[6-K] UBS AG Current Report (Foreign Issuer)

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

6-K

Rhea-AI Filing Summary

UBS Group delivered a strong first quarter of 2026, with total revenues of $14.243bn, up 13% year on year, and net profit attributable to shareholders of $3.040bn, up 80%. Diluted earnings per share rose to $0.94, and the reported cost / income ratio improved to 72.5%.

Profit growth was broad-based: Global Wealth Management, Personal & Corporate Banking, Asset Management and the Investment Bank all increased pre-tax profit, helped by higher fee income, stronger markets and higher client activity. Underlying pre-tax profit reached $3.99bn, with an underlying cost / income ratio of 70.2%.

Integration of Credit Suisse is advancing, with cumulative gross cost savings of $11.5bn toward a $13.5bn 2026 ambition. UBS highlights upcoming Swiss regulatory changes that could require about $37bn of additional CET1 capital over time, but the Group CET1 ratio is currently a solid 14.7%. UBS also paid a $1.10 dividend per share and repurchased $0.9bn of shares in the quarter.

Insights

UBS posts strong Q1 profits while flagging sizable future capital needs.

UBS Group grew Q1 2026 revenues to $14.243bn and lifted net profit to $3.040bn, nearly doubling year on year. Profitability improved across divisions, with the Group cost / income ratio down to 72.5% and underlying return on CET1 capital at 17.0%.

Credit Suisse integration remains central. UBS has achieved $11.5bn in cumulative gross cost savings versus the 2022 combined cost base and still targets an annualized exit rate of about $13.5bn by end-2026. Non-core and Legacy risk-weighted assets have been reduced by 67% since Q2 2023, meeting the $4bn year-end 2026 credit and market risk RWA ambition early.

Regulatory changes are the main counterweight. Swiss proposals and post‑acquisition effects together imply around $37bn of additional CET1 capital versus UBS AG standalone and Group estimates, on top of current requirements. Even so, the Group CET1 ratio is 14.7% on $73.3bn of CET1 capital, and UBS continues capital returns, including a $1.10 per-share dividend and a targeted $3bn buyback by July 2026.

Key Figures

Total revenues: $14.243bn Net profit attributable to shareholders: $3.040bn Diluted EPS: $0.94 +5 more

8 metrics

Total revenues $14.243bn Group revenues for quarter ended 31 March 2026

Net profit attributable to shareholders $3.040bn Quarter ended 31 March 2026, up 80% year on year

Diluted EPS $0.94 Quarter ended 31 March 2026

Cost / income ratio 72.5% Group cost / income ratio in Q1 2026

CET1 capital ratio 14.7% Common equity tier 1 ratio at 31 March 2026

Additional CET1 capital need $37bn Total estimated extra CET1 from Credit Suisse acquisition and Swiss proposals

Cumulative gross cost savings $11.5bn Integration-related savings vs 2022 combined cost base as of Q1 2026

Share repurchases in Q1 2026 $0.9bn Under 2026 share repurchase program in first quarter

Key Terms

purchase price allocation (PPA), Non-core and Legacy, Common equity tier 1 (CET1) capital, Liquidity coverage ratio, +2 more

6 terms

purchase price allocation (PPA) financial

"underlying revenues excluded purchase price allocation (PPA) effects and other integration items of USD 472m"

Non-core and Legacy financial

"Non-core and Legacy consists of positions and businesses not aligned with our strategy and policies"

Common equity tier 1 (CET1) capital regulatory

"Common equity tier 1 capital 73,313 71,262 69,152"

Common Equity Tier 1 (CET1) capital is a bank’s highest-quality capital — mainly ordinary shares and retained profits after straightforward deductions — that serves as the primary cushion against losses. Investors use the CET1 ratio (CET1 capital compared with the bank’s risk-weighted assets) as a quick gauge of a bank’s resilience: a bigger cushion means the bank is better able to absorb shocks, support lending, pay dividends, and withstand downturns, much like a thicker shock absorber in a car.

Liquidity coverage ratio regulatory

"Liquidity coverage ratio (%) 177.8 182.6 181.0"

The liquidity coverage ratio is a banking rule that measures whether a bank has enough high-quality, easy-to-sell assets to cover expected net cash outflows for 30 days. Think of it as a household’s emergency fund that must cover a month of bills; for investors, a higher ratio means the bank is better positioned to survive short-term stress, reducing the risk of fire sales, funding problems, or sudden capital needs that can hurt the share price.

Extended Liquidity Facility (ELF) regulatory

"the Swiss National Bank introduced the Extended Liquidity Facility (the ELF)"

Responsible Business Initiative (RBI) regulatory

"indirect counterproposal to the Responsible Business Initiative (the RBI)"

Form 6-K: How Foreign Companies Report to the SEC →

04/29/2026 - 06:35 AM

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: April 29, 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-

Form 20-F

☒

Form 40-F

☐

This Form 6-K consists

of the First Quarter

2026 Report of UBS

Group AG, which appears

immediately following

this page.

UBS

Group

First quarter 2026 report

Corporate calendar UBS Group

Information about future publication dates is generally available at

ubs.com/global/en/investor-relations/events/calendar.html

Contacts

Switchboards

For all general inquiries

ubs.com/contact

Zurich +41-44-234-1111

London +44-207-567-8000

New York +1-212-821-3000

Hong Kong SAR +852-2971-8888

Singapore +65-6495-8000

Investor Relations

UBS’s Investor Relations team manages

relationships with institutional investors,

research analysts and credit rating agencies.

ubs.com/investors

Zurich +41-44-234-4100

New York +1-212-882-5734

Media Relations

UBS’s Media Relations team manages

relationships with global media and

journalists.

ubs.com/media

Zurich +41-44-234-8500

mediarelations@ubs.com

London +44-20-7567-4714

ubs-media-relations@ubs.com

New York +1-212-882-5858

mediarelations@ubs.com

Hong Kong SAR +852-2971-8200

sh-mediarelations-ap@ubs.com

Office of the Group Company Secretary

The Group Company Secretary handles

inquiries directed to the Chairman or to

other members of the Board of Directors.

UBS Group AG, Office of the Group

Company Secretary

P.O.

Box, CH-8098 Zurich, Switzerland

sh-company-secretary@ubs.com

Zurich +41-44-235-6652

Shareholder Services

UBS’s Shareholder Services team, a unit

of the Group Company Secretary’s office,

manages relationships with shareholders

and the registration of UBS Group AG

registered shares.

UBS Group AG, Shareholder Services

P.O.

Box, CH-8098 Zurich, Switzerland

sh-shareholder-services@ubs.com

Zurich +41-44-235-6652

US Transfer Agent

For global registered share-related

inquiries in the US.

Computershare Trust Company NA

P.O.

Box 43006

Providence, RI, 02940-3006, USA

Shareholder online inquiries:

www.computershare.com/us/

investor-inquiries

Shareholder website:

computershare.com/investor

Calls from the US

+1-866-305-9566

Calls from outside the US

+1-781-575-2623

TDD for hearing impaired

+1-800-231-5469

TDD for foreign shareholders

+1-201-680-6610

Imprint

Publisher: UBS Group AG, Zurich, Switzerland | ubs.com

Language: English

Key figures

UBS Group key figures

Recent developments

UBS Group performance, business

divisions and Group Items

Group performance

Global Wealth Management

Personal & Corporate Banking

Asset Management

Investment Bank

Non-core and Legacy

Group Items

Risk, capital, liquidity and funding,

and balance sheet

Risk management and control

Capital management

Liquidity and funding management

Balance sheet and off-balance sheet

Share information and earnings per share

Consolidated

financial information

UBS Group AG interim consolidated financial

information (unaudited)

Significant regulated subsidiary and sub-

group information

Financial and regulatory key figures for our

significant regulated subsidiaries and sub-

groups

Appendix

Alternative performance measures

Abbreviations frequently used in

our financial reports

Information sources

Cautionary statement

UBS Group first quarter 2026 report

Terms used in this report, unless the context requires otherwise

“UBS”, “UBS Group”, “UBS Group AG consolidated”, “Group”,

“the Group”,

“we”, “us” and “our”

UBS Group AG and its consolidated subsidiaries

“UBS AG” and “UBS AG consolidated”

UBS AG and its consolidated subsidiaries

“1m”

One million, i.e. 1,000,000

“1bn”

One billion, i.e. 1,000,000,000

“1trn”

One trillion, i.e. 1,000,000,000,000

In this report, unless the context requires otherwise, references to any gender shall apply to all genders.

Alternative performance measures

An alternative performance measure (an

APM) is a financial measure

of historical or future financial

performance,

financial position or

cash flows other

than a financial

measure defined or

specified in IFRS

Accounting Standards,

as issued by the International Accounting Standards

Board (the IASB), or in other applicable

recognized accounting

standards or regulations.

We report a

number of APMs

in the discussion

of the financial

and operating performance

of 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

each

APM,

the

method

used

calculate

and

the

information

content

are

presented

under

“Alternative

performance

measures”

the

appendix

this

report.

Each

APM

that

qualifies

non-GAAP

measure as defined by US Securities and Exchange

Commission (SEC) regulations is designated as such in

the table

of APMs in the appendix to this report.

›

Refer to “Alternative performance measures” in the appendix to this report for additional information

›

Refer to the “Group performance” section of this report for additional information about underlying results

Quarterly reporting change

Starting from the first quarter of 2026, UBS will no longer publish interim financial reports prepared in accordance

with

IAS 34,

Interim

Financial

Reporting,

for

the

first

and

third

quarters.

Instead,

UBS

will

publish

financial

information that is prepared in accordance with UBS Group

AG accounting policies, which are consistent with IFRS

Accounting Standards, but

does not include

all notes as

required under IAS

34 and therefore

does not constitute

an “interim financial

report”, as defined

by IAS 34. This

change is intended

to improve efficiency,

while maintaining

a high level of transparency for investors.

result,

the

section

previously

titled

“Consolidated

financial

statements”

has

been

renamed

“Consolidated

financial

information”,

and

the

scope

the

disclosures

has

been

amended.

The

income

statement

and

the

statement

comprehensive

income,

and

information,

are

presented

for

31 March

2026

and

31 March

2025 on a

year-to-date basis. The

balance sheet and

related information are

presented as of

31 March 2026 and

31 December 2025.

Starting from the

first half of

2026, UBS will

publish a half-year

interim financial report

prepared in accordance

with

IAS 34 as of and for the six-month period ending 30 June.

UBS Group first quarter 2026 report |

| Key figures | UBS Group key figures

Key figures

UBS Group key figures

As of or for the quarter ended

USD m, except where indicated

31.3.26

31.12.25

31.3.25

Group results

Total revenues

14,243

12,145

12,557

Credit loss expense / (release)

159

100

Operating expenses

10,333

10,286

10,324

Operating profit / (loss) before tax

3,841

1,700

2,132

Net profit / (loss) attributable to shareholders

3,040

1,199

1,692

Diluted earnings per share (USD)

0.94

0.37

0.51

Profitability and growth

Return on equity (%)

13.3

5.3

7.9

Return on tangible equity (%)

14.4

5.8

8.5

Underlying return on tangible equity (%)

3,4

14.6

10.5

10.0

Return on common equity tier 1 capital (%)

16.8

6.6

9.6

Underlying return on common equity tier 1 capital (%)

3,4

17.0

11.9

11.3

Cost / income ratio (%)

72.5

84.7

82.2

Underlying cost / income ratio (%)

3,4

70.2

75.2

77.4

Effective tax rate (%)

20.5

29.1

20.2

Net profit growth (%)

79.7

55.6

(3.6)

Resources

Total assets

1,686,521

1,617,427

1,543,363

Equity attributable to shareholders

92,247

90,213

87,185

Common equity tier 1 capital

73,313

71,262

69,152

Risk-weighted assets

500,355

493,397

483,276

Common equity tier 1 capital ratio (%)

14.7

14.4

14.3

Going concern capital ratio (%)

19.4

18.5

18.2

Total loss-absorbing capacity ratio (%)

39.5

38.0

38.7

Leverage ratio denominator

1,653,460

1,622,438

1,561,583

Common equity tier 1 leverage ratio (%)

4.4

Liquidity coverage ratio (%)

177.8

182.6

181.0

Net stable funding ratio (%)

116.9

116.1

124.2

Other

Invested assets (USD bn)

3,7

6,881

7,005

6,153

Internal and external personnel

116,814

119,589

126,077

Internal personnel (full-time equivalents)

101,594

103,177

106,789

Market capitalization

128,345

155,760

105,173

Total book value per share (USD)

29.72

29.18

27.35

Tangible book value per share (USD)

27.50

26.93

25.18

Credit-impaired lending assets as a percentage of total lending assets, gross (%)

0.9

1.0

Cost of credit risk (bps)

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 2025,

available under “Annual reporting” at ubs.com/investors, for more information about our performance targets.

3 Refer to “Alternative performance measures” in the appendix to this report

for the relevant definition

and calculation method. Each alternative performance measure (APM) that qualifies as a non-GAAP measure as defined by US Securities and

Exchange Commission (SEC) regulations is designated as such in the table

of APMs in the appendix to this report.

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 each of the quarters presented and have been calculated based on an average of 62

data points in the first quarter of 2026, 64 data

points in the fourth quarter of 2025 and 62 data

points in the first quarter of 2025. 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 30 Invested assets and

net new money” in the “Consolidated financial

statements” section of the UBS Group

Annual Report 2025, available under “Annual

reporting” at ubs.com/investors,

for more information.

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 first quarter 2026 report |

Recent developments

Management report

Integration of Credit Suisse

With the

completion

the

Swiss

client account

migration

March

2026, we

have

now completed

the

global

migration of former Credit

Suisse client accounts to

UBS infrastructure, achieving a

key integration milestone in

the

integration of Credit Suisse.

This achievement marks the start of the final phase

of the integration, including the decommissioning of legacy IT

infrastructure, which will be

executed over the remainder

of the year. We

continue to be on

track to substantially

complete the integration by the end of 2026.

In the

first quarter

of 2026,

we realized

an additional

USD 0.8bn in

gross cost

savings. Cumulative

gross cost

savings

at the end of the

first quarter of 2026 amounted to

USD 11.5bn compared with the 2022 combined

cost base of

UBS

and

Credit Suisse.

Our ambition

for

annualized

exit

rate

gross cost

savings by

the

end

2026

remains

approximately

USD 13.5bn.

expect

have

incurred

cumulative

integration-related

expenses

around

USD 15bn at the end of 2026, assuming constant foreign-exchange rates compared with 2022.

31 March

2026, our

Non-core

and

Legacy

division has

delivered

67% reduction

risk-weighted

assets

(RWA) since the second quarter of 2023. We have achieved a reduction

of credit and market risk RWA to USD 4bn

in line

with our

year-end 2026

ambition. We

have also

achieved an

84% reduction

in underlying

operating expenses

(excluding litigation) compared with the 2022 baseline.

Regulatory and legal developments

Banking regulation in Switzerland

In April

2026, the

Swiss Federal

Council published

its final

amendments to

the Capital

Adequacy Ordinance

(the

CAO)

specifying

the

regulatory

capital

treatment

selected

assets.

Under

the

amended

ordinance,

UBS’s

capitalized software will be

subject to an amortization

of a maximum of

three years for regulatory

capital purposes,

irrespective of the

actual economic

useful life. In

addition, prudential valuation

adjustments will be

revised, resulting

in higher capital deductions for assets and liabilities that are subject to valuation uncertainty. The capital treatment

of deferred

tax assets

arising from

temporary differences

remains unchanged.

The amendments

to the

CAO will

become effective

on 1 January

2027, except

for the

revised capital

treatment of

capitalized software,

which will

apply from 1 January 2029.

Regarding additional

tier 1 (AT1)

capital instruments,

the Swiss

Federal Council

has decided

not to

proceed with

the adjustments proposed in June

2025. The Swiss Federal Council

also finalized measures that aim

to enable the

Swiss Financial Market

Supervisory Authority (FINMA)

and other authorities

to better assess

the liquidity of

banks

in a stressed situation.

In addition, the

Swiss Federal Council submitted

to the Swiss

Parliament its final

proposal for amendments to

the

Banking Act that govern the capital treatment of systemically important banks’ investments in foreign subsidiaries.

This

proposal

will

now

deliberated

the

Swiss

Parliament.

Under

the

proposal,

investments

foreign

subsidiaries

would

fully

deducted

from

UBS AG’s

standalone

common

equity

tier 1

(CET1)

capital.

The

amendments

would

phased

over

seven

years,

with

65%

deduction

requirement

the

first

year

and

increasing to 100% by 5-percentage-point increments each year.

For

UBS AG

standalone,

the

amendments

the

ordinance

level

capitalized

software

and

prudential

valuation adjustments, once

fully implemented, are

expected to have

a net CET1

capital impact of

approximately

USD 2bn. The proposed full deduction

of investments in foreign subsidiaries

would require UBS AG standalone

hold additional

CET1 capital

of around

USD 20bn. The

total incremental

CET1 capital

would amount

to around

USD 22bn required

at the

UBS AG standalone

level. At

the Group

level, the

amendments at

ordinance level

will

lead to

a derecognition

of around

USD 4bn of

net CET1

capital. These

estimates have

been calculated

based on

UBS Group AG’s

consolidated

balance

sheet

31 December

2025,

assuming

that

all

capital

measures

are

adopted

currently

proposed

and

using

assumed

CET1

capital

ratio

12.5%

for

UBS AG

and

14.0%

for

UBS Group.

UBS Group first quarter 2026 report |

Recent developments

The incremental capital

requirement of USD 22bn

mentioned above would

come on top

of the USD 15bn

of capital

required as a

result of the

Credit Suisse acquisition.

This includes around

USD 9bn in response

to the abolition

regulatory

concessions

that

had

been

granted

Credit

Suisse

and

around

USD 6bn

meet

the

progressive

requirements due to

the increased size

and higher market

share of

the combined business.

On this basis,

UBS would

be required to hold around USD 37bn of additional CET1 capital in total.

The Swiss National Bank establishes the basis for the Extended Liquidity Facility

In February

2026, the

Swiss National

Bank (the

SNB) introduced

the Extended

Liquidity Facility

(the ELF).

The ELF

extends the

existing Emergency

Liquidity Assistance

(the ELA)

to eligible

banks domiciled

in Switzerland

and provides

access

liquidity

support

from

the

SNB

through

streamlined

process.

the

bank-specific

ELF

limit,

application or

formal solvency

confirmation is

required for

liquidity

drawdowns. For

amounts exceeding

the

ELF

limit, banks

must submit

an application

and provide

evidence of

solvency and

viability, supported

by an

opinion

from

FINMA.

All

drawdowns

under

the

ELF

must

fully

collateralized.

After

pilot

phase

2026,

the

ELF

expected to become operational

in early 2027. For drawdowns

up to the ELF

limit, UBS expects the ELF

to reduce

the operational burden for accessing liquidity support from the SNB.

The Swiss Federal Council releases an indirect counterproposal to the Responsible Business Initiative

April

2026,

the

Swiss

Federal

Council

opened

consultation

the

new

draft

Federal

Act

Sustainable

Corporate Governance as an indirect counterproposal to the Responsible Business Initiative (the RBI). The

draft act

contains new

requirements in

the areas

of sustainability

reporting and

due diligence

regarding human

rights and

environmental matters.

The

draft act

would significantly

extend the

current Swiss

requirements by

introducing broad

human rights

and

environmental due

diligence obligations, and

liability provisions, and

provide strong supervisory

and enforcement

powers, expanding the mandate of

the Federal Audit Oversight Authority.

In addition, the draft act

would require

large Swiss companies

to provide more

extensive disclosures in

line with the

EU sustainability reporting

standards

or equivalent standards.

The draft act

is subject to

consultation (until 9 July

2026) and parliamentary

debate. UBS would

be within the

scope

of the new

requirements under both

the RBI and

the counterproposal, with

the effect on

UBS depending on

any

final law, the

adoption and entry

into force of

which is not

expected before 2028,

with effective application

in 2030

at the earliest based on the proposed two-year implementation period.

Developments related to the implementation of the final Basel III standards

In March 2026, the Federal Reserve Board, the

Federal Deposit Insurance Corporation (the FDIC) and the Office

the

Comptroller

the

Currency

(the

OCC)

issued

proposals

with

impact

capital

requirements,

including

proposals to implement the remaining elements

of the final Basel III guidelines, a

modified standardized approach

and the

recalibration of

the surcharge

for global

systemically important

banks (G-SIBs).

Under the

first proposal,

category I

banks

(US

G-SIBs)

and

category II

banks

would

subject

the

expanded

risk-based

approach

(the

ERBA) for

calculating RWA.

The second

proposal would

introduce a

revised standardized

approach to

risk-based

capital for banks not subject to the ERBA, including UBS Americas Holding LLC. In addition, UBS Americas Holding

LLC would not be

required to apply an

operational risk charge. The

consultation does not propose

a start date or

phase-in period. The proposals

are open for comment until

18 June 2026. The impact

on UBS will depend on

the

final regulations and future business development.

Also in the first quarter of 2026, the European Commission launched a consultation on the competitiveness of the

EU banking sector and the complexity

and effectiveness of the EU prudential

and macroprudential framework,

and

the UK Prudential

Regulation Authority (the

PRA) published its

final policy statements on

the implementation of

the

Basel 3.1 standards. The

implementation of these

remains set for

1 January 2027, with

full phase-in by

1 January

2030,

except

for

the

implementation

the

internal

model

approach

for

market

risk

accordance

with

the

Fundamental Review of the Trading Book (the FRTB) framework, which has been postponed to 1 January 2028.

Other developments

Capital returns

On 15 April 2026,

the shareholders approved

a dividend of

USD 1.10 per share

at the Annual

General Meeting (the

AGM). The dividend was paid on 23 April 2026 to shareholders of record on 22 April 2026.

In the first quarter

of 2026, we repurchased

USD 0.9bn of shares, and

we are on track

to repurchase USD 3bn of

shares by the end

of July 2026, with

an aim to do

more by year-end 2026.

The amount of additional

repurchases

is subject to our

financial performance and outlook,

maintaining a CET1 capital

ratio of around 14% at

year-end,

and visibility on parliamentary deliberations on the treatment of foreign subsidiaries.

UBS Group first quarter 2026 report |

Recent developments

Sale of O’Connor business

In the first quarter of 2026, UBS

Asset Management (Americas) LLC completed the transfer of

the remaining funds

and employees

in connection

with its

previously announced

sale of

its O’Connor

single manager

hedge fund,

private

credit and commodities platform to Cantor Fitzgerald.

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.

The sale resulted

in a pre-tax

gain of USD 163m

in the first

quarter of 2026

in Personal &

Corporate Banking. Of

this gain, USD 128m has been excluded from underlying results, and USD 35m has been recognized as part of the

underlying

results

reflects

deferred

Swisscard

revenues

the

period

which

the

investment

was

classified

held

for

sale.

The

gain

sale

USD 163m

has

offset

the

effects

the

prior

Swisscard

transactions recorded in

the first quarter

of 2025 (an

expense of USD 180m

and a gain

of USD 64m) and

the fourth

quarter of 2024 (an expense of USD 41m).

Conversion of UBS Bank USA to a national bank

On 20 March 2026, UBS Bank USA received final approval from the OCC regarding its application to

convert from

Utah

state-chartered

bank

national

bank

charter

and

concurrently

changed

its

name

UBS

Bank

USA,

National Association. As a result, the OCC is now its primary regulator. The conversion is expected to allow UBS to

expand its banking services in the US.

Organizational changes

At the AGM on 15 April 2026, the shareholders elected Markus Ronner to join the Board of Directors (the BoD) as

Vice Chairman,

succeeding Lukas

Gähwiler, who

did not

stand for

re-election. The

shareholders also

elected Agustín

Carstens and

Luca Maestri

as members

of the

BoD. William

C. Dudley

and Jeanette

Wong did

not stand

for re-

election.

UBS Group first quarter 2026 report |

UBS Group performance, business divisions and Group Items

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 first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Group performance

Group performance

Income statement

For the quarter ended

% change from

USD m

31.3.26

31.12.25

31.3.25

4Q25

1Q25

Net interest income

2,320

2,172

1,629

Other net income from financial instruments measured at fair value through profit or loss

3,949

3,163

3,937

Net fee and commission income

7,728

7,223

6,777

Other income

247

(412)

213

Total revenues

14,243

12,145

12,557

Credit loss expense / (release)

159

100

(56)

(30)

Personnel expenses

7,584

6,681

7,032

General and administrative expenses

2,011

2,740

2,431

(27)

(17)

Depreciation, amortization and impairment of non-financial assets

738

865

861

(15)

(14)

Operating expenses

10,333

10,286

10,324

Operating profit / (loss) before tax

3,841

1,700

2,132

126

Tax expense / (benefit)

786

495

430

Net profit / (loss)

3,054

1,205

1,702

153

Net profit / (loss) attributable to non-controlling interests

125

Net profit / (loss) attributable to shareholders

3,040

1,199

1,692

154

Comprehensive income

Total comprehensive income

3,177

1,270

3,345

150

(5)

Total comprehensive income attributable to non-controlling interests

(6)

(2)

Total comprehensive income attributable to shareholders

3,152

1,275

3,319

147

(5)

UBS Group first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Group performance

Selected financial information of the business divisions and Group Items

For the quarter ended 31.3.26

USD m

Global Wealth

Management

Personal &

Corporate

Banking

Asset

Management

Investment

Bank

Non-core and

Legacy

Group Items

Total

Total revenues as reported

7,106

2,601

772

4,054

(10)

(279)

14,243

of which: PPA effects and other integration items

125

223

472

of which: items related to the Swisscard transactions

128

Total revenues (underlying)

6,981

2,250

772

3,986

(11)

(334)

13,644

Credit loss expense / (release)

(74)

Operating expenses as reported

5,305

1,491

555

2,784

219

(21)

10,333

of which: integration-related expenses and PPA effects

307

222

750

Operating expenses (underlying)

4,998

1,269

520

2,705

160

(69)

9,583

Operating profit / (loss) before tax as reported

1,792

1,040

217

1,205

(155)

(258)

3,841

Operating profit / (loss) before tax (underlying)

1,974

911

252

1,216

(97)

(265)

3,990

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

6,695

2,286

800

2,946

(8)

(575)

12,145

of which: PPA effects and other integration items

135

226

(404)

of which: loss related to an investment in an associate

(20)

(54)

(74)

Total revenues (underlying)

6,580

2,114

800

2,885

(10)

(171)

12,199

Credit loss expense / (release)

101

(12)

159

Operating expenses as reported

5,373

1,621

588

2,272

459

(27)

10,286

of which: integration-related expenses and PPA effects

384

285

124

233

1,117

Operating expenses (underlying)

4,989

1,336

531

2,148

226

(62)

9,169

Operating profit / (loss) before tax as reported

1,290

565

212

640

(455)

(552)

1,700

Operating profit / (loss) before tax (underlying)

1,558

678

268

703

(224)

(113)

2,871

For the quarter ended 31.3.25

USD m

Global Wealth

Management

Personal &

Corporate

Banking

Asset

Management

Investment

Bank

Non-core and

Legacy

Group Items

Total

Total revenues as reported

6,422

2,211

741

3,183

284

(284)

12,557

of which: PPA effects and other integration items

165

241

138

574

of which: gain related to an investment in an associate

of which: items related to the Swisscard transactions

Total revenues (underlying)

6,253

1,895

741

3,045

284

(314)

11,904

Credit loss expense / (release)

(1)

100

Operating expenses as reported

5,057

1,551

606

2,427

669

10,324

of which: integration-related expenses and PPA effects

355

192

112

191

927

of which: items related to the Swisscard transactions

180

Operating expenses (underlying)

4,702

1,179

533

2,314

477

9,218

Operating profit / (loss) before tax as reported

1,359

607

135

722

(391)

(299)

2,132

Operating profit / (loss) before tax (underlying)

1,545

663

208

696

(200)

(326)

2,586

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 on sale of UBS’s

50%

interest in Swisscard AECS GmbH

(Swisscard), which has been

excluded from underlying revenues.

Refer to the “Recent developments”

section of this report for

more information about the Swisscard

transactions.

Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of intangible assets resulting from the acquisition of the Credit Suisse Group.

4 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).

5 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.

6 Represents

the expense related to the payment to Swisscard for the sale of the Credit Suisse card portfolios to UBS.

Net integration-related expenses, by business division and Group Items

For the quarter ended

USD m

31.3.26

31.12.25

31.3.25

Global Wealth Management

304

381

353

Personal & Corporate Banking

196

259

166

Asset Management

Investment Bank

125

112

Non-core and Legacy

231

191

Group Items

888

(2)

Net integration-related expenses

677

1,941

894

of which: total revenues

(44)

853

(5)

of which: operating expenses

721

1,089

899

of which: personnel expenses

540

563

559

of which: general and administrative expenses

153

433

279

of which: depreciation, amortization and impairment of non-financial assets

1 Negative values represent net income.

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).

UBS Group first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Group performance

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.

the

first

quarter

2026,

underlying

revenues

excluded

purchase

price

allocation

(PPA)

effects

and

other

integration items of

USD 472m. 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

PPA

adjustments

financial

instruments

accelerated

when

the

financial

instrument

derecognized before its contractual maturity. No

adjustment is made for accretion of

PPA on financial instruments

within

Non-core

and

Legacy,

due

the

nature

its

business

model.

Underlying

revenues

also

excluded

USD 128m gain related to the Swisscard transactions.

the

first

quarter

2026,

underlying

expenses

excluded

integration-related

expenses

and

PPA

effects

USD 750m. Integration-related expenses

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

useful

lives

property,

equipment

and

software,

and

impairment

charges

relating

these

assets.

Classification

integration-related

expenses does not

affect the timing

of recognition and

measurement of those

expenses or the presentation

thereof

in the income statement.

›

Refer to the “Recent developments” section of this report for more information about the Swisscard transactions

Results: 1Q26 vs 1Q25

Reported

operating

profit

before

tax

increased

USD 1,709m,

80%,

USD 3,841m,

mainly

reflecting

increase in total revenues and lower net credit loss expenses. Total revenues increased by USD 1,686m, or 13%, to

USD 14,243m, which included

an increase from

foreign currency

effects and a

decrease of

USD 102m in

PPA effects

and other

integration items.

The increase

in total

revenues was

primarily driven

by increases

of USD 951m

in net

fee

and

commission

income

and

USD 702m

total

combined

net

interest

income

and

other

net

income

from

financial

instruments

measured

fair

value

through

profit

loss.

Operating

expenses

were

broadly

stable

USD 10,333m, as a

USD 552m increase in

personnel expenses was

almost entirely offset

by decreases of

USD 420m

general

and

administrative

expenses

and

USD 123m

depreciation,

amortization

and

impairment

non-

financial assets. Operating expenses included an

increase from foreign currency effects and

a USD 177m decrease

in integration-related expenses

and PPA effects.

Net credit loss

expenses were USD 70m,

compared with USD 100m

in the first quarter of 2025.

Underlying results 1Q26 vs 1Q25

underlying

basis,

profit

before

tax

increased

USD 1,404m

USD 3,990m,

reflecting

USD 1,740m

increase in total

revenues and a

USD 30m decrease in

net credit loss

expenses, partly offset

by a USD 365m

increase

in operating expenses.

Total revenues: 1Q26 vs 1Q25

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 702m

to USD 6,269m

and included

a decrease

of USD 64m

in accretion

impacts

resulting

from

PPA

adjustments

financial

instruments

and

other

PPA

effects,

mainly

Global

Wealth

Management.

UBS Group first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Group performance

The

year-on-year

increase

was

primarily

driven

USD 631m

increase

the

Investment

Bank’s

revenues

USD 2,678m, mainly

driven by

Global Markets.

The increase

was mostly

due to

higher levels

of client

activity in

Derivatives & Solutions, as well as higher client

balances in Prime Brokerage within Financing. In addition,

revenues

in Global Wealth Management increased by USD 167m to USD 2,362m, mainly reflecting a USD 143m increase

net interest income. Excluding the

aforementioned PPA effects, this increase

was largely driven by positive

foreign

currency effects

and the

effects of

favorable changes

in product

mix.

The negative

impact of

lower central

bank

interest

rates

deposit

revenues

was

than

offset

deposit

pricing

measures.

Personal

Corporate

Banking, revenues increased by

USD 155m to USD 1,583m, mainly

reflecting a USD 109m increase

in net interest

income, primarily due to positive foreign currency effects and deposit pricing measures, partly offset by the impact

of lower central bank interest rates on deposit revenues.

The

aforementioned

increases

were

partly

offset

Non-core

and

Legacy, which

reported

negative

revenues

USD 17m,

compared

with

positive

USD 171m

the

first

quarter

2025,

mainly

reflecting

lower

net

interest

income from securitized

products and credit products,

as a result

of a smaller portfolio,

and lower net

gains from

position exits, partly offset by

lower liquidity and funding costs.

In addition, revenues in Group

Items were negative

USD 328m, compared

with negative

USD 269m in

the first

quarter of

2025, mainly

driven by

higher mark-to-market

losses from Group hedging and own debt, including hedge accounting ineffectiveness.

›

Refer to the relevant business division and Group Items commentary in this section for more information about the

specific revenues of each of the business divisions and Group Items

Net interest income and other net income from financial instruments measured at fair value through profit or loss

For the quarter ended

% change from

USD m

31.3.26

31.12.25

31.3.25

4Q25

1Q25

Net interest income from financial instruments measured at amortized cost and fair value through other

comprehensive income

866

577

Net interest income from financial instruments measured at fair value through profit or loss and other

1,453

1,594

1,597

(9)

Other net income from financial instruments measured at fair value through profit or loss

3,949

3,163

3,937

Total

6,269

5,334

5,567

Global Wealth Management

2,362

2,300

2,195

of which: net interest income

1,851

1,832

1,708

of which: transaction-based income from foreign exchange and other intermediary activity

510

468

487

Personal & Corporate Banking

1,583

1,540

1,428

of which: net interest income

1,348

1,322

1,239

of which: transaction-based income from foreign exchange and other intermediary activity

235

218

189

Asset Management

(9)

(3)

(5)

244

Investment Bank

2,678

1,738

2,047

Non-core and Legacy

(17)

(60)

171

(72)

Group Items

(328)

(181)

(269)

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 951m to USD 7,728m and

included a decrease

of USD 76m 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 562m

to USD 5,209m. The

increase was mostly due

to Global Wealth Management, mainly

driven by higher average levels

of fee-generating

assets, primarily from mandates, reflecting positive market performance and net

new fee-generating asset inflows

over the course of the past 12 months.

Net brokerage fees increased

by USD 328m to

USD 1,608m, driven by

higher 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.

Underwriting fee income increased by USD 121m to USD 308m, driven by higher Equity Capital Markets and Debt

Capital Markets revenues in the Investment Bank.

›

Refer to the relevant business division commentary in this section for information about how components of fee

and commission income are presented within the business division results

UBS Group first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Group performance

Other income

was USD 247m,

compared with

USD 213m in

the first

quarter of

2025. The

first quarter

of 2026

included a gain

related to the

Swisscard transactions of

USD 163m (of which

USD 128m has been

excluded from

underlying revenues), compared with a gain of

USD 64m in the first quarter of 2025.

The first quarter of 2025 also

included

gain

USD 97m

from

the

sale

Select

Portfolio

Servicing.

addition,

losses

USD 15m

were

recognized on

repurchases of

UBS’s own

debt instruments

in the

first quarter

of 2026,

compared with

losses of

USD 36m in the first quarter of 2025.

›

Refer to the “Recent developments” section of this report for more information about the Swisscard transactions

Credit loss expense / release: 1Q26 vs 1Q25

Total net credit loss expenses in the first quarter of 2026 were USD 70m, reflecting USD 77m net expenses related

performing

positions

and

USD 7m

net

releases

credit-impaired

positions.

Net

credit

loss

expenses

were

USD 100m in the first quarter of 2025.

Net expected

credit loss

expenses on

the performing

portfolio were

mainly driven

by post-model

adjustments of

USD 43m in the corporate lending portfolio, mainly in the Investment

Bank, reflecting current macroeconomic and

geopolitical uncertainty.

Net credit loss releases of USD 7m were recognized for credit-impaired positions and included a USD 157m release

following the

repayment of

corporate lending

exposure, of

which USD

85m was

in Non-core

and Legacy

and

USD 72m in the Investment Bank. The

effect of this release was largely

offset by net credit loss expenses

primarily

related to a small number of corporate counterparties across

Personal & Corporate Banking, the Investment Bank,

and Non-core and Legacy.

›

Refer to “Expected credit loss measurement” in the “Consolidated financial information” section of this report for

more information

Credit loss expense / (release)

Performing positions

Credit-impaired positions

USD m

Stages 1 and 2

Stage 3

Purchased

Total

For the quarter ended 31.3.26

Global Wealth Management

(4)

Personal & Corporate Banking

Asset Management

Investment Bank

Non-core and Legacy

(75)

(74)

Group Items

Total

(71)

For the quarter ended 31.12.25

Global Wealth Management

Personal & Corporate Banking

(16)

116

101

Asset Management

Investment Bank

(2)

Non-core and Legacy

(2)

(10)

(12)

Group Items

Total

(15)

184

(10)

159

For the quarter ended 31.3.25

Global Wealth Management

(7)

(1)

Personal & Corporate Banking

(8)

Asset Management

Investment Bank

(5)

Non-core and Legacy

(1)

Group Items

(1)

Total

(21)

113

100

UBS Group first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Group performance

Operating expenses: 1Q26 vs 1Q25

Operating expenses

For the quarter ended

% change from

USD m

31.3.26

31.12.25

31.3.25

4Q25

1Q25

Personnel expenses

7,584

6,681

7,032

of which: salaries and variable compensation

6,564

5,564

5,968

of which: variable compensation – financial advisors

1,504

1,492

1,409

General and administrative expenses

2,011

2,740

2,431

(27)

(17)

of which: net expenses / (releases) for litigation, regulatory and similar matters

114

171

(60)

Depreciation, amortization and impairment of non-financial assets

738

865

861

(15)

(14)

Total operating expenses

10,333

10,286

10,324

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 552m

to USD 7,584m,

mainly attributable to

higher accruals for

performance

awards, reflecting business performance, as well as foreign currency effects.

This was partly offset by the effects of

a decrease in workforce.

›

Refer to “Personnel expenses” in the “Consolidated financial information” section of this report for more

information

General and administrative expenses

General and

administrative expenses

decreased by

USD 420m to

USD 2,011m, partly

due to

the first

quarter of

2025

including

USD 180m

expense

the

Swisscard

transactions.

addition,

there

was

USD 79m

decrease in outsourcing costs, mainly reflecting

lower IT-related costs, as well

as decreases of USD 69m in

expenses

for litigation,

regulatory and

similar matters

and USD 63m

in consulting,

legal and

audit fees,

primarily driven

lower integration-related expenses.

›

Refer to the “Recent developments” section of this report for more information about the Swisscard transactions

›

Refer to “General and administrative expenses” in the “Consolidated financial information” section of this report

for more information

›

Refer to “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

2025, 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 123m to USD 738m,

primarily

driven by a USD 96m decrease in the amortization of internally generated capitalized

software, mainly reflecting a

lower cost

base of

software assets,

and a

USD 24m decrease

in depreciation

expense for

leased real

estate as

result of higher levels of accelerated depreciation in the first quarter of 2025.

Tax: 1Q26 vs 1Q25

The Group had

a net income

tax expense of

USD 786m in the

first quarter of

2026, representing an

effective tax

rate of 20.5%, compared with USD 430m in the first quarter of 2025 and an effective tax rate of 20.2%.

The net current tax

expense was USD 473m, which

primarily related to the

taxable profits of UBS

Switzerland AG

and other entities.

There was a net deferred tax expense of

USD 313m, which mainly reflected the amortization of deferred

tax assets

(DTAs) previously recognized in relation to tax losses carried forward and deductible temporary differences.

We expect a

tax rate of

around 23% for

the full year

2026, excluding any

potential effects from

the remeasurement

of DTAs in connection with the business planning process.

UBS Group first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Group performance

Total comprehensive income attributable to shareholders

In the first quarter

of 2026, total comprehensive

income attributable to shareholders

was USD 3,152m, reflecting

a net profit of USD 3,040m and other comprehensive income (OCI), net of tax, of USD 112m.

OCI related to

own credit on

financial liabilities designated

at fair value

was USD 741m, primarily

due to a

widening

of our own credit spreads.

Foreign currency

translation OCI

was negative

USD 312m, mainly

due to

the US

dollar strengthening

against the

Swiss franc and the euro.

OCI

cash

flow

hedges

was

negative

USD 242m,

mainly

reflecting

net

unrealized

losses

dollar

hedging derivatives resulting from increases in the relevant US dollar long-term interest rates.

›

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 20 Fair value measurement” in the “Consolidated financial statements” section of the UBS Group

Annual Report 2025, available under “Annual reporting” at

ubs.com/investors

, for more information about own

credit on financial liabilities designated at fair value

Sensitivity to interest rate movements

31 March

2026,

estimated

that

parallel

shift

yield

curves

+100

basis

points

could

lead

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 0.7bn. Of this

increase, approximately USD 1.1bn would

result from changes in

Swiss franc

interest rate, driven by both contractual and assumed flooring benefits

under negative interest rates. US dollar and

euro interest rates would lead to partly offsetting decreases 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 March

2026 applied to our banking book. These estimates also 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.

Cost / income ratio: 1Q26 vs 1Q25

The cost / income ratio was 72.5%, compared

with 82.2%, as a result of

higher total revenues. On an

underlying

basis, the cost / income ratio was

70.2%, compared with 77.4%, reflecting

higher total revenues, partly offset

higher operating expenses.

Personnel: 1Q26 vs 4Q25

The

number

internal

and

external

personnel

employed

was

approximately

116,814

(based

full-time

equivalents for internal

personnel and workforce

count for external

personnel)

as of 31 March

2026, a net

decrease

of 2,775

compared with

31 December 2025.

The number

of internal

personnel employed

as of

31 March 2026

was 101,594

(full-time equivalents),

a net

decrease of

1,583 compared

with 31 December

2025. The

number of

external staff was approximately 15,220 (workforce

count) as of 31 March 2026,

a net decrease of approximately

1,192 compared with 31 December 2025.

UBS Group first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Group performance

Equity, CET1 capital and returns

As of or for the quarter ended

USD m, except where indicated

31.3.26

31.12.25

31.3.25

Net profit

Net profit / (loss) attributable to shareholders

3,040

1,199

1,692

Equity

Equity attributable to shareholders

92,247

90,213

87,185

less: goodwill and intangible assets

6,900

6,948

6,909

Tangible equity attributable to shareholders

85,347

83,265

80,276

less: other CET1 adjustments

12,034

12,003

11,123

CET1 capital

73,313

71,262

69,152

Returns

Return on equity (%)

13.3

5.3

7.9

Return on tangible equity (%)

14.4

5.8

8.5

Underlying return on tangible equity (%)

14.6

10.5

10.0

Return on CET1 capital (%)

16.8

6.6

9.6

Underlying return on CET1 capital (%)

17.0

11.9

11.3

Common equity tier 1 capital: 1Q26 vs 4Q25

During the

first quarter

2026, our

common

equity tier

1 (CET1)

capital increased

by USD 2.1bn

to USD

73.3bn,

mainly driven by operating profit before tax of USD 3.8bn, partly offset by dividend accruals of USD 0.9bn, current

tax expenses

of USD 0.5bn

and negative

foreign currency

translation effects

of USD 0.2bn.

Share repurchases

USD 0.9bn made

under our

new, 2026

share repurchase

program in

the first

quarter of

2026 did

not affect

our

CET1

capital

position,

there

was

identical

reduction

the

capital

reserve

for

expected

future

repurchases.

Return on common equity tier 1 capital: 1Q26 vs 1Q25

The annualized

return on

CET1 capital

was 16.8%,

compared with

9.6%. On

an underlying

basis, the

return on

CET1

capital

was

17.0%,

compared

with

11.3%.

These

increases

were

driven

increase

net

profit

attributable to shareholders, partly offset by an increase in average CET1 capital.

Risk-weighted assets: 1Q26 vs 4Q25

During the

first quarter

of 2026,

RWA increased

by USD 7.0bn

to USD 500.4bn,

driven by

a USD 7.8bn

increase

resulting

from

asset

size

and

other

movements

and

USD 1.0bn

increase

driven

model

updates

and

methodology changes, partly offset by a USD 1.9bn decrease from currency effects.

Common equity tier 1 capital ratio: 1Q26 vs 4Q25

Our CET1 capital ratio

increased to 14.7% from

14.4%, reflecting the aforementioned

USD 2.1bn increase in CET1

capital, partly offset by the aforementioned USD 7.0bn increase in RWA.

Leverage ratio denominator: 1Q26 vs 4Q25

The

leverage ratio

denominator (the

LRD)

increased by

USD 31.0bn

USD 1,653.5bn,

driven

USD 40.6bn

increase from asset size and other movements, partly offset by a USD 9.5bn decrease from currency effects.

Common equity tier 1 leverage ratio: 1Q26 vs 4Q25

Our CET1 leverage ratio was unchanged

at 4.4%, as the aforementioned USD 2.1bn

increase in CET1 capital was

offset by the aforementioned USD 31.0bn increase in the LRD.

›

Refer to the “Capital management” section of this report for more information about key figures related to capital

management

UBS Group first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Group performance

Outlook

As we

move through

the second

quarter, markets

have remained

broadly resilient,

reflecting expectations

that a

durable diplomatic solution to the Middle East

conflict is achievable. That said, while client

activity remains healthy,

risks are still elevated, and conditions could shift rapidly, which may impact client sentiment and activity levels.

In this environment, our focus remains

on supporting clients through disciplined execution,

a prudent and selective

investment approach focused on diversification and principal protection.

expect

second

quarter

net

interest

income

both

Global

Wealth

Management

and

Personal

Corporate

Banking to be broadly flat sequentially.

The current backdrop

reinforces the benefits

of our balance

sheet for all

seasons, and we

are confident in

delivering

on our 2026 financial targets while continuing to invest in sustainable growth and long-term value creation.

UBS Group first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Global Wealth Management

Global Wealth Management

As of or for the quarter ended

% change from

USD m, except where indicated

31.3.26

31.12.25

31.3.25

4Q25

1Q25

Results

Net interest income

1,851

1,832

1,708

Recurring net fee income

3,617

3,566

3,279

Transaction-based income

1,2

1,666

1,248

1,427

Other revenues

1,3

(28)

Total revenues

7,106

6,695

6,422

Credit loss expense / (release)

(72)

Operating expenses

5,305

5,373

5,057

(1)

Business division operating profit / (loss) before tax

1,792

1,290

1,359

Underlying results

Total revenues as reported

7,106

6,695

6,422

of which: PPA effects and other integration items

125

135

165

(7)

(24)

of which: PPA effects recognized in net interest income

123

130

159

(6)

(23)

of which: PPA effects and other integration items recognized in transaction-based income

(57)

(66)

of which: gain / (loss) related to an investment in an associate

(20)

Total revenues (underlying)

6,981

6,580

6,253

Credit loss expense / (release)

(72)

Operating expenses as reported

5,305

5,373

5,057

(1)

of which: integration-related expenses and PPA effects

1,5

307

384

355

(20)

(14)

Operating expenses (underlying)

4,998

4,989

4,702

of which: net expenses / (releases) for litigation, regulatory and similar matters

(3)

Business division operating profit / (loss) before tax as reported

1,792

1,290

1,359

Business division operating profit / (loss) before tax (underlying)

1,974

1,558

1,545

Performance measures and other information

Pre-tax profit growth (year-on-year,

31.9

48.8

23.4

Cost / income ratio (%)

74.7

80.3

78.8

Average attributed equity (USD bn)

34.6

34.5

33.6

Return on attributed equity (%)

1,6

20.7

14.9

16.2

Financial advisor compensation

1,504

1,492

1,409

Net new fee-generating assets (USD bn)

37.9

8.7

27.2

Fee-generating assets (USD bn)

2,103

2,108

1,847

Net new assets (USD bn)

37.4

8.5

31.5

Net new assets growth rate (%)

3.1

0.7

3.0

Invested assets (USD bn)

4,668

4,753

4,218

(2)

Net new loan volumes (USD bn)

1,8

4.6

4.5

2.2

Loan volumes (USD bn)

1,9

331.5

327.2

300.1

Net new deposit volumes (USD bn)

1,10

(1.6)

0.6

(9.3)

Customer deposit volumes (USD bn)

1,11

476.6

479.1

464.4

(1)

Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)

1,12

0.6

0.5

0.4

Advisors (full-time equivalents)

9,359

9,420

9,693

(1)

(3)

Underlying performance measures

Pre-tax profit growth (year-on-year,

27.8

35.8

21.5

Cost / income ratio (%)

71.6

75.8

75.2

Return on attributed equity (%)

1,6

22.8

18.1

18.4

1 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. Each alternative

performance measure (APM) that qualifies as a non-GAAP measure as defined

by US Securities and Exchange Commission (SEC) regulations is designated as such in the table

of APMs in the appendix to this report. For more information about underlying results, refer to the “Group performance”

section of this report.

2 Consists of USD 1,120m of net fee and commission income (fourth quarter of 2025: USD 811m; first quarter of 2025: USD 936m), USD 545m of other net income from financial

instruments

measured at fair value through profit or loss

(fourth quarter of 2025: USD 435m; first quarter of

2025: USD 487m), and USD 1m of other income (fourth

quarter of 2025: USD 3m; first quarter of 2025:

USD 4m) for

the purposes of the Group financial information or the Group financial statements, as applicable. 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 has been

presented as other revenues

from the fourth quarter

of 2025 onward.

This change has

been applied prospectively.

3 Consists of negative USD 35m

other net income

from financial instruments

measured at fair

value through

profit or loss

(fourth quarter of

2025: USD 33m;

first quarter of

2025: USD 0m) and

USD 7m of other

income (fourth quarter

of 2025:

USD 15m; first quarter of 2025: USD 8m) for the purposes of the Group

financial information or the Group financial statements, as applicable. 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 has been presented

as other revenues from the

fourth quarter of 2025 onward.

This change has been applied prospectively.

The line was renamed “Other revenues” (previously “Other income”) in the fourth quarter of 2025.

4 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and

incremental items directly related to the integration.

5 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of intangible assets resulting from the acquisition

of the Credit Suisse Group.

6 Refer to “Equity attribution” in this report for more

information about the equity attribution framework.

7 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 1,431m as of 31 March 2026.

8 Consists of USD 4.2bn classified

as Loans and advances to customers (fourth quarter of 2025: USD 4.4bn; first quarter of 2025:

USD 2.2bn) and USD 0.5bn classified as Brokerage receivables (fourth quarter of 2025: USD 0.1bn; first quarter of 2025:

USD 0.0bn) for the purposes of the Group

financial information or the Group financial statements, as applicable.

9 Presented gross of expected credit losses. Consists of USD 326.3bn

classified as Loans and advances

to customers (31 December 2025: USD 322.4bn; 31 March

2025: USD 295.4bn) and USD 5.2bn classified as Brokerage

receivables (31 December 2025: USD 4.8bn; 31

March 2025: USD 4.7bn) for the purposes of

the Group financial information or the Group financial statements, as applicable.

10 Consists of negative USD 2.8bn classified as Customer deposits (fourth quarter of 2025:

positive USD 1.5bn; first quarter of 2025:

negative USD 9.0bn) and USD 1.2bn classified

as Brokerage payables

(fourth quarter of 2025: negative

USD 0.9bn; first quarter of 2025:

negative USD 0.3bn) for the purposes

of the Group financial information

the Group financial statements, as applicable.

11 Consists of USD 470.1bn classified as Customer deposits (31 December 2025: USD 473.8bn; 31 March 2025: USD 458.8bn) and USD 6.5bn classified as Brokerage

payables (31 December 2025: USD 5.3bn; 31 March 2025: USD 5.6bn) for the

purposes of the Group financial information or the Group financial statements,

as applicable.

12 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 first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Global Wealth Management

Results: 1Q26 vs 1Q25

Profit

before

tax

increased

USD 433m,

32%,

USD 1,792m,

mainly

due

higher

total

revenues,

partly

offset

higher

operating

expenses.

Underlying

profit

before

tax

was

USD 1,974m,

increase

28%,

after

excluding from operating expenses USD 307m of

integration-related expenses and purchase price allocation

(PPA)

effects and excluding from total revenues USD 125m of PPA effects and other integration items.

Total revenues

Total

revenues

increased

USD 684m,

11%,

USD 7,106m,

driven

higher

recurring

net

fee

income,

transaction-based income and net interest income, partly offset by lower other revenues, and included a USD 40m

decrease in

PPA effects

and other

integration items.

Excluding USD 125m

of PPA

effects and

other integration

items,

underlying total revenues were USD 6,981m, an increase of 12%.

Net interest income

increased by USD 143m,

or 8%, to

USD 1,851m and included

a USD 36m decrease

in accretion

of PPA adjustments on financial instruments and

other PPA effects. Excluding PPA effects of USD 123m,

underlying

net

interest

income

was

USD 1,729m,

increase

12%.

This

increase

was

largely

driven

positive

foreign

currency effects

and the

effects of

favorable changes

in product

mix. The

negative impact

of lower

central bank

interest rates on deposit revenues was more than offset by deposit pricing measures.

Recurring net fee income increased by USD 338m,

or 10%, to USD 3,617m, mainly driven

by higher average levels

fee-generating

assets,

primarily

from

mandates,

reflecting

positive

market

performance

and

net

new

fee-

generating asset inflows over the course of the past 12 months.

Transaction-based

income

increased

by USD

239m,

17%,

USD 1,666m.

Excluding

PPA

effects

USD 2m,

underlying transaction-based income was

USD 1,664m, an increase of

17%, mainly driven by

higher levels of client

activity across

all regions

and also

driven by

contributions from

Structured Solutions,

Precious Metals,

Investment

Funds and Cash Equities revenues.

Other

revenues

were

negative

USD 28m

and

included

USD 46m

fair

value

loss

resulting

from

strategic

partnership.

Other

revenues

the

first

quarter

2025

were

positive

USD 8m

and

included

gain

USD 4m

related to an investment in an associate.

Credit loss expense / release

Net credit

loss expenses

were USD 9m,

compared with

net credit

loss expenses

of USD 6m

in the

first quarter

2025.

Operating expenses

Operating

expenses

increased

USD 248m,

5%,

USD 5,305m

and

included

USD 48m

decrease

integration-related

expenses.

Excluding

USD 307m

integration-related

expenses

and

PPA

effects,

underlying

operating expenses

were USD 4,998m,

an increase

of 6%,

mainly driven

by adverse

foreign currency

effects and

higher variable compensation,

largely related to

an increase in

financial advisor

compensation, resulting

from higher

compensable revenues.

Invested assets: 1Q26 vs 4Q25

Invested

assets

decreased

USD 85bn

USD 4,668bn,

mainly

driven

negative

market

performance

USD 102.3bn and foreign currency effects of USD 14.3bn, partly offset by net new asset inflows of USD 37.4bn.

Invested assets: 1Q26 vs 1Q25

Invested

assets

increased

USD 450bn

USD 4,668bn,

mainly

driven

positive

market

performance

USD 299.0bn, net

new asset

inflows of USD

106.6bn and positive

foreign currency

effects of

USD 75.5bn, partly

offset by

effects of

USD 27.1bn resulting

from UBS’s

strategic decisions

to exit

certain markets

or cease

offering

certain services.

Loan volumes: 1Q26 vs 4Q25

Loan

volumes

increased

USD 4.3bn

USD 331.5bn,

mainly

driven

positive

net

new

loan

volumes

USD 4.6bn, partly offset by negative foreign currency effects.

›

Refer to the “Risk management and control” section of this report for more information

Customer deposit volumes: 1Q26 vs 4Q25

Customer deposit

volumes

decreased

by USD

2.5bn to

USD 476.6bn, mainly

driven by

net new

deposit volume

outflows of USD 1.6bn and negative foreign currency effects.

UBS Group first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Global Wealth Management

Regional breakdown of performance measures

As of or for the quarter ended 31.3.26

USD m, except where indicated

Americas

Asia Pacific

EMEA

Switzerland

Divisional items

Global Wealth

Management

Net interest income

552

366

406

408

119

1,851

Recurring net fee income

2,178

316

606

504

3,617

Transaction-based income

3,4

517

557

347

266

(22)

1,666

Other revenues

3,4

(8)

(2)

(39)

(28)

Total revenues

3,267

1,232

1,360

1,177

7,106

Credit loss expense / (release)

(1)

Operating expenses

2,820

631

845

691

320

5,305

Operating profit / (loss) before tax

448

600

508

486

(251)

1,792

of which: PPA effects, integration-related items and other items

(182)

Cost / income ratio (%)

86.3

51.2

62.1

58.7

74.7

Net new fee-generating assets (USD bn)

8.8

6.8

13.9

8.4

(0.1)

37.9

Fee-generating assets (USD bn)

1,162

210

459

270

2,103

Net new assets (USD bn)

5.3

18.6

10.6

3.3

(0.4)

37.4

Net new assets growth rate (%)

0.9

9.4

5.4

1.5

3.1

Invested assets (USD bn)

2,242

781

762

878

4,668

Net new loan volumes (USD bn)

2.1

1.8

(0.3)

1.0

0.0

4.6

Loan volumes (USD bn)

105.8

48.0

62.3

113.9

1.6

331.5

Net new deposit volumes (USD bn)

4.6

(4.1)

(1.9)

0.1

(0.4)

(1.6)

Customer deposit volumes (USD bn)

124.2

112.9

111.3

124.2

4.0

476.6

Advisors (full-time equivalents)

5,722

937

1,436

1,179

9,359

As of or for the quarter ended 31.3.25

USD m, except where indicated

Americas

Asia Pacific

EMEA

Switzerland

Divisional items

Global Wealth

Management

Net interest income

513

311

372

345

167

1,708

Recurring net fee income

2,022

276

535

432

3,279

Transaction-based income

3,4

460

455

272

255

(15)

1,427

Other revenues

3,4

(7)

(2)

(1)

Total revenues

3,003

1,034

1,177

1,031

177

6,422

Credit loss expense / (release)

(14)

Operating expenses

2,630

604

824

641

359

5,057

Operating profit / (loss) before tax

357

428

354

403

(183)

1,359

of which: PPA effects, integration-related items and other items

(186)

Cost / income ratio (%)

87.6

58.4

70.0

62.2

78.8

Net new fee-generating assets (USD bn)

10.2

4.4

8.7

4.1

(0.1)

27.2

Fee-generating assets (USD bn)

1,058

178

382

228

1,847

Net new assets (USD bn)

20.2

7.5

1.4

3.6

(1.1)

31.5

Net new assets growth rate (%)

3.8

4.5

0.8

1.9

3.0

Invested assets (USD bn)

2,082

689

670

773

4,218

Net new loan volumes (USD bn)

0.9

1.3

0.3

(0.2)

0.0

2.2

Loan volumes (USD bn)

98.7

43.4

60.0

97.0

1.0

300.1

Net new deposit volumes (USD bn)

(2.7)

(7.0)

(1.6)

1.9

0.1

(9.3)

Customer deposit volumes (USD bn)

113.6

119.2

111.8

117.5

2.3

464.4

Advisors (full-time equivalents)

5,884

922

1,530

1,277

9,693

1 Includes

the Wealth

Management US

(which covers

the USA

and Canada)

and Wealth

Management LatAm

(which covers

Latin America)

business units.

2 Includes impacts

from accretion

of purchase

price

allocation (PPA) adjustments on financial

instruments and other PPA effects,

integration-related expenses, and certain gains

and losses from investments in associates and

minor functions, which are not included

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. Each alternative

performance measure

(APM) that qualifies as a non-GAAP measure

as defined by US Securities and Exchange

Commission (SEC) regulations is designated as such

in the table of APMs in the appendix

to this report. For more information

about underlying results, refer to the “Group

performance” section of this report.

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 has

been presented as other

revenues. This

change has been applied

prospectively. The

line has been renamed

“Other revenues”

(previously “Other income”).

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 Loan volumes and Customer deposit volumes in this table include customer brokerage

receivables and payables, respectively,

which are presented in separate reporting lines on the balance sheet.

Regional comments 1Q26 vs 1Q25, except where indicated

Americas

Profit

before

tax

increased

USD 91m

USD

448m.

Total

revenues

increased

USD 264m,

9%,

USD 3,267m, mainly driven by increases of USD 156m in

recurring net fee income, USD 57m in transaction-based

income and USD 39m in

net interest income. Operating

expenses increased by USD 190m, or

7%, to USD 2,820m.

The cost / income ratio

decreased to 86.3%

from 87.6%. Loan

volumes increased by

2% compared with

the fourth

quarter of 2025, to

USD 105.8bn, mainly driven by

positive net new

loan volumes of USD 2.1bn.

Customer deposit

volumes increased

by 4%

compared with

the fourth

quarter of

2025, to

USD 124.2bn, with

net new

deposit volume

inflows of USD 4.6bn. Net new asset inflows were USD 5.3bn.

UBS Group first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Global Wealth Management

Asia Pacific

Profit

before

tax

increased

USD 172m

USD 600m.

Total

revenues

increased

USD 198m,

19%,

USD 1,232m, mainly

driven by

increases of

USD 102m in

transaction-based income,

USD 55m in

net interest

income

and USD 40m in recurring net fee

income. Operating expenses increased by USD 27m,

or 5%, to USD 631m. The

cost / income ratio

decreased to

51.2% from

58.4%. Loan

volumes increased

by 3%

compared with

the fourth

quarter of 2025, to USD 48.0bn, mainly driven by positive net new loan volumes of USD 1.8bn. Customer deposit

volumes

decreased

compared

with

the

fourth

quarter

2025,

USD 112.9bn,

with

net

new

deposit

volume outflows of USD 4.1bn. Net new asset inflows were USD 18.6bn.

EMEA

Profit

before

tax

increased

USD 154m

USD 508m.

Total

revenues

increased

USD 183m,

16%,

USD 1,360m, mainly

driven by

increases of

USD 75m in

transaction-based income,

USD 71m in

recurring net

fee

income and

USD 34m in

net interest

income. Operating

expenses increased

by USD 21m,

or 3%,

to USD 845m.

The cost / income

ratio decreased

to 62.1%

from 70.0%.

Loan volumes

decreased by

2% compared

with the

fourth

quarter

2025,

USD 62.3bn,

mainly

driven

negative

foreign currency

effects

and

negative

net new

loan

volumes of USD 0.3bn. Customer deposit

volumes decreased by 2% compared

with the fourth quarter of

2025, to

USD 111.3bn,

mainly

driven

net

new

deposit

volume

outflows

USD 1.9bn.

Net

new

asset

inflows

were

USD 10.6bn.

Switzerland

Profit

before

tax

increased

USD 83m

USD 486m.

Total

revenues

increased

USD 146m,

14%,

USD 1,177m,

mainly

driven

increases

USD 72m

recurring

net

fee

income

and

USD 63m

net

interest

income. Operating

expenses increased

by USD 50m,

or 8%,

to USD 691m.

The cost / income

ratio decreased

58.7% from 62.2%. Loan volumes increased by

1% compared with the fourth quarter of

2025, to USD 113.9bn,

mainly driven

by positive

net new

loan volumes

of USD 1.0bn.

Customer deposit

volumes were

broadly stable

USD 124.2bn compared with the fourth quarter of 2025, with net new deposit volume inflows of USD 0.1bn. Net

new asset inflows were USD 3.3bn.

Divisional items

Operating loss before tax was USD 251m and included USD 307m of integration-related expenses and PPA effects

and a USD 46m

fair value loss

resulting from a

strategic partnership,

partly offset

by the aforementioned

USD 125m

related to PPA effects and other integration items.

UBS Group first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Personal & Corporate Banking

Personal & Corporate Banking

Personal & Corporate Banking – in Swiss francs

As of or for the quarter ended

% change from

CHF m, except where indicated

31.3.26

31.12.25

31.3.25

4Q25

1Q25

Results

Net interest income

1,052

1,058

1,114

(1)

(6)

Recurring net fee income

1,2

348

339

357

(2)

Transaction-based income

1,3

489

451

452

Other revenues

1,4

139

(18)

112

Total revenues

2,029

1,830

1,989

Credit loss expense / (release)

(31)

Operating expenses

1,164

1,297

1,396

(10)

(17)

Business division operating profit / (loss) before tax

809

452

545

Underlying results

Total revenues as reported

2,029

1,830

1,989

of which: PPA effects and other integration items

174

181

216

(4)

(19)

of which: PPA effects recognized in net interest income

153

159

192

(4)

(20)

of which: PPA effects and other integration items recognized in transaction-based income

(2)

(13)

of which: gain / (loss) related to an investment in an associate

(43)

of which: items related to the Swisscard transactions

Total revenues (underlying)

1,756

1,692

1,705

Credit loss expense / (release)

(31)

Operating expenses as reported

1,164

1,297

1,396

(10)

(17)

of which: integration-related expenses and PPA effects

1,8

174

228

172

(24)

of which: items related to the Swisscard transactions

164

Operating expenses (underlying)

990

1,069

1,060

(7)

of which: net expenses / (releases) for litigation, regulatory and similar matters

Business division operating profit / (loss) before tax as reported

809

452

545

Business division operating profit / (loss) before tax (underlying)

710

543

597

Performance measures and other information

Pre-tax profit growth (year-on-year,

48.4

(13.7)

(36.5)

Cost / income ratio (%)

57.4

70.9

70.2

Average attributed equity (CHF bn)

17.5

17.6

18.2

(1)

(4)

Return on attributed equity (%)

1,10

18.5

10.3

12.0

Net interest margin (bps)

171

172

181

Net new loans (CHF bn)

2.4

(1.4)

(0.3)

Loans, gross (CHF bn)

247.4

246.0

248.9

(1)

Net new deposits (CHF bn)

3.5

2.1

(2.9)

Customer deposits (CHF bn)

251.2

248.6

251.2

Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)

1,11

1.2

1.3

Underlying performance measures

Pre-tax profit growth (year-on-year,

19.0

(5.1)

(22.9)

Cost / income ratio (%)

56.4

63.2

62.2

Return on attributed equity (%)

1,10

16.3

12.3

13.2

1 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. Each alternative performance measure (APM) that qualifies as a non-GAAP measure as defined

by US Securities and Exchange Commission (SEC) regulations is designated as such

in the table of APMs in the appendix to this

report. For more information about underlying results, refer to the “Group performance”

section of this report.

2 Consists of net fee and

commission income and other income for

the purposes of the Group

financial information or the Group

financial statements, as applicable. For reconciliation information

in US dollar amounts, refer to the corresponding footnote to the table below.

3 Consists of net fee and commission income, other net income from financial instruments measured at fair value through profit or loss,

and other income for the purposes of the

Group financial information or the Group financial

statements, as applicable. For

reconciliation information in US dollar amounts,

refer to the corresponding footnote to the

table below. 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 has been

presented as other

revenues from the

fourth quarter of

2025 onward. This

change has been

applied prospectively.

4 Consists of other

net income from

financial instruments measured

at fair value

through profit or

loss and other

income for the purposes of the Group financial information or the Group financial statements, as applicable. For reconciliation information in US dollar amounts, refer to the corresponding footnote to the table below.

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 has been presented as

other revenues from

the fourth quarter

of 2025 onward.

This change has

been applied prospectively.

The line was

renamed “Other revenues”

(previously “Other income”)

in the fourth

quarter of 2025.

5 Includes accretion of

PPA

adjustments on financial instruments and

other PPA effects,

as well as temporary and

incremental items directly related to

the integration.

6 Represents the gain on sale

of UBS’s 50% interest

in Swisscard AECS

GmbH (Swisscard), which

has been excluded

from underlying revenues.

Refer to the

“Recent developments” section

of this report

for more information

about the Swisscard

transactions.

7 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.

8 Includes temporary, incremental

operating expenses directly related to the

integration, as well

as amortization of intangible assets resulting from

the acquisition of the Credit Suisse Group.

9 Represents the expense related to the payment

to Swisscard for the sale of the

Credit Suisse card portfolios to UBS.

10 Refer to “Equity attribution” in this report for more information about the equity attribution framework.

11 Refer to the “Risk management and control” section of this report for more information about credit-

impaired exposures.

UBS Group first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Personal & Corporate Banking

Results

1Q26 vs 1Q25

Profit before tax

increased by CHF 264m,

or 48%, to

CHF 809m, mainly reflecting

lower operating expenses

and

higher total revenues. Underlying profit before tax was CHF 710m,

an increase of 19%, after excluding from total

revenues CHF 174m of purchase price

allocation (PPA) effects and other integration

items and a gain of

CHF 99m

the

Swisscard

transactions

and

excluding

from

operating

expenses

CHF 174m

integration-related

expenses and PPA effects.

›

Refer to the “Recent developments” section of this report for more information about the Swisscard transactions

Total revenues

Total

revenues

increased

CHF 40m,

2%,

CHF 2,029m,

mainly

reflecting

higher

other

revenues

and

transaction-based income,

partly offset

by lower

net interest

income. Total

revenues in

the first

quarter of

2026

included a gain of CHF 126m related to

the Swisscard transactions. Of this gain, CHF 99m has been excluded from

underlying results, and

CHF 27m has been

recognized as part

of the underlying

results. Excluding CHF 174m

of PPA

effects and

other integration

items and

the aforementioned

CHF 99m, underlying

total revenues

were CHF 1,756m,

an increase of 3%.

Net interest income decreased by

CHF 62m, or 6%, to CHF

1,052m, mainly reflecting the impact

of lower central

bank

interest

rates

deposit

revenues.

This

decrease

was

partly

offset

deposit

pricing

measures

and

lower

liquidity and funding costs. Net interest income also included a CHF 39m decrease in accretion of PPA adjustments

on financial instruments and other PPA effects. Excluding PPA effects

of CHF 153m, underlying net interest income

was CHF 900m, a decrease of 3%.

Recurring net fee income decreased by CHF 9m, or

2%, to CHF 348m, mainly as the first quarter

of 2025 included

our share of Swisscard profit.

Transaction-based

income

increased

CHF 37m,

8%,

CHF 489m,

mostly

due

higher

structured

and

syndicated finance

fees from corporate

clients, as

well as credit

card fees. Excluding

CHF 21m of

PPA effects and

other integration items, underlying transaction-based income was CHF 468m, an increase of 10%.

Other revenues were CHF 139m, compared with CHF 66m. The first

quarter of 2026 included a gain of CHF 126m

related to the

Swisscard transactions, of

which CHF 99m has

been excluded

from underlying

results, compared with

a gain of CHF 58m

in the first quarter

of 2025. Excluding the

aforementioned CHF 99m, underlying other

revenues

in the first

quarter of 2026

were CHF 40m, driven

by CHF 27m of

deferred Swisscard revenues

related to the

period

in which the investment was classified as held for sale.

Credit loss expense / release

Net credit

loss expenses

were CHF 55m,

reflecting net

expenses on

credit-impaired positions,

which primarily

to a

small number

of corporate

counterparties, and

net expenses

related to

performing positions.

Net credit

loss

expenses were CHF 48m in the first quarter of 2025.

Operating expenses

Operating

expenses

decreased

CHF 232m,

17%,

CHF 1,164m

and

included

CHF 4m

increase

integration-related

expenses.

The

first

quarter

2025

included

CHF 164m

expense

the

Swisscard

transactions. Excluding CHF 174m of integration-related expenses and PPA

effects, underlying operating expenses

were CHF 990m, a decrease of 7%, mainly reflecting cost synergies.

UBS Group first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Personal & Corporate Banking

Personal & Corporate Banking – in US dollars

As of or for the quarter ended

% change from

USD m, except where indicated

31.3.26

31.12.25

31.3.25

4Q25

1Q25

Results

Net interest income

1,348

1,322

1,239

Recurring net fee income

1,2

447

424

397

Transaction-based income

1,3

627

564

502

Other revenues

1,4

180

(23)

149

Total revenues

2,601

2,286

2,211

Credit loss expense / (release)

101

(30)

Operating expenses

1,491

1,621

1,551

(8)

(4)

Business division operating profit / (loss) before tax

1,040

565

607

Underlying results

Total revenues as reported

2,601

2,286

2,211

of which: PPA effects and other integration items

223

226

241

(1)

(7)

of which: PPA effects recognized in net interest income

196

199

213

(1)

(8)

of which: PPA effects and other integration items recognized in transaction-based income

of which: gain / (loss) related to an investment in an associate

(54)

of which: items related to the Swisscard transactions

128

Total revenues (underlying)

2,250

2,114

1,895

Credit loss expense / (release)

101

(30)

Operating expenses as reported

1,491

1,621

1,551

(8)

(4)

of which: integration-related expenses and PPA effects

1,8

222

285

192

(22)

of which: items related to the Swisscard transactions

180

Operating expenses (underlying)

1,269

1,336

1,179

(5)

of which: net expenses / (releases) for litigation, regulatory and similar matters

Business division operating profit / (loss) before tax as reported

1,040

565

607

Business division operating profit / (loss) before tax (underlying)

911

678

663

Performance measures and other information

Pre-tax profit growth (year-on-year,

71.4

(5.1)

(37.8)

Cost / income ratio (%)

57.3

70.9

70.1

Average attributed equity (USD bn)

22.4

22.0

20.1

Return on attributed equity (%)

1,10

18.6

10.3

12.1

Net interest margin (bps)

174

170

181

Net new loans (USD bn)

3.0

(1.7)

(0.3)

Loans, gross (USD bn)

309.3

310.2

281.4

Net new deposits (USD bn)

4.4

2.6

(3.3)

Customer deposits (USD bn)

314.0

313.5

284.0

Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)

1,11

1.2

1.3

Underlying performance measures

Pre-tax profit growth (year-on-year,

37.5

4.8

(24.5)

Cost / income ratio (%)

56.4

63.2

62.2

Return on attributed equity (%)

1,10

16.3

12.3

13.2

1 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. Each alternative

performance measure (APM) that qualifies as a non-GAAP measure as defined

by US Securities and Exchange Commission (SEC) regulations is designated as such in the table

of APMs in the appendix to this report. For more information about underlying results, refer to the “Group performance”

section of this report.

2 Consists of USD

447m of net fee and commission income (fourth quarter of

2025: USD 454m; first quarter of 2025: USD 375m) and USD 0m of

other income (fourth quarter of 2025: negative

USD 30m; first quarter of 2025: USD 22m)

for the purposes of the Group

financial information or the Group financial

statements, as applicable.

3 Consists of USD

395m of net fee and commission

income (fourth

quarter of 2025: USD 346m; first quarter of 2025: USD 297m), USD 232m of other net income from financial instruments measured at fair value through profit or loss (fourth quarter of 2025: USD 216m; first quarter

of 2025: USD 201m), and USD 0m of other income

(fourth quarter of 2025: USD 2m; first quarter

of 2025: USD 3m) for the purposes of

the Group financial information or the Group financial

statements, as applicable.

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 has been presented as other revenues from the

fourth quarter of 2025 onward. This change has been applied prospectively.

4 Consists of USD

2m of other net income from financial instruments measured at fair value through profit or

loss (fourth quarter of 2025:

USD 3m; first quarter of 2025: negative USD 12m) and USD 178m of other income

(fourth quarter of 2025: negative USD 25m; first quarter of 2025: USD 84m)

for the purposes of the Group financial information or

the Group financial statements, as applicable. 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

has been presented as other revenues from the fourth quarter of 2025 onward. This

change has been applied prospectively. The

line was renamed “Other revenues” (previously “Other income”) in the fourth quarter

of 2025.

5 Includes accretion of PPA

adjustments on financial instruments

and other PPA effects,

as well as temporary and

incremental items directly related to

the integration.

6 Represents the gain on sale

UBS’s 50%

interest in Swisscard

AECS GmbH (Swisscard),

which has been

excluded from underlying

revenues. Refer to

the “Recent developments”

section of this

report for more

information about the

Swisscard

transactions.

7 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.

8 Includes temporary, incremental operating expenses directly

related to the integration, as well as amortization of intangible assets resulting from the

acquisition of the Credit Suisse Group.

9 Represents the expense related to the payment to Swisscard for the sale

of the Credit

Suisse card portfolios to UBS.

10 Refer to “Equity attribution” in this report for more information about the equity attribution framework.

11 Refer to the “Risk management and control” section of this report for

more information about credit-impaired exposures.

UBS Group first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Asset Management

Asset Management

As of or for the quarter ended

% change from

USD m, except where indicated

31.3.26

31.12.25

31.3.25

4Q25

1Q25

Results

Net management fees

1,2

755

790

713

(4)

Performance fees

(56)

(43)

Net gain / (loss) from disposal

(29)

(2)

Total revenues

772

800

741

(4)

Credit loss expense / (release)

Operating expenses

555

588

606

(6)

(8)

Business division operating profit / (loss) before tax

217

212

135

Underlying results

Total revenues as reported

772

800

741

(4)

Total revenues (underlying)

772

800

741

(4)

Credit loss expense / (release)

Operating expenses as reported

555

588

606

(6)

(8)

of which: integration-related expenses

(39)

(52)

Operating expenses (underlying)

520

531

533

(2)

of which: net expenses / (releases) for litigation, regulatory and similar matters

Business division operating profit / (loss) before tax as reported

217

212

135

Business division operating profit / (loss) before tax (underlying)

252

268

208

(6)

Performance measures and other information

Pre-tax profit growth (year-on-year,

60.2

65.6

22.3

Cost / income ratio (%)

71.9

73.4

81.7

Average attributed equity (USD bn)

2.4

2.5

2.7

(1)

(11)

Return on attributed equity (%)

1,3

35.8

34.6

19.8

Gross margin on invested assets (bps)

Underlying performance measures

Pre-tax profit growth (year-on-year,

21.0

19.9

14.5

Cost / income ratio (%)

67.4

66.4

71.9

Return on attributed equity (%)

1,3

41.6

43.8

30.5

Information by business line / asset class

Net new money (USD bn)

Equities

4.4

0.3

(1.4)

Fixed Income

6.7

5.1

8.9

of which: money market

(1.6)

2.5

5.2

Multi-asset & Solutions

1.2

0.0

0.9

Alternatives

(0.2)

0.8

1.7

Total net new money excluding associates

12.2

6.2

10.1

of which: net new money excluding money market

13.8

3.6

4.8

Associates

1.9

1.4

(3.2)

Total net new money

14.0

7.6

6.8

Invested assets (USD bn)

Equities

877

904

753

(3)

Fixed Income

454

447

423

of which: money market

176

164

Multi-asset & Solutions

363

372

275

(2)

Alternatives

275

281

264

(2)

Total invested assets excluding associates

1,969

2,005

1,715

(2)

of which: passive strategies

1,017

1,040

823

(2)

Associates

Total invested assets

2,064

2,098

1,796

(2)

UBS Group first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Asset Management

Asset Management (continued)

As of or for the quarter ended

% change from

USD m, except where indicated

31.3.26

31.12.25

31.3.25

4Q25

1Q25

Information by region

Invested assets (USD bn)

Americas

478

489

447

(2)

Asia Pacific

255

256

222

EMEA (excluding Switzerland)

525

540

440

(3)

Switzerland

806

813

688

(1)

Total invested assets

2,064

2,098

1,796

(2)

Information by channel

Invested assets (USD bn)

Third-party institutional

1,161

1,193

1,027

(3)

Third-party wholesale

213

212

163

UBS’s wealth management businesses

594

601

525

(1)

Associates

Total invested assets

2,064

2,098

1,796

(2)

by US Securities and Exchange Commission (SEC) regulations is designated as such

in the table of APMs in the appendix to this

report. For more information about underlying results, refer to the “Group performance”

section of this report.

2 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. Net

management fees

consist of USD 13m

of interest expense

(fourth quarter of

2025: USD 16m; first

quarter of 2025:

USD 15m), USD 719m

recurring net fee and commission income (fourth quarter of 2025: USD 740m; first quarter of 2025: USD 661m), USD 5m of transaction

-based net fee and commission income (fourth quarter of 2025: USD 27m; first

quarter of 2025: USD 17m), USD 4m of other net income from financial instruments measured at fair value through profit or loss

(fourth quarter of 2025: USD 13m; first quarter of 2025: USD 10m), and USD 39m of

other income (fourth quarter of 2025: USD 26m; first quarter of 2025: USD 40m) for the purposes of the Group financial information or the Group financial statements, as applicable.

3 Refer to “Equity attribution”

in this report for more information about the equity attribution framework.

4 In the third quarter of 2025, certain portfolios were reclassified from Equities and Fixed Income to Multi-asset & Solutions, as a result of

aligning Credit Suisse presentation to that of UBS. These changes were applied prospectively.

5 From the first quarter of 2026 all assets that were formerly reported under Hedge Fund Businesses and Real Estate &

Private Markets are

reported under a new Alternatives

category. This

includes Asset Management’s

share of the Unified Global

Alternatives business, as

well as the Credit Investments

Group, which was

previously

reported within Fixed Income. Comparative figures have been reclassified to reflect this change.

6 The invested assets and net new money amounts reported for associates are prepared in accordance with their local

regulatory requirements and practices.

7 Includes invested assets from associates.

Results: 1Q26 vs 1Q25

Profit before

tax increased

by USD 82m,

or 60%,

to USD 217m,

reflecting lower

operating expenses

and higher

total revenues. Underlying

profit before tax

was USD 252m, an

increase of 21%,

after excluding integration-related

expenses of USD 35m.

Total revenues

increased by

USD 31m, or

4%, to

USD 772m, mainly

due to

higher net

management fees,

partly

offset by lower performance fees. The gross margin was 15 basis points.

Net

management

fees

increased

USD 42m,

6%,

USD 755m,

mainly

driven

higher

average

levels

invested assets,

primarily from

positive foreign currency

effects and

positive market

performance, partly offset

the effects from

the O’Connor business

exit and ongoing

margin compression. Net

management fees of

USD 755m

included USD 979m of

fund fee and commission

income from investment

management activities, partly offset

related fee and commission expenses of USD 255m.

›

Refer to the “Recent developments” section of this report for more information about the sale of the O’Connor

business

Performance

fees

decreased

USD 13m,

43%,

USD 17m,

mainly

due

decrease

the

Alternatives

businesses, including the effects from the O’Connor business exit.

Operating expenses

decreased by

USD 51m, or

8%, to

USD 555m and

included a

USD 38m decrease

in integration-

expenses.

Excluding

integration-related

expenses

USD 35m,

underlying

operating

expenses

were

USD 520m, a

decrease of

2%, mainly

due to

lower non-personnel

and personnel

expenses, despite

unfavorable

foreign currency effects, and included the effects from the O’Connor business exit.

Changes to the asset class structure disclosure for both invested assets and net new money

Following

the

creation

our

Unified

Global

Alternatives

business

2025

collaboration

with

Global

Wealth

Management) and the sale

of the O’Connor hedge

fund business (completed in

the first quarter of

2026), from the

first

quarter

2026

all

assets

that

were

formerly

reported

under

Hedge

Fund

Businesses

(USD 62bn

31 December 2025) and Real Estate & Private Markets (USD 160bn as of 31 December 2025) are reported under a

new Alternatives category for invested assets and net new

money. This includes Asset Management’s share of the

Unified Global Alternatives business,

as well as the

Credit Investments Group (USD 59bn

as of 31 December 2025),

which was previously reported within Fixed Income.

UBS Group first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Asset Management

Invested assets: 1Q26 vs 4Q25

Invested

assets

decreased

USD 34bn,

2%,

USD 2,064bn,

reflecting

negative

market

performance

USD 30bn and negative

foreign currency effects

of USD 12bn, partly

offset by net

new money of

USD 14bn. The

first quarter of 2026 included a reduction of USD 5bn, reflecting the second stage of the transfer of our O’Connor

business to Cantor Fitzgerald. Excluding money market flows and associates, net new money was USD 14bn.

›

Refer to the “Recent developments” section of this report for more information about the sale of the O’Connor

business

Invested assets: 1Q26 vs 1Q25

Invested

assets

increased

USD 268bn,

15%,

USD 2,064bn,

reflecting

positive

market

performance

USD 156bn, positive foreign currency effects

of USD 85bn and net new

money of USD 38bn. The

fourth quarter of

2025

and

the

first

quarter

2026

together

included

reduction

USD 9bn,

reflecting

the

transfer

our

O’Connor business to Cantor Fitzgerald.

›

Refer to the “Recent developments” section of this report for more information about the sale of O’Connor

business

UBS Group first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Investment Bank

Investment Bank

As of or for the quarter ended

% change from

USD m, except where indicated

31.3.26

31.12.25

31.3.25

4Q25

1Q25

Results

Advisory

238

266

221

(10)

Capital Markets

565

485

489

Global Banking

804

751

710

Execution Services

718

608

517

Derivatives & Solutions

1,687

892

1,291

Financing

845

696

665

Global Markets

3,250

2,196

2,473

of which: Equities

2,329

1,571

1,806

of which: Foreign Exchange, Rates and Credit

921

625

667

Total revenues

4,054

2,946

3,183

Credit loss expense / (release)

Operating expenses

2,784

2,272

2,427

Business division operating profit / (loss) before tax

1,205

640

722

Underlying results

Total revenues as reported

4,054

2,946

3,183

of which: PPA effects and other integration items

138

(51)

of which: PPA effects

138

(51)

of which: PPA effects recognized in the Global Banking revenue line

147

(52)

of which: other integration items

(1)

Total revenues (underlying)

3,986

2,885

3,045

Credit loss expense / (release)

Operating expenses as reported

2,784

2,272

2,427

of which: integration-related expenses

124

112

(36)

(30)

Operating expenses (underlying)

2,705

2,148

2,314

of which: net expenses / (releases) for litigation, regulatory and similar matters

(15)

(84)

Business division operating profit / (loss) before tax as reported

1,205

640

722

Business division operating profit / (loss) before tax (underlying)

1,216

703

696

Performance measures and other information

Pre-tax profit growth (year-on-year,

67.0

33.6

30.1

Cost / income ratio (%)

68.7

77.1

76.2

Average attributed equity (USD bn)

19.5

18.9

17.7

Return on attributed equity (%)

2,3

24.7

13.5

16.3

Underlying performance measures

Pre-tax profit growth (year-on-year,

74.6

55.7

72.2

Cost / income ratio (%)

67.9

74.5

76.0

Return on attributed equity (%)

2,3

24.9

14.9

15.8

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 Refer to “Alternative performance measures”

in the appendix to

this report for the

definition and calculation method.

Each alternative performance

measure (APM) that qualifies

as a non-GAAP measure

as defined by US

Securities and Exchange Commission

(SEC) regulations is designated as such in the table of APMs in the appendix to this report. For more information about underlying results, refer to the “Group performance” section of this report.

3 Refer to “Equity

attribution” in this report for more information about the equity attribution framework.

UBS Group first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Investment Bank

Results: 1Q26 vs 1Q25

Profit

before

tax

increased

USD 483m,

67%,

USD 1,205m,

mainly

due

higher

total

revenues,

partly

offset

higher

operating

expenses.

Underlying

profit

before

tax

was

USD 1,216m,

increase

75%,

after

excluding from total revenues USD 68m

of purchase price allocation (PPA) effects

and other integration items and

excluding from operating expenses USD 79m of integration-related expenses.

Total revenues

Total revenues increased by USD 871m, or 27%, to USD 4,054m, mainly due to

higher revenues in Global Markets

and Global

Banking,

partly offset

by a

USD 70m decrease

in PPA

effects, and

included positive

foreign currency

effects. Excluding

USD 68m of

PPA effects

and other

integration items,

underlying total

revenues were

USD 3,986m,

an increase of 31%.

Global Banking

Global

Banking

revenues

increased

USD 94m,

13%,

USD 804m

and

included

USD 77m

decrease

accretion

PPA

adjustments

financial

instruments

and

other

PPA

effects.

Excluding

PPA

effects

and

other

integration items, underlying Global Banking revenues were USD 733m, an increase of 30%.

Advisory

revenues

increased

USD 17m,

8%,

USD 238m,

mainly

due

higher

merger

and

acquisition

transaction revenues.

Capital

Markets

revenues

increased

USD 76m,

16%,

USD 565m

and

included

the

aforementioned

USD 77m decrease

in PPA

effects. Excluding

PPA effects

and other

integration items,

underlying Capital

Markets

revenues increased by USD 153m, or 45%, mainly due to higher Equity Capital Markets and Debt Capital Markets

revenues.

Global Markets

Global

Markets

revenues

increased

USD 777m,

31%,

USD 3,250m,

driven

higher

Derivatives

Solutions, Execution Services and Financing revenues.

Execution Services revenues increased by USD 201m, or

39%, to USD 718m, mainly driven by higher

Cash Equities

revenues, led by the Asia Pacific region, reflecting higher volumes.

Derivatives

Solutions

revenues

increased

USD 396m,

31%,

USD 1,687m,

mainly

driven

Foreign

Exchange and Equity Derivatives revenues, due to higher levels of client activity.

Financing revenues

increased by

USD 180m, or

27%, to

USD 845m, mainly

in Prime

Brokerage, supported

by higher

client balances.

Equities

Global

Markets

Equities

revenues

increased

USD 523m,

29%,

USD 2,329m,

mainly

driven

higher

revenues in Cash Equities, Prime Brokerage and Equity Derivatives.

Foreign Exchange, Rates and Credit

Global

Markets

Foreign

Exchange,

Rates

and

Credit

revenues

increased

USD 254m,

38%,

USD 921m,

mainly driven by an increase in Foreign Exchange revenues.

Credit loss expense / release

Net credit loss expenses were USD 65m, compared with net credit loss expenses of USD 35m in the first quarter of

2025. Net expenses on performing positions were largely due to post-model adjustments in the

corporate lending

portfolio, reflecting current macroeconomic

and geopolitical uncertainty. Net

expenses on credit-impaired positions

primarily related

to a

small number

of corporate

counterparties across

industry sectors

and included

a USD 72m

release following the repayment of a corporate lending exposure.

Operating expenses

Operating

expenses

increased

USD 357m,

15%,

USD 2,784m

and

included

USD 33m

decrease

integration-related expenses.

Excluding integration-related

expenses of

USD 79m, underlying

operating expenses

were

USD 2,705m, an

increase of

17%, mainly

due to

higher personnel

expenses and

adverse foreign

currency

effects.

UBS Group first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Non-core and Legacy

Non-core and Legacy

As of or for the quarter ended

% change from

USD m, except where indicated

31.3.26

31.12.25

31.3.25

4Q25

1Q25

Results

Total revenues

(10)

(8)

284

Credit loss expense / (release)

(74)

(12)

520

Operating expenses

219

459

669

(52)

(67)

Operating profit / (loss) before tax

(155)

(455)

(391)

(66)

(60)

Underlying results

Total revenues as reported

(10)

(8)

284

of which: other integration items

(51)

Total revenues (underlying)

(11)

(10)

284

Credit loss expense / (release)

(74)

(12)

520

Operating expenses as reported

219

459

669

(52)

(67)

of which: integration-related expenses

233

191

(75)

(69)

Operating expenses (underlying)

160

226

477

(29)

(66)

of which: net expenses / (releases) for litigation, regulatory and similar matters

(46)

152

Operating profit / (loss) before tax as reported

(155)

(455)

(391)

(66)

(60)

Operating profit / (loss) before tax (underlying)

(97)

(224)

(200)

(57)

(51)

Performance measures and other information

Average attributed equity (USD bn)

3.4

4.0

7.5

(13)

(54)

Risk-weighted assets (USD bn)

28.0

28.8

34.2

(3)

(18)

Leverage ratio denominator (USD bn)

15.1

19.1

34.9

(21)

(57)

1 Includes temporary and incremental items directly related to the integration.

Refer to “Alternative performance measures” in the appendix to this report for the definition and

calculation method. Each alternative

performance measure (APM) that qualifies as a non-GAAP measure

as defined by US Securities and Exchange Commission (SEC)

regulations is designated as such in the table of APMs in

the appendix to this report.

For more information about underlying results, refer to the “Group performance”

section of this report.

3 Refer to “Equity attribution” in this report for more information about the equity attribution framework.

Composition of Non-core and Legacy

Total assets

RWA

LRD

USD bn

31.3.26

31.12.25

31.3.26

31.12.25

31.3.26

31.12.25

Exposure category

Macro

8.7

9.2

1.6

1.9

3.3

3.7

Securitized products

2.2

2.8

1.3

1.5

2.5

2.9

High-quality liquid assets

7.6

10.6

7.6

10.6

Operational risk

24.0

Other

2.4

2.8

1.2

1.5

1.7

2.0

Total

20.9

25.4

28.0

28.8

15.1

19.1

Results: 1Q26 vs 1Q25

Loss before

tax

was USD

155m, compared

with a

loss before

tax

of USD

391m. Underlying

loss before

tax

was

USD 97m, after

excluding from

operating expenses

USD 58m of

integration-related expenses,

compared with

underlying loss before tax of USD 200m.

Total revenues

were negative

USD 10m, compared

with total

revenues of

USD 284m, mainly

reflecting lower

net

interest income from securitized

products and credit products,

as a result of

a smaller portfolio, and

lower net gains

from position

exits, partly

offset by

lower liquidity

and funding

costs. Total

revenues in

the first

quarter of

2025

included

gain

USD 97m

from

the

sale

Select

Portfolio

Servicing,

the

mortgage

servicing

business

Credit Suisse.

UBS Group first quarter 2026 report |

UBS Group performance, business divisions and Group Items | Non-core and Legacy

Credit loss expense / release

Net credit loss releases were USD 74m, predominantly driven by an USD 85m

release following the repayment of a

corporate lending exposure. Net credit loss expenses were USD 7m in the first quarter of 2025.

Operating expenses

Operating expenses were USD 219m, a decrease of USD 450m, or 67%, mainly reflecting lower technology costs,

premises

and

facilities

costs,

personnel

expenses,

and

professional

fees,

and

included

USD 133m

decrease

integration-related expenses.

Excluding integration-related

expenses of

USD 58m, underlying

operating expenses

were USD 160m.

Risk-weighted assets and leverage ratio denominator: 1Q26 vs 4Q25

Risk-weighted assets decreased

by USD 0.8bn to

USD 28.0bn, mostly due

to decreases in

the macro and

securitized

product

portfolios.

The

leverage

ratio

denominator

decreased

USD 4.0bn

USD 15.1bn,

mainly

driven

reductions in

high-quality liquid assets,

which decreased

by USD 3.0bn, primarily

as a

result of a

reduction in

the

overall Non-core and Legacy balance sheet, as well as reductions in the macro and securitized product portfolios.

Group Items

As of or for the quarter ended

% change from

USD m

31.3.26

31.12.25

31.3.25

4Q25

1Q25

Results

Total revenues

(279)

(575)

(284)

(51)

(2)

Credit loss expense / (release)

(1)

Operating expenses

(21)

(27)

(21)

Operating profit / (loss) before tax

(258)

(552)

(299)

(53)

(14)

Underlying results

Total revenues as reported

(279)

(575)

(284)

(51)

(2)

of which: PPA effects and other integration items

(404)

Total revenues (underlying)

(334)

(171)

(314)

Credit loss expense / (release)

(1)

Operating expenses as reported

(21)

(27)

(21)

of which: integration-related expenses

Operating expenses (underlying)

(69)

(62)

of which: net expenses / (releases) for litigation, regulatory and similar matters

(99)

Operating profit / (loss) before tax as reported

(258)

(552)

(299)

(53)

(14)

Operating profit / (loss) before tax (underlying)

(265)

(113)

(326)

135

(19)

Includes accretion of

PPA adjustments

on financial instruments

and other PPA

effects, as

well as temporary

and incremental items

directly related to

the integration.

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. Each alternative performance measure (APM) that

qualifies as a

non-GAAP measure

as defined

by US

Securities and Exchange

Commission (SEC)

regulations is

designated as

such in

the table of

APMs in

the appendix to

this report.

For more

information about

underlying results, refer to the “Group performance” section of this report.

Results: 1Q26 vs 1Q25

Loss before

tax was

USD 258m, mainly

driven by

deferred tax

asset (DTA)

funding costs

and Group

hedging and

own debt,

including hedge accounting

ineffectiveness, compared

with a loss

of USD 299m

in the

first quarter of

2025. The change

in the result

between the quarters

was mainly due

to lower net

expenses for litigation,

regulatory

and similar matters, partly offset by higher mark-to-market losses from Group hedging and own debt.

Underlying loss before tax was

USD 265m, after excluding from total

revenues USD 55m of PPA effects

and other

integration

items

and

also

excluding

from

operating

expenses

USD 48m

integration-related

expenses.

This

compared with an underlying loss before tax of USD 326m in the first quarter of 2025.

Income

from

Group

hedging

and

own

debt,

including

hedge

accounting

ineffectiveness,

was

net

negative

USD 157m, compared

with net negative

income of

USD 118m in

the first

quarter of 2025.

The losses

in the first

quarter of 2026 were mainly driven by mark-to-market effects on own

credit and portfolio-level economic hedges.

UBS Group first quarter 2026 report |

Risk, capital, liquidity and funding, and balance sheet

Risk, capital, liquidity and

funding, and balance sheet

Management report

Table of contents

Risk management and control

Credit risk

Market risk

Country risk

Non-financial risk

Capital management

Total loss-absorbing capacity

Risk-weighted assets

Leverage ratio denominator

Equity attribution

Liquidity and funding management

Strategy, objectives and governance

Liquidity coverage ratio

Net stable funding ratio

Balance sheet and off-balance sheet

Balance sheet assets

Balance sheet liabilities

Equity

Off-balance sheet

Share information and earnings per share

UBS Group first quarter 2026 report |

Risk, capital, liquidity and funding, and balance sheet | Risk management and control

Risk management and control

This

section

provides

information

about

key

developments

during

the

reporting

period

and

should

read

conjunction with

the “Risk

management and

control” section

of the

UBS Group

Annual Report

2025, available

under “Annual

reporting” at

ubs.com/investors

, and

the “Recent

developments” section

of this

report for

information about the integration of Credit Suisse.

Credit risk

Overall banking products exposure

Overall banking products

exposure was USD 1,105.7bn

as of 31 March

2026, an increase

of USD 19.4bn compared

with 31 December

2025. The

increase was

primarily due

to higher

balances at

central banks

and loans

and advances

to customers.

›

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 and “Expected credit loss measurement” in the “Consolidated financial

information” section of this report for more information about credit loss expense / release

Banking products exposure in the business divisions and Group Items

31.3.26

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

485,964

460,315

2,094

127,580

6,474

23,278

1,105,706

of which: loans and advances to customers (on-balance sheet)

326,260

309,272

22,611

425

1,905

660,482

of which: guarantees and irrevocable loan commitments (off-balance sheet)

20,707

48,194

34,827

605

22,142

126,477

Committed unconditionally revocable credit lines

19,366

45,559

288

112

65,325

Total credit-impaired exposure, gross

2,108

4,049

631

437

7,226

of which: stage 3

2,036

3,643

581

6,340

of which: PCI

406

358

886

Total allowances and provisions for expected credit losses

317

1,983

488

315

3,113

of which: stage 1

104

336

137

587

of which: stage 2

267

162

477

of which: stage 3

155

1,378

187

1,784

of which: PCI

250

265

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

480,229

462,237

2,060

108,659

8,908

24,207

1,086,300

of which: loans and advances to customers (on-balance sheet)

322,441

310,207

21,158

601

1,921

656,336

of which: guarantees and irrevocable loan commitments (off-balance sheet)

20,400

48,469

35,901

674

23,777

129,223

Committed unconditionally revocable credit lines

69,537

49,495

528

115

119,679

Total credit-impaired exposure, gross

1,748

4,112

641

863

7,363

of which: stage 3

1,715

3,786

604

6,176

of which: PCI

326

791

1,187

Total allowances and provisions for expected credit losses

301

1,969

479

299

3,058

of which: stage 1

105

346

115

576

of which: stage 2

245

129

428

of which: stage 3

135

1,326

232

1,756

of which: PCI

236

298

1 IFRS 9 gross exposure

for banking products includes

the following financial instruments

in scope of expected

credit loss requirements: 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.

Loan underwriting

In the

Investment Bank,

mandated loan

underwriting commitments

on a

notional basis

increased by

USD 2.7bn

compared with 31 December 2025, to USD 8.6bn as of

31 March 2026, driven by new mandates, partly offset by

deal syndications.

As of 31 March

2026, USD 0.3bn of

these 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.

UBS Group first quarter 2026 report |

Risk, capital, liquidity and funding, and balance sheet | Risk management and control

Market risk

Average management

value-at-risk (VaR)

(1-day, 95%

confidence level)

in the

first quarter

of 2026

increased to

USD 12m from

USD 11m in

the fourth

quarter of

2025, mainly

driven by

the Investment

Bank’s Global

Markets

business.

After further strategic migration of positions to

UBS infrastructure, the market risk of

residual legacy Credit Suisse

components decreased to a de minimis amount in the first quarter of 2026.

Management value-at-risk (1-day, 95% confidence level, 5 years of historical data) of the business divisions and

Group Items, by general market risk type

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

2,3

(7)

(6)

(1)

(5)

(4)

(1)

Total as of 31.3.26

Total as of 31.12.25

1 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.

2 The difference between the sum of the standalone VaR

for the business divisions and Group Items and the total VaR.

3 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 49.4m as

of 31 March

2026, compared

with negative

USD 43.9m as

of 31 December

2025. This

excluded the

sensitivity of

USD 9.8m 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. The increase of the EVE sensitivity (as per FINMA requirements) in the first quarter of

2026 was predominantly driven by the interest

rate hedging related to the issuance of

AT1 capital instruments, the

increased

mortgage

duration

due

recalibration

the

prepayment

model,

and

net

interest

income

stabilization initiatives in Swiss francs. Due to the exclusion of

AT1 capital from EVE sensitivity for FINMA purposes,

AT1 capital issuances have no

direct impact on the

EVE sensitivity of the Group,

but any related hedging activities

do.

The majority of our interest

rate risk in the banking

book (IRRBB) as of 31 March

2026 was a reflection of

the net

asset duration

that we

ran to

offset our

modeled sensitivity

of net

USD 33.2m (31 December

2025: USD 33.2m)

assigned

our

equity,

goodwill

and

real

estate,

with

the

aim

generating

stable

net

interest

income

contribution. Of this, USD 19.6m and USD 11.7m were

attributable to the US dollar and the

Swiss franc portfolios,

respectively, (31 December 2025: USD 19.7m 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 March

2026

and

would

have

resulted

change

EVE

negative

USD 9.1bn,

9.4%

our

tier 1

capital

(31 December

2025:

negative

USD 8.1bn,

8.9%),

which

well

below

the

15%

threshold

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 March 2026

would have

been a

decrease of

approximately USD 1.0bn,

or 1.0%,

in our

tier 1 capital

(31 December 2025:

USD 0.8bn, 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.

UBS Group first quarter 2026 report |

Risk, capital, liquidity and funding, and balance sheet | Risk management and control

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 March 2026

and

would have

resulted in

a change

in EVE

of positive

USD 9.4bn (31 December

2025: positive

USD 8.3bn) 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 2025, 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

31.3.26

USD m

Effect on EVE

– FINMA

Effect on EVE

– BCBS

Scenarios

CHF

EUR

GBP

USD

Other

Total

Additional tier 1

capital instruments

Total

+1 bp

(13.8)

(2.0)

(0.2)

(32.0)

(1.4)

(49.4)

9.8

(39.6)

Parallel up

(1,945.1)

(375.4)

(53.9)

(6,413.9)

(335.0)

(9,123.2)

1,858.9

(7,264.3)

Parallel down

2,190.5

422.2

60.5

6,290.0

401.7

9,365.0

(2,210.3)

7,154.7

Steepener

(917.3)

(36.6)

(6.4)

(1,743.5)

(33.2)

(2,737.0)

466.7

(2,270.3)

Flattener

543.7

(24.9)

(3.3)

274.2

(40.9)

748.8

(46.3)

702.4

Short-term up

(237.7)

(138.0)

(20.2)

(2,323.1)

(170.7)

(2,889.8)

762.2

(2,127.6)

Short-term down

246.3

140.8

21.4

2,409.6

176.9

2,994.9

(794.5)

2,200.4

31.12.25

USD m

Effect on EVE

– FINMA

Effect on EVE

– BCBS

Scenarios

CHF

EUR

GBP

USD

Other

Total

Additional tier 1

capital instruments

Total

+1 bp

(12.5)

(1.7)

(0.2)

(28.5)

(1.0)

(43.9)

8.0

(35.9)

Parallel up

(1,770.1)

(315.7)

(50.4)

(5,698.0)

(239.3)

(8,073.4)

1,492.1

(6,581.3)

Parallel down

1,971.6

355.5

46.5

5,622.8

264.8

8,261.3

(1,751.2)

6,510.1

Steepener

(889.8)

(20.6)

(10.4)

(1,371.3)

6.8

(2,285.2)

336.0

(1,949.2)

Flattener

552.3

(31.4)

1.7

61.1

(58.9)

524.8

2.7

527.5

Short-term up

(169.8)

(126.5)

(14.6)

(2,226.1)

(145.6)

(2,682.7)

644.8

(2,037.8)

Short-term down

167.9

127.7

9.2

2,308.9

144.6

2,758.2

(671.8)

2,086.5

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.

Country risk

We remain watchful of a broad

range of geopolitical developments and political

changes in a number of

countries,

including the conflicts in the Middle East, intensifying rivalries among major powers, the re-emergence of regional

spheres of influence,

and continued

stress on multi-lateral

economic and security

institutions.

As of 31 March

2026,

our

direct

exposure

Israel

was

less

than

USD 0.5bn,

and

our

direct

exposure

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

Iran,

Iraq,

Lebanon

Syria.

Our

direct

exposure

Russia

31 March

2026

was

less

than

USD 0.5bn,

and

our

direct

exposure

Belarus

and

Ukraine

remained

immaterial.

31 March

2026,

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 first quarter

of 2026, inflation was

broadly stable in

major Western

economies; however,

concerns about

inflation and

economic growth

increased amid

persistent trade

tensions and heightened geopolitical uncertainty, particularly

due to the impact of the

conflicts in the Middle East

on energy prices.

The Chinese economy

slowed in the

first quarter of

2026, after a rebound

in the previous

quarter,

and concerns

remain about

the property

sector, strains

on local

government finances

and the

outcome of

trade

negotiations with the US.

›

Refer to the “Risk management and control” section of the UBS Group Annual Report 2025, available under

“Annual reporting” at

ubs.com/investors

, for more information

UBS Group first quarter 2026 report |

Risk, capital, liquidity and funding, and balance sheet | Risk management and control

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 investment suitability, market

conduct, product governance, cross-divisional

service

offerings, quality

advice

and price

transparency.

These

remain

key

focus

areas

for UBS

and

the

wider

financial sector.

Cross-border risk remains an area of regulatory attention for global financial institutions, including

focus

market

access,

such

third-country market

access

the

European

Economic

Area.

We maintain

series of controls designed to address these risks.

Regulatory fragmentation

related to

environmental, social

and governance

topics, and

the risk

of greenwashing

also remain a focus.

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.

effective

financial

crime

prevention

framework

therefore

remains

essential,

and

continue

focus

enhancements

our

global

anti-money-laundering,

know-your-client

and

sanctions

frameworks.

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 several countries and evolving armed conflicts.

Operational risk

There is an increased

risk of cyber-related operational disruption

to our business activities

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

third-party

service

providers.

parallel,

cyber

threats

enabled

artificial

intelligence

(AI)

are

evolving

rapidly,

necessitating

commensurate

enhancements

defensive

capabilities

and

deeper

industry

collaboration to mitigate growing systemic risk.

remain

heightened

alert

respond

and

mitigate

elevated

cyber-

and

information-security

threats.

parallel, we continue to

invest in improving our

technology infrastructure and information-security

governance to

strengthen our

prevention, detection and

response capabilities against

attacks. We also

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

data-driven

advisory

processes

and

the

use

forms

AI,

such

generative

and

machine

learning,

are

introducing

new

questions

the

fairness

algorithms,

data

life-cycle

management,

data

ethics,

data

privacy

and

security,

and

records

management.

have

established

framework and policy including risk appetite metrics and controls to support the mitigation of these risks.

With the

completion

the

Swiss

client account

migration

March

2026, we

have

now completed

the

global

migration

former

Credit

Suisse

client

accounts

UBS

infrastructure.

The

risks

relating

the

operational

complexity and the effective management of businesses

through the remainder of the integration and application

decommissioning

continue

carefully

monitored,

addition

the

delivery

consolidated

financial

and

regulatory reporting submissions.

UBS Group first quarter 2026 report |

Risk, capital, liquidity and funding, and balance sheet | Capital management

Capital management

The

disclosures

this

section

are

provided

for

UBS Group AG

consolidated

basis

and

focus

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 the

“Capital management”

section of

the UBS

Group Annual

Report 2025,

available under

“Annual reporting”

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 conducting

substantially all of

its operations through

UBS AG and subsidiaries

thereof.

UBS Group AG

and

UBS AG

contribute

significant

portion

their

respective

capital

to,

and

provide

substantial liquidity to, such

subsidiaries. Many of these

subsidiaries are subject to

regulations requiring compliance

with minimum capital, liquidity and similar requirements.

›

Refer to the 31 March 2026 Pillar 3 Report, available under “Pillar 3 disclosures” at

ubs.com/investors

, for more

information about additional regulatory disclosures for UBS Group AG on a consolidated basis, as well as the

significant regulated subsidiaries and sub-groups of UBS Group AG

›

Refer to the

UBS AG first

quarter 2026

report, which

will be available

as of 30 April

2026

under “Quarterly

reporting”

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

are

subject

the

going

and

gone

concern

requirements

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 March 2026.

UBS Group first quarter 2026 report |

Risk, capital, liquidity and funding, and balance sheet | Capital management

Swiss SRB going and gone concern requirements and information

As of 31.3.26

RWA

LRD

USD m, except where indicated

in %

Required going concern capital

Total going concern capital

15.17

75,924

5.08

83,913

Common equity tier 1 capital

10.81

54,083

3.58

59,111

of which: minimum capital

4.50

22,516

1.50

24,802

of which: buffer capital

5.72

28,600

2.08

34,309

of which: countercyclical buffer

0.44

2,191

Maximum additional tier 1 capital

4.37

21,842

1.50

24,802

of which: additional tier 1 capital

3.50

17,512

1.50

24,802

of which: additional tier 1 buffer capital

0.80

4,003

Eligible going concern capital

Total going concern capital

19.38

96,963

5.86

96,963

Common equity tier 1 capital

14.65

73,313

4.43

73,313

Total loss-absorbing additional tier 1 capital

4.73

23,649

1.43

23,649

of which: high-trigger loss-absorbing additional tier 1 capital

4.73

23,649

1.43

23,649

Required gone concern capital

Total gone concern loss-absorbing capacity

5,6,7

10.89

54,474

3.81

62,935

of which: base requirement including add-ons for market share and LRD

10.89

54,474

3.81

62,935

Eligible gone concern capital

Total gone concern loss-absorbing capacity

20.10

100,593

6.08

100,593

TLAC-eligible senior unsecured debt

20.10

100,583

6.08

100,583

Total loss-absorbing capacity

Required total loss-absorbing capacity

26.06

130,398

8.88

146,848

Eligible total loss-absorbing capacity

39.48

197,556

11.95

197,556

Risk-weighted assets / leverage ratio denominator

Risk-weighted assets

500,355

Leverage ratio denominator

1,653,460

1 Includes applicable add-ons

of 1.88% for risk-weighted assets

(RWA) and 0.58% for

leverage ratio denominator

(LRD), of which 22 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 0.15% for CET1

capital and 0.07% for

AT1 capital, effective

1 January 2025. For

AT1 capital under

Pillar 1 requirements a

maximum of 4.3% of AT1

capital can be used to

meet going

concern requirements; 4.37% includes

the aforementioned Pillar 2

capital add-on.

3 Our CET1 leverage ratio

requirement of 3.58% consists

of a 1.5% base requirement,

a 1.5% base buffer

capital requirement,

a 0.28% LRD add-on requirement and a 0.30% market share add-on requirement based

on our Swiss credit business.

4 UBS fulfills its minimum going concern capital requirements with

CET1 capital and AT1 capital.

The actual available and eligible AT1 capital is above the AT1 capital used to meet the minimum requirements (which is capped at 4.37% as explained in footnote 2) as UBS exceeds its minimum going concern capital

requirements.

5 A maximum of 25% of the gone concern requirements can be met with instruments that have a remaining maturity of between one and two years. Once at least 75% of the minimum gone concern

requirement has been met with

instruments that have a remaining

maturity of greater than two

years, all instruments that

have a remaining maturity of

between one and two years

remain eligible to be included

the total gone concern capital.

6 Systemically important banks (SIBs) are subject to base gone

concern capital requirements equivalent to 75% of the total going concern

requirements (excluding countercyclical buffer

requirements and the Pillar 2 add-on).

7 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.

8 Includes applicable add-ons of 1.24% for RWA and 0.43% for

LRD.

9 Includes an add-back of 45% of unrealized gains from financial assets measured at fair value through other comprehensive

income. Such gains do not qualify as CET1 capital, but 45% of these gains can be

recognized as gone concern capital.

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

UBS’s 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 and will be completed by 1 January 2030. Phase-in

requirements are composed

of the existing

add-ons and the

phased-in increases, resulting

in phase-in add-ons

of 1 January

2026 for

RWA-based requirements

of 0.86%

for increased

market share

(1.44% on

a fully

applied

basis)

and

0.79%

for

higher

LRD

(1.08%

fully

applied

basis)

and

add-ons

for

LRD-based

requirements

0.30% for

increased market

share (0.50%

on a

fully applied

basis) and

0.28% for

higher LRD

(0.38% on

a fully

applied basis).

As of

31 March 2026,

the phased-in

increases in

add-ons resulted

in increases

of USD 1.1bn

and

USD 1.2bn in the Group’s tier 1 RWA- and LRD-based capital requirements, respectively.

UBS Group first quarter 2026 report |

Risk, capital, liquidity and funding, and balance sheet | Capital management

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

the

“Capital

management”

section

the

UBS

Group

Annual

Report

2025,

available under “Annual reporting” at

ubs.com/investors

Swiss SRB going and gone concern information

USD m, except where indicated

31.3.26

31.12.25

Eligible going concern capital

Total going concern capital

96,963

91,176

Total tier 1 capital

96,963

91,176

Common equity tier 1 capital

73,313

71,262

Total loss-absorbing additional tier 1 capital

23,649

19,914

of which: high-trigger loss-absorbing additional tier 1 capital

23,649

19,914

Eligible gone concern capital

Total gone concern loss-absorbing capacity

100,593

96,130

TLAC-eligible senior unsecured debt

100,583

96,105

Total loss-absorbing capacity

197,556

187,307

Risk-weighted assets / leverage ratio denominator

Risk-weighted assets

500,355

493,397

Leverage ratio denominator

1,653,460

1,622,438

Capital and loss-absorbing capacity ratios (%)

Going concern capital ratio

19.4

18.5

of which: common equity tier 1 capital ratio

14.7

14.4

Gone concern loss-absorbing capacity ratio

20.1

19.5

Total loss-absorbing capacity ratio

39.5

38.0

Leverage ratios (%)

Going concern leverage ratio

5.9

5.6

of which: common equity tier 1 leverage ratio

4.4

Gone concern leverage ratio

6.1

5.9

Total loss-absorbing capacity leverage ratio

11.9

11.5

1 Includes an

add-back of

45% of unrealized

gains from

financial assets

measured at

fair value

through other

comprehensive income.

Such gains

do not

qualify as CET1

capital, but

45% of these

gains can

recognized as gone concern capital.

Total loss-absorbing capacity and movement

Our TLAC increased by USD 10.2bn to USD 197.6bn in the first quarter of 2026.

Going concern capital and movement

Our

going

concern

capital

increased

USD 5.8bn

USD 97.0bn.

Our

common

equity

tier 1

(CET1)

capital

increased by USD 2.1bn to USD 73.3bn, mainly driven

by operating profit before tax of USD 3.8bn,

partly offset by

dividend accruals

of USD 0.9bn,

current tax

expenses of

USD 0.5bn and

negative foreign

currency translation

effects

of USD 0.2bn. Share

repurchases of USD 0.9bn

made under our new,

2026 share repurchase

program in the

first

quarter of 2026 did not

affect our CET1 capital

position,

as there was an identical

reduction in the capital reserve

for expected future share repurchases.

›

Refer to the “Share information and earnings per share” section of this report for more information about our

share repurchase programs

Our

loss-absorbing

additional

tier 1

(AT1)

capital

increased

USD 3.7bn

USD 23.6bn,

mainly

reflecting

the

issuance of new AT1 capital instruments equivalent to USD 3.7bn.

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

rather than a

write-down. AT1

capital instruments issued

prior to the

fourth quarter of

2023 remain

subject to a

write-down.

UBS Group first quarter 2026 report |

Risk, capital, liquidity and funding, and balance sheet | Capital management

Gone concern loss-absorbing capacity and movement

Our

total

gone

concern

loss-absorbing

capacity

increased

USD 4.5bn

USD 100.6bn

and

largely

reflected

USD 100.6bn of

TLAC-eligible senior

unsecured debt

instruments. The

increase of

USD 4.5bn was

mainly due

new issuances totaling

USD 9.0bn equivalent of

TLAC-eligible senior unsecured

debt instruments, partly

offset by

the redemption of TLAC-eligible senior

unsecured debt instruments for the

equivalent of USD 3.3bn and negative

impacts from interest rate risk hedge, foreign currency translation and other effects.

›

Refer to “Bondholder information” at

ubs.com/investors

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

increased to 14.7% from

14.4%, reflecting the aforementioned

USD 2.1bn increase in CET1

capital, partly offset by a USD 7.0bn increase in RWA.

›

Refer to “Risk-weighted assets” in this section for more information about RWA movements

Our CET1 leverage

ratio was unchanged

at 4.4% as

the aforementioned USD 2.1bn

increase in CET1

capital was

offset by a USD 31.0bn increase in the LRD.

›

Refer to “Leverage ratio denominator” in this section for more information about LRD movements

Our going concern capital ratio increased

to 19.4% from 18.5%, reflecting a USD 5.8bn

increase in going concern

capital, partly offset by the aforementioned increase in RWA.

Our going concern leverage ratio increased

to 5.9% from 5.6%, driven by a USD 5.8bn

increase in

going concern

capital, partly offset by the aforementioned

increase in the LRD.

Our gone concern loss-absorbing

capacity ratio increased to

20.1% from 19.5%, reflecting

a USD 4.5bn increase

in gone concern loss-absorbing capacity, partly offset by the aforementioned increase in RWA.

Our gone concern

leverage ratio increased

to 6.1% from

5.9%, as a

result of a

USD 4.5bn increase in

gone concern

loss-absorbing capacity, partly offset by the aforementioned increase in the LRD.

Swiss SRB total loss-absorbing capacity movement

USD m

Going concern capital

Swiss SRB

Common equity tier 1 capital as of 31.12.25

71,262

Operating profit / (loss) before tax

3,841

Current tax (expense) / benefit

(473)

Foreign currency translation effects, before tax

(249)

Eligible deferred tax assets on temporary differences (including excess over threshold)

150

Accruals for expected dividends to shareholders for 2026

(938)

Share repurchase program

(850)

Capital reserve for expected future share repurchases in 2026

850

Other

(280)

Common equity tier 1 capital as of 31.3.26

73,313

Loss-absorbing additional tier 1 capital as of 31.12.25

19,914

Issuance of high-trigger loss-absorbing additional tier 1 capital

3,712

Interest rate risk hedge, foreign currency translation and other effects

Loss-absorbing additional tier 1 capital as of 31.3.26

23,649

Total going concern capital as of 31.12.25

91,176

Total going concern capital as of 31.3.26

96,963

Gone concern loss-absorbing capacity

Add-back of unrealized gains from financial assets at FVOCI as of 31.12.25

Add-back of unrealized gains from financial assets at FVOCI as of 31.3.26

TLAC-eligible unsecured debt as of 31.12.25

96,105

Issuance of TLAC-eligible senior unsecured debt

9,001

Call of TLAC-eligible senior unsecured debt

(3,308)

Interest rate risk hedge, foreign currency translation and other effects

(1,216)

TLAC-eligible unsecured debt as of 31.3.26

100,583

Total gone concern loss-absorbing capacity as of 31.12.25

96,130

Total gone concern loss-absorbing capacity as of 31.3.26

100,593

Total loss-absorbing capacity

Total loss-absorbing capacity as of 31.12.25

187,307

Total loss-absorbing capacity as of 31.3.26

197,556

UBS Group first quarter 2026 report |

Risk, capital, liquidity and funding, and balance sheet | Capital management

Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital

USD m

31.3.26

31.12.25

Total equity under IFRS Accounting Standards

92,502

90,484

Equity attributable to non-controlling interests

(255)

(271)

Defined benefit plans, net of tax

(949)

(957)

Deferred tax assets recognized for tax loss carry-forwards

(2,457)

(2,434)

Deferred tax assets for unused tax credits

(864)

(827)

Deferred tax assets on temporary differences, excess over threshold

(693)

(1,242)

Goodwill, net of tax

(5,773)

(5,787)

Intangible assets, net of tax

(654)

(683)

Compensation-related components (not recognized in net profit)

(2,254)

(2,441)

Expected losses on advanced internal ratings-based portfolio less provisions

(874)

(876)

Unrealized (gains) / losses from cash flow hedges, net of tax

1,586

1,339

Own credit related to (gains) / losses on financial liabilities measured at fair value that existed at the balance sheet date, net of tax

898

1,660

Own credit related to (gains) / losses on derivative financial instruments that existed at the balance sheet date

(80)

(65)

Prudential valuation adjustments

(223)

(148)

Accruals for dividends to shareholders for 2025

(3,449)

Accruals for expected dividends to shareholders for 2026

(938)

Capital reserve for expected future share repurchases in 2026

(2,150)

(3,000)

Other

(59)

(40)

Total common equity tier 1 capital

73,313

71,262

1 Includes goodwill related to significant investments in financial institutions of USD 35m as of 31 March 2026 (USD 34m as of 31 December 2025)

presented on the balance sheet line Investments in associates.

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

USD 24bn and

our CET1

capital by

USD 2.7bn as

of 31

March 2026

(31 December

2025: USD 23bn

and USD 2.7bn,

respectively)

and

decreased

our

CET1

capital

ratio

15 basis

points

(31

December

2025:

13 basis

points).

Conversely,

10%

appreciation

the

dollar

against

other

currencies

would

have

decreased

our

RWA

USD 21bn and

our CET1

capital by

USD 2.4bn (31

December 2025:

USD 21bn and

USD 2.4bn, respectively)

and

increased our CET1 capital ratio by 15 basis points (31 December 2025: 13 basis points).

Leverage ratio denominator

We estimate that

a 10% depreciation

of the US

dollar against other

currencies would have

increased our LRD

USD 107bn

March

2026

(31

December

2025:

USD 109bn)

and

decreased

our

CET1

leverage

ratio

12 basis points (31

December 2025: 12 basis

points). Conversely, a

10% appreciation of

the US dollar

against other

currencies would have

decreased our LRD

by USD 97bn (31

December 2025: USD

98bn) and increased

our CET1

leverage ratio by 12 basis points (31 December 2025: 12 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” in the “Capital management” section

of the UBS Group Annual Report 2025, available under “Annual reporting” at

ubs.com/investors

, for more

information

UBS Group first quarter 2026 report |

Risk, capital, liquidity and funding, and balance sheet | Capital management

Risk-weighted assets

During the

first quarter

of 2026,

RWA increased

by USD 7.0bn

to USD 500.4bn,

driven by

a USD 7.8bn

increase

resulting

from

asset

size

and

other

movements

and

USD 1.0bn

increase

driven

model

updates

and

methodology changes, partly offset by a USD 1.9bn decrease from currency effects.

Movement in risk-weighted assets, by key driver

USD bn

RWA as of

31.12.25

Currency

effects

Model updates

and methodology

changes

Asset size and

other

RWA as of

31.3.26

Credit and counterparty credit risk

299.9

(1.8)

1.0

6.5

305.7

Non-counterparty-related risk

34.3

(0.1)

0.6

34.7

Market risk

23.8

0.8

24.5

Operational risk

135.4

Total

493.4

(1.9)

1.0

7.8

500.4

1 Includes the Pillar 3 categories “Asset size”, “Credit quality of counterparties”, “Acquisitions and disposals” and “Other”. For more information, refer to the 31 March 2026 Pillar 3 Report, available 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

RWA increased by USD 5.7bn to

USD 305.7bn as of 31 March

2026, driven by

USD 6.5bn

increase

resulting

from

asset

size

and

other

movements

and

USD 1.0bn

increase

due

model

updates and methodology changes, partly offset by a USD 1.8bn decrease from currency effects.

Asset size and other movements by business division and Group Items:

–

Investment Bank RWA increased

by USD 5.1bn, mainly due

to increases in loans

and loan commitments, market-

driven movements and higher

levels of client activity

in derivatives, and increased

allocation of high-quality liquid

assets.

–

Global

Wealth

Management

RWA

increased

USD 1.9bn,

primarily

driven

increases

loans

and

loan

commitments, and higher levels of client activity and market-driven movements in derivatives.

–

Personal &

Corporate Banking

RWA increased

by USD 0.5bn,

mainly due

to higher

RWA on

derivatives, partly

offset by the sale of our 50% interest in Swisscard AECS GmbH.

–

Group Items RWA increased by USD 0.1bn.

–

Non-core

and

Legacy

RWA

decreased

USD 0.7bn,

primarily

driven

our

actions

actively

unwind

the

portfolio, in addition to the natural roll-off.

–

Asset Management RWA decreased by USD 0.3bn.

Model updates and

methodology changes resulted

in an RWA

increase of USD 1.0bn,

mainly reflecting higher

RWA

from

model

harmonization

Swiss

corporate

exposures

Personal

Corporate

Banking

and

updates

the

methodology for residual

risk on legacy

synthetic securitizations in

the Investment Bank.

This was partly

offset by

decreases in RWA on

recourse-based lending in

Global Wealth Management and

commodity trade finance facilities

in Personal & Corporate Banking.

›

Refer to the 31 March 2026 Pillar 3 Report, available 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

increased by USD 0.8bn

to USD 24.5bn in

the first quarter

of 2026, due

to asset size

and other

movements in the Investment Bank’s Global Markets business.

›

Refer to the 31 March 2026 Pillar 3 Report, available 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 first quarter 2026 report |

Risk, capital, liquidity and funding, and balance sheet | Capital management

Operational risk

Operational risk RWA were unchanged at USD 135.4bn.

›

Refer to “Provisions and contingent liabilities” in the “Consolidated financial information” section of this report for

more information

Outlook

expect

model

updates

and

methodology

changes

will

increase

credit

and

counterparty

credit

risk

RWA

around USD 1bn

during the

second quarter

of 2026.

The extent

and timing

of RWA

changes may

vary as

model

updates

are

completed

and

receive

regulatory

approval,

along

with

changes

the

composition

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

31.3.26

Credit and counterparty credit risk

99.9

130.8

6.6

60.3

3.1

4.9

305.7

Non-counterparty-related risk

7.2

2.9

0.8

4.7

0.1

19.0

34.7

Market risk

0.7

0.0

23.1

0.8

0.0

24.5

Operational risk

59.4

17.2

6.1

25.4

24.0

3.3

135.4

Total

167.2

150.9

13.5

113.5

28.0

27.2

500.4

31.12.25

Credit and counterparty credit risk

99.3

130.3

6.9

55.1

3.8

4.6

299.9

Non-counterparty-related risk

7.2

2.9

0.8

4.6

0.2

18.6

34.3

Market risk

0.5

0.0

22.4

0.9

0.0

23.8

Operational risk

59.4

17.2

6.1

25.4

24.0

3.3

135.4

Total

166.4

150.4

13.8

107.4

28.8

26.5

493.4

31.3.26 vs 31.12.25

Credit and counterparty credit risk

0.6

0.5

(0.3)

5.3

(0.7)

0.4

5.7

Non-counterparty-related risk

0.0

0.1

0.0

0.4

Market risk

0.1

0.0

0.7

(0.1)

0.0

0.8

Operational risk

Total

0.8

0.5

(0.3)

6.0

(0.8)

0.7

7.0

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

March 2026:

USD 18.5bn; 31

December 2025:

USD 18.1bn), as

well as

property, equipment,

software and

other items

(31 March 2026:

USD 16.2bn;

31 December 2025: USD 16.1bn).

UBS Group first quarter 2026 report |

Risk, capital, liquidity and funding, and balance sheet | Capital management

Leverage ratio denominator

During the

first

quarter

2026, the

LRD increased

USD 31.0bn to

USD 1,653.5bn,

driven

by a

USD 40.6bn

increase from asset size and other movements, partly offset by a USD 9.5bn decrease from currency effects.

Movement in leverage ratio denominator, by key driver

USD bn

LRD as of

31.12.25

Currency

effects

Asset size and

other

LRD as of

31.3.26

On-balance sheet exposures (excluding derivatives and securities financing transactions)

1,258.1

(7.9)

39.9

1,290.1

Derivative exposures

151.2

(0.6)

(4.8)

145.8

Securities financing transaction exposures

148.2

(0.7)

11.6

159.1

Off-balance sheet items

64.9

(0.4)

(6.1)

58.5

Total exposures

1,622.4

(9.5)

40.6

1,653.5

1 As of 31 December 2025, initial margin posted with exchanges on derivatives

was included in Derivative exposures. As

of 31 March 2026, we have reclassified initial margin on derivatives

under On-balance sheet

exposures.

The LRD movements described below exclude currency effects.

On-balance sheet exposures (excluding derivatives and securities financing transactions) increased

by USD 39.9bn,

mainly due

to increases

in cash

and balances

at central

banks and

high-quality liquid

asset portfolio

securities in

Group

Treasury.

addition,

there

was an

increase

in lending

assets,

mainly

reflecting positive

net

new

loans in

Global Wealth

Management and

Personal &

Corporate Banking,

and an

increase in

the Investment

Bank. These

increases were partly offset by decreases in trading assets reflecting lower inventory held to hedge client positions,

well

market-driven

decreases

the

Investment

Bank.

addition,

the

initial

margin

derivatives

USD 14.0bn was reclassified from Derivative exposures to On-balance sheet exposures.

Derivative exposures

decreased by

USD 4.8bn, mainly

due to

the aforementioned

reclassification of

initial margin

On-balance

sheet

exposures

and

higher

netting,

partly

offset

increases

derivatives

and

cash

collateral

receivables on

derivative instruments

mainly in

the Investment

Bank, driven

by equity

and foreign

currency contracts,

mainly due to new trades, as well as market-driven increases.

Securities

financing

transaction

exposures

increased

USD 11.6bn,

primarily

reflecting

higher

levels

client

activity in the Investment Bank and cash reinvestment trades in Group Treasury.

Off-balance sheet exposures decreased

by USD 6.1bn, primarily due

to credit lines in Global

Wealth Management

becoming uncommitted following changes to

certain contractual terms in the

course of client account migrations

in the first quarter of 2026.

›

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

31.3.26

On-balance sheet exposures (excluding derivatives and securities

financing transactions)

522.7

440.5

5.0

300.3

9.4

12.1

1,290.1

Derivative exposures

28.9

7.5

0.0

106.7

2.8

0.0

145.8

Securities financing transaction exposures

44.6

31.7

0.1

79.8

2.6

0.3

159.1

Off-balance sheet items

12.6

28.9

0.1

16.1

0.3

0.5

58.5

Total exposures

608.8

508.6

5.2

502.9

15.1

12.9

1,653.5

31.12.25

On-balance sheet exposures (excluding derivatives and securities

financing transactions)

514.0

441.8

5.0

272.1

12.3

12.9

1,258.1

Derivative exposures

26.7

6.1

0.0

115.2

3.0

0.1

151.2

Securities financing transaction exposures

49.8

36.3

0.1

58.7

3.5

0.0

148.2

Off-balance sheet items

17.6

29.9

0.1

16.8

0.3

64.9

Total exposures

608.0

514.0

5.2

462.9

19.1

13.3

1,622.4

31.3.26 vs 31.12.25

On-balance sheet exposures (excluding derivatives and securities

financing transactions)

8.7

(1.2)

0.0

28.2

(2.9)

(0.8)

32.0

Derivative exposures

2.1

1.4

0.0

(8.6)

(0.2)

(0.1)

(5.4)

Securities financing transaction exposures

(5.1)

(4.6)

0.0

21.2

(0.9)

0.3

10.9

Off-balance sheet items

(5.0)

(1.0)

0.0

(0.8)

0.0

0.2

(6.5)

Total exposures

0.8

(5.4)

0.0

40.0

(4.0)

(0.3)

31.0

1 As of 31 December 2025, initial margin posted with exchanges on derivatives

was included in Derivative exposures. As

of 31 March 2026, we have reclassified initial margin on derivatives

under On-balance sheet

exposures.

UBS Group first quarter 2026 report |

Risk, capital, liquidity and funding, and balance sheet | Capital management

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

all

the

periods

shown

below

and

was

applicable

for

Asset

Management in the first quarter of 2025.

In addition to

tangible equity, we

allocate equity to

the business divisions

to support goodwill and

intangible assets.

also

allocate

the

business

divisions

attributed

equity

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

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

USD bn

31.3.26

31.12.25

31.3.25

Global Wealth Management

34.6

34.5

33.6

Personal & Corporate Banking

22.4

22.0

20.1

Asset Management

2.4

2.5

2.7

Investment Bank

19.5

18.9

17.7

Non-core and Legacy

3.4

4.0

7.5

Group Items

8.9

8.2

4.6

Average equity attributed to business divisions and Group Items

91.2

90.1

86.1

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 first quarter 2026 report |

Risk, capital, liquidity and funding, and balance sheet | Liquidity and funding management

Liquidity and funding management

Strategy, objectives and governance

This section

provides liquidity

and funding

management information

and should

be read

in conjunction

with the

“Liquidity

and

funding

management”

section

the

UBS

Group

Annual

Report

2025,

available

under

“Annual

reporting”

ubs.com/investors

which

provides

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)

the

UBS

Group

decreased

4.8 percentage

points

177.8%,

remaining

above

the

prudential

requirement communicated

the

Swiss

Financial

Market

Supervisory

Authority (FINMA).

Average net cash outflows increased by

USD 6.2bn to USD 187.9bn, primarily reflecting higher net

outflows from

deposits. The effect of the increase in

net cash outflows was partly offset

by a USD 2.4bn increase in average high-

quality liquid assets (HQLA),

mainly reflecting

higher cash available due to an increase in customer deposits, higher

proceeds from

debt issued

at amortized

cost and

higher net

brokerage payables,

partly offset

by lower

cash available

from higher lending assets and

cash collateral margin requirements, as

well as a decrease in

HQLA from securities

financing transactions.

›

Refer to the

31 March 2026 Pillar 3 Report, available under “Pillar 3 disclosures” at

ubs.com/investors

, for more

information about the LCR

Liquidity coverage ratio

USD bn, except where indicated

Average 1Q26

Average 4Q25

High-quality liquid assets

334.0

331.6

Net cash outflows

187.9

181.7

Liquidity coverage ratio (%)

177.8

182.6

1 Calculated based on an average of

62 data points in the first quarter of

2026 and 64 data points in the

fourth 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 March 2026, the net stable funding

ratio (the NSFR) of the UBS Group increased

0.9 percentage points to

116.9%, remaining above the prudential requirement communicated by FINMA.

Available

stable funding

increased by

USD 14.6bn to

USD 896.6bn, mainly

driven by

increases in

debt issued

amortized cost

and regulatory

capital. Required

stable funding

increased

by USD 7.0bn

to USD

766.8bn, mainly

reflecting

higher derivatives

and cash

collateral receivables

on derivative

instruments, and

higher lending

assets,

partly offset by lower trading assets.

›

Refer to the 31 March 2026 Pillar 3 Report, available under “Pillar 3 disclosures” at

ubs.com/investors

, for more

information about the NSFR

Net stable funding ratio

USD bn, except where indicated

31.3.26

31.12.25

Available stable funding

896.6

882.0

Required stable funding

766.8

759.8

Net stable funding ratio (%)

116.9

116.1

UBS Group first quarter 2026 report |

Risk, capital, liquidity and funding, and balance sheet | Balance sheet and off-balance sheet

Balance sheet and off-balance sheet

This section provides balance sheet and off-balance

sheet information and should be read in

conjunction with the

“Balance sheet

and off-balance

sheet” section

of the

UBS Group

Annual Report

2025, 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 March 2026 vs 31 December 2025)

Total assets

were USD 1,686.5bn

as of

31 March 2026,

an increase

of USD 69.1bn

compared with

31 December

2025.

Derivatives

and

cash

collateral

receivables

derivative

instruments

increased

USD 42.8bn,

primarily

the

Investment Bank,

driven by

equity and

foreign currency

contracts, mainly

due to

new trades,

as well

as market-

driven increases. Cash and

balances at central banks

increased by USD 15.6bn, mainly

due to inflows from

net new

issuances

of short-term

and long-term

debt issued

measured at

amortized cost,

and net

changes in

the trading

portfolio,

partly

offset

outflows

due

higher

lending

activity

levels

and

purchases

securities

our

high-

quality liquid asset (HQLA) portfolio.

Other

financial

assets

measured

fair

value

increased

USD 5.8bn,

predominantly

driven

purchases

securities

our

HQLA

portfolio

Group

Treasury.

Brokerage

receivables

increased

USD 5.2bn,

primarily

reflecting higher levels of client activity. Lending assets

increased by USD 4.8bn, mainly reflecting positive net new

loans in Global Wealth

Management and Personal &

Corporate Banking, and an increase

in the Investment Bank,

partly offset by currency effects.

These increases

were partly

offset by

a USD 10.6bn

decrease in

Trading assets,

reflecting lower

inventory held

hedge client positions, as well as market-driven decreases in the Investment Bank.

Assets

As of

% change from

USD bn

31.3.26

31.12.25

Cash and balances at central banks

225.5

209.9

Lending

678.3

673.5

Securities financing transactions at amortized cost

87.6

83.7

Trading assets

164.1

174.7

(6)

Derivatives and cash collateral receivables on derivative instruments

232.1

189.3

Brokerage receivables

40.8

35.6

Other financial assets measured at amortized cost

73.4

71.9

Other financial assets measured at fair value

127.2

121.4

Non-financial assets

57.5

Total assets

1,686.5

1,617.4

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.

3 Includes total assets measured at fair value of USD 527.1bn as of 31 March 2026 (31 December 2025: USD 492.6bn),

of which USD 17.5bn (31 December 2025: USD 14.5bn) were classified as Level 3.

Balance sheet liabilities (31 March 2026 vs 31 December 2025)

Total liabilities were USD 1,594.0bn

as of 31 March 2026,

an increase of USD 67.1bn

compared with 31 December

2025.

Derivatives and cash

collateral payables on

derivative instruments increased

by USD 31.4bn, predominantly

in the

Investment Bank,

reflecting the

same drivers

as on

the asset

side. Brokerage

payables increased

by USD 13.0bn,

primarily reflecting higher

levels of client

activity. Short-term borrowings

increased by

USD 10.7bn, largely

due to

net issuances of commercial paper and certificates of deposit.

UBS Group first quarter 2026 report |

Risk, capital, liquidity and funding, and balance sheet | Balance sheet and off-balance sheet

Debt issued

designated at

fair value

and long-term

debt issued

measured at

amortized cost

increased by

USD 6.1bn,

mainly reflecting net new issuances of debt issued measured at amortized cost in Group Treasury. Trading liabilities

increased by USD 5.5bn,

primarily due to

an increase in

short positions in

the Investment Bank,

mainly as a

result

of client activity.

The “Customer deposits,

by currency” table in

this section provides

more information about

the Group’s funding

sources.

›

Refer to “Bondholder information” at

ubs.com/investors

for more information about capital and senior debt

instruments

›

Refer to the “Consolidated financial information” section of this report for more information

Liabilities and equity

As of

% change from

USD bn

31.3.26

31.12.25

Short-term borrowings

1,2

69.0

58.3

Securities financing transactions at amortized cost

20.2

16.2

Customer deposits

785.7

788.4

Debt issued designated at fair value and long-term debt issued measured at amortized cost

300.7

294.6

Trading liabilities

59.2

53.7

Derivatives and cash collateral payables on derivative instruments

221.9

190.5

Brokerage payables

75.2

62.2

Other financial liabilities measured at amortized cost

16.5

15.9

Other financial liabilities designated at fair value

29.7

28.2

Non-financial liabilities

15.8

19.0

(17)

Total liabilities

1,594.0

1,526.9

Share capital

0.3

Share premium

8.1

9.2

(13)

Treasury shares

(7.9)

Retained earnings

86.5

82.7

Other comprehensive income

5.2

5.8

(10)

Total equity attributable to shareholders

92.2

90.2

Equity attributable to non-controlling interests

0.3

(6)

Total equity

92.5

90.5

Total liabilities and equity

1,686.5

1,617.4

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 Includes total

liabilities measured at

fair value of

USD 462.3bn as

of 31 March

2026 (31 December

2025: USD 414.1bn),

of which USD

17.9bn (31 December

2025: USD 19.4bn)

were

classified as Level 3.

4 Excludes other comprehensive income related to defined benefit plans and own credit, which is recorded directly in Retained earnings.

Equity (31 March 2026 vs 31 December 2025)

Equity attributable to shareholders increased by USD 2,034m to USD 92,247m as of 31 March 2026.

The

net

increase

USD 2,034m

was

mainly

driven

positive

total

comprehensive

income

attributable

shareholders

USD 3,152m,

reflecting

net

profit

USD 3,040m

and

other

comprehensive

income

(OCI)

USD 112m.

OCI

mainly

included

OCI

own

credit

financial

liabilities

designated

fair

value

USD 741m, negative OCI

related to foreign

currency translation of

USD 312m and negative

cash flow hedge

OCI

of USD 242m. In addition, deferred share-based

compensation awards of USD 336m were expensed

in the income

statement, increasing share premium.

These increases were partly offset

by net treasury share activity

that reduced equity by USD 1,358m,

predominantly

due to

the repurchasing

of USD 850m

of shares

under our

new, 2026

share repurchase

program and

the purchasing

of USD 529m of shares in relation to employee share-based compensation plans.

The payment of the 2025

dividend of USD 1.10 per

share, approved by shareholders at

the 2026 Annual General

Meeting, reduced equity attributable to shareholders by USD 3.4bn in April 2026.

›

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 first quarter 2026 report |

Risk, capital, liquidity and funding, and balance sheet | Balance sheet and off-balance sheet

Customer deposits, by currency

USD equivalent

All currencies

of which: USD

of which: CHF

of which: EUR

USD bn

31.3.26

31.12.25

31.3.26

31.12.25

31.3.26

31.12.25

31.3.26

31.12.25

Customer deposits

785.7

788.4

298.0

301.6

341.5

341.4

74.3

74.7

of which: demand deposits

259.6

259.4

53.6

52.8

135.6

139.1

37.4

36.2

of which: retail savings / deposits

238.0

230.8

43.6

38.1

189.1

187.5

5.2

5.1

of which: sweep deposits

39.9

41.5

39.9

41.5

0.0

of which: time deposits

248.2

256.8

160.9

169.3

16.8

14.8

31.7

33.4

Off-balance sheet (31 March 2026 vs 31 December 2025)

Committed unconditionally revocable credit

lines decreased by USD

54.4bn, primarily due to

credit lines in Global

Wealth Management becoming

uncommitted following changes

to certain contractual

terms in the

course of client

account

migrations

the

first

quarter

2026.

Forward

starting

reverse

repurchase

and

securities

borrowing

agreements increased

by USD 4.5bn, predominantly

reflecting an

increase in

levels of

business division

activity in

short-dated securities financing transactions.

Off-balance sheet

As of

% change from

USD bn

31.3.26

31.12.25

Guarantees

1,2

44.5

45.8

(3)

Irrevocable loan commitments

80.6

82.1

(2)

Committed unconditionally revocable credit lines

65.3

119.7

(45)

Forward starting reverse repurchase and securities borrowing agreements

15.2

10.7

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

are

listed

the

SIX

Swiss

Exchange

(SIX).

They

are

also

listed

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 first quarter of 2026 compared with the fourth quarter of 2025.

We held 238 million shares as of 31 March 2026, of which 137 million shares had been acquired under our 2024,

2025 and

2026 share

repurchase programs

for cancellation

purposes. The

remaining 101

million shares

are primarily

held to

hedge our

share delivery

obligations related

to employee

share-based compensation

and participation

plans.

Treasury shares held decreased by

12 million shares in the

first quarter of 2026. This largely

reflected the delivery of

treasury shares

under our

share-based compensation

plans, partly

offset by

repurchases of

20.4 million

shares under

our

new,

2026

program

and

the

purchasing

13.0

million

relation

employee

share-based

compensation plans.

4 February

2026,

launched

new

repurchase

program

USD 3bn

shares.

The

program

started on 5 February 2026

and will end, at

the latest, on 4 February

2028 or earlier if

either the maximum amount

of USD 3bn has been reached or 10% of the registered

share capital has been repurchased. Shares acquired under

this program totaled 20 million as of 31 March 2026 for

a total acquisition cost of USD 794m (CHF 621m). We are

on track to repurchase USD 3bn of shares by the end of July 2026, with an aim to do more by year-end 2026. The

amount

additional

repurchases

subject

our

financial

performance

and

outlook,

maintaining

common

equity tier 1 capital ratio of around 14% at

year-end, and visibility on parliamentary deliberations on

the treatment

of foreign subsidiaries.

UBS Group first quarter 2026 report |

Risk, capital, liquidity and funding, and balance sheet | Share information and earnings per share

Shares acquired

under our

2025 program

totaled 53

million as

of 31 March

2026 for

a total

acquisition cost

USD 2,000m (CHF 1,602m). This

program concluded on

20 November 2025, and

the 53 million

shares repurchased

under this

program will

be canceled

by means

of a

capital reduction,

pending approval

by the

shareholders at

future Annual General Meeting (the AGM).

Shares acquired

under our

2024 program

totaled 64

million as

of 31 March

2026 for

a total

acquisition cost

USD 2,000m (CHF 1,739m).

This program

concluded on

23 May 2025,

and the

64 million

shares repurchased

under

this program were canceled by means of

a capital reduction in 2026 as approved

by the shareholders at the 2026

AGM.

›

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

Share information and earnings per share

As of or for the quarter ended

31.3.26

31.12.25

31.3.25

Basic and diluted earnings (USD m)

Net profit / (loss) attributable to shareholders for basic EPS

3,040

1,199

1,692

less: (profit) / loss on own equity derivative contracts

(1)

Net profit / (loss) attributable to shareholders for diluted EPS

3,039

1,199

1,691

Weighted average shares outstanding

Weighted average shares outstanding for basic EPS

3,092,982,117

3,105,654,692

3,177,005,662

Effect of dilutive potential shares resulting from notional employee shares, in-the-money options and warrants outstanding

139,292,771

139,702,735

154,934,196

Weighted average shares outstanding for diluted EPS

3,232,274,888

3,245,357,427

3,331,939,858

Earnings per share (USD)

Basic

0.98

0.39

0.53

Diluted

0.94

0.37

0.51

Shares outstanding and potentially dilutive instruments

Shares issued

3,341,581,714

3,462,087,722

Treasury shares

238,146,455

249,882,523

274,295,444

of which: related to the 2022 share repurchase program

120,506,008

of which: related to the 2024 share repurchase program

63,776,550

47,977,687

of which: related to the 2025 share repurchase program

52,582,575

of which: related to the 2026 share repurchase program

20,432,926

Shares outstanding

3,103,435,259

3,091,699,191

3,187,792,278

Potentially dilutive instruments

29,303,835

23,971,399

23,529,297

Other key figures

Total book value per share (USD)

29.72

29.18

27.35

Tangible book value per share (USD)

27.50

26.93

25.18

Share price (USD)

38.41

46.61

30.38

Market capitalization (USD m)

128,345

155,760

105,173

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 first quarter 2026 report |

Consolidated financial information

Consolidated financial

information

Unaudited

The accompanying unaudited interim consolidated financial 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. This

financial information

has been

prepared in

accordance with

UBS Group

accounting policies

described in

“Note 1

Summary of

material accounting

policies” to

the UBS

Group consolidated

annual financial

statements for the year ended 31 December 2025, except for changes described below. These accounting policies

are

consistent

with

IFRS

Accounting

Standards,

issued

the

International

Accounting

Standards

Board

(the

IASB). The financial

information presented is

unaudited and does

not constitute an

interim financial report

prepared

in accordance with IAS 34,

Interim Financial Reporting

Amendments to IFRS 9,

Financial Instruments

, and IFRS 7,

Financial Instruments: Disclosures

Effective

from

January

2026,

UBS

has

adopted

the

Amendments

the

Classification

and

Measurement

Financial Instruments

– Amendments

to IFRS

9 and

IFRS 7

(the Amendments)

related to

classification of

financial

assets and

derecognition of

financial instruments,

including the

introduction of

an accounting

policy election

derecognize

financial

liabilities

settled

through

electronic

transfer

systems

before

the

settlement

date,

certain

conditions are met.

The Amendments also

introduced new disclosure

requirements for financial

instruments with

contractual terms that can

change the timing

or amount of contractual

cash flows. The impact

of the Amendments

on this consolidated financial information was not material.

UBS Group first quarter 2026 report |

Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited)

UBS Group AG interim consolidated

financial information (unaudited)

Income statement

Year-to-date

USD m

31.3.26

31.3.25

Interest income from financial instruments measured at amortized cost and fair value through

other comprehensive income

6,604

6,981

Interest expense from financial instruments measured at amortized cost

(5,738)

(6,948)

Net interest income from financial instruments measured at fair value through profit or loss and other

1,453

1,597

Net interest income

2,320

1,629

Other net income from financial instruments measured at fair value through profit or loss

3,949

3,937

Fee and commission income

8,437

7,426

Fee and commission expense

(709)

(649)

Net fee and commission income

7,728

6,777

Other income

247

213

Total revenues

14,243

12,557

Credit loss expense / (release)

100

Personnel expenses

7,584

7,032

General and administrative expenses

2,011

2,431

Depreciation, amortization and impairment of non-financial assets

738

861

Operating expenses

10,333

10,324

Operating profit / (loss) before tax

3,841

2,132

Tax expense / (benefit)

786

430

Net profit / (loss)

3,054

1,702

Net profit / (loss) attributable to non-controlling interests

Net profit / (loss) attributable to shareholders

3,040

1,692

Earnings per share (USD)

Basic

0.98

0.53

Diluted

0.94

0.51

UBS Group first quarter 2026 report |

Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited)

Statement of comprehensive income

Year-to-date

USD m

31.3.26

31.3.25

Comprehensive income attributable to shareholders

Net profit / (loss)

3,040

1,692

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

(492)

1,318

Effective portion of changes in fair value of hedging instruments designated as net investment hedges, before tax

195

(549)

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

(1)

Income tax relating to foreign currency translations, including the effect of net investment hedges

(15)

(2)

Subtotal foreign currency translation, net of tax

(312)

768

Financial assets measured at fair value through other comprehensive income

Net unrealized gains / (losses), before tax

(56)

(3)

Net realized (gains) / losses reclassified to the income statement from equity

Income tax relating to net unrealized gains / (losses)

(3)

Subtotal financial assets measured at fair value through other comprehensive income, net of tax

(59)

(3)

Cash flow hedges of interest rate risk

Effective portion of changes in fair value of derivative instruments designated as cash flow hedges, before tax

(476)

349

Net (gains) / losses reclassified to the income statement from equity

174

322

Income tax relating to cash flow hedges

(125)

Subtotal cash flow hedges, net of tax

(242)

545

Cost of hedging

Cost of hedging, before tax

Income tax relating to cost of hedging

(5)

Subtotal cost of hedging, net of tax

Total other comprehensive income that may be reclassified to the income statement, net of tax

(576)

1,342

Other comprehensive income that will not be reclassified to the income statement

Defined benefit plans

Gains / (losses) on defined benefit plans, before tax

(78)

Income tax relating to defined benefit plans

Subtotal defined benefit plans, net of tax

(54)

Own credit on financial liabilities designated at fair value

Gains / (losses) from own credit on financial liabilities designated at fair value, before tax

741

279

Income tax relating to own credit on financial liabilities designated at fair value

(1)

Subtotal own credit on financial liabilities designated at fair value, net of tax

741

279

Total other comprehensive income that will not be reclassified to the income statement, net of tax

687

286

Total other comprehensive income

112

1,628

Total comprehensive income attributable to shareholders

3,152

3,319

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)

3,054

1,702

Other comprehensive income

123

1,643

of which: other comprehensive income that may be reclassified to the income statement

(576)

1,342

of which: other comprehensive income that will not be reclassified to the income statement

698

302

Total comprehensive income

3,177

3,345

UBS Group first quarter 2026 report |

Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited)

Balance sheet

USD m

31.3.26

31.12.25

Assets

Cash and balances at central banks

225,456

209,858

Amounts due from banks

20,320

19,649

Receivables from securities financing transactions measured at amortized cost

87,566

83,656

Cash collateral receivables on derivative instruments

50,624

41,552

Loans and advances to customers

657,996

653,846

Other financial assets measured at amortized cost

73,431

71,897

Total financial assets measured at amortized cost

1,115,394

1,080,458

Financial assets at fair value held for trading

164,084

174,699

of which: assets pledged as collateral that may be sold or repledged by counterparties

42,625

44,627

Derivative financial instruments

181,497

147,778

Brokerage receivables

40,789

35,579

Financial assets at fair value not held for trading

113,478

107,575

Total financial assets measured at fair value through profit or loss

499,848

465,631

Financial assets measured at fair value through other comprehensive income

13,749

13,868

Investments in associates

2,258

2,332

Property, equipment and software

16,178

16,057

Goodwill and intangible assets

6,900

6,948

Deferred tax assets

11,180

11,525

Other non-financial assets

21,014

20,609

Total assets

1,686,521

1,617,427

Liabilities

Amounts due to banks

25,770

24,434

Payables from securities financing transactions measured at amortized cost

20,203

16,225

Cash collateral payables on derivative instruments

37,513

34,222

Customer deposits

785,698

788,367

Debt issued measured at amortized cost

230,185

214,706

Other financial liabilities measured at amortized cost

16,523

15,862

Total financial liabilities measured at amortized cost

1,115,893

1,093,816

Financial liabilities at fair value held for trading

59,248

53,700

Derivative financial instruments

184,408

156,243

Brokerage payables designated at fair value

75,167

62,202

Debt issued designated at fair value

113,737

113,794

Other financial liabilities designated at fair value

29,719

28,184

Total financial liabilities measured at fair value through profit or loss

462,279

414,123

Provisions and contingent liabilities

4,981

5,035

Other non-financial liabilities

10,865

13,970

Total liabilities

1,594,019

1,526,944

Equity

Share capital

334

Share premium

8,064

9,217

Treasury shares

(7,862)

(7,891)

Retained earnings

86,478

82,740

Other comprehensive income recognized directly in equity, net of tax

5,232

5,813

Equity attributable to shareholders

92,247

90,213

Equity attributable to non-controlling interests

255

271

Total equity

92,502

90,484

Total liabilities and equity

1,686,521

1,617,427

UBS Group first quarter 2026 report |

Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited)

Additional information

Personnel expenses

Year-to-date

USD m

31.3.26

31.3.25

Salaries and variable compensation

6,564

5,968

of which: variable compensation – financial advisors

1,504

1,409

Contractors

Social security

431

405

Post-employment benefit plans

299

349

Other personnel expenses

230

237

Total personnel expenses

7,584

7,032

1 Includes role-based

allowances.

2 Financial advisor

compensation consists of

cash compensation, determined

using a formulaic

approach based on

production, and deferred

awards. It

also includes expenses

related to compensation commitments with financial advisors entered into at the time of recruitment that are subject to vesting requirements.

General and administrative expenses

Year-to-date

USD m

31.3.26

31.3.25

Outsourcing costs

299

378

Technology costs

540

573

Consulting, legal and audit fees

224

287

Real estate and logistics costs

229

239

Market data services

164

168

Marketing and communication

123

Travel and entertainment

Litigation, regulatory and similar matters

114

Other

334

475

Total general and administrative expenses

2,011

2,431

1 Reflects the net increase / (decrease)

in provisions for litigation, regulatory and

similar matters recognized in the income statement,

as well as decreases in acquisition-related

contingent liabilities measured under

IFRS 3. Refer to "Litigation, regulatory and similar matters" in this section for more information.

2 Includes a USD 180m expense related to the payment to Swisscard for the sale of the Credit Suisse card portfolios

to UBS. Refer to “Note 28 Changes in organization

and acquisitions and disposals of subsidiaries and businesses” in the

“Consolidated financial statements” section of the UBS Group Annual Report 2025

for more

information.

UBS Group first quarter 2026 report |

Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited)

Expected credit loss measurement

a) Changes to ECL models, scenarios and scenario weights

Scenarios and scenario weights

The expected

credit loss

(ECL) scenarios,

along with

their related

macroeconomic factors

and market

data, were

reviewed in light of the economic and political conditions prevailing in the first quarter of 2026 through a series of

governance meetings, with

input and feedback

from UBS Risk

and Finance experts

across the business

divisions and

regions.

UBS

kept

the

scenarios

and

scenario

weights

line

with

those

applied

the

UBS

Group

fourth

quarter

2025

report. All

of the scenarios,

including the asset

price appreciation and

the baseline scenarios,

have been updated

based on the

latest macroeconomic forecasts

as of 31 March

2026. The current

scenario suite, together

with the

applied scenario weightings and the level

of post-model adjustments, is deemed appropriate

to sufficiently capture

prevailing macroeconomic and geopolitical uncertainties. The assumptions on a calendar-year basis are included in

the table below.

The baseline

scenario was

updated with

the latest

macroeconomic forecasts

as of

31 March 2026.

The scenario

assumes that GDP growth in Switzerland will remain below trend, reflecting a subdued outlook

driven by tariffs, a

weakening

labor

market

and

negative

spillovers

from

the

Eurozone

following

the

oil

price

shock.

the

United

States, labor market conditions will remain

soft, while higher energy prices are

adding to inflationary pressures and

also increasing downside risks to growth.

The

conflict

the

Middle

East

has

materially

increased

uncertainty

around

the

global

outlook.

UBS

closely

monitoring the

current market

situation, inflation

and central

banks’ signals

and will

continue to

carefully assess

developments, potentially revisiting the narratives and shocks in the second quarter of 2026.

Comparison of shock factors

Baseline

Key parameters

2025

2026

2027

Real GDP growth (annual percentage change)

2.1

2.2

2.1

Eurozone

1.5

0.8

1.2

Switzerland

1.3

1.1

Unemployment rate (%, annual average)

4.2

4.5

Eurozone

6.3

Switzerland

2.8

3.1

Fixed income: 10-year government bonds (%, Q4)

USD

4.2

4.4

4.5

EUR

2.9

3.1

3.2

CHF

0.3

0.4

0.5

Real estate (annual percentage change, Q4)

1.3

1.6

2.8

Eurozone

3.8

4.2

4.3

Switzerland

3.8

2.5

2.0

Economic scenarios and weights applied

Assigned weights in %

ECL scenario

31.3.26

31.12.25

31.3.25

Asset price appreciation

5.0

Baseline

50.0

Moderate stagflationary crisis

30.0

0.0

Mild stagflationary crisis

0.0

30.0

Global crisis

0.0

15.0

Global trade war

15.0

0.0

UBS Group first quarter 2026 report |

Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited)

Expected credit loss measurement (continued)

b) ECL-relevant balance sheet and off-balance sheet positions including ECL allowances and provisions

The following tables provide

information about financial instruments

and certain non-financial instruments

that are

subject

ECL

requirements.

For

amortized-cost

instruments,

the

carrying

amount

represents

the

maximum

exposure to credit

risk, taking into

account the allowance

for credit losses.

Financial assets measured

at fair value

through other comprehensive income (FVOCI) are

also subject to ECL; however, unlike amortized-cost

instruments,

the allowance for

credit losses for

FVOCI instruments does

not reduce the

carrying amount of

these financial assets.

Instead, the carrying

amount of financial

assets measured at

FVOCI represents the

maximum exposure to

credit risk.

In addition to recognized financial assets,

certain off-balance sheet financial instruments and

other credit lines are

also subject to

ECL. The maximum

exposure to credit

risk for off-balance

sheet financial instruments

is calculated

based on notional amounts.

ECL-relevant balance sheet and off-balance sheet positions

USD m

31.3.26

Carrying amount

ECL allowances

Financial instruments measured at amortized cost

Total

Stage 1

Stage 2

Stage 3

PCI

Total

Stage 1

Stage 2

Stage 3

PCI

Cash and balances at central banks

225,456

225,434

(81)

(28)

(53)

Amounts due from banks

20,320

20,113

207

(11)

(3)

(7)

Receivables from securities financing transactions measured at

amortized cost

87,566

(1)

Cash collateral receivables on derivative instruments

50,624

Loans and advances to customers

657,996

628,225

25,224

3,966

581

(2,486)

(361)

(283)

(1,634)

(209)

of which: Private clients with mortgages

287,420

275,806

9,987

1,567

(143)

(40)

(25)

(67)

(11)

of which: Real estate financing

91,944

85,707

5,926

277

(83)

(27)

(29)

(14)

(12)

of which: Large corporate clients

26,763

23,110

3,125

514

(645)

(100)

(99)

(344)

(102)

of which: SME clients

23,767

19,504

2,789

1,054

420

(1,156)

(96)

(89)

(916)

(56)

of which: Lombard

168,031

167,727

303

(57)

(7)

(45)

(5)

of which: Credit cards

2,436

1,874

514

(50)

(7)

(12)

(31)

of which: Commodity trade finance

6,278

5,943

332

(80)

(8)

(80)

of which: Ship / aircraft financing

8,930

7,861

987

(14)

(9)

(5)

of which: Consumer financing

2,917

2,654

128

(145)

(27)

(26)

(96)

Other financial assets measured at amortized cost

73,431

72,453

745

230

(124)

(33)

(9)

(82)

of which: Loans to financial advisors

2,801

2,643

105

(34)

(4)

(1)

(29)

Total financial assets measured at amortized cost

1,115,394

1,084,415

26,197

4,196

585

(2,704)

(399)

(327)

(1,715)

(263)

Financial assets measured at fair value through other comprehensive

income

13,749

Total on-balance sheet financial assets in scope of ECL requirements

1,129,142

1,098,164

26,197

4,196

585

(2,704)

(399)

(327)

(1,715)

(263)

Notional exposure

ECL provisions

Off-balance sheet (in scope of ECL)

Total

Stage 1

Stage 2

Stage 3

PCI

Total

Stage 1

Stage 2

Stage 3

PCI

Guarantees

45,792

43,612

2,024

142

(77)

(15)

(23)

(39)

of which: Large corporate clients

7,412

6,295

1,078

(20)

(7)

(6)

(7)

of which: SME clients

3,360

2,892

375

(41)

(4)

(15)

(22)

of which: Financial intermediaries and hedge funds

27,337

27,021

316

(1)

of which: Lombard

3,409

3,383

(2)

of which: Commodity trade finance

2,686

2,569

117

(1)

Irrevocable loan commitments

80,685

76,394

3,981

287

(260)

(121)

(107)

(29)

(2)

of which: Large corporate clients

47,180

43,587

3,383

187

(232)

(97)

(104)

(29)

(2)

Forward starting reverse repurchase and securities borrowing

agreements

15,234

Committed unconditionally revocable credit lines

65,325

61,490

3,691

145

(68)

(48)

(20)

of which: Real estate financing

6,521

5,402

1,119

(3)

of which: Large corporate clients

9,871

8,852

1,018

(13)

(4)

(9)

of which: SME clients

11,457

10,829

497

131

(32)

(24)

(8)

of which: Lombard

12,475

of which: Credit cards

12,954

12,341

609

(9)

(7)

(2)

Irrevocable committed prolongation of existing loans

9,971

9,871

(4)

Total off-balance sheet financial instruments and other credit lines

217,007

206,601

9,793

576

(409)

(188)

(150)

(69)

(2)

Total allowances and provisions

(3,113)

(587)

(477)

(1,784)

(265)

1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective

ECL allowances.

2 Positive amounts in these columns are representative of a net

improvement in credit quality since the acquisition of the respective financial instrument.

UBS Group first quarter 2026 report |

Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited)

Expected credit loss measurement (continued)

ECL-relevant balance sheet and off-balance sheet positions

USD m

31.12.25

Carrying amount

ECL allowances

Financial instruments measured at amortized cost

Total

Stage 1

Stage 2

Stage 3

PCI

Total

Stage 1

Stage 2

Stage 3

PCI

Cash and balances at central banks

209,858

209,606

231

(81)

(29)

(52)

Amounts due from banks

19,649

19,525

124

(14)

(9)

(5)

Receivables from securities financing transactions measured at

amortized cost

83,656

(1)

Cash collateral receivables on derivative instruments

41,552

Loans and advances to customers

653,846

624,137

25,155

3,947

607

(2,490)

(353)

(271)

(1,629)

(237)

of which: Private clients with mortgages

287,424

276,377

9,599

1,400

(124)

(44)

(18)

(55)

(6)

of which: Real estate financing

92,334

86,954

5,261

111

(67)

(26)

(30)

(11)

of which: Large corporate clients

26,752

22,954

2,886

700

213

(762)

(116)

(94)

(413)

(139)

of which: SME clients

23,805

19,883

2,521

1,238

163

(1,068)

(80)

(81)

(872)

(36)

of which: Lombard

165,320

164,874

169

212

(64)

(6)

(27)

(31)

of which: Credit cards

2,408

1,860

501

(48)

(7)

(12)

(29)

of which: Commodity trade finance

4,849

3,570

1,274

(94)

(8)

(80)

(6)

of which: Ship / aircraft financing

8,753

7,609

1,025

119

(17)

(9)

(8)

of which: Consumer financing

2,966

2,677

130

(136)

(19)

(24)

(92)

Other financial assets measured at amortized cost

71,897

70,427

1,247

220

(124)

(29)

(9)

(86)

of which: Loans to financial advisors

2,716

2,567

(34)

(3)

(1)

(30)

Total financial assets measured at amortized cost

1,080,458

1,048,903

26,546

4,167

841

(2,711)

(392)

(314)

(1,715)

(289)

Financial assets measured at fair value through other comprehensive

income

13,868

Total on-balance sheet financial assets in scope of ECL requirements

1,094,326

1,062,771

26,546

4,167

841

(2,711)

(392)

(314)

(1,715)

(289)

Notional exposure

ECL provisions

Off-balance sheet (in scope of ECL)

Total

Stage 1

Stage 2

Stage 3

PCI

Total

Stage 1

Stage 2

Stage 3

PCI

Guarantees

47,102

45,512

1,448

120

(50)

(15)

(22)

(13)

of which: Large corporate clients

7,388

6,446

916

(17)

(7)

(6)

(4)

of which: SME clients

3,134

2,834

228

(24)

(5)

(15)

(4)

of which: Financial intermediaries and hedge funds

29,411

29,288

123

(1)

of which: Lombard

3,537

3,505

(2)

(1)

of which: Commodity trade finance

2,252

2,152

100

(1)

Irrevocable loan commitments

82,122

77,976

3,938

174

(227)

(114)

(77)

(27)

(9)

of which: Large corporate clients

50,000

46,556

3,292

118

(184)

(91)

(72)

(19)

(2)

Forward starting reverse repurchase and securities borrowing

agreements

10,723

Committed unconditionally revocable credit lines

119,679

115,982

3,449

248

(67)

(51)

(16)

of which: Real estate financing

6,433

5,291

1,041

101

(3)

(5)

of which: Large corporate clients

11,393

10,737

650

(15)

(7)

(6)

(2)

of which: SME clients

11,814

11,278

418

118

(31)

(24)

(7)

of which: Lombard

60,500

60,435

of which: Credit cards

12,943

12,361

578

(9)

(7)

(2)

Irrevocable committed prolongation of existing loans

8,178

8,141

(3)

Total off-balance sheet financial instruments and other credit lines

267,803

258,333

8,867

546

(347)

(184)

(115)

(40)

(9)

Total allowances and provisions

(3,058)

(576)

(428)

(1,756)

(298)

1 The

carrying amount of

financial assets measured

at amortized cost

represents the total

gross exposure net

of the respective

ECL allowances.

2 Positive

amounts in these

columns are representative

of a net

improvement in credit quality since the acquisition of the respective financial instrument.

UBS Group first quarter 2026 report |

Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited)

Expected credit loss measurement (continued)

The table below

provides information about

the exposures subject to

ECL and the

ECL coverage ratio

for UBS’s core

loan portfolios (i.e.

Loans and

advances to customers

and

Loans to financial

advisors

) and relevant

off-balance sheet

exposures.

Cash and

balances at

central

banks

Amounts due

from

banks

Receivables from

securities

financing

transactions

Cash

collateral

receivables

derivative

instruments

and

Financial

assets

measured

fair

value

through other comprehensive income

are not included in the table below, due to their lower sensitivity to ECL.

ECL coverage ratios are

calculated by dividing ECL

allowances and provisions by

the gross carrying amount

of the

corresponding on-balance sheet exposures or by the notional amount of the off-balance sheet exposures.

The overall

coverage ratio

for performing

positions increased

by 1 basis

point to

11 basis points

as of

31 March

2026. Compared with

31 December 2025,

the coverage ratio

for performing

positions related to

real estate lending

(on-balance

sheet)

was unchanged

at 3 basis

points, and

the coverage

ratio

for performing

positions related

corporate lending (on-balance sheet) increased by 2 basis points to 78 basis points.

Coverage ratios for core loan portfolio

31.3.26

Gross carrying amount (USD m)

ECL coverage (bps)

On-balance sheet

Total

Stage 1

Stage 2

Stage 3

PCI

Total

Stage 1

Stage 2

Stages 1&2

Stage 3

PCI

Private clients with mortgages

287,563

275,845

10,012

1,635

412

1,585

Real estate financing

92,027

85,734

5,955

291

485

2,567

Total real estate lending

379,590

361,580

15,967

1,926

117

423

1,974

Large corporate clients

27,408

23,210

3,224

858

117

235

306

4,009

8,783

SME clients

24,923

19,600

2,879

1,969

475

464

310

4,650

1,169

Total corporate lending

52,331

42,809

6,103

2,827

592

344

308

4,456

2,669

Lombard

168,087

167,734

348

1,299

8,765

Credit cards

2,486

1,881

526

200

233

3,881

Commodity trade finance

6,358

5,952

333

126

9,669

Ship / aircraft financing

8,944

7,870

992

Consumer financing

3,063

2,681

155

181

475

101

1,700

189

5,299

Other loans and advances to customers

39,624

38,080

1,432

5,361

9,750

Loans to financial advisors

2,834

2,646

134

119

146

2,180

Total other lending

231,396

226,844

3,491

973

118

3,307

3,176

Total

663,317

631,233

25,561

5,725

798

111

2,904

2,624

Notional exposure (USD m)

ECL coverage (bps)

Off-balance sheet

Total

Stage 1

Stage 2

Stage 3

PCI

Total

Stage 1

Stage 2

Stages 1&2

Stage 3

PCI

Private clients with mortgages

14,794

14,577

208

880

Real estate financing

8,667

7,536

1,130

73,021

Total real estate lending

23,460

22,114

1,338

1,093

Large corporate clients

64,688

58,919

5,520

212

216

1,704

535

SME clients

17,510

16,227

1,009

274

270

788

Total corporate lending

82,199

75,145

6,529

486

225

1,187

535

Lombard

17,073

17,048

658

Credit cards

12,954

12,341

609

Commodity trade finance

3,179

3,062

117

Ship / aircraft financing

1,551

1,410

141

116

Consumer financing

192

Financial intermediaries and hedge funds

25,661

25,145

516

Other off-balance sheet commitments

35,503

34,909

543

1,596

Total other lending

96,114

94,108

1,926

1,230

Total

201,773

191,367

9,793

576

153

1,192

535

Total on- and off-balance sheet

865,090

822,600

35,353

6,301

836

123

2,748

2,529

1 Includes Loans

and advances to

customers and Loans

to financial advisors,

which are presented

on the balance

sheet line Other

financial assets measured

at amortized cost.

2 Excludes Forward

starting reverse

repurchase and securities borrowing agreements.

3 Includes on-balance sheet exposure, gross and off-balance sheet exposure (notional) and the related

ECL coverage ratio (bps).

UBS Group first quarter 2026 report |

Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited)

Expected credit loss measurement (continued)

Coverage ratios for core loan portfolio

31.12.25

Gross carrying amount (USD m)

ECL coverage (bps)

On-balance sheet

Total

Stage 1

Stage 2

Stage 3

PCI

Total

Stage 1

Stage 2

Stages 1&2

Stage 3

PCI

Private clients with mortgages

287,548

276,421

9,617

1,455

380

1,162

Real estate financing

92,401

86,979

5,292

122

871

540

Total real estate lending

379,949

363,401

14,908

1,577

418

1,079

Large corporate clients

27,514

23,069

2,980

1,113

352

277

315

3,711

3,956

SME clients

24,873

19,964

2,602

2,109

198

429

310

4,132

1,793

Total corporate lending

52,387

43,033

5,581

3,222

550

349

313

3,986

3,177

Lombard

165,384

164,880

169

239

1,140

3,246

Credit cards

2,456

1,867

513

197

234

3,867

Commodity trade finance

4,943

3,584

1,274

190

9,379

Ship / aircraft financing

8,771

7,618

1,033

119

Consumer financing

3,102

2,696

154

184

439

1,590

152

5,012

Other loans and advances to customers

39,344

37,402

1,792

6,779

2,484

Loans to financial advisors

2,750

2,571

125

141

2,431

Total other lending

226,750

220,618

4,990

903

239

3,425

2,328

Total

659,086

627,051

25,479

5,702

853

107

2,911

2,782

Notional exposure (USD m)

ECL coverage (bps)

Off-balance sheet

Total

Stage 1

Stage 2

Stage 3

PCI

Total

Stage 1

Stage 2

Stages 1&2

Stage 3

PCI

Private clients with mortgages

13,016

12,757

245

Real estate financing

7,743

6,591

1,051

101

Total real estate lending

20,758

19,348

1,296

114

Large corporate clients

68,798

63,753

4,860

141

173

1,718

377

SME clients

16,511

15,531

732

242

386

275

9,581

Total corporate lending

85,308

79,284

5,592

383

201

807

1,353

Lombard

65,395

65,298

2,151

Credit cards

12,943

12,361

578

Commodity trade finance

2,613

2,512

101

Ship / aircraft financing

1,968

1,770

198

Consumer financing

153

Financial intermediaries and hedge funds

34,281

33,880

401

Other off-balance sheet commitments

33,659

33,004

635

1,781

2,438

Total other lending

151,013

148,978

1,978

1,882

2,438

Total

257,080

247,610

8,867

546

129

733

1,510

Total on- and off-balance sheet

916,166

874,662

34,346

6,248

910

112

2,720

2,703

1 Includes Loans and advances to

customers and Loans to financial advisors,

which are presented on the balance

sheet line Other financial assets

measured at amortized cost.

2 Excludes Forward starting reverse

repurchase and securities borrowing agreements.

3 Includes on-balance sheet exposure, gross and off-balance sheet exposure (notional) and the related

ECL coverage ratio (bps).

UBS Group first quarter 2026 report |

Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited)

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

31.3.26

31.12.25

Provisions related to expected credit losses (IFRS 9,

Financial Instruments

)

409

347

Provisions related to Credit Suisse loan commitments (IFRS 3,

Business Combinations

)

271

371

Provisions related to litigation, regulatory and similar matters (IAS 37,

Provisions, Contingent Liabilities and Contingent Assets

)

2,155

2,200

Acquisition-related contingent liabilities resulting from litigation, regulatory and similar matters (IFRS 3,

Business Combinations

)

458

531

Restructuring, real-estate and other provisions (IAS 37,

Provisions, Contingent Liabilities and Contingent Assets

)

1,689

1,586

Total provisions and contingent liabilities

4,981

5,035

1 Refer to "Expected credit loss measurement" in this section for more information about ECL provisions recognized for off-balance sheet financial instruments

and credit lines.

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

Restructuring

Real estate

Other

Total

Balance as of 31 December 2025

2,200

891

245

449

3,785

Increase in provisions recognized in the income statement

104

453

600

Release of provisions recognized in the income statement

(35)

(30)

(11)

(22)

(97)

Provisions used in conformity with designated purpose

(156)

(308)

(4)

(26)

(495)

Reclassifications

Foreign currency translation and other movements

(6)

(8)

(7)

Balance as of 31 March 2026

2,155

999

226

464

3,843

1 Consists of provisions for losses resulting from legal, liability

and compliance risks.

2 Mainly includes USD 586m of personnel-related restructuring provisions as of

31 March 2026 (31 December 2025: USD 493m),

USD 253m of provisions for onerous contracts related to real estate as of 31 March 2026 (31 December 2025: USD 270m)

and USD 109m of restructuring provisions for onerous contracts related to technology as of

31 March 2026 (31 December 2025: USD 128m).

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 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

class,

included

part

b).

There

are

material

contingent

liabilities

associated

with

the

other

classes

provisions.

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 Note

may refer

UBS

Group

and/or

one

its

subsidiaries,

applicable)

involved

various

disputes

and

legal

proceedings, including litigation, arbitration, and regulatory and criminal investigations.

UBS Group first quarter 2026 report |

Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited)

Provisions and contingent liabilities (continued)

Such matters are subject to many uncertainties, and

the outcome and the timing of resolution

are often difficult to

predict,

particularly

the

earlier

stages

case.

There

are

also

situations

where

the

Group

may

enter

into

settlement

agreement.

This

may

occur

order

avoid

the

expense,

management

distraction

reputational

implications

continuing

contest

liability,

even

for

those

matters

for

which

the

Group

believes

should

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

when,

the

opinion

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,

provision

may

be established

for

claims

that

have

not

yet

been

asserted

against

the

Group,

but

are

nevertheless

expected

be,

based on

the

Group’s

experience

with

similar

asserted

claims.

any

those

conditions

not

met,

such

matters

result

contingent

liabilities.

the

amount

obligation cannot

be reliably

estimated, a

liability exists

that is

not recognized

even if

an outflow

of resources

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

the

issuance

financial

information,

which

affect

management’s

assessment

the

provision

for

such

matter

(because,

for

example,

the

developments

provide

evidence

conditions

that

existed

the

end

the

reporting

period),

are

adjusting

events

after

the

reporting

period

under

IAS

and

must

recognized

the

financial information 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

damages

claimed,

the

size

transaction

other

information is

provided where

available and

appropriate in

order to

assist users

in considering

the magnitude

potential

exposures.

For

additional

disclosures

relating

risks

that

may

result

litigation,

regulatory

similar

matters disclosed in this section, refer to the “Risk factors” section of the UBS Group Annual Report 2025.

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

the

probable

and

reliably

estimable

outflow,

not

disclose

that

amount.

some

cases

are

subject

confidentiality obligations

that preclude

such disclosure.

With respect

to the

matters

for which

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

class

disclosed

the

“Provisions”

table

part

above.

UBS

provides

below

estimate

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

these

estimates require

UBS

make

speculative

legal

assessments

claims

and

proceedings that involve unique fact

patterns or novel legal theories,

that have not yet

been initiated or are

at early

stages

adjudication,

which

alleged

damages

have

not been

quantified

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 first quarter 2026 report |

Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited)

Provisions and contingent liabilities (continued)

Litigation,

regulatory

and

similar

matters

may

also

result

non-monetary

penalties

and

consequences.

Certain

resolutions

convictions

crime

could

have

material

consequences

for

UBS.

Resolution

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,

any

limitation,

suspension

termination

licenses,

authorizations

participations,

could

have

material consequences for UBS.

In May 2025, Credit Suisse

Services AG entered into a

plea agreement with the DOJ

relating to legacy Credit Suisse

accounts booked in

Credit Suisse’s Swiss

booking center and

a non-prosecution agreement

relating to legacy

Credit

Suisse accounts booked

in Credit Suisse’s

Singapore booking center.

These agreements include

ongoing obligations

of UBS to provide information and cooperate with the DOJ.

The

amounts

shown

the

table

below

reflect

the

provisions

recorded

under

IFRS

Accounting

Standards.

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

outflow

resources,

significantly

decreasing

the

recognition

threshold

for

litigation

liabilities

beyond

those

that

generally

apply

under

IFRS

Accounting

Standards.

The

IFRS

acquisition-

related contingent

liabilities of

USD 0.5bn at

31 March

2026 reflect

a decrease

of USD 0.1bn from

31 December

2025

mainly

result

reclassifications

provisions

under

IAS

and

releases

upon

the

resolution

the

relevant matters.

Provisions for litigation, regulatory and similar matters, by business division and in Group Items

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 2025

317

283

1,388

196

2,200

Increase in provisions recognized in the income statement

104

Release of provisions recognized in the income statement

(6)

(29)

(35)

Provisions used in conformity with designated purpose

(13)

(143)

(156)

Reclassifications

(2)

Foreign currency translation and other movements

(1)

(4)

(1)

(6)

Balance as of 31 March 2026

320

282

1,337

197

2,155

1 Provisions, if any, for the matters described in items 1 and 7 of this disclosure are recorded in Global Wealth Management. Provisions,

if any, for the matters described in items 3, 4, 5, 6 and 8 of this disclosure are

recorded in Non-core and Legacy. Provisions,

if any, for the matters described in item

2 of this disclosure are allocated between the Investment Bank, Non-core

and Legacy and Group Items.

2 Includes a provision

for the estimated costs of UBS’s ongoing obligations with the US Department of Justice as described in

this section.

3 Includes reclassifications between IFRS 3 contingent liabilities and IAS 37 provisions.

1. Madoff

In relation to the

Bernard L. Madoff Investment

Securities LLC (BMIS) investment

fraud, UBS AG, UBS

(Luxembourg)

S.A. (now

UBS Europe

SE, Luxembourg

branch) and

certain other

UBS subsidiaries

were subject

to inquiries

by a

number

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.

UBS Group first quarter 2026 report |

Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited)

Provisions and contingent liabilities (continued)

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.

2. Foreign exchange, LIBOR and benchmark rates, and other trading practices

Foreign-exchange-related civil litigation:

Putative class actions have been

filed since 2013 in US

federal courts and

other

jurisdictions

against

UBS,

Credit

Suisse

and

other

banks

behalf

persons

who

engaged

foreign

currency transactions with the defendant

banks. While many of these cases

have concluded, UBS and Credit

Suisse

continue to defend

against several remaining

matters. In one

such case, Credit

Suisse and UBS

have entered into

agreements to settle all claims in a putative class action in Israel. Credit Suisse’s settlement received court approval

and is final. UBS’s settlement remains subject to court approval.

LIBOR and

other benchmark-related

civil litigation:

A number

of putative

class actions

and other

actions are

pending

in the federal

courts in New

York against

UBS and

numerous other banks

on behalf of

parties who transacted

certain interest rate

benchmark-based derivatives. Also

pending in the

US and in

other jurisdictions are

a number

of other

actions asserting

losses related

to various

products whose

interest rates

were linked

to LIBOR

and other

benchmarks, including adjustable rate

mortgages, preferred and debt

securities, bonds pledged as

collateral, loans,

depository

accounts,

investments

and

other

interest-bearing

instruments.

The

complaints

alleged

manipulation,

through various means,

of certain benchmark

interest rates, including

USD LIBOR, Yen LIBOR,

EURIBOR, CHF LIBOR,

and GBP LIBOR and seek unspecified compensatory and other damages under various legal theories. The CHF and

GBP LIBOR actions have concluded.

Putative class actions were filed in US federal district courts and subsequently consolidated in the US District Court

for the Southern District of New York

(SDNY) relating to various transactions that

referenced USD LIBOR. Following

various rulings,

one class

action with

respect to

transactions in

over-the-counter instruments

and several

actions

brought by

individual plaintiffs

proceeded. In

September 2025,

the district

court granted

defendants’ motion

for

summary judgment as to all remaining actions. Plaintiffs have appealed.

The

Yen

LIBOR/Euroyen

TIBOR

and

EURIBOR

actions

have

been

dismissed.

The

plaintiffs

have

appealed

the

dismissals. In August 2025, the Second Circuit affirmed in part and reversed

in part the district court’s dismissal of

the complaint in the EURIBOR action, returning the action to the district court.

Credit default swap

auction litigation –

In June

2021, Credit Suisse,

along with other

banks and entities,

was named

in a

putative class

action filed

in federal

court in

New Mexico

alleging manipulation

of credit

default swap

(CDS)

final auction

prices. Defendants

filed a

motion to

enforce a

previous CDS

class action

settlement in

the SDNY.

January

2024,

the

SDNY

ruled

that,

the

extent

claims

the

New

Mexico

action

arise

from

conduct

prior

30 June

2014,

those

claims

are

barred

the

SDNY

settlement.

The

plaintiffs

appealed

and,

May

2025,

the

Second Circuit affirmed the SDNY decision. Defendants filed a motion

for judgment on the pleadings in December

2025.

UBS Group first quarter 2026 report |

Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited)

Provisions and contingent liabilities (continued)

With respect

to additional

matters and

jurisdictions not

encompassed

by the

settlements and

orders referred

above, UBS’s

balance sheet

at 31

March 2026

reflected a

provision in

an amount

that UBS

believes to

be appropriate

under the applicable

accounting standard. As

in the case

of other matters

for which we

have established provisions,

the future outflow of resources in respect of such matters cannot be determined with certainty based on currently

available

information and

accordingly may

ultimately prove

to be

substantially greater

(or may

be less)

than the

provision that we have recognized.

3. Mortgage-related matters

Credit

Suisse

affiliates

are

defendants

various

civil

litigation

matters

their

roles

issuer,

sponsor,

depositor, underwriter

and/or servicer

of RMBS

transactions. These

cases currently

include repurchase

actions by

RMBS trusts and/or trustees, in which plaintiffs generally allege

breached representations and warranties in respect

of mortgage

loans and

failure to

repurchase such

mortgage loans

as required

under the

applicable agreements.

The amounts disclosed

below do not

reflect actual realized

plaintiff losses to

date. Unless otherwise

stated, these

amounts reflect the original unpaid principal balance amounts as alleged in these actions.

DLJ Mortgage Capital, Inc. (DLJ) is a

defendant in New York State court

in four actions: An action brought by

Asset

Backed

Securities

Corporation

Home

Equity

Loan

Trust,

Series

2006-HE7

alleges

damages

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

not

less

than

USD 436m.

action

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.

4. ATA litigation

Since November 2014,

a series

of lawsuits have

been filed against

a number of

banks, including Credit

Suisse, in

the US District

Court for the

Eastern District of

New York (EDNY)

and the SDNY

alleging claims under

the United

States Anti-Terrorism

Act (ATA)

and the

Justice Against

Sponsors of

Terrorism Act.

The plaintiffs

in each

of these

lawsuits are, or are relatives of, victims of various terrorist attacks in Iraq and allege a conspiracy and/or aiding and

abetting based on

allegations that various

international financial institutions,

including the defendants,

agreed to

alter, falsify

or omit

information from

payment messages

that involved

Iranian parties

for the

express purpose

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

military

personnel

and

civilians.

January

2023, the

Second

Circuit

affirmed

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. The SDNY dismissed two of these

cases in April 2026; the dismissals may be appealed by plaintiffs.

5. Customer account matters

Several clients have

alleged that a

former relationship manager

in Switzerland exceeded

his investment authority,

resulting

excessive

concentrations

certain

exposures

and

investment

losses.

Following

investigations

and

criminal complaints,

in February

2018, the

former relationship

manager was

sentenced to

five years

in prison

the Geneva criminal court and ordered to pay damages of approximately USD 130m, a decision upheld on appeal.

Civil lawsuits have

been initiated against

Credit Suisse AG

and /

or certain affiliates

in various jurisdictions,

based

on the findings established in the criminal proceedings against the former relationship manager.

In Singapore, in a now-concluded civil

lawsuit, Credit Suisse Trust Limited

was ordered to pay USD 461m,

including

interest and costs.

UBS Group first quarter 2026 report |

Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited)

Provisions and contingent liabilities (continued)

In Bermuda, in

November 2025, the

Judicial Committee of

the Privy Council

issued its final

judgment on the

appeal,

denying

Credit

Suisse

Life

(Bermuda)

Ltd.’s

appeal

liability,

but

partially

granting

its

appeal

concerning

the

quantum of damages and directing the parties to recalculate damages.

In Switzerland, certain civil lawsuits have been commenced against

Credit Suisse AG and UBS AG (as the successor

of Credit Suisse AG) in the Court of First Instance of Geneva since March 2023.

6. ETN-related litigation

XIV litigation: Since March 2018, three class action complaints were filed in the SDNY on behalf of a putative class

purchasers

VelocityShares

Daily

Inverse

VIX Short-Term

Exchange

Traded

Notes

linked

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

the third proposed class.

7. Credit Suisse anti-money laundering matters

In December 2020, the

Swiss Office of the

Attorney General brought charges

against Credit Suisse

AG and other

parties concerning the diligence and controls applied to a historical

relationship with Bulgarian former clients who

are

alleged

have

laundered

funds

through

Credit

Suisse

accounts.

June

2022,

following

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

approximately

CHF 19m.

Credit

Suisse

appealed

the

decision

the

Chamber

Appeals

the

Swiss Federal Criminal

Court (Chamber of

Appeals). Following the

merger of UBS

AG and Credit

Suisse AG, UBS

AG confirmed

the appeal.

In November

2024, the

Chamber of

Appeals acquitted

UBS AG

and annulled

the fine

and compensatory claim ordered

by the first instance

court. Subsequently, the Office

of the Attorney General

has

appealed the judgment

to the Swiss Federal

Supreme Court. UBS

has also appealed, limited

to the issue

of whether

a successor

entity by

merger can be

criminally liable

for acts

of the

predecessor entity.

In July

2025, the

Swiss Federal

Supreme Court

remanded the

case back

to the

Chamber of

Appeals for

a full

and reasoned

judgment. In March

2026, the

Chamber of

Appeals issued

a judgment

again acquitting

UBS AG.

This judgment

may be

appealed by

the parties

to the

Swiss Federal

Supreme Court.

Separately, in

November 2025,

the Swiss

Office of

the Attorney

General filed

criminal charges

against UBS

Group and

UBS AG,

as the

successors to

Credit Suisse

Group AG

and

Credit

Suisse

AG,

respectively,

alleging

that

Credit

Suisse

failed

maintain

appropriate

controls

detect

and

prevent money laundering

in connection with

certain payments from

accounts at Credit

Suisse by parties

associated

with Mozambique

state enterprises

for which

Credit Suisse

arranged loan

financing between

2013 and

2016. In

April 2026,

the court

dismissed the

proceedings, finding

criminal liability could

not be

transferred from

Credit Suisse

Group AG and Credit Suisse AG to UBS Group AG and UBS AG. The Attorney General has appealed.

8. 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. 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.

UBS Group first quarter 2026 report |

Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited)

Currency translation rates

The

following table

shows the

rates

of the

main

currencies

used to

translate

the

financial

information

UBS’s

operations with a functional currency other than the US dollar into US dollars.

Currency translation rates

Closing exchange rate

Average rate

As of

For the quarter ended

31.3.26

31.12.25

31.3.25

31.3.26

31.12.25

31.3.25

1 CHF

1.25

1.26

1.13

1.28

1.25

1.11

1 EUR

1.16

1.17

1.08

1.17

1.16

1.05

1 GBP

1.32

1.35

1.29

1.35

1.33

1.26

100 JPY

0.63

0.64

0.67

0.63

0.64

0.66

1 Monthly income statement items of operations with a functional currency other than the US dollar are translated into US dollars using month-end rates. Disclosed average rates for a quarter represent an average of

three month-end

rates, weighted

according to

the income

and expense

volumes of

all operations

of 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 first quarter 2026 report |

Significant regulated subsidiary and sub-group information

Significant regulated subsidiary

and sub-group information

Unaudited

Financial and regulatory key figures for our significant regulated subsidiaries and sub-groups

UBS AG

(consolidated)

UBS AG

(standalone)

UBS Switzerland AG

(standalone)

UBS Europe SE

(consolidated)

UBS Americas

Holding LLC

(consolidated)

All values in million, except where indicated

USD

CHF

EUR

USD

Financial and regulatory requirements

IFRS Accounting Standards

Swiss SRB rules

IFRS Accounting

Standards

Swiss SRB rules

IFRS Accounting

Standards

Swiss SRB rules

IFRS Accounting

Standards

EU regulatory rules

US GAAP

US Basel III rules

As of or for the quarter ended

31.3.26

31.12.25

31.3.26

31.12.25

31.3.26

31.12.25

31.3.26

31.12.25

31.3.26

31.12.25

Financial information

Income statement

Total operating income

13,966

11,283

4,342

5,240

3,213

2,880

361

373

4,645

4,470

Total operating expenses

10,780

10,890

3,309

3,609

2,338

2,497

295

294

4,226

4,149

Operating profit / (loss) before tax

3,186

393

1,033

1,631

875

383

419

321

Net profit / (loss)

2,514

926

1,550

755

311

343

221

Balance sheet

Total assets

1,687,883

1,617,173

970,331

937,167

538,453

509,530

62,506

54,143

214,188

207,057

Total liabilities

1,596,162

1,527,994

884,022

852,392

513,774

485,533

58,149

49,813

188,517

181,629

Total equity

91,722

89,179

86,309

84,775

24,679

23,998

4,357

4,330

25,671

25,428

Capital

Common equity tier 1 capital

70,867

70,394

73,478

74,108

21,393

21,188

3,097

3,109

14,021

13,696

Additional tier 1 capital

23,262

19,600

23,262

19,600

8,494

7,994

600

2,834

2,825

Total going concern capital / Tier 1 capital

94,129

89,993

96,741

93,707

29,887

29,182

3,697

3,709

16,855

16,521

Tier 2 capital

210

203

Total capital

3,697

3,709

17,064

16,723

Total gone concern loss-absorbing capacity

96,717

90,164

96,717

90,163

19,455

19,147

2,510

2,505

7,800

Total loss-absorbing capacity

190,846

180,157

193,458

183,870

49,342

48,329

6,207

6,215

24,655

24,321

Risk-weighted assets and leverage

ratio denominator

Risk-weighted assets

497,433

489,775

508,053

491,583

171,755

164,062

16,448

15,926

77,052

75,654

Leverage ratio denominator

1,655,400

1,622,921

927,504

929,979

564,403

538,262

63,909

55,952

199,896

198,104

Supplementary leverage ratio denominator

227,971

232,902

Capital and leverage ratios (%)

Common equity tier 1 capital ratio

14.2

14.4

14.5

15.1

12.5

12.9

18.8

19.5

18.2

18.1

Going concern capital ratio / Tier 1 capital ratio

18.9

18.4

19.0

19.1

17.4

17.8

22.5

23.3

21.9

21.8

Total capital ratio

22.5

23.3

22.1

Total loss-absorbing capacity ratio

38.4

36.8

28.7

29.5

37.7

39.0

32.0

32.1

Tier 1 leverage ratio

5.8

6.6

8.4

8.3

Supplementary tier 1 leverage ratio

7.4

7.1

Going concern leverage ratio

5.7

5.5

10.4

10.1

5.3

5.4

Total loss-absorbing capacity leverage ratio

11.5

11.1

8.7

9.0

9.7

11.1

12.3

Gone concern capital coverage ratio

122.3

115.4

Liquidity coverage ratio

High-quality liquid assets (bn)

334.1

331.7

155.8

149.3

110.5

115.2

21.3

21.0

28.7

27.9

Net cash outflows (bn)

193.9

188.4

67.4

63.7

84.4

87.3

15.5

14.9

23.7

21.9

Liquidity coverage ratio (%)

172.4

176.2

231.2

234.9

131.0

132.0

137.5

141.5

120.9

127.4

Net stable funding ratio

Total available stable funding (bn)

887.3

873.5

397.5

404.8

367.8

357.0

21.1

20.5

102.6

Total required stable funding (bn)

764.3

755.3

434.5

446.5

295.9

285.0

15.6

15.0

81.2

80.5

Net stable funding ratio (%)

116.1

115.7

91.5

90.7

124.3

125.2

135.2

137.3

126.4

127.3

1 The financial information disclosed does not represent a full set of financial statements under the respective GAAP / IFRS Accounting Standards.

2 The total operating income includes credit loss expense or release.

3 In 2025, UBS decided to consolidate the Wealth Management International business,

the Global Financial Intermediaries business, and other related businesses booked

in Switzerland in UBS AG to further optimize

Group legal and

operational structures

and to address

regulatory considerations.

In the second

quarter of 2025,

UBS Switzerland AG

transferred the beneficial

ownership of the

Wealth Management International

business and the Global Financial Intermediaries business booked in UBS Switzerland AG to UBS AG, with effect from 1 January 2025. The transfer was made in the form of a dividend in kind amounting to USD 126m

(CHF 100m), reflecting the

net asset value

of the in-scope businesses.

In the fourth quarter

of 2025, UBS Switzerland

AG transferred the

beneficial ownership of the

related businesses to

UBS AG, with effect

from

1 May 2025. The transfer was made in the form of a dividend in kind

amounting to USD 1,261 (CHF 1,000), reflecting the net asset value of the in-scope businesses.

UBS Switzerland AG will continue to manage the

businesses under a contractual relationship with UBS AG until the completion of legal

transfer, which is expected to take place in 2028, and will continue to recognize the underlying assets and liabilities

of the relevant

businesses until then. UBS

AG’s share

of the net profits

of USD 196m for the

fourth quarter of 2025

is reflected in Fee

and commission income for

UBS AG and

CHF 157m in Fee

and commission expense

for UBS

Switzerland

AG,

both

within

Operating

income.

4 Refer

the

UBS

Group

and

significant

regulated

subsidiaries

and

sub-groups

31 March

2026

Pillar 3

Report,

available

under

“Pillar

disclosures”

ubs.com/investors, for

more information.

5 Includes an add-back

of 45% of unrealized

gains from financial assets

measured at fair value

through other comprehensive

income. Such gains

do not qualify as

CET1

capital, but

45% of

these gains

can be

recognized as

gone concern

capital.

6 Consists of

positions that

meet the

conditions laid

down in

Art. 72a–b of

the Capital

Requirements Regulation

II with

regard to

contractual, structural or legal subordination.

7 Consists of eligible long-term debt that meets the conditions specified in 12 CFR § 252.162 of the final

total loss-absorbing capacity (TLAC) rules. TLAC is the sum

tier 1 capital

and eligible

long-term debt.

8 On

a standalone

basis as

of 31

March 2026,

UBS AG’s

phase-in CET1

capital ratio

was 14.5%,

based on

risk weights

of 240%

and 360%

for Swiss

and foreign

participations, respectively.

As per current rules,

these risk weights will increase

to 250% and 400%

for Swiss and foreign participations,

respectively, in a

phased manner until 1

January 2028, contributing to

UBS

AG’s fully applied

CET1 capital ratio of 13.9%.

9 In the first quarter of 2026,

the liquidity coverage ratio

(the LCR) of UBS AG was

231.2%, remaining above the prudential

requirement communicated by FINMA.

10 In the first quarter of 2026, the LCR of UBS Switzerland AG, which is a Swiss SRB, was 131.0%, remaining above the prudential requirement communicated by FINMA in connection with the Swiss Emergency Plan.

11 In accordance with Art. 17h para. 3 and

4 of the Liquidity Ordinance,

UBS AG standalone is required to maintain

a minimum NSFR of at least 80%

without taking into account excess funding of

UBS Switzerland

AG and 100% after taking into account such excess funding.

UBS Group first quarter 2026 report |

Significant regulated subsidiary and sub-group information

UBS Group AG

holding

company

and

conducts

substantially

all

its

operations

through

UBS AG

and

subsidiaries thereof.

UBS Group AG and

UBS AG have

contributed a

significant portion

of their

respective capital

to,

and

provide

substantial

liquidity

to,

such

subsidiaries.

Many

these

subsidiaries

are

subject

regulations

requiring compliance with minimum

capital, liquidity and similar

requirements. The tables in

this section summarize

the

regulatory

capital

components

and

capital

ratios

our

significant

regulated

subsidiaries

and

sub-groups

determined under the regulatory framework of the home jurisdiction of each subsidiary or sub-group.

Supervisory authorities generally

have discretion to impose

higher requirements or to

otherwise limit the activities

of subsidiaries. Supervisory authorities also

may require entities to

measure capital and leverage ratios

on a stressed

basis and may limit the ability

of an entity to engage in

new activities or take capital actions

based on the results of

those tests.

Additional information about the above entities is provided

in the UBS Group and significant regulated

subsidiaries

and sub-groups 31 March 2026 Pillar 3 Report,

which is available under “Pillar 3 disclosures”

ubs.com/investors

UBS Group first quarter 2026 report |

Appendix

Alternative performance measures

An alternative performance measure (an

APM) is a financial measure

of historical or future financial

performance,

financial position

or cash

flows other

than a

financial measure

defined or

specified in

the applicable

recognized

accounting standards or

in other

applicable regulations.

A number

of APMs

are reported in

the discussion of

the

financial and operating

performance of the

external reports (annual,

quarterly and other

reports). APMs are

used

to provide

a more

complete picture

of operating

performance and

to reflect

management’s view

of the

fundamental

drivers of

the business

results. The

table below

indicates where

an APM

also qualifies

as non-GAAP

measure as

defined by

US Securities

and Exchange

Commission (SEC)

regulations. A

definition of

each APM,

and non-GAAP

measure as applicable,

the method used to

calculate it and

the information content are

presented in alphabetical

order in the table below.

APM / non-GAAP label

Calculation

Information content / usefulness

Cost / income ratio (%)

Calculated as operating expenses divided by total

revenues.

This measure provides information about the

efficiency of the business by comparing operating

expenses with total revenues.

Cost / income ratio (underlying) (%)

(non-GAAP measure)

Calculated as operating expenses (underlying) (as

defined below) divided by total revenues (underlying)

(as defined below).

This measure provides information about the

efficiency of the business by comparing operating

expenses with total revenues, while excluding items

that management believes are not representative of

the underlying performance of the businesses.

Cost of credit risk (bps)

Calculated as total credit loss expense / (release)

(annualized for reporting periods shorter than

12 months) divided by the average balance of lending

assets for the reporting period, expressed in basis

points. Lending assets include the gross amounts of

Amounts due from banks and Loans and advances to

customers.

This measure provides information about the total

credit loss expense / (release) incurred in relation to

the average balance of gross lending assets for the

period.

Credit-impaired lending assets as a

percentage of total lending assets,

gross (%)

Calculated as credit-impaired lending assets divided

by total lending assets. Lending assets includes the

gross amounts of Amounts due from banks and

Loans and advances to customers. Credit-impaired

lending assets refers to the sum of stage 3 and

purchased credit-impaired positions.

This measure provides information about the

proportion of credit-impaired lending assets in the

overall portfolio of gross lending assets.

Credit-impaired loan portfolio as a

percentage of total loan portfolio,

gross (%)

– Global Wealth Management,

Personal & Corporate Banking

Calculated as credit-impaired loan portfolio divided by

total gross loan portfolio.

This measure provides information about the

proportion of the credit-impaired loan portfolio in the

total gross loan portfolio.

Customer deposit volumes (USD)

– Global Wealth Management

(non-GAAP measure)

Calculated as the sum of customer deposits and

brokerage payables.

This measure provides information about the volume

of customer deposits in Global Wealth Management.

Fee-generating assets (USD)

– Global Wealth Management

Calculated as the sum of discretionary and non-

discretionary wealth management portfolios

(mandate volume) and assets where generated

revenues are predominantly of a recurring nature, i.e.

mainly investment, mutual, hedge and private-market

funds where we have a distribution agreement,

including client commitments into closed-ended

private-market funds from the date that recurring

fees are charged. Assets related to our Global

Financial Intermediaries business are excluded, as are

assets of sanctioned clients.

This measure provides information about the volume

of invested assets that create a revenue stream,

whether as a result of the nature of the contractual

relationship with clients or through the fee structure

of the asset. An increase in the level of fee-generating

assets results in an increase in the associated revenue

stream. Assets of sanctioned clients are excluded from

fee-generating assets.

Gross margin on invested assets (bps)

– Asset Management

Calculated as total revenues (annualized for reporting

periods shorter than 12 months) divided by average

invested assets.

This measure provides information about the total

revenues of the business in relation to invested assets.

UBS Group first quarter 2026 report |

Appendix

APM / non-GAAP label

Calculation

Information content / usefulness

Integration-related expenses (USD)

(non-GAAP measure)

Generally include costs of internal staff and

contractors substantially dedicated to integration

activities, retention awards, redundancy costs,

incremental expenses from the shortening of useful

lives of property, equipment

and software, and

impairment charges relating to these assets.

Classification as integration-related expenses does not

affect the timing of recognition and measurement of

those expenses or the presentation thereof in the

income statement. Integration-related expenses

incurred by Credit Suisse also included expenses

associated with restructuring programs that existed

prior to the acquisition.

This measure provides information about expenses

that are temporary, incremental

and directly related to

the integration of Credit Suisse into UBS.

Invested assets (USD and CHF)

Calculated as the sum of managed fund assets,

managed institutional assets, discretionary and

advisory wealth management portfolios, fiduciary

deposits, time deposits, savings accounts, and wealth

management securities or brokerage accounts.

This measure provides information about the volume

of client assets managed by or deposited with UBS for

investment purposes.

Loan volumes (USD)

– Global Wealth Management

(non-GAAP measure)

Calculated as loans and advances to customers and

brokerage receivables, gross of expected credit losses.

This measure provides information about the loan

volumes in Global Wealth Management.

Net interest income (underlying) (USD)

– Global Wealth Management,

Personal & Corporate Banking

(non-GAAP measure)

Calculated by adjusting net interest income as

reported in accordance with IFRS Accounting

Standards for items that management believes are

not representative of the underlying performance of

the businesses.

This measure provides information about the amount

of net interest income, while excluding items that

management believes are not representative of the

underlying performance of the businesses.

Net interest margin (bps)

– Personal & Corporate Banking

Calculated as net interest income (annualized for

reporting periods shorter than 12 months) divided by

average loans.

This measure provides information about the

profitability of the business by calculating the

difference between the interest charged for lending

and the associated cost of funding, relative to loan

value.

Net management fees (USD)

– Asset Management

(non-GAAP measure)

Calculated as the total of transaction fees, fund

administration revenues (including net interest and

trading income from lending activities and foreign-

exchange hedging as part of the fund services

offering), distribution fees, incremental fund-related

expenses, gains or losses from seed money and co-

investments, funding costs, the negative pass-through

impact of third-party performance fees, and other

items that are not Asset Management’s performance

fees.

This measure provides information about the amount

of net management fees earned through managing

client assets.

Net new assets (USD)

– Global Wealth Management

Calculated as the net amount of inflows and outflows

of invested assets (as defined in UBS policy) recorded

during a specific period, plus interest and dividends.

Excluded from the calculation are movements due to

market performance, foreign exchange translation,

fees, and the effects on invested assets of strategic

decisions by UBS to exit markets or cease offering

services in a particular location, or those resulting

from new externally imposed regulations.

This measure provides information about the

development of invested assets during a specific

period as a result of net new asset flows, plus the

effect of interest and dividends.

Net new assets growth rate (%)

– Global Wealth Management

Calculated as the net amount of inflows and outflows

of invested assets (as defined in UBS policy) recorded

during a specific period (annualized for reporting

periods shorter than 12 months), plus interest and

dividends, divided by total invested assets at the

beginning of the period.

This measure provides information about the growth

of invested assets during a specific period as a result

of net new asset flows.

Net new deposit volumes (USD)

– Global Wealth Management

(non-GAAP measure)

Calculated as the net amount of inflows and outflows

of deposit volumes recorded during a specific period.

Deposits include customer deposits and customer

brokerage payables. Excluded from the calculation are

movements due to fair value measurement, foreign

exchange translation, accrued interest and fees, as

well as the effects on customer deposits of strategic

decisions by UBS to exit markets or cease offering

services in a particular location, or those resulting

from new externally imposed regulations.

This measure provides information about the

development of deposits during a specific period as a

result of net new deposit flows.

UBS Group first quarter 2026 report |

Appendix

APM / non-GAAP label

Calculation

Information content / usefulness

Net new deposits (USD and CHF)

– Personal & Corporate Banking

Calculated as the net amount of inflows and outflows

of customer deposits recorded during a specific

period. Excluded from the calculation are movements

due to fair value measurement, foreign exchange

translation, accrued interest and fees, as well as the

effects on customer deposits of strategic decisions by

UBS to exit markets or cease offering services in a

particular location, or those resulting from new

externally imposed regulations.

This measure provides information about the

development of deposits during a specific period as a

result of net new deposit flows.

Net new fee-generating assets (USD)

– Global Wealth Management

Calculated as the net amount of fee-generating asset

inflows and outflows, including dividend and interest

inflows into mandates and outflows from mandate

fees paid by clients during a specific period. Excluded

from the calculation are the effects on fee-generating

assets of strategic decisions by UBS to exit markets or

cease offering services in a particular location, or

those resulting from new externally imposed

regulations.

This measure provides information about the

development of fee-generating assets during a

specific period as a result of net flows, excluding

movements due to market performance and foreign

exchange translation, as well as the effects on fee-

generating assets of strategic decisions by UBS to exit

markets or cease offering services in a particular

location, or those resulting from new externally

imposed regulations.

Net new loan volumes (USD)

– Global Wealth Management

(non-GAAP measure)

Calculated as the net amount of originations,

drawdowns and repayments of loan volumes

recorded during a specific period. Loan volumes

include loans and advances to customers and

customer brokerage receivables. Excluded from the

calculation are allowances, movements due to fair

value measurement and foreign exchange translation,

as well as the effects on loans and advances to

customers of strategic decisions by UBS to exit

markets or cease offering services in a particular

location, or those resulting from new externally

imposed regulations.

This measure provides information about the

development of loan volumes during a specific period

as a result of net new loan volumes.

Net new loans (USD and CHF)

– Personal & Corporate Banking

Calculated as the net amount of originations,

drawdowns and repayments of loans and advances to

customers recorded during a specific period. Excluded

from the calculation are allowances, movements due

to fair value measurement and foreign exchange

translation, as well as the effects on loans and

advances to customers of strategic decisions by UBS

to exit markets or cease offering services in a

particular location, or those resulting from new

externally imposed regulations.

This measure provides information about the

development of loans during a specific period as a

result of net new loans.

Net new money (USD)

– Global Wealth Management,

Asset Management

Calculated as the net amount of inflows and outflows

of invested assets (as defined in UBS policy) recorded

during a specific period. Excluded from the calculation

are movements due to market performance, foreign

exchange translation, dividends, interest and fees, as

well as the effects on invested assets of strategic

decisions by UBS to exit markets or cease offering

services in a particular location, or those resulting

from new externally imposed regulations.

Net new

money is not measured for Personal & Corporate

Banking.

This measure provides information about the

development of invested assets during a specific

period as a result of net new money flows.

Net profit growth (%)

Calculated as the change in net profit attributable to

shareholders from continuing operations between

current and comparison periods divided by net profit

attributable to shareholders from continuing

operations of the comparison period.

This measure provides information about profit

growth since the comparison period.

Operating expenses (underlying) (USD)

(non-GAAP measure)

Calculated by adjusting operating expenses as

reported in accordance with IFRS Accounting

Standards for items that management believes are

not representative of the underlying performance of

the businesses.

This measure provides information about the amount

of operating expenses, while excluding items that

management believes are not representative of the

underlying performance of the businesses.

Operating profit / (loss) before tax

(underlying) (USD)

(non-GAAP measure)

Calculated by adjusting operating profit / (loss) before

tax as reported in accordance with IFRS Accounting

Standards for items that management believes are

not representative of the underlying performance of

the businesses.

This measure provides information about the amount

of operating profit / (loss) before tax, while excluding

items that management believes are not

representative of the underlying performance of the

businesses.

Other revenues (USD and CHF)

– Global Wealth Management,

Personal & Corporate Banking

(non-GAAP measure)

Calculated by including other income as reported in

accordance with IFRS Accounting Standards, profit or

loss related to non-client derivative instruments and

profit or loss related to equity investments measured

at fair value through profit or loss.

This measure provides information about residual

business division revenues, after deduction of net

interest income, recurring net fee income and

transaction-based income.

UBS Group first quarter 2026 report |

Appendix

APM / non-GAAP label

Calculation

Information content / usefulness

Other revenues (underlying)

(USD and CHF)

– Global Wealth Management,

Personal & Corporate Banking

(non-GAAP measure)

Calculated by adjusting other revenues for items that

management believes are not representative of the

underlying performance of the businesses.

This measure provides information about the amount

of other revenues, while excluding items that

management believes are not representative of the

underlying performance of the businesses.

Pre-tax profit growth (%)

– Global Wealth Management,

Personal & Corporate Banking,

Asset Management,

the Investment Bank

Calculated as the change in net profit before tax

attributable to shareholders from continuing

operations between current and comparison periods

divided by net profit before tax attributable to

shareholders from continuing operations of the

comparison period.

This measure provides information about pre-tax

profit growth since the comparison period.

Pre-tax profit growth (underlying) (%)

– Global Wealth Management,

Personal & Corporate Banking,

Asset Management,

the Investment Bank

(non-GAAP measure)

Calculated as the change in underlying net profit

before tax attributable to shareholders from

continuing operations between current and

comparison periods divided by underlying net profit

before tax attributable to shareholders from

continuing operations of the comparison period.

Underlying net profit before tax attributable to

shareholders from continuing operations excludes

items that management believes are not

representative of the underlying performance of the

businesses and also excludes related tax impact.

This measure provides information about pre-tax

profit growth since the comparison period, while

excluding items that management believes are not

representative of the underlying performance of the

businesses.

Recurring net fee income

(USD and CHF)

– Personal & Corporate Banking

(non-GAAP measure)

Calculated as the total of fees for services provided on

an ongoing basis, such as portfolio management fees,

asset-based investment fund fees and custody fees,

which are generated on client assets, and

administrative fees for accounts.

This measure provides information about the amount

of recurring net fee income.

Return on

attributed

equity (%)

– Global Wealth

Management,

Personal &

Corporate Banking,

Asset Management,

the Investment

Bank

Calculated as business division operating profit before

tax (annualized for reporting periods shorter than

12 months) divided by average attributed equity.

This measure provides information about the

profitability of the business divisions in relation to

attributed equity.

Return on attributed equity

(underlying) (%)

(non-GAAP measure)

Calculated as underlying business division operating

profit before tax (annualized for reporting periods

shorter than 12 months) (as defined above) divided by

average attributed equity.

This measure provides information about the

profitability of the business divisions in relation to

attributed equity, while excluding items that

management believes are not representative of the

underlying performance of the businesses.

Return on

common equity

tier 1 capital

(%)

Calculated as net profit attributable to shareholders

(annualized for reporting periods shorter than

12 months) divided by average common equity tier 1

capital.

This measure provides information about the

profitability of the business in relation to common

equity tier 1 capital.

Return on common equity tier 1 capital

(underlying) (%)

(non-GAAP measure)

Calculated as underlying net profit attributable to

shareholders (annualized for reporting periods shorter

than 12 months) divided by average common equity

tier 1 capital. Underlying net profit attributable to

shareholders excludes items that management

believes are not representative of the underlying

performance of the businesses and also excludes

related tax impact.

This measure provides information about the

profitability of the business in relation to common

equity tier 1 capital, while excluding items that

management believes are not representative of the

underlying performance of the businesses.

Return on equity (%)

Calculated as net profit attributable to shareholders

(annualized for reporting periods shorter than

12 months) divided by average equity attributable to

shareholders.

This measure provides information about the

profitability of the business in relation to equity.

Return on tangible equity (%)

Calculated as net profit attributable to shareholders

(annualized for reporting periods shorter than

12 months) divided by average equity attributable to

shareholders less average goodwill and intangible

assets.

This measure provides information about the

profitability of the business in relation to tangible

equity.

Return on tangible equity (underlying)

(%)

(non-GAAP measure)

Calculated as underlying net profit attributable to

shareholders (annualized for reporting periods shorter

than 12 months) divided by average equity

attributable to shareholders less average goodwill and

intangible assets. Underlying net profit attributable to

shareholders excludes items that management

believes are not representative of the underlying

performance of the businesses and also excludes

related tax impact.

This measure provides information about the

profitability of the business in relation to tangible

equity, while excluding items that management

believes are not representative of the underlying

performance of the businesses.

UBS Group first quarter 2026 report |

Appendix

APM / non-GAAP label

Calculation

Information content / usefulness

Tangible book value per share

(USD)

Calculated as equity attributable to shareholders less

goodwill and intangible assets divided by the number

of shares outstanding.

This measure provides information about tangible net

assets on a per-share basis.

Total book value per share (USD)

Calculated as equity attributable to shareholders

divided by the number of shares outstanding.

This measure provides information about net assets

on a per-share basis.

Total revenues (underlying) (USD)

(non-GAAP measure)

Calculated by adjusting total revenues as reported in

accordance with IFRS Accounting Standards for items

that management believes are not representative of

the underlying performance of the businesses.

This measure provides information about the amount

of total revenues, while excluding items that

management believes are not representative of the

underlying performance of the businesses.

Transaction-based income

(USD and CHF)

– Global Wealth Management,

Personal & Corporate Banking

(non-GAAP measure)

Calculated as the total of the non-recurring portion of

net fee and commission income, mainly composed of

brokerage and transaction-based investment fund

fees, and credit card fees, as well as fees for payment

and foreign-exchange transactions, together with

other net income from financial instruments

measured at fair value through profit or loss.

This measure provides information about the amount

of the non-recurring portion of net fee and

commission income, together with other net income

from financial instruments measured at fair value

through profit or loss.

Transaction-based income (underlying)

(USD and CHF)

– Global Wealth Management,

Personal & Corporate Banking

(non-GAAP measure)

Calculated by adjusting transaction-based income for

items that management believes are not

representative of the underlying performance of the

businesses.

This measure provides information about the amount

of transaction-based income, while excluding items

that management believes are not representative of

the underlying performance of the businesses.

This is

a general

list of

the APMs

and non-GAAP

measures used

in our

financial reporting.

Not all

of the

above-

listed measures may appear in this particular report.

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

USD m, except where indicated

31.3.26

31.12.25

31.3.25

Underlying net profit / (loss) attributable to shareholders

12,290

8,698

7,955

Tangible equity

85,347

83,265

80,276

Average tangible equity

84,306

83,091

79,234

CET1 capital

73,313

71,262

69,152

Average CET1 capital

72,288

72,958

70,260

Underlying return on tangible equity (%)

14.6

10.5

10.0

Underlying return on common equity tier 1 capital (%)

17.0

11.9

11.3

1 Annualized for reporting periods shorter than 12 months.

UBS Group first quarter 2026 report |

Appendix

Abbreviations frequently used in our financial reports

ABS

asset-backed securities

Aktiengesellschaft

AGM

Annual General Meeting of

shareholders

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

BCBS

Basel Committee on

Banking Supervision

BIS

Bank for International

Settlements

BoD

Board of Directors

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

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

discount margin

DOJ

US Department of Justice

DTA

deferred tax asset

DVA

debit valuation adjustment

EAD

exposure at default

Executive Board

European Commission

ECB

European Central Bank

ECL

expected credit loss

EGM

Extraordinary General

Meeting of shareholders

EIR

effective interest rate

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

European Union

EUR

euro

EURIBOR

Euro Interbank Offered Rate

EVE

economic value of equity

Ernst & Young Ltd

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

foreign exchange

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

HQLA

high-quality liquid assets

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 first quarter 2026 report |

Appendix

Abbreviations frequently used in our financial reports (continued)

KRT

Key Risk Taker

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&A

mergers and acquisitions

MRT

Material Risk Taker

NII

net interest income

NSFR

net stable funding ratio

NYSE

New York Stock Exchange

OCA

own credit adjustment

OCI

other comprehensive

income

OECD

Organisation for Economic

Co-operation and

Development

OTC

over-the-counter

PCI

purchased credit impaired

probability of default

PIT

point in time

PPA

purchase price allocation

QCCP

qualifying central

counterparty

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

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

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

USD

US dollar

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 first quarter 2026 report |

Appendix

Information sources

Reporting publications

Annual publications

UBS

Group

Annual

Report:

Published

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

German

translation

selected

sections

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

English,

the

UBS

Group

Sustainability

Report

provides

disclosures

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

ubs.com/investors

provides the

following information

about UBS:

results-related

news

releases;

financial

information,

including

results-related

filings

with

the

Securities

and

Exchange

Commission

(the

SEC);

information

for

shareholders,

including

UBS

dividend

and

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

most

presentations

can

downloaded

from

ubs.com/presentations

Messaging service

alerts

news

about

UBS

can

subscribed

for

under

“UBS

News

Alert”

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

wraparound

document.

Most

sections

the

filing

can

satisfied

referring

the

UBS Group

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

for more

information.

UBS Group first quarter 2026 report |

Appendix

Cautionary statement regarding forward-looking statements

This report contains statements

that constitute “forward-looking statements”,

including but

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.

particular,

the global

economy

may suffer

significant adverse

effects

from

increasing

political tensions

between world

powers, changes

international trade

policies, including

those related

to tariffs

and trade

barriers, and

evolving armed

conflicts.

UBS’s acquisition

of the

Credit

Suisse

Group

materially changed

its outlook

and strategic

direction and

introduced new

operational challenges.

The integration

of the

Credit Suisse

entities into

the UBS

structure is expected

to continue through

2026 and presents

significant operational and

execution risk, including the

risks that UBS

may be unable to

achieve

the cost reductions and business benefits contemplated by the transaction, that it may

incur higher costs to execute the integration of Credit Suisse and that the

acquired business may have greater risks or liabilities, including those related to litigation, than expected. In response to the failure of

Credit Suisse, Switzerland

has amended its Capital Adequacy Ordinance and is considering changes to its

Banking Act, which, if enacted as proposed,

would substantially increase capital

requirements for

UBS in relation

to its foreign

subsidiaries. These factors

create greater

uncertainty about forward-looking

statements. Other factors

that may

affect UBS’s performance and

ability to achieve its

plans, outlook and other

objectives also include, but

are not limited to:

(i) the degree to which

UBS is successful

in the execution of its strategic

plans, including its cost reduction

and efficiency initiatives and its

ability to manage its levels of

risk-weighted assets (RWA) and

leverage ratio denominator (LRD),

liquidity coverage ratio and

other financial resources, including changes

in RWA assets and liabilities

arising from higher market

volatility and the

size of the

combined Group;

(ii) the degree

to which UBS

is successful in

implementing changes to

its businesses to

meet changing market,

regulatory and other conditions,

including any potential changes to

banking examination and oversight practices

and standards as a

result of executive branch

orders or staff interpretations of law

in the US; (iii) inflation and interest rate volatility in

major markets; (iv) developments in the macroeconomic climate and in

the markets

in which

UBS operates

or to

which it

is exposed,

including movements

in securities

prices or

liquidity,

credit spreads,

currency exchange

rates,

residential and commercial real estate markets, general economic conditions, and changes to national trade policies on the financial position or creditworthiness

of UBS’s clients and counterparties,

as well as on client

sentiment and levels of activity;

(v) changes in the availability of

capital and funding, including

any adverse

changes in UBS’s credit spreads and credit

ratings of UBS, as well as availability and cost

of funding,

including as affected by the marketability of additional tier

one debt instruments, to meet

requirements for debt eligible

for total loss-absorbing capacity (TLAC);

(vi) changes in and potential divergence

between central

bank policies or the implementation of financial legislation and regulation in Switzerland, the US, the UK, the EU and other financial centers that have imposed,

resulted

in,

may

the

future,

stringent

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

remuneration, constraints on transfers of capital

and liquidity and sharing of operational costs

across the Group or other

measures, and the effect these

will or

would have on UBS’s

business activities; (vii) UBS’s ability

to successfully implement resolvability

and related regulatory

requirements and the

potential need to

make further changes to the legal structure

or booking model of UBS in response

to legal and regulatory requirements

including heightened requirements and

expectations due to its acquisition

of the Credit Suisse Group;

(viii) UBS’s ability to maintain and

improve its systems and controls

for complying with sanctions

in a timely

manner and for

the detection and

prevention of money

laundering to meet

evolving regulatory requirements

and expectations, in

particular in the

current geopolitical turmoil;

(ix) the uncertainty arising from

domestic stresses in

certain major economies;

(x) changes in UBS’s competitive

position, including

whether differences in regulatory

capital and other requirements

among the major financial centers adversely

affect UBS’s ability to compete

in certain lines of

business; (xi) changes in the

standards of conduct applicable

to its businesses that

may result from new

regulations or new enforcement

of existing standards,

including measures to impose new and

enhanced duties when interacting with customers

and in the execution and handling of

customer transactions; (xii) the

liability to which UBS may be exposed, or possible constraints or sanctions that regulatory authorities might impose on UBS, due to litigation, including litigation

it has

inherited by

virtue of

the acquisition

of Credit

Suisse, contractual

claims and

regulatory investigations,

including the

potential for

disqualification from

certain businesses, potentially large fines or monetary penalties, or the loss

of licenses or privileges as a result of regul

atory or other governmental sanctions, as

well as the

effect that litigation,

regulatory and similar

matters have on

the operational risk

component of its RWA;

(xiii) UBS’s ability to

retain and attract

the

employees necessary to

generate revenues and

to manage, support

and control

its businesses, which

may be affected

by competitive factors;

(xiv) changes in

accounting or tax standards or policies, and determinations or interpretations affecting the recognition of gain or loss,

the valuation of goodwill, the recognition

of deferred tax assets and other matters; (xv) UBS’s ability to implement new technologies and

business methods, including digital services, artificial intelligence

and other technologies, and ability

to successfully compete with both

existing and new financial service

providers, some of which

may not be regulated

to the

same extent;

(xvi) limitations on

the effectiveness

of UBS’s internal

processes for

risk management,

risk control,

measurement and

modeling, and

of financial

models generally; (xvii) the occurrence

of operational failures, such

as fraud, misconduct, unauthorized trading,

financial crime, cyberattacks, data leakage

and

systems failures, the risk of which is increased with persistently high levels of cyberattack threats; (xviii) restrictions on the ability of UBS Group AG, UBS AG and

regulated subsidiaries of UBS AG to make payments or distributions, including due to restrictions

on the ability of its subsidiaries to make loans or distributions,

directly or indirectly,

or, in the

case of financial difficulties, due to

the exercise by FINMA or the

regulators of UBS’s operations in other countries

of their broad

statutory powers in

relation to protective

measures, restructuring and

liquidation proceedings; (xix) the

degree to which

changes in regulation,

capital or legal

structure, financial results or

other factors may affect

UBS’s ability to maintain its

stated capital return objective; (xx)

uncertainty over the scope of

actions that

may be required by UBS, governments

and others for UBS to achieve goals relating

to climate, environmental and social matters, as

well as the evolving nature

of underlying science and industry and the increasing divergence among regulatory

regimes; (xxi) the ability of UBS to access capital markets; (xxii) the ability of

UBS to successfully recover from a disaster or other business continuity problem

due to a hurricane, flood, earthquake, terrorist attack, war,

conflict, pandemic,

security breach,

cyberattack, power

loss, telecommunications

failure or

other natural

or man-made

event; and

(xxiii) the effect

that these

or other

factors or

unanticipated events, including media reports and speculations,

may have on its reputation and the

additional consequences that this may have on its

business

and performance. The sequence in

which the factors above are

presented is not indicative of

their likelihood of occurrence

or the potential magnitude of

their

consequences. UBS’s business and

financial performance could be affected

by other factors identified

in its past and future

filings and reports, including

those

filed with the US Securities and Exchange Commission (the SEC). More detailed information about those factors is set forth in documents furnished by UBS and

filings made by UBS

with the SEC, including

the UBS Group

AG and UBS AG

Annual Reports on Form

20-F for the year

ended 31 December 2025. UBS

is not

under any obligation to (and expressly disclaims any obligation to)

update or alter its forward-looking statements, whether as a result of

new information, future

events, or otherwise.

Rounding |

Numbers presented

throughout this

report may

not add up

precisely to

the totals provided

in the tables,

infographics and text.

Percentages and

percent changes disclosed in text and tables are calculated on the basis of

unrounded figures. Absolute changes between reporting periods disclosed in the text,

which can be derived from numbers presented in related tables, are calculated on a rounded basis.

Tables

Within tables, blank fields generally indicate non-applicability

or that presentation of any content

would not be meaningful, or that

information is not

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 |

In this report, any website addresses are provided solely

for information and are not intended to

be active links. UBS is not

incorporating the contents

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 Numbers 333-283672 and 333-293403), 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:

April 29, 2026

Source: View Original Filing on SEC EDGAR

[6-K] UBS AG Current Report (Foreign Issuer)

Rhea-AI Filing Summary

Positive

Negative

Insights

Banking sector equity analyst positive

Key Figures

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