UBS Group (AMUB) boosts 2025 profit, ups Credit Suisse cost-savings goal
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
UBS Group reported stronger fourth quarter and full-year 2025 results while advancing the integration of Credit Suisse. For 2025, total revenues were
By year-end UBS had achieved
Positive
- Net profit growth: 2025 net profit attributable to shareholders rose to
7,767m from 5,085m, with underlying return on tangible equity improving to12.1% . - Integration synergies: Cumulative gross cost savings reached
10.7bn , and the 2026 exit-rate savings ambition was increased to about13.5bn versus the 2022 combined cost base. - Capital strength and returns: UBS reported a CET1 ratio of 14.4% and CET1 leverage ratio of 4.4%, while planning a
1.10 per-share dividend and completing3bn of 2025 share repurchases with3bn targeted for 2026.
Negative
- None.
Insights
UBS delivered higher 2025 profits, strong capital and upgraded integration synergies.
UBS Group grew full-year net profit to
Integration of Credit Suisse is a central driver. UBS reported cumulative gross cost savings of
Capital and shareholder returns remain robust. The
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: February 4, 2026
UBS Group AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number: 1-36764
UBS AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
Aeschenvorstadt 1, 4051 Basel, Switzerland
(Address of principal executive offices)
Commission File Number: 1-15060
Indicate by check mark whether the registrants file or will file annual reports under cover of Form 20-F or Form
40-
F.
Form 20-F
☒
☐
This Form 6-K consists of the Fourth Quarter 2025 Report of UBS Group AG, which appears immediately following
this page.
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1.
Key figures
3
UBS Group key figures
2.
Recent developments
4
Recent developments
3.
UBS Group performance, business
divisions and Group Items
8
Group performance
17
Global Wealth Management
21
Personal & Corporate Banking
24
Asset Management
26
Investment Bank
28
Non-core and Legacy
29
Group Items
4.
Risk, capital, liquidity and funding,
and balance sheet
31
Risk management and control
36
Capital management
46
Liquidity and funding management
47
Balance sheet and off-balance sheet
49
Share information and earnings per share
5.
Consolidated
financial information
52
UBS Group AG interim consolidated financial
information (unaudited)
Appendix
65
Alternative performance measures
69
Abbreviations frequently used in
our financial reports
71
Information sources
72
Cautionary statement
UBS Group fourth quarter 2025 report
Terms used in this report, unless the context requires otherwise
“UBS”, “UBS Group”, “UBS Group AG consolidated”, “Group”, “we”, “us” and “our”
UBS Group AG and its consolidated subsidiaries
“UBS AG” and “UBS AG consolidated”
UBS AG and its consolidated subsidiaries
“UBS Group AG”
UBS Group AG on a standalone basis
“UBS Switzerland AG”
UBS Switzerland AG on a standalone basis
“Credit Suisse Group” and “Credit Suisse”
Pre-acquisition Credit Suisse Group
“Credit Suisse Group AG”
Pre-acquisition Credit Suisse Group AG on a standalone basis
“Credit Suisse AG”
Credit Suisse AG and its consolidated subsidiaries before the merger with UBS AG
“1m”
One million, i.e. 1,000,000
“1bn”
One billion, i.e. 1,000,000,000
“1trn”
One trillion, i.e. 1,000,000,000,000
In this report, unless the context requires otherwise, references to any gender shall apply to all genders.
Alternative performance measures
An alternative performance measure (an APM) is a financial measure of historical or future financial performance,
financial position or cash flows other than a financial measure defined or specified in the applicable recognized
accounting standards or in other applicable regulations. We report a number of APMs in the discussion of the
financial and operating performance of the Group, our business divisions and Group Items. We use APMs to provide
a more complete picture of our operating performance and to reflect management’s view of the fundamental
drivers of our business results. A definition of each APM, the method used to calculate it and the information
content are presented under “Alternative performance measures” in the appendix to this report. Our APMs may
qualify as non-GAAP measures as defined by US Securities and Exchange Commission (SEC) regulations. Our
underlying results are APMs and are non-GAAP financial measures.
›
Refer to “Alternative performance measures” in the appendix to this report for additional information
›
Refer to the “Group performance” section of this report for additional information about underlying results
UBS Group fourth quarter 2025 report |
Key figures | UBS Group key figures 3
Key figures
UBS Group key figures
UBS Group key figures
As of or for the quarter ended
As of or for the year ended
USD m, except where indicated
31.12.25
30.9.25
31.12.24
31.12.25
31.12.24
Group results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Net profit / (loss) attributable to shareholders
Diluted earnings per share (USD)
1
Profitability and growth
2,3
Return on equity (%)
Return on tangible equity (%)
Underlying return on tangible equity (%)
4
Return on common equity tier 1 capital (%)
Underlying return on common equity tier 1 capital (%)
4
Revenues over leverage ratio denominator, gross (%)
Cost / income ratio (%)
Underlying cost / income ratio (%)
4
Effective tax rate (%)
Net profit growth (%)
n.m.
Resources
2
Total assets
Equity attributable to shareholders
Common equity tier 1 capital
5
Risk-weighted assets
5
Common equity tier 1 capital ratio (%)
5
Going concern capital ratio (%)
5
Total loss-absorbing capacity ratio (%)
5
Leverage ratio denominator
5
Common equity tier 1 leverage ratio (%)
5
Liquidity coverage ratio (%)
6
Net stable funding ratio (%)
Other
Invested assets (USD bn)
3,7
Internal and external personnel
8
Internal personnel (full-time equivalents)
Market capitalization
1,9
Total book value per share (USD)
1
Tangible book value per share (USD)
1
Credit-impaired lending assets as a percentage of total lending assets, gross (%)
3
Cost of credit risk (bps)
3
1 Refer to the “Share information and earnings per share” section of this report for more information. 2 Refer to the “Targets, capital guidance and ambitions” section of the UBS Group Annual Report 2024,
available under “Annual reporting” at ubs.com/investors, for more information about our previous performance targets and to the “Recent developments” section of this report for more information about our updated
targets and ambitions. 3 Refer to “Alternative performance measures” in the appendix to this report for the relevant definition(s) and calculation method(s). 4 Refer to the “Group performance” section of this
report for more information about underlying results. 5 Based on the Swiss systemically relevant bank framework. Refer to the “Capital management” section of this report for more information. 6 The disclosed
ratios represent quarterly averages for the quarters presented and are calculated based on an average of 64 data points in the fourth quarter of 2025, 65 data points in the third quarter of 2025 and 64 data points
in the fourth quarter of 2024. Refer to the “Liquidity and funding management” section of this report for more information. 7 Consists of invested assets for Global Wealth Management, Asset Management
(including invested assets from associates) and Personal & Corporate Banking. Refer to “Note 31 Invested assets and net new money” in the “Consolidated financial statements” section of the UBS Group Annual
Report 2024, available under “Annual reporting” at ubs.com/investors, for more information. 8 Represents full-time equivalents for internal personnel and workforce count for external personnel. 9 The calculation
of market capitalization reflects total shares issued multiplied by the share price at the end of the period.
UBS Group fourth quarter 2025 report |
Recent developments
Management report
Integration of Credit Suisse
We continued to make excellent progress on the integration of Credit Suisse, which we expect to substantially
complete by the end of 2026. Our efforts continue to concentrate on client account migrations, business clearance
activities and infrastructure decommissioning.
We remain on track to complete the Swiss-booked client account migrations by the end of the first quarter of 2026.
By the end of the fourth quarter of 2025, 85% of Swiss-booked accounts had been migrated, and the migration
of Personal & Corporate client accounts was substantially complete.
At the end of the fourth quarter of 2025, we had decommissioned around 73% of applications in our Non-core
and Legacy division, and we had materially completed the transfer of Credit Suisse International’s residual business
and related products to UBS AG London Branch and UBS Europe SE.
In the fourth quarter of 2025, we realized an additional USD 0.7bn in gross cost savings. Cumulative gross cost
savings at the end of the fourth quarter of 2025 amounted to USD 10.7bn compared with the 2022 combined cost
base of UBS and Credit Suisse. We have identified additional synergies, enabling us to increase our ambition for
annualized exit rate gross cost savings by the end of 2026 from around USD 13bn to approximately USD 13.5bn.
We expect to have incurred cumulative integration-related expenses of around USD 15bn at the end of 2026,
assuming constant foreign-exchange rates.
As of 31 December 2025, our Non-core and Legacy division has delivered a 67% reduction in risk-weighted
assets (RWA) since the second quarter of 2023. We have achieved a reduction of credit and market risk RWA to
around USD 5bn, and our ambition is to reduce this further, to around USD 4bn by the end of 2026.
Targets, ambitions and strategy update
Group targets, ambitions and guidance
We are on track to deliver on our exit rate targets upon completion of the integration by the end of 2026:
–
an underlying return on common equity tier 1 capital (RoCET1) of around 15% (exit rate);
–
an underlying cost / income ratio of less than 70% (exit rate); and
–
gross cost savings of around USD 13.5bn (exit rate) compared with the 2022 combined cost base of UBS and
Credit Suisse.
As we complete the integration, we believe our scale and client franchises will position us to sustainably deliver
higher returns. We aim to deliver reported RoCET1 of around 18% in 2028 (based on the current capital framework
and assuming a common equity tier 1 (CET1) capital ratio of around 14%) and a reported cost / income ratio of
around 67% in 2028.
Our capital guidance remains unchanged, and we aim to maintain:
–
a CET1 capital ratio of around 14%; and
–
a CET1 leverage ratio of greater than 4.0%.
Our business division ambitions are:
–
for Global Wealth Management, more than USD 5.5trn of invested assets by 2028, more than USD 200bn of net
new assets per annum from 2028 and a reported cost / income ratio of around 68%;
–
for Personal & Corporate Banking, a reported cost / income ratio of around 48% in 2028 and a reported return
on attributed equity of around 19% over the medium term;
–
for Asset Management, a net new money growth rate of around 3% (through the cycle) and a reported
cost / income ratio of around 65% in 2028; and
–
for the Investment Bank, unchanged ambitions, with a reported return on attributed equity of around 15%
(through the cycle).
UBS Group fourth quarter 2025 report |
Capital returns
For the 2025 financial year, the Board of Directors plans to propose a dividend to UBS Group AG shareholders of
USD 1.10 per share. Subject to approval at the Annual General Meeting, scheduled for 15 April 2026, the dividend
will be paid on 23 April 2026 to shareholders of record on 22 April 2026. The ex-dividend date will be 21 April
2026 on the SIX Swiss Exchange and 22 April 2026 on the New York Stock Exchange. We are committed to
progressive dividends and plan to accrue for a mid-teens percent increase in dividend per share in 2026.
In the fourth quarter of 2025, we completed our planned share repurchases of USD 3bn. We intend to repurchase
USD 3bn of shares in 2026 with the aim to do more. The amount of additional repurchases is subject to further
clarity around the future regulatory regime in Switzerland, our financial performance and maintaining a CET1 capital
ratio of around 14%.
Beyond 2026, we intend to continue to pursue a progressive dividend complemented by share repurchases that
will be calibrated based on our financial results, our capital ratio and the final outcome and timing of the
implementation of the new regulatory regime in Switzerland.
Regulatory and legal developments
US supervisory changes
US federal banking agencies have undertaken several initiatives to reform supervisory standards with the stated
objective of prioritizing material financial risks. In October 2025, the Federal Deposit Insurance Corporation (the
FDIC) and the Office of the Comptroller of the Currency (the OCC) issued two proposals. The first proposal aims to
clarify supervisory standards regarding the circumstances under which a deficiency would rise to the level of a
supervisory finding or enforcement action. The second proposal would prohibit examiners from criticizing or taking
adverse action on the basis of reputational risk. In November 2025, the Federal Reserve Board released a statement
of supervisory operating principles that outlines objectives for supervision, expressing its focus on material financial
risks over process-based concerns. The Federal Reserve Board has also finalized a rule to amend its supervisory rating
framework for large bank holding companies. Under the rule, which became effective on 16 January 2026, the
Federal Reserve Board will take a more holistic approach in determining whether it considers covered companies to
be well managed. The impact of these will depend on the implementation by examination staff at these agencies.
In addition, in August 2025, a presidential executive order directed the US federal banking agencies to identify
supervised institutions that have previously engaged in or are currently engaged in “politicized or unlawful
debanking”, which the order defined as restrictions on access to financial services based on a customer’s political
or religious beliefs or lawful business activities. In December 2025, the OCC released preliminary findings from its
supervisory review of debanking activities at the nine largest national banks that it supervises. The OCC determined
that the banks had policies or practices that limited access to banking services for certain customers and has
recommended documentation of individualized, objective, risk-based analyses for any decision to restrict access to
banking services. The full impact of this issue will be dependent on the outcome of ongoing debanking reviews of
the OCC and other federal banking agencies.
In January 2026, the OCC issued a conditional approval for UBS Bank USA’s application to become a national bank.
Developments in the EU to simplify regulations regarding environmental, social and governance matters
In December 2025, EU legislators reached a final agreement on proposals to simplify the requirements of the
Corporate Sustainability Reporting Directive (the CSRD) and the Corporate Sustainability Due Diligence Directive
(the CSDDD) with a view to reducing the reporting and regulatory burden, particularly for smaller companies, and
to enhancing the EU’s competitiveness. The agreement provides for a significantly reduced scope of application of
both the CSRD and the CSDDD, while maintaining their extra-territorial application. Companies within the scope
of the CSDDD will be required to take a risk-based approach when conducting due diligence and will no longer
have to adopt a transition plan for climate change mitigation. EU Member States will have to transpose the revised
CSRD into national law within the 12 months following its entry into force, which is expected in the first quarter of
2026. With regard to the CSDDD, the transposition deadline has been further postponed until July 2028, with
compliance to be achieved by July 2029. UBS AG, having selected Germany as its EU home member state under
the EU Transparency directive, and UBS Europe SE would remain within the scope of the revised CSRD and become
subject to CSRD reporting once Germany has transposed this directive. We are assessing the expected impact of
scope changes of the revised CSDDD.
UBS Group fourth quarter 2025 report |
On 1 January 2026, simplification measures to the reporting requirements under Art. 8 of the EU Taxonomy
Regulation became effective. Companies have the option of implementing the changes for the 2025 financial year
or of postponing until the 2026 financial year. The measures aim to reduce the burden and costs of taxonomy
reporting for companies pending the completion of the comprehensive review of the EU Taxonomy Regulation and
related reporting rules in 2026. UBS is considering the application of these measures to the taxonomy reporting of
UBS AG standalone and UBS Europe SE consolidated for the 2025 financial year.
Other developments
Repurchase of legacy Credit Suisse debt
In November 2025, UBS repurchased USD 7.7bn aggregate principal amount of legacy Credit Suisse senior debt
instruments for an aggregate acquisition cost of around USD 8.5bn. UBS Group recognized a net loss in the fourth
quarter of USD 457m on the retirement of these instruments, including the release of purchase price allocation
adjustments of USD 427m. The net loss is expected to be more than offset in future periods by lower ongoing
interest expense.
Sale of O’Connor business
On 31 December 2025, UBS Asset Management (Americas) LLC completed the first closing of its previously
announced sale of its O’Connor single manager hedge fund, private credit and commodities platform to Cantor
Fitzgerald. In connection with this closing, UBS recognized a loss of USD 29m in the fourth quarter of 2025. UBS
expects to complete the transfer of the remaining funds in the first quarter of 2026
and does not expect to recognize
any material profit or loss upon such completion.
Sale of our interest in Swisscard AECS GmbH
In January 2026, we completed the sale of our 50% interest in Swisscard AECS GmbH (Swisscard), a joint venture
in Switzerland between UBS and American Express Swiss Holdings GmbH (American Express), to American Express,
and expect to record a gain on sale in the first quarter of 2026. As previously disclosed, this gain is expected to
largely offset the effects related to the prior Swisscard transactions recorded in the fourth quarter of 2024 and the
first quarter of 2025.
Organizational changes
Mike Dargan stepped down as Group Chief Operations and Technology Officer at the end of December 2025.
Effective 1 January 2026, the Group Technology function reports to Beatriz Martin in her role as Group Chief
Operating Officer.
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items 7
UBS Group performance,
business divisions and Group Items
Management report
Our businesses
We report five business divisions, each of which qualifies as an operating segment pursuant to IFRS Accounting
Standards: Global Wealth Management, Personal & Corporate Banking, Asset Management, the Investment Bank,
and Non-core and Legacy. Non-core and Legacy consists of positions and businesses not aligned with our strategy
and policies.
Our Group functions are support and control functions that provide services to the Group. Virtually all costs incurred
by our Group functions are allocated to the business divisions, leaving a residual amount that we refer to as Group
Items in our segment reporting.
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items | Group performance 8
Group performance
Income statement
For the quarter ended
% change from
For the year ended
USD m
31.12.25
30.9.25
31.12.24
3Q25
4Q24
31.12.25
31.12.24
Net interest income
Other net income from financial instruments measured at fair value through profit or loss
Net fee and commission income
Other income
Total revenues
Credit loss expense / (release)
Personnel expenses
General and administrative expenses
Depreciation, amortization and impairment of non-financial assets
Operating expenses
Operating profit / (loss) before tax
Tax expense / (benefit)
Net profit / (loss)
Net profit / (loss) attributable to non-controlling interests
Net profit / (loss) attributable to shareholders
Comprehensive income
Total comprehensive income
Total comprehensive income attributable to non-controlling interests
Total comprehensive income attributable to shareholders
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items | Group performance 9
Selected financial information of the business divisions and Group Items
For the quarter ended 31.12.25
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
Total revenues as reported
of which: PPA effects and other integration items
1
of which: loss related to an investment in an associate
Total revenues (underlying)
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
3
Operating expenses (underlying)
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
For the quarter ended 30.9.25
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
Total revenues as reported
of which: PPA effects and other integration items
1
of which: loss related to an investment in an associate
Total revenues (underlying)
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
3
Operating expenses (underlying)
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
For the quarter ended 31.12.24
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
Total revenues as reported
of which: PPA effects and other integration items
1
of which: loss related to an investment in an associate
Total revenues (underlying)
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
3
of which: items related to the Swisscard transactions
5
Operating expenses (underlying)
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
1 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 2 Includes a USD
457m net loss from the
repurchase of legacy Credit Suisse debt instruments, as the repurchase price exceeded the amortized-cost carrying value (the net loss reflects a loss of USD 885m before PPA adjustments, partly offset by a USD 427m
gain from the release of PPA adjustments). 3 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of intangibles resulting from the acquisition of the Credit
Suisse Group. 4 Includes a USD 128m gain from the sale of a stake in a subsidiary, Credit Suisse Securities (China) Limited. 5 Represents the termination fee paid to American Express related to the sale of our
50% holding in Swisscard.
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items | Group performance 10
Selected financial information of the business divisions and Group Items (continued)
For the year ended 31.12.25
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
Total revenues as reported
of which: PPA effects and other integration items
1
2
of which: loss related to an investment in an associate
of which: items related to the Swisscard transactions
4
Total revenues (underlying)
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
5
of which: items related to the Swisscard transactions
6
Operating expenses (underlying)
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
For the year ended 31.12.24
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
Total revenues as reported
of which: PPA effects and other integration items
1
of which: loss related to an investment in an associate
Total revenues (underlying)
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
5
of which: items related to the Swisscard transactions
7
Operating expenses (underlying)
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
1 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 2 Includes a USD
128m gain from the sale of
a stake in a subsidiary, Credit Suisse Securities (China) Limited. 3 Includes a USD 457m net loss from the repurchase of legacy Credit Suisse debt instruments, as the repurchase price exceeded the amortized -cost
carrying value (the net loss reflects a loss of USD 885m before PPA adjustments, partly offset by a USD 427m gain from the release of PPA adjustments). 4 Represents the gain related to UBS’s share of the income
recorded by Swisscard for the sale of the Credit Suisse card portfolios to UBS. 5 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of intangibles resulting
from the acquisition of the Credit Suisse Group. 6 Represents the expense related to the payment to Swisscard for the sale of the Credit Suisse card portfolios to UBS. 7 Represents the termination fee paid to
American Express related to the sale of our 50% holding in Swisscard.
Net integration-related expenses, by business division and Group Items
For the quarter ended
For the year ended
USD m
31.12.25
30.9.25
31.12.24
31.12.25
31.12.24
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
1
1
Non-core and Legacy
Group Items
2
2
Net integration-related expenses
of which: total revenues
3
2
1
1, 2
of which: operating expenses
of which: personnel expenses
of which: general and administrative expenses
of which: depreciation, amortization and impairment of non-financial assets
1 Includes a USD 128m gain from the sale of a stake in a subsidiary, Credit Suisse Securities (China) Limited. 2 Includes an USD 885m loss from the repurchase of legacy Credit Suisse debt instruments, excluding a
partly offsetting gain of USD 427m from the release of PPA adjustments (a net loss of USD 457m was recognized on retirement of these instruments in the fourth quarter of 2025). 3 Negative values represent net
income.
Underlying results
In addition to reporting our results in accordance with IFRS Accounting Standards, we report underlying results that
exclude items of profit or loss that management believes are not representative of the underlying performance.
In the fourth quarter of 2025, underlying revenues excluded purchase price allocation (PPA) effects and other
integration items, including a net loss from the repurchase of legacy Credit Suisse debt instruments. PPA effects
mainly consisted of PPA adjustments on financial instruments measured at amortized cost, including off-balance
sheet positions, arising from the acquisition of the Credit Suisse Group. Accretion of PPA adjustments on financial
instruments is accelerated when the related financial instrument is derecognized before its contractual maturity. No
adjustment is made for accretion of PPA on financial instruments within Non-core and Legacy, due to the nature of
its business model. Underlying revenues also excluded a loss relating to an investment in an associate.
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items | Group performance 11
In the fourth quarter of 2025, underlying expenses excluded integration-related expenses that are temporary,
incremental and directly related to the integration of Credit Suisse into UBS, including costs of internal staff and
contractors substantially dedicated to integration activities, retention awards, redundancy costs, incremental
expenses from the shortening of useful lives of property, equipment and software, and impairment charges relating
to these assets. Classification as integration-related expenses does not affect the timing of recognition and
measurement of those expenses or the presentation thereof in the income statement.
Results: 4Q25 vs 4Q24
Reported operating profit before tax increased by USD 653m, or 62%, to USD 1,700m, reflecting an increase in
total revenues and a decrease in operating expenses, as well as lower net credit loss expenses. Total revenues
increased by USD 510m, or 4%, to USD 12,145m, which included an increase from foreign currency effects and a
decrease of USD 636m in accretion impacts resulting from PPA adjustments on financial instruments and other
integration items. The increase in total revenues was primarily driven by an increase of USD 625m in net fee and
commission income and an increase of USD 352m in combined net interest income and other net income from
financial instruments measured at fair value through profit or loss, partly offset by a USD 468m decrease in other
income, largely reflecting a net loss of USD 457m from the repurchase of legacy Credit Suisse debt instruments.
Operating expenses decreased by USD 73m, or 1%, to USD 10,286m, which included a USD 138m decrease in
integration-related expenses and an increase from foreign currency effects. The overall reduction in operating
expenses reflected decreases of USD 264m in general and administrative expenses and USD 129m in expenses for
depreciation, amortization and impairment of non-financial assets, partly offset by a USD 320m increase in
personnel expenses. Net credit loss expenses were USD 159m, compared with USD 229m in the fourth quarter of
2024.
›
Refer to “Other developments” in the “Recent developments” section of this report for more information about the
repurchase of legacy Credit Suisse debt
Underlying results 4Q25 vs 4Q24
Underlying revenues for the fourth quarter of 2025 excluded PPA effects and other integration items of USD 20m,
including a net loss of USD 457m from the repurchase of legacy Credit Suisse debt instruments, and also excluded
a USD 74m loss relating to an investment in an associate. Underlying operating expenses excluded USD 1,117m of
integration-related expenses and PPA effects.
On an underlying basis, profit before tax increased by USD 1,103m to USD 2,871m, reflecting a USD 1,140m
increase in total revenues and a USD 70m decrease in net credit loss expenses, partly offset by a USD 107m increase
in operating expenses.
Total revenues: 4Q25 vs 4Q24
Net interest income and other net income from financial instruments measured at fair value through profit or loss
Total combined net interest income and other net income from financial instruments measured at fair value through
profit or loss increased by USD 352m to USD 5,334m and included a decrease of USD 85m in accretion impacts
resulting from PPA adjustments on financial instruments and other PPA effects.
Global Wealth Management revenues increased by USD 83m to USD 2,300m, which included a USD 62m decrease
in accretion of PPA adjustments on financial instruments and other PPA effects. Excluding the aforementioned
effects, net interest income increased, largely driven by the effects of favorable changes in deposit mix and positive
foreign currency effects, partly offset by the impact of lower central bank interest rates on deposit revenues. There
was also an increase of USD 100m in transaction-based income from foreign exchange and other intermediary
activity.
Personal & Corporate Banking revenues decreased by USD 32m to USD 1,540m, which included a USD 38m
decrease in accretion of PPA adjustments on financial instruments and other PPA effects. Excluding the
aforementioned effects, net interest income was broadly stable, as a decrease due to the impact of lower central
bank interest rates on deposit revenues was largely offset by positive foreign currency effects and impacts from
deposit pricing measures and lower liquidity and funding costs.
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items | Group performance 12
Investment Bank revenues increased by USD 183m to USD 1,738m, including a USD 5m decrease in accretion of
PPA adjustments on financial instruments and other PPA effects. The revenues included a gain of USD 102m from
a strategic equity investment in Global Markets. Excluding the aforementioned effects, the growth was primarily
due to higher revenues in Derivatives & Solutions, mainly driven by Foreign Exchange and Equity Derivatives from
higher levels of client activity.
Non-core and Legacy revenues were negative USD 60m, compared with negative USD 153m in the fourth quarter
of 2024, mainly due to lower liquidity and funding costs, partly offset by lower net interest income, as a result of a
smaller portfolio, and further offset by higher markdowns.
Revenues in Group Items were negative USD 181m, compared with negative USD 202m in the fourth quarter of
2024, and included a USD 20m increase in accretion of PPA adjustments on financial instruments and other PPA
effects.
›
Refer to the relevant business division and Group Items commentary in this section for more information about the
specific revenues of each of the business divisions and Group Items
Net interest income and other net income from financial instruments measured at fair value through profit or loss
For the quarter ended
% change from
For the year ended
USD m
31.12.25
30.9.25
31.12.24
3Q25
4Q24
31.12.25
31.12.24
Net interest income from financial instruments measured at amortized cost and fair value
through other comprehensive income
Net interest income from financial instruments measured at fair value through profit or
loss and other
Other net income from financial instruments measured at fair value through profit or loss
Total
Global Wealth Management
of which: net interest income
of which: transaction-based income from foreign exchange and other intermediary
activity
1
Personal & Corporate Banking
of which: net interest income
of which: transaction-based income from foreign exchange and other intermediary
activity
1
Asset Management
Investment Bank
Non-core and Legacy
Group Items
1 Mainly includes spread-related income in connection with client-driven transactions, foreign currency translation effects and income and expenses from precious metals, which are included in the income statement
line Other net income from financial instruments measured at fair value through profit or loss. The amounts reported on this line are one component of Transaction-based income in the management discussion and
analysis in the “Global Wealth Management” and “Personal & Corporate Banking” sections of this report.
Net fee and commission income
Net fee and commission income increased by USD 625m to USD 7,223m and included a decrease of USD 131m in
accretion of PPA adjustments on financial instruments and other PPA effects, which was reflected in other fee and
commission income, predominantly in Global Banking in the Investment Bank.
Fees for portfolio management, investment funds and related services increased by USD 441m to USD 5,106m.
These fees are largely recurring and are mainly driven by portfolio management and asset-based fund fees in Global
Wealth Management and management fees in Asset Management. The year-on-year increase in Global Wealth
Management was mainly driven by higher average levels of fee-generating assets, primarily from mandates,
reflecting positive market performance and net new fee-generating asset inflows in 2025. Increases in Asset
Management were mainly driven by higher average levels of invested assets, primarily from positive market
performance and foreign currency effects, partly offset by ongoing margin compression.
Net brokerage fees increased by USD 253m to USD 1,334m, driven by increased volumes in Cash Equities in
Execution Services in the Investment Bank, led by the Asia Pacific region, and higher levels of client activity in Global
Wealth Management across all regions.
Other income
Other income was negative USD 412m, compared with positive USD 56m in the fourth quarter of 2024. The fourth
quarter of 2025 included a net loss of USD 457m from the repurchase of legacy Credit Suisse debt instruments. In
addition, a loss of USD 74m relating to an investment in an associate was recognized, compared with a loss of
USD 80m in the fourth quarter of 2024. The fourth quarter of 2025 also included a net loss in Asset Management
of USD 29m related to the sale of its O’Connor business. The losses were partly offset by a release of USD 42m
related to other financial liabilities in Global Wealth Management.
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items | Group performance 13
Credit loss expense / release: 4Q25 vs 4Q24
Total net credit loss expenses in the fourth quarter of 2025 were USD 159m, reflecting net releases of USD 15m
related to performing positions and net expenses of USD 174m on credit-impaired positions. Net credit loss
expenses were USD 229m in the fourth quarter of 2024.
Credit loss expense / (release)
Performing positions
Credit-impaired positions
USD m
Stages 1 and 2
Stage 3
Purchased
Total
For the quarter ended 31.12.25
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Total
For the quarter ended 30.9.25
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Total
For the quarter ended 31.12.24
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Total
Operating expenses: 4Q25 vs 4Q24
Operating expenses
For the quarter ended
% change from
For the year ended
USD m
31.12.25
30.9.25
31.12.24
3Q25
4Q24
31.12.25
31.12.24
Personnel expenses
of which: salaries and variable compensation
of which: variable compensation – financial advisors
1
General and administrative expenses
of which: net expenses / (releases) for litigation, regulatory and similar matters
Depreciation, amortization and impairment of non-financial assets
Total operating expenses
1 Financial advisor compensation consists of cash compensation, determined using a formulaic approach based on production, and deferred awards. It also includes expenses related to compensation commitments
with financial advisors entered into at the time of recruitment that are subject to vesting requirements.
Personnel expenses
Personnel expenses increased by USD 320m to USD 6,681m, mainly driven by an increase in accruals for
performance awards, reflecting business performance, and an increase in financial advisor compensation, resulting
from higher compensable revenues. Salary expenses were broadly unchanged, as increases due to foreign currency
effects were almost entirely offset by the impact of a smaller workforce.
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items | Group performance 14
General and administrative expenses
General and administrative expenses decreased by USD 264m to USD 2,740m, mainly driven by a USD 134m
decrease in consulting, legal and audit fees and an USD 82m decrease in net expenses for litigation, regulatory and
similar matters. In addition, the fourth quarter of 2024 reflected a USD 41m expense related to the Swisscard
transactions. There were also decreases of USD 36m in marketing and communication costs, USD 34m in
outsourcing costs, and USD 33m in real estate and logistics costs. The decreases were partly offset by a USD 139m
increase in technology costs, largely driven by the recognition of provisions for onerous contracts related to IT, and
a USD 25m increase in donation expenses, due to higher contributions to the UBS Optimus Foundation.
›
Refer to “Other developments” in the “Recent developments” section and “Provisions and contingent liabilities” in
the “Consolidated financial information” section of this report for more information about litigation, regulatory
and similar matters
›
Refer to the “Regulatory and legal developments” and “Risk factors” sections of the UBS Group Annual Report
2024, available under “Annual reporting” at
ubs.com/investors
, for more information about litigation, regulatory
and similar matters
Depreciation, amortization and impairment of non-financial assets
Depreciation, amortization and impairment of non-financial assets decreased by USD 129m to USD 865m, primarily
reflecting a USD 71m decrease in depreciation of leased real estate as a result of higher levels of accelerated
depreciation in the fourth quarter of 2024, driven by integration activities. In addition, there was a USD 47m
decrease in the depreciation of IT and communication equipment, mainly driven by internally generated capitalized
software, reflecting a lower cost base of software assets.
Tax: 4Q25 vs 4Q24
The Group had a net income tax expense of USD 495m in the fourth quarter of 2025, representing an effective tax
rate of 29.1%, compared with USD 268m in the fourth quarter of 2024 and an effective tax rate of 25.6%.
The net current tax expense was USD 276m, which primarily related to the taxable profits of UBS Switzerland AG
and other entities.
There was a net deferred tax expense of USD 219m. This reflects a net deferred tax expense of USD 287m that
primarily related to the amortization of deferred tax assets (DTAs) previously recognized in relation to tax losses
carried forward and deductible temporary differences, partly offset by a net benefit of USD 68m related to
revaluations of DTAs for certain entities in connection with our business planning process.
For the full year 2026, we expect a tax rate of around 23%, excluding any potential effects from the remeasurement
of DTAs in connection with the business planning process for 2026 and any material jurisdictional statutory tax rate
changes that could be enacted.
Total comprehensive income attributable to shareholders
In the fourth quarter of 2025, total comprehensive income attributable to shareholders was USD 1,275m, reflecting
a net profit of USD 1,199m and other comprehensive income (OCI), net of tax, of USD 76m.
Foreign currency translation OCI was USD 144m, mainly due to the US dollar weakening against the Swiss franc,
and including a positive effect from UBS’s share of a foreign currency translation loss that was reclassified from OCI
to the income statement by an associate of UBS.
OCI related to own credit on financial liabilities designated at fair value was negative USD 87m, primarily due to a
tightening of our own credit spreads.
›
Refer to “Statement of comprehensive income” in the “Consolidated financial information” section of this report
for more information
›
Refer to “Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital” in
the “Capital management” section of this report for more information about the effects of OCI on common equity
tier 1 capital
›
Refer to “Note 21 Fair value measurement” in the “Consolidated financial statements” section of the UBS Group
Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
, for more information about own
credit on financial liabilities designated at fair value
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items | Group performance 15
Sensitivity to interest rate movements
As of 31 December 2025, it is estimated that a parallel shift in yield curves by +100 basis points could lead to a
combined increase in annual net interest income from our banking book of approximately USD 1.4bn in the first
year after such a shift. Of this increase, approximately USD 1.1bn, USD 0.2bn and USD 0.1bn would result from
changes in Swiss franc, US dollar and euro interest rates, respectively.
A parallel shift in yield curves by –100 basis points could lead to a combined increase in annual net interest income
of approximately
USD 0.9bn. Of this increase, approximately USD 1.2bn would result from changes in Swiss franc
interest rates, driven by both contractual and assumed flooring benefits under negative interest rates. US dollar and
euro interest rates would lead to an offsetting decrease of USD 0.2bn and USD 0.1bn, respectively.
These estimates do not represent net interest income forecasts, as they are based on a hypothetical scenario of an
immediate change in interest rates, equal across all currencies and relative to implied forward rates as of
31 December 2025
applied to our banking book. These estimates further assume no change to balance sheet size
and product mix, stable foreign exchange rates, and no specific management action.
›
Refer to the “Risk management and control” section of this report for information about interest rate risk in the
banking book
Key figures and personnel
Below is an overview of selected key figures of the Group. For further information about key figures related to
capital management, refer to the “Capital management” section of this report.
Cost / income ratio: 4Q25 vs 4Q24
The cost / income ratio was 84.7%, compared with 89.0%, as a result of higher total revenues and lower operating
expenses. On an underlying basis the cost / income ratio was 75.2%, compared with 81.9%, as a result of higher
total revenues, partly offset by higher operating expenses.
Personnel: 4Q25 vs 3Q25
The number of internal and external personnel employed was approximately 119,589 (based on full-time
equivalents for internal personnel and workforce count for external personnel) as of 31 December 2025, a net
decrease of 2,793 compared with 30 September 2025. The number of internal personnel employed as of
31 December 2025 was 103,177 (full-time equivalents), a net decrease of 1,250 compared with 30 September
2025. The number of external staff was approximately 16,412 (workforce count) as of 31 December 2025, a net
decrease of approximately 1,542 compared with 30 September 2025.
Equity, CET1 capital and returns
As of or for the quarter ended
As of or for the year ended
USD m, except where indicated
31.12.25
30.9.25
31.12.24
31.12.25
31.12.24
Net profit
Net profit / (loss) attributable to shareholders
Equity
Equity attributable to shareholders
less: goodwill and intangible assets
Tangible equity attributable to shareholders
less: other CET1 adjustments
CET1 capital
Returns
Return on equity (%)
Return on tangible equity (%)
Underlying return on tangible equity (%)
Return on CET1 capital (%)
Underlying return on CET1 capital (%)
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items | Group performance 16
Common equity tier 1 capital: 4Q25 vs 3Q25
During the fourth quarter of 2025, our common equity tier 1 (CET1) capital decreased by USD 3.4bn to
USD 71.3bn, mainly reflecting operating profit before tax of USD 1.7bn, which was more than offset by the
recognition of a new USD 3.0bn capital reserve for expected future share repurchases in 2026, dividend accruals of
USD 1.1bn, a negative USD 0.3bn impact from compensation- and own-share-related capital components, a
USD 0.3bn decrease in eligible deferred tax assets on temporary differences, and current tax expenses of USD 0.3bn.
Share repurchases of USD 0.9bn made under our 2025 share repurchase program in the fourth quarter of 2025 did
not affect our CET1 capital position, as there was an equal reduction in the capital reserve for expected future share
repurchases in 2025. The remaining capital reserve for expected future share repurchases in 2025 was fully utilized
in the fourth quarter of 2025 with the completion of our 2025 share repurchase program on 20 November 2025.
Return on common equity tier 1 capital: 4Q25 vs 4Q24
The annualized return on CET1 capital was 6.6%, compared with 4.2%. On an underlying basis, the return on
CET1 capital was 11.9%, compared with 7.2%. These increases were driven by an increase in net profit attributable
to shareholders and a decrease in average CET1 capital.
Risk-weighted assets: 4Q25 vs 3Q25
During the fourth quarter of 2025, risk-weighted assets (RWA) decreased by USD 11.5bn to USD 493.4bn, driven
by a USD 10.8bn decrease resulting from asset size and other movements and a USD 1.3bn decrease driven by
model updates and methodology changes, partly offset by a USD 0.6bn increase from currency effects.
Common equity tier 1 capital ratio: 4Q25 vs 3Q25
Our CET1 capital ratio decreased to 14.4% from 14.8%, reflecting the aforementioned USD 3.4bn decrease in
CET1 capital, partly offset by the aforementioned USD 11.5bn decrease in RWA.
Leverage ratio denominator: 4Q25 vs 3Q25
During the fourth quarter of 2025, the leverage ratio denominator (the LRD) decreased by USD 18.0bn to
USD 1,622.4bn, driven by an USD 18.9bn decrease from asset size and other movements, partly offset by a
USD 0.8bn increase from currency effects.
Common equity tier 1 leverage ratio: 4Q25 vs 3Q25
Our CET1 leverage ratio decreased to 4.4% from 4.6%, reflecting the aforementioned USD 3.4bn decrease in CET1
capital, partly offset by the aforementioned USD 18.0bn decrease in the LRD.
Outlook
Entering the first quarter of 2026, the macro backdrop is still one of steady global growth and easing inflation.
Market conditions remain largely constructive, with broader equity dispersion and rotation supporting client
engagement and healthy transactional and capital markets activity, and pipeline. Demand remains focused on
diversification across geographies and asset classes, as well as principal protection. However, continued elevated
geopolitical and economic policy uncertainties mean sentiment and positioning can shift quickly, leading to spikes
in volatility influencing institutional and corporate client activity levels.
In the first quarter, we expect a low single-digit percentage decline in Global Wealth Management’s net interest
income (NII), while in Personal & Corporate Banking NII is expected to remain broadly stable in US dollar terms.
We remain on track to complete the integration by the end of the year, and we are confident in our ability to
achieve our financial targets. As all of 2026 is required to deliver on the remaining integration milestones, we expect
net saves to build progressively, with a greater proportion weighted to the second half of the year.
We remain firmly focused on disciplined execution, bringing the full power of UBS to our clients and investing to
sustain growth momentum, supporting continued value creation in the years ahead.
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 17
Global Wealth Management
Global Wealth Management
As of or for the quarter ended
% change from
As of or for the year
ended
USD m, except where indicated
31.12.25
30.9.25
31.12.24
3Q25
4Q24
31.12.25
31.12.24
Results
Net interest income
Recurring net fee income
1
Transaction-based income
1,2
Other revenues
1,2
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Underlying results
Total revenues as reported
of which: PPA effects and other integration items
3
of which: PPA effects recognized in net interest income
of which: PPA effects and other integration items recognized in transaction-based income
of which: loss related to an investment in an associate
Total revenues (underlying)
1
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
1,4
Operating expenses (underlying)
1
of which: net expenses / (releases) for litigation, regulatory and similar matters
Business division operating profit / (loss) before tax as reported
Business division operating profit / (loss) before tax (underlying)
1
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Average attributed equity (USD bn)
5
Return on attributed equity (%)
1,5
Financial advisor compensation
6
Net new fee-generating assets (USD bn)
1
Fee-generating assets (USD bn)
1
Net new assets (USD bn)
1
Net new assets growth rate (%)
1
Invested assets (USD bn)
1
Net new loans (USD bn)
1
Loans, gross (USD bn)
7
Net new deposits (USD bn)
1
Customer deposits (USD bn)
7
Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)
1,8
Advisors (full-time equivalents)
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Return on attributed equity (%)
1,6
1 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 2 From the fourth quarter of 2025 onward, income related to certain financial instruments
not directly linked to client activity and measured at fair value that was previously presented as transaction-based income is now presented as other revenues. This change was applied prospectively. The line has been
renamed from “Other income” to “Other revenues”. 3
Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the
integration. 4 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of intangibles resulting from the acquisition of the Credit Suisse Group. 5 Refer to the
“Equity attribution” section of this report for more information about the equity attribution framework. 6 Relates to licensed professionals with the ability to provide investment advice to clients in the Americas.
Consists of cash compensation, determined using a formulaic approach based on production, and deferred awards. Also includes expenses related to compensation commitments with financial advisors entered into
at the time of recruitment that are subject to vesting requirements. Recruitment loans to financial advisors were USD 1,493m as of 31 December 2025. 7
Loans and Customer deposits in this table include customer
brokerage receivables and payables, respectively, which are presented in separate reporting lines on the balance sheet. 8 Refer to the “Risk management and control” section of this report for more information
about credit-impaired exposures. Excludes loans to financial advisors.
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 18
Results: 4Q25 vs 4Q24
Profit before tax increased by USD 423m, or 49%, to USD 1,290m, mainly due to higher total revenues, partly
offset by higher operating expenses. Underlying profit before tax was USD 1,558m, an increase of 36%, after
excluding from operating expenses USD 384m of integration-related expenses and purchase price allocation (PPA)
effects and excluding from total revenues USD 135m of PPA effects and other integration items and a USD 20m
loss related to an investment in an associate.
Total revenues
Total revenues increased by USD 574m, or 9%, to USD 6,695m, driven by higher recurring net fee income,
transaction-based income and other revenues, partly offset by lower net interest income, and included a USD 65m
decrease in PPA effects and other integration items. Excluding USD 135m of PPA effects and other integration items
and a USD 20m loss related to an investment in an associate, underlying total revenues were USD 6,580m, an
increase of 11%.
Net interest income decreased by USD 17m, or 1%, to USD 1,832m and included a USD 62m decrease in accretion
of PPA adjustments on financial instruments and other PPA effects. Excluding PPA effects of USD 130m, underlying
net interest income was USD 1,702m, an increase of 3%. This increase was largely driven by the effects of favorable
changes in deposit mix and positive foreign currency effects, partly offset by the impact of lower central bank
interest rates on deposit revenues.
Recurring net fee income increased by USD 304m, or 9%, to USD 3,566m, mainly driven by higher average levels
of fee-generating assets, primarily from mandates, reflecting positive market performance and net new fee-
generating asset inflows in 2025.
Transaction-based income increased by USD 207m, or 20%, to USD 1,248m. Excluding PPA effects of USD 5m,
underlying transaction-based income was USD 1,243m, an increase of 20%, mainly driven by higher levels of client
activity across all regions and also driven by contributions from Structured Solutions, Cash Equities and Investment
Funds revenues.
Other revenues were positive USD 49m, compared with negative USD 32m, and included a release of USD 42m
related to other financial liabilities, a USD 34m fair value gain driven from a strategic partnership and a loss of
USD 20m related to an investment in an associate. Other revenues in the fourth quarter of 2024 included a loss of
USD 21m related to an investment in an associate. Excluding the aforementioned loss, underlying other revenues
were USD 69m in the fourth quarter of 2025.
Credit loss expense / release
Net credit loss expenses were USD 32m, mainly reflecting net expenses on credit-impaired positions, compared with
net credit loss releases of USD 14m in the fourth quarter of 2024.
Operating expenses
Operating expenses increased by USD 105m, or 2%, to USD 5,373m and included a USD 76m decrease in
integration-related expenses. Excluding USD 384m of integration-related expenses and PPA effects, underlying
operating expenses were USD 4,989m, an increase of 4%, mainly driven by higher variable compensation largely
related to an increase in financial advisor compensation, resulting from higher compensable revenues, partly offset
by lower expenses related to provisions for litigation, regulatory and similar matters.
Invested assets: 4Q25 vs 3Q25
Invested assets increased by USD 39bn to USD 4,753bn, mainly driven by positive market performance of
USD 46.9bn and net new asset inflows of USD 8.5bn, partly offset by reclassifications of USD 16.0bn.
Invested assets: 4Q25 vs 4Q24
Invested assets increased by USD 571bn to USD 4,753bn, mainly driven by positive market performance of
USD 376.7bn, positive foreign currency effects of USD 125.8bn and net new asset inflows of USD 100.8bn, partly
offset by reclassifications of USD 27.5bn.
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 19
Loans: 4Q25 vs 3Q25
Loans increased by USD 5.2bn to USD 327.2bn, mainly driven by positive net new loans of USD 4.5bn.
›
Refer to the “Risk management and control” section of this report for more information
Customer deposits: 4Q25 vs 3Q25
Customer deposits increased by USD 0.9bn to USD 479.1bn, mainly driven by net new deposit inflows of USD 0.6bn
and positive foreign currency effects.
Regional breakdown of performance measures
As of or for the quarter ended 31.12.25
USD m, except where indicated
Americas
1
Asia Pacific
EMEA
Switzerland
Divisional items
2
Global Wealth
Management
Net interest income
Recurring net fee income
3
Transaction-based income
3,4
Other revenues
3,4
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
of which: PPA effects, integration-related items and other items
5
Cost / income ratio (%)
3
Net new fee-generating assets (USD bn)
3
Fee-generating assets (USD bn)
3
Net new assets (USD bn)
3
Net new assets growth rate (%)
3
Invested assets (USD bn)
3
Net new loans (USD bn)
3
Loans, gross (USD bn)
6
Net new deposits (USD bn)
3
Customer deposits (USD bn)
6
Advisors (full-time equivalents)
As of or for the quarter ended 31.12.24
USD m, except where indicated
Americas
1
Asia Pacific
EMEA
Switzerland
Divisional items
2
Global Wealth
Management
Net interest income
Recurring net fee income
3
Transaction-based income
3,4
Other revenues
3,4
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
of which: PPA effects, integration-related items and other items
5
Cost / income ratio (%)
3
Net new fee-generating assets (USD bn)
3
Fee-generating assets (USD bn)
3
Net new assets (USD bn)
3
Net new assets growth rate (%)
3
Invested assets (USD bn)
3
Net new loans (USD bn)
3
Loans, gross (USD bn)
6
Net new deposits (USD bn)
3
Customer deposits (USD bn)
6
Advisors (full-time equivalents)
1 Including the following business units: United States and Canada; and Latin America. 2 Includes impacts from accretion of purchase price allocation adjustments on financial instruments and other PPA effects,
integration-related expenses, certain gains and losses from investments in associates and minor functions, that are not included in the four regions individually presented in this table. 3 Refer to “Alternative
performance measures” in the appendix to this report for the definition and calculation method. 4 From the fourth quarter of 2025 onward, income related to certain financial instruments not directly linked to client
activity and measured at fair value that was previously presented as transaction-based income is now presented as other revenues. This change was applied prospectively. The line has been renamed from “Other
income” to “Other revenues”. 5 Items of profit or loss that management believes are not representative of the underlying performance, namely impacts from accretion of purchase price allocation adjustments on
financial instruments and other PPA effects, integration-related expenses, amortization of intangibles resulting from the acquisition of the Credit Suisse Group, and certain gains and losses from investments in
associates. 6 Loans and Customer deposits in this table include customer brokerage receivables and payables, respectively, which are presented in separate reporting lines on the balance sheet.
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 20
Regional comments 4Q25 vs 4Q24, except where indicated
Americas
Profit before tax increased by USD 203m to USD 417m. Total revenues increased by USD 277m, or 9%, to
USD 3,214m, mainly driven by increases of USD 160m in recurring net fee income, USD 87m in transaction-based
income and USD 52m in net interest income. Operating expenses increased by USD 65m, or 2%, to USD 2,780m.
The cost / income ratio decreased to 86.5% from 92.4%. Loans increased by 2% compared with the third quarter
of 2025, to USD 103.6bn, mainly driven by positive net new loans of USD 2.3bn. Customer deposits increased by
3% compared with the third quarter of 2025, to USD 119.6bn, with net new deposit inflows of USD 3.7bn. Net
new asset outflows were USD 14.1bn.
Asia Pacific
Profit before tax increased by USD 66m to USD 337m. Total revenues increased by USD 130m, or 15%, to
USD 972m, mainly driven by increases of USD 75m in transaction-based income and USD 38m in recurring net fee
income. Operating expenses increased by USD 63m, or 11%, to USD 631m. The cost / income ratio decreased to
64.9% from 67.5%. Loans increased by 3% compared with the third quarter of 2025, to USD 46.4bn, mainly
driven by positive net new loans of USD 1.4bn. Customer deposits decreased by 3% compared with the third
quarter of 2025, to USD 117.0bn, with net new deposit outflows of USD 3.2bn. Net new asset inflows were
USD 6.0bn.
EMEA
Profit before tax increased by USD 82m to USD 378m. Total revenues increased by USD 90m, or 8%, to
USD 1,240m, mainly driven by increases of USD 63m in recurring net fee income and USD 43m in transaction-
based income. Operating expenses decreased by USD 14m, or 2%, to USD 851m. The cost / income ratio decreased
to 68.6% from 75.2%. Loans decreased by 1% compared with the third quarter of 2025, to USD 63.3bn, mainly
driven by negative net new loans of USD 0.5bn. Customer deposits increased by 1% compared with the third
quarter of 2025, to USD 114.0bn, mainly driven by net new deposit inflows of USD 1.3bn. Net new asset inflows
were USD 12.4bn.
Switzerland
Profit before tax decreased by USD 15m to USD 360m. Total revenues increased by USD 72m, or 7%, to
USD 1,076m, mainly driven by increases of USD 46m in recurring net fee income and USD 16m in transaction-
based income. Operating expenses increased by USD 74m, or 12%, to USD 716m. The cost / income ratio increased
to 66.6% from 64.0%. Loans increased by 3% compared with the third quarter of 2025, to USD 113.2bn, mainly
driven by positive net new loans of USD 1.3bn. Customer deposits were broadly stable at USD 124.7bn compared
with the third quarter of 2025, with net new deposit outflows of USD 0.5bn. Net new asset inflows were
USD 4.4bn.
Divisional items
Operating loss before tax was USD 202m and included USD 384m of integration-related expenses and PPA effects
and a loss of USD 20m related to an investment in an associate, partly offset by the aforementioned USD 135m
related to PPA effects and other integration items, a release of USD 42m related to other financial liabilities, and a
USD 34m fair value gain driven from a strategic partnership.
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items | Personal & Corporate Banking 21
Personal & Corporate Banking
Personal & Corporate Banking – in Swiss francs
As of or for the quarter ended
% change from
As of or for the year
ended
CHF m, except where indicated
31.12.25
30.9.25
31.12.24
3Q25
4Q24
31.12.25
31.12.24
Results
Net interest income
Recurring net fee income
1
Transaction-based income
1,2
Other revenues
1,2
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Underlying results
Total revenues as reported
of which: PPA effects and other integration items
3
of which: PPA effects recognized in net interest income
of which: PPA effects and other integration items recognized in transaction-based income
of which: loss related to an investment in an associate
of which: items related to the Swisscard transactions
4
Total revenues (underlying)
1
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
1,5
of which: items related to the Swisscard transactions
6
7
6
Operating expenses (underlying)
1
of which: net expenses / (releases) for litigation, regulatory and similar matters
Business division operating profit / (loss) before tax as reported
Business division operating profit / (loss) before tax (underlying)
1
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Average attributed equity (CHF bn)
8
Return on attributed equity (%)
1,8
Net interest margin (bps)
1
Loans, gross (CHF bn)
Customer deposits (CHF bn)
Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)
1,9
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Return on attributed equity (%)
1,8
1 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 2 From the fourth quarter of 2025 onward, income related to certain financial instruments
not directly linked to client activity and measured at fair value that was previously presented as transaction-based income is now presented as other revenues. This change was applied prospectively. The line has been
renamed from “Other income” to “Other revenues”. 3 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the
integration. 4 Represents the gain related to UBS’s share of the income recorded by Swisscard for the sale of the Credit Suisse card portfolios to UBS. 5 Includes temporary, incremental operating expenses directly
related to the integration, as well as amortization of intangibles resulting from the acquisition of the Credit Suisse Group. 6
Represents the termination fee paid to American Express related to the sale of our 50%
holding in Swisscard. 7
Represents the expense related to the payment to Swisscard for the sale of the Credit Suisse card portfolios to UBS. 8 Refer to the “Equity attribution” section of this report for more
information about the equity attribution framework. 9 Refer to the “Risk management and control” section of this report for more information about credit-impaired exposures.
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items | Personal & Corporate Banking 22
Results
:
4Q25 vs 4Q24
Profit before tax decreased by CHF 72m, or 14%, to CHF 452m, reflecting lower total revenues, partly offset by
lower net credit loss expenses and operating expenses. Underlying profit before tax was CHF 543m, a decrease of
5%. This underlying profit excludes from total revenues CHF 181m of purchase price allocation (PPA) effects and
other integration items and a loss of CHF 43m related to an investment in an associate; it also excludes from
operating expenses CHF 228m of integration-related expenses and PPA effects.
Total revenues
Total revenues decreased by CHF 153m, or 8%, to CHF 1,830m, predominantly due to lower net interest income.
Total revenues in the fourth quarter of 2025 included a loss of CHF 43m related to an investment in an associate.
Excluding CHF 181m of PPA effects and other integration items and the aforementioned loss, underlying total
revenues were CHF 1,692m, a decrease of 7%.
Net interest income decreased by CHF 146m, or 12%, to CHF 1,058m, mainly reflecting the impact of lower central
bank interest rates on deposit revenues. This decrease was partly offset by deposit pricing measures and lower
liquidity and funding costs. Net interest income also included a CHF 50m decrease in accretion of PPA adjustments
on financial instruments and other PPA effects. Excluding PPA effects of CHF 159m, underlying net interest income
was CHF 899m, a decrease of 10%.
Recurring net fee income decreased by CHF 18m, or 5%, to CHF 339m, mainly due to the fourth quarter of 2024
including our share of Swisscard profit.
Transaction-based income decreased by CHF 20m, or 4%, to CHF 451m, mostly due to lower revenues in our
Corporate & Institutional Clients business, including the impact related to exits from certain former Credit Suisse
business activities. Excluding CHF 22m of PPA effects and other integration items, underlying transaction-based
income was CHF 429m, a decrease of 5%.
Other revenues were negative CHF 18m, compared with negative CHF 49m. The fourth quarter of 2025 included
a loss of CHF 43m related to an investment in an associate, compared with a loss of CHF 54m related to an
investment in an associate recognized in the fourth quarter of 2024. Excluding this loss, underlying other revenues
in the fourth quarter of 2025 were positive CHF 25m.
Credit loss expense / release
Net credit loss expenses were CHF 80m, largely reflecting net expenses on credit-impaired positions, compared with
net credit loss expenses of CHF 155m in the fourth quarter of 2024.
Operating expenses
Operating expenses were broadly stable at CHF 1,297m and included a CHF 46m increase in integration-related
expenses. The fourth quarter of 2024 included a CHF 37m expense related to the Swisscard transactions. Excluding
CHF 228m of integration-related expenses and PPA effects, underlying operating expenses were broadly stable at
CHF 1,069m.
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items | Personal & Corporate Banking 23
Personal & Corporate Banking – in US dollars
As of or for the quarter ended
% change from
As of or for the year
ended
USD m, except where indicated
31.12.25
30.9.25
31.12.24
3Q25
4Q24
31.12.25
31.12.24
Results
Net interest income
Recurring net fee income
1
Transaction-based income
1,2
Other revenues
1,2
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Underlying results
Total revenues as reported
of which: PPA effects and other integration items
3
of which: PPA effects recognized in net interest income
of which: PPA effects and other integration items recognized in transaction-based income
of which: loss related to an investment in an associate
of which: items related to the Swisscard transactions
4
Total revenues (underlying)
1
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
1,5
of which: items related to the Swisscard transactions
6
7
6
Operating expenses (underlying)
1
of which: net expenses / (releases) for litigation, regulatory and similar matters
Business division operating profit / (loss) before tax as reported
Business division operating profit / (loss) before tax (underlying)
1
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Average attributed equity (USD bn)
8
Return on attributed equity (%)
1,8
Net interest margin (bps)
1
Loans, gross (USD bn)
Customer deposits (USD bn)
Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)
1,9
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Return on attributed equity (%)
1,8
1 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 2
From the fourth quarter of 2025 onward, income related to certain financial instruments
not directly linked to client activity and measured at fair value that was previously presented as transaction-based income is now presented as other revenues. This change was applied prospectively. The line has been
renamed from “Other income” to “Other revenues”. 3 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the
integration. 4
Represents the gain related to UBS’s share of the income recorded by Swisscard for the sale of the Credit Suisse card portfolios to UBS. 5 Includes temporary, incremental operating expenses directly
related to the integration, as well as amortization of intangibles resulting from the acquisition of the Credit Suisse Group. 6
Represents the termination fee paid to American Express related to the sale of our 50%
holding in Swisscard. 7
Represents the expense related to the payment to Swisscard for the sale of the Credit Suisse card portfolios to UBS. 8 Refer to the “Equity attribution” section of this report for more
information about the equity attribution framework. 9 Refer to the “Risk management and control” section of this report for more information about credit-impaired exposures.
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items | Asset Management 24
Asset Management
Asset Management
As of or for the quarter ended
% change from
As of or for the year
ended
USD m, except where indicated
31.12.25
30.9.25
31.12.24
3Q25
4Q24
31.12.25
31.12.24
Results
Net management fees
1
2
Performance fees
3
Net gain / (loss) from disposal
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Underlying results
Total revenues as reported
Total revenues (underlying)
4
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses
4
Operating expenses (underlying)
4
of which: net expenses / (releases) for litigation, regulatory and similar matters
Business division operating profit / (loss) before tax as reported
Business division operating profit / (loss) before tax (underlying)
4
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
4
Cost / income ratio (%)
4
Average attributed equity (USD bn)
5
Return on attributed equity (%)
4,5
Gross margin on invested assets (bps)
4
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
4
Cost / income ratio (%)
4
Return on attributed equity (%)
4,5
Information by business line / asset class
Net new money (USD bn)
4
Equities
6
Fixed Income
6
of which: money market
Multi-asset & Solutions
6
Hedge Fund Businesses
Real Estate & Private Markets
Total net new money excluding associates
of which: net new money excluding money market
Associates
7
Total net new money
Invested assets (USD bn)
4
Equities
6
Fixed Income
6
of which: money market
Multi-asset & Solutions
6
Hedge Fund Businesses
Real Estate & Private Markets
Total invested assets excluding associates
of which: passive strategies
Associates
7
Total invested assets
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items | Asset Management 25
Asset Management (continued)
As of or for the quarter ended
% change from
As of or for the year
ended
USD m, except where indicated
31.12.25
30.9.25
31.12.24
3Q25
4Q24
31.12.25
31.12.24
Information by region
Invested assets (USD bn)
4
Americas
Asia Pacific
8
EMEA (excluding Switzerland)
Switzerland
Total invested assets
Information by channel
Invested assets (USD bn)
4
Third-party institutional
Third-party wholesale
UBS’s wealth management businesses
Associates
7
Total invested assets
1 Net management fees include transaction fees, fund administration revenues (including net interest and trading income from lending activities and foreign-exchange hedging as part of the fund services offering),
distribution fees, incremental fund-related expenses, gains or losses from seed money and co-investments, funding costs, the negative pass-through impact of third-party performance fees, and other items that are
not Asset Management’s performance fees. 2 Consists of USD 767m reported within net fee and commission income for the Group and USD 23m reported in net interest income, other net income from financial
instruments measured at fair value through profit or loss, and other income. 3
Reported within net fee and commission income for the Group. 4
Refer to “Alternative performance measures” in the appendix to
this report for the definition and calculation method. 5 Refer to the “Equity attribution” section of this report for more information about the equity attribution framework. 6 In the third quarter of 2025, certain
portfolios were reclassified from Equities and Fixed Income to Multi-asset & Solutions, as a result of aligning Credit Suisse presentation to that of UBS. These changes were applied prospectivel y. 7 The invested
assets and net new money amounts reported for associates are prepared in accordance with their local regulatory requirements and practices. 8 Includes invested assets from associates.
Results: 4Q25 vs 4Q24
Profit before tax increased by USD 84m, or 66%, to USD 212m, reflecting lower operating expenses and higher
total revenues, which included a net loss of USD 29m related to the sale of our O’Connor business to Cantor
Fitzgerald. The fourth quarter of 2024 included a net gain of USD 13m on the sale of our shareholding in Credit
Suisse Investment Partners. Underlying profit before tax was USD 268m, an increase of 20%, after excluding
integration-related expenses of USD 57m.
Total revenues
Total revenues increased by USD 34m, or 4%, to USD 800m, mainly due to higher net management fees, partly
offset by lower performance fees, and included the effects from the aforementioned sales. The gross margin was
15 basis points.
Net management fees increased by USD 81m, or 11%, to USD 790m, mainly driven by higher average levels of
invested assets, primarily from positive market performance and foreign currency effects, partly offset by the
ongoing margin compression. The increase in net management fees was also due to higher transaction fees. Net
management fees of USD 790m included USD 1,001m of fund fee and commission income from investment
management activities, partly offset by related fee and commission expenses of USD 234m.
Performance fees decreased by USD 5m, or 12%, to USD 39m, mainly due to a decrease in Hedge Fund Businesses,
partly offset by an increase in the Fixed Income business.
Operating expenses
Operating expenses decreased by USD 51m, or 8%, to USD 588m and included a USD 39m decrease in integration-
related expenses. Excluding integration-related expenses of USD 57m, underlying operating expenses were
USD 531m, a decrease of 2%, mainly due to lower non-personnel costs.
Invested assets: 4Q25 vs 3Q25
Invested assets increased by USD 55bn, or 3%, to USD 2,098bn, reflecting positive market performance of
USD 46bn, net new money of USD 8bn and positive foreign currency effects of USD 5bn, partly offset by a reduction
of USD 4bn related to the first stage of the transfer of our O’Connor business. Excluding money market flows and
associates, net new money was USD 4bn.
Invested assets: 4Q25 vs 4Q24
Invested assets increased by USD 325bn, or 18%, to USD 2,098bn, reflecting positive market performance of
USD 171bn, positive foreign currency effects of USD 131bn and net new money of USD 30bn, partly offset by a
reduction of USD 7bn, which included the effect from the aforementioned first stage of the transfer of our
O’Connor business. Excluding money market flows and associates, net new money was USD 17bn.
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items | Investment Bank 26
Investment Bank
Investment Bank
As of or for the quarter ended
% change from
As of or for the year
ended
USD m, except where indicated
31.12.25
30.9.25
31.12.24
3Q25
4Q24
31.12.25
31.12.24
Results
Advisory
Capital Markets
Global Banking
Execution Services
Derivatives & Solutions
Financing
Global Markets
of which: Equities
of which: Foreign Exchange, Rates and Credit
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Underlying results
Total revenues as reported
of which: PPA effects and other integration items
1
of which: PPA effects
of which: PPA effects recognized in the Global Banking revenue line
of which: other integration items
2
2
Total revenues (underlying)
3
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses
3
Operating expenses (underlying)
3
of which: net expenses / (releases) for litigation, regulatory and similar matters
Business division operating profit / (loss) before tax as reported
Business division operating profit / (loss) before tax (underlying)
3
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
3
n.m.
n.m.
Cost / income ratio (%)
3
Average attributed equity (USD bn)
4
Return on attributed equity (%)
3,4
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
3
n.m.
n.m.
Cost / income ratio (%)
3
Return on attributed equity (%)
3,4
1 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 2 Represents the gain from the sale of a stake
in a subsidiary, Credit Suisse Securities (China) Limited. 3 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 4 Refer to the “Equity attribution”
section of this report for more information about the equity attribution framework.
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items | Investment Bank 27
Results: 4Q25 vs 4Q24
Profit before tax increased by USD 161m, or 34%, to USD 640m, mainly due to higher total revenues, partly offset
by higher operating expenses. Underlying profit before tax was USD 703m, an increase of 56%, after excluding
from total revenues USD 61m of purchase price allocation (PPA) effects and other integration items and excluding
from operating expenses USD 124m of integration-related expenses.
Total revenues
Total revenues increased by USD 197m, or 7%, to USD 2,946m, mainly due to higher revenues in Global Markets,
partly offset by a USD 140m decrease in PPA effects, and included positive foreign currency effects. Excluding
USD 61m of PPA effects and other integration items, underlying total revenues were USD 2,885m, an increase of
13%.
Global Banking
Global Banking revenues decreased by USD 121m, or 14%, to USD 751m, primarily driven by a USD 132m decrease
in accretion of PPA adjustments on financial instruments and other PPA effects. Excluding PPA effects and other
integration items, underlying Global Banking revenues were USD 687m, an increase of 2%.
Advisory revenues increased by USD 6m, or 2%, to USD 266m, largely driven by an increase in private funds
closings.
Capital Markets revenues decreased by USD 127m, or 21%, to USD 485m and included the aforementioned
USD 132m decrease in PPA effects. Excluding PPA effects and other integration items, underlying Capital Markets
revenues increased by USD 6m, or 1%.
Global Markets
Global Markets revenues increased by USD 319m, or 17%, to USD 2,196m, mainly driven by higher Derivatives &
Solutions and Execution Services revenues, and included a gain of USD 102m on a strategic equity investment,
which was split equally across product verticals.
Execution Services revenues increased by USD 137m, or 29%, to USD 608m, mainly driven by higher Cash Equities
revenues, led by the Asia Pacific region, reflecting higher volumes.
Derivatives & Solutions revenues increased by USD 209m, or 31%, to USD 892m, mainly driven by Foreign Exchange
and Equity Derivatives revenues from higher levels of client activity.
Financing revenues decreased by USD 27m, or 4%, to USD 696m.
Equities
Global Markets Equities revenues increased by USD 123m, or 8%, to USD 1,571m, mainly driven by higher revenues
in Prime Brokerage, Cash Equities and Equity Derivatives.
Foreign Exchange, Rates and Credit
Global Markets Foreign Exchange, Rates and Credit revenues increased by USD 196m, or 46%, to USD 625m,
mainly driven by an increase in Foreign Exchange revenues and by the aforementioned gain on a strategic
investment.
Credit loss expense / release
Net credit loss expenses were USD 34m, mainly reflecting net expenses on credit-impaired positions, compared with
net credit loss expenses of USD 63m in the fourth quarter of 2024.
Operating expenses
Operating expenses increased by USD 65m, or 3%, to USD 2,272m and included a USD 50m decrease in
integration-related expenses. Excluding integration-related expenses of USD 124m, underlying operating expenses
were USD 2,148m, an increase of 6%, mainly due to adverse foreign currency effects and higher technology costs.
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items | Non-core and Legacy 28
Non-core and Legacy
Non-core and Legacy
As of or for the quarter ended
% change from
As of or for the year
ended
USD m, except where indicated
31.12.25
30.9.25
31.12.24
3Q25
4Q24
31.12.25
31.12.24
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Underlying results
Total revenues as reported
of which: other integration items
Total revenues (underlying)
1
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses
1
Operating expenses (underlying)
1
of which: net expenses / (releases) for litigation, regulatory and similar matters
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
1
Performance measures and other information
Average attributed equity (USD bn)
2
Risk-weighted assets (USD bn)
Leverage ratio denominator (USD bn)
1 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 2
Refer to the “Equity attribution” section of this report for more information about the equity
attribution framework.
Composition of Non-core and Legacy
Total assets
RWA
LRD
USD bn
31.12.25
30.9.25
31.12.25
30.9.25
31.12.25
30.9.25
Exposure category
Equities
Macro
Loans
Securitized products
Credit
High-quality liquid assets
Operational risk
Other
Total
Results: 4Q25 vs 4Q24
Loss before tax was USD 455m, compared with a loss before tax of USD 923m. Underlying loss before tax was
USD 224m, after excluding from operating expenses USD 233m of integration-related expenses and excluding from
total revenues USD 2m of other integration items, compared with an underlying loss before tax of USD 606m.
Total revenues
Total revenues were negative USD 8m, compared with negative total revenues of USD 58m, mainly reflecting lower
liquidity and funding costs, partly offset by lower net interest income, as a result of a smaller portfolio, and further
offset by higher markdowns.
Credit loss expense / release
Net credit loss releases were USD 12m, compared with net credit loss expenses of USD 6m in the fourth quarter of
2024.
UBS Group fourth quarter 2025 report |
UBS Group performance, business divisions and Group Items | Non-core and Legacy 29
Operating expenses
Operating expenses were USD 459m, a decrease of USD 399m, or 46%, mainly reflecting lower legal fees,
technology costs, premises and facilities costs, risk management costs, and compliance and regulatory costs, and
included an USD 84m decrease in integration-related expenses. Excluding integration-related expenses of
USD 233m, underlying operating expenses were USD 226m.
Risk-weighted assets and leverage ratio denominator: 4Q25 vs 3Q25
Risk-weighted assets (RWA) decreased by USD 1.9bn to USD 28.8bn, mostly due to decreases in the macro,
securitized product and equity portfolios. The leverage ratio denominator decreased by USD 6.5bn to USD 19.1bn,
mainly driven by reductions in high-quality liquid assets, which decreased by USD 5.5bn, primarily as a result of a
reduction in the overall Non-core and Legacy balance sheet, as well as reductions in the securitized product and
loan portfolios.
Group Items
Group Items
As of or for the quarter ended
% change from
As of or for the year
ended
USD m
31.12.25
30.9.25
31.12.24
3Q25
4Q24
31.12.25
31.12.24
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Underlying results
Total revenues as reported
of which: PPA effects and other integration items
1
2
2
Total revenues (underlying)
3
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses
3
Operating expenses (underlying)
3
of which: net expenses / (releases) for litigation, regulatory and similar matters
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
3
1
Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 2
Includes a USD
457m net loss from the
repurchase of legacy Credit Suisse debt instruments, as the repurchase price exceeded the amortized-cost carrying value (the net loss reflects a loss of USD
885m before PPA adjustments, partly offset by a USD
427m
gain from the release of PPA adjustments). 3
Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method.
Results: 4Q25 vs 4Q24
Loss before tax was USD 552m, mainly driven by a net loss of USD 457m from the repurchase of legacy Credit
Suisse debt instruments, which included the release of purchase price allocation (PPA) adjustments of USD 427m.
The change in the result, compared with a loss of USD 100m in the fourth quarter of 2024, was largely due to the
aforementioned loss from the debt repurchase.
›
Refer to “Other developments” in the “Recent developments” section of this report for more information about the
repurchase of legacy Credit Suisse debt
Underlying loss before tax was USD 113m, after excluding from total revenues negative USD 404m of PPA effects
and other integration items, which included the aforementioned net loss of USD 457m, and also excluding from
operating expenses USD 34m of integration-related expenses. This compared with an underlying loss before tax of
USD 96m in the fourth quarter of 2024. The change in the underlying result between the quarters was mainly due
to a USD 25m increase in donation expenses due to higher contributions to the UBS Optimus Foundation in the
fourth quarter of 2025.
Income from Group hedging and own debt, including hedge accounting ineffectiveness, was net USD 4m,
compared with net income of USD 10m in the fourth quarter of 2024. The gains in the fourth quarter of 2025
were driven by mark-to-market effects on own credit and portfolio-level economic hedges.
UBS Group fourth quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet 30
Risk, capital, liquidity and
funding, and balance sheet
Management report
Table of contents
31
Risk management and control
31
Credit risk
32
Market risk
34
Country risk
34
Non-financial risk
36
Capital management
38
Total loss-absorbing capacity
42
Risk-weighted assets
44
Leverage ratio denominator
45
Equity attribution
46
Liquidity and funding management
46
Strategy, objectives and governance
46
Liquidity coverage ratio
46
Net stable funding ratio
47
Balance sheet and off-balance sheet
47
Balance sheet assets
47
Balance sheet liabilities
48
Equity
49
Off-balance sheet
49
Share information and earnings per share
UBS Group fourth quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 31
Risk management and control
This section provides information about key developments during the reporting period and should be read in
conjunction with the “Risk management and control” section of the UBS Group Annual Report 2024, available
under “Annual reporting” at
ubs.com/investors
, and the “Recent developments” section of this report for more
information about the integration of Credit Suisse.
Credit risk
Overall banking products exposure
Overall banking products exposure increased by USD 3bn compared with 30 September 2025, to USD 1,086bn as
of 31 December 2025, primarily reflecting increases in loans and advances to customers and in guarantees and
irrevocable loan commitments, partly offset by a decrease in balances at central banks.
›
Refer to the “Balance sheet and off-balance sheet” section of this report for more information about movements in
balance sheet and off-balance sheet positions
›
Refer to the “Group performance” section of this report for more information about credit loss expense / release
Banking and traded products exposure in the business divisions and Group Items
31.12.25
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core
and Legacy
Group
Items
Total
Banking products exposure, gross
1,2
of which: loans and advances to customers (on-balance sheet)
of which: guarantees and irrevocable loan commitments (off-balance sheet)
Committed unconditionally revocable credit lines
3
Traded products exposure, gross
2,4
of which: over-the-counter derivatives
of which: securities financing transactions
of which: exchange-traded derivatives
Total credit-impaired exposure, gross
1
of which: stage 3
of which: PCI
Total allowances and provisions for expected credit losses
of which: stage 1
of which: stage 2
of which: stage 3
of which: PCI
30.9.25
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core
and Legacy
Group
Items
Total
Banking products exposure, gross
1,2
of which: loans and advances to customers (on-balance sheet)
of which: guarantees and irrevocable loan commitments (off-balance sheet)
Committed unconditionally revocable credit lines
3
Traded products exposure, gross
2,4
of which: over-the-counter derivatives
of which: securities financing transactions
of which: exchange-traded derivatives
Total credit-impaired exposure, gross
1
of which: stage 3
of which: PCI
Total allowances and provisions for expected credit losses
of which: stage 1
of which: stage 2
of which: stage 3
of which: PCI
1 IFRS 9 gross exposure for banking products includes the following financial instruments within the scope of expected credit loss measurement: balances at central banks, amounts due from banks, loans and advances
to customers, other financial assets at amortized cost, guarantees and irrevocable loan commitments. 2 Internal management view of credit risk, which differs in certain respects from IFRS Accounting Standards.
3 Commitments that can be canceled by UBS at any time but expose UBS to credit risk if the client has the ability to draw the facility before UBS can take action. These commitments are subject to expected credit loss
requirements. 4 As counterparty risk for traded products is managed at the counterparty level, no further split between exposures in the Investment Bank, Non-core and Legacy, and Group Items is provided.
UBS Group fourth quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 32
Loan underwriting
In the Investment Bank, mandated loan underwriting commitments on a notional basis increased by USD 1.2bn
compared with 30 September 2025, to USD 5.9bn as of 31 December 2025, driven by new mandates, partly offset
by deal syndications and cancellations. As of 31 December 2025, USD 0.4bn of loan underwriting commitments
had not been distributed as originally planned.
Loan underwriting exposures in the Investment Bank are classified as held for trading, with fair values reflecting the
market conditions at the end of the quarter. Credit hedges are in place to help protect against fair value movements
in the portfolio.
Market risk
Average management value-at-risk (VaR) (1-day, 95% confidence level) of the UBS Group excluding certain legacy
Credit Suisse components in the fourth quarter of 2025 was stable at USD 11m, compared with USD 11m in the
third quarter of 2025.
Average management VaR (1-day, 98% confidence level) of the aforementioned legacy Credit Suisse components
in the fourth quarter of 2025 decreased to USD 1m from USD 2m in the third quarter of 2025, driven by continued
strategic migration of positions to UBS and de-risking within Non-core and Legacy.
Management value-at-risk (1-day, 95% confidence level, 5 years of historical data) of the business divisions and
Group Items excluding certain legacy Credit Suisse components, by general market risk type
1,2
Average by risk type
USD m
Min.
Max.
Period end
Average
Equity
Interest
rates
Credit
spreads
Foreign
exchange
Commodities
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Diversification effect
3,4
Total as of 31.12.25
Total as of 30.9.25
Management value-at-risk (1-day, 98% confidence level, 2 years of historical data) of certain legacy Credit Suisse
components of the business divisions and Group Items, by general market risk type
1,2
Average by risk type
USD m
Min.
Max.
Period end
Average
Equity
Interest
rates
Credit
spreads
Foreign
exchange
Commodities
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Diversification effect
3,4
Total as of 31.12.25
Total as of 30.9.25
1 The legacy Credit Suisse components not included in the UBS Group management VaR reflect the portfolio managed on legacy Credit Suisse infrastructure based on legacy Credit Suisse management VaR methodology
until full migration of these positions to UBS infrastructure or the liquidation of the positions. This process is ongoing, and the management VaR of the legacy Credit Suisse components is expected to continue
decreasing over time. 2 Statistics at individual levels may not be summed to deduce the corresponding aggregate figures. The minima and maxima for each level may occur on different days, and, likewise, the VaR
for each business division or risk type, being driven by the extreme loss tail of the corresponding distribution of simulated profits and losses for that business division or risk type, may well be driven by different days
in the historical time series, rendering invalid the simple summation of figures to arrive at the aggregate total. 3 The difference between the sum of the standalone VaR for the business divisions and Group Items
and the total VaR. 4 As the minima and maxima for different business divisions and Group Items occur on different days, it is not meaningful to calculate a portfolio diversification effect.
Economic value of equity and net interest income sensitivity
The economic value of equity (EVE) sensitivity in the UBS Group banking book to a +1-basis-point parallel shift in
yield curves was negative USD 43.9m as of 31 December 2025, compared with negative USD 41.3m as of
30 September 2025. This excluded the sensitivity of USD 8.0m from additional tier 1 (AT1) capital instruments (as
per specific Swiss Financial Market Supervisory Authority (FINMA) requirements) in contrast to general Basel
Committee on Banking Supervision (BCBS) guidance. Exposure in the banking book of the UBS Group increased
during the fourth quarter of 2025, predominantly driven by net interest income stabilization initiatives.
UBS Group fourth quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 33
The majority of our interest rate risk in the banking book (IRRBB) as of 31 December 2025 was a reflection of the
net asset duration that we ran to offset our modeled sensitivity of net USD 33.2m (30 September 2025: USD 32.4m)
assigned to our equity, goodwill and real estate, with the aim of generating a stable net interest income
contribution. Of this, USD 19.7m and USD 11.6m were attributable to the US dollar and the Swiss franc portfolios,
respectively, (30 September 2025: USD 18.8m and USD 11.6m, respectively).
In addition to the aforementioned sensitivity, we calculate the six interest rate shock scenarios prescribed by FINMA.
The “Parallel up” scenario, assuming all positions were measured at fair value, was the most severe as of
31 December 2025 and would have resulted in a change in EVE of negative USD 8.1bn, or 8.9% of our tier 1
capital (30 September 2025: negative USD 7.7bn, or 8.1%), which is well below the 15% threshold as per the
BCBS supervisory outlier test for high levels of IRRBB.
The immediate effect on our tier 1 capital in the “Parallel up” scenario as of 31 December 2025 would have been
a decrease of approximately USD 0.8bn, or 0.9%, in our tier 1 capital (30 September 2025: USD 0.9bn, or 0.9%),
reflecting the fact that the vast majority of our banking book is accrual accounted or subject to hedge accounting.
The “Parallel up” scenario would subsequently have a positive effect on net interest income, assuming a constant
balance sheet.
As the overall interest rate risk sensitivity shows a greater impact from slower asset repricing compared with faster
liabilities repricing, the “Parallel down“ scenario was the most beneficial as of 31 December 2025 and would have
resulted in a change in EVE of positive USD 8.3bn (30 September 2025: positive USD 7.8bn) and a small positive
immediate effect on our tier 1 capital.
›
Refer to “Interest rate risk in the banking book” in the “Risk management and control” section of the UBS Group
Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
, for more information about the
management of interest rate risk in the banking book
›
Refer to “Sensitivity to interest rate movements” in the “Group performance” section of this report for more
information about the effects of increases in interest rates on the net interest income of our banking book
Interest rate risk – banking book
31.12.25
USD m
Effect on EVE
1
Effect on EVE
1
Scenarios
CHF
EUR
GBP
USD
Other
Total
Additional tier 1
capital instruments
Total
+1 bp
Parallel up
2
Parallel down
2
Steepener
3
Flattener
4
Short-term up
5
Short-term down
6
30.9.25
USD m
Effect on EVE
1
Effect on EVE
1
Scenarios
CHF
EUR
GBP
USD
Other
Total
Additional tier 1
capital instruments
Total
+1 bp
Parallel up
2
Parallel down
2
Steepener
3
Flattener
4
Short-term up
5
Short-term down
6
1 Economic value of equity. 2 Rates across all tenors move by ±150 bps for Swiss franc, ±200 bps for euro and US dollar, and ±250 bps for pound sterling. 3 Short-term rates decrease and long-term rates
increase. 4 Short-term rates increase and long-term rates decrease. 5 Short-term rates increase more than long-term rates. 6 Short-term rates decrease more than long-term rates.
UBS Group fourth quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 34
Country risk
We remain watchful of a range of geopolitical developments and political changes in a number of countries, as
well as global trade relations, particularly tariffs-related policies, and evolving armed conflicts. As of 31 December
2025, our exposure to Venezuela was immaterial. Our direct exposure to Israel as of 31 December 2025 was less
than USD 0.5bn, and our direct exposure to Gulf Cooperation Council countries was less than USD 5bn, while our
direct exposure to Egypt and Jordan was limited, and we had no direct exposure to Iran, Iraq, Lebanon or Syria. Our
direct exposure to Russia as of 31 December 2025 was less than USD 0.5bn, and our direct exposure to Belarus and
Ukraine remained immaterial. As of 31 December 2025, our exposure to emerging-market countries was less than
10% of our total country exposure and mainly to countries in Asia.
Uncertainty about economic policy remained elevated. In the fourth quarter of 2025, inflation was broadly stable
in major Western economies, although concerns about the potential impact of trade tensions on prices and
economic growth persisted. Chinese exports finished the year positively, but domestic economic activity remained
at subdued levels, forcing the Chinese government to promise to implement a more proactive fiscal policy in the
first quarter of 2026.
›
Refer to the “Risk management and control” section of the UBS Group Annual Report 2025, which will be available
as of 9 March 2026 under “Annual reporting” at
ubs.com/investors
, for more information
Non-financial risk
Compliance risk
We are committed to achieving fair outcomes for our clients, upholding market integrity and cultivating the highest
standards of employee conduct. To support these objectives, we maintain a Group-wide conduct risk framework
designed to promote consistent standards and foster a strong culture of accountability.
We continue to prioritize areas such as suitability risk, market conduct, product governance, cross-divisional service
offerings, quality of advice and price transparency. These remain key focus areas for UBS and the wider financial
sector. Cross-border risk (including the risk of unintended permanent establishment) remains an area of regulatory
attention for global financial institutions, including a focus on market access, such as third-country market access
to the European Economic Area. We maintain a series of controls designed to address these risks.
Regulatory fragmentation related to environmental, social and governance topics, and the elevated risk of
greenwashing arising from our service offering, disclosures and commitments remain key risks for 2026.
Financial crime risk
Financial crime, including money laundering, terrorist financing, sanctions violations, fraud, bribery and corruption,
presents a major risk, as technological innovation and geopolitical developments increase the complexity of doing
business and heightened regulatory attention continues.
An effective financial crime prevention program therefore remains essential, and we continue to focus on
enhancements to our global anti-money-laundering, know-your-client and sanctions programs. Money laundering
and financial fraud techniques are becoming increasingly sophisticated, and heightened geopolitical volatility makes
the sanctions landscape more complex. We continue to take into consideration the risks of illicit finance proceeds
and sanctions circumvention typologies stemming from geopolitical developments, political changes in a number
of countries and evolving armed conflicts.
UBS Group fourth quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 35
Operational risk
There is an increased risk of cyber-related operational disruption to business activities at our locations and those of
third-party suppliers due to the increasingly dynamic threat environment. This is intensified by current geopolitical
factors and evidenced by the continuing high volumes and increasing sophistication of cyberattacks against financial
institutions globally and on third-party service providers.
We remain on heightened alert to respond to and mitigate elevated cyber- and information-security threats and
continue to invest in improving our technology infrastructure and information-security governance to strengthen
our prevention, detection and response capabilities against attacks. In addition, we operate a global framework
designed to drive enhancements in operational resilience across all business divisions, and we work with the third-
party service providers that are of critical importance to our operations to assess their operational resilience in line
with our standards and to mitigate any identified risks.
The increasing interest in data-driven advisory processes and the use of generative artificial intelligence (AI) and
machine learning are introducing new questions related to the fairness of AI algorithms, data life-cycle
management, data ethics, data privacy and security, and records management. We have established an AI
framework and policy to support the mitigation of these risks.
Further progress has been made with client and data migration, and the wind-down of legacy Credit Suisse
businesses and infrastructure. The risks relating to the operational complexity and the effective management of
businesses in wind-down and application decommissioning continue to be carefully monitored, in addition to the
delivery of consolidated financial and regulatory reporting submissions.
UBS Group fourth quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 36
Capital management
The disclosures in this section are provided for UBS Group AG on a consolidated basis and focus on key
developments during the reporting period and information in accordance with the Basel III framework, as applicable
to Swiss systemically relevant banks (SRBs). They should be read in conjunction with “Capital management” in the
“Capital, liquidity and funding, and balance sheet” section of the UBS Group Annual Report 2024, available under
“Annual reporting” at
ubs.com/investors
, which provides more information about our capital management
objectives, planning and activities, as well as the Swiss SRB total loss-absorbing capacity (TLAC) framework.
In Switzerland, the amendments to the Capital Adequacy Ordinance (the CAO) that incorporate the final Basel III
standards into Swiss law, including the new ordinances containing the implementing provisions for the revised CAO,
entered into force on 1 January 2025.
UBS Group AG is a holding company and conducts substantially all of its operations through UBS AG and
subsidiaries thereof. UBS Group AG and UBS AG contribute a significant portion of their respective capital and
provide substantial liquidity to such subsidiaries. Many of these subsidiaries are subject to local regulations requiring
compliance with minimum capital, liquidity and similar requirements.
›
Refer to the 31 December 2025 Pillar 3 Report, which will be available as of 9 March 2026 under “Pillar 3
disclosures” at
ubs.com/investors
, for more information about additional regulatory disclosures for UBS Group AG
on a consolidated basis, as well as the significant regulated subsidiaries and sub-groups of UBS Group AG
›
Refer to the UBS AG Annual Report 2025, which will be available as of 9 March 2026 under “Quarterly reporting” at
ubs.com/investors
, for more information about capital and other regulatory information for UBS AG consolidated, in
accordance with the Basel III framework, as applicable to Swiss SRBs
We are subject to the going and gone concern requirements of the Swiss CAO, which include additional
requirements applicable to Swiss SRBs. The table below provides the risk-weighted asset (RWA)- and leverage ratio
denominator (LRD)-based requirements and information 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 of 20 basis points in the RWA-
based going concern capital requirement as of 31 December 2025.
UBS Group fourth quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 37
Swiss SRB going and gone concern requirements and information
As of 31.12.25
RWA
LRD
USD m, except where indicated
in %
in %
Required going concern capital
Total going concern capital
1
1
Common equity tier 1 capital
2
3
of which: minimum capital
of which: buffer capital
of which: countercyclical buffer
Maximum additional tier 1 capital
2
of which: additional tier 1 capital
of which: additional tier 1 buffer capital
Eligible going concern capital
Total going concern capital
Common equity tier 1 capital
Total loss-absorbing additional tier 1 capital
of which: high-trigger loss-absorbing additional tier 1 capital
Required gone concern capital
Total gone concern loss-absorbing capacity
4,5,6
7
7
of which: base requirement including add-ons for market share and LRD
Eligible gone concern capital
Total gone concern loss-absorbing capacity
Total tier 2 capital
8
of which: non-Basel III-compliant tier 2 capital
TLAC-eligible senior unsecured debt
Total loss-absorbing capacity
Required total loss-absorbing capacity
Eligible total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
1 Includes applicable add-ons of 1.64% for risk-weighted assets (RWA) and 0.50% for leverage ratio denominator (LRD), of which 20 basis points for RWA reflect a Pillar 2 capital add-on for the residual exposure
(after collateral mitigation) to hedge funds, private equity and family offices, effective 1 January 2025. 2 Includes the Pillar 2 add-on for the residual exposure (after collateral mitigation) to hedge funds, private
equity and family offices of 0.14% for CET1 capital and 0.06% for AT1 capital, effective 1 January 2025. For AT1 capital, under Pillar 1 requirements a maximum of 4.3% of AT1 capital can be used to meet going
concern requirements; 4.36% includes the aforementioned Pillar 2 capital add-on. 3 Our CET1 leverage ratio requirement of 3.50% consists of a 1.5% base requirement, a 1.5% base buffer capital requirement,
a 0.25% LRD add-on requirement and a 0.25% market share add-on requirement based on our Swiss credit business. 4 A maximum of 25% of the gone concern requirements can be met with instruments that have
a remaining maturity of between one and two years. Once at least 75% of the minimum gone concern requirement has been met with instruments that have a remaining maturity of greater than two years, all
instruments that have a remaining maturity of between one and two years remain eligible to be included in the total gone concern capital. 5 From 1 January 2023, the resolvability discount on the gone concern
capital requirements for systemically important banks (SIBs) has been replaced with reduced base gone concern capital requirements equivalent to 75% of the total going concern requirements (excluding countercyclical
buffer requirements and the Pillar 2 add-on). 6 As of July 2024, the Swiss Financial Market Supervisory Authority (FINMA) has the authority to impose a surcharge of up to 25% of the total going concern capital
requirements (excluding countercyclical buffer requirements and the Pillar 2 add-on) should obstacles to an SIB’s resolvability be identified in future resolvability assessments. 7 Includes applicable add-ons of 1.08%
for RWA and 0.38% for LRD. 8 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.
Additional capital requirements for UBS Group AG consolidated under current requirements
As a result of the acquisition of the Credit Suisse Group in 2023, the capital add-ons applicable to SRBs based on
market share and LRD for UBS Group AG consolidated will increase commensurate with the Group’s increased
market share and higher LRD after the acquisition. Based on the existing regulations, we currently estimate that
this will add around USD 6bn to the Group’s tier 1 capital requirement, when fully phased in. The phase-in of the
increased capital requirements commenced on 1 January 2026, with phase-in add-ons to RWA-based requirements
of 0.86% for increased market share and 0.79% for higher LRD and add-ons to LRD-based requirements of 0.30%
for increased market share and 0.28% for higher LRD. The phase-in will be completed by the beginning of 2030.
UBS Group fourth quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 38
Total loss-absorbing capacity
The table below provides Swiss SRB going and gone concern information based on the Swiss SRB framework and
requirements that are discussed under “Capital management” in the “Capital, liquidity and funding, and balance
sheet” section of the UBS Group Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
.
Changes to the Swiss SRB framework and requirements after the publication of our Annual Report 2024 are
described above.
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 senior unsecured debt
Total loss-absorbing capacity
Total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
of which: common equity tier 1 capital ratio
Gone concern loss-absorbing capacity ratio
Total loss-absorbing capacity ratio
Leverage ratios (%)
Going concern leverage ratio
of which: common equity tier 1 leverage ratio
Gone concern leverage ratio
Total loss-absorbing capacity leverage ratio
1 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.
Total loss-absorbing capacity and movement
Our TLAC decreased by USD 12.0bn to USD 187.3bn in the fourth quarter of 2025.
Going concern capital and movement
Our going concern capital decreased by USD 3.8bn to USD 91.2bn. Our common equity tier 1 (CET1) capital
decreased by USD 3.4bn to USD 71.3bn, mainly reflecting operating profit before tax of USD 1.7bn, which was
more than offset by the recognition of a new USD 3.0bn capital reserve for expected future share repurchases in
2026, dividend accruals of USD 1.1bn, a negative USD 0.3bn impact from compensation- and own-share-related
capital components, a USD 0.3bn decrease in eligible deferred tax assets on temporary differences, and current tax
expenses of USD 0.3bn.
Share repurchases of USD 0.9bn made under our 2025 share repurchase program in the fourth quarter of 2025 did
not affect our CET1 capital position, as there was an equal reduction in the capital reserve for expected future share
repurchases in 2025. The remaining capital reserve for expected future share repurchases in 2025 was fully utilized
in the fourth quarter of 2025 with the completion of our 2025 share repurchase program on 20 November 2025.
›
Refer to the “Share information and earnings per share” section of this report for more information about our
share repurchase programs
UBS Group fourth quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 39
Our loss-absorbing additional tier 1 (AT1) capital decreased by USD 0.4bn to USD 19.9bn, mainly reflecting the call
of one AT1 capital instrument equivalent to USD 0.4bn.
Following the approval of a maximum amount of conversion capital by UBS Group AG’s shareholders at the 2024
Annual General Meeting, AT1 capital instruments issued from the beginning of the fourth quarter of 2023 are,
upon the occurrence of a trigger event or a viability event, subject to conversion into UBS Group AG ordinary shares
rather than a write-down. AT1 capital instruments issued prior to the fourth quarter of 2023 remain subject to a
write-down.
Gone concern loss-absorbing capacity and movement
Our total gone concern loss-absorbing capacity decreased by USD 8.2bn to USD 96.1bn and largely reflected
USD 96.1bn of TLAC-eligible senior unsecured debt instruments. The decrease of USD 8.2bn mainly reflected
USD 5.8bn of TLAC-eligible senior unsecured debt instruments that we repurchased in November 2025 under
tender offers and the redemption of TLAC-eligible senior unsecured debt instruments for the equivalent of
USD 5.5bn. These decreases were partly offset by new issuances of TLAC-eligible senior unsecured debt instruments
totaling the equivalent of USD 3.3bn.
›
Refer to “Other developments” in the “Recent developments” section of this report for more information about the
repurchase of legacy Credit Suisse debt
›
Refer to “Bondholder information” at
for more information about the eligibility of capital and
senior unsecured debt instruments and about key features and terms and conditions of capital instruments
Loss-absorbing capacity and leverage ratios
Our CET1 capital ratio decreased to 14.4% from 14.8%, reflecting the aforementioned USD 3.4bn decrease in
CET1 capital, partly offset by an USD 11.5bn decrease in the RWA.
›
Refer to “Risk-weighted assets” in this section for more information about RWA movements
Our CET1 leverage ratio decreased to 4.4% from 4.6%, reflecting the aforementioned USD 3.4bn decrease in CET1
capital, partly offset by an USD 18.0bn decrease in the LRD.
›
Refer to “Leverage ratio denominator” in this section for more information about LRD movements
Our going concern capital ratio decreased to 18.5% from 18.8%, reflecting a USD 3.8bn decrease in going concern
capital, partly offset by the aforementioned decrease in the RWA.
Our going concern leverage ratio decreased to 5.6% from 5.8%, reflecting a USD 3.8bn decrease in going concern
capital, partly offset by the aforementioned decrease in the LRD.
Our gone concern loss-absorbing capacity ratio decreased to 19.5% from 20.7%, reflecting an USD 8.2bn decrease
in gone concern loss-absorbing capacity, partly offset by the aforementioned decrease in the RWA.
Our gone concern leverage ratio decreased to 5.9% from 6.4%, reflecting an USD 8.2bn decrease in gone concern
loss-absorbing capacity, partly offset by the aforementioned decrease in the LRD.
UBS Group fourth quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 40
Swiss SRB total loss-absorbing capacity movement
USD m
Going concern capital
Swiss SRB
Common equity tier 1 capital as of 30.9.25
Operating profit / (loss) before tax
Current tax (expense) / benefit
Foreign currency translation effects, before tax
Share repurchase program
Capital reserve for expected future share repurchases in 2025
Capital reserve for expected future share repurchases in 2026
Accruals for expected dividends to shareholders for 2025
Compensation- and own-share-related capital components
Eligible deferred tax assets on temporary differences (including excess over threshold)
Other
Common equity tier 1 capital as of 31.12.25
Loss-absorbing additional tier 1 capital as of 30.9.25
Call of high-trigger loss-absorbing additional tier 1 capital
Interest rate risk hedge, foreign currency translation and other effects
Loss-absorbing additional tier 1 capital as of 31.12.25
Total going concern capital as of 30.9.25
Total going concern capital as of 31.12.25
Gone concern loss-absorbing capacity
Tier 2 capital as of 30.9.25
Interest rate risk hedge, foreign currency translation and other effects
Tier 2 capital as of 31.12.25
TLAC-eligible unsecured debt as of 30.9.25
Issuance of TLAC-eligible senior unsecured debt
Call of TLAC-eligible senior unsecured debt
1
Instruments repurchased under the tender offers
Interest rate risk hedge, foreign currency translation and other effects
TLAC-eligible unsecured debt as of 31.12.25
Total gone concern loss-absorbing capacity as of 30.9.25
Total gone concern loss-absorbing capacity as of 31.12.25
Total loss-absorbing capacity
Total loss-absorbing capacity as of 30.9.25
Total loss-absorbing capacity as of 31.12.25
1 Includes one debt instrument (ISIN US902613AU26) that ceased to be eligible as gone concern capital when we issued a notice of redemption of the instrument in the fourth quarter of 2025.
UBS Group fourth quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 41
Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital
USD m
31.12.25
30.9.25
31.12.24
Total equity under IFRS Accounting Standards
Equity attributable to non-controlling interests
Defined benefit plans, net of tax
Deferred tax assets recognized for tax loss carry-forwards
Deferred tax assets for unused tax credits
Deferred tax assets on temporary differences, excess over threshold
Goodwill, net of tax
1
Intangible assets, net of tax
Compensation-related components (not recognized in net profit)
Expected losses on advanced internal ratings-based portfolio less provisions
Unrealized (gains) / losses from cash flow hedges, net of tax
Own credit related to (gains) / losses on financial liabilities measured at fair value that existed at the balance sheet
date, net of tax
Own credit related to (gains) / losses on derivative financial instruments that existed at the balance sheet date
Prudential valuation adjustments
Accruals for dividends to shareholders for 2024
Accruals for expected dividends to shareholders for 2025
Capital reserve for expected future share repurchases in 2025
Capital reserve for expected future share repurchases in 2026
Other
Total common equity tier 1 capital
1 Includes goodwill related to significant investments in financial institutions of USD 34m as of 31 December 2025 (USD 34m as of 30 September 2025, USD 19m as of 31 December 2024) presented on the balance
sheet line Investments in associates.
CET1 capital ratio for UBS AG standalone
On a standalone basis as of 31 December 2025, UBS AG’s fully applied CET1 capital ratio is expected to be around
14.2%. Additional capital information and final capital figures for UBS AG standalone will be published with our
31 December 2025 Pillar 3 report, which will be available as of 9 March 2026 under “Pillar 3 disclosures” at
ubs.com/investors
.
Additional information
Sensitivity to currency movements
Risk-weighted assets
We estimate that a 10% depreciation of the US dollar against other currencies would have increased our RWA by
USD 23bn and our CET1 capital by USD 2.7bn as of 31 December 2025 (30 September 2025: USD 24bn and
USD 2.7bn, respectively) and decreased our CET1 capital ratio by 13 basis points (30 September 2025: 16 basis
points). Conversely, a 10% appreciation of the US dollar against other currencies would have decreased our RWA
by USD 21bn and our CET1 capital by USD 2.4bn (30 September 2025: USD 21bn and USD 2.4bn, respectively)
and increased our CET1 capital ratio by 13 basis points (30 September 2025: 16 basis points).
Leverage ratio denominator
We estimate that a 10% depreciation of the US dollar against other currencies would have increased our LRD by
USD 109bn as of 31 December 2025 (30 September 2025: USD 108bn) and decreased our CET1 leverage ratio by
12 basis points (30 September 2025: 13 basis points). Conversely, a 10% appreciation of the US dollar against other
currencies would have decreased our LRD by USD 98bn (30 September 2025: USD 98bn) and increased our CET1
leverage ratio by 12 basis points (30 September 2025: 13 basis points).
The aforementioned sensitivities do not consider foreign currency translation effects related to defined benefit plans
other than those related to the currency translation of the net equity of foreign operations.
›
Refer to “Active management of sensitivity to foreign exchange movements” under “Capital management” in the
“Capital, liquidity and funding, and balance sheet” section of the UBS Group Annual Report 2024, available under
“Annual reporting” at
ubs.com/investors
, for more information
UBS Group fourth quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 42
Risk-weighted assets
During the fourth quarter of 2025, RWA decreased by USD 11.5bn to USD 493.4bn, driven by a USD 10.8bn
decrease resulting from asset size and other movements and a USD 1.3bn decrease driven by model updates and
methodology changes, partly offset by a USD 0.6bn increase from currency effects.
Movement in risk-weighted assets, by key driver
USD bn
RWA as of
30.9.25
Currency
effects
Model updates
and methodology
changes
Asset size and
other
1
RWA as of
31.12.25
Credit and counterparty credit risk
2
Non-counterparty-related risk
3
Market risk
Operational risk
Total
1 Includes the Pillar 3 categories “Asset size”, “Credit quality of counterparties”, “Acquisitions and disposals” and “Other”. For more information, refer to the 31 December 2025 Pillar 3 Report, which will be
available as of 9 March 2026 under “Pillar 3 disclosures” at ubs.com/investors. 2 Includes settlement risk, credit valuation adjustments, equity and investments in funds exposures in the banking book, and
securitization exposures in the banking book. 3 Non-counterparty-related risk includes deferred tax assets arising from temporary differences, property, equipment, software and other items.
Credit and counterparty credit risk
Credit and counterparty credit risk RWA decreased by USD 5.2bn to USD 299.9bn as of 31 December 2025, driven
by a USD 4.5bn decrease resulting from asset size and other movements and a USD 1.3bn decrease due to model
updates and methodology changes, partly offset by a USD 0.6bn increase from currency effects.
Asset size and other movements by business division and Group Items
–
Investment Bank RWA decreased by USD 2.7bn, mainly due to lower RWA on derivatives and securities financing
transactions, reflecting risk mitigation, roll-offs and market-driven movements.
–
Non-core and Legacy RWA decreased by USD 1.0bn, primarily driven by our actions to actively unwind the
portfolio, in addition to the natural roll-off.
–
Global Wealth Management RWA decreased by USD 0.9bn, mainly due to lower RWA on derivatives.
–
Asset Management RWA decreased by USD 0.1bn.
–
Personal & Corporate Banking RWA decreased by USD 0.1bn.
–
Group Items RWA increased by USD 0.3bn.
Model updates and methodology changes resulted in an RWA decrease of USD 1.3bn, mainly reflecting lower RWA
on Lombard lending in Global Wealth Management, partly offset by an RWA increase following the migration of
exposures from Credit Suisse models.
›
Refer to the 31 December 2025 Pillar 3 Report, which will be available as of 9 March 2026 under “Pillar 3
disclosures” at
ubs.com/investors
, for more information
›
Refer to “Credit risk” in the “Risk management and control” section of this report for more information
Market risk
Market risk RWA decreased by USD 4.5bn to USD 23.8bn in the fourth quarter of 2025, due to asset size and other
movements in the Investment Bank’s Global Markets business and, to a lesser extent, from de-risking within Non-
core and Legacy.
›
Refer to the 31 December 2025 Pillar 3 Report, which will be available as of 9 March 2026 under “Pillar 3
disclosures” at
ubs.com/investors
, for more information
›
Refer to “Market risk” in the “Risk management and control” section of this report for more information
UBS Group fourth quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 43
Operational risk
Operational risk RWA decreased by USD 1.0bn to USD 135.4bn. Operational risk RWA as of 31 December 2025 is
based on the business indicator component, which is derived from average financial statement metrics between
2023 and 2025, and the internal loss multiplier, which is derived from average operational losses between 2016
and 2025.
›
Refer to “Non-financial risk” in the “Risk management and control” section of the UBS Group Annual Report 2025,
which will be available as of 9 March 2026 under “Annual reporting” at
ubs.com/investors
, for more information
about the standardized approach used to measure Group operational risk exposure and calculate operational risk
regulatory capital
›
Refer to the 31 December 2025 Pillar 3 Report, which will be available as of 9 March 2026 under “Pillar 3
disclosures” at
ubs.com/investors
, for more information
›
Refer to “Provisions and contingent liabilities” in the “Consolidated financial information” section of this report for
more information
Outlook
We expect model updates and methodology changes will increase credit and counterparty credit risk RWA by
around USD 3bn during the first quarter of 2026. The extent and timing of RWA changes may vary as model
updates are completed and receive regulatory approval, along with changes in the composition of the relevant
portfolios.
Risk-weighted assets, by business division and Group Items
USD bn
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Manage-
ment
Investment
Bank
Non-core and
Legacy
Group
Items
Total
RWA
31.12.25
Credit and counterparty credit risk
1
Non-counterparty-related risk
2
Market risk
Operational risk
Total
30.9.25
Credit and counterparty credit risk
1
Non-counterparty-related risk
2
Market risk
Operational risk
Total
31.12.25 vs 30.9.25
Credit and counterparty credit risk
1
Non-counterparty-related risk
2
Market risk
Operational risk
Total
1 Includes settlement risk, credit valuation adjustments, equity and investments in funds exposures in the banking book, and securitization exposures in the banking book. 2 Non-counterparty-related risk includes
deferred tax assets arising from temporary differences (31 December 2025: USD 18.1bn; 30 September 2025: USD 18.9bn), as well as property, equipment, software and other items (31 December 2025: USD 16.1bn;
30 September 2025: USD 16.2bn).
UBS Group fourth quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 44
Leverage ratio denominator
During the fourth quarter of 2025, the LRD decreased by USD 18.0bn to USD 1,622.4bn, driven by an USD 18.9bn
decrease from asset size and other movements, partly offset by a USD 0.8bn increase from currency effects.
Movement in leverage ratio denominator, by key driver
USD bn
LRD as of
30.9.25
Currency
effects
Asset size and
other
LRD as of
31.12.25
On-balance sheet exposures (excluding derivatives and securities financing transactions)
Derivative exposures
Securities financing transaction exposures
Off-balance sheet items
Total exposures
The LRD movements described below exclude currency effects.
On-balance sheet exposures (excluding derivatives and securities financing transactions) decreased by USD 1.1bn,
mainly reflecting decreases in cash and balances at central banks in Group Treasury and trading assets in the
Investment Bank, driven by a decrease in inventory held to hedge client positions due to lower levels of client
activity. These decreases were partly offset by increases in lending assets, mainly driven by net new loans in Global
Wealth Management, and high-quality liquid asset portfolio securities in Group Treasury.
Derivative exposures decreased by USD 10.7bn, primarily reflecting roll-offs and higher netting, partly offset by
market-driven movements.
Securities financing transaction exposures decreased by USD 8.4bn, mainly due to roll-offs of cash reinvestment
trades in Group Treasury, partly offset by increases in brokerage receivables mostly resulting from higher levels of
client activity in the Investment Bank.
Off-balance sheet exposures increased by USD 1.4bn, mainly due to increases in commitments.
›
Refer to the “Balance sheet and off-balance sheet” section of this report for more information about balance sheet
movements
Leverage ratio denominator, by business division and Group Items
USD bn
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
31.12.25
On-balance sheet exposures (excluding derivatives and securities
financing transactions)
Derivative exposures
Securities financing transaction exposures
Off-balance sheet items
Total exposures
30.9.25
On-balance sheet exposures (excluding derivatives and securities
financing transactions)
Derivative exposures
Securities financing transaction exposures
Off-balance sheet items
Total exposures
31.12.25 vs 30.9.25
On-balance sheet exposures (excluding derivatives and securities
financing transactions)
Derivative exposures
Securities financing transaction exposures
Off-balance sheet items
Total exposures
UBS Group fourth quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 45
Equity attribution
Under our equity attribution framework, tangible equity is attributed based on equally weighted average RWA and
average LRD, which both include resource allocations from our Group functions to the business divisions. Average
RWA and LRD are converted to CET1 capital equivalents using target capital ratios. If the attributed tangible equity
calculated under the weighted-driver approach is less than the CET1 capital equivalent of risk-based capital (RBC)
for any business division, the CET1 capital equivalent of RBC is used as a floor for that business division. The floor
was applicable for Non-core and Legacy in all of the periods shown below and was applicable for Asset
Management in all such periods except for the fourth quarter and third quarter of 2025.
In addition to tangible equity, we allocate equity to the business divisions to support goodwill and intangible assets.
We also allocate to the business divisions attributed equity related to CET1 capital deduction items that are
attributable to divisional activities, such as compensation-related components or expected losses on the advanced
internal ratings-based portfolio less provisions. We attribute all remaining capital deduction items to Group Items.
These primarily include equity related to deferred tax assets, accruals for shareholder returns, and unrealized
gains / losses from cash flow hedges.
›
Refer to the “Balance sheet and off-balance sheet” section of this report for more information about movements in
equity attributable to shareholders
Average attributed equity
For the quarter ended
As of or for the year ended
USD bn
31.12.25
30.9.25
31.12.24
31.12.25
31.12.24
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
1
Average equity attributed to business divisions and Group Items
1 Includes average attributed equity related to capital deduction items for deferred tax assets, accruals for shareholder returns and unrealized gains / losses from cash flow hedges.
UBS Group fourth quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Liquidity and funding management 46
Liquidity and funding management
Strategy, objectives and governance
This section provides liquidity and funding management information and should be read in conjunction with
“Liquidity and funding management” in the “Capital, liquidity and funding, and balance sheet” section of the UBS
Group Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
, which provides more
information about the Group’s strategy, objectives and governance in connection with liquidity and funding
management.
Liquidity coverage ratio
The quarterly average liquidity coverage ratio (the LCR) of the UBS Group remained broadly unchanged at 182.6%,
remaining above the prudential requirement communicated by the Swiss Financial Market Supervisory Authority
(FINMA).
Average net cash outflows decreased by USD 8.7bn to USD 181.7bn, reflecting higher net inflows from securities
financing transactions and lower net outflows from derivatives. The effect of the decrease in net cash outflows was
offset by a USD 15.0bn decrease in average high-quality liquid assets, mainly reflecting lower cash available, due
to higher lending assets and brokerage receivables, and lower amounts due to banks.
›
Refer to the
31 December 2025 Pillar 3 Report, which will be available as of 9 March 2026 under “Pillar 3
disclosures” at
ubs.com/investors
, for more information about the LCR
Liquidity coverage ratio
USD bn, except where indicated
Average 4Q25
1
Average 3Q25
1
High-quality liquid assets
Net cash outflows
2
Liquidity coverage ratio (%)
3
1 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. 2 Represents the net cash outflows expected over a stress period of 30 calendar
days. 3 Calculated after the application of haircuts and inflow and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows.
Net stable funding ratio
As of 31 December 2025, the net stable funding ratio (the NSFR) of the UBS Group decreased 3.6 percentage points
to 116.1%, remaining above the prudential requirement communicated by FINMA.
Available stable funding decreased by USD 16.7bn to USD 882.0bn, mainly driven by decreases in debt issued
measured at amortized cost and regulatory capital. Required stable funding increased by USD 8.9bn to
USD 759.8bn, mainly reflecting higher lending assets, partly offset by lower derivatives and cash collateral
receivables on derivative instruments.
›
Refer to the 31 December 2025 Pillar 3 Report, which will be available as of 9 March 2026 under “Pillar 3
disclosures” at
ubs.com/investors
, for more information about the NSFR
Net stable funding ratio
USD bn, except where indicated
31.12.25
30.9.25
Available stable funding
Required stable funding
Net stable funding ratio (%)
UBS Group fourth quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Balance sheet and off-balance sheet 47
Balance sheet and off-balance sheet
This section provides balance sheet and off-balance sheet information and should be read in conjunction with
“Balance sheet and off-balance sheet” in the “Capital, liquidity and funding, and balance sheet” section of the
UBS Group Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
, which provides more
information about the balance sheet and off-balance sheet positions.
Balances disclosed in this report represent quarter-end positions, unless indicated otherwise. Intra-quarter balances
fluctuate in the ordinary course of business and may differ from quarter-end positions.
Balance sheet assets (31 December 2025 vs 30 September 2025)
Total assets were USD 1,617.4bn as of 31 December 2025, a decrease of USD 14.9bn compared with 30 September
2025.
Securities financing transactions at amortized cost decreased by USD 11.6bn, mainly reflecting roll-offs of cash
reinvestment trades in Group Treasury. Cash and balances at central banks decreased by USD 8.8bn, mainly due to
outflows from the repurchase and net redemptions of long-term debt issued measured at amortized cost, higher
lending activities and purchases of high-quality liquid asset (HQLA) portfolio securities, partly offset by inflows from
net roll-offs of securities financing transactions measured at amortized cost and issuances of commercial paper and
certificates of deposit. Derivatives and cash collateral receivables on derivative instruments decreased by USD 8.4bn,
mainly in the Investment Bank, primarily reflecting roll-offs, partly offset by market-driven movements. Trading
assets decreased by USD 3.8bn, mainly in the Investment Bank, driven by a decrease in inventory held to hedge
client positions due to lower levels of client activity.
These decreases were partly offset by a USD 7.6bn increase in Lending assets, primarily in Global Wealth
Management, mainly driven by net new loans. Other financial assets measured at fair value increased by USD 5.8bn,
mainly reflecting purchases of HQLA portfolio securities. Brokerage receivables increased by USD 5.0bn,
predominantly in Financing in the Investment Bank, mostly resulting from higher levels of client activity.
Assets
As of
% change from
USD bn
31.12.25
30.9.25
30.9.25
Cash and balances at central banks
Lending
1
Securities financing transactions at amortized cost
Trading assets
Derivatives and cash collateral receivables on derivative instruments
Brokerage receivables
Other financial assets measured at amortized cost
Other financial assets measured at fair value
2
Non-financial assets
Total assets
1 Consists of Loans and advances to customers and Amounts due from banks. 2 Consists of Financial assets at fair value not held for trading and Financial assets measured at fair value through other comprehensive
income.
Balance sheet liabilities (31 December 2025 vs 30 September 2025)
Total liabilities were USD 1,526.9bn as of 31 December 2025, a decrease of USD 15.1bn compared with
30 September 2025.
Debt issued designated at fair value and long-term debt issued measured at amortized cost decreased by
USD 9.0bn, mainly due to the repurchase of legacy Credit Suisse debt and net redemptions. Derivatives and cash
collateral payables on derivative instruments decreased by USD 7.0bn, predominantly in the Investment Bank,
reflecting the same drivers as on the asset side.
These decreases were partly offset by a USD 5.3bn increase in Customer deposits, mainly due to net new deposit
inflows in Personal & Corporate Banking and Global Wealth Management.
›
Refer to “Bondholder information” at
for more information about capital and senior debt
instruments
›
Refer to the “Consolidated financial information” section of this report for more information
UBS Group fourth quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Balance sheet and off-balance sheet 48
Liabilities and equity
As of
% change from
USD bn
31.12.25
30.9.25
30.9.25
Short-term borrowings
1,2
Securities financing transactions at amortized cost
Customer deposits
Debt issued designated at fair value and long-term debt issued measured at amortized cost
2
Trading liabilities
Derivatives and cash collateral payables on derivative instruments
Brokerage payables
Other financial liabilities measured at amortized cost
Other financial liabilities designated at fair value
Non-financial liabilities
Total liabilities
Share capital
Share premium
Treasury shares
Retained earnings
Other comprehensive income
3
Total equity attributable to shareholders
Equity attributable to non-controlling interests
Total equity
Total liabilities and equity
1 Consists of short-term debt issued measured at amortized cost and amounts due to banks, which includes amounts due to central banks. 2 The classification of debt issued measured at amortized cost into short-
term and long-term is based on original contractual maturity and therefore long-term debt also includes debt with a remaining time to maturity of less than one year. This classification does not consider any early
redemption features. 3 Excludes other comprehensive income related to defined benefit plans and own credit, which is recorded directly in Retained earnings.
Equity (31 December 2025 vs 30 September 2025)
Equity attributable to shareholders increased by USD 314m to USD 90,213m as of 31 December 2025.
The net increase of USD 314m was mainly driven by positive total comprehensive income attributable to
shareholders of USD 1,275m, reflecting a net profit of USD 1,199m and other comprehensive income (OCI) of
USD 76m. OCI mainly included OCI related to foreign currency translation of USD 144m and negative OCI related
to own credit on financial liabilities designated at fair value of USD 87m. In addition, there was an increase in share
premium, due to deferred share-based compensation awards of USD 186m, which were expensed in the income
statement, and a tax benefit of USD 122m.
These increases were partly offset by net treasury share activity that reduced equity by USD 1,269m, predominantly
due to repurchases of USD 904m of shares under our 2025 share repurchase program and the purchasing of
USD 421m of shares in relation to employee share-based compensation plans.
›
Refer to the “Group performance” and “Consolidated financial information” sections of this report for more
information
›
Refer to “Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital” in
the “Capital management” section of this report for more information about the effects of OCI on common equity
tier 1 capital
›
Refer to the “Share information and earnings per share” section of this report for more information about our
share repurchase programs
UBS Group fourth quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Balance sheet and off-balance sheet 49
Off-balance sheet (31 December 2025 vs 30 September 2025)
Committed unconditionally revocable credit lines decreased by USD 16.6bn, mainly driven by decreases in facilities
provided to clients in Personal & Corporate Banking and Global Wealth Management. Forward starting reverse
repurchase and securities borrowing agreements decreased by USD 7.8bn, reflecting a decrease in levels of business
division activity in short-dated securities financing transactions.
Off-balance sheet
As of
% change from
USD bn
31.12.25
30.9.25
30.9.25
Guarantees
1,2
Irrevocable loan commitments
1
Committed unconditionally revocable credit lines
Forward starting reverse repurchase and securities borrowing agreements
1 Guarantees and irrevocable loan commitments are shown net of sub-participations. 2 Includes guarantees measured at fair value through profit or loss.
Share information and earnings per share
UBS Group AG shares are listed on the SIX Swiss Exchange (SIX). They are also listed on the New York Stock
Exchange (the NYSE) as global registered shares. Each share has a nominal value of USD 0.10. Shares issued were
unchanged in the fourth quarter of 2025 compared with the third quarter of 2025.
We held 250 million shares as of 31 December 2025, of which 116 million shares had been acquired under our
2024 and 2025 share repurchase programs for cancellation purposes. The remaining 134 million shares are primarily
held to hedge our share delivery obligations related to employee share-based compensation and participation plans.
Treasury shares held increased by 32 million shares in the fourth quarter of 2025. This largely reflected repurchases
of 23.2 million shares under our 2025 program and the purchasing of 11.3 million shares in relation to employee
share-based compensation plans.
Shares acquired under our 2025 program totaled 53 million as of 31 December 2025 for a total acquisition cost of
USD 2,000m (CHF 1,602m). This program was completed on 20 November 2025, and the 53 million shares
repurchased under this program will be canceled by means of a capital reduction, subject to approval by the
shareholders at a future Annual General Meeting (AGM).
Shares acquired under our 2024 program totaled 64 million as of 31 December 2025 for a total acquisition cost of
USD 2,000m (CHF 1,739m). This program was completed on 23 May 2025, and the 64 million shares repurchased
under this program will be canceled by means of a capital reduction, subject to approval by the shareholders at a
future AGM.
We intend to repurchase USD 3bn of shares in 2026 with the aim to do more. The amount of additional repurchases
is subject to further clarity around the future regulatory regime in Switzerland, our financial performance and
maintaining a common equity tier 1 capital ratio of around 14%. Beyond 2026, we intend to continue to pursue
share repurchases that will be calibrated based on our financial results, our capital ratio and the final outcome and
timing of the implementation of the new regulatory regime in Switzerland.
›
Refer to the “Equity, CET1 capital and returns” table in the “Group performance” section of this report for more
information about equity attributable to shareholders and tangible equity attributable to shareholders
UBS Group fourth quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Share information and earnings per share 50
Share information and earnings per share
As of or for the quarter ended
As of or for the year ended
31.12.25
30.9.25
31.12.24
31.12.25
31.12.24
Basic and diluted earnings (USD m)
Net profit / (loss) attributable to shareholders for basic EPS
less: (profit) / loss on own equity derivative contracts
Net profit / (loss) attributable to shareholders for diluted EPS
.
Weighted average shares outstanding
Weighted average shares outstanding for basic EPS
1
Effect of dilutive potential shares resulting from notional employee shares, in-the-money
options and warrants outstanding
2
Weighted average shares outstanding for diluted EPS
.
Earnings per share (USD)
Basic
Diluted
.
Shares outstanding and potentially dilutive instruments
Shares issued
Treasury shares
3
of which: related to the 2022 share repurchase program
of which: related to the 2024 share repurchase program
of which: related to the 2025 share repurchase program
Shares outstanding
Potentially dilutive instruments
4
.
Other key figures
Total book value per share (USD)
Tangible book value per share (USD)
Share price (USD)
5
Market capitalization (USD m)
6
1 The weighted average shares outstanding for basic earnings per share (EPS) are calculated by taking the number of shares at the beginning of the period, adjusted by the number of shares acquired or issued during
the period, multiplied by a time-weighted factor for the period outstanding. As a result, balances are affected by the timing of acquisitions and issuances during the period. 2 The weighted average number of shares
for notional employee awards with performance conditions reflects all potentially dilutive shares that are expected to vest under the terms of the awards. 3 Based on a settlement date view. 4 Reflects potential
shares that could dilute basic EPS in the future but were not dilutive for any of the periods presented. Mainly includes equity-based awards subject to absolute and relative performance conditions and equity derivative
contracts. 5 Represents the share price as listed on the SIX Swiss Exchange, translated to US dollars using the closing exchange rate as of the respective date. 6 The calculation of market capitalization reflects
total shares issued multiplied by the share price at the end of the period.
Ticker symbols UBS Group AG
Security identification codes
Trading exchange
SIX / NYSE
Bloomberg
Reuters
ISIN
CH0244767585
SIX Swiss Exchange
UBSG
UBSG SW
UBSG.S
Valoren
24 476 758
New York Stock Exchange
UBS
UBS UN
UBS.N
CUSIP
CINS H42097 10 7
UBS Group fourth quarter 2025 report |
Consolidated financial information 51
Consolidated financial
information
Unaudited
Information in this section is presented for UBS Group AG and its subsidiaries (together, the Group) on a
consolidated basis unless otherwise specified and is presented in US dollars. In preparing this financial information,
the same accounting policies and methods of computation have been applied as in the UBS Group consolidated
annual Financial Statements for the period ended 31 December 2024. The financial information presented is
unaudited and does not constitute an interim financial report prepared in accordance with IAS 34, Interim Financial
Reporting. The UBS Group Annual Report 2025, which will be published on 9 March 2026, will incorporate the full
financial statements prepared in accordance with IFRS Accounting Standards for the 2025 financial year.
UBS Group fourth quarter 2025 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 52
UBS Group AG interim consolidated financial
information (unaudited)
Income statement
For the quarter ended
For the year ended
USD m
31.12.25
30.9.25
31.12.24
31.12.25
31.12.24
Interest income from financial instruments measured at amortized cost and fair value through
other comprehensive income
Interest expense from financial instruments measured at amortized cost
Net interest income from financial instruments measured at fair value through profit or loss and other
Net interest income
Other net income from financial instruments measured at fair value through profit or loss
Fee and commission income
Fee and commission expense
Net fee and commission income
Other income
Total revenues
Credit loss expense / (release)
Personnel expenses
General and administrative expenses
Depreciation, amortization and impairment of non-financial assets
Operating expenses
Operating profit / (loss) before tax
Tax expense / (benefit)
Net profit / (loss)
Net profit / (loss) attributable to non-controlling interests
Net profit / (loss) attributable to shareholders
Earnings per share (USD)
Basic
Diluted
UBS Group fourth quarter 2025 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 53
Statement of comprehensive income
For the quarter ended
For the year ended
USD m
31.12.25
30.9.25
31.12.24
31.12.25
31.12.24
Comprehensive income attributable to shareholders
Net profit / (loss)
Other comprehensive income that may be reclassified to the income statement
Foreign currency translation
Foreign currency translation movements related to net assets of foreign operations, before tax
1
Effective portion of changes in fair value of hedging instruments designated as net investment hedges, before tax
Foreign currency translation differences on foreign operations reclassified to the income statement
Effective portion of changes in fair value of hedging instruments designated as net investment hedges reclassified to
the income statement
Income tax relating to foreign currency translations, including the effect of net investment hedges
Subtotal foreign currency translation, net of tax
Financial assets measured at fair value through other comprehensive income
Net unrealized gains / (losses), before tax
Net realized (gains) / losses reclassified to the income statement from equity
Income tax relating to net unrealized gains / (losses)
Subtotal financial assets measured at fair value through other comprehensive income, net of tax
Cash flow hedges of interest rate risk
Effective portion of changes in fair value of derivative instruments designated as cash flow hedges, before tax
Net (gains) / losses reclassified to the income statement from equity
Income tax relating to cash flow hedges
Subtotal cash flow hedges, net of tax
Cost of hedging
Cost of hedging, before tax
Income tax relating to cost of hedging
Subtotal cost of hedging, net of tax
Total other comprehensive income that may be reclassified to the income statement, net of tax
Other comprehensive income that will not be reclassified to the income statement
Defined benefit plans
Gains / (losses) on defined benefit plans, before tax
Income tax relating to defined benefit plans
Subtotal defined benefit plans, net of tax
Own credit on financial liabilities designated at fair value
Gains / (losses) from own credit on financial liabilities designated at fair value, before tax
Income tax relating to own credit on financial liabilities designated at fair value
Subtotal own credit on financial liabilities designated at fair value, net of tax
Total other comprehensive income that will not be reclassified to the income statement, net of tax
Total other comprehensive income
Total comprehensive income attributable to shareholders
Comprehensive income attributable to non-controlling interests
Net profit / (loss)
Total other comprehensive income that will not be reclassified to the income statement, net of tax
Total comprehensive income attributable to non-controlling interests
Total comprehensive income
Net profit / (loss)
Other comprehensive income
of which: other comprehensive income that may be reclassified to the income statement
of which: other comprehensive income that will not be reclassified to the income statement
Total comprehensive income
1 Includes foreign currency translation differences as incurred by UBS’s associates where UBS has recorded its share in these differences. The quarter and year ended 31 December 2025 include a USD 93m gain from
UBS’s share of a reclassification of foreign currency translation differences to the income statement as recorded by an associate of UBS.
UBS Group fourth quarter 2025 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 54
Balance sheet
USD m
31.12.25
30.9.25
31.12.24
Assets
Cash and balances at central banks
Amounts due from banks
Receivables from securities financing transactions measured at amortized cost
Cash collateral receivables on derivative instruments
Loans and advances to customers
Other financial assets measured at amortized cost
Total financial assets measured at amortized cost
Financial assets at fair value held for trading
Derivative financial instruments
Brokerage receivables
Financial assets at fair value not held for trading
Total financial assets measured at fair value through profit or loss
Financial assets measured at fair value through other comprehensive income
Investments in associates
Property, equipment and software
Goodwill and intangible assets
Deferred tax assets
Other non-financial assets
Total assets
Liabilities
Amounts due to banks
Payables from securities financing transactions measured at amortized cost
Cash collateral payables on derivative instruments
Customer deposits
Debt issued measured at amortized cost
Other financial liabilities measured at amortized cost
Total financial liabilities measured at amortized cost
Financial liabilities at fair value held for trading
Derivative financial instruments
Brokerage payables designated at fair value
Debt issued designated at fair value
Other financial liabilities designated at fair value
Total financial liabilities measured at fair value through profit or loss
Provisions and contingent liabilities
Other non-financial liabilities
Total liabilities
Equity
Share capital
Share premium
Treasury shares
Retained earnings
Other comprehensive income recognized directly in equity, net of tax
Equity attributable to shareholders
Equity attributable to non-controlling interests
Total equity
Total liabilities and equity
UBS Group fourth quarter 2025 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 55
Provisions and contingent liabilities
a) Provisions and contingent liabilities
The table below presents an overview of total provisions and contingent liabilities.
Overview of total provisions and contingent liabilities
USD m
31.12.25
30.9.25
31.12.24
Provisions related to expected credit losses (IFRS 9,
Financial Instruments
)
Provisions related to Credit Suisse loan commitments (IFRS 3,
Business Combinations
)
Provisions related to litigation, regulatory and similar matters (IAS 37,
Provisions, Contingent Liabilities and Contingent Assets
)
Acquisition-related contingent liabilities resulting from litigation, regulatory and similar matters (IFRS 3,
Business Combinations
)
Restructuring, real-estate and other provisions (IAS 37,
Provisions, Contingent Liabilities and Contingent Assets
)
Total provisions and contingent liabilities
The table below presents additional information for provisions under IAS 37,
Provisions, Contingent Liabilities and
Contingent Assets
.
Additional information for provisions under IAS 37,
Provisions, Contingent Liabilities and Contingent Assets
USD m
Litigation,
regulatory and
similar matters
1
Restructuring
2
Real estate
3
Other
4
Total
Balance as of 31 December 2024
Balance as of 30 September 2025
Increase in provisions recognized in the income statement
Release of provisions recognized in the income statement
Provisions used in conformity with designated purpose
5
Reclassifications
6
Foreign currency translation and other movements
Balance as of 31 December 2025
1 Consists of provisions for losses resulting from legal, liability and compliance risks. 2 Includes USD 493m of personnel-related restructuring provisions as of 31 December 2025 (30 September 2025: USD 469m;
31 December 2024: USD 334m), USD 270m of provisions for onerous contracts related to real estate as of 31 December 2025 (30 September 2025: USD 280m; 31 December 2024: USD 383m) and USD 128m of
restructuring provisions for onerous contracts related to technology as of 31 December 2025 (30 September 2025: USD 88m; 31 December 2024: USD 96m). 3 Mainly includes provisions for reinstatement costs
with respect to leased properties. 4 Mainly includes provisions in relation to employee benefits, VAT, onerous contracts related to technology, and operational risks. 5 Primarily includes provisions used regarding
the settlement of the legacy matter related to UBS’s cross-border business activities in France as described in item 1 of section b) of this disclosure. 6 Includes reclassifications between IFRS 3 contingent liabilities
and IAS 37 provisions.
Information about provisions and contingent liabilities with respect to litigation, regulatory and similar matters, as
a class, is included in part b). There are no material contingent liabilities associated with the other classes of
provisions.
UBS Group fourth quarter 2025 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 56
Provisions and contingent liabilities (continued)
b) Litigation, regulatory and similar matters
The Group operates in a legal and regulatory environment that exposes it to significant litigation and similar risks
arising from disputes and regulatory proceedings. As a result, UBS (which for purposes of this disclosure may refer
to UBS Group AG and/or one or more of its subsidiaries, as applicable) is involved in various disputes and legal
proceedings, including litigation, arbitration, and regulatory and criminal investigations.
Such matters are subject to many uncertainties, and the outcome and the timing of resolution are often difficult to
predict, particularly in the earlier stages of a case. There are also situations where the Group may enter into a
settlement agreement. This may occur in order to avoid the expense, management distraction or reputational
implications of continuing to contest liability, even for those matters for which the Group believes it should be
exonerated. The uncertainties inherent in all such matters affect the amount and timing of any potential outflows
for both matters with respect to which provisions have been established and other contingent liabilities. The Group
makes provisions for such matters brought against it when, in the opinion of management after seeking legal
advice, it is more likely than not that the Group has a present legal or constructive obligation as a result of past
events, it is probable that an outflow of resources will be required, and the amount can be reliably estimated. Where
these factors are otherwise satisfied, a provision may be established for claims that have not yet been asserted
against the Group, but are nevertheless expected to be, based on the Group’s experience with similar asserted
claims. If any of those conditions is not met, such matters result in contingent liabilities. If the amount of an
obligation cannot be reliably estimated, a liability exists that is not recognized even if an outflow of resources is
probable. Accordingly, no provision is established even if the potential outflow of resources with respect to such
matters could be significant. Developments relating to a matter that occur after the relevant reporting period, but
prior to the issuance of financial statements, which affect management’s assessment of the provision for such
matter (because, for example, the developments provide evidence of conditions that existed at the end of the
reporting period), are adjusting events after the reporting period under IAS 10 and must be recognized in the
financial statements for the reporting period.
Specific litigation, regulatory and other matters are described below, including all such matters that management
considers to be material and others that management believes to be of significance to the Group due to potential
financial, reputational and other effects. The amount of damages claimed, the size of a transaction or other
information is provided where available and appropriate in order to assist users in considering the magnitude of
potential exposures.
In the case of certain matters below, we state that we have established a provision, and for the other matters, we
make no such statement. When we make this statement and we expect disclosure of the amount of a provision to
prejudice seriously our position with other parties in the matter because it would reveal what UBS believes to be
the probable and reliably estimable outflow, we do not disclose that amount. In some cases we are subject to
confidentiality obligations that preclude such disclosure. With respect to the matters for which we do not state
whether we have established a provision, either: (a) we have not established a provision; or (b) we have established
a provision but expect disclosure of that fact to prejudice seriously our position with other parties in the matter
because it would reveal the fact that UBS believes an outflow of resources to be probable and reliably estimable.
With respect to certain litigation, regulatory and similar matters for which we have established provisions, we are
able to estimate the expected timing of outflows. However, the aggregate amount of the expected outflows for
those matters for which we are able to estimate expected timing is immaterial relative to our current and expected
levels of liquidity over the relevant time periods.
The aggregate amount provisioned for litigation, regulatory and similar matters as a class is disclosed in the
“Provisions” table in part a) above. UBS provides below an estimate of the aggregate liability for its litigation,
regulatory and similar matters as a class of contingent liabilities. Estimates of contingent liabilities are inherently
imprecise and uncertain as these estimates require UBS to make speculative legal assessments as to claims and
proceedings that involve unique fact patterns or novel legal theories, that have not yet been initiated or are at early
stages of adjudication, or as to which alleged damages have not been quantified by the claimants. Taking into
account these uncertainties and the other factors described herein, UBS estimates the future losses that could arise
from litigation, regulatory and similar matters disclosed below for which an estimate is possible, that are not covered
by existing provisions (including acquisition-related contingent liabilities established under IFRS 3 in connection with
the acquisition of Credit Suisse), are in the range of USD 0bn to USD 1.5bn.
UBS Group fourth quarter 2025 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 57
Provisions and contingent liabilities (continued)
Litigation, regulatory and similar matters may also result in non-monetary penalties and consequences. A guilty plea
to, or conviction of, a crime could have material consequences for UBS. Resolution of regulatory proceedings may
require UBS to obtain waivers of regulatory disqualifications to maintain certain operations, may entitle regulatory
authorities to limit, suspend or terminate licenses and regulatory authorizations, and may permit financial market
utilities to limit, suspend or terminate UBS’s participation in such utilities. Failure to obtain such waivers, or any
limitation, suspension or termination of licenses, authorizations or participations, could have material consequences
for UBS.
The amounts shown in the table below reflect the provisions recorded under IFRS Accounting Standards. In
connection with the acquisition of Credit Suisse, UBS Group AG additionally has reflected in its purchase accounting
under IFRS 3 a valuation adjustment reflecting an estimate of outflows relating to contingent liabilities for all present
obligations included in the scope of the acquisition at fair value upon closing, even if it is not probable that the
contingent liability will result in an outflow of resources, significantly decreasing the recognition threshold for
litigation liabilities beyond those that generally apply under IFRS Accounting Standards. The IFRS 3 acquisition-
related contingent liabilities of USD 0.5bn at 31 December 2025 reflect a decrease of USD 0.2bn from
30 September 2025 mainly as a result of reclassifications of provisions under IAS 37.
Provisions for litigation, regulatory and similar matters, by business division and in Group Items
1
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core
and Legacy
Group Items
UBS Group
Balance as of 31 December 2024
Balance as of 30 September 2025
Increase in provisions recognized in the income statement
Release of provisions recognized in the income statement
Provisions used in conformity with designated purpose
Reclassifications
3
Foreign currency translation and other movements
Balance as of 31 December 2025
1 Provisions, if any, for the matters described in items 2 and 9 of this disclosure are recorded in Global Wealth Management. Provisions, if any, for the matters described in items 4, 5, 6, 7, 8, 11 and 12 of this
disclosure are recorded in Non-core and Legacy. Provisions, if any, for the matters described in item 1 of this disclosure are allocated between Global Wealth Management, Personal & Corporate Banking and Non-
core and Legacy. Provisions, if any, for the matters described in item 3 of this disclosure are allocated between the Investment Bank, Non-core and Legacy and Group Items. Provisions, if any, for the matters described
in item 10 of this disclosure are allocated between the Investment Bank and Non-core and Legacy. 2 Primarily includes provisions used regarding the settlement of the legacy matter related to UBS’s cross-border
business activities in France as described in item 1 of this disclosure. 3 Includes reclassifications between IFRS 3 contingent liabilities and IAS 37 provisions.
1. Inquiries regarding cross-border wealth management businesses
Tax and regulatory authorities in a number of countries have made inquiries, served requests for information or
examined employees located in their respective jurisdictions relating to the cross-border wealth management
services provided by UBS, Credit Suisse and other financial institutions, including Credit Suisse offices in the
Netherlands and Belgium.
In proceedings in France, UBS AG was found guilty in lower courts of unlawful solicitation of clients on French
territory and aggravated laundering of the proceeds of tax fraud in the period between 2004 and 2012. On appeal,
the French Supreme Court, in November 2023, upheld the lower court’s decision regarding unlawful solicitation
and aggravated laundering of the proceeds of tax fraud, but overturned the awards of penalties, confiscation and
civil damages by the lower court, aggregating EUR 1.8bn, and remanded the case to the Court of Appeal for a
retrial regarding these overturned elements. In September 2025, UBS AG resolved the case and subsequently paid
a fine of EUR 730m and EUR 105m in civil damages to the French State.
UBS Group fourth quarter 2025 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 58
Provisions and contingent liabilities (continued)
In May 2014, Credit Suisse AG entered into settlement agreements with the SEC, the Federal Reserve and the New
York Department of Financial Services and agreed with the US Department of Justice (the DOJ) to plead guilty to
conspiring to aid and assist US taxpayers in filing false tax returns (the 2014 Plea Agreement). Credit Suisse
continued to report to and cooperate with US authorities in accordance with its obligations under the 2014 Plea
Agreement, including by conducting a review of cross-border services provided by Credit Suisse. In this connection,
Credit Suisse provided information to US authorities regarding potentially undeclared US assets held by clients at
Credit Suisse since the 2014 Plea Agreement. In May 2025, Credit Suisse Services AG entered into a plea agreement
(the 2025 Plea Agreement) with the DOJ under which it agreed to plead guilty to one count of conspiracy to aid
and assist in the preparation of false income tax returns relating to legacy Credit Suisse accounts booked in Credit
Suisse’s Swiss booking center, thereby settling the investigation into Credit Suisse’s implementation of the 2014
Plea Agreement. In addition, Credit Suisse Services AG entered into a non-prosecution agreement with the DOJ
(the 2025 NPA) relating to legacy Credit Suisse accounts booked in Credit Suisse’s Singapore booking center. The
2025 Plea Agreement and the 2025 NPA provide for penalties, restitution and forfeiture of USD 511m in the
aggregate. The 2025 Plea Agreement and the 2025 NPA include ongoing obligations of UBS to furnish information
and cooperate with DOJ’s investigations of legacy Credit Suisse accounts held by US persons in its Switzerland and
Singapore booking centers and related accounts in other booking centers.
Our balance sheet at 31 December 2025 reflected provisions in an amount that UBS believes to be appropriate
under the applicable accounting standard. As in the case of other matters for which we have established provisions,
the future outflow of resources in respect of such matters cannot be determined with certainty based on currently
available information and accordingly may ultimately prove to be substantially greater (or may be less) than the
provision that we have recognized.
2. Madoff
In relation to the Bernard L. Madoff Investment Securities LLC (BMIS) investment fraud, UBS AG, UBS (Luxembourg)
S.A. (now UBS Europe SE, Luxembourg branch) and certain other UBS subsidiaries were subject to inquiries by a
number of regulators, including the Swiss Financial Market Supervisory Authority (FINMA) and the Luxembourg
Commission de Surveillance du Secteur Financier. Those inquiries concerned two third-party funds established under
Luxembourg law, substantially all assets of which were with BMIS, as well as certain funds established in offshore
jurisdictions with either direct or indirect exposure to BMIS. These funds faced severe losses, and the Luxembourg
funds are in liquidation. The documentation establishing both funds identifies UBS entities in various roles, including
custodian, administrator, manager, distributor and promoter, and indicates that UBS employees served as board
members.
In 2009 and 2010, the liquidators of the two Luxembourg funds filed claims against UBS entities, non-UBS entities
and certain individuals, including current and former UBS employees, seeking amounts totaling approximately
EUR 2.1bn, which includes amounts that the funds may be held liable to pay the trustee for the liquidation of BMIS
(BMIS Trustee).
A large number of alleged beneficiaries have filed claims against UBS entities (and non-UBS entities) for purported
losses relating to the Madoff fraud. The majority of these cases have been decided in favor of UBS or dismissed for
want of prosecution.
In the US, the BMIS Trustee filed claims against UBS entities, among others, in relation to the two Luxembourg
funds and one of the offshore funds. The total amount claimed against all defendants in these actions was not less
than USD 2bn. In 2014, the US Supreme Court rejected the BMIS Trustee’s motion for leave to appeal decisions,
dismissing all claims against UBS defendants except those for the recovery of approximately USD 125m of payments
alleged to be fraudulent conveyances and preference payments. Similar claims have been filed against Credit Suisse
entities seeking to recover redemption payments. In 2016, the bankruptcy court dismissed these claims against the
UBS entities and most of the Credit Suisse entities. In 2019, the Court of Appeals reversed the dismissal of the BMIS
Trustee’s remaining claims. The cases were remanded to the Bankruptcy Court for further proceedings.
UBS Group fourth quarter 2025 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 59
Provisions and contingent liabilities (continued)
3. Foreign exchange, LIBOR and benchmark rates, and other trading practices
Foreign-exchange-related regulatory matters:
concerning possible manipulation of foreign exchange markets and precious metals prices. As a result of these
investigations, UBS entered into resolutions with Swiss, US and UK regulators and the European Commission. UBS
was granted conditional immunity by the Antitrust Division of the DOJ and by authorities in other jurisdictions in
connection with potential competition law violations relating to foreign exchange and precious metals businesses.
In December 2021, the European Commission issued a decision imposing a fine of EUR 83.3m on Credit Suisse
entities based on findings of anticompetitive practices in the foreign exchange market. UBS received leniency and
accordingly no fine was assessed. Credit Suisse appealed the decision to the European General Court and, in July
2025, the court issued a judgment reducing the fine to EUR 28.9m. The judgment is now final.
Foreign-exchange-related civil litigation:
Putative class actions have been filed since 2013 in US federal courts and
in other jurisdictions against UBS, Credit Suisse and other banks on behalf of persons who engaged in foreign
currency transactions with any of the defendant banks. UBS and Credit Suisse have resolved US federal court class
actions relating to foreign currency transactions with the defendant banks and persons who transacted in foreign
exchange futures contracts and options on such futures. Certain class members have excluded themselves from
that settlement and filed individual actions in US and English courts against UBS, Credit Suisse and other banks,
alleging violations of US and European competition laws and unjust enrichment. UBS, Credit Suisse and the other
banks have resolved those individual matters. In addition, Credit Suisse and UBS, together with other financial
institutions, were named in a consolidated putative class action in Israel, which made allegations similar to those
made in the actions pursued in other jurisdictions. Credit Suisse and UBS entered into agreements to settle all claims
in this action in April 2022 and February 2024, respectively. Credit Suisse’s settlement received court approval and
became final in May 2025. UBS’s settlement remains subject to court approval.
LIBOR and other benchmark-related regulatory matters:
regarding potential improper attempts by UBS, among others, to manipulate LIBOR and other benchmark rates at
certain times. UBS and Credit Suisse reached settlements or otherwise concluded investigations relating to
benchmark interest rates with the investigating authorities. UBS was granted conditional leniency or conditional
immunity from authorities in certain jurisdictions, including the Antitrust Division of the DOJ, in connection with
potential antitrust or competition law violations related to certain rates. In December 2025, the Swiss Competition
Commission (WEKO) announced that it had reached a final resolution with UBS.
LIBOR and other benchmark-related civil litigation:
in the federal courts in New York against UBS and numerous other banks on behalf of parties who transacted in
certain interest rate benchmark-based derivatives. Also pending in the US and in other jurisdictions are a number
of other actions asserting losses related to various products whose interest rates were linked to LIBOR and other
benchmarks, including adjustable rate mortgages, preferred and debt securities, bonds pledged as collateral, loans,
depository accounts, investments and other interest-bearing instruments. The complaints allege manipulation,
through various means, of certain benchmark interest rates, including USD LIBOR, Yen LIBOR, EURIBOR, CHF LIBOR,
and GBP LIBOR and seek unspecified compensatory and other damages under various legal theories.
USD LIBOR class and individual actions in the US:
Beginning in 2013, putative class actions were filed in US federal
district courts (and subsequently consolidated in the US District Court for the Southern District of New York (SDNY))
by plaintiffs who engaged in over-the-counter instruments, exchange-traded Eurodollar futures and options, bonds
or loans that referenced USD LIBOR. The complaints allege violations of antitrust law and the Commodities
Exchange Act, as well as breach of contract and unjust enrichment. Following various rulings by the SDNY and the
US Court of Appeals for the Second Circuit dismissing certain of the causes of action and allowing others to
proceed, one class action with respect to transactions in over-the-counter instruments and several actions brought
by individual plaintiffs proceeded in the district court. In September 2025, the district court granted defendants’
motion for summary judgment as to all remaining actions. Plaintiffs have appealed. UBS and Credit Suisse previously
entered into settlement agreements in respect of the class actions relating to exchange-traded instruments, bonds
and loans. These settlements have received final court approval, and the actions have been dismissed as to UBS and
Credit Suisse.
UBS Group fourth quarter 2025 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 60
Provisions and contingent liabilities (continued)
Other benchmark class actions in the US:
The Yen LIBOR/Euroyen TIBOR, EURIBOR and GBP LIBOR actions have
been dismissed. Plaintiffs have appealed the dismissals. In August 2025, the Second Circuit affirmed in part and
reversed in part the district court’s dismissal of the complaint in the EURIBOR action, returning the action to the
district court. In September 2025, the Second Circuit affirmed the dismissal of the complaint in the GBP LIBOR
action; the matter has concluded.
In January 2023, defendants moved to dismiss the complaint in the CHF LIBOR action. In 2023, the court approved
a settlement by Credit Suisse of the claims against it in this matter. In September 2025, the court dismissed the
complaint against the remaining defendants, including UBS.
Government bonds:
breached European Union antitrust rules between 2007 and 2011 relating to European government bonds. The
European Commission fined UBS EUR 172m, which amount was confirmed on appeal in March 2025. UBS has
appealed to the European Court of Justice.
Credit default swap auction litigation –
in a putative class action filed in federal court in New Mexico alleging manipulation of credit default swap (CDS)
final auction prices. Defendants filed a motion to enforce a previous CDS class action settlement in the SDNY. In
January 2024, the SDNY ruled that, to the extent claims in the New Mexico action arise from conduct prior to
30 June 2014, those claims are barred by the SDNY settlement. The plaintiffs appealed and, in May 2025, the
Second Circuit affirmed the SDNY decision. Defendants filed a motion for judgment on the pleadings in December
2025.
With respect to additional matters and jurisdictions not encompassed by the settlements and orders referred to
above, UBS’s balance sheet at 31 December 2025 reflected a provision in an amount that UBS believes to be
appropriate under the applicable accounting standard. As in the case of other matters for which we have established
provisions, the future outflow of resources in respect of such matters cannot be determined with certainty based
on currently available information and accordingly may ultimately prove to be substantially greater (or may be less)
than the provision that we have recognized.
4. Mortgage-related matters
Government and regulatory related matters
:
DOJ RMBS settlement
LLC (CSS LLC) and its current and former US subsidiaries and US affiliates reached a settlement with the DOJ related
to its legacy Residential Mortgage-Backed Securities (RMBS) business, a business conducted through 2007. The
settlement resolved potential civil claims by the DOJ related to certain of those Credit Suisse entities’ packaging,
marketing, structuring, arrangement, underwriting, issuance and sale of RMBS. Pursuant to the terms of the
settlement a civil monetary penalty was paid to the DOJ in January 2017. The settlement also required the Credit
Suisse entities to provide certain levels of consumer relief measures, including affordable housing payments and
loan forgiveness, and the DOJ and Credit Suisse agreed to the appointment of an independent monitor to oversee
the completion of the consumer relief requirements of the settlement. In August 2025, CSS LLC entered into an
agreement with the DOJ to resolve all of Credit Suisse’s outstanding Consumer Relief Obligations under the 2017
settlement by paying USD 300m.
Civil litigation: Repurchase litigations
to their roles as issuer, sponsor, depositor, underwriter and/or servicer of RMBS transactions. These cases currently
include repurchase actions by RMBS trusts and/or trustees, in which plaintiffs generally allege breached
representations and warranties in respect of mortgage loans and failure to repurchase such mortgage loans as
required under the applicable agreements. The amounts disclosed below do not reflect actual realized plaintiff
losses to date. Unless otherwise stated, these amounts reflect the original unpaid principal balance amounts as
alleged in these actions.
UBS Group fourth quarter 2025 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 61
Provisions and contingent liabilities (continued)
DLJ Mortgage Capital, Inc. (DLJ) is a defendant in New York State court in five actions: An action brought by Asset
Backed Securities Corporation Home Equity Loan Trust, Series 2006-HE7 alleges damages of not less than
USD 374m. In December 2023, the trial court granted in part DLJ’s motion to dismiss, dismissing with prejudice all
notice-based claims. On appeal, the appellate court modified the trial court’s dismissal in April 2025 to reinstate
certain of plaintiff’s notice-based claims and otherwise dismissed plaintiff’s claims. Plaintiff has sought leave from
the New York Court of Appeals to further appeal the dismissal of certain of its claims. An action by Home Equity
Asset Trust, Series 2006-8, alleges damages of not less than USD 436m. An action by Home Equity Asset Trust
2007-1 alleges damages of not less than USD 420m. In August 2025, the parties agreed to a settlement to resolve
this litigation for USD 66.39m. The settlement has received court approval and is final. An action by Home Equity
Asset Trust 2007-2 alleges damages of not less than USD 495m. An action by CSMC Asset-Backed Trust 2007-NC1
does not allege a damages amount.
5. ATA litigation
Since November 2014, a series of lawsuits have been filed against a number of banks, including Credit Suisse, in
the US District Court for the Eastern District of New York (EDNY) and the SDNY alleging claims under the United
States Anti-Terrorism Act (ATA) and the Justice Against Sponsors of Terrorism Act. The plaintiffs in each of these
lawsuits are, or are relatives of, victims of various terrorist attacks in Iraq and allege a conspiracy and/or aiding and
abetting based on allegations that various international financial institutions, including the defendants, agreed to
alter, falsify or omit information from payment messages that involved Iranian parties for the express purpose of
concealing the Iranian parties’ financial activities and transactions from detection by US authorities. The lawsuits
allege that this conduct has made it possible for Iran to transfer funds to Hezbollah and other terrorist organizations
actively engaged in harming US military personnel and civilians. In January 2023, the Second Circuit affirmed a
September 2019 ruling by the EDNY granting defendants’ motion to dismiss the first filed lawsuit. In October 2023,
the US Supreme Court denied plaintiffs’ petition for a writ of certiorari, and in September 2025 the EDNY denied
plaintiffs’ motion to vacate the judgment; the matter has concluded. Of the other seven cases, four are stayed,
including one that was dismissed as to Credit Suisse and most of the bank defendants prior to entry of the stay,
and in three cases defendants moved to dismiss plaintiffs’ amended complaints.
6. Customer account matters
Several clients have claimed that a former relationship manager in Switzerland had exceeded his investment
authority in the management of their portfolios, resulting in excessive concentrations of certain exposures and
investment losses. Credit Suisse AG has investigated the claims, as well as transactions among the clients. Credit
Suisse AG filed a criminal complaint against the former relationship manager with the Geneva Prosecutor’s Office
upon which the prosecutor initiated a criminal investigation. Several clients of the former relationship manager also
filed criminal complaints with the Geneva Prosecutor’s Office. In February 2018, the former relationship manager
was sentenced to five years in prison by the Geneva criminal court for fraud, forgery and criminal mismanagement
and ordered to pay damages of approximately USD 130m. On appeal, the Criminal Court of Appeals of Geneva
and, subsequently, the Swiss Federal Supreme Court upheld the main findings of the Geneva criminal court.
Civil lawsuits have been initiated against Credit Suisse AG and / or certain affiliates in various jurisdictions, based
on the findings established in the criminal proceedings against the former relationship manager.
In Singapore, in a now-concluded civil lawsuit, Credit Suisse Trust Limited was ordered to pay USD 461m, including
interest and costs.
In Bermuda, in the civil lawsuit brought against Credit Suisse Life (Bermuda) Ltd., the Supreme Court of Bermuda
issued a judgment awarding damages of USD 607.35m to the plaintiff. Credit Suisse Life (Bermuda) Ltd. appealed
the decision. In June 2023, the Bermuda Court of Appeal confirmed the award and the Supreme Court of
Bermuda’s finding that Credit Suisse Life (Bermuda) Ltd. breached its contractual and fiduciary duties, but
overturned the finding that Credit Suisse Life (Bermuda) Ltd. made fraudulent misrepresentations. In March 2024,
Credit Suisse Life (Bermuda) Ltd. was granted leave to appeal the judgment to the Judicial Committee of the Privy
Council and a hearing on the appeal was held in June 2025. The Bermuda Court of Appeal also ordered that the
current stay continue pending determination of the appeal on the condition that the damages awarded, plus
interest calculated at the Bermuda statutory rate of 3.5%, remain in the escrow account. In November 2025, the
Judicial Committee of the Privy Council issued its final judgment on the appeal, denying Credit Suisse Life (Bermuda)
Ltd.’s appeal on liability, but partially granting its appeal concerning the quantum of damages and directing the
parties to recalculate damages.
UBS Group fourth quarter 2025 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 62
Provisions and contingent liabilities (continued)
In Switzerland, certain civil lawsuits have been commenced against Credit Suisse AG in the Court of First Instance
of Geneva since March 2023.
7. Mozambique matter
Credit Suisse was subject to investigations by regulatory and enforcement authorities, as well as civil litigation,
regarding certain Credit Suisse entities’ arrangement of loan financing to Mozambique state enterprises, Proindicus
S.A. and Empresa Moçambicana de Atum S.A. (EMATUM), a distribution to private investors of loan participation
notes (LPN) related to the EMATUM financing in September 2013, and certain Credit Suisse entities’ subsequent
role in arranging the exchange of those LPNs for Eurobonds issued by the Republic of Mozambique. In 2019, three
former Credit Suisse employees pleaded guilty in the EDNY to accepting improper personal benefits in connection
with financing transactions carried out with two Mozambique state enterprises.
In October 2021, Credit Suisse reached settlements with the DOJ, the US Securities and Exchange Commission
(SEC), the UK Financial Conduct Authority (FCA) and FINMA to resolve inquiries by these agencies, including findings
that Credit Suisse failed to appropriately organize and conduct its business with due skill and care, and manage
risks. Credit Suisse Group AG entered into a three-year Deferred Prosecution Agreement (DPA) with the DOJ in
connection with the criminal information charging Credit Suisse Group AG with conspiracy to commit wire fraud
and Credit Suisse Securities (Europe) Limited (CSSEL) entered into a Plea Agreement and pleaded guilty to one count
of conspiracy to violate the US federal wire fraud statute. Under the terms of the DPA, UBS Group AG (as successor
to Credit Suisse Group AG) continued compliance enhancement and remediation efforts agreed by Credit Suisse,
and undertake additional measures as outlined in the DPA. In January 2025, as permitted under the terms of the
DPA, the DOJ elected to extend the term of the DPA until January 2026.
8. ETN-related litigation
XIV litigation:
Since March 2018, three class action complaints were filed in the SDNY on behalf of a putative class
of purchasers of VelocityShares Daily Inverse VIX Short-Term Exchange Traded Notes linked to the S&P 500 VIX
Short-Term Futures Index (XIV ETNs). The complaints have been consolidated and asserts claims against Credit Suisse
for violations of various anti-fraud and anti-manipulation provisions of US securities laws arising from a decline in
the value of XIV ETNs in February 2018. On appeal from an order of the SDNY dismissing all claims, the Second
Circuit issued an order that reinstated a portion of the claims. In decisions in March 2023 and February 2025, the
court granted class certification for two of the three classes proposed by plaintiffs and denied class certification of
the third proposed class.
9. Credit Suisse anti-money laundering matters
In December 2020, the Swiss Office of the Attorney General brought charges against Credit Suisse AG and other
parties concerning the diligence and controls applied to a historical relationship with Bulgarian former clients who
are alleged to have laundered funds through Credit Suisse AG accounts. In June 2022, following a trial, Credit
Suisse AG was convicted in the Swiss Federal Criminal Court of certain historical organizational inadequacies in its
anti-money-laundering framework and ordered to pay a fine of CHF 2m. In addition, the court seized certain client
assets in the amount of approximately CHF 12m and ordered Credit Suisse AG to pay a compensatory claim in the
amount of approximately CHF 19m. Credit Suisse AG appealed the decision to the Swiss Federal Court of Appeals.
Following the merger of UBS AG and Credit Suisse AG, UBS AG confirmed the appeal. In November 2024, the
court issued a judgment that acquitted UBS AG and annulled the fine and compensatory claim ordered by the first
instance court. In February 2025, the court affirmed the acquittal of UBS AG, and the Office of the Attorney General
has appealed the judgment to the Swiss Federal Supreme Court. UBS has also appealed, limited to the issue whether
a successor entity by merger can be criminally liable for acts of the predecessor entity. In July 2025, the Swiss Federal
Supreme Court granted the appeal filed by the Office of the Attorney General and ruled that the Swiss Federal
Court of Appeals released its judgment without proper reasoning. The case was remanded to the Swiss Federal
Court of Appeals to deliver a full and reasoned judgment. Separately, in November 2025, the Swiss Office of the
Attorney General filed criminal charges against UBS AG, as the successor to Credit Suisse AG, alleging that Credit
Suisse failed to maintain appropriate controls to detect and prevent money laundering in connection with certain
payments from accounts at Credit Suisse by parties associated with the Mozambique transactions between 2013
and 2016.
UBS Group fourth quarter 2025 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 63
Provisions and contingent liabilities (continued)
10. Archegos
Credit Suisse and UBS have received requests for documents and information in connection with inquiries,
investigations and/or actions relating to their relationships with Archegos Capital Management (Archegos),
including from FINMA (assisted by a third party appointed by FINMA), the DOJ, the SEC, the US Federal Reserve,
the US Commodity Futures Trading Commission (CFTC), the US Senate Banking Committee, the Prudential
Regulation Authority (PRA), the FCA, the WEKO, the Hong Kong Competition Commission and other regulatory
and governmental agencies. UBS is cooperating with the authorities in these matters. In July 2023, CSI and CSSEL
entered into a settlement agreement with the PRA providing for the resolution of the PRA’s investigation. Also in
July 2023, FINMA issued a decree ordering remedial measures and the Federal Reserve Board issued an Order to
Cease and Desist. Under the terms of the order, Credit Suisse paid a civil money penalty and agreed to undertake
certain remedial measures relating to counterparty credit risk management, liquidity risk management and non-
financial risk management, as well as enhancements to board oversight and governance. UBS Group, as the legal
successor to Credit Suisse Group AG, is a party to the FINMA decree and Federal Reserve Board Cease and Desist
Order.
Civil actions relating to Credit Suisse’s relationship with Archegos have been filed against Credit Suisse and/or
certain officers and directors, including claims for breaches of fiduciary duties. In one such case, the parties agreed
in July 2025 to a settlement of USD 115m that remains subject to court approval. Because the action was brought
by shareholders on behalf of and for the benefit of Credit Suisse, after deducting any Court-awarded attorneys’
fees and expenses and any applicable taxes, the cash recovery for the settlement will go to UBS, as successor to
Credit Suisse, and will result in a net recovery for UBS.
11. Credit Suisse financial disclosures
Credit Suisse Group AG and certain directors, officers and executives have been named in securities class action
complaints pending in the SDNY and New Jersey federal court. These complaints, filed since 2023 on behalf of
purchasers of Credit Suisse shares, additional tier 1 capital notes, and other securities, allege that defendants made
misleading statements regarding: (i) customer outflows in late 2022 and early 2023; (ii) the adequacy of Credit
Suisse’s financial reporting controls; and (iii) the adequacy of Credit Suisse’s risk management processes, and
include allegations relating to Credit Suisse Group AG’s merger with UBS Group AG. As of November 2025, the
SDNY certified classes in two cases.
Credit Suisse has received requests for documents and information from regulatory and governmental agencies in
connection with inquiries, investigations and/or actions relating to these matters, as well as for other statements
regarding Credit Suisse’s financial condition, including from the SEC, the DOJ and FINMA. UBS is cooperating with
the authorities in these matters.
12. Merger-related litigation
Certain Credit Suisse Group AG affiliates and certain directors, officers and executives have been named in class
action complaints pending in the SDNY. One complaint, brought on behalf of Credit Suisse shareholders, alleges
breaches of fiduciary duty under Swiss law and civil RICO claims under US federal law. In February 2024, the court
granted defendants’ motions to dismiss the civil RICO claims and conditionally dismissed the Swiss law claims
pending defendants’ acceptance of jurisdiction in Switzerland. In March 2024, having received consents to Swiss
jurisdiction from all defendants served with the complaint, the court dismissed the Swiss law claims against those
defendants. Plaintiffs have appealed the dismissal. Additional complaints, brought on behalf of holders of Credit
Suisse additional tier 1 capital notes (AT1 noteholders) allege breaches of fiduciary duty under Swiss law, arising
from a series of scandals and misconduct, which led to Credit Suisse Group AG’s merger with UBS Group AG,
causing losses to shareholders and AT1 noteholders. Motions to dismiss these complaints were granted in March
2024 and September 2024 on the basis that Switzerland is the most appropriate forum for litigation. Plaintiffs in
two of these cases appealed the dismissal and in January 2025 withdrew their appeals.
UBS Group fourth quarter 2025 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 64
Currency translation rates
The following table shows the rates of the main currencies used to translate the financial information of UBS’s
operations with a functional currency other than the US dollar into US dollars.
Currency translation rates
Closing exchange rate
Average rate
1
As of
For the quarter ended
For the year ended
31.12.25
30.9.25
31.12.24
31.12.25
30.9.25
31.12.24
31.12.25
31.12.24
1 CHF
1 EUR
1 GBP
100 JPY
1 Monthly income statement items of operations with a functional currency other than the US dollar are translated into US dollars using month-end rates. Disclosed average rates for a quarter or a year represent an
average of three month-end rates or an average of twelve month-end rates, respectively, weighted according to the income and expense volumes of all operations of the Group with the same functional currency for
each month. Weighted average rates for individual business divisions may deviate from the weighted average rates for the Group.
UBS Group fourth quarter 2025 report |
Appendix 65
Appendix
Alternative performance measures
An alternative performance measure (an APM) is a financial measure of historical or future financial performance,
financial position or cash flows other than a financial measure defined or specified in the applicable recognized
accounting standards or in other applicable regulations. A number of APMs are reported in the discussion of the
financial and operating performance of the external reports (annual, quarterly and other reports). APMs are used
to provide a more complete picture of operating performance and to reflect management’s view of the fundamental
drivers of the business results. A definition of each APM, the method used to calculate it and the information
content are presented in alphabetical order in the table below. These APMs may qualify as non-GAAP measures as
defined by US Securities and Exchange Commission (SEC) regulations.
APM label
Calculation
Information content
Cost / income ratio (%)
Calculated as operating expenses divided by total
revenues.
This measure provides information about the
efficiency of the business by comparing operating
expenses with total revenues.
Cost / income ratio (underlying) (%)
Calculated as underlying operating expenses (as
defined above) divided by underlying total revenues
(as defined above).
This measure provides information about the
efficiency of the business by comparing operating
expenses with total revenues, while excluding items
that management believes are not representative of
the underlying performance of the businesses.
Cost of credit risk (bps)
Calculated as total credit loss expense / (release)
(annualized for reporting periods shorter than
12 months) divided by the average balance of lending
assets for the reporting period, expressed in basis
points. Lending assets include the gross amounts of
Amounts due from banks and Loans and advances to
customers.
This measure provides information about the total
credit loss expense / (release) incurred in relation to
the average balance of gross lending assets for the
period.
Credit-impaired lending assets as a
percentage of total lending assets,
gross (%)
Calculated as credit-impaired lending assets divided
by total lending assets. Lending assets includes the
gross amounts of Amounts due from banks and
Loans and advances to customers. Credit-impaired
lending assets refers to the sum of stage 3 and
purchased credit-impaired positions.
This measure provides information about the
proportion of credit-impaired lending assets in the
overall portfolio of gross lending assets.
Credit-impaired loan portfolio as a
percentage of total loan portfolio,
gross (%)
– Global Wealth Management,
Personal & Corporate Banking
Calculated as credit-impaired loan portfolio divided by
total gross loan portfolio.
This measure provides information about the
proportion of the credit-impaired loan portfolio in the
total gross loan portfolio.
Fee-generating assets (USD)
– Global Wealth Management
Calculated as the sum of discretionary and
nondiscretionary wealth management portfolios
(mandate volume) and assets where generated
revenues are predominantly of a recurring nature, i.e.
mainly investment, mutual, hedge and private-market
funds where we have a distribution agreement,
including client commitments into closed-ended
private-market funds from the date that recurring
fees are charged. Assets related to our Global
Financial Intermediaries business are excluded, as are
assets of sanctioned clients.
This measure provides information about the volume
of invested assets that create a revenue stream,
whether as a result of the nature of the contractual
relationship with clients or through the fee structure
of the asset. An increase in the level of fee-generating
assets results in an increase in the associated revenue
stream. Assets of sanctioned clients are excluded from
fee-generating assets.
Gross margin on invested assets (bps)
– Asset Management
Calculated as total revenues (annualized for reporting
periods shorter than 12 months) divided by average
invested assets.
This measure provides information about the total
revenues of the business in relation to invested assets.
Integration-related expenses (USD)
Generally include costs of internal staff and
contractors substantially dedicated to integration
activities, retention awards, redundancy costs,
incremental expenses from the shortening of useful
lives of property, equipment and software, and
impairment charges relating to these assets.
Classification as integration-related expenses does not
affect the timing of recognition and measurement of
those expenses or the presentation thereof in the
income statement. Integration-related expenses
incurred by Credit Suisse also included expenses
associated with restructuring programs that existed
prior to the acquisition.
This measure provides information about expenses
that are temporary, incremental and directly related to
the integration of Credit Suisse into UBS.
UBS Group fourth quarter 2025 report |
Appendix 66
APM label
Calculation
Information content
Invested assets (USD and CHF)
Calculated as the sum of managed fund assets,
managed institutional assets, discretionary and
advisory wealth management portfolios, fiduciary
deposits, time deposits, savings accounts, and wealth
management securities or brokerage accounts.
This measure provides information about the volume
of client assets managed by or deposited with UBS for
investment purposes.
Net interest income (underlying) (USD)
– Global Wealth Management,
Personal & Corporate Banking
Calculated by adjusting net interest income as
reported in accordance with IFRS Accounting
Standards for items that management believes are
not representative of the underlying performance of
the businesses.
This measure provides information about the amount
of net interest income, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Net interest margin (bps)
– Personal & Corporate Banking
Calculated as net interest income (annualized for
reporting periods shorter than 12 months) divided by
average loans.
This measure provides information about the
profitability of the business by calculating the
difference between the price charged for lending and
the cost of funding, relative to loan value.
Net new assets (USD)
– Global Wealth Management
Calculated as the net amount of inflows and outflows
of invested assets (as defined in UBS policy) recorded
during a specific period, plus interest and dividends.
Excluded from the calculation are movements due to
market performance, foreign exchange translation,
fees, and the effects on invested assets of strategic
decisions by UBS to exit markets or services.
This measure provides information about the
development of invested assets during a specific
period as a result of net new asset flows, plus the
effect of interest and dividends.
Net new assets growth rate (%)
– Global Wealth Management
Calculated as the net amount of inflows and outflows
of invested assets (as defined in UBS policy) recorded
during a specific period (annualized for reporting
periods shorter than 12 months), plus interest and
dividends, divided by total invested assets at the
beginning of the period.
This measure provides information about the growth
of invested assets during a specific period as a result
of net new asset flows.
Net new deposits (USD)
– Global Wealth Management
Calculated as the net amount of inflows and outflows
of deposits recorded during a specific period. Deposits
include customer deposits and customer brokerage
payables. Excluded from the calculation are
movements due to fair value measurement, foreign
exchange translation, accrued interest and fees, as
well as the effects on customer deposits of strategic
decisions by UBS to exit markets or services.
This measure provides information about the
development of deposits during a specific period as a
result of net new deposit flows.
Net new fee-generating assets (USD)
– Global Wealth Management
Calculated as the net amount of fee-generating asset
inflows and outflows, including dividend and interest
inflows into mandates and outflows from mandate
fees paid by clients during a specific period. Excluded
from the calculation are the effects on fee-generating
assets of strategic decisions by UBS to exit markets or
services.
This measure provides information about the
development of fee-generating assets during a
specific period as a result of net flows, excluding
movements due to market performance and foreign
exchange translation, as well as the effects on fee-
generating assets of strategic decisions by UBS to exit
markets or services.
Net new loans (USD)
– Global Wealth Management
Calculated as the net amount of originations,
drawdowns and repayments of loans recorded during
a specific period. Loans include loans and advances to
customers and customer brokerage receivables.
Excluded from the calculation are allowances,
movements due to fair value measurement and
foreign exchange translation, as well as the effects on
loans and advances to customers of strategic
decisions by UBS to exit markets or services.
This measure provides information about the
development of loans during a specific period as a
result of net new loan flows.
Net new money (USD)
– Global Wealth Management,
Asset Management
Calculated as the net amount of inflows and outflows
of invested assets (as defined in UBS policy) recorded
during a specific period. Excluded from the calculation
are movements due to market performance, foreign
exchange translation, dividends, interest and fees, as
well as the effects on invested assets of strategic
decisions by UBS to exit markets or services. Net new
money is not measured for Personal & Corporate
Banking.
This measure provides information about the
development of invested assets during a specific
period as a result of net new money flows.
Net profit growth (%)
Calculated as the change in net profit attributable to
shareholders from continuing operations between
current and comparison periods divided by net profit
attributable to shareholders from continuing
operations of the comparison period.
This measure provides information about profit
growth since the comparison period.
Operating expenses (underlying) (USD)
Calculated by adjusting operating expenses as
reported in accordance with IFRS Accounting
Standards for items that management believes are
not representative of the underlying performance of
the businesses.
This measure provides information about the amount
of operating expenses, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
UBS Group fourth quarter 2025 report |
Appendix 67
APM label
Calculation
Information content
Operating profit / (loss) before tax
(underlying) (USD)
Calculated by adjusting operating profit / (loss) before
tax as reported in accordance with IFRS Accounting
Standards for items that management believes are
not representative of the underlying performance of
the businesses.
This measure provides information about the amount
of operating profit / (loss) before tax, while excluding
items that management believes are not
representative of the underlying performance of the
businesses.
Other revenues (USD and CHF)
– Global Wealth Management,
Personal & Corporate banking
Calculated by including other income as reported in
accordance with IFRS Accounting Standards, profit or
loss related to non-client derivative instruments and
profit or loss related to equity investments measured
at fair value through profit or loss.
This measure provides information about residual
business division revenues, after deduction of net
interest income, recurring net fee income and
transaction-based income.
Other revenues (underlying)
(USD and CHF)
– Global Wealth Management,
Personal & Corporate banking
Calculated by adjusting other revenues as reported
for items that management believes are not
representative of the underlying performance of the
businesses.
This measure provides information about the amount
of other revenues, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Pre-tax profit growth (%)
– Global Wealth Management,
Personal & Corporate Banking,
Asset Management,
the Investment Bank
Calculated as the change in net profit before tax
attributable to shareholders from continuing
operations between current and comparison periods
divided by net profit before tax attributable to
shareholders from continuing operations of the
comparison period.
This measure provides information about pre-tax
profit growth since the comparison period.
Pre-tax profit growth (underlying) (%)
– Global Wealth Management,
Personal & Corporate Banking,
Asset Management,
the Investment Bank
Calculated as the change in underlying net profit
before tax attributable to shareholders from
continuing operations between current and
comparison periods divided by underlying net profit
before tax attributable to shareholders from
continuing operations of the comparison period.
Underlying net profit before tax attributable to
shareholders from continuing operations excludes
items that management believes are not
representative of the underlying performance of the
businesses and also excludes related tax impact.
This measure provides information about pre-tax
profit growth since the comparison period, while
excluding items that management believes are not
representative of the underlying performance of the
businesses.
Recurring net fee income (USD and CHF)
– Global Wealth Management,
Personal & Corporate Banking
Calculated as the total of fees for services provided on
an ongoing basis, such as portfolio management fees,
asset-based investment fund fees and custody fees,
which are generated on client assets, and
administrative fees for accounts.
This measure provides information about the amount
of recurring net fee income.
Return on attributed equity (%)
Calculated as business division operating profit before
tax (annualized for reporting periods shorter than
12 months) divided by average attributed equity.
This measure provides information about the
profitability of the business divisions in relation to
attributed equity.
Return on attributed equity
(underlying) (%)
Calculated as underlying business division operating
profit before tax (annualized for reporting periods
shorter than 12 months) (as defined above) divided by
average attributed equity.
This measure provides information about the
profitability of the business divisions in relation to
attributed equity, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Return on common equity tier 1 capital
(%)
Calculated as net profit attributable to shareholders
(annualized for reporting periods shorter than
12 months) divided by average common equity tier 1
capital.
This measure provides information about the
profitability of the business in relation to common
equity tier 1 capital.
Return on common equity tier 1 capital
(underlying) (%)
Calculated as underlying net profit attributable to
shareholders (annualized for reporting periods shorter
than 12 months) divided by average common equity
tier 1 capital. Underlying net profit attributable to
shareholders excludes items that management
believes are not representative of the underlying
performance of the businesses and also excludes
related tax impact.
This measure provides information about the
profitability of the business in relation to common
equity tier 1 capital, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Return on equity (%)
Calculated as net profit attributable to shareholders
(annualized for reporting periods shorter than
12 months) divided by average equity attributable to
shareholders.
This measure provides information about the
profitability of the business in relation to equity.
Return on tangible equity (%)
Calculated as net profit attributable to shareholders
(annualized for reporting periods shorter than
12 months) divided by average equity attributable to
shareholders less average goodwill and intangible
assets.
This measure provides information about the
profitability of the business in relation to tangible
equity.
UBS Group fourth quarter 2025 report |
Appendix 68
APM label
Calculation
Information content
Return on tangible equity (underlying)
(%)
Calculated as underlying net profit attributable to
shareholders (annualized for reporting periods shorter
than 12 months) divided by average equity
attributable to shareholders less average goodwill and
intangible assets. Underlying net profit attributable to
shareholders excludes items that management
believes are not representative of the underlying
performance of the businesses and also excludes
related tax impact.
This measure provides information about the
profitability of the business in relation to tangible
equity, while excluding items that management
believes are not representative of the underlying
performance of the businesses.
Revenues over leverage ratio
denominator, gross (%)
Calculated as total revenues (annualized for reporting
periods shorter than 12 months) divided by the
average leverage ratio denominator.
This measure provides information about the revenues
of the business in relation to the leverage ratio
denominator.
Tangible book value per share (USD)
Calculated as equity attributable to shareholders less
goodwill and intangible assets divided by the number
of shares outstanding.
This measure provides information about tangible net
assets on a per-share basis.
Total book value per share (USD)
Calculated as equity attributable to shareholders
divided by the number of shares outstanding.
This measure provides information about net assets
on a per-share basis.
Total revenues (underlying) (USD)
Calculated by adjusting total revenues as reported in
accordance with IFRS Accounting Standards for items
that management believes are not representative of
the underlying performance of the businesses.
This measure provides information about the amount
of total revenues, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Transaction-based income
(USD and CHF)
– Global Wealth Management,
Personal & Corporate Banking
Calculated as the total of the non-recurring portion of
net fee and commission income, mainly composed of
brokerage and transaction-based investment fund
fees, and credit card fees, as well as fees for payment
and foreign-exchange transactions, together with
other net income from financial instruments
measured at fair value through profit or loss.
This measure provides information about the amount
of the non-recurring portion of net fee and
commission income, together with other net income
from financial instruments measured at fair value
through profit or loss.
Transaction-based income (underlying)
(USD and CHF)
– Global Wealth Management,
Personal & Corporate Banking
Calculated as adjustment to transaction-based income
for items that management believes are not
representative of the underlying performance of the
businesses.
This measure provides information about the amount
of transaction-based income, while excluding items
that management believes are not representative of
the underlying performance of the businesses.
This is a general list of the APMs used in our financial reporting. Not all of the APMs listed above may appear in
this particular report.
Information related to underlying return on common equity tier 1 capital (RoCET1) and underlying return on tangible
equity (%)
As of or for the quarter ended
As of or for the year ended
USD m, except where indicated
31.12.25
30.9.25
31.12.24
31.12.25
31.12.24
Underlying operating profit / (loss) before tax
Underlying tax expense / (benefit)
Net profit / (loss) attributable to non-controlling interests
Underlying net profit / (loss) attributable to shareholders
Underlying net profit / (loss) attributable to shareholders
1
Tangible equity
Average tangible equity
CET1 capital
Average CET1 capital
Underlying return on tangible equity (%)
1
Underlying return on common equity tier 1 capital (%)
1
1 Annualized for reporting periods shorter than 12 months.
UBS Group fourth quarter 2025 report |
Appendix 69
Abbreviations frequently used in our financial reports
A
ABS asset-backed securities
AG Aktiengesellschaft
AGM Annual General Meeting of
shareholders
AI artificial intelligence
A-IRB advanced internal ratings-
based
ALCO Asset and Liability
Committee
AMA advanced measurement
approach
AML anti-money laundering
AoA Articles of Association
APM alternative performance
measure
ARR alternative reference rate
ARS auction rate securities
ASF available stable funding
AT1 additional tier 1
AuM assets under management
B
BCBS Basel Committee on
Banking Supervision
BIS Bank for International
Settlements
BoD Board of Directors
C
CAO Capital Adequacy
Ordinance
CCAR Comprehensive Capital
Analysis and Review
CCF credit conversion factor
CCP central counterparty
CCR counterparty credit risk
CCRC Corporate Culture and
Responsibility Committee
CDS credit default swap
CEO Chief Executive Officer
CET1 common equity tier 1
CFO Chief Financial Officer
CGU cash-generating unit
CHF Swiss franc
CIO Chief Investment Office
CORC Compliance and
Operational Risk Control
CRM credit risk mitigation
CRO Chief Risk Officer
CST combined stress test
CUSIP Committee on Uniform
Security Identification
Procedures
CVA credit valuation adjustment
D
DBO defined benefit obligation
DCCP Deferred Contingent
Capital Plan
DFAST Dodd–Frank Act Stress Test
DisO-FINMA FINMA Ordinance on the
Disclosure Obligations of
Banks and Securities Firms
DM discount margin
DOJ US Department of Justice
DTA deferred tax asset
DVA debit valuation adjustment
E
EAD exposure at default
EB Executive Board
EC European Commission
ECB European Central Bank
ECL expected credit loss
EGM Extraordinary General
Meeting of shareholders
EIR effective interest rate
EL expected loss
EMEA Europe, Middle East and
Africa
EOP Equity Ownership Plan
EPS earnings per share
ESG environmental, social and
governance
ETD exchange-traded derivatives
ETF exchange-traded fund
EU European Union
EUR euro
EURIBOR Euro Interbank Offered Rate
EVE economic value of equity
EY Ernst & Young Ltd
F
FCA UK Financial Conduct
Authority
FDIC Federal Deposit Insurance
Corporation
FINMA Swiss Financial Market
Supervisory Authority
FMIA Swiss Financial Market
Infrastructure Act
FRTB Fundamental Review of the
Trading Book
FSB Financial Stability Board
FTA Swiss Federal Tax
Administration
FVA funding valuation
adjustment
FVOCI fair value through other
comprehensive income
FVTPL fair value through profit or
loss
FX foreign exchange
G
GAAP generally accepted
accounting principles
GBP pound sterling
GDP gross domestic product
GEB Group Executive Board
GHG greenhouse gas
GCORC Group Compliance and
Operational Risk Control
GRI Global Reporting Initiative
G-SIB global systemically
important bank
H
HQLA
high-quality liquid assets
I
IAS International Accounting
Standards
IASB International Accounting
Standards Board
IBOR interbank offered rate
IFRIC International Financial
Reporting Interpretations
Committee
IFRS accounting standards
Accounting issued by the IASB
Standards
IRB internal ratings-based
IRRBB interest rate risk in the
banking book
ISDA International Swaps and
Derivatives Association
ISIN International Securities
Identification Number
UBS Group fourth quarter 2025 report |
Appendix 70
Abbreviations frequently used in our financial reports (continued)
K
KRT Key Risk Taker
L
LAS liquidity-adjusted stress
LCR liquidity coverage ratio
LGD loss given default
LIBOR London Interbank Offered
Rate
LLC limited liability company
LoD lines of defense
LRD leverage ratio denominator
LTIP Long-Term Incentive Plan
LTV loan-to-value
M
M&A mergers and acquisitions
MRT Material Risk Taker
N
NII net interest income
NSFR net stable funding ratio
NYSE New York Stock Exchange
O
OCA own credit adjustment
OCI other comprehensive
income
OECD Organisation for Economic
Co-operation and
Development
OTC over-the-counter
P
PCI purchased credit impaired
PD probability of default
PIT point in time
PPA purchase price allocation
Q
QCCP qualifying central
counterparty
R
RBC risk-based capital
RbM risk-based monitoring
REIT real estate investment trust
RMBS residential mortgage-
backed securities
RniV risks not in VaR
RoCET1 return on CET1 capital
RoU right-of-use
rTSR relative total shareholder
return
RWA risk-weighted assets
S
SA standardized approach or
société anonyme
SA-CCR standardized approach for
counterparty credit risk
SAR Special Administrative
Region of the People’s
Republic of China
SDG Sustainable Development
Goal
SEC US Securities and Exchange
Commission
SFT securities financing
transaction
SIBOR Singapore Interbank
Offered Rate
SICR significant increase in credit
risk
SIX SIX Swiss Exchange
SME small and medium-sized
entities
SMF Senior Management
Function
SNB Swiss National Bank
SOR Singapore Swap Offer Rate
SPPI solely payments of principal
and interest
SRB systemically relevant bank
SVaR stressed value-at-risk
T
TBTF too big to fail
TCFD Task Force on Climate-
related Financial Disclosures
TIBOR Tokyo Interbank Offered
Rate
TLAC total loss-absorbing capacity
TTC through the cycle
U
USD US dollar
V
VaR value-at-risk
VAT
value added tax
This is a general list of the abbreviations frequently used in our financial reporting. Not all of the listed abbreviations
may appear in this particular report.
UBS Group fourth quarter 2025 report |
Appendix 71
Information sources
Reporting publications
Annual publications
UBS Group Annual Report
: Published in English, this report provides descriptions of: the Group strategy and
performance; the strategy and performance of the business divisions and Group functions; risk, treasury and capital
management; corporate governance; the compensation framework, including information about compensation for
the Board of Directors and the Group Executive Board members; and financial information, including the financial
statements.
“Auszug aus dem Geschäftsbericht
”: This publication provides a German translation of selected sections of the
UBS Group Annual Report.
Compensation Report
: This report discusses the compensation framework and provides information about
compensation for the Board of Directors and the Group Executive Board members. It is available in English and
German (
“Vergütungsbericht
”) and represents a component of the UBS Group Annual Report.
Sustainability Report
: Published in English, the UBS Group Sustainability Report provides disclosures on
environmental, social and governance (ESG) topics.
Quarterly publications
Quarterly financial report
: This report provides an update on performance and strategy (where applicable) for the
respective quarter. It is available in English.
The annual and quarterly publications are available in .pdf and online formats at
ubs.com/investors
, under “Financial
information”. Printed copies, in any language, of the aforementioned annual publications are no longer provided.
Other information
Website
The “Investor Relations” website at
ubs.com/investors
news releases; financial information, including results-related filings with the US Securities and Exchange
Commission (the SEC); information for shareholders, including UBS dividend and share repurchase program
information, and for bondholders, including rating agencies reports; the corporate calendar; and presentations by
management for investors and financial analysts. Information is available online in English, with some information
also available in German.
Results presentations
Quarterly results presentations are webcast live. Recordings of most presentations can be downloaded from
ubs.com/presentations
.
Messaging service
Email alerts to news about UBS can be subscribed for under “UBS News Alert” at
ubs.com/global/en/investor-
relations/contact/investor-services.html
. Messages are sent in English, German, French or Italian, with an option to
select theme preferences for such alerts.
Form 20-F and other submissions to the US Securities and Exchange Commission
UBS files periodic reports with and submits other information to the SEC. Principal among these filings is the annual
report on Form 20-F, filed pursuant to the US Securities Exchange Act of 1934. The filing of Form 20-F is structured
as a wraparound document. Most sections of the filing can be satisfied by referring to the UBS Group AG Annual
Report. However, there is a small amount of additional information in Form 20-F that is not presented elsewhere
and is particularly targeted at readers in the US. Readers are encouraged to refer to this additional disclosure. Any
document that is filed with the SEC is available on the SEC’s website:
sec.gov
. Refer to
ubs.com/investors
information.
UBS Group fourth quarter 2025 report |
Appendix 72
Cautionary statement regarding forward-looking statements |
not limited to management’s outlook for UBS’s financial performance, statements relating to the anticipated effect of transactions and strategic initiatives on
UBS’s business and future development and goals. While these forward-looking statements represent UBS’s judgments, expectations and objectives concerning
the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS’s
expectations. In particular, the global economy may suffer significant adverse effects from increasing political tensions between world powers, changes to
international trade policies, including those related to tariffs and trade barriers, and evolving armed conflicts. UBS’s acquisition of the Credit Suisse Group
materially changed its outlook and strategic direction and introduced new operational challenges. The integration of the Credit Suisse entities into the UBS
structure is expected to continue through 2026 and presents significant operational and execution risk, including the risks that UBS may be unable to achieve
the cost reductions and business benefits contemplated by the transaction, that it may incur higher costs to execute the integration of Credit Suisse and that the
acquired business may have greater risks or liabilities, including those related to litigation, than expected. Following the failure of Credit Suisse, Switzerland is
considering significant changes to its capital, resolution and regulatory regime, which, if adopted, would significantly increase our capital requirements or impose
other costs on UBS. These factors create greater uncertainty about forward-looking statements. Other factors that may affect UBS’s performance and ability to
achieve its plans, outlook and other objectives also include, but are not limited to: (i) the degree to which UBS is successful in the execution of its strategic plans,
including its cost reduction and efficiency initiatives and its ability to manage its levels of risk-weighted assets (RWA) and leverage ratio denominator (LRD),
liquidity coverage ratio and other financial resources, including changes in RWA assets and liabilities arising from higher market volatility and the size of the
combined Group; (ii) the degree to which UBS is successful in implementing changes to its businesses to meet changing market, regulatory and other conditions,
including any potential changes to banking examination and oversight practices and standards as a result of executive branch orders or staff interpretations of
law in the US; (iii) inflation and interest rate volatility in major markets; (iv) developments in the macroeconomic climate and in the markets in which UBS operates
or to which it is exposed, including movements in securities prices or liquidity, credit spreads, currency exchange rates, residential and commercial real estate
markets, general economic conditions, and changes to national trade policies on the financial position or creditworthiness of UBS’s clients and counterparties, as
well as on client sentiment and levels of activity; (v) changes in the availability of capital and funding, including any adverse changes in UBS’s credit spreads and
credit ratings of UBS, as well as availability and cost of funding,
including as affected by the marketability of a current additional tier one debt instrument, to
meet requirements for debt eligible for total loss-absorbing capacity (TLAC); (vi) changes in and potential divergence between central bank policies or the
implementation of financial legislation and regulation in Switzerland, the US, the UK, the EU and other financial centers that have imposed, or resulted in, or
may do so in the future, more stringent or entity-specific capital, TLAC, leverage ratio, net stable funding ratio, liquidity and funding requirements, heightened
operational resilience requirements, incremental tax requirements, additional levies, limitations on permitted activities, constraints on remuneration, constraints
on transfers of capital and liquidity and sharing of operational costs across the Group or other measures, and the effect these will or would have on UBS’s
business activities; (vii) UBS’s ability to successfully implement resolvability and related regulatory requirements and the potential need to make further changes
to the legal structure or booking model of UBS in response to legal and regulatory requirements including heightened requirements and expectations due to its
acquisition of the Credit Suisse Group; (viii) UBS’s ability to maintain and improve its systems and controls for complying with sanctions in a timely manner and
for the detection and prevention of money laundering to meet evolving regulatory requirements and expectations, in particular in the current geopolitical turmoil;
(ix) the uncertainty arising from domestic stresses in certain major economies; (x) changes in UBS’s competitive position, including whether differences in
regulatory capital and other requirements among the major financial centers adversely affect UBS’s ability to compete in certain lines of business; (xi) changes in
the standards of conduct applicable to its businesses that may result from new regulations or new enforcement of existing standards, including measures to
impose new and enhanced duties when interacting with customers and in the execution and handling of customer transactions; (xii) the liability to which UBS
may be exposed, or possible constraints or sanctions that regulatory authorities might impose on UBS, due to litigation, including litigation it has inherited by
virtue of the acquisition of Credit Suisse, contractual claims and regulatory investigations, including the potential for disqualification from certain businesses,
potentially large fines or monetary penalties, or the loss of licenses or privileges as a result of regulatory or other governmental sanctions, as well as the effect
that litigation, regulatory and similar matters have on the operational risk component of its RWA; (xiii) UBS’s ability to retain and attract the employees necessary
to generate revenues and to manage, support and control its businesses, which may be affected by competitive factors; (xiv) changes in accounting or tax
standards or policies, and determinations or interpretations affecting the recognition of gain or loss, the valuation of goodwill, the recognition of deferred tax
assets and other matters; (xv) UBS’s ability to implement new technologies and business methods, including digital services, artificial intelligence and other
technologies, and ability to successfully compete with both existing and new financial service providers, some of which may not be regulated to the same extent;
(xvi) limitations on the effectiveness of UBS’s internal processes for risk management, risk control, measurement and modeling, and of financial models generally;
(xvii) the occurrence of operational failures, such as fraud, misconduct, unauthorized trading, financial crime, cyberattacks, data leakage and systems failures,
the risk of which is increased with persistently high levels of cyberattack threats; (xviii) restrictions on the ability of UBS Group AG, UBS AG and regulated
subsidiaries of UBS AG to make payments or distributions, including due to restrictions on the ability of its subsidiaries to make loans or distributions, directly or
indirectly, or, in the case of financial difficulties, due to the exercise by FINMA or the regulators of UBS’s operations in other countries of their broad statutory
powers in relation to protective measures, restructuring and liquidation proceedings; (xix) the degree to which changes in regulation, capital or legal structure,
financial results or other factors may affect UBS’s ability to maintain its stated capital return objective; (xx) uncertainty over the scope of actions that may be
required by UBS, governments and others for UBS to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of
underlying science and industry and the increasing divergence among regulatory regimes; (xxi) the ability of UBS to access capital markets; (xxii) the ability of UBS
to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack, war, conflict, pandemic,
security breach, cyberattack, power loss, telecommunications failure or other natural or man-made event; and (xxiii) the effect that these or other factors or
unanticipated events, including media reports and speculations, may have on its reputation and the additional consequences that this may have on its business
and performance. The sequence in which the factors above are presented is not indicative of their likelihood of occurrence or the potential magnitude of their
consequences. UBS’s business and financial performance could be affected by other factors identified in its past and future filings and reports, including those
filed with the US Securities and Exchange Commission (the SEC). More detailed information about those factors is set forth in documents furnished by UBS and
filings made by UBS with the SEC, including the UBS Group AG and UBS AG Annual Reports on Form 20-F for the year ended 31 December 2024. UBS is not
under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future
events, or otherwise.
Rounding |
disclosed in text and tables are calculated on the basis of unrounded figures. Absolute changes between reporting periods disclosed in the text, which can be
derived from numbers presented in related tables, are calculated on a rounded basis.
Tables |
available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis. Values
that are zero on a rounded basis can be either negative or positive on an actual basis.
Websites |
of any such websites into this report.
UBS Group AG
P.O. Box
CH-8098 Zurich
ubs.com
This Form 6-K is hereby incorporated by reference into (1) each of the registration statements on Form F-3
(Registration Number 333-283672), and on Form S-8 (Registration Numbers 333-200634; 333-200635; 333-200641;
333-200665; 333-215254; 333-215255; 333-228653; 333-230312; 333-249143 and 333-272975), and into each
prospectus outstanding under any of the foregoing registration statements, (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 registrants have duly caused this
report to be signed on their behalf by the undersigned, thereunto duly authorized.
UBS Group AG
By: /s/ Sergio Ermotti
___
Name: Sergio Ermotti
Title: Group Chief Executive Officer
By: /s/ Todd Tuckner
_
Name: Todd Tuckner
Title: Group Chief Financial Officer
By: /s/ Steffen Henrich
____________
Name: Steffen Henrich
Title: Group Controller
UBS AG
By: /s/ Sergio Ermotti
_
Name: Sergio Ermotti
Title: President of the Executive Board
By: /s/ Todd Tuckner
_
Name: Todd Tuckner
Title: Chief Financial Officer
By: /s/ Steffen Henrich
_____________
Name: Steffen Henrich
Title: Controller
Date: February 4, 2026
FAQ
How did UBS Group (AMUB) perform financially in full-year 2025?
UBS Group’s 2025 net profit attributable to shareholders rose to 7,767m from 5,085m, on total revenues of 49,573m . Profitability improved, with reported return on equity reaching 8.8% and underlying return on tangible equity at 12.1% for the year.
What were UBS Group (AMUB) results for the fourth quarter of 2025?
In fourth quarter 2025, UBS Group generated 12,145m in total revenues and net profit attributable to shareholders of 1,199m . Operating profit before tax was 1,700m , supported by higher fee and trading income, partly offset by a 457m loss on repurchased legacy Credit Suisse debt.
How far has UBS Group (AMUB) progressed integrating Credit Suisse?
By year-end 2025, UBS had achieved 10.7bn in cumulative gross cost savings versus the 2022 combined cost base and reduced Non-core and Legacy risk-weighted assets by 67% since second quarter 2023. Management still expects substantial integration completion by the end of 2026 .
What capital ratios did UBS Group (AMUB) report at December 31, 2025?
At 31 December 2025, UBS reported common equity tier 1 capital of 71,262m , a CET1 capital ratio of 14.4% , and a CET1 leverage ratio of 4.4% . Risk-weighted assets were 493,397m , and the leverage ratio denominator stood at 1,622,438m.
What dividend and share buybacks did UBS Group (AMUB) outline for shareholders?
For the 2025 financial year, UBS’s Board plans to propose a dividend of 1.10 per share. The bank completed 3bn of share repurchases in 2025 and intends to repurchase another 3bn of shares in 2026 , subject to capital and regulatory considerations.
What are UBS Group (AMUB) key financial targets after the Credit Suisse integration?
Upon completing integration by end 2026 , UBS targets an underlying RoCET1 around 15% , an underlying cost/income ratio below 70% and gross cost savings of about 13.5bn . Looking to 2028 , it aims for reported RoCET1 around 18% and cost/income ratio near 67%.
UBS ETRACS Alerian MLP ETN Series B
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