m
(CHF 231,554m) was recognized, together with a corresponding increase of
Statutory capital reserves
USD 31,343m (CHF 26,381m), of which USD 55,471m (CHF 46,690m) was attributed to
Capital contribution reserve
negative USD 24,129m (negative CHF 20,309m) to
Other statutory capital reserve
.
UBS AG’s accounting policies and methodologies were applied retroactively from 1 January 2024. This resulted in an
adjustment, which was recorded in
Extraordinary expenses
›
Refer to Note 9 for more information
UBS AG standalone financial statements (audited)
Note 2 Accounting policies (continued)
Furthermore, the retroactive translation of Credit Suisse AG’s financial information, previously expressed in Swiss francs,
(i.e. the merger balance sheet, the accounting policy application and the activity from 1 January 2024 to 31 May 2024)
to UBS AG’s presentation currency, the US dollar, resulted in a foreign currency translation effect of USD 2,049m
(CHF 1,851m), which was recorded as a reduction of
Other statutory capital reserves
Statutory capital reserves
.
Profit and loss information for 2024 includes the full-year profit and loss of the merged Credit Suisse AG.
d) Events after the reporting period
Transfer of Global Wealth Management International and Global Financial Intermediaries businesses
In connection with the migration of legacy Credit Suisse clients to UBS’s client platform, UBS has decided to transfer to
UBS Switzerland AG, the Wealth Management International business, the Global Financial Intermediaries business and
other related businesses booked in UBS AG in Switzerland that are associated with legacy Credit Suisse clients. The
beneficial ownership of these businesses is retained by UBS AG. The execution of the transfer is effected through two
statutory bulk transfers pursuant to the Swiss Merger Act, both with effect as of 1 January 2026. The combined transfer
balance sheets consist of assets of USD 16.5bn (CHF 13.1bn) (mainly loans) and liabilities of USD 15.9bn (CHF 12.6bn)
(mainly customer deposits).
e) Risk management
UBS AG is fully integrated into the Group-wide risk management process described in the audited part of the “Risk
management and control” section of the UBS AG Annual Report 2025.
Further information about the use of derivative instruments and hedge accounting is provided on the following pages
and in Notes 1, 10 and 24 to the consolidated financial statements of UBS AG.
›
Refer to the “Consolidated financial statements” section of the UBS AG Annual Report 2025, available under “Annual reporting”
at
ubs.com/investors
, for more information
Note 3a Net trading income by business
Net trading income by business
USD m
CHF m
For the year ended
For the year ended
31.12.25
31.12.24
31.12.25
31.12.24
Investment Bank
1
8,295
7,450
6,577
6,586
Other business divisions and Group Items
2
1,147
2,001
910
1,748
Total net trading income
9,442
9,451
7,487
8,334
1 Almost entirely Global Markets. 2 Group Items reflects the residual amount of Group functions which is not allocated to the business divisions.
Note 3b Net trading income by underlying risk category
Net trading income by underlying risk category
USD m
CHF m
For the year ended
For the year ended
31.12.25
31.12.24
31.12.25
31.12.24
Equity instruments (including funds)
6,406
6,198
5,080
5,485
Foreign exchange instruments
1,650
1,588
1,309
1,397
Interest rate and credit instruments (including funds)
1,261
1,780
1,000
1,551
Other
124
(114)
98
(99)
Total net trading income
9,442
9,451
7,487
8,334
of which: net gains / (losses) from financial liabilities designated at fair value
1
(4,584)
(981)
(3,635)
(829)
1 Excludes fair value changes of hedges related to financial liabilities designated at fair value and foreign currency effects arising from translating foreign currency transactions into the respective functional currency,
both of which are reported within Net trading income.
UBS AG standalone financial statements (audited)
Note 4 Investments in subsidiaries and other participations
The table below provides the carrying amount, the equity interest and the registered office information regarding the
investments in subsidiaries and other participations.
Investments in subsidiaries and other participations
Registered office
Equity interest
accumulated in %
Carrying amount in USD m
Carrying amount in CHF m
31.12.25
31.12.24
31.12.25
31.12.24
UBS Americas Holding LLC
Wilmington, Delaware, USA
100
28,835
31,834
22,864
28,908
UBS Switzerland AG
Zurich, Switzerland
100
20,997
20,996
16,649
19,066
UBS Europe SE
Frankfurt, Germany
100
4,686
4,175
3,716
3,791
UBS Asset Management AG
Zurich, Switzerland
100
2,648
2,260
2,099
2,053
Credit Suisse International
London, United Kingdom
98
2,633
5,040
2,088
4,577
Other
6,295
8,799
4,991
7,990
Total investments in subsidiaries and other participations
66,093
73,103
52,406
66,385
Impairments and reversal of impairments
In 2025, UBS AG recognized
Impairments of investments in subsidiaries and other participations
(CHF 2,226m), mainly due to impairments of the investments in Credit Suisse International (USD 1,073m (CHF 851m))
and Credit Suisse Investments (UK), the indirect holding company of Credit Suisse Securities (Europe) Limited, (USD 581m
(CHF 461m)), which partly offset the dividends received from those subsidiaries. In 2024, UBS AG recognized
Impairments
of investments in subsidiaries and other participations
In 2025, UBS AG recognized
Reversal of impairments of investments in subsidiaries and other participations
(CHF 705m). In 2024, UBS AG recognized
Reversal of impairments of investments in subsidiaries and other participations
of USD 3,996m (CHF 3,497m), mainly due to a reversal of an impairment of the investment in Credit Suisse International,
as the recoverable amount of this participation increased, mainly due to the progression of the integration, including
improved actual financials and forecasted financial performance.
Dividends and capital repayments
Dividend income from investments in subsidiaries and other participations
USD 6,275m (CHF 5,730m) in 2024 was mainly attributable to UBS Switzerland AG, Credit Suisse International, UBS
Europe SE and Credit Suisse Securities (Europe) Limited.
In December 2025, UBS Americas Holding LLC repaid capital of USD 3.0bn (CHF 2.4bn) and Credit Suisse International
repaid capital of USD 1.3bn (CHF 1.1bn) to UBS AG. In December 2024, UBS Americas Holding LLC repaid capital of
USD 6.0bn (CHF 5.4bn) and Credit Suisse International repaid capital of USD 7.0bn (CHF 6.3bn) to UBS AG.
Note 5 Sundry ordinary income and expenses
Sundry ordinary income and expenses
USD m
CHF m
For the year ended
For the year ended
31.12.25
31.12.24
31.12.25
31.12.24
Income from services provided to UBS Group AG or its subsidiaries
1
2,513
2,779
1,993
2,436
Net unrealized gains on financial investments
18
14
Other
2
454
36
360
34
Total sundry ordinary income
2,985
2,814
2,367
2,470
Loss on repurchase of debt
3
(960)
(762)
Expenses from revenue transfers to UBS Group AG or its subsidiaries
(877)
(641)
(696)
(566)
Net unrealized losses on financial investments
(116)
(98)
Other
(89)
(42)
(71)
(36)
Total sundry ordinary expenses
(1,927)
(800)
(1,528)
(700)
1 Services provided by UBS AG primarily related to Group Services. 2 2025 includes a gain of USD 407m (CHF 322m) arising from the derecognition of an amortized cost liability below book value. 3 For 2025
reflects a loss from the repurchase of legacy Credit Suisse debt instruments. The debt repurchased included instruments issued directly by UBS AG and instruments on lent from UBS Group AG.
UBS AG standalone financial statements (audited)
Note 6 Personnel expenses
Personnel expenses
USD m
CHF m
For the year ended
For the year ended
31.12.25
31.12.24
31.12.25
31.12.24
Salaries
2,741
2,929
2,173
2,588
Variable compensation – performance awards
1,791
1,450
1,420
1,280
Variable compensation – other
242
308
192
274
Contractors
60
55
48
49
Social security
387
340
307
300
Post-employment benefit plans
255
277
202
243
of which: value adjustments for economic benefits or obligations from non-Swiss pension funds
47
9
37
6
Other personnel expenses
181
152
144
134
Total personnel expenses
5,657
5,511
4,486
4,868
1 Reflects the remeasurement of the defined benefit obligation and return on plan assets excluding amounts included in interest income for the non-Swiss defined benefit plans, for which IAS 19 is applied.
Note 7 General and administrative expenses
General and administrative expenses
USD m
CHF m
For the year ended
For the year ended
31.12.25
31.12.24
31.12.25
31.12.24
Real estate
661
630
524
556
Outsourcing costs
162
275
128
243
Technology costs
218
242
173
214
Market data services
211
229
167
202
Travel and entertainment
107
101
85
89
Marketing and communication
66
88
52
78
Fees to audit firms
32
48
26
42
of which: financial and regulatory audits
21
43
16
38
of which: audit-related services
11
4
9
3
of which: tax and other services
0
2
0
1
Other professional fees
323
487
256
431
Other
5,556
5,997
4,405
5,288
of which: shared services costs charged by UBS Group AG or its subsidiaries
5,027
5,572
3,986
4,911
Total general and administrative expenses
7,335
8,097
5,816
7,144
UBS AG standalone financial statements (audited)
Note 8 Changes in provisions for litigation, regulatory and similar matters, and other provisions
Included in 2025 were litigation expenses of USD 256m (CHF 203m) and 2024 included litigation expenses of
USD 1,005m (CHF 905m), largely in the Non-core and Legacy business division.
›
Refer to “Note 17 Provisions and contingent liabilities” in the “Consolidated financial statements” section of the UBS AG Annual
Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more information
Note 9 Extraordinary income and expenses
Extraordinary income and expenses
USD m
CHF m
For the year ended
For the year ended
31.12.25
31.12.24
31.12.25
31.12.24
Reversal of impairments of subsidiaries and other participations
1
889
3,996
705
3,497
Gains from disposals of subsidiaries and other participations
1
198
1
181
Net gains from disposals of properties
5
16
4
14
Other extraordinary income
8
1
7
1
Total extraordinary income
904
4,211
716
3,693
Accounting policy and methodology alignment effect upon merger of UBS AG and Credit Suisse AG
2
598
504
Other extraordinary expense
17
3
14
1
Total extraordinary expenses
17
600
14
505
1 Refer to Note 4 for more information. 2 Refer to Note 2c for more information.
Gains from disposals of subsidiaries and other participations
sale of Credit Suisse Services India Ltd, a former subsidiary of Credit Suisse AG, to UBS Business Solutions AG.
2024 accounting policy and methodology alignment effect upon merger of UBS AG and Credit Suisse AG
As a result of the merger of UBS AG and Credit Suisse AG, UBS AG’s accounting policies and methodologies were applied
to the merger balance sheet of Credit Suisse AG as of 1 January 2024.
This resulted in a merger adjustment of USD 598m (CHF 504m), which was recorded in
Extraordinary expenses
The adjustment included the alignment of methodologies related to credit allowances and provisions (USD –559m
(CHF –
471m)), which Credit Suisse AG generally accounted for by reference to US GAAP compared with UBS AG’s general
application of IFRS Accounting Standards, own credit adjustment curves (USD –537m (CHF –452m)) and smaller
adjustments related to the classification of certain debt instruments at fair value compared to a legacy Credit Suisse AG
amortized cost treatment, and full expense recognition of certain loan origination costs and fees at inception, which were
previously deferred and recognized over time by Credit Suisse AG. These effects were partly reduced by the effects of
electing the fair value option for certain structured TLAC instruments under UBS AG’s accounting policies (USD 513m
(CHF 432m)), and smaller adjustments related to the measurement of real estate and the recognition of net defined
benefit assets.
UBS AG standalone financial statements (audited)
Note 10 Taxes
Taxes
USD m
CHF m
For the year ended
For the year ended
31.12.25
31.12.24
31.12.25
31.12.24
Income tax expense / (benefit)
232
461
184
416
of which: current
240
492
190
443
of which: deferred
(7)
(31)
(6)
(28)
Capital tax
6
40
5
35
Total tax expense / (benefit)
238
501
189
451
A net income tax expense of USD 232m (CHF 184m) was recognized for UBS AG in 2025, compared with USD 461m
(CHF 416m) for 2024. The income tax expense for 2025 was reduced by a benefit of USD 62m (CHF 49m) in respect of
the utilization of tax losses carried forward, primarily in Jersey and Singapore.
The income tax expense for 2024 was reduced by a benefit of USD 36m (CHF 32m) in respect of the utilization of tax
losses carried forward, primarily in Jersey and Singapore.
The income tax expenses for 2025 and 2024 related to UBS AG’s taxable profits that are not offset by tax losses carried
forward.
For 2025, the average tax rate, defined as net income tax expense divided by the sum of operating profit and
extraordinary income minus extraordinary expenses and capital tax, was 2.5% (2024: 8.2%). This reflected the
aforementioned benefit in respect of the utilization of tax losses carried forward and also that no tax expense was
recognized in respect of dividends that UBS AG received from its subsidiaries.
Note 11 Securities financing transactions
Securities financing transactions
USD bn
CHF bn
31.12.25
31.12.24
31.12.25
31.12.24
On-balance sheet
Receivables from securities financing transactions, gross
188.8
200.9
149.7
182.4
Netting of securities financing transactions
(98.2)
(83.5)
(77.9)
(75.8)
Receivables from securities financing transactions, net
90.6
117.3
71.8
106.6
Payables from securities financing transactions, gross
126.3
126.2
100.2
114.6
Netting of securities financing transactions
(98.2)
(83.5)
(77.9)
(75.8)
Payables from securities financing transactions, net
28.1
42.6
22.3
38.7
Assets pledged as collateral in connection with securities financing transactions
87.4
74.8
69.3
67.9
of which: trading portfolio assets
74.6
61.8
59.1
56.1
of which: assets that may be sold or repledged by counterparties
51.3
44.5
40.7
40.4
of which: financial investments
12.8
13.0
10.2
11.8
of which: assets that may be sold or repledged by counterparties
12.0
12.8
9.6
11.7
Off-balance sheet
Fair value of assets received as collateral in connection with securities financing transactions
504.1
425.2
399.7
386.1
of which: repledged
339.6
266.1
269.2
241.6
of which: sold in connection with short sale transactions
47.3
29.3
37.5
26.6
UBS AG standalone financial statements (audited)
Note 12a Collateral for loans and off-balance sheet transactions
Collateral for loans and off-balance sheet transactions
31.12.25
31.12.24
Secured
Unsecured
Total
Secured
Unsecured
Total
Secured by collateral
Secured by
other credit
enhancements
2
Secured by collateral
Secured by
other credit
enhancements
2
USD m
Real estate
Other
collateral
1
Real estate
Other
collateral
1
On-balance sheet
Due from customers, gross
3
20
120,805
1,809
38,846
4
161,480
41
102,479
4,515
43,630
4
150,665
Mortgage loans, gross
8,715
8,715
8,446
8,446
of which: residential mortgages
4,770
4,770
5,242
5,242
of which: other mortgages
5
3,945
3,945
3,204
3,204
Funding provided to significant
regulated subsidiaries eligible as
total loss-absorbing capacity, gross
45,106
45,106
43,675
43,675
Total on-balance sheet, gross
8,735
120,805
1,809
83,952
215,301
8,486
102,479
4,515
87,305
202,786
Allowances
(20)
(255)
(66)
(709)
(1,049)
(7)
(109)
(40)
(1,584)
(1,740)
Total on-balance sheet, net
8,715
120,550
1,744
83,243
214,252
8,479
102,370
4,475
85,721
201,045
Off-balance sheet
Contingent liabilities, gross
2
30,055
211
15,355
45,623
31
20,590
1,276
13,092
34,989
Irrevocable commitments, gross
1,114
26,380
1,924
14,227
43,644
737
23,883
2,728
17,120
44,469
Forward starting reverse repurchase
and securities borrowing
transactions
56,836
56,836
64,036
64,036
Liabilities for calls on shares and
other equities
5
5
5
5
Total off-balance sheet
1,116
113,271
2,135
29,587
146,109
768
108,510
4,004
30,217
143,499
1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily
consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises, and other mortgages.
Collateral for loans and off-balance sheet transactions
31.12.25
31.12.24
Secured
Unsecured
Total
Secured
Unsecured
Total
Secured by collateral
Secured by
other credit
enhancements
2
Secured by collateral
Secured by
other credit
enhancements
2
CHF m
Real estate
Other
collateral
1
Real estate
Other
collateral
1
On-balance sheet
Due from customers, gross
3
16
95,789
1,434
30,801
4
128,041
37
93,061
4,100
39,620
4
136,818
Mortgage loans, gross
6,910
6,910
7,669
7,669
of which: residential mortgages
3,783
3,783
4,760
4,760
of which: other mortgages
5
3,128
3,128
2,908
2,908
Funding provided to significant
regulated subsidiaries eligible as
total loss-absorbing capacity, gross
35,765
35,765
39,662
39,662
Total on-balance sheet, gross
6,926
95,789
1,434
66,567
170,716
7,706
93,061
4,100
79,281
184,148
Allowances
(16)
(202)
(52)
(562)
(832)
(6)
(99)
(37)
(1,438)
(1,580)
Total on-balance sheet, net
6,910
95,587
1,382
66,005
169,884
7,699
92,962
4,064
77,843
182,568
Off-balance sheet
Contingent liabilities, gross
2
23,831
167
12,175
36,176
28
18,698
1,159
11,888
31,773
Irrevocable commitments, gross
883
20,917
1,526
11,281
34,606
670
21,688
2,477
15,547
40,382
Forward starting reverse repurchase
and securities borrowing
transactions
45,067
45,067
58,151
58,151
Liabilities for calls on shares and
other equities
4
4
4
4
Total off-balance sheet
885
89,815
1,693
23,460
115,853
698
98,538
3,636
27,440
130,311
1 Mainly includes cash and securities. 2 Includes guarantees. 3 Includes prime brokerage margin lending receivables and prime brokerage receivables relating to securities financing transactions. 4 Primarily
consists of amounts due from subsidiaries and other Group entities. 5 Consists of office and business premises, industrial premises, and other mortgages.
UBS AG standalone financial statements (audited)
Note 12b Credit-impaired financial instruments
Credit-impaired financial instruments
31.12.25
31.12.24
USD m
Gross credit-
impaired financial
instruments
Allowances
and
provisions
Estimated
liquidation
proceeds of
collateral
Net credit-
impaired
financial
instruments
Gross credit-
impaired
financial
instruments
Allowances
and
provisions
Estimated
liquidation
proceeds of
collateral
Net credit-
impaired
financial
instruments
Amounts due from customers
1,628
827
757
43
3,329
1,496
894
939
Mortgage loans
329
19
311
0
206
4
201
0
Other assets
2
2
0
0
6
4
0
2
Guarantees and loan commitments
147
30
89
28
167
16
117
35
Total credit-impaired financial instruments
1
2,107
879
1,157
71
3,708
1,520
1,212
976
1 Credit-impaired financial instruments are financial assets and off-balance sheet positions subject to incurred credit losses, also referred to as stage 3 positions. The net carrying amount of amounts due from
customers, mortgage loans, and other assets is USD 1,111m.
Credit-impaired financial instruments
31.12.25
31.12.24
CHF m
Gross credit-
impaired financial
instruments
Allowances
and
provisions
Estimated
liquidation
proceeds of
collateral
Net credit-
impaired
financial
instruments
Gross credit-
impaired
financial
instruments
Allowances
and
provisions
Estimated
liquidation
proceeds of
collateral
Net credit-
impaired
financial
instruments
Amounts due from customers
1,291
656
600
34
3,023
1,358
812
853
Mortgage loans
261
15
246
0
187
4
183
0
Other assets
2
2
0
0
6
3
0
2
Guarantees and loan commitments
116
24
70
22
152
14
106
32
Total credit-impaired financial instruments
1
1,670
697
917
57
3,367
1,380
1,100
887
1 Credit-impaired financial instruments are financial assets and off-balance sheet positions subject to incurred credit losses, also referred to as stage 3 positions. The net carrying amount of amounts due from
customers, mortgage loans, and other assets is CHF 881m.
Note 13 Allowances and provisions
Allowances and provisions of USD 2,817m (CHF 2,233m) as of 31 December 2025 included allowances and provisions
for credit losses of USD 1,221m (CHF 968m). Allowances and provisions of as of 31 December 2024 included allowances
and provisions for credit losses of USD 1,896m (CHF 1,722m).
The decrease in allowances and provisions for credit losses in 2025 of USD 676m (CHF 536m) included net credit loss
releases of USD 535m (CHF 424m) recognized in the income statement, primarily related to credit-impaired positions.
Additionally, there were USD 140m (CHF 111m) in other allowance and provision movements without credit loss
expenses/ releases impact, mainly from write-offs and other movements that did not affect the credit loss expenses/
releases in the income statement.
The 2025 net credit loss releases of USD 535m (CHF 424m) mainly reflect a release from a loan to a subsidiary, following
a capital injection and a related impairment recognized in
Impairments of investments in subsidiaries and other
participations
.
›
Refer to Note 4 for more information
UBS AG standalone financial statements (audited)
Note 13a Allowances for credit losses
Allowances for credit losses
USD m
Balance
as of
31.12.24
Increase
recognized
in the
income
statement
Release
recognized
in the
income
statement
Write-offs
Recoveries
and past
due interest
Reclassifications
/ other
Foreign
currency
translation
Balance
as of
31.12.25
Default risk relating to on-balance sheet exposures
1,762
193
(778)
(150)
70
0
(31)
1,066
of which: incurred credit losses
1,504
193
(750)
(150)
70
0
(19)
848
of which: expected credit losses
258
0
(28)
0
0
0
(12)
218
Other
6
0
(6)
0
0
0
0
0
Total allowances
1,768
193
(784)
(150)
70
0
(31)
1,066
Allowances for credit losses
CHF m
Balance
as of
31.12.24
Effect of
translating
opening
balance at
closing rate
1
Increase
recognized
in the
income
statement
Release
recognized
in the
income
statement
Write-offs
Recoveries
and past
due interest
Reclassifications
/ other
Foreign
currency
translation
Balance
as of
31.12.25
Default risk relating to on-balance sheet exposures
1,600
(204)
153
(617)
(119)
56
0
(24)
846
of which: incurred credit losses
1,366
(174)
153
(595)
(119)
56
0
(15)
673
of which: expected credit losses
235
(31)
0
(22)
0
0
0
(9)
173
Other
6
0
0
(6)
0
0
0
0
0
Total allowances
1,606
(204)
153
(623)
(119)
56
0
(24)
846
1 Refer to “Presentation currencies” in Note 2a for more information.
Note 13b Provisions
Provisions
USD m
Balance
as of
31.12.24
Increase
recognized
in the
income
statement
Release
recognized
in the
income
statement
Provisions
used in
conformity
with
designated
purpose
Recoveries
Reclassifications
/ other
Foreign
currency
translation
Balance
as of
31.12.25
Default risk related to off-balance sheet items and
credit lines
134
50
0
0
0
0
(29)
154
of which: incurred credit losses
16
26
0
0
0
0
(11)
30
of which: expected credit losses
118
24
0
0
0
0
(18)
124
Litigation, regulatory and similar matters
1
2,492
650
(525)
(1,868)
1
2
177
929
Restructuring
107
348
(55)
(302)
0
122
2
13
233
Real estate
3
191
8
(2)
(41)
0
31
2
30
217
Employee benefits
47
8
(13)
(8)
0
0
5
40
Deferred taxes
61
0
(11)
0
0
66
4
0
116
Other
70
78
(27)
(63)
0
0
3
61
Total provisions
3,101
1,143
(632)
(2,282)
1
222
200
1,751
1 Refer to “Note 17 Provisions and contingent liabilities” in the “Consolidated financial statements” section of the UBS AG Annual Report 2025, available under “Annual reporting” at ubs.com/investors, for more
information. 2 Includes provisions transferred to UBS AG. 3 Includes provisions for onerous contracts of USD 79m as of 31 December 2025 (31 December 2024: USD 87m) and reinstatement cost provisions for
leasehold improvements of USD 138m as of 31 December 2025 (31 December 2024: USD 103m). 4 Includes a USD 61m deferred tax liability resulting from the transfer of the Credit Suisse International pension
scheme to UBS AG. Refer to Note 23 for more information.
Provisions
CHF m
Balance
as of
31.12.24
Effect of
translating
opening
balance at
closing rate
1
Increase
recognized
in the
income
statement
Release
recognized
in the
income
statement
Provisions
used in
conformity
with
designated
purpose
Recoveries
Reclassifications
/ other
Foreign
currency
translation
as of
31.12.25
Default risk related to off-balance sheet items
and credit lines
122
(16)
40
0
0
0
0
(23)
122
of which: incurred credit losses
15
(2)
20
0
0
0
0
(8)
24
of which: expected credit losses
107
(13)
19
0
0
0
0
(14)
98
Litigation, regulatory and similar matters
2
2,263
(287)
515
(416)
(1,481)
1
2
141
737
Restructuring
97
(12)
276
(43)
(240)
0
97
3
10
185
Real estate
4
173
(22)
7
(2)
(33)
0
25
3
24
172
Employee benefits
43
(5)
7
(10)
(6)
0
0
4
32
Deferred taxes
55
(7)
0
(8)
0
0
52
5
0
92
Other
63
(8)
62
(21)
(50)
0
0
3
49
Total provisions
2,816
(358)
906
(501)
(1,810)
1
176
158
1,388
1 Refer to “Presentation currencies” in Note 2a for more information. 2 Refer to “Note 17 Provisions and contingent liabilities” in the “Consolidated financial statements” section of the UBS AG Annual Report
2025, available under “Annual reporting” at ubs.com/investors, for more information. 3 Includes provisions transferred to UBS AG. 4 Includes provisions for onerous contracts of CHF 63m as of 31 December
2025 (31 December 2024: CHF 79m) and reinstatement cost provisions for leasehold improvements of CHF 109m as of 31 December 2025 (31 December 2024: CHF 94m). 5 Includes a CHF 48m deferred tax
liability resulting from the transfer of the Credit Suisse International pension scheme to UBS AG. Refer to Note 23 for more information.
UBS AG standalone financial statements (audited)
Note 13c Development of allowances and provisions for credit losses
Development of allowances and provisions for credit losses
USD m
Total
Stage 1
Stage 2
Stage 3
Balance as of 31 December 2024
Net movement from new and derecognized transactions
1
of which: Large corporate clients
Remeasurements with stage transfers
2
of which: Large corporate clients
of which: Other
Remeasurements without stage transfers
3
of which: Large corporate clients
Model changes
4
Total ECL allowance movements with profit or loss impact
Movements without profit or loss impact (write-off, FX and other)
5
Balance as of 31 December 2025
1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final
derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and
provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value.
4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance
against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates.
Development of allowances and provisions for credit losses
CHF m
Total
Stage 1
Stage 2
Stage 3
Balance as of 31 December 2024
Effect of translating opening balance at closing rate
1
Net movement from new and derecognized transactions
2
of which: Large corporate clients
Remeasurements with stage transfers
3
of which: Large corporate clients
of which: Other
Remeasurements without stage transfers
4
of which: Large corporate clients
Model changes
5
Total ECL allowance movements with profit or loss impact
Movements without profit or loss impact (write-off, FX and other)
6
Balance as of 31 December 2025
1 Refer to “Presentation currencies” in Note 2a for more information. 2 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities)
that were newly originated, purchased or renewed and from the final derecognition of loans or facilities on their maturity date or earlier. 3 Represents the remeasurement between 12-month and lifetime ECL due
to stage transfers. 4 Represents the change in allowances and provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure
profile, PD and LGD changes, and unwinding of the time value. 5 Represents the change in the allowances and provisions related to changes in models and methodologies. 6 Represents the decrease in allowances
and provisions resulting from write-offs of the ECL allowance against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates.
UBS AG standalone financial statements (audited)
Note 13c Development of allowances and provisions for credit losses (continued)
Development of allowances and provisions for credit losses
USD m
Total
Stage 1
Stage 2
Stage 3
Balance as of 31 December 2023
Balance recognized upon the merger with Credit Suisse AG as of 1.1.24
Net movement from new and derecognized transactions
1
of which: Large corporate clients
Remeasurements with stage transfers
2
of which: Large corporate clients
Remeasurements without stage transfers
3
of which: Large corporate clients
Model changes
4
Total ECL allowance movements with profit or loss impact
Movements without profit or loss impact (write-off, FX and other)
5
Balance as of 31 December 2024
1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final
derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and
provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value.
4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance
against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates.
Development of allowances and provisions for credit losses
CHF m
Total
Stage 1
Stage 2
Stage 3
Balance as of 31 December 2023
Balance recognized upon the merger with Credit Suisse AG as of 1.1.24
Net movement from new and derecognized transactions
1
of which: Large corporate clients
Remeasurements with stage transfers
2
of which: Large corporate clients
Remeasurements without stage transfers
3
of which: Large corporate clients
Model changes
4
Total ECL allowance movements with profit or loss impact
Movements without profit or loss impact (write-off, FX and other)
5
Balance as of 31 December 2024
1 Represents the increase and decrease in allowances and provisions resulting from financial instruments (including guarantees and facilities) that were newly originated, purchased or renewed and from the final
derecognition of loans or facilities on their maturity date or earlier. 2 Represents the remeasurement between 12-month and lifetime ECL due to stage transfers. 3 Represents the change in allowances and
provisions related to changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions, changes in the exposure profile, PD and LGD changes, and unwinding of the time value.
4 Represents the change in the allowances and provisions related to changes in models and methodologies. 5 Represents the decrease in allowances and provisions resulting from write-offs of the ECL allowance
against the gross carrying amount when all or part of a financial asset is deemed uncollectible or forgiven and movements in foreign exchange rates.
UBS AG standalone financial statements (audited)
Note 13d Balance sheet and off-balance sheet positions subject to expected credit losses
The tables below provide information about ECL exposures, allowances and provisions for financial instruments and
certain non-financial instruments that are subject to ECL.
Balance sheet and off-balance sheet positions subject to expected credit losses
USD m
31.12.25
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Cash and balances at central banks
68,630
68,630
0
0
0
0
0
0
Due from banks
102,570
102,570
0
0
(14)
(14)
0
0
Receivables from securities financing transactions
90,565
90,565
0
0
(1)
(1)
0
0
Due from customers
160,471
156,682
2,988
801
(1,009)
(116)
(65)
(827)
Funding provided to significant regulated subsidiaries eligible as total loss-absorbing
capacity
45,085
45,085
0
0
(20)
(20)
0
0
Mortgage loans
8,695
8,315
70
310
(20)
(1)
0
(19)
Accrued income and prepaid expenses
2
2,635
2,627
8
1
0
0
0
0
Other assets
3
1,688
1,678
10
0
(2)
0
0
(2)
Total on-balance sheet financial assets within the scope of ECL
480,340
476,152
3,075
1,112
(1,066)
(153)
(65)
(848)
Total exposure
ECL provisions
Off-balance sheet (within the scope of ECL)
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Contingent liabilities, gross
45,623
45,434
169
20
(7)
(2)
0
(4)
Irrevocable commitments, gross
43,644
40,044
3,474
127
(144)
(63)
(56)
(26)
Forward starting transactions (securities financing transactions)
4
10,750
10,750
0
0
0
0
0
0
Credit lines
38,728
38,682
40
6
(3)
(3)
0
0
Irrevocable committed prolongation of existing loans
1,487
1,487
0
0
0
0
0
0
Total off-balance sheet financial instruments and credit lines within the scope of
ECL
140,232
136,396
3,684
152
(154)
(68)
(56)
(30)
Total allowances and provisions
(1,221)
(221)
(121)
(879)
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes components of accrued interest assets within the scope of
ECL. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward
starting reverse repurchase agreements within the scope of ECL.
Balance sheet and off-balance sheet positions subject to expected credit losses
CHF m
31.12.25
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Cash and balances at central banks
54,418
54,418
0
0
0
0
0
0
Due from banks
81,330
81,330
0
0
(11)
(11)
0
0
Receivables from securities financing transactions
71,811
71,811
0
0
(1)
(1)
0
0
Due from customers
127,241
124,236
2,370
635
(800)
(92)
(52)
(656)
Funding provided to significant regulated subsidiaries eligible as total loss-absorbing
capacity
35,749
35,749
0
0
(16)
(16)
0
0
Mortgage loans
6,894
6,593
55
246
(16)
(1)
0
(15)
Accrued income and prepaid expenses
2
2,090
2,083
6
1
0
0
0
0
Other assets
3
1,338
1,330
8
0
(2)
0
0
(2)
Total on-balance sheet financial assets within the scope of ECL
380,871
377,551
2,438
882
(846)
(121)
(52)
(673)
Total exposure
ECL provisions
Off-balance sheet (within the scope of ECL)
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Contingent liabilities, gross
36,176
36,025
134
16
(5)
(2)
0
(3)
Irrevocable commitments, gross
34,606
31,751
2,755
101
(115)
(50)
(44)
(21)
Forward starting transactions (securities financing transactions)
4
8,524
8,524
0
0
0
0
0
0
Credit lines
30,708
30,672
32
5
(3)
(2)
0
0
Irrevocable committed prolongation of existing loans
1,179
1,179
0
0
0
0
0
0
Total off-balance sheet financial instruments and credit lines within the scope of
ECL
111,193
108,151
2,921
121
(122)
(54)
(44)
(24)
Total allowances and provisions
(968)
(175)
(96)
(697)
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes components of accrued interest assets within the scope of
ECL. 3 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 4 Includes forward
starting reverse repurchase agreements within the scope of ECL.
UBS AG standalone financial statements (audited)
Note 13d Balance sheet and off-balance sheet positions subject to expected credit losses (continued)
Balance sheet and off-balance sheet positions subject to expected credit losses
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
69,614
69,614
0
0
0
0
0
0
Due from banks
96,243
96,164
79
0
(14)
(14)
(1)
0
Receivables from securities financing transactions
117,338
117,338
0
0
(2)
(2)
0
0
Due from customers
148,955
143,834
3,288
1,833
(1,710)
(106)
(108)
(1,496)
Funding provided to significant regulated subsidiaries eligible as total loss-absorbing
capacity
43,652
43,652
0
0
(23)
(23)
0
0
Mortgage loans
8,438
7,880
356
201
(7)
(2)
(1)
(4)
Accrued income and prepaid expenses
3,091
3,081
10
0
0
0
0
0
Other assets
2
2,172
2,170
0
2
(5)
(1)
0
(4)
Total on-balance sheet financial assets within the scope of ECL
489,504
483,734
3,733
2,037
(1,762)
(148)
(109)
(1,504)
Total exposure
ECL provisions
Off-balance sheet (within the scope of ECL)
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Contingent liabilities, gross
34,989
34,799
147
43
(7)
(4)
0
(3)
Irrevocable commitments, gross
44,469
40,818
3,526
125
(128)
(74)
(40)
(14)
Forward starting transactions (securities financing transactions)
3
22,954
22,954
0
0
0
0
0
0
Credit lines
39,291
39,239
46
6
0
0
0
0
Irrevocable committed prolongation of existing loans
245
245
0
0
0
0
0
0
Total off-balance sheet financial instruments and credit lines within the scope of
ECL
141,947
138,055
3,718
173
(134)
(78)
(40)
(16)
Total allowances and provisions
(1,896)
(226)
(150)
(1,520)
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes components of other receivables due from UBS Group AG
and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 3 Includes forward starting reverse repurchase agreements within the scope of ECL.
Balance sheet and off-balance sheet positions subject to expected credit losses
CHF m
31.12.24
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Cash and balances at central banks
63,217
63,217
0
0
0
0
0
0
Due from banks
87,399
87,327
71
0
(13)
(12)
(1)
0
Receivables from securities financing transactions
106,555
106,555
0
0
(2)
(2)
0
0
Due from customers
135,266
130,616
2,985
1,664
(1,553)
(96)
(98)
(1,358)
Funding provided to significant regulated subsidiaries eligible as total loss-absorbing
capacity
39,640
39,640
0
0
(21)
(21)
0
0
Mortgage loans
7,662
7,156
324
183
(6)
(2)
(1)
(4)
Accrued income and prepaid expenses
2,807
2,798
9
0
0
0
0
0
Other assets
2
1,972
1,970
0
2
(4)
(1)
0
(3)
Total on-balance sheet financial assets within the scope of ECL
444,518
439,279
3,390
1,849
(1,600)
(134)
(100)
(1,366)
Total exposure
ECL provisions
Off-balance sheet (within the scope of ECL)
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Contingent liabilities, gross
31,773
31,601
134
39
(6)
(4)
0
(2)
Irrevocable commitments, gross
40,382
37,067
3,202
113
(116)
(67)
(37)
(12)
Forward starting transactions (securities financing transactions)
3
20,844
20,844
0
0
0
0
0
0
Credit lines
35,680
35,633
41
5
0
0
0
0
Irrevocable committed prolongation of existing loans
222
222
0
0
0
0
0
0
Total off-balance sheet financial instruments and credit lines within the scope of
ECL
128,901
125,367
3,377
157
(122)
(71)
(36)
(15)
Total allowances and provisions
(1,722)
(205)
(136)
(1,380)
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Includes components of other receivables due from UBS Group AG
and subsidiaries in the UBS Group and other assets within the scope of ECL. Refer to Note 17a for more information. 3 Includes forward starting reverse repurchase agreements within the scope of ECL.
UBS AG standalone financial statements (audited)
Note 13e Financial assets subject to credit risk, by rating category
The table below shows the credit quality and the maximum exposure to credit risk based on the Group’s internal credit
rating system and year-end stage classification.
Financial assets subject to credit risk, by rating category
USD m
31.12.25
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total
gross
carrying
amount
ECL
allowances
Net carrying
amount
(maximum
exposure to
credit risk)
Financial instruments measured at amortized cost
Cash and balances at central banks
of which: stage 1
Due from banks
of which: stage 1
Receivables from securities financing transactions
of which: stage 1
Due from customers
of which: stage 1
of which: stage 2
of which: stage 3
Funding provided to significant regulated subsidiaries eligible
as total loss-absorbing capacity
of which: stage 1
Mortgage loans
of which: stage 1
of which: stage 2
of which: stage 3
Accrued income and prepaid expenses
of which: stage 1
of which: stage 2
of which: stage 3
Other assets
of which: stage 1
of which: stage 2
of which: stage 3
Total in scope of ECL assets / ECL amounts by stages
Off-balance sheet positions and credit lines subject to expected credit loss, by rating category
USD m
31.12.25
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total off-
balance sheet
exposure
(maximum
exposure to
credit risk)
ECL provisions
Off-balance sheet (within the scope of ECL)
Contingent liabilities, gross
of which: stage 1
of which: stage 2
of which: stage 3
Irrevocable commitments, gross
of which: stage 1
of which: stage 2
of which: stage 3
Forward starting transactions (securities financing transactions)
of which: stage 1
Credit lines
of which: stage 1
of which: stage 2
of which: stage 3
Irrevocable committed prolongation of existing loans
of which: stage 1
Total off-balance sheet financial instruments and credit lines
UBS AG standalone financial statements (audited)
Note 13e Financial assets subject to credit risk, by rating category (continued)
Financial assets subject to credit risk, by rating category
CHF m
31.12.25
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total
gross
carrying
amount
ECL
allowances
Net carrying
amount
(maximum
exposure to
credit risk)
Financial instruments measured at amortized cost
Cash and balances at central banks
of which: stage 1
Due from banks
of which: stage 1
Receivables from securities financing transactions
of which: stage 1
Due from customers
(800)
of which: stage 1
of which: stage 2
of which: stage 3
Funding provided to significant regulated subsidiaries eligible
as total loss-absorbing capacity
of which: stage 1
Mortgage loans
(16)
of which: stage 1
of which: stage 2
of which: stage 3
Accrued income and prepaid expenses
of which: stage 1
of which: stage 2
of which: stage 3
Other assets
of which: stage 1
of which: stage 2
of which: stage 3
Total in scope of ECL assets / ECL amounts by stages
Off-balance sheet positions and credit lines subject to expected credit loss, by rating category
CHF m
31.12.25
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total off-
balance sheet
exposure
(maximum
exposure to
credit risk)
ECL provisions
Off-balance sheet (within the scope of ECL)
Contingent liabilities, gross
of which: stage 1
of which: stage 2
of which: stage 3
Irrevocable commitments, gross
of which: stage 1
of which: stage 2
of which: stage 3
Forward starting transactions (securities financing transactions)
of which: stage 1
Credit lines
of which: stage 1
of which: stage 2
of which: stage 3
Irrevocable committed prolongation of existing loans
of which: stage 1
Total off-balance sheet financial instruments and credit lines
›
Refer to “Note 9 Financial assets at amortized cost and other positions in scope of expected credit loss measurement” and
“Note 19 Expected credit loss measurement” in the “Consolidated financial statements” section of the UBS AG Annual Report
2025, available under “Annual reporting” at
ubs.com/investors
, for more information about ECL in accordance with IFRS
Accounting Standards
UBS AG standalone financial statements (audited)
Note 13e Financial assets subject to credit risk, by rating category (continued)
Financial assets subject to credit risk, by rating category
USD m
31.12.24
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total gross
carrying
amount
ECL
allowances
Net carrying
amount
(maximum
exposure to
credit risk)
Financial instruments measured at amortized cost
Cash and balances at central banks
of which: stage 1
Due from banks
of which: stage 1
of which: stage 2
Receivables from securities financing transactions
of which: stage 1
Due from customers
of which: stage 1
of which: stage 2
of which: stage 3
Funding provided to significant regulated subsidiaries eligible
as total loss-absorbing capacity
of which: stage 1
Mortgage loans
of which: stage 1
of which: stage 2
of which: stage 3
Accrued income and prepaid expenses
of which: stage 1
of which: stage 2
Other assets
of which: stage 1
of which: stage 3
Total in scope of ECL assets / ECL amounts by stages
Off-balance sheet positions and credit lines subject to expected credit loss, by rating category
USD m
31.12.24
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total carrying
amount
(maximum
exposure to
credit risk)
ECL provision
Off-balance sheet (in scope of ECL)
Contingent liabilities, gross
of which: stage 1
of which: stage 2
of which: stage 3
Irrevocable commitments, gross
of which: stage 1
of which: stage 2
of which: stage 3
Forward starting transactions (securities financing transactions)
of which: stage 1
Credit lines
of which: stage 1
of which: stage 2
of which: stage 3
Irrevocable committed prolongation of existing loans
of which: stage 1
Total off-balance sheet financial instruments and credit lines
UBS AG standalone financial statements (audited)
Note 13e Financial assets subject to credit risk, by rating category (continued)
Financial assets subject to credit risk, by rating category
CHF m
31.12.24
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total gross
carrying
amount
ECL
allowances
Net carrying
amount
(maximum
exposure to
credit risk)
Financial instruments measured at amortized cost
Cash and balances at central banks
of which: stage 1
Due from banks
of which: stage 1
of which: stage 2
Receivables from securities financing transactions
of which: stage 1
Due from customers
of which: stage 1
of which: stage 2
of which: stage 3
Funding provided to significant regulated subsidiaries eligible
as total loss-absorbing capacity
of which: stage 1
Mortgage loans
of which: stage 1
of which: stage 2
of which: stage 3
Accrued income and prepaid expenses
of which: stage 1
of which: stage 2
Other assets
of which: stage 1
of which: stage 3
Total in scope of ECL assets / ECL amounts by stages
Off-balance sheet positions and credit lines subject to expected credit loss, by rating category
CHF m
31.12.24
Rating category
0–1
2–3
4–5
6–8
9–13
Credit-
impaired
(defaulted)
Total carrying
amount
(maximum
exposure to
credit risk)
ECL provision
Off-balance sheet (in scope of ECL)
Contingent liabilities, gross
of which: stage 1
of which: stage 2
of which: stage 3
Irrevocable commitments, gross
of which: stage 1
of which: stage 2
of which: stage 3
Forward starting transactions (securities financing transactions)
of which: stage 1
Credit lines
of which: stage 1
of which: stage 2
of which: stage 3
Irrevocable committed prolongation of existing loans
of which: stage 1
Total off-balance sheet financial instruments and credit lines
UBS AG standalone financial statements (audited)
Note 14 Trading portfolio and other financial instruments measured at fair value
Trading portfolio and other financial instruments measured at fair value
USD m
CHF m
31.12.25
31.12.24
31.12.25
31.12.24
Assets
Trading portfolio assets
162,706
148,686
129,013
135,022
of which: debt instruments
1
32,795
30,308
26,004
27,523
of which: listed
28,458
21,960
22,565
19,942
of which: equity instruments
119,796
113,185
94,988
102,783
of which: precious metals and other physical commodities
10,116
5,193
8,021
4,715
Total assets measured at fair value
162,706
148,686
129,013
135,022
of which: fair value derived using a valuation model
29,314
27,939
23,243
25,371
of which: securities eligible for repurchase transactions in accordance with liquidity regulations
21,469
15,542
17,023
14,113
Liabilities
Trading portfolio liabilities
47,268
29,316
37,480
26,622
of which: debt instruments
1
16,615
11,884
13,174
10,792
of which: listed
16,027
11,157
12,708
10,131
of which: equity instruments
30,654
17,431
24,306
15,829
Financial liabilities designated at fair value
3
110,126
102,901
87,321
93,444
Total liabilities measured at fair value
157,394
132,216
124,801
120,065
of which: fair value derived using a valuation model
123,572
112,247
97,983
101,931
1 Includes money market paper. 2 Consists of high-quality liquid debt securities that are eligible for repurchase transactions at the Swiss National Bank or other central banks. 3 Refer to Note 20 for more
information.
UBS AG standalone financial statements (audited)
Note 15 Derivative instruments
Derivative instruments
1
31.12.25
31.12.24
USD bn
Derivative
financial
assets
Derivative
financial
liabilities
Total notional
values
2
Derivative
financial
assets
Derivative
financial
liabilities
Total notional
values
2
Interest rate contracts
Forwards
3
0.2
0.1
1,333
0.2
0.2
602
Swaps
27.3
21.6
20,911
32.7
25.8
15,269
of which: designated in hedge accounting relationships
0.0
0.0
197
0.0
0.0
197
Futures
0.0
0.0
918
0.0
0.0
802
Over-the-counter (OTC) options
11.8
13.1
2,081
11.6
13.2
1,963
Exchange-traded options
0.0
0.1
247
0.1
0.2
198
Total
39.4
34.8
25,490
4
44.6
39.4
18,834
Foreign exchange contracts
Forwards
18.7
18.3
3,166
37.2
32.5
2,290
of which: designated in hedge accounting relationships
0.0
0.0
3
0.2
0.0
3
Swaps
24.7
26.1
4,056
53.1
51.4
4,012
of which: designated in hedge accounting relationships
0.3
0.4
66
0.9
0.9
59
Futures
0.0
-
1
0.0
0.0
1
Over-the-counter (OTC) options
6.2
6.3
1,005
9.5
9.7
1,157
Exchange-traded options
0.0
0.0
8
0.1
0.1
9
Total
49.7
50.7
8,236
99.9
93.7
7,469
Equity contracts
Forwards
1.1
0.9
59
0.3
0.3
30
Swaps
6.5
12.9
484
6.1
8.6
363
Futures
0.0
81
0.0
80
Over-the-counter (OTC) options
7.6
13.0
411
4.4
8.5
229
Exchange-traded options
15.1
15.6
784
13.2
12.9
778
Total
30.3
42.4
1,818
24.1
30.3
1,479
Credit derivative contracts
Credit default swaps
3.0
3.7
155
2.4
3.0
133
Total return swaps
0.0
0.4
1
0.1
0.4
1
Other
0.7
0.0
8
0.3
0.0
4
Total
3.7
4.0
164
2.8
3.3
139
Commodity, precious metals and other contracts
Forwards
5
1.5
1.5
88
0.6
0.4
78
Swaps
3.9
3.7
93
0.9
1.1
58
Futures
0.0
17
0.0
13
Over-the-counter (OTC) options
2.7
2.1
53
0.8
0.4
42
Exchange-traded options
1.0
0.6
18
0.3
0.4
9
Total
9.1
7.9
269
2.6
2.3
200
Total before netting
132.2
140.0
35,977
173.9
169.1
28,120
of which: trading derivatives
131.8
139.6
172.9
168.1
of which: fair value derived using a valuation model
131.3
138.9
171.9
167.2
of which: derivatives designated in hedge accounting relationships
0.3
0.4
1.0
0.9
of which: fair value derived using a valuation model
0.3
0.4
1.0
0.9
Netting with cash collateral payables / receivables
(17.7)
(23.1)
(20.2)
(23.4)
Replacement value netting
(100.4)
(100.4)
(131.8)
(131.7)
Total after netting
14.0
16.5
21.9
14.0
of which: with central clearing counterparties
0.5
0.0
0.6
0.3
of which: with bank and broker-dealer counterparties
1.9
3.6
3.0
4.2
of which: other client counterparties
11.6
12.9
18.3
9.5
1 Bifurcated embedded derivatives are presented on the same balance sheet lines as their host contracts and are excluded from this table. The replacement values and related notional values of these derivatives were
not material for the periods presented. 2 Total notional values include USD 23.2trn (31 December 2024: USD 15.5trn) relating to derivatives that are cleared through either a central counterparty or an exchange.
The fair value of these derivatives net of the corresponding cash margin was not material for any of the periods presented. 3 Includes forward rate agreements. 4 Notional amounts related to interest rate contracts
increased by USD 6.7trn compared with 31 December 2024, mainly due to higher business volume in the Investment Bank. 5 Includes derivative loan commitments with notional values of USD 20bn as of 31 December
2025 (31 December 2024: USD 23bn) and negative replacement values of USD 33m (31 December 2024: USD 137m).
UBS AG standalone financial statements (audited)
Note 15 Derivative instruments (continued)
Derivative instruments
1
31.12.25
31.12.24
CHF bn
Derivative
financial
assets
Derivative
financial
liabilities
Total notional
values
2
Derivative
financial
assets
Derivative
financial
liabilities
Total notional
values
2
Interest rate contracts
Forwards
3
0.2
0.1
1,057
0.2
0.2
547
Swaps
21.7
17.1
16,581
29.7
23.4
13,865
of which: designated in hedge accounting relationships
0.0
0.0
156
0.0
0.0
179
Futures
0.0
0.0
728
0.0
0.0
728
Over-the-counter (OTC) options
9.3
10.4
1,650
10.6
12.0
1,782
Exchange-traded options
0.0
0.0
196
0.1
0.1
180
Total
31.2
27.6
20,212
4
40.5
35.8
17,103
Foreign exchange contracts
Forwards
14.9
14.5
2,511
33.8
29.5
2,080
of which: designated in hedge accounting relationships
0.0
0.0
3
0.1
0.0
3
Swaps
19.6
20.7
3,216
48.2
46.7
3,643
of which: designated in hedge accounting relationships
0.2
0.3
52
0.8
0.9
53
Futures
0.0
0.0
1
0.0
0.0
1
Over-the-counter (OTC) options
5.0
5.0
797
8.7
8.8
1,050
Exchange-traded options
0.0
0.0
6
0.1
0.1
8
Total
39.4
40.2
6,530
90.7
85.1
6,783
Equity contracts
Forwards
0.9
0.7
46
0.3
0.3
27
Swaps
5.2
10.2
384
5.5
7.8
329
Futures
0.0
65
0.0
73
Over-the-counter (OTC) options
6.0
10.3
326
4.0
7.7
208
Exchange-traded options
11.9
12.4
621
12.0
11.7
706
Total
24.0
33.6
1,442
21.9
27.5
1,343
Credit derivative contracts
Credit default swaps
2.3
2.9
123
2.2
2.7
121
Total return swaps
0.0
0.3
1
0.0
0.3
1
Other
0.5
0.0
7
0.3
0.0
4
Total
2.9
3.2
130
2.5
3.0
126
Commodity, precious metals and other contracts
Forwards
5
1.2
1.2
70
0.5
0.3
71
Swaps
3.1
2.9
74
0.8
1.0
53
Futures
0.0
14
0.0
11
Over-the-counter (OTC) options
2.2
1.6
42
0.7
0.4
38
Exchange-traded options
0.8
0.5
14
0.3
0.4
8
Total
7.2
6.3
213
2.3
2.1
181
Total before netting
104.8
111.0
28,527
157.9
153.5
25,536
of which: trading derivatives
104.5
110.7
157.0
152.7
of which: fair value derived using a valuation model
104.1
110.1
156.1
151.9
of which: derivatives designated in hedge accounting relationships
0.2
0.3
1.0
0.9
of which: fair value derived using a valuation model
0.2
0.3
1.0
0.9
Netting with cash collateral payables / receivables
(14.0)
(18.3)
(18.4)
(21.2)
Replacement value netting
(79.6)
(79.6)
(119.7)
(119.6)
Total after netting
11.1
13.1
19.9
12.7
of which: with central clearing counterparties
0.4
0.0
0.6
0.2
of which: with bank and broker-dealer counterparties
1.5
2.8
2.7
3.8
of which: other client counterparties
9.2
10.2
16.6
8.7
1 Bifurcated embedded derivatives are presented on the same balance sheet lines as their host contracts and are excluded from this table. The replacement values and related notional values of these derivatives were
not material for the periods presented. 2 Total notional values include CHF 18.4trn (31 December 2024: CHF 14.1trn) relating to derivatives that are cleared through either a central counterparty or an exchange.
The fair value of these derivatives net of the corresponding cash margin was not material for any of the periods presented. 3 Includes forward rate agreements. 4 Notional amounts related to interest rate contracts
increased by CHF 5.3trn compared with 31 December 2024, mainly due to higher business volume in the Investment Bank. 5 Includes derivative loan commitments with notional values of CHF 16bn as of 31 December
2025 (31 December 2024: CHF 20bn) and negative replacement values of CHF 26m (31 December 2024: CHF 125m).
UBS AG standalone financial statements (audited)
Note 16a Financial investments by instrument type
Financial investments by instrument type
31.12.25
31.12.24
USD m
Carrying amount
Fair value
Carrying amount
Fair value
Debt instruments
52,554
52,478
38,710
38,190
23,759
23,462
21,095
20,413
of which: available for sale
28,795
29,016
17,615
17,776
Equity instruments
70
75
1,140
1,144
of which: qualified participations
0
0
1
1
Other
0
0
0
0
Total financial investments
52,625
52,553
39,850
39,334
of which: securities eligible for repurchase transactions in accordance with liquidity regulations
47,310
47,162
34,381
33,744
1 Qualified participations are investments in which UBS AG holds 10% or more of the total capital or has at least 10% of total voting rights. 2 Consists of high-quality liquid debt securities that are eligible for
repurchase transactions at the Swiss National Bank or other central banks.
Financial investments by instrument type
31.12.25
31.12.24
CHF m
Carrying amount
Fair value
Carrying amount
Fair value
Debt instruments
41,671
41,611
35,153
34,680
18,839
18,603
19,157
18,537
of which: available for sale
22,832
23,008
15,996
16,143
Equity instruments
56
59
1,035
1,038
of which: qualified participations
0
0
1
1
Other
0
0
0
0
Total financial investments
41,727
41,670
36,188
35,719
of which: securities eligible for repurchase transactions in accordance with liquidity regulations
37,513
37,395
31,221
30,643
1 Qualified participations are investments in which UBS AG holds 10% or more of the total capital or has at least 10% of total voting rights. 2 Consists of high-quality liquid debt securities that are eligible for
repurchase transactions at the Swiss National Bank or other central banks.
Note 16b Financial investments by counterparty rating – debt instruments
Financial investments by counterparty rating – debt instruments
USD m
CHF m
31.12.25
31.12.24
31.12.25
31.12.24
Internal UBS rating
1
0–1
23,873
25,113
18,929
22,805
2–3
28,103
13,231
22,283
12,015
4–5
579
363
459
330
6–8
0
0
0
0
9–13
0
0
0
0
Non-rated
0
3
0
3
Total financial investments
52,554
38,710
41,671
35,153
1 Refer to Note 19 for more information.
Note 17a Other assets
Other assets
USD m
CHF m
31.12.25
31.12.24
31.12.25
31.12.24
Deferral position for hedging instruments
7,249
9,129
5,748
8,290
Deposits and collateral provided in connection with litigation, regulatory and similar matters
209
1,290
166
1,172
Fee- and commission-related receivables
190
282
151
256
Net assets for defined benefit plans
903
428
716
388
VAT, withholding tax and other tax receivables
1,217
823
965
747
Other
1,709
1,966
1,355
1,784
of which: other receivables due from UBS Group AG and subsidiaries in the UBS Group
1,212
1,459
961
1,325
Total other assets
1
11,478
13,918
9,101
12,638
1 Includes components of other receivables due from UBS Group AG and subsidiaries in the UBS Group and other assets totaling USD 1,688m (CHF 1,338m) as of 31 December 2025 (USD 2,172m (CHF 1,972m) as
of 31 December 2024), which are within the scope of expected credit loss accounting. Refer to Note 13d for more information.
UBS AG standalone financial statements (audited)
Note 17b Other liabilities
Other liabilities
USD m
CHF m
31.12.25
31.12.24
31.12.25
31.12.24
Settlement and clearing accounts
11
401
9
364
Net defined benefit liabilities
61
61
48
55
VAT, withholding tax and other tax payables
1
224
108
177
98
Other
2,918
4,626
2,313
4,201
of which: other payables due to UBS Group AG and subsidiaries in the UBS Group
1,895
1,885
1,502
1,712
Total other liabilities
3,213
5,196
2,548
4,718
1 Excludes capital tax payables.
Note 18 Pledged assets
The table below provides information about pledged assets, other than assets placed with central banks related to
undrawn credit lines and for payment, clearing and settlement purposes (31 December 2025: USD 5.4bn (CHF 4.3bn),
31 December 2024: USD 1.1bn (CHF 0.9bn)) and those pledged in connection with securities financing transactions.
›
Refer to Note 11 for more information
Pledged assets
31.12.25
31.12.24
USD m
Carrying amount of
pledged assets
Carrying amount of
pledged assets
Securities
1
10,455
12,112
Property
2
0
2,025
Total pledged assets
10,455
14,137
1 Includes securities pledged for derivative transactions, where the replacement values are managed on a portfolio basis across counterparties and product types, and therefore there is no direct relationship between
the specific collateral pledged and the associated liability. 2 As of 31 December 2024, these pledged properties served as collateral for a mortgage loan from UBS Switzerland AG, the carrying amount of which
was USD 2,521m. As of 31 December 2025, the properties were no longer pledged following the expiry of the mortgage during 2025.
Pledged assets
31.12.25
31.12.24
CHF m
Carrying amount of
pledged assets
Carrying amount of
pledged assets
Securities
1
8,290
10,999
Property
2
0
1,839
Total pledged assets
8,290
12,838
1 Includes securities pledged for derivative transactions, where the replacement values are managed on a portfolio basis across counterparties and product types, and therefore there is no direct relationship between
the specific collateral pledged and the associated liability. 2 As of 31 December 2024, these pledged properties served as collateral for a mortgage loan from UBS Switzerland AG, the carrying amount of which
was CHF 2,289m. As of 31 December 2025, the properties were no longer pledged following the expiry of the mortgage during 2025.
UBS AG standalone financial statements (audited)
Note 19 Country risk of total assets
The table below provides a breakdown of total non-Swiss assets by credit rating, after netting of assets and liabilities as
recognized on the balance sheet but before other risk mitigants. The credit ratings reflect the sovereign credit rating of
the country to which the ultimate risk of the underlying asset is related. The ultimate country of risk for unsecured loan
positions is the domicile of the immediate borrower or, in the case of a legal entity, the domicile of the ultimate parent
entity. For collateralized or guaranteed positions, the ultimate country of risk is the domicile of the provider of the
collateral or guarantor or, if applicable, the domicile of the ultimate parent entity of the provider of the collateral or
guarantor. For mortgage loans, the ultimate country of risk is the country where the real estate is located. Similarly, the
ultimate country of risk for property and equipment is the country where the property and equipment are located. Assets
for which Switzerland is the ultimate country of risk are provided separately at the bottom of the table in order to provide
a reconciliation to total balance sheet assets.
›
Refer to the “Risk management and control” section of the UBS AG Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more information
Country risk of total assets
31.12.25
31.12.24
Classification
Internal UBS rating
1
Description
Moody’s Investors
Service
S&P
Fitch
USD m
%
USD m
%
Low risk
0 and 1
Investment grade
Aaa
AAA
AAA
75,156
9
343,884
43
2
Aa1 to Aa3
AA+ to AA–
AA+ to AA–
363,005
46
134,479
17
Medium risk
3
A1 to A3
A+ to A–
A+ to A–
125,201
16
93,246
12
4
Baa1 to Baa2
BBB+ to BBB
BBB+ to BBB
20,842
3
18,082
2
5
Baa3
BBB–
BBB–
8,115
1
6,872
1
High risk
6
Sub-investment grade
Ba1
BB+
BB+
447
0
828
0
7
Ba2
BB
BB
3,825
0
2,765
0
8
Ba3
BB–
BB–
69
0
246
0
9
B1
B+
B+
1,422
0
1,805
0
Very high risk
10
B2
B
B
382
0
454
0
11
B3
B–
B–
491
0
129
0
12
Caa1 to Caa2
CCC+ to CCC
CCC+ to CCC
5,498
1
4,659
1
13
Caa3 to C
CCC– to C
CCC– to C
157
0
121
0
Distressed
Default
Defaulted
D
D
25
0
119
0
Subtotal
604,636
76
607,688
77
Switzerland
187,705
24
183,608
23
Total assets
792,341
100
791,297
100
1 Internal ratings are mapped to the external ratings in line with the table published in the “Risk management and control” section of the UBS AG Consolidated Annual Report 2025.
Country risk of total assets
31.12.25
31.12.24
Classification
Internal UBS rating
1
Description
Moody’s Investors
Service
S&P
Fitch
CHF m
%
CHF m
%
Low risk
0 and 1
Investment grade
Aaa
AAA
AAA
59,592
9
312,281
43
2
Aa1 to Aa3
AA+ to AA–
AA+ to AA–
287,834
46
122,121
17
Medium risk
3
A1 to A3
A+ to A–
A+ to A–
99,275
16
84,676
12
4
Baa1 to Baa2
BBB+ to BBB
BBB+ to BBB
16,526
3
16,420
2
5
Baa3
BBB–
BBB–
6,435
1
6,240
1
High risk
6
Sub-investment grade
Ba1
BB+
BB+
355
0
752
0
7
Ba2
BB
BB
3,033
0
2,511
0
8
Ba3
BB–
BB–
54
0
223
0
9
B1
B+
B+
1,128
0
1,639
0
Very high risk
10
B2
B
B
303
0
412
0
11
B3
B–
B–
389
0
117
0
12
Caa1 to Caa2
CCC+ to CCC
CCC+ to CCC
4,359
1
4,231
1
13
Caa3 to C
CCC– to C
CCC– to C
124
0
110
0
Distressed
Default
Defaulted
D
D
20
0
108
0
Subtotal
479,427
76
551,841
77
Switzerland
148,835
24
166,734
23
Total assets
628,262
100
718,576
100
1 Internal ratings are mapped to the external ratings in line with the table published in the “Risk management and control” section of the UBS AG Consolidated Annual Report 2025.
UBS AG standalone financial statements (audited)
Note 20 Structured debt instruments
The table below provides a breakdown of financial liabilities designated at fair value that are considered structured debt
instruments.
Structured debt instruments
USD m
CHF m
31.12.25
31.12.24
31.12.25
31.12.24
Fixed-rate bonds with structured features
8,275
8,684
6,561
7,886
Structured debt instruments issued:
Equity-linked
60,278
53,917
47,795
48,962
Rates-linked
25,545
22,373
20,255
20,316
Credit-linked
2,990
4,787
2,371
4,347
Commodity-linked
1
3,032
3,620
2,404
3,288
FX-linked
1,467
1,253
1,163
1,138
Funding received from UBS Group AG designated at fair value
2
6,430
4,998
5,098
4,539
Structured over-the-counter (OTC) debt instruments
2,109
3,268
1,672
2,968
Total financial liabilities designated at fair value
110,126
102,901
87,321
93,444
1 Includes precious metals-linked debt instruments issued. 2 Refer to Note 21 for more information.
In addition to
Financial liabilities designated at fair value
, certain structured debt instruments were reported within the
balance sheet lines
Due to banks
,
Due to customers
Bonds issued
. These instruments were bifurcated for
measurement purposes. As of 31 December 2025, the total carrying amount of the host instruments was USD 11,864m
(CHF 9,407m) (31 December 2024: USD 8,258m (CHF 7,499m)) and the total carrying amount of the bifurcated
embedded derivatives was positive USD 91m (CHF 72m) (31 December 2024: positive USD 63m (CHF 57m)).
Note 21 Funding eligible as total loss-absorbing capacity at the UBS AG level
Funding eligible as total loss-absorbing capacity at the UBS AG level
USD m
CHF m
31.12.25
31.12.24
31.12.25
31.12.24
Funding eligible as total loss-absorbing capacity at the UBS AG level included in:
Funding received from UBS Group AG measured at amortized cost
107,016
108,185
84,855
98,243
Funding received from UBS Group AG designated at fair value
6,430
4,998
5,098
4,539
Bonds issued
0
218
0
198
Total funding eligible as total loss-absorbing capacity at the UBS AG level
1
113,446
113,401
89,953
102,980
1 Represents the Swiss GAAP carrying amount of instruments qualifying as total loss-absorbing capital. In accordance with the Basel III framework, as applicable to Swiss systemically relevant banks (SRB), total
funding eligible as total loss-absorbing capacity at the UBS AG level was USD 109,738m (CHF 87,014m) as of 31 December 2025 (31 December 2024: USD 108,004m (CHF 98,079m)). Refer to the “UBS AG
standalone regulatory information” section of this report for more information about Swiss SRB going and gone concern capital.
UBS AG standalone financial statements (audited)
Note 22a Share capital
UBS AG shares issued and outstanding
As of 31 December 2025, UBS AG’s share capital of USD 386m (CHF 306m) consisted of 3,858,408,466 fully paid-up
registered issued and outstanding shares with a nominal value of USD 0.10, which each entitle the holder to one vote at
the meeting of the shareholders of UBS AG, if entered into the share register as having the right to vote, as well as a
proportionate share of distributed dividends (unchanged from 31 December 2024). UBS AG’s shares are not subject to
any restrictions or limitations on their transferability. All shares were held by UBS Group AG.
Conditional share capital
As of 31 December 2025, the following conditional share capital was available to the Board of Directors (the BoD) of
UBS AG:
–
Conditional capital in the amount of USD 38,000,000, for the issuance of a maximum of 380,000,000 fully paid
registered shares with a nominal value of USD 0.10 each (unchanged from 31 December 2024), to be issued through
the voluntary or mandatory exercise of conversion rights and / or warrants granted in connection with the issuance of
bonds or similar financial instruments on national or international capital markets. This conditional capital allowance
was approved at the Extraordinary General Meeting held on 26 November 2014, having originally been approved at
the Annual General Meeting (the AGM) of UBS AG on 14 April 2010. The BoD has not made use of such allowance.
Conversion capital
As of 31 December 2025, UBS AG had conversion capital in the amount of USD 70,000,000, for the issuance of a
maximum of 700,000,000 fully paid registered shares with a nominal value of USD 0.10 each (unchanged from
31 December 2024). The issuance of fully paid registered shares only occurs through the mandatory conversion of claims
arising upon occurrence of one or more trigger events under financial market instruments with contingent conversion
features issued by UBS AG. The creation of this conversion capital was approved at the AGM held on 23 April 2024.
Non-distributable reserves
Non-distributable reserves consist of 50% of the share capital of UBS AG, amounting to USD 193m (CHF 153m) as of
31 December 2025 (unchanged from 31 December 2024).
Note 22b Significant shareholders
The sole direct shareholder of UBS AG is UBS Group AG, which holds 100% of UBS AG shares. These shares are entitled
to voting rights. Indirect shareholders of UBS AG included in the table below are the direct shareholders of UBS Group AG
(acting in their own name or in their capacity as nominees for other investors or beneficial owners) that were registered
in the UBS Group AG share register with 3% or more of the share capital of UBS Group AG as of 31 December 2025 or
as of 31 December 2024. The shares and share capital of UBS AG held by indirect shareholders, as shown in the table
below, represent their relative holding of UBS Group AG shares. They do not have voting rights in UBS AG.
Significant shareholders
31.12.25
31.12.24
USD m, except where indicated
Share capital held
Shares held (%)
Share capital held
Shares held (%)
Significant direct shareholder of UBS AG
UBS Group AG
386
100
386
100
Significant indirect shareholders of UBS AG
DTC (Cede & Co.), New York
1
30
8
25
6
The Bank of New York Mellon, Everett
13
3
Nortrust Nominees Ltd., London
13
3
14
4
1 DTC (Cede & Co.), New York, “The Depository Trust Company”, is a US securities clearing organization.
Significant shareholders
31.12.25
31.12.24
CHF m, except where indicated
Share capital held
Shares held (%)
Share capital held
Shares held (%)
Significant direct shareholder of UBS AG
UBS Group AG
306
100
380
100
Significant indirect shareholders of UBS AG
DTC (Cede & Co.), New York
1
24
8
25
6
The Bank of New York Mellon, Everett
10
3
Nortrust Nominees Ltd., London
10
3
14
4
1 DTC (Cede & Co.), New York, “The Depository Trust Company”, is a US securities clearing organization.
UBS AG standalone financial statements (audited)
Note 23 Post-employment benefit plans
Post-employment benefit plans
a) Assets related to defined benefit plans
USD m
CHF m
31.12.25
31.12.24
31.12.25
31.12.24
Net defined benefit assets for defined benefit plans
1
Total assets for defined benefit plans
1 As of 31 December 2025, USD 903m (CHF 716m) mainly reflected USD 833m (CHF 660m) for the UBS and Credit Suisse UK defined benefit plans (including USD 444m (CHF 352m) transferred from Credit Suisse
International in 2025), USD 34m (CHF 27m) for the Credit Suisse Guernsey defined benefit plan, USD 29m (CHF 23m) for the UBS US Investment Bank defined benefit plan, and USD 8m (CHF 6m) for the Credit Suisse
Swiss pension plan. As of 31 December 2024, USD 428m (CHF 388m) mainly reflected USD 362m (CHF 329m) for the UBS UK defined benefit plan, USD 36m (CHF 33m) for the Credit Suisse Guernsey defined benefit
plan, USD 22m (CHF 20m) for the UBS US Investment Bank defined benefit plan, and USD 6m (CHF 6m) for the Credit Suisse Swiss pension plan.
b) Liabilities related to defined benefit plans
USD m
CHF m
31.12.25
31.12.24
31.12.25
31.12.24
Provision for Swiss pension plans
Net defined benefit liabilities for defined benefit plans
1
Total provision for defined benefit plans
Bank accounts at UBS and UBS debt instruments held by Swiss pension funds
UBS derivative financial instruments held by Swiss pension funds
Total liabilities related to defined benefit plans
1 As of 31 December 2025, USD 61m (CHF 48m) mainly reflected USD 35m (CHF 28m) for the UBS US plans, USD 13m (CHF 10m) for the UBS UK plan, and USD 8m (CHF 6m) for the UBS Taiwan plan. As of
31 December 2024, USD 61m (CHF 55m) mainly reflected USD 35m (CHF 32m) for the UBS US plans, USD 12m (CHF 11m) for the UBS UK plan, and USD 8m (CHF 7m) for the UBS Taiwan plan.
c) Swiss pension plans
USD m
CHF m
As of or for the year ended
31.12.25
31.12.24
31.12.25
31.12.24
Pension plan surplus
1
Economic benefit / (obligation) of UBS AG
Change in economic benefit / (obligation) recognized in the income statement
Employer contributions in the period recognized in the income statement
Performance awards-related employer contributions accrued
Total pension expense recognized in the income statement within Personnel expenses
1 The pension plan surplus is determined in accordance with Swiss GAAP (FER 26) and consists of the reserve for the fluctuation in asset value and a prepaid contribution. The reserve for the fluctuation did not
represent an economic benefit for UBS AG in accordance with Swiss accounting standards as of both 31 December 2025 and 31 December 2024.
UBS AG has elected to apply Swiss accounting standards for its Swiss pension plan and IFRS Accounting Standards (IAS
19) for its non-Swiss defined benefit plans. However, remeasurements of the defined benefit obligations and assets for
non-Swiss defined benefit plans are recognized in the income statement rather than directly in equity.
In 2025, an expense of USD 255m (CHF 202m) was recognized in the income statement, driven by expenses of USD 136m
(CHF 108m) related to defined contribution plans and USD 119m (CHF 94m) related to defined benefit plans. In 2024,
an expense of USD 277m (CHF 243m) was recognized in the income statement, driven by expenses of USD 130m
(CHF 116m) related to defined contribution plans and USD 148m (CHF 127m) related to defined benefit plans.
In 2025, as part of the process of winding down Credit Suisse International, Credit Suisse International transferred its UK
pension scheme to UBS AG via dividend in kind, with UBS AG becoming the new principal employer of the former Credit
Suisse International UK pension scheme.
The Swiss pension plans had an employer contribution reserve of USD 8m as of 31 December 2025 and USD 6m as of
31 December 2024.
›
Refer to Note 2 for more information
›
Refer to “Note 25 Post-employment benefit plans” in the “Consolidated financial statements” section of the UBS AG Annual
Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more information about defined benefit plans in
accordance with IFRS Accounting Standards
UBS AG standalone financial statements (audited)
Note 24 Related parties
Transactions with related parties are conducted at internally agreed transfer prices or at arm’s-length terms and neither
involve more than the normal risk of collectability nor contain any other unfavorable features for the firm. Loans, fixed
advances and mortgages granted to non-independent members of the governing bodies in the ordinary course of
business are also on substantially the same terms and conditions that are available to other employees, including interest
rates and collateral. Independent members of the governing bodies are granted loans and mortgages in the ordinary
course of business at general market conditions.
Related parties
31.12.25
31.12.24
USD m
Amounts due from
Amounts due to
Amounts due from
Amounts due to
Qualified shareholders
1
1,551
128,815
3,099
123,802
of which: due from / to customers
869
5,915
2,047
2,590
of which: funding received from UBS Group AG measured at amortized cost
114,423
113,898
of which: funding received from UBS Group AG designated at fair value
6,430
4,998
Subsidiaries
188,199
95,774
187,707
116,401
of which: due from / to banks
94,139
66,566
88,211
73,492
of which: due from / to customers
28,842
5,845
33,376
4,869
of which: receivables / payables from securities financing transactions
16,778
20,614
17,475
35,526
of which: funding provided to significant regulated subsidiaries eligible as total loss-
absorbing capacity
45,085
43,652
Affiliated entities
2
173
1,635
502
1,397
of which: due from / to customers
109
1,081
416
889
External auditors
11
23
Other related parties
3
70
1
63
21
1 The qualified shareholder of UBS AG is UBS Group AG. 2 Affiliated entities of UBS AG are all direct subsidiaries of UBS Group AG. 3 Includes amounts due to / from other participations.
Related parties
31.12.25
31.12.24
CHF m
Amounts due from
Amounts due to
Amounts due from
Amounts due to
Qualified shareholders
1
1,230
102,140
2,815
112,424
of which: due from / to customers
689
4,690
1,859
2,352
of which: funding received from UBS Group AG measured at amortized cost
90,728
103,431
of which: funding received from UBS Group AG designated at fair value
5,098
4,539
Subsidiaries
149,226
75,941
170,457
105,704
of which: due from / to banks
74,645
52,782
80,105
66,738
of which: due from / to customers
22,869
4,635
30,309
4,422
of which: receivables / payables from securities financing transactions
13,303
16,346
15,869
32,261
of which: funding provided to significant regulated subsidiaries eligible as total loss-
absorbing capacity
35,749
39,640
Affiliated entities
2
137
1,296
456
1,268
of which: due from / to customers
87
857
378
808
External auditors
8
20
Other related parties
3
55
1
58
19
1 The qualified shareholder of UBS AG is UBS Group AG. 2 Affiliated entities of UBS AG are all direct subsidiaries of UBS Group AG. 3 Includes amounts due to / from other participations.
As of 31 December 2025, off-balance sheet positions related to subsidiaries amounted to USD 16.0bn (CHF 12.7bn)
(31 December 2024: USD 14.2bn (CHF 12.9bn)), of which USD 11.9bn (CHF 9.4bn) related to guarantees to third parties
(31 December 2024: USD 8.4bn (CHF 7.6bn)) and USD 1.1bn (CHF 0.8bn) related to loan commitments (31 December
2024: USD 1.9bn (CHF 1.7bn)).
Loans to and deposits from members of governing bodies were immaterial for all periods presented.
UBS AG standalone financial statements (audited)
Note 25 Fiduciary transactions
Fiduciary transactions
USD m
CHF m
31.12.25
31.12.24
31.12.25
31.12.24
Fiduciary deposits
3,997
2,435
3,169
2,211
of which: placed with third-party banks
3,997
2,435
3,169
2,211
of which: placed with subsidiaries and affiliated entities
0
0
0
0
Total fiduciary transactions
3,997
2,435
3,169
2,211
Fiduciary transactions encompass transactions entered into by UBS AG that result in holding or placing assets on behalf
of individuals, trusts, defined benefit plans and other institutions. Unless the recognition criteria for the assets are
satisfied, these assets and the related income are excluded from UBS AG’s balance sheet and income statement but are
disclosed in this Note as off-balance sheet fiduciary transactions. Client deposits that are initially placed as fiduciary
transactions with UBS AG may be recognized on UBS AG’s balance sheet in situations in which the deposit is subsequently
placed within UBS AG. In such cases, these deposits are not reported in the table above.
Note 26a Invested assets and net new money
Invested assets and net new money
USD bn
CHF bn
As of or for the year ended
As of or for the year ended
31.12.25
31.12.24
31.12.25
31.12.24
Discretionary assets
127
106
101
96
Other invested assets
922
799
731
726
Total invested assets
1,049
905
832
822
of which: double counts
1
0
1
0
Net new money
1
23
(12)
18
(11)
1 Includes double counts.
Note 26b Development of invested assets
Development of invested assets
USD bn
CHF bn
31.12.25
31.12.24
31.12.25
31.12.24
Total invested assets at the beginning of the year
905
494
822
416
Effect of translating opening balance at closing rate
1
(104)
Invested assets recognized upon the merger of UBS AG and Credit Suisse AG
2
382
345
Net new money
23
(12)
18
(11)
Market movements
3
107
67
85
61
Foreign currency translation
25
(10)
20
25
Other effects
(11)
(16)
(9)
(14)
Total invested assets at the end of the year
4
1,049
905
832
822
1 Refer to “Presentation currencies” in Note 2a for more information. 2 Invested assets recognized upon the merger of UBS AG and Credit Suisse AG were measured and reported as of 31 May 2024, the merger
effective date, in alignment with UBS accounting policies outlined in Note 30 to the UBS AG consolidated financial statements in the UBS AG Annual Report 2025. 3 Includes interest and dividend income. 4 Includes
double counts.
›
Refer to “Note 30 Invested assets and net new money” in the “Consolidated financial statements” section of the UBS AG Annual
Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more information
UBS AG standalone financial statements (audited)
Statement of proposed appropriation of total profit
and dividend distribution
The Board of Directors (the BoD) proposes that the Annual General Meeting of Shareholders (the AGM) on 14 April 2026
approve the appropriation of total profit and an ordinary dividend distribution of USD 4,500m out of the total profit.
Furthermore, the BoD proposes the appropriation of an amount of USD 4,500m out of the
Voluntary earnings reserve
a special dividend reserve within the
Voluntary earnings reserve
.
Appropriation of and distribution out of total profit
USD m
CHF m
For the year ended
For the year ended
31.12.25
31.12.25
Net profit for the period
9,149
7,254
Profit / (loss) carried forward
0
0
Total profit available for appropriation
9,149
7,254
Appropriation of total profit
Appropriation to voluntary earnings reserve
(4,649)
(3,686)
Dividend distribution
(4,500)
(3,568)
1
Profit / (loss) carried forward
0
0
Proposed appropriation to voluntary earnings reserve
Total voluntary earnings reserve before appropriation
5,295
4,199
Appropriation to voluntary earnings reserve
4,649
3,686
Total voluntary earnings reserve after appropriation
9,944
7,885
of which: appropriation to special dividend reserve within voluntary earnings reserve
2
4,500
3,568
1
1 For illustrative purposes, converted at the closing exchange rate as of 31 December 2025. 2 The Voluntary earnings reserve includes a special dividend reserve of USD 4,500m (CHF 3,568m) available for
appropriation. The decision on the special dividend payment is intended to be made at an Extraordinary General Meeting in the second half of 2026 and is subject to UBS AG meeting its capital requirements on a
standalone and consolidated level, and the outcome and timing of the implementation of the new regulatory regime in Switzerland.
UBS AG standalone regulatory information
UBS AG standalone regulatory information
Key metrics for the fourth quarter of 2025
The table below is based on the Swiss Financial Market Supervisory Authority (FINMA) Ordinance on the Disclosure
Obligations of Banks and Securities Firms (DisO-FINMA) rules and IFRS Accounting Standards.
During the fourth quarter of 2025, tier 1 capital increased by USD 0.4bn to USD 93.7bn. Common equity tier 1 (CET1)
capital increased by USD 0.7bn to USD 74.1bn, mainly reflecting operating profit before tax of USD 1.6bn, partly offset
by additional accruals for capital returns to UBS Group AG of USD 1.0bn. As of 31 December 2025, accruals for capital
returns to UBS Group AG amounted to USD 9.0bn, reflecting a proposed ordinary dividend distribution of USD 4.5bn
and the appropriation of USD 4.5bn to a special dividend reserve, both subject to approval at the Annual General Meeting
in the second quarter of 2026. The decision on the distribution of the special dividend is intended to be made at an
Extraordinary General Meeting in the second half of 2026 and is subject to UBS AG meeting its capital requirements on
a standalone and consolidated level, as well as the outcome and timing of the implementation of the new regulatory
regime in Switzerland.
Additional tier 1 (AT1) capital issued by the Group and on lent to UBS AG decreased by USD 0.4bn to USD 19.6bn, mainly
reflecting the call of one AT1 capital instrument equivalent to USD 0.4bn that was on lent from the Group.
Risk-weighted assets (RWA) decreased by USD 26.3bn to USD 491.6bn during the fourth quarter of 2025, primarily driven
by lower RWA on investments in subsidiaries following capital repatriations, and decreases in credit and counterparty
credit risk RWA, as well as market risk RWA. This was partly offset by an increase in operational risk RWA, mainly due to
the higher business indicator component.
The leverage ratio denominator (the LRD) decreased by USD 22.1bn to USD 930.0bn, driven by a USD 20.9bn decrease
from asset size and other movements and a USD 1.3bn decrease from currency effects. The change in asset size and
other movements was mainly due to capital repatriations reducing investments in subsidiaries, lower lending balances,
and disposals of high-quality liquid asset (HQLA) portfolio securities and trading assets, along with lower securities
financing transactions and derivative exposures, partly offset by increases in cash and balances at central banks and off-
balance sheet items.
Correspondingly, the CET1 capital ratio of UBS AG standalone increased to 15.1% from 14.2%, reflecting the
aforementioned decrease in RWA and the aforementioned increase in CET1 capital. The firm’s Basel III leverage ratio
increased to 10.1% from 9.8%, reflecting the aforementioned decrease in the LRD and the aforementioned increase in
tier 1 capital.
The quarterly average liquidity coverage ratio (the LCR) of UBS AG standalone decreased 6.0 percentage points to
234.9%, remaining above the prudential requirement communicated by FINMA. The movement in the quarterly average
LCR was primarily driven by a decrease in average HQLA of USD 13.2bn to USD 149.3bn, mainly reflecting lower cash
available due to lower customer deposits and higher funding to subsidiaries. Average net cash outflows decreased by
USD 3.9bn to USD 63.7bn, mainly reflecting higher inflows from intercompany loans.
As of 31 December 2025, the net stable funding ratio decreased 5.5 percentage points to 90.7%, remaining above the
prudential requirement communicated by FINMA. Available stable funding decreased by USD 14.2bn to USD 404.8bn,
mainly driven by decreases in debt issued measured at amortized cost and intercompany deposits. Required stable funding
increased by USD 10.9bn to USD 446.5bn, mainly reflecting higher intercompany funding to subsidiaries, partly offset by
a decrease in investments in subsidiaries due to capital repatriations.
UBS AG standalone regulatory information
KM1: Key metrics
USD m, except where indicated
31.12.25
30.9.25
30.6.25
31.3.25
31.12.24
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
2
Tier 1
3
Total capital
Risk-weighted assets (amounts)
1
4
Total risk-weighted assets (RWA)
4a
Total risk-weighted assets (pre-floor)
4b
Minimum capital requirement
2
Risk-based capital ratios as a percentage of RWA
1
5
Common equity tier 1 ratio (%)
5b
Common equity tier 1 ratio (%) (pre-floor)
6
Tier 1 ratio (%)
6b
Tier 1 ratio (%) (pre-floor)
7
Total capital ratio (%)
7b
Total capital ratio (%) (pre-floor)
Additional CET1 buffer requirements as a percentage of RWA
8
Capital conservation buffer requirement (%)
9
Countercyclical buffer requirement (%)
9a
Additional countercyclical buffer for Swiss mortgage loans (%)
10
Bank G-SIB and / or D-SIB additional requirements (%)
3
11
Total of bank CET1 specific buffer requirements (%)
4
12
CET1 available after meeting the bank’s minimum capital requirements (%)
5
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
14
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves)
6
14b
Basel III leverage ratio (%) (excluding the impact of any applicable
temporary exemption of central bank reserves)
14c
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves) incorporating mean values for SFT
assets
6
14d
Basel III leverage ratio (%) (excluding the impact of any applicable
temporary exemption of central bank reserves) incorporating mean values for
SFT assets
14e
Minimum capital requirements
7
Liquidity coverage ratio (LCR)
8
15
Total high-quality liquid assets (HQLA)
16
Total net cash outflow
16a
of which: cash outflows
16b
of which: cash inflows
17
LCR (%)
234.90
Net stable funding ratio (NSFR)
9
18
Total available stable funding
19
Total required stable funding
20
NSFR (%)
90.68
96.20
96.73
98.05
97.25
1 Based on phase-in rules for RWA. Refer to “Swiss systemically relevant bank going and gone concern requirements and information” below for more information. 2 Calculated as 8% of total RWA, based on total
capital minimum requirements, excluding CET1 buffer requirements. 3 Swiss SRB going and gone concern requirements and information for UBS AG standalone are provided below in this section. 4 Excludes non-
BCBS capital buffer requirements for risk-weighted positions that are directly or indirectly backed by residential properties in Switzerland. 5 Represents the CET1 ratio that is available to meet buffer requirements.
Calculated as the CET1 ratio minus the BCBS CET1 capital requirement and, where applicable, minus the BCBS tier 2 capital requirement met with CET1 capital. 6 There is currently no temporary exemption of
central bank reserves for UBS. 7 The higher of capital requirements based on 8% of RWA or 3% of LRD. 8 Calculated after the application of haircuts and inflow and outflow rates, as well as, where applicable,
caps on Level 2 assets and cash inflows. Calculated based on an average of 64 data points in the fourth quarter of 2025 and 65 data points in the third quarter of 2025. For the prior-quarter data points, refer to the
respective Pillar 3 Report, available under “Pillar 3 disclosures” at ubs.com/investors, for more information. 9 In accordance with Art. 17h para. 3 and 4 of the Liquidity Ordinance, UBS AG standalone is required to
maintain a minimum NSFR of at least 80% without taking into account excess funding of UBS Switzerland AG and 100% after taking into account such excess funding.
Swiss systemically relevant bank going and gone concern requirements and information
UBS AG standalone is considered a systemically relevant bank (an SRB) under Swiss banking law and is subject to capital
regulations on a standalone basis.
The going concern requirements include the FINMA Pillar 2 add-on related to the supply chain finance funds matter at
Credit Suisse. This Pillar 2 add-on results in an additional CET1 capital ratio requirement of 2 basis points and an additional
CET1 leverage ratio requirement of 1 basis point as of 31 December 2025.
Effective 1 January 2025, a Pillar 2 capital add-on for residual exposures (after collateral mitigation) to hedge funds,
private equity and family offices has been introduced. This resulted in an increase as of 31 December 2025 of 18 basis
points in the RWA phase-in-based going concern capital requirement and 17 basis points in the RWA fully applied-based
going concern capital requirement.
The capital requirements based on RWA include a minimum CET1 capital requirement of 10.27%, including a
countercyclical buffer of 0.12% and the Pillar 2 add-ons, and a total going concern capital requirement of 14.62%,
including a countercyclical buffer of 0.12% and the Pillar 2 add-ons. The capital requirements based on the LRD include
a minimum CET1 capital requirement of 3.51% and a total going concern leverage ratio requirement of 5.01%.
CET1 capital and high-trigger AT1 capital instruments are eligible as going concern capital.
UBS AG standalone regulatory information
UBS AG standalone is subject to a gone concern capital requirement based on the sum of: (i) the nominal value of the
gone concern instruments issued by UBS entities and held by the parent firm; (ii) 75% of the going concern capital
requirements resulting from third-party exposure on a standalone basis; and (iii) a buffer requirement equal to 30% of
the Group’s gone concern capital requirement on UBS AG’s consolidated exposure. The gone concern capital requirement
is the higher of RWA- and LRD-based requirements, calculated separately. The gone concern capital coverage ratio reflects
how much gone concern capital is available to meet the gone concern requirement. Outstanding total loss-absorbing
capacity-eligible unsecured debt instruments are eligible to meet gone concern requirements until one year before
maturity.
›
Refer to “Capital and capital ratios of our significant regulated subsidiaries” in the “Capital management” section of the UBS
Group Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for information about the joint liability of
UBS AG and UBS Switzerland AG
The tables below provide details of the Swiss SRB RWA- and LRD-based going and gone concern requirements and
information as required by FINMA; details regarding eligible gone concern instruments are provided below.
Swiss SRB going and gone concern requirements and information
As of 31.12.25
RWA, phase-in
RWA, fully applied as of 1.1.28
1
LRD
USD m, except where indicated
in %
in %
in %
Required going concern capital
Total going concern capital
2
2
2
Common equity tier 1 capital
3
3
of which: minimum capital
of which: buffer capital
of which: countercyclical buffer
Maximum additional tier 1 capital
3
3
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
of which: low-trigger loss-absorbing additional tier 1 capital
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
Required gone concern capital
4
Higher of RWA- or LRD-based
Total gone concern loss-absorbing capacity
Eligible gone concern capital
Total gone concern loss-absorbing capacity
Total tier 2 capital
5
TLAC-eligible unsecured debt
Gone concern capital coverage ratio
1 Fully applied relates to participation RWA. Direct and indirect investments including holding of regulatory capital instruments in Switzerland-domiciled subsidiaries and for direct and indirect investments including
holding of regulatory capital instruments in foreign-domiciled subsidiaries were risk weighted at 235% and 340%, respectively, for 2025. As per current rules, risk weights will gradually increase by 5 percentage
points per year for Switzerland-domiciled investments and 20 percentage points per year for foreign-domiciled investments until the fully applied risk weights of 250% and 400%, respectively, are applied. 2 Includes
applicable add-ons of 1.64% for risk-weighted assets (RWA, phase-in), 1.63% for risk-weighted assets (RWA, fully applied) and 0.51% for leverage ratio denominator (LRD), of which 2 basis points for RWA phase-
in, 2 basis points for RWA fully applied 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 18 basis points for RWA
phase-in and 17 basis points for RWA fully applied 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.
3 Includes the Pillar 2 add-on for the residual exposure (after collateral mitigation) to hedge funds, private equity and family offices of 0.13% for CET1 capital and 0.05% for AT1 capital for RWA phase-in and 0.12%
for CET1 capital and 0.05% for AT1 capital for RWA fully applied, 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; 4.35% for RWA phase-in and 4.35% for RWA fully applied include the aforementioned Pillar 2 capital add-on. 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 Reflects an add-back of 45% of unrealized gains from financial assets
measured at fair value through other comprehensive income. Such gains do not qualify as CET1 capital but 45% of these gains can be recognized as tier 2 capital.
UBS AG standalone regulatory information
Swiss SRB going and gone concern information
USD m, except where indicated
31.12.25
30.9.25
31.12.24
Eligible going concern capital
Total going concern capital
Total tier 1 capital
Common equity tier 1 capital
Total loss-absorbing additional tier 1 capital
of which: high-trigger loss-absorbing additional tier 1 capital
of which: low-trigger loss-absorbing additional tier 1 capital
Eligible gone concern capital
Total gone concern loss-absorbing capacity
Total tier 2 capital
1
of which: non-Basel III-compliant tier 2 capital
TLAC-eligible unsecured debt
Total loss-absorbing capacity
Total loss-absorbing capacity
Denominators for going and gone concern ratios
Risk-weighted assets, phase-in
of which: investments in Switzerland-domiciled subsidiaries
2
of which: investments in foreign-domiciled subsidiaries
2
Risk-weighted assets, fully applied as of 1.1.28
of which: investments in Switzerland-domiciled subsidiaries
2
of which: investments in foreign-domiciled subsidiaries
2
Leverage ratio denominator
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio, phase-in
of which: common equity tier 1 capital ratio, phase-in
Going concern capital ratio, fully applied as of 1.1.28
of which: common equity tier 1 capital ratio, fully applied as of 1.1.28
Leverage ratios (%)
Going concern leverage ratio
of which: common equity tier 1 leverage ratio
Capital coverage ratio (%)
Gone concern capital coverage ratio
1 Reflects an add-back of 45% of unrealized gains from financial assets measured at fair value through other comprehensive income. Such gains do not qualify as CET1 capital but 45% of these gains can be recognized
as tier 2 capital. 2 Fully applied relates to participation RWA. Direct and indirect investments including holding of regulatory capital instruments in Switzerland-domiciled subsidiaries and for direct and indirect
investments including holding of regulatory capital instruments in foreign-domiciled subsidiaries were risk weighted at 235% and 340%, respectively, for 2025. As per current rules, risk weights will gradually increase
by 5 percentage points per year for Switzerland-domiciled investments and 20 percentage points per year for foreign-domiciled investments until the fully applied risk weights of 250% and 400%, respectively, are
applied.
UBS AG standalone regulatory information
Sustainability and climate risk
Our climate strategy and governance are determined and overseen at the UBS Group level. Climate-related metrics for
the UBS AG legal entity are presented in the UBS Group Annual Report 2025.
›
Refer to “Our focus on sustainability” in the “Our stakeholders” section and to “Sustainability and climate risk” in the “Risk
management and control” section of the UBS Group Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more information
›
Refer to “Our sustainability and impact strategy” in the “Strategy” section of the UBS Group Sustainability Report 2025, available
under “Annual reporting” at
ubs.com/investors
, for more information
Cautionary statement |
of an offer to buy or sell any securities or other financial instruments in Switzerland, the United States or any other jurisdiction. No investment decision relating
to securities of or relating to UBS Group AG, UBS AG or their affiliates should be made on the basis of this report. Refer to UBS’s most recent annual report on
Form 20-
F,
quarterly reports and other information furnished to or filed with the US Securities and Exchange Commission (the SEC) on Form 6-K, available at
ubs.com/investors
, for additional information.
Rounding |
disclosed in text and tables are calculated on the basis of unrounded figures. Absolute changes between reporting periods disclosed in the text, which can be
derived from numbers presented in related tables, are calculated on a rounded basis.
Tables |
available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis. Values
that are zero on a rounded basis can be either negative or positive on an actual basis.
Websites |
of any such websites into this report.
UBS AG
P.O. Box, CH-8098 Zurich
P.O. Box, CH-4002 Basel
ubs.com
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in each of the following registration statements:
(1)
on Form F-3 (Registration Numbers 333-283672 and 333-293403), and each related prospectus currently
outstanding under such registration statements,
(2)
the base prospectus of Corporate Asset Backed Corporation (CABCO) dated 23 June 2004 (Registration
Number 333-111572),
(3)
the Form 8-K of CABCO dated 23 June 2004 (SEC File Number 001-13444), and
(4)
the Prospectus Supplements relating to the CABCO Series 2004-101 Trust dated 10 May 2004 (Registration
Number 033-91744) and 17 May 2004 (Registration Number 033-91744-05),
of our report dated 6 March 2026, with respect to the standalone financial statements of UBS AG for the year ended
31 December 2025 included in this Report of Foreign Private Issuer (Form 6-K) dated 9 March 2026, filed with the
Securities and Exchange Commission.
/s/ Ernst & Young Ltd
Basel, Switzerland
9 March 2026
This Form 6-K is hereby incorporated by reference into (1) the registration statements on Form F-3 (Registration
Numbers 333-283672 and 333-293403), and into each prospectus outstanding under the foregoing registration
statement, (2) any outstanding offering circular or similar document issued or authorized by UBS AG that
incorporates by reference any Forms 6-K of UBS AG that are incorporated into its registration statements filed with
the SEC, and (3) the base prospectus of Corporate Asset Backed Corporation (“CABCO”) dated June 23, 2004
(Registration Number 333-111572), the Form 8-K of CABCO filed and dated June 23, 2004 (SEC File Number
001-13444), and the Prospectus Supplements relating to the CABCO Series 2004-101 Trust dated May 10, 2004
and May 17, 2004 (Registration Number 033-91744 and 033-91744-05).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
UBS AG
By: _/s/ Steffen Henrich__________
Name: Steffen Henrich
Title: Controller
By: _/s/ David Kelly _____________
Name: David Kelly
Title: Managing Director
Date: March 9, 2026