UBS Q3 2026 net profit rises 8% to $2.69B
If enacted in the form supported by the Council of States, the Swiss proposal would require around USD 16 billion in additional CET1 capital, with phase-in no earlier than 2028.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
6-K
Rhea-AI Filing Summary
UBS AG (AMUB) furnished UBS Group AG’s third-quarter 2026 report, presenting consolidated revenue of USD 13.350 billion, up 5% year over year, and net profit attributable to shareholders of USD 2.690 billion, up 8%. Operating profit before tax rose 27% to USD 3.587 billion. For the first nine months, revenue was USD 41.293 billion versus USD 37.429 billion, and operating profit before tax was USD 11.021 billion versus USD 7.153 billion.
UBS reported cumulative gross Credit Suisse integration savings of USD 13.2 billion as of September 30, 2026, and expects around USD 13.7 billion by year-end, above its around USD 13.5 billion ambition. Cumulative integration expenses were USD 14.6 billion as of September 30, 2026.
If enacted in the form supported by Switzerland’s Council of States, a proposal would require around USD 16 billion in additional CET1 capital. UBS said confirmation would bring incremental CET1 capital requirements since the Credit Suisse acquisition to around USD 33 billion. UBS also estimates annual capital-related costs from the acquisition of around USD 2.5 billion.
3 points · 0 major1 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointThird-quarter revenue increased 5% to USD 13.350 billion.
- Moderate pointNine-month operating profit before tax increased 54% to USD 11.021 billion.
- Moderate pointNet profit attributable to shareholders rose 8% to USD 2.690 billion.
Negative
- Major point. Forward-looking: it has not happened yet and may not happen.Potential Swiss rules: around USD 33 billion incremental CET1 since acquisition.
Filing Explained
UBS's third-quarter share repurchases were made under its 2026 programs; the current program remains unfinished.
UBS repurchased shares under its 2026 programs in the
The report’s other income included a
UBS agreed to transfer former Credit Suisse fund-administration businesses in Luxembourg and Switzerland to Northern Trust; the transfer is subject to regulatory approvals and is expected to close in the
Key Figures
Total revenue: USD 13.350 billion
Operating profit before tax: USD 3.587 billion
Net profit attributable to shareholders: USD 2.690 billion
+5 more
8 metrics
Total revenue
USD 13.350 billion
Third quarter 2026; USD 12.760 billion in third quarter 2025
Operating profit before tax
USD 3.587 billion
Third quarter 2026; USD 2.828 billion in third quarter 2025
Net profit attributable to shareholders
USD 2.690 billion
Third quarter 2026; USD 2.481 billion in third quarter 2025
Nine-month total revenue
USD 41.293 billion
Nine months ended September 30, 2026; USD 37.429 billion in 2025
Nine-month operating profit before tax
USD 11.021 billion
Nine months ended September 30, 2026; USD 7.153 billion in 2025
Cumulative gross Credit Suisse integration savings
USD 13.2 billion
As of September 30, 2026, compared with the 2022 combined cost base
Incremental CET1 capital requirements
Around USD 33 billion
Since the Credit Suisse acquisition, if the Council of States decision is confirmed
Common equity tier 1 capital ratio
14.7%
As of September 30, 2026
Key Terms
common equity tier 1 (CET1) capital, risk-weighted assets (RWA), purchase price allocation (PPA) effects, alternative performance measure (APM), +1 more
5 terms
common equity tier 1 (CET1) capital regulatory
"common equity tier 1 (CET1) capital increased by USD 0.7bn"
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.
risk-weighted assets (RWA) regulatory
"reduction in risk-weighted assets (RWA)"
purchase price allocation (PPA) effects financial
"underlying revenues excluded purchase price allocation (PPA) effects"
alternative performance measure (APM) financial
"An alternative performance measure (an APM) is a financial measure"
liquidity coverage ratio regulatory
"Liquidity coverage ratio (%)"
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.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were AMUB’s Q3 2026 revenue and profit?
UBS Group reported total revenue of USD 13.350 billion and net profit attributable to shareholders of USD 2.690 billion for the quarter; the year-earlier figures were USD 12.760 billion and USD 2.481 billion, respectively.
What could the Swiss capital proposal mean for AMUB?
UBS said confirmation of the Council of States decision would bring incremental CET1 capital requirements since the Credit Suisse acquisition to around USD 33 billion. The Council of States supported a proposal to deduct 90% of foreign participations’ carrying value from CET1; if enacted in that form, it would require around USD 16 billion in additional CET1 capital, with phase-in no earlier than 2028.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Date: October 28, 2026
UBS Group AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number: 1-36764
UBS AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
Aeschenvorstadt 1, 4051 Basel, Switzerland
(Address of principal executive offices)
Commission File Number: 1-15060
Indicate by check mark whether the registrants file or will file annual reports under cover of Form 20-F or Form
40-
F.
Form 20-F
☒
☐
This Form 6-K consists of the Third Quarter 2026 Report of UBS Group AG, which appears immediately following
this page.
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
© UBS 2026. The key symbol and UBS are among the registered and unregistered
trademarks of UBS. All rights reserved.
1.
Key figures
3
UBS Group key figures
2.
Recent developments
4
Recent developments
3.
UBS Group performance, business
divisions and Group Items
7
Group performance
17
Global Wealth Management
22
Personal & Corporate Banking
26
Asset Management
29
Investment Bank
32
Non-core and Legacy
34
Group Items
4.
Risk, capital, liquidity and funding,
and balance sheet
36
Risk management and control
40
Capital management
49
Liquidity and funding management
50
Balance sheet and off-balance sheet
52
Share information and earnings per share
5.
Consolidated
financial information
55
UBS Group AG interim consolidated financial
information (unaudited)
6.
Significant regulated subsidiary and sub-
group information
70
Financial and regulatory key figures for our
significant regulated subsidiaries and sub-
groups
Appendix
72
Alternative performance measures
77
Abbreviations frequently used in
our financial reports
79
Information sources
80
Cautionary statement
UBS Group third 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 of each APM, the method used to calculate it and the information content are presented under
“Alternative performance measures” in the appendix to this report. Each APM that qualifies as a non-GAAP
measure as defined by US Securities and Exchange Commission (SEC) regulations is designated as such in the table
of APMs in the appendix to this report.
›
Refer to “Alternative performance measures” in the appendix to this report for additional information
›
Refer to the “Group performance” section of this report for information about underlying results
Changes in interim reporting
As previously announced, from the first quarter of 2026 onward, UBS’s first- and third-quarter financial reports
include consolidated financial information that is no longer prepared in accordance with IAS 34,
Interim Financial
Reporting
. Instead, UBS publishes consolidated financial information for those quarters that is prepared in
accordance with UBS Group accounting policies, which are consistent with IFRS Accounting Standards, but does
not include all explanatory notes as required under IAS 34 and therefore does not constitute an “interim financial
report” as defined by IAS 34.
The income statement, the statement of comprehensive income and information related to those statements in the
“Consolidated financial information” section of this report are presented on the basis of the nine-month periods
ended 30 September 2026 and 30 September 2025. The balance sheet and related information are presented as
of 30 September 2026 and 31 December 2025.
In 2026, UBS started the publication of semi-annual interim financial reports that include interim consolidated
financial statements as of and for the six-month period ending 30 June, prepared in accordance with IAS 34.
UBS Group third quarter 2026 report |
Key figures | UBS Group key figures 3
Key figures
UBS Group key figures
UBS Group key figures
As of or for the quarter ended
As of or year-to-date
USD m, except where indicated
30.9.26
30.6.26
31.12.25
30.9.25
30.9.26
30.9.25
Group results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Net profit / (loss) attributable to shareholders
Diluted earnings per share (USD)
1
Profitability and growth
2
Return on equity (%)
3
Return on tangible equity (%)
3
Underlying return on tangible equity (%)
3,4
Return on common equity tier 1 capital (%)
3
Underlying return on common equity tier 1 capital (%)
3,4
Cost / income ratio (%)
3
Underlying cost / income ratio (%)
3,4
Effective tax rate (%)
Net profit growth (%)
3
Resources
2
Total assets
Equity attributable to shareholders
Common equity tier 1 capital
5
Risk-weighted assets
5
Common equity tier 1 capital ratio (%)
5
Going concern capital ratio (%)
5
Total loss-absorbing capacity ratio (%)
5
Leverage ratio denominator
5
Common equity tier 1 leverage ratio (%)
5
Liquidity coverage ratio (%)
6
Net stable funding ratio (%)
Other
Invested assets (USD bn)
3,7
Internal and external personnel
8
Internal personnel (full-time equivalents)
Market capitalization
9
Total book value per share (USD)
1
Tangible book value per share (USD)
1
Credit-impaired lending assets as a percentage of total lending assets, gross (%)
3
Cost of credit risk (bps)
3
1 Refer to the “Share information and earnings per share” section of this report for more information. 2 Refer to the “Targets, capital guidance and ambitions” section of the UBS Group Annual Report 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
66 data points in the third quarter of 2026, 60 data points in the second quarter of 2026, 64 data points in the fourth quarter of 2025 and 65 data points in the third 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 third quarter 2026 report |
Recent developments
Management report
Integration of Credit Suisse
We are progressing according to plan in the final phase of the integration and remain firmly on track to achieve
substantial completion by year-end 2026.
During the third quarter of 2026, our primary focus was on the continued decommissioning of legacy IT
infrastructure. As of 30 September 2026, approximately 98% of legacy Credit Suisse IT applications in scope for
decommissioning were no longer in use and around 90% of such applications had been fully decommissioned.
In the third quarter of 2026, we realized additional gross cost savings of USD 0.6bn, bringing our cumulative gross
cost savings at the end of September 2026 to USD 13.2bn compared with the 2022 combined cost base of UBS
and Credit Suisse. Reflecting this progress, we now expect to deliver total gross cost savings of around USD 13.7bn
by the end of 2026, above our stated ambition of around USD 13.5bn.
Cumulative integration-related expenses incurred by the end of September 2026 amounted to USD 14.6bn, and
we expect to have incurred around USD 15.1bn by the end of this year, assuming in both cases constant foreign-
exchange rates compared with 30 September 2023.
The wind-down of our Non-core and Legacy division is nearly complete, and as of 30 September 2026 the division
had achieved a 91% reduction in underlying operating expenses (excluding litigation) compared with the 2022
baseline. In addition, a 68% reduction in risk-weighted assets (RWA) has been achieved since the second quarter
of 2023 and a reduction of credit and market risk RWA to USD 3bn, ahead of our year-end 2026 ambition of
around USD 4bn.
Regulatory and legal developments
Banking regulation in Switzerland
In August 2026, the Swiss Federal Council launched two public consultations on further measures under the too-
big-to-fail reform package, with one consultation covering proposed legislative measures and the other covering
proposed amendments to the Swiss Liquidity Ordinance. The proposed legislative measures, to be submitted to the
Swiss Parliament for enactment, include additional requirements for the recovery and resolution of systemically
important banks (SIBs), add measures to enhance banks’ ability to obtain liquidity from the Swiss National Bank,
introduce a Senior Managers Regime for banks with more complex organizational structures, and provide expanded
supervisory powers for the Swiss Financial Market Supervisory Authority (FINMA). This consultation will conclude in
November 2026, and the Swiss Federal Council is expected to submit its final legislative proposal to the Swiss
Parliament in the first half of 2027. The entry into force of these changes is expected no earlier than the beginning
of 2029. The proposed amendments to the Swiss Liquidity Ordinance, including quantitative minimum requirements
for borrowing capacity for emergency liquidity assistance, are subject to public consultation until November 2026.
Related amendments are expected to enter into force no earlier than the beginning of 2029, with an expected
phase in over a period of four years.
In September 2026, the Council of States (the upper house of the Swiss Parliament) supported a proposal requiring
SIBs to deduct 90% of the carrying value of foreign participations from regulatory capital, with the deduction to
be made entirely from common equity tier 1 (CET1) capital. This proposal is now subject to the deliberations of the
National Council (the lower house of the Swiss Parliament). If enacted in the form supported by the Council of
States, the proposal is expected to be phased in commencing in 2028, at the earliest, and would require UBS AG
to hold approximately USD 16bn of additional CET1 capital. This would come in addition to around USD 2bn of
additional CET1 capital required at UBS AG as a result of the ordinance-level measures announced earlier this year.
UBS AG must also hold the previously disclosed CET1 capital of around USD 15bn under existing regulations
following the acquisition of Credit Suisse. This amount includes around USD 9bn related to regulatory concessions
granted to Credit Suisse and around USD 6bn to meet the current progressive requirements due to the increased
size and market share of the combined business.
UBS Group third quarter 2026 report |
If the decision by the Council of States is confirmed, UBS would be required to hold a total of around USD 33bn of
incremental CET1 capital since the acquisition of Credit Suisse. In parallel, once implemented, the ordinance-level
changes announced earlier this year would eliminate an estimated USD 4bn of CET1 capital at the Group level. The
total annual capital-related cost resulting from the acquisition would amount to around USD 2.5bn.
Other developments
Repurchase of legacy Credit Suisse debt
In September 2026, UBS repurchased USD 9.8bn aggregate principal amount of legacy Credit Suisse senior debt
instruments for an aggregate acquisition cost of around USD 9.9bn. UBS recognized a net loss of USD 346m in the
third quarter of 2026 on the retirement of these instruments, including the release of purchase price allocation
adjustments of USD 241m. The net loss has been recorded in Other income and is expected to be offset in future
periods by lower ongoing interest expense.
Settlements of legacy legal matters
In the third quarter of 2026, UBS resolved and settled certain legacy legal matters recorded in Non-core and Legacy.
The settlements resulted in a net gain of USD 697m, which has been recorded in Other income and included in
underlying results.
Changes to fund administration businesses
In October 2026, UBS reached an agreement to extend its long-standing fund administration relationship with
Northern Trust. As part of this agreement, UBS will transfer its former Credit Suisse traditional and alternatives fund
administration businesses based in Luxembourg and Switzerland to Northern Trust, subject to regulatory approvals.
In addition, UBS’s Swiss and Luxembourg management companies will extend their existing agreement to include
investment funds that are currently serviced by UBS. The transaction is expected to close in the second quarter of
2027, and UBS does not expect to recognize a material profit or loss.
Acquisition of an equity stake in 360 ONE WAM Ltd
On 22 October 2026, UBS exercised all of the warrants that it had previously subscribed for pursuant to an
agreement entered into in the second quarter of 2025 with 360 ONE WAM Ltd (360 ONE), one of India’s largest
independent wealth and asset management firms. Following the exercise, UBS holds 20.5 million shares in
360 ONE, representing an equity stake of approximately 4.8% in the company. The exercise of the warrants and
the acquisition of the equity stake did not result in a material profit or loss.
Capital returns
In the third quarter of 2026 we repurchased USD 1,807m of shares under our 2026 share repurchase programs.
We expect to complete our current USD 3bn share repurchase program by the time of the publication of our fourth-
quarter 2026 results. The amount and pace of share repurchases will remain subject to our short-term financial
performance and outlook, maintaining a CET1 capital ratio of around 14% and further visibility on the deliberations
by the Swiss Parliament on the capitalization of foreign subsidiaries.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items 6
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 in our annual reports and semi-annual interim financial reports.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Group performance 7
Group performance
Income statement
For the quarter ended
% change from
Year-to-date
USD m
30.9.26
30.6.26
30.9.25
2Q26
3Q25
30.9.26
30.9.25
Net interest income
2,414
2,398
1,981
1
22
7,132
5,575
Other net income from financial instruments measured at fair value through profit or loss
3,047
3,696
3,502
(18)
(13)
10,691
10,848
Net fee and commission income
7,490
7,582
7,204
(1)
4
22,800
20,689
Other income
399
24
73
444
670
317
Total revenues
13,350
13,700
12,760
(3)
5
41,293
37,429
Credit loss expense / (release)
114
121
102
(6)
12
305
365
Personnel expenses
6,703
7,380
7,172
(9)
(7)
21,667
21,180
General and administrative expenses
2,138
1,804
1,755
18
22
5,953
6,067
Depreciation, amortization and impairment of non-financial assets
807
802
904
1
(11)
2,347
2,663
Operating expenses
9,648
9,986
9,831
(3)
(2)
29,967
29,911
Operating profit / (loss) before tax
3,587
3,594
2,828
0
27
11,021
7,153
Tax expense / (benefit)
887
782
341
13
160
2,456
561
Net profit / (loss)
2,700
2,811
2,487
(4)
9
8,566
6,592
Net profit / (loss) attributable to non-controlling interests
10
11
6
(16)
59
35
24
Net profit / (loss) attributable to shareholders
2,690
2,800
2,481
(4)
8
8,530
6,568
Comprehensive income
Total comprehensive income
914
1,697
2,073
(46)
(56)
5,788
10,776
Total comprehensive income attributable to non-controlling interests
12
10
5
26
121
47
53
Total comprehensive income attributable to shareholders
902
1,687
2,067
(47)
(56)
5,741
10,722
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Group performance 8
Selected financial information of the business divisions and Group Items
For the quarter ended 30.9.26
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
Total revenues as reported
of which: PPA effects and other integration items
1
2
Total revenues (underlying)
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
3
Operating expenses (underlying)
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
For the quarter ended 30.6.26
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
Total revenues as reported
of which: PPA effects and other integration items
1
Total revenues (underlying)
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
3
Operating expenses (underlying)
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
For the quarter ended 30.9.25
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
Total revenues as reported
of which: PPA effects and other integration items
1
4
of which: loss related to an investment in an associate
Total revenues (underlying)
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
3
Operating expenses (underlying)
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
1 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 2 Includes a USD
346m 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 587m before PPA adjustments, partly offset by a USD 241m
gain from the release of PPA adjustments). 3 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 128m gain from the sale of a stake in a subsidiary, Credit Suisse Securities (China) Limited.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Group performance 9
Selected financial information of the business divisions and Group Items (continued)
Year-to-date 30.9.26
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
Total revenues as reported
of which: PPA effects and other integration items
1
2
of which: items related to the Swisscard transactions
3
Total revenues (underlying)
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
4
Operating expenses (underlying)
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
Year-to-date 30.9.25
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
Total revenues as reported
of which: PPA effects and other integration items
1
5
of which: loss related to an investment in an associate
of which: items related to the Swisscard transactions
6
Total revenues (underlying)
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
4
of which: items related to the Swisscard transactions
7
Operating expenses (underlying)
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
1 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 2 Includes a USD
346m 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 587m before PPA adjustments, partly offset by a USD 241m
gain from the release of PPA adjustments). 3 Represents the gain on sale of UBS’s 50% interest in Swisscard AECS GmbH (Swisscard) that has been excluded from underlying revenues. Refer to the “Recent
developments” section of the UBS Group first quarter 2026 report, available under “Quarterly reporting” at ubs.com/investors, for more information about the Swisscard transactions. 4 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. 5 Includes a USD 128m gain from the sale of
a stake in a subsidiary, Credit Suisse Securities (China) Limited. 6 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. 7 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
Year-to-date
USD m
30.9.26
30.6.26
30.9.25
30.9.26
30.9.25
Global Wealth Management
154
227
550
685
1,284
Personal & Corporate Banking
26
170
350
392
729
Asset Management
28
23
64
86
200
Investment Bank
37
37
(22)
1
153
211
1
Non-core and Legacy
178
151
204
386
646
Group Items
585
2
5
0
595
2
2
Net integration-related expenses
1,008
613
1,146
2,297
3,071
of which: total revenues
3
584
2
(4)
(149)
1
536
(148)
1
of which: operating expenses
424
617
1,295
1,761
3,219
of which: personnel expenses
317
473
726
1,330
1,905
of which: general and administrative expenses
30
96
472
280
1,064
of which: depreciation, amortization and impairment of non-financial assets
77
47
97
151
250
1 Includes a USD 128m gain from the sale of a stake in a subsidiary, Credit Suisse Securities (China) Limited. 2 Includes a USD 587m loss from the repurchase of legacy Credit Suisse debt instruments, excluding a
partly offsetting gain of USD 241m from the release of PPA adjustments (a net loss of USD 346m was recognized on retirement of these instruments in the third quarter of 2026). 3 Negative values represent net
income.
Underlying results
In addition to reporting our results in accordance with IFRS Accounting Standards, we report underlying results that
exclude items of profit or loss that management believes are not representative of the underlying performance.
In the third quarter of 2026, underlying revenues excluded purchase price allocation (PPA) effects and other
integration items of negative USD 38m, including a net loss of USD 346m from the repurchase of legacy Credit
Suisse debt instruments. PPA effects mainly consisted of PPA adjustments on financial instruments measured at
amortized cost, including off-balance sheet positions, arising from the acquisition of the Credit Suisse Group.
Accretion of PPA adjustments on financial instruments is accelerated when the related financial instrument is
derecognized before its contractual maturity. No adjustment is made for accretion of PPA on financial instruments
within Non-core and Legacy, due to the nature of its business model. Underlying results included a net gain of
USD 697m related to settlements of certain legacy legal matters in Non-core and Legacy.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Group performance 10
In the third quarter of 2026, underlying expenses excluded integration-related expenses and PPA effects of
USD 452m. 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 of useful lives of property,
equipment and software, and impairment charges relating to these assets. Classification as integration-related
expenses does not affect the timing of recognition and measurement of those expenses or the presentation thereof
in the income statement.
Results: 3Q26 vs 3Q25
Reported operating profit before tax increased by USD 759m, or 27%, to USD 3,587m, mainly reflecting an increase
in total revenues and a decrease in operating expenses. Total revenues increased by USD 590m, or 5%, to
USD 13,350m, which included a decrease of USD 739m in PPA effects and other integration items. The increase in
total revenues was primarily driven by an increase of USD 326m in other income, largely reflecting a net gain of
USD 697m related to settlements of certain legacy legal matters in Non-core and Legacy, partly offset by a net loss
of USD 346m from the repurchase of legacy Credit Suisse debt instruments, and also driven by an increase of
USD 286m in net fee and commission income. Operating expenses decreased by USD 183m, or 2%, to
USD 9,648m, which included an USD 871m decrease in integration-related expenses and PPA effects. The decrease
in operating expenses was mainly driven by decreases of USD 469m in personnel expenses and USD 97m in
depreciation, amortization and impairment of non-financial assets, partly offset by an increase of USD 383m in
general and administrative expenses. Net credit loss expenses were USD 114m, compared with USD 102m in the
third quarter of 2025.
Underlying results 3Q26 vs 3Q25
On an underlying basis, profit before tax increased by USD 487m to USD 4,077m, mainly reflecting a USD 1,188m
increase in total revenues, partly offset by an increase of USD 690m in operating expenses.
Total revenues: 3Q26 vs 3Q25
Net interest income and other net income from financial instruments measured at fair value through profit or loss
Total combined net interest income and other net income from financial instruments measured at fair value through
profit or loss decreased by USD 23m to USD 5,460m and included a decrease of USD 140m in accretion impacts
resulting from PPA adjustments on financial instruments and other PPA effects, mainly in Personal & Corporate
Banking and Global Wealth Management.
The overall year-on-year decrease was primarily driven by Group Items, which reported negative revenues of
USD 422m, compared with negative revenues of USD 153m in the third quarter of 2025, driven by mark-to-market
effects on economic hedges for accrual-accounted balance-sheet positions and valuation effects on callable own
debt, mainly due to the sharp rise in US dollar interest rates. In addition, revenues in Personal & Corporate Banking
decreased by USD 114m to USD 1,512m, mainly reflecting an USD 85m decrease in net interest income, largely
driven by lower PPA accretion effects.
These decreases were partly offset by a USD 154m increase in the Investment Bank’s revenues to USD 2,024m,
mainly driven by Global Markets, mostly due to higher client balances in Prime Brokerage within Financing. The
increase in Global Markets was partly offset by lower revenues in Capital Markets in Global Banking. Non-core and
Legacy reported revenues of USD 66m, compared with negative USD 43m in the third quarter of 2025, mainly
reflecting lower liquidity and funding costs as a result of a smaller portfolio. Revenues in Global Wealth
Management increased by USD 78m to USD 2,270m, predominantly reflecting an USD 84m increase in net interest
income, primarily driven by higher deposit margins, which included the effects from deposit pricing measures, and
higher loan revenues, mainly due to an increase in loan volumes.
›
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
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Group performance 11
Net interest income and other net income from financial instruments measured at fair value through profit or loss
For the quarter ended
% change from
Year-to-date
USD m
30.9.26
30.6.26
30.9.25
2Q26
3Q25
30.9.26
30.9.25
Net interest income from financial instruments measured at amortized cost and fair value
through other comprehensive income
930
874
329
6
183
2,670
827
Net interest income from financial instruments measured at fair value through profit or
loss and other
1,483
1,524
1,652
(3)
(10)
4,461
4,748
Other net income from financial instruments measured at fair value through profit or loss
3,047
3,696
3,502
(18)
(13)
10,691
10,848
Total
5,460
6,094
5,483
(10)
0
17,823
16,423
Global Wealth Management
2,270
2,399
2,192
(5)
4
7,031
6,554
of which: net interest income
1,857
1,863
1,773
0
5
5,571
5,186
of which: transaction-based income from foreign exchange and other intermediary
activity
1
413
536
419
(23)
(1)
1,459
1,368
Personal & Corporate Banking
1,512
1,583
1,626
(5)
(7)
4,678
4,639
of which: net interest income
1,310
1,343
1,395
(2)
(6)
4,002
4,001
of which: transaction-based income from foreign exchange and other intermediary
activity
1
201
240
231
(16)
(13)
676
638
Asset Management
11
(12)
(9)
(9)
(13)
Investment Bank
2,024
2,405
1,870
(16)
8
7,106
5,798
Non-core and Legacy
66
42
(43)
59
91
36
Group Items
(422)
(323)
(153)
31
176
(1,073)
(590)
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 286m to USD 7,490m and included a decrease of USD 108m 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 334m to USD 5,376m. The
increase was mostly driven by higher average levels of fee-generating assets in Global Wealth Management,
reflecting positive market performance and net new fee-generating asset inflows over the course of the past 12
months, primarily from mandates.
Net brokerage fees increased by USD 131m to USD 1,423m, driven by higher volumes in Cash Equities in Execution
Services in the Investment Bank, particularly in the Asia Pacific region.
M&A and corporate finance fees decreased by USD 123m to USD 220m, mainly reflecting lower merger and
acquisition transaction revenues in Advisory in Global Banking 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
Other income
Other income was USD 399m, compared with USD 73m in the third quarter of 2025. The third quarter of 2026
included a net gain of USD 697m related to settlements of certain legacy legal matters in Non-core and Legacy,
partly offset by a net loss of USD 346m from the repurchase of legacy Credit Suisse debt instruments. The third
quarter of 2025 included a USD 128m gain from the sale of a stake in Credit Suisse Securities (China) Limited and
a USD 33m gain from the sale of our wealth management business in India, partly offset by a USD 140m loss related
to an investment in an associate.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Group performance 12
Credit loss expense / release: 3Q26 vs 3Q25
Total net credit loss expenses in the third quarter of 2026 were USD 114m, consisting of USD 28m of net releases
on performing positions and USD 142m of net expenses on credit-impaired exposures. Net credit loss expenses
were USD 102m in the third quarter of 2025.
Net credit loss expenses on credit-impaired positions were primarily attributable to a small number of corporate
counterparties in Personal & Corporate Banking, Non-core and Legacy, and the Investment Bank.
›
Refer to “Expected credit loss measurement” in the “Consolidated financial information” section of this report for
more information about the results for the nine-month period ended 30 September 2026
Credit loss expense / (release)
Performing positions
Credit-impaired positions
USD m
Stages 1 and 2
Stage 3
Purchased
Total
For the quarter ended 30.9.26
Global Wealth Management
(4)
14
0
10
Personal & Corporate Banking
(34)
66
1
33
Asset Management
0
0
0
0
Investment Bank
7
23
0
30
Non-core and Legacy
0
0
37
38
Group Items
2
0
0
2
Total
(28)
104
39
114
For the quarter ended 30.6.26
Global Wealth Management
(4)
3
0
(2)
Personal & Corporate Banking
0
77
(1)
76
Asset Management
0
0
0
0
Investment Bank
0
45
0
45
Non-core and Legacy
0
0
1
0
Group Items
1
0
0
1
Total
(3)
125
(1)
121
For the quarter ended 30.9.25
Global Wealth Management
(4)
10
1
7
Personal & Corporate Banking
2
69
0
72
Asset Management
0
0
0
0
Investment Bank
6
11
0
17
Non-core and Legacy
0
2
4
6
Group Items
0
0
0
0
Total
5
93
4
102
Operating expenses: 3Q26 vs 3Q25
Operating expenses
For the quarter ended
% change from
Year-to-date
USD m
30.9.26
30.6.26
30.9.25
2Q26
3Q25
30.9.26
30.9.25
Personnel expenses
6,703
7,380
7,172
(9)
(7)
21,667
21,180
of which: salaries and variable compensation
5,708
6,296
5,906
(9)
(3)
18,569
17,773
of which: variable compensation – financial advisors
1
1,598
1,526
1,419
5
13
4,627
4,163
General and administrative expenses
2,138
1,804
1,755
18
22
5,953
6,067
of which: net expenses / (releases) for litigation, regulatory and similar matters
336
(30)
(668)
352
(966)
Depreciation, amortization and impairment of non-financial assets
807
802
904
1
(11)
2,347
2,663
Total operating expenses
9,648
9,986
9,831
(3)
(2)
29,967
29,911
1 Financial advisor compensation mainly consists of cash compensation, determined using a formulaic approach based on production, and deferred awards. It also includes expenses related to compensation
commitments with financial advisors entered into at the time of recruitment that are subject to vesting requirements.
Personnel expenses
Personnel expenses decreased by USD 469m to USD 6,703m, mainly driven by the effects of a decrease in the
workforce. In addition, the third quarter of 2025 included a one-time, pre-tax loss of USD 190m due to the
integration of the Credit Suisse Swiss 1e plan into the Credit Suisse Swiss pension plan as of 1 January 2027, with
an offsetting gain in other comprehensive income. The decreases in personnel expenses were partly offset by an
increase in financial advisor compensation, resulting from higher compensable revenues.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Group performance 13
General and administrative expenses
General and administrative expenses increased by USD 383m to USD 2,138m, predominantly due to the third
quarter of 2026 including net expenses of USD 336m for litigation, regulatory and similar matters, compared with
net releases of USD 668m in the third quarter of 2025. This was partly offset by decreases across most other
components of general and administrative expenses, which included a USD 442m decrease in integration-related
expenses.
›
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 97m to USD 807m, primarily
driven by a USD 56m decrease in impairments, largely related to internally generated capitalized software. In
addition, amortization of internally generated capitalized software decreased by USD 38m, mainly reflecting lower
levels of accelerated amortization.
Tax: 3Q26 vs 3Q25
The Group had a net income tax expense of USD 887m in the third quarter of 2026, representing an effective tax
rate of 24.7%, compared with USD 341m in the third quarter of 2025 and an effective tax rate of 12.0%.
This included a net current tax expense of USD 648m that primarily related to the taxable profits of
UBS Switzerland AG and other entities and a net deferred tax expense of USD 239m that mainly reflected the
amortization of deferred tax assets (DTAs) previously recognized in relation to tax losses and tax credits 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.
Total comprehensive income attributable to shareholders
In the third quarter of 2026, total comprehensive income attributable to shareholders was USD 902m, reflecting a
net profit of USD 2,690m and other comprehensive income (OCI), net of tax, of negative USD 1,789m.
OCI related to cash flow hedges was negative USD 1,320m, mainly reflecting net unrealized losses on US dollar
hedging derivatives resulting from increases in the relevant US dollar long-term interest rates.
Foreign currency translation OCI was negative USD 718m, mainly due to the US dollar strengthening against the
Swiss franc.
OCI related to own credit on financial liabilities designated at fair value was USD 386m, primarily due to a widening
of our own credit spreads.
›
Refer to the “Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital”
table 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
As of 30 September 2026, it is estimated that a parallel shift in yield curves by +100 basis points could lead to a
combined increase in annual net interest income from our banking book of approximately USD 1.3bn in the first
year after such a shift. Of this increase, approximately USD 1.0bn, USD 0.1bn 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 1.0bn would result from changes in the 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 0.1bn and USD 0.1bn, respectively.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Group performance 14
These estimates do not represent net interest income forecasts, as they are based on a hypothetical scenario of an
immediate change in interest rates, equal across all currencies and relative to implied forward rates as of
30 September 2026 applied to our banking book. These estimates further assume no change to balance sheet size
and product mix, stable foreign exchange rates, and no specific management action.
›
Refer to the “Risk management and control” section of this report for information about interest rate risk in the
banking book
Key figures and personnel
Below is an overview of selected key figures of the Group.
Cost / income ratio: 3Q26 vs 3Q25
The cost / income ratio was 72.3%, compared with 77.0%, as a result of higher total revenues and lower operating
expenses. On an underlying basis, the cost / income ratio was 68.7%, compared with 69.7%, as a result of higher
total revenues, partly offset by higher operating expenses.
Personnel: 3Q26 vs 2Q26 and 3Q26 vs 3Q25
The number of internal and external personnel employed was approximately 109,990 (based on full-time
equivalents for internal personnel and workforce count for external personnel) as of 30 September 2026, a net
decrease of 2,398 compared with 30 June 2026 and a net decrease of 12,392 compared with 30 September 2025.
The number of internal personnel employed as of 30 September 2026 was 97,593 (full-time equivalents), a net
decrease of 1,492 compared with 30 June 2026 and a net decrease of 6,834 compared with 30 September 2025.
The number of external personnel was approximately 12,397 (workforce count) as of 30 September 2026, a net
decrease of approximately 906 compared with 30 June 2026 and a net decrease of 5,557 compared with
30 September 2025.
Equity, CET1 capital and returns
As of or for the quarter ended
As of or year-to-date
USD m, except where indicated
30.9.26
30.6.26
30.9.25
30.9.26
30.9.25
Net profit
Net profit / (loss) attributable to shareholders
Equity
Equity attributable to shareholders
less: goodwill and intangible assets
Tangible equity attributable to shareholders
less: other CET1 adjustments
CET1 capital
Returns
Return on equity (%)
Return on tangible equity (%)
Underlying return on tangible equity (%)
Return on CET1 capital (%)
Underlying return on CET1 capital (%)
Common equity tier 1 capital: 3Q26 vs 2Q26
During the third quarter of 2026, our common equity tier 1 (CET1) capital increased by USD 0.7bn to USD 73.1bn,
mainly reflecting operating profit before tax of USD 3.6bn, partly offset by dividend accruals of USD 0.9bn, negative
foreign currency translation effects of USD 0.7bn, a USD 0.7bn negative effect from compensation- and own-share-
related capital components, and current tax expenses of USD 0.6bn. Share repurchases of USD 1.8bn made under
our 2026 share repurchase programs in the third quarter of 2026 did not affect our CET1 capital position, as there
was an identical reduction in the existing capital reserve for expected future share repurchases.
Return on common equity tier 1 capital: 3Q26 vs 3Q25
The annualized return on CET1 capital was 14.8%, compared with 13.5%. On an underlying basis, the return on
CET1 capital was 16.7%, compared with 16.3%. These increases were driven by an increase in net profit
attributable to shareholders and a decrease in average CET1 capital.
Risk-weighted assets: 3Q26 vs 2Q26
During the third quarter of 2026, RWA decreased by USD 7.8bn to USD 496.1bn, driven by a USD 4.7bn decrease
from currency effects, a USD 2.8bn decrease resulting from asset size and other movements, and a USD 0.2bn
decrease driven by model updates and methodology changes.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Group performance 15
Common equity tier 1 capital ratio: 3Q26 vs 2Q26
Our CET1 capital ratio increased to 14.7% from 14.4%, reflecting the aforementioned USD 7.8bn decrease in RWA
and the aforementioned USD 0.7bn increase in CET1 capital.
Leverage ratio denominator: 3Q26 vs 2Q26
The leverage ratio denominator (the LRD) decreased by USD 58.6bn to USD 1,591.2bn, driven by a USD 38.3bn
decrease from asset size and other movements and a USD 20.3bn decrease from currency effects.
Common equity tier 1 leverage ratio: 3Q26 vs 2Q26
Our CET1 leverage ratio increased to 4.6% from 4.4%, reflecting the aforementioned USD 58.6bn decrease in the
LRD and the aforementioned USD 0.7bn increase in CET1 capital.
›
Refer to the “Capital management” section of this report for more information about key figures related to capital
management
Results 9M26 vs 9M25
Reported operating profit before tax increased by USD 3,868m, or 54%, to USD 11,021m. Total revenues increased
by USD 3,864m and included an increase from foreign currency effects and a decrease of USD 1,086m in PPA
effects and other integration items. Operating expenses increased by USD 56m and included an increase from
foreign currency effects and a USD 1,458m decrease in integration-related expenses and PPA effects. Net credit loss
expenses were USD 305m, compared with USD 365m in the first nine months of 2025.
Total combined net interest income and other net income from financial instruments measured at fair value through
profit or loss increased by USD 1,400m to USD 17,823m. The overall increase was primarily driven by a USD 1,308m
increase in the Investment Bank’s revenues to USD 7,106m, mainly driven by Global Markets. This increase was
mostly due to higher levels of client activity in Derivatives & Solutions, as well as higher client balances in Prime
Brokerage within Financing.
Net fee and commission income increased by USD 2,111m to USD 22,800m. Fees for portfolio management,
investment funds and related services increased by USD 1,447m, predominantly in Global Wealth Management,
mainly driven by higher average levels of fee-generating assets, reflecting positive market performance and net new
fee-generating asset inflows over the course of the past 12 months, primarily from mandates. Net brokerage fees
increased by USD 909m, driven by higher volumes in Cash Equities in Execution Services in the Investment Bank,
particularly in the Asia Pacific region, and higher levels of client activity in Global Wealth Management across all
regions.
Other income was USD 670m compared with USD 317m in the first nine months of 2025. The first nine months of
2026 included a net gain of USD 697m related to settlements of certain legacy legal matters in Non-core and Legacy
and a USD 163m gain related to the Swisscard transactions (of which USD 128m has been excluded from underlying
revenues). These gains were partly offset by a net loss of USD 346m from the repurchase of legacy Credit Suisse
debt instruments. The first nine months of 2025 included a USD 128m gain from the sale of a stake in Credit Suisse
Securities (China) Limited, a USD 97m gain from the sale of Select Portfolio Servicing, a USD 64m gain related to
the Swisscard transactions and a USD 33m gain from the sale of our wealth management business in India, partly
offset by a USD 156m loss related to an investment in an associate.
Personnel expenses increased by USD 487m to USD 21,667m, mainly due to higher accruals for performance
awards, primarily reflecting business performance, an increase in financial advisor compensation, resulting from
higher compensable revenues, and foreign currency effects. This was partly offset by the effects of a decrease in
the workforce. In addition, the first nine months of 2025 included a one-time, pre-tax loss of USD 190m due to the
integration of the Credit Suisse Swiss 1e plan into the Credit Suisse Swiss pension plan as of 1 January 2027, with
an offsetting gain in other comprehensive income.
General and administrative expenses decreased by USD 114m to USD 5,953m, driven by decreases across most
components of general and administrative expenses, which included a USD 784m decrease in integration-related
expenses. In addition, the first nine months of 2025 included a USD 180m expense related to the Swisscard
transactions. The decreases were largely offset by the first nine months of 2026 including USD 352m net expenses
for litigation, regulatory and similar matters, compared with net releases of USD 966m in the first nine months of
2025.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Group performance 16
Depreciation, amortization and impairment of non-financial assets decreased by USD 316m to USD 2,347m,
primarily driven by a USD 174m decrease in the amortization of internally generated capitalized software, mainly
reflecting a lower cost base of software assets, and an USD 85m decrease in depreciation expenses for leased real
estate, resulting from lower levels of accelerated depreciation. In addition, there was a USD 40m decrease in
impairments, largely related to internally generated capitalized software.
Outlook
As we enter the fourth quarter, investor sentiment remains measured amid elevated macroeconomic volatility,
ongoing geopolitical tensions and political uncertainty, with consequential elections, including in the US.
For the fourth quarter, we expect a more typical sequential seasonal moderation in transaction volumes across our
businesses. In Global Markets, the strong prior-year performance, which included a gain on disposal, may weigh
on the year-on-year comparison. In Global Banking, we expect revenues to increase sequentially, based on the
current pipeline and assuming constructive markets. Net interest income is expected to increase by a low-single-
digit percentage sequentially in Global Wealth Management and increase slightly in Personal & Corporate Banking
in Swiss franc terms.
We expect to end 2026 with a CET1 capital ratio at or very close to our target of around 14%, including a potential
accrual for the initial portion of intended 2027 share buybacks.
UBS remains strategically committed to its diversified business model and its global and regional footprint. As the
political process on future regulatory requirements in Switzerland progresses, we will continue to engage
constructively in the hope that Parliament will reach a solution that supports the country’s financial stability without
imposing undue costs on UBS’s shareholders, clients and employees and without impacting its long-term
competitive position.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 17
Global Wealth Management
Global Wealth Management
As of or for the quarter ended
% change from
As of or year-to-date
USD m, except where indicated
30.9.26
30.6.26
30.9.25
2Q26
3Q25
30.9.26
30.9.25
Results
Net interest income
5,571
5,186
Recurring net fee income
11,129
10,105
Transaction-based income
1,2
4,504
3,960
Other revenues
1,3
15
14
Total revenues
21,220
19,265
Credit loss expense / (release)
17
16
Operating expenses
15,609
15,332
Business division operating profit / (loss) before tax
5,594
3,917
Underlying results
Total revenues as reported
21,220
19,265
of which: PPA effects and other integration items
4
344
489
of which: PPA effects recognized in net interest income
338
449
of which: PPA effects and other integration items recognized in transaction-based income
5
40
of which: gain / (loss) related to an investment in an associate
(42)
Total revenues (underlying)
1
20,876
18,818
Credit loss expense / (release)
17
16
Operating expenses as reported
15,609
15,332
of which: integration-related expenses and PPA effects
1,5
693
1,291
Operating expenses (underlying)
1
14,916
14,041
of which: net expenses / (releases) for litigation, regulatory and similar matters
(3)
(170)
Business division operating profit / (loss) before tax as reported
5,594
3,917
Business division operating profit / (loss) before tax (underlying)
1
5,943
4,762
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
42.8
28.1
Cost / income ratio (%)
1
73.6
79.6
Average attributed equity (USD bn)
6
34.5
34.1
Return on attributed equity (%)
1,6
21.6
15.3
Financial advisor compensation
7
4,627
4,162
Net new fee-generating assets (USD bn)
1
63.7
43.5
Fee-generating assets (USD bn)
1
2,253
2,066
Net new assets (USD bn)
1
128.0
92.3
Net new assets growth rate (%)
1
3.6
2.9
Invested assets (USD bn)
1
4,977
4,714
Net new loan volumes (USD bn)
1,8
17.7
9.1
Loan volumes (USD bn)
1,9
336.1
322.0
Net new deposit volumes (USD bn)
1,10
2.0
(9.8)
Customer deposit volumes (USD bn)
1,11
476.4
478.2
Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)
1,12
0.5
0.5
Advisors (full-time equivalents)
13
9,140
9,499
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 18
Global Wealth Management (continued)
As of or for the quarter ended
% change from
As of or year-to-date
USD m, except where indicated
30.9.26
30.6.26
30.9.25
2Q26
3Q25
30.9.26
30.9.25
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
1
24.8
28.2
Cost / income ratio (%)
1
71.4
74.6
Return on attributed equity (%)
1,6
23.0
18.6
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
917m of net fee and commission income (second quarter of 2026: USD 999m; third quarter of 2025: USD 876m; nine-month period ended 30 September 2026: USD 3,035m;
nine-month period ended 30 September 2025: USD 2,589m), USD 409m of other net income from financial instruments measured at fair value through profit or loss (second quarter of 2026: USD 517m; third quarter
of 2025: USD 419m; nine-month period ended 30 September 2026: USD 1,470m; nine-month period ended 30 September 2025: USD 1,368m), and USD 0m of other income (second quarter of 2026: negative
USD 3m; third quarter of 2025: USD 1m; nine-month period ended 30 September 2026: negative USD 1m; nine-month period ended 30 September 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 USD 4m of other net income from financial instruments measured
at fair value through profit or loss (second quarter of 2026: USD 19m; third quarter of 2025: USD 0m; nine-month period ended 30 September 2026: negative USD 11m; nine-month period ended 30 September 2025:
USD 0m) and USD 14m of other income (second quarter of 2026: USD 6m; third quarter of 2025: negative USD 1m; nine-month period ended 30 September 2026: USD 26m; nine-month period ended 30 September
2025: USD 14m) 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. Mainly consists of cash compensation, determined using a formulaic approach based on production, and deferred awards. It also includes expenses related to compensation commitments with
financial advisors entered into at the time of recruitment that are subject to vesting requirements. Recruitment loans to financial advisors were USD 1,444m as of 30 September 2026. 8 Consists of USD 5.5bn
classified as Loans and advances to customers (second quarter of 2026: USD 7.0bn; third quarter of 2025: USD 3.5bn; nine-month period ended 30 September 2026: USD 16.7bn; nine-month period ended
30 September 2025: USD 9.0bn) and USD 0.3bn classified as Brokerage receivables (second quarter of 2026: USD 0.3bn; third quarter of 2025: USD 0.0bn; nine-month period ended 30 September 2026: USD 1.0bn;
nine-month period ended 30 September 2025: USD 0.1bn) 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 330.3bn classified as Loans and advances to customers (30 June 2026: USD 329.8bn; 30 September 2025: USD 317.3bn) and USD 5.8bn classified as Brokerage receivables (30 June 2026: USD 5.5bn;
30 September 2025: USD 4.7bn) for the purposes of the Group financial information or the Group financial statements, as applicable. 10 Consists of USD 3.0bn classified as Customer deposits (second quarter of
2026: USD 2.2bn; third quarter of 2025: negative USD 10.1bn; nine-month period ended 30 September 2026: USD 2.3bn; nine-month period ended 30 September 2025: negative USD 10.0bn) and negative USD 1.2bn
classified as Brokerage payables (second quarter of 2026: negative USD 0.4bn; third quarter of 2025: USD 0.6bn; nine-month period ended 30 September 2026: negative USD 0.4bn; nine-month period ended
30 September 2025: USD 0.2bn) for the purposes of the Group financial information or the Group financial statements, as applicable. 11 Consists of USD 471.5bn classified as Customer deposits (30 June 2026:
USD 470.9bn; 30 September 2025: USD 472.0bn) and USD 4.9bn classified as Brokerage payables (30 June 2026: USD 6.1bn; 30 September 2025: USD 6.2bn) 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.
13
The decrease in advisor headcount included the impact from the reclassification of certain roles in the second quarter of 2026 to align role classifications globally. Comparative figures have not been restated.
Results: 3Q26 vs 3Q25
Profit before tax increased by USD 565m, or 42%, to USD 1,919m, due to higher total revenues and lower
operating expenses. Underlying profit before tax was USD 1,972m, an increase of 11%, after excluding from
operating expenses USD 157m of integration-related expenses and purchase price allocation (PPA) effects and
excluding from total revenues USD 104m of PPA effects and other integration items.
Total revenues
Total revenues increased by USD 459m, or 7%, to USD 7,002m, driven by all revenue lines, and included a USD 67m
decrease in PPA effects and other integration items. Excluding USD 104m of PPA effects and other integration items,
underlying total revenues were USD 6,898m, an increase of 8%.
Net interest income increased by USD 84m, or 5%, to USD 1,857m and included a USD 40m decrease in accretion
of PPA adjustments on financial instruments and other PPA effects. Excluding PPA effects of USD 102m, underlying
net interest income was USD 1,755m, an increase of 8%, primarily driven by higher deposit margins, including the
effects from deposit pricing measures, and higher loan revenues, mainly driven by an increase in loan volumes.
Recurring net fee income increased by USD 326m, or 9%, to USD 3,801m, mainly driven by higher average levels
of fee-generating assets, reflecting positive market performance and net new fee-generating asset inflows over the
course of the past 12 months, primarily from mandates.
Transaction-based income increased by USD 29m, or 2%, to USD 1,325m, mainly driven by higher levels of client
activity in the Americas region and reflecting continued demand for structured products and wealth planning.
Excluding PPA effects of USD 2m, underlying transaction-based income was USD 1,323m, an increase of 4%.
Other revenues were USD 18m and mainly reflected our share of net profits of an associate and a fair value gain
from an equity investment, partly offset by a USD 10m fair value loss resulting from a strategic partnership. Other
revenues in the third quarter of 2025 were negative USD 1m and included both a loss of USD 38m related to an
investment in an associate and a USD 33m gain from the sale of our wealth management business in India.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 19
Credit loss expense / release
Net credit loss expenses were USD 10m, compared with net credit loss expenses of USD 7m in the third quarter of
2025.
Operating expenses
Operating expenses decreased by USD 110m, or 2%, to USD 5,072m and included a USD 396m decrease in
integration-related expenses. Excluding USD 157m of integration-related expenses and PPA effects, underlying
operating expenses were USD 4,915m, an increase of 6%, which was primarily due to the third quarter of 2025
including releases of USD 284m related to the resolution of a legacy matter concerning cross-border business
activities in France. The remaining increase was driven by higher variable compensation, which primarily related to
an increase in financial advisor compensation, resulting from higher compensable revenues.
Invested assets: 3Q26 vs 2Q26
Invested assets increased by USD 35bn to USD 4,977bn, mainly driven by net new asset inflows of USD 55.1bn,
partly offset by negative foreign currency effects of USD 12.9bn and negative market performance of USD 5.5bn.
Invested assets: 3Q26 vs 3Q25
Invested assets increased by USD 263bn to USD 4,977bn, mainly driven by positive market performance of
USD 199.5bn and net new asset inflows of USD 136.5bn, partly offset by negative foreign currency effects of
USD 39.2bn and negative effects of USD 33.7bn resulting from UBS’s strategic decisions to exit certain markets or
cease offering certain services.
Loan volumes: 3Q26 vs 2Q26
Loan volumes increased by USD 0.8bn to USD 336.1bn, mainly driven by positive net new loan volumes of
USD 5.8bn, partly offset by negative foreign currency effects.
›
Refer to the “Risk management and control” section of this report for more information
Customer deposit volumes: 3Q26 vs 2Q26
Customer deposit volumes decreased by USD 0.6bn to USD 476.4bn, mainly driven by negative foreign currency
effects, partly offset by net new deposit volume inflows of USD 1.8bn.
Results: 9M26 vs 9M25
Profit before tax increased by USD 1,677m, or 43%, to USD 5,594m, mainly due to higher total revenues, partly
offset by higher operating expenses. Underlying profit before tax was USD 5,943m, an increase of 25%, after
excluding from operating expenses USD 693m of integration-related expenses and PPA effects and excluding from
total revenues USD 344m of PPA effects and other integration items.
Total revenues increased by USD 1,955m, or 10%, to USD 21,220m, driven by all revenue lines, and included a
USD 145m decrease in PPA effects and other integration items. Excluding USD 344m of PPA effects and other
integration items, underlying total revenues were USD 20,876m, an increase of 11%.
Net interest income increased by USD 385m, or 7%, to USD 5,571m and included a USD 111m decrease in
accretion of PPA adjustments on financial instruments and other PPA effects. Excluding PPA effects of USD 338m,
underlying net interest income was USD 5,234m, an increase of 10%, largely driven by higher deposit margins,
which included the effects from deposit pricing measures, and by higher loan volumes and positive foreign currency
effects.
Recurring net fee income increased by USD 1,024m, or 10%, to USD 11,129m. The increase was mainly driven by
higher average levels of fee-generating assets, reflecting positive market performance and net new fee-generating
asset inflows over the course of the past 12 months, primarily from mandates.
Transaction-based income increased by USD 544m, or 14%, to USD 4,504m, mainly driven by higher levels of client
activity across all regions, and reflecting continued demand for structured products, cash equities and wealth
planning. Excluding PPA effects of USD 5m, underlying transaction-based income was USD 4,499m, an increase of
15%.
Other revenues were USD 15m and mainly reflected our share of net profit of an associate and fair value gains from
equity investments, partly offset by a USD 33m fair value loss resulting from a strategic partnership. Other revenues
in the first nine months of 2025 were USD 14m and included both a net loss of USD 42m related to an investment
in an associate and a USD 33m gain from the sale of our wealth management business in India.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 20
Net credit loss expenses were USD 17m, compared with net credit loss expenses of USD 16m in the first nine months
of 2025.
Operating expenses increased by USD 277m, or 2%, to USD 15,609m and included a USD 598m decrease in
integration-related expenses. Excluding USD 693m of integration-related expenses and PPA effects, underlying
operating expenses were USD 14,916m, an increase of 6%, which was largely driven by higher variable
compensation, which primarily related to an increase in financial advisor compensation, resulting from higher
compensable revenues. The increase was also due to the first nine months of 2025 including USD 284m of releases
related to the resolution of a legacy matter concerning cross-border business activities in France.
Regional breakdown of performance measures
As of or for the quarter ended 30.9.26
USD m, except where indicated
Americas
1
Asia Pacific
EMEA
Switzerland
Divisional items
2
Global Wealth
Management
Net interest income
Recurring net fee income
Transaction-based income
3,4
Other revenues
3,4
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
of which: PPA effects, integration-related items and other items
5
Cost / income ratio (%)
3
Net new fee-generating assets (USD bn)
3
Fee-generating assets (USD bn)
3
Net new assets (USD bn)
3
Net new assets growth rate (%)
3
Invested assets (USD bn)
3
Net new loan volumes (USD bn)
3
Loan volumes (USD bn)
3
6
Net new deposit volumes (USD bn)
3
Customer deposit volumes (USD bn)
3
6
Advisors (full-time equivalents)
7
As of or for the quarter ended 30.9.25
USD m, except where indicated
Americas
1
Asia Pacific
EMEA
Switzerland
Divisional items
2
Global Wealth
Management
Net interest income
Recurring net fee income
Transaction-based income
3,4
Other revenues
3,4
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
of which: PPA effects, integration-related items and other items
5
Cost / income ratio (%)
3
Net new fee-generating assets (USD bn)
3
Fee-generating assets (USD bn)
3
Net new assets (USD bn)
3
Net new assets growth rate (%)
3
Invested assets (USD bn)
3
Net new loan volumes (USD bn)
3
Loan volumes (USD bn)
3
6
Net new deposit volumes (USD bn)
3
Customer deposit volumes (USD bn)
3
6
Advisors (full-time equivalents)
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 in
the four regions individually presented in this table. 3 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 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.
7 The decrease in advisor headcount included the impact from the reclassification of certain roles in the second quarter of 2026 to align role classifications globally. The reclassification impact primarily affected the
Switzerland and EMEA regions. Comparative figures have not been restated.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 21
Regional comments 3Q26 vs 3Q25, except where indicated
Americas
Profit before tax increased by USD 114m to USD 530m. Total revenues increased by USD 283m, or 9%, to
USD 3,380m, mainly driven by increases of USD 174m in recurring net fee income, USD 48m in net interest income
and USD 44m in transaction-based income. Operating expenses increased by USD 180m, or 7%, to USD 2,849m.
The cost / income ratio decreased to 84.3% from 86.2%. Loan volumes increased by 4% compared with the second
quarter of 2026, to USD 113.2bn, mainly driven by positive net new loan volumes of USD 4.2bn. Customer deposit
volumes increased by 1% compared with the second quarter of 2026, to USD 125.2bn, with net new deposit
volume inflows of USD 1.0bn. Net new asset inflows were USD 16.7bn.
Asia Pacific
Profit before tax increased by USD 81m to USD 503m. Total revenues increased by USD 72m, or 7%, to
USD 1,107m, mainly driven by an increase of USD 55m in recurring net fee income. Operating expenses decreased
by USD 12m, or 2%, to USD 602m. The cost / income ratio decreased to 54.4% from 59.4%. Loan volumes were
broadly stable compared with the second quarter of 2026, at USD 49.6bn. Customer deposit volumes increased by
3% compared with the second quarter of 2026, to USD 118.5bn, with net new deposit volume inflows of
USD 3.5bn. Net new asset inflows were USD 17.9bn.
EMEA
Profit before tax decreased by USD 22m to USD 474m, mainly due to the third quarter of 2025 including releases
of USD 213m related to the resolution of a legacy matter concerning cross-border business activities in France. Total
revenues increased by USD 92m, or 8%, to USD 1,295m, mainly driven by increases of USD 51m in recurring net
fee income and USD 47m in net interest income. Operating expenses increased by USD 112m, or 16%, to
USD 812m, mainly due to the third quarter of 2025 including the aforementioned releases. The cost / income ratio
increased to 62.7% from 58.2%. Loan volumes increased by 1% compared with the second quarter of 2026, to
USD 63.2bn, mainly driven by positive net new loan volumes of USD 0.9bn. Customer deposit volumes decreased
by 1% compared with the second quarter of 2026, to USD 108.2bn, mainly driven by net new deposit volume
outflows of USD 0.7bn and negative foreign currency effects. Net new asset inflows were USD 8.7bn.
Switzerland
Profit before tax increased by USD 57m to USD 480m. Total revenues increased by USD 81m, or 8%, to
USD 1,126m, mainly driven by increases of USD 44m in recurring net fee income and USD 38m in net interest
income. Operating expenses increased by USD 14m, or 2%, to USD 648m, mainly due to the third quarter of 2025
including releases of USD 71m related to the resolution of a legacy matter concerning cross-border business
activities in France. The cost / income ratio decreased to 57.6% from 60.7%. Loan volumes decreased by 3%
compared with the second quarter of 2026, to USD 108.4bn, mainly driven by negative foreign currency effects,
partly offset by positive net new loan volumes of USD 0.7bn. Customer deposit volumes decreased by 3% compared
with the second quarter of 2026, to USD 120.7bn, mainly driven by negative foreign currency effects and net new
deposit volume outflows of USD 1.9bn. Net new asset inflows were USD 12.1bn.
Divisional items
Operating loss before tax was USD 68m and included USD 157m of integration-related expenses and PPA effects
and a USD 10m fair value loss resulting from a strategic partnership, partly offset by USD 104m related to PPA
effects and other integration items.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Personal & Corporate Banking 22
Personal & Corporate Banking
Personal & Corporate Banking – in Swiss francs
As of or for the quarter ended
% change from
As of or year-to-date
CHF m, except where indicated
30.9.26
30.6.26
30.9.25
2Q26
3Q25
30.9.26
30.9.25
Results
Net interest income
Recurring net fee income
1,2
Transaction-based income
1,3
Other revenues
1,4
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Underlying results
Total revenues as reported
of which: PPA effects and other integration items
5
471
660
of which: PPA effects recognized in net interest income
425
598
of which: PPA effects and other integration items recognized in transaction-based income
45
62
of which: loss related to an investment in an associate
(90)
of which: items related to the Swisscard transactions
99
6
58
7
Total revenues (underlying)
1
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
1,8
369
668
of which: items related to the Swisscard transactions
164
9
Operating expenses (underlying)
1
of which: net expenses / (releases) for litigation, regulatory and similar matters
0
(29)
Business division operating profit / (loss) before tax as reported
Business division operating profit / (loss) before tax (underlying)
1
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Average attributed equity (CHF bn)
10
Return on attributed equity (%)
1,10
Net interest margin (bps)
1
Net new loans (CHF bn)
1
Loans, gross (CHF bn)
Net new deposits (CHF bn)
1
Customer deposits (CHF bn)
Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)
1,11
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Return on attributed equity (%)
1,10
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. Income related to certain card-related fees that was previously presented as transaction-based income has been presented as recurring
net fee income from the third quarter of 2026 onward. This change has been applied prospectively. 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. Income related to certain card-related fees that was previously presented as transaction-based income has been presented as recurring
net fee income from the third quarter of 2026 onward. These changes have 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) that has been excluded from underlying revenues. Refer to the “Recent developments” section of the UBS Group first quarter 2026 report, available under “Quarterly reporting” at ubs.com/investors,
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 third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Personal & Corporate Banking 23
Results
:
3Q26 vs 3Q25
Profit before tax increased by CHF 408m, or 80%, to CHF 915m, reflecting lower operating expenses and higher
total revenues, as well as lower net credit loss expenses. Underlying profit before tax was CHF 813m, an increase
of 22%, after excluding from total revenues CHF 142m of purchase price allocation (PPA) effects and other
integration items and excluding from operating expenses CHF 41m of integration-related expenses and PPA effects.
Total revenues
Total revenues increased by CHF 65m to CHF 1,929m, reflecting positive other revenues, compared with negative
other revenues in the prior-year quarter, and higher recurring net fee income, partly offset by lower net interest
income and transaction-based income. Excluding CHF 142m of PPA effects and other integration items, underlying
total revenues were CHF 1,787m, an increase of 4%.
Net interest income decreased by CHF 49m, or 4%, to CHF 1,071m, due to a CHF 71m decrease in accretion of
PPA adjustments on financial instruments and other PPA effects. Excluding PPA effects of CHF 130m, underlying
net interest income was CHF 942m, an increase of 2%, mainly reflecting higher loan revenues and deposit pricing
measures, partly offset by the impact of lower central bank interest rates on deposit revenues.
Recurring net fee income increased by CHF 30m, or 8%, to CHF 381m, driven by
an increase in custody and
mandate fees,
mainly reflecting positive market performance and net new inflows, as well as the effect from a
reclassification of certain card-related fees from transaction-based income to recurring net fee income from the
third quarter of 2026 onward.
Transaction-based income decreased by CHF 24m, or 5%, to CHF 439m and included an CHF 8m decrease in PPA
effects and other integration items. Excluding CHF 12m of PPA effects and other integration items, underlying
transaction-based income was CHF 427m, a decrease of 4%, reflecting the aforementioned reclassification, as well
as a reclassification of income related to certain financial instruments from transaction-based income to other
revenues from the fourth quarter of 2025 onward.
Other revenues were CHF 38m and included our share of net profits of an associate, as well as the effect from the
aforementioned reclassification. This compares with other revenues of negative CHF 70m in the third quarter of
2025, which included a net loss of CHF 81m related to an investment in an associate, which was excluded from
the underlying result.
Credit loss expense / release
Net credit loss expenses were CHF 27m, mainly reflecting net expenses of CHF 55m on credit-impaired positions
from a small number of corporate counterparties, partly offset by net releases on performing positions. Net credit
loss expenses were CHF 58m in the third quarter of 2025.
Operating expenses
Operating expenses decreased by CHF 312m, or 24%, to CHF 988m and included a CHF 261m decrease in
integration-related expenses. Excluding CHF 41m of integration-related expenses and PPA effects, underlying
operating expenses were CHF 947m, a decrease of 5%, reflecting cost savings, including those related to
integration synergies.
Results: 9M26 vs 9M25
Profit before tax increased by CHF 782m, or 48%, to CHF 2,400m, reflecting lower operating expenses and higher
total revenues, as well as lower net credit loss expenses. Underlying profit before tax was CHF 2,200m, an increase
of 21%. This underlying profit excludes from total revenues CHF 471m of PPA effects and other integration items,
and a gain of CHF 99m related to the Swisscard transactions; it also excludes from operating expenses CHF 369m
of integration-related expenses and PPA effects.
Total revenues increased by CHF 101m, or 2%, to CHF 5,854m, reflecting positive other revenues, compared with
negative other revenues in the prior-year period, partly offset by lower net interest income. Total revenues in the
first nine months of 2026 included CHF 471m of PPA effects and other integration items, as well as a gain of
CHF 126m related to the Swisscard transactions. Of this gain, CHF 99m has been excluded from the underlying
results and CHF 27m has been recognized as part of the underlying results. Excluding PPA effects and other
integration items and the aforementioned CHF 99m, underlying total revenues were CHF 5,284m, an increase of
CHF 159m, or 3%.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Personal & Corporate Banking 24
Net interest income decreased by CHF 161m, or 5%, to CHF 3,185m, reflecting a CHF 173m decrease in accretion
of PPA adjustments on financial instruments and other PPA effects. Excluding PPA effects of CHF 425m, underlying
net interest income was broadly stable at CHF 2,759m, as the impact of lower central bank interest rates on deposit
revenues was offset by deposit pricing measures and lower liquidity and funding costs.
Recurring net fee income increased by CHF 21m, or 2%, to CHF 1,087m, largely due to higher custody and
mandate fees, mainly reflecting positive market performance and net new inflows, partly offset by the first nine
months of 2025 including our share of Swisscard profit.
Transaction-based income was broadly stable at CHF 1,376m. Higher credit card revenues and increased shift and
referral fees were offset by the reclassification of income related to certain financial instruments from transaction-
based income to other revenues and by a CHF 17m decrease in PPA effects and other integration items. Excluding
CHF 45m of PPA effects and other integration items, underlying transaction-based income was CHF 1,331m, an
increase of 1%.
Other revenues were positive CHF 206m, compared with negative CHF 32m in the first nine months of 2025. The
first nine months of 2026 included a gain of CHF 126m related to the Swisscard transactions, of which CHF 99m
has been excluded from the underlying results, compared with a gain of CHF 58m in the first nine months of 2025.
Other revenues in the first nine months of 2025 included a net loss of CHF 90m related to an investment in an
associate. Excluding the aforementioned CHF 99m, underlying other revenues in the first nine months of 2026 were
CHF 107m, which mainly related to an investment in an associate and CHF 27m of deferred Swisscard revenues
related to the period in which the investment was classified as held for sale.
Net credit loss expenses were CHF 143m and mainly reflected net expenses on credit-impaired positions, which
primarily related to a small number of corporate counterparties. Net credit loss expenses in the prior-year period
were CHF 197m.
Operating expenses decreased by CHF 627m, or 16%, to CHF 3,311m, mainly driven by a CHF 295m decrease in
integration-related expenses and by a CHF 164m expense related to the Swisscard transactions in the first nine
months of 2025. Excluding CHF 369m of integration-related expenses and PPA effects, underlying operating
expenses were CHF 2,942m, a decrease of 5%, reflecting cost savings, including those related to integration
synergies.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Personal & Corporate Banking 25
Personal & Corporate Banking – in US dollars
As of or for the quarter ended
% change from
As of or year-to-date
USD m, except where indicated
30.9.26
30.6.26
30.9.25
2Q26
3Q25
30.9.26
30.9.25
Results
Net interest income
4,002
4,001
Recurring net fee income
1,2
1,365
1,274
Transaction-based income
1,3
1,731
1,643
Other revenues
1,4
263
(50)
Total revenues
7,361
6,868
Credit loss expense / (release)
180
239
Operating expenses
4,168
4,697
Business division operating profit / (loss) before tax
3,013
1,932
Underlying results
Total revenues as reported
7,361
6,868
of which: PPA effects and other integration items
5
593
790
of which: PPA effects recognized in net interest income
536
716
of which: PPA effects and other integration items recognized in transaction-based income
57
74
of which: loss related to an investment in an associate
(114)
of which: items related to the Swisscard transactions
128
6
64
7
Total revenues (underlying)
1
Credit loss expense / (release)
Operating expenses as reported
4,168
4,697
of which: integration-related expenses and PPA effects
1,8
470
808
of which: items related to the Swisscard transactions
180
9
Operating expenses (underlying)
1
3,698
3,709
of which: net expenses / (releases) for litigation, regulatory and similar matters
0
(37)
Business division operating profit / (loss) before tax as reported
Business division operating profit / (loss) before tax (underlying)
1
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Average attributed equity (USD bn)
10
Return on attributed equity (%)
1,10
Net interest margin (bps)
1
Net new loans (USD bn)
1
Loans, gross (USD bn)
Net new deposits (USD bn)
1
Customer deposits (USD bn)
Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)
1,11
1.3
1.2
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Return on attributed equity (%)
1,10
16.6
13.7
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 465m of net fee and commission income (second quarter of 2026: USD 453m; third quarter of 2025: USD 427m; nine-month period ended 30 September 2026: USD 1,365m;
nine-month period ended 30 September 2025: USD 1,215m) and USD 0m of other income (second quarter of 2026: USD 0m; third quarter of 2025: USD 11m; nine-month period ended 30 September 2026: USD 0m;
nine-month period ended 30 September 2025: USD 60m) for the purposes of the Group financial information or the Group financial statements, as applicable. Income related to certain card-related fees that was
previously presented as transaction-based income has been presented as recurring net fee income from the third quarter of 2026 onward. This change has been applied prospectively. 3 Consists of USD 338m of net
fee and commission income (second quarter of 2026: USD 343m; third quarter of 2025: USD 330m; nine-month period ended 30 September 2026: USD 1,076m; nine-month period ended 30 September 2025:
USD 957m), USD 200m of other net income from financial instruments measured at fair value through profit or loss (second quarter of 2026: USD 223m; third quarter of 2025: USD 246m; nine-month period ended
30 September 2026: USD 655m; nine-month period ended 30 September 2025: USD 680m), and USD 0m of other income (second quarter of 2026: USD 0m; third quarter of 2025: USD 0m; nine-month period ended
30 September 2026: USD 0m; nine-month period ended 30 September 2025: USD 6m) 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. Income related to certain card-related fees that was previously presented as transaction -based income has been presented as recurring net fee income from the third quarter of 2026 onward. These changes
have been applied prospectively. 4 Consists of USD 1m of other net income from financial instruments measured at fair value through profit or loss (second quarter of 2026: USD 16m; third quarter of 2025: negative
USD 15m; nine-month period ended 30 September 2026: USD 20m; nine-month period ended 30 September 2025: negative USD 42m) and USD 45m of other income (second quarter of 2026: USD 20m; third quarter
of 2025: negative USD 72m; nine-month period ended 30 September 2026: USD 243m; nine-month period ended 30 September 2025: negative 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. 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) that has been excluded from underlying revenues. Refer to the “Recent developments” section of the UBS Group first quarter 2026 report, available under “Quarterly
reporting” at ubs.com/investors, 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 third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Asset Management 26
Asset Management
Asset Management
As of or for the quarter ended
% change from
As of or year-to-date
USD m, except where indicated
30.9.26
30.6.26
30.9.25
2Q26
3Q25
30.9.26
30.9.25
Results
Net management fees
1,2
2,253
2,201
Performance fees
58
156
Net gain / (loss) from disposal
(3)
(1)
Total revenues
2,308
2,355
Credit loss expense / (release)
0
0
Operating expenses
1,606
1,848
Business division operating profit / (loss) before tax
702
507
Underlying results
Total revenues as reported
2,308
2,355
Total revenues (underlying)
1
2,308
2,355
Credit loss expense / (release)
0
0
Operating expenses as reported
1,606
1,848
of which: integration-related expenses
1
86
200
Operating expenses (underlying)
1
1,520
1,648
of which: net expenses / (releases) for litigation, regulatory and similar matters
0
0
Business division operating profit / (loss) before tax as reported
702
507
Business division operating profit / (loss) before tax (underlying)
1
788
707
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
38.4
29.4
Cost / income ratio (%)
1
69.6
78.5
Average attributed equity (USD bn)
3
2.4
2.5
Return on attributed equity (%)
1,3
39.1
26.9
Gross margin on invested assets (bps)
1
14
17
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
1
11.5
9.2
Cost / income ratio (%)
1
65.9
70.0
Return on attributed equity (%)
1,3
43.9
37.6
Information by business line / asset class
Net new money (USD bn)
1
Equities
4
4.3
2.7
Fixed Income
4
(2.5)
15.2
of which: money market
(8.5)
10.1
Multi-asset & Solutions
4
12.4
1.7
Alternatives
5
Total net new money excluding associates
14.9
24.0
of which: net new money excluding money market
23.5
13.8
Associates
6
0.3
(1.2)
Total net new money
15.3
22.8
Invested assets (USD bn)
1
Equities
4
994
873
Fixed Income
4
437
440
of which: money market
169
172
Multi-asset & Solutions
4
399
360
Alternatives
5
Total invested assets excluding associates
2,103
1,954
of which: passive strategies
1,129
992
Associates
6
98
89
Total invested assets
2,201
2,043
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Asset Management 27
Asset Management (continued)
As of or for the quarter ended
% change from
As of or year-to-date
USD m, except where indicated
30.9.26
30.6.26
30.9.25
2Q26
3Q25
30.9.26
30.9.25
Information by region
Invested assets (USD bn)
1
Americas
506
486
Asia Pacific
7
281
249
EMEA (excluding Switzerland)
596
519
Switzerland
818
789
Total invested assets
2,201
2,043
Information by channel
Invested assets (USD bn)
1
Third-party institutional
1,239
1,169
Third-party wholesale
237
200
UBS’s wealth management businesses
627
585
Associates
6
98
89
Total invested assets
2,201
2,043
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 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. For the third quarter of 2026, net management fees consisted of USD 14m of interest expense (second quarter of 2026: USD 15m; third quarter of
2025: USD 19m; nine-month period ended 30 September 2026: USD 42m; nine-month period ended 30 September 2025: USD 53m), USD 719m of recurring net fee and commission income (second quarter of 2026:
USD 701m; third quarter of 2025: USD 710m; nine-month period ended 30 September 2026: USD 2,139m; nine-month period ended 30 September 2025: USD 2,060m), USD 14m of transaction-based net fee and
commission income (second quarter of 2026: USD 12m; third quarter of 2025: USD 25m; nine-month period ended 30 September 2026: USD 31m; nine-month period ended 30 September 2025: USD 52m), USD 25m
of other net income from financial instruments measured at fair value through profit or loss (second quarter of 2026: USD 3m; third quarter of 2025: USD 10m; nine-month period ended 30 September 2026: USD 32m;
nine-month period ended 30 September 2025: USD 40m), and USD 23m of other income (second quarter of 2026: USD 30m; third quarter of 2025: USD 28m; nine-month period ended 30 September 2026: USD 93m;
nine-month period ended 30 September 2025: USD 102m) 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: 3Q26 vs 3Q25
Profit before tax increased by USD 53m, or 24%, to USD 271m, reflecting lower operating expenses, partly offset
by lower total revenues. Underlying profit before tax was USD 300m, an increase of 6%, after excluding integration-
related expenses of USD 28m.
Total revenues
Total revenues decreased by USD 63m, or 7%, to USD 780m, mainly due to lower performance fees, partly offset
by higher net management fees. The gross margin was 14 basis points.
Net management fees increased by USD 12m, or 2%, to USD 767m, mainly driven by higher average levels of
invested assets from positive market performance, largely offset by margin compression and lower transaction fees.
Net management fees of USD 767m included USD 1,005m of fund fee and commission income from investment
management activities, partly offset by related fee and commission expenses of USD 272m.
›
Refer to the “Recent developments” section of the UBS Group first quarter 2026 report for more information about
the sale of the O’Connor business
Performance fees decreased by USD 71m, or 82%, to USD 16m, mainly reflecting the effects from the O’Connor
business exit.
Operating expenses
Operating expenses decreased by USD 116m, or 19%, to USD 508m and included a USD 36m decrease in
integration-related expenses. Excluding integration-related expenses of USD 28m, underlying operating expenses
were USD 480m, a decrease of 14%, reflecting lower personnel and non-personnel expenses, and included the
effects from the O’Connor business exit.
Invested assets: 3Q26 vs 2Q26
Invested assets decreased by USD 27bn, or 1%, to USD 2,201bn, reflecting negative foreign currency effects of
USD 24bn, negative net new money of USD 5bn, partly offset by positive market performance of USD 3bn.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Asset Management 28
Invested assets: 3Q26 vs 3Q25
Invested assets increased by USD 158bn, or 8%, to USD 2,201bn, reflecting positive market performance of
USD 188bn and net new money of USD 23bn, partly offset by negative foreign currency effects of USD 44bn. The
fourth quarter of 2025 and the first quarter of 2026 together included a reduction of USD 9bn, reflecting the
effects from the O’Connor business exit.
Results: 9M26 vs 9M25
Profit before tax increased by USD 195m, or 38%, to USD 702m, reflecting lower operating expenses, partly offset
by lower total revenues. Underlying profit before tax was USD 788m, an increase of 11%, after excluding
integration-related expenses of USD 86m.
Total revenues decreased by USD 47m, or 2%, to USD 2,308m, mainly as higher net management fees were more
than offset by lower performance fees. The gross margin was 14 basis points.
Net management fees increased by USD 52m, or 2%, to USD 2,253m, mainly driven by higher average levels of
invested assets, primarily from positive market performance and positive foreign currency effects. This effect was
largely offset by the impact of the O’Connor business exit, margin compression, lower transaction fees and a
USD 13m loss related to the revaluation of an infrastructure fund co-investment. Net management fees of
USD 2,253m included USD 2,976m of fund fee and commission income from investment management activities,
partly offset by related fee and commission expenses of USD 807m.
Performance fees decreased by USD 98m, or 63%, to USD 58m, mainly reflecting the effects from the O’Connor
business exit.
Operating expenses decreased by USD 242m, or 13%, to USD 1,606m and included a USD 114m decrease in
integration-related expenses. Excluding integration-related expenses of USD 86m, underlying operating expenses
were USD 1,520m, a decrease of 8%, reflecting lower non-personnel and personnel expenses, and included the
effects from the O’Connor business exit.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Investment Bank 29
Investment Bank
Investment Bank
As of or for the quarter ended
% change from
As of or year-to-date
USD m, except where indicated
30.9.26
30.6.26
30.9.25
2Q26
3Q25
30.9.26
30.9.25
Results
Advisory
603
738
Capital Markets
1,613
1,710
Global Banking
2,216
2,447
Execution Services
2,124
1,578
Derivatives & Solutions
4,011
3,364
Financing
2,668
2,005
Global Markets
8,803
6,946
of which: Equities
6,816
5,077
of which: Foreign Exchange, Rates and Credit
1,987
1,869
Total revenues
11,019
9,393
Credit loss expense / (release)
140
100
Operating expenses
7,686
7,115
Business division operating profit / (loss) before tax
3,193
2,179
Underlying results
Total revenues as reported
11,019
9,393
of which: PPA effects and other integration items
1
115
509
of which: PPA effects
115
381
of which: PPA effects recognized in the Global Banking revenue line
120
404
of which: other integration items
2
128
Total revenues (underlying)
3
10,905
8,884
Credit loss expense / (release)
140
100
Operating expenses as reported
7,686
7,115
of which: integration-related expenses
3
153
339
Operating expenses (underlying)
3
7,533
6,776
of which: net expenses / (releases) for litigation, regulatory and similar matters
57
35
Business division operating profit / (loss) before tax as reported
3,193
2,179
Business division operating profit / (loss) before tax (underlying)
3
3,231
2,009
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
3
46.5
51.6
Cost / income ratio (%)
3
69.8
75.7
Average attributed equity (USD bn)
4
19.5
18.2
Return on attributed equity (%)
3,4
21.8
16.0
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
3
60.8
68.4
Cost / income ratio (%)
3
69.1
76.3
Return on attributed equity (%)
3,4
22.1
14.7
1 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 2 Represents the gain from the sale of a stake
in a subsidiary, Credit Suisse Securities (China) Limited. 3 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 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 Refer to “Equity attribution” in this report for more information about the equity attribution framework.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Investment Bank 30
Results: 3Q26 vs 3Q25
Profit before tax decreased by USD 62m, or 7%, to USD 838m, mainly due to the third quarter of 2025 including
a gain of USD 128m from the sale of a stake in a subsidiary, Credit Suisse Securities (China) Limited (CSS), and also
due to higher operating expenses. Underlying profit before tax increased by USD 67m, or 9%, to USD 854m, mainly
reflecting higher underlying total revenues, partly offset by higher underlying operating expenses.
Total revenues
Total revenues decreased by USD 5m to USD 3,239m, due to lower revenues in Global Banking, almost entirely
offset by higher revenues in Global Markets, and included a USD 198m decrease in PPA effects and other integration
items, which included the aforementioned gain of USD 128m from the sale of a stake in CSS in the third quarter
of 2025. Excluding USD 21m of PPA effects and other integration items, underlying total revenues were
USD 3,218m, an increase of 6%.
Global Banking
Global Banking revenues decreased by USD 364m, or 34%, to USD 692m and included a USD 74m decrease in
accretion of PPA adjustments on financial instruments and other PPA effects. Revenues in the prior-year quarter
included the aforementioned integration-related gain from the sale of a stake in CSS. Excluding PPA effects and
other integration items, underlying Global Banking revenues were USD 670m, a decrease of 21%.
Advisory revenues decreased by USD 143m, or 44%, to USD 181m, mainly due to lower merger and acquisition
transaction revenues.
Capital Markets revenues decreased by USD 221m, or 30%, to USD 511m and included the aforementioned
USD 74m decrease in accretion of PPA adjustments on financial instruments and other PPA effects. Revenues in the
prior-year quarter included the aforementioned integration-related gain from the sale of a stake in CSS. Excluding
this gain and such accretion and other effects, underlying Capital Markets revenues decreased by USD 32m, or 6%,
mainly due to lower Leveraged Capital Markets revenues, partly offset by higher Equity Capital Markets and Debt
Capital Markets revenues.
Global Markets
Global Markets revenues increased by USD 359m, or 16%, to USD 2,546m, driven by higher Financing, Execution
Services and Derivatives & Solutions revenues.
Execution Services revenues increased by USD 104m, or 18%, to USD 664m, mainly driven by higher Cash Equities
revenues, particularly in the Asia Pacific region, reflecting higher volumes.
Derivatives & Solutions revenues increased by USD 39m, or 4%, to USD 996m, mainly driven by Equity Derivatives
and Foreign Exchange revenues, due to higher levels of client activity, and by a gain on a strategic equity investment,
partly offset by lower Rates revenues.
Financing revenues increased by USD 216m, or 32%, to USD 887m, mainly in Prime Brokerage, supported by higher
client balances.
Equities
Global Markets Equities revenues increased by USD 355m, or 21%, to USD 2,006m, mainly driven by higher
revenues in Prime Brokerage, Cash Equities and Equity Derivatives.
Foreign Exchange, Rates and Credit
Global Markets Foreign Exchange, Rates and Credit revenues increased by USD 4m, or 1%, to USD 540m, which
included higher Foreign Exchange revenues, the aforementioned gain on a strategic equity investment and lower
Rates revenues.
Credit loss expense / release
Net credit loss expenses were USD 30m, mostly reflecting net expenses on credit-impaired positions, which primarily
related to a small number of corporate counterparties. Net credit loss expenses were USD 17m in the third quarter
of 2025.
Operating expenses
Operating expenses increased by USD 44m, or 2%, to USD 2,371m and included a USD 69m decrease in
integration-related expenses. Excluding integration-related expenses of USD 37m, underlying operating expenses
were USD 2,334m, an increase of 5%, mainly due to higher non-personnel expenses.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Investment Bank 31
Results: 9M26 vs 9M25
Profit before tax increased by USD 1,014m, or 47%, to USD 3,193m, due to higher total revenues, partly offset by
higher operating expenses and net credit loss expenses. Underlying profit before tax was USD 3,231m, an increase
of 61%, after excluding from operating expenses USD 153m of integration-related expenses and excluding from
total revenues USD 115m of PPA effects and other integration items.
Total revenues increased by USD 1,626m, or 17%, to USD 11,019m, due to higher revenues in Global Markets and
underlying revenues in Global Banking, partly offset by a USD 394m decrease in PPA effects and other integration
items, which included the aforementioned USD 128m gain from the sale of a stake in CSS in the prior-year period.
Excluding USD 115m of PPA effects and other integration items, underlying total revenues were USD 10,905m, an
increase of 23%.
Global Banking revenues decreased by USD 231m, or 9%, to USD 2,216m and included a USD 284m decrease in
accretion of PPA adjustments on financial instruments and other PPA effects. Revenues in the prior-year period
included the aforementioned integration-related gain from the sale of a stake in CSS. Excluding PPA effects and
other integration items, underlying Global Banking revenues were USD 2,096m, an increase of 9%.
Advisory revenues decreased by USD 135m, or 18%, to USD 603m, mainly due to lower merger and acquisition
transaction revenues.
Capital Markets revenues decreased by USD 97m, or 6%, to USD 1,613m and included the aforementioned
USD 284m decrease in accretion of PPA adjustments on financial instruments and other PPA effects. Revenues in
the prior-year period included the aforementioned integration-related gain from the sale of a stake in CSS. Excluding
this gain and such accretion and other effects, underlying Capital Markets revenues increased by USD 302m, or
25%, mainly due to higher Equity Capital Markets and Debt Capital Markets revenues.
Global Markets revenues increased by USD 1,857m, or 27%, to USD 8,803m, driven by higher Financing,
Derivatives & Solutions and Execution Services revenues.
Execution Services revenues increased by USD 546m, or 35%, to USD 2,124m, mainly driven by higher Cash
Equities revenues, particularly in the Asia Pacific region, reflecting higher volumes.
Derivatives & Solutions revenues increased by USD 647m, or 19%, to USD 4,011m, mainly driven by Equity
Derivatives and Foreign Exchange revenues, due to higher levels of client activity, partly offset by lower Rates
revenues.
Financing revenues increased by USD 663m, or 33%, to USD 2,668m, mainly in Prime Brokerage, supported by
higher client balances.
Equities
Global Markets Equities revenues increased by USD 1,739m, or 34%, to USD 6,816m, mainly driven by higher
revenues in Cash Equities, Equity Derivatives and Prime Brokerage.
Foreign Exchange, Rates and Credit
Global Markets Foreign Exchange, Rates and Credit revenues increased by USD 118m, or 6%, to USD 1,987m,
mainly driven by higher Foreign Exchange revenues, partly offset by lower Rates revenues, and included the
aforementioned gain on a strategic equity investment.
Net credit loss expenses were USD 140m, compared with net credit loss expenses of USD 100m in the first nine
months of 2025. Net expenses on performing positions were largely due to post-model adjustments in the
corporate lending portfolio, reflecting 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 in the first quarter of 2026 following the repayment of a corporate lending exposure.
Operating expenses increased by USD 571m, or 8%, to USD 7,686m and included a USD 186m decrease in
integration-related expenses. Excluding integration-related expenses of USD 153m, underlying operating expenses
were USD 7,533m, an increase of 11%, mainly due to higher personnel expenses.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Non-core and Legacy 32
Non-core and Legacy
Non-core and Legacy
As of or for the quarter ended
% change from
As of or year-to-date
USD m, except where indicated
30.9.26
30.6.26
30.9.25
2Q26
3Q25
30.9.26
30.9.25
Results
Total revenues
798
162
Credit loss expense / (release)
(36)
11
Operating expenses
1,009
894
Operating profit / (loss) before tax
(175)
(744)
Underlying results
Total revenues as reported
of which: other integration items
1
Total revenues (underlying)
2
798
159
Credit loss expense / (release)
(36)
11
Operating expenses as reported
of which: integration-related expenses
2
Operating expenses (underlying)
2
of which: net expenses / (releases) for litigation, regulatory and similar matters
Operating profit / (loss) before tax as reported
(175)
(744)
Operating profit / (loss) before tax (underlying)
2
211
(98)
Performance measures and other information
Average attributed equity (USD bn)
3
Risk-weighted assets (USD bn)
Leverage ratio denominator (USD bn)
13.5
25.6
1 Includes 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.
Composition of Non-core and Legacy
Total assets
RWA
LRD
USD bn
30.9.26
30.6.26
30.9.26
30.6.26
30.9.26
30.6.26
Exposure category
Macro
Securitized products
High-quality liquid assets
Operational risk
Other
Total
Results: 3Q26 vs 3Q25
Profit before tax was USD 183m, compared with a loss before tax of USD 102m. Underlying profit before tax was
USD 360m, after excluding USD 177m of integration-related expenses, compared with an underlying profit before
tax of USD 102m.
Total revenues
Total revenues were USD 764m, compared with total revenues of negative USD 40m, primarily reflecting a net gain
of USD 697m related to the settlements of certain legacy legal matters, as well as lower liquidity and funding costs
as a result of a smaller portfolio.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Non-core and Legacy 33
Credit loss expense / release
Net credit loss expenses were USD 38m, reflecting net expenses on credit-impaired positions, compared with net
credit loss expenses of USD 6m in the third quarter of 2025.
Operating expenses
Operating expenses were USD 544m, an increase of USD 488m, and included a USD 28m decrease in integration-
related expenses. The increase in operating expenses mainly reflected USD 275m net expenses for litigation,
regulatory and similar matters (compared with USD 440m net releases in the third quarter of 2025), partly offset
by lower professional fees, technology costs and personnel expenses. Excluding integration-related expenses of
USD 177m, underlying operating expenses were USD 366m.
Risk-weighted assets and leverage ratio denominator: 3Q26 vs 2Q26
Risk-weighted assets decreased by USD 0.4bn to USD 27.3bn, mostly due to decreases in the macro and loan
portfolios. The leverage ratio denominator decreased by USD 0.3bn to USD 13.5bn, mainly driven by reductions in
high-quality liquid assets and the securitized product portfolio, partly offset by the settlements of certain legacy
legal matters.
Results: 9M26 vs 9M25
Loss before tax was USD 175m, compared with a loss before tax of USD 744m. Underlying profit before tax was
USD 211m, after excluding integration-related expenses of USD 386m, compared with an underlying loss before
tax of USD 98m.
Total revenues were USD 798m, an increase of USD 636m, primarily reflecting a net gain of USD 697m related to
the settlements of certain legacy legal matters, as well as lower liquidity and funding costs as a result of a smaller
portfolio. Total revenues in the first nine months of 2025 included a gain of USD 97m from the sale of Select
Portfolio Servicing, the US mortgage servicing business of Credit Suisse.
Net credit loss releases were USD 36m, predominantly driven by an USD 85m release in the first quarter of 2026
following the repayment of a corporate lending exposure, partly offset by net expenses on credit-impaired positions.
Net credit loss expenses were USD 11m in the first nine months of 2025.
Operating expenses increased by USD 115m, or 13%, to USD 1,009m and included a USD 262m decrease in
integration-related expenses. The increase in operating expenses mainly reflected USD 290m net expenses for
litigation, regulatory and similar matters (compared with USD 868m net releases in the prior-year period), partly
offset by lower technology costs, premises and facilities costs, professional fees, personnel expenses, and operations
costs. Excluding integration-related expenses of USD 386m, underlying operating expenses were USD 623m.
UBS Group third quarter 2026 report |
UBS Group performance, business divisions and Group Items | Group Items 34
Group Items
Group Items
For the quarter ended
% change from
Year-to-date
USD m
30.9.26
30.6.26
30.9.25
2Q26
3Q25
30.9.26
30.9.25
Results
Total revenues
(1,412)
(614)
Credit loss expense / (release)
3
(1)
Operating expenses
(110)
25
Operating profit / (loss) before tax
Underlying results
Total revenues as reported
(1,412)
(614)
of which: PPA effects and other integration items
1
2
(264)
2
81
Total revenues (underlying)
3
(1,148)
(696)
Credit loss expense / (release)
3
(1)
Operating expenses as reported
(110)
25
of which: integration-related expenses
3
59
19
Operating expenses (underlying)
3
(169)
6
of which: net expenses / (releases) for litigation, regulatory and similar matters
7
74
Operating profit / (loss) before tax as reported
(1,305)
(638)
Operating profit / (loss) before tax (underlying)
3
(982)
(701)
1
Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 2 Includes a USD
346m 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 587m before PPA adjustments, partly offset by a USD
241m
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: 3Q26 vs 3Q25
Loss before tax was USD 740m, compared with a loss of USD 173m in the third quarter of 2025. The change in the
result between the quarters was mainly driven by a net loss of USD 346m from the repurchase of legacy Credit
Suisse debt instruments, which included the release of purchase price allocation (PPA) adjustments of USD 241m,
and mark-to-market losses from Group hedging and own debt, including hedge accounting ineffectiveness.
Underlying loss before tax was USD 403m, after excluding from total revenues negative USD 337m of PPA effects
and other integration items, which included the aforementioned net loss of USD 346m. This compared with an
underlying loss before tax of USD 187m in the third quarter of 2025.
Underlying income from Group hedging and own debt, including hedge accounting ineffectiveness, was net
negative USD 265m, compared with net negative underlying income of USD 9m in the third quarter of 2025. The
losses in the third quarter of 2026 were driven by mark-to-market effects on economic hedges for accrual-
accounted balance-sheet positions and valuation effects on callable own debt, mainly due to the sharp rise in
US dollar interest rates.
Results: 9M26 vs 9M25
Loss before tax was USD 1,305m, mainly driven by mark-to-market losses from Group hedging and own debt,
including hedge accounting ineffectiveness, and by a net loss of USD 346m from the repurchase of legacy Credit
Suisse debt instruments, which included the release of PPA adjustments of USD 241m. The USD 667m increase in
loss before tax between the periods was largely due to the increase in the aforementioned mark-to-market losses
and a net loss from the debt repurchase, partly offset by lower net expenses for litigation, regulatory and similar
matters.
Underlying loss before tax was USD 982m, after excluding from total revenues negative USD 264m of PPA effects
and other integration items, which included the aforementioned net loss of USD 346m, and also excluding from
operating expenses USD 59m of integration-related expenses. This compared with an underlying loss before tax of
USD 701m in the first nine months of 2025.
Underlying income from Group hedging and own debt, including hedge accounting ineffectiveness, was net
negative USD 621m, compared with net negative underlying income of USD 169m. The losses in the first nine
months of 2026 were mainly driven by portfolio hedges on equity and credit risks, valuation effects on callable own
debt, and mark-to-market effects on economic hedges for accrual-accounted balance-sheet positions.
UBS Group third quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet 35
Risk, capital, liquidity and
funding, and balance sheet
Management report
Table of contents
36
Risk management and control
36
Credit risk
37
Market risk
38
Country risk
39
Non-financial risk
40
Capital management
41
Total loss-absorbing capacity
45
Risk-weighted assets
47
Leverage ratio denominator
48
Equity attribution
49
Liquidity and funding management
49
Strategy, objectives and governance
49
Liquidity coverage ratio
49
Net stable funding ratio
50
Balance sheet and off-balance sheet
50
Balance sheet assets
50
Balance sheet liabilities
51
Equity
52
Off-balance sheet
52
Share information and earnings per share
UBS Group third quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 36
Risk management and control
This section provides information about key developments during the reporting period and should be read in
conjunction with the “Risk management and control” section of the UBS Group Annual Report 2025, available
under “Annual reporting” at
ubs.com/investors
, and the “Recent developments” section of this report for more
information about the integration of Credit Suisse.
Credit risk
Overall banking products exposure
Overall banking products exposure was USD 1,073.6bn as of 30 September 2026, a decrease of USD 31.4bn
compared with 30 June 2026. The decrease was mainly due to decreases in balances at central banks, loans and
advances to customers and irrevocable loan commitments.
›
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
30.9.26
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
of which: loans and advances to customers (on-balance sheet)
of which: guarantees and irrevocable loan commitments (off-balance sheet)
Committed unconditionally revocable credit lines
3
Total credit-impaired exposure, gross
1
of which: stage 3
of which: PCI
Total allowances and provisions for expected credit losses
of which: stage 1
of which: stage 2
of which: stage 3
of which: PCI
30.6.26
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
of which: loans and advances to customers (on-balance sheet)
of which: guarantees and irrevocable loan commitments (off-balance sheet)
Committed unconditionally revocable credit lines
3
Total credit-impaired exposure, gross
1
of which: stage 3
of which: PCI
Total allowances and provisions for expected credit losses
of which: stage 1
of which: stage 2
of which: stage 3
of which: PCI
1 IFRS 9 gross exposure for banking products includes the following financial instruments 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 4.5bn
compared with 30 June 2026, to USD 12.4bn as of 30 September 2026, driven mainly by new mandated deals,
partly offset by deal syndications and cancellations. As of 30 September 2026, USD 0.6bn 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 third quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 37
Market risk
Average management value-at-risk (VaR) (1-day, 95% confidence level) in the third quarter of 2026 was stable at
USD 21m compared with the second 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
1
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
Total for the quarter ended 30.9.26
Total for the quarter ended 30.6.26
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 45.2m as of 30 September 2026, compared with negative USD 46.0m as of 30 June
2026. This excluded the sensitivity of USD 9.2m 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 decrease of the EVE sensitivity (as per FINMA requirements) in the third quarter
of 2026 was predominantly driven by higher US dollar interest rates.
The majority of our interest rate risk in the banking book (IRRBB) as of 30 September 2026 was a reflection of the
net asset duration that we ran to offset our modeled sensitivity of net USD 31.8m (30 June 2026: USD 33.3m)
assigned to our equity, goodwill and real estate, with the aim of generating a stable net interest income
contribution. Of this, USD 18.7m and USD 11.2m were attributable to the US dollar and the Swiss franc portfolios,
respectively, (30 June 2026: USD 19.6m and USD 11.8m, 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
30 September 2026 and would have resulted in a change in EVE of negative USD 8.3bn, or 8.7% of our tier 1
capital (30 June 2026: negative USD 8.6bn, or 9.0%), which is well below the 15% threshold as per the BCBS
supervisory outlier test for high levels of IRRBB.
The immediate effect on our tier 1 capital in the “Parallel up” scenario as of 30 September 2026 would have been
a decrease of approximately USD 1.2bn, or 1.3%, in our tier 1 capital (30 June 2026: USD 1.1bn, or 1.1%),
reflecting the fact that the vast majority of our banking book is accrual accounted or subject to hedge accounting.
The “Parallel up” scenario would subsequently have a positive effect on net interest income, assuming a constant
balance sheet.
As the overall interest rate risk sensitivity shows a greater impact from slower asset repricing compared with faster
liabilities repricing, the “Parallel down” scenario was the most beneficial as of 30 September 2026 and would have
resulted in a change in EVE of positive USD 8.6bn (30 June 2026: positive USD 8.6bn) 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
UBS Group third quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 38
Interest rate risk – banking book
30.9.26
USD m
Effect on EVE
1
Effect on EVE
1
Scenarios
CHF
EUR
GBP
USD
Other
Total
Additional tier 1
capital instruments
Total
+1 bp
Parallel up
2
Parallel down
2
Steepener
3
Flattener
4
Short-term up
5
Short-term down
6
30.6.26
USD m
Effect on EVE
1
Effect on EVE
1
Scenarios
CHF
EUR
GBP
USD
Other
Total
Additional tier 1
capital instruments
Total
+1 bp
Parallel up
2
Parallel down
2
Steepener
3
Flattener
4
Short-term up
5
Short-term down
6
1 Economic value of equity. 2 Rates across all tenors move by ±150 bps for Swiss franc, ±200 bps for euro and US dollar, and ±250 bps for pound sterling. 3 Short-term rates decrease and long-term rates
increase. 4 Short-term rates increase and long-term rates decrease. 5 Short-term rates increase more than long-term rates. 6 Short-term rates decrease more than long-term rates.
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 30 September
2026, our direct exposure to Israel was less than USD 0.5bn, and our direct exposure to Gulf Cooperation Council
countries was less than USD 5bn, while our direct exposure to Egypt and Jordan was limited, and we had no direct
exposure to Iran, Iraq, Lebanon or Syria. Our direct exposure to Russia as of 30 September 2026 was less than
USD 0.5bn, and our direct exposure to Belarus and Ukraine remained immaterial. As of 30 September 2026, our
exposure to emerging-market countries was less than 10% of our total country exposure and mainly to countries
in Asia.
In the third quarter of 2026, energy prices remained elevated, particularly due to the impact of the conflicts in the
Middle East, and are increasingly contributing to global inflation. Against this backdrop, major central banks have
adopted a more cautious policy stance. Expectations of higher rates and fiscal concerns have contributed to a sharp
rise in long-dated government bond yields across major economies, particularly in France. Growth momentum in
China improved slightly in the third quarter of 2026, after a weak second quarter, but concerns remain regarding
the property sector, strains on local government finances and the outcome of trade negotiations with the US,
despite a temporary agreement to halt trade disputes until early 2027.
›
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 third quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 39
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 emphasize areas such as investment suitability, market conduct, product governance, cross-
divisional service offerings, quality of advice and price transparency. These remain key focus areas for UBS and the
wider financial sector. Cross-border risk continues to be an area of regulatory attention for global financial
institutions, including a focus on market access, such as third-country market access to the European Economic
Area. We maintain a series of controls designed to address these risks.
Regulatory fragmentation, particularly that related to environmental, social and governance topics, and the risk of
greenwashing also remain areas of 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.
An effective financial crime prevention framework therefore remains essential. We continue to focus on
enhancements to our global anti-money-laundering, know-your-client and sanctions frameworks and have made
significant investments to strengthen such 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
Cyber-related risk remains elevated due to significant advances in artificial intelligence (AI)-enabled cyber techniques
(including those emerging from frontier AI models), reflecting a dynamic and sophisticated threat environment. We
remain on heightened alert and continue to enhance our technology infrastructure, security governance,
monitoring, detection, response and recovery capabilities.
Third-party risks remain elevated due to persistent cyber threats and supply chain dependencies supporting the
delivery of critical services. The evolving threat landscape and increasing technological sophistication continue to
drive enhancements to the third-party risk management framework to address emerging risks.
The increasing use of data-driven processes and forms of AI, including generative AI and machine learning,
continues to introduce operational risk considerations relating to data life-cycle management, data quality, model
risk, data ethics, privacy, security, and third-party risk. We have established an AI framework and policy, including
risk appetite metrics and controls to support the mitigation of these risks. We will continue to refine the framework
as AI tooling evolves.
UBS Group third quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 40
Capital management
The disclosures in this section are provided for UBS Group AG on a consolidated basis and focus on key
developments during the reporting period and information in accordance with the Basel III framework, as applicable
to Swiss systemically relevant banks (SRBs). They should be read in conjunction with the “Capital management”
section of the UBS Group Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, which
provides more information about our capital management objectives, planning and activities, as well as the Swiss
SRB total loss-absorbing capacity (TLAC) framework.
In Switzerland, the amendments to the Capital Adequacy Ordinance (the CAO) that incorporate the final Basel III
standards into Swiss law, including the new ordinances containing the implementing provisions for the revised CAO,
entered into force on 1 January 2025.
UBS Group AG is a holding company conducting substantially all of its operations through UBS AG and subsidiaries
thereof. UBS Group AG and UBS AG contribute a significant portion of their respective capital 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 30 September 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 third quarter 2026 report, available under “Quarterly reporting” at
ubs.com/investors
, for more
information about capital and other regulatory information for UBS AG consolidated, in accordance with the Basel III
framework, as applicable to Swiss SRBs
We are subject to the going and gone concern requirements of the Swiss CAO, which include additional
requirements applicable to Swiss SRBs. The table below provides the risk-weighted asset (RWA)- and leverage ratio
denominator (LRD)-based requirements and information as of 30 September 2026.
UBS Group third quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 41
Swiss SRB going and gone concern requirements and information
As of 30.9.26
RWA
LRD
USD m, except where indicated
in %
in %
Required going concern capital
Total going concern capital
1
1
Common equity tier 1 capital
2
3
of which: minimum capital
of which: buffer capital
of which: countercyclical buffer
Maximum additional tier 1 capital
2
of which: additional tier 1 capital
of which: additional tier 1 buffer capital
Eligible going concern capital
Total going concern capital
Common equity tier 1 capital
Total loss-absorbing additional tier 1 capital
4
of which: high-trigger loss-absorbing additional tier 1 capital
Required gone concern capital
Total gone concern loss-absorbing capacity
5,6,7
8
8
of which: base requirement including add-ons for market share and LRD
Eligible gone concern capital
Total gone concern loss-absorbing capacity
9
TLAC-eligible senior unsecured debt
Total loss-absorbing capacity
Required total loss-absorbing capacity
Eligible total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
1 Includes applicable add-ons of 1.88% for risk-weighted assets (RWA) and 0.58% for leverage ratio denominator (LRD). For the RWA-based requirement the add-on includes 0.86% for market share, 0.79% for LRD
and 0.22% reflecting a Pillar 2 capital add-on for the residual exposure (after collateral mitigation) to hedge funds, private equity and family offices, effective 1 January 2025. For the LRD-based requirement the add-
on includes 0.30% for market share and 0.28% for LRD. 2 Includes the Pillar 2 add-on for the residual exposure (after collateral mitigation) to hedge funds, private equity and family offices of 0.16% for CET1 capital
and 0.07% for AT1 capital, effective 1 January 2025. For AT1 capital under Pillar 1 requirements a maximum of 4.3% of AT1 capital can be used to meet going concern requirements; 4.37% includes the aforementioned
Pillar 2 capital add-on. 3 Our CET1 leverage ratio requirement of 3.58% consists of a 1.5% base requirement, a 1.5% base buffer capital requirement, a 0.28% LRD add-on requirement and a 0.30% market share
add-on requirement based on our Swiss credit business. 4 UBS meets its minimum going concern capital requirements with CET1 capital and AT1 capital. As UBS exceeds its minimum going concern requirements,
the actual available and eligible AT1 capital is above the AT1 capital used to meet the minimum requirements (which is capped at 4.37% as explained in footnote 2 above). 5 A maximum of 25% of the gone concern
requirements can be met with instruments that have a remaining maturity of between one and two years. Once at least 75% of the minimum gone concern requirement has been met with instruments that have a
remaining maturity of greater than two years, all instruments that have a remaining maturity of between one and two years remain eligible to be included in the total gone concern capital. 6 Systemically important
banks (SIBs) are subject to base gone concern capital requirements equivalent to 75% of the total going concern requirements (excluding countercyclical buffer requirements and the Pillar 2 add-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 the LRD for UBS Group AG consolidated have increased 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 over the phase-in period,
which 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. As of 1 January 2026, the applicable add-ons for
RWA-based requirements were 0.86% for increased market share (1.44% on a fully applied basis) and 0.79% for
higher LRD (1.08% on a fully applied basis) and the add-ons for the LRD-based requirements were 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 30 September 2026, the phase-in of the higher 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.
Total loss-absorbing capacity
The table below provides Swiss SRB going and gone concern information based on the Swiss SRB framework and
requirements that are discussed in the “Capital management” section of the UBS Group Annual Report 2025,
available under “Annual reporting” at
ubs.com/investors
.
UBS Group third quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 42
Swiss SRB going and gone concern information
USD m, except where indicated
30.9.26
30.6.26
31.12.25
Eligible going concern capital
Total going concern capital
Total tier 1 capital
Common equity tier 1 capital
Total loss-absorbing additional tier 1 capital
of which: high-trigger loss-absorbing additional tier 1 capital
Eligible gone concern capital
Total gone concern loss-absorbing capacity
1
TLAC-eligible senior unsecured debt
Total loss-absorbing capacity
Total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
of which: common equity tier 1 capital ratio
Gone concern loss-absorbing capacity ratio
Total loss-absorbing capacity ratio
Leverage ratios (%)
Going concern leverage ratio
of which: common equity tier 1 leverage ratio
Gone concern leverage ratio
Total loss-absorbing capacity leverage ratio
1 Includes an add-back of 45% of unrealized gains from financial assets measured at fair value through other comprehensive income. Such gains do not qualify as CET1 capital, but 45% of these gains can be
recognized as gone concern capital.
Total loss-absorbing capacity and movement
Our TLAC decreased by USD 6.9bn to USD 186.7bn in the third quarter of 2026.
Going concern capital and movement
Our going concern capital decreased by USD 0.1bn to USD 95.9bn. Our common equity tier 1 (CET1) capital
increased by USD 0.7bn to USD 73.1bn, mainly reflecting operating profit before tax of USD 3.6bn, partly offset by
dividend accruals of USD 0.9bn, negative foreign currency translation effects of USD 0.7bn, a USD 0.7bn negative
effect from compensation- and own-share-related capital components, and current tax expenses of USD 0.6bn.
Share repurchases of USD 1.8bn made under our 2026 share repurchase programs in the third quarter of 2026 did
not affect our CET1 capital position, as there was an identical reduction in the existing 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 decreased by USD 0.7bn to USD 22.8bn, reflecting negative
impacts from interest rate risk hedge, foreign currency translation and other effects.
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
(excluding Deferred Contingent Capital Plan awards) are, upon the occurrence of a trigger event or a viability event,
subject to conversion into UBS Group AG ordinary shares rather than a write-down. AT1 capital instruments issued
prior to the fourth quarter of 2023 remain subject to a write-down.
Gone concern loss-absorbing capacity and movement
Our total gone concern loss-absorbing capacity decreased by USD 6.9bn to USD 90.8bn and largely reflected
USD 90.8bn of TLAC-eligible senior unsecured debt instruments. The decrease was mainly driven by USD 9.7bn of
TLAC-eligible senior unsecured debt instruments (USD 9.8bn in notional amount) that we repurchased in September
2026, the redemption of TLAC-eligible senior unsecured debt instruments for the equivalent of USD 4.7bn and
negative impacts from interest rate risk hedge, foreign currency translation and other effects. These decreases were
partly offset by new issuances of TLAC-eligible senior unsecured debt instruments totaling the equivalent of
USD 11.1bn.
›
Refer to “Bondholder information” at
for more information about the eligibility of capital and
senior unsecured debt instruments and about key features and terms and conditions of capital instruments
UBS Group third quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 43
Loss-absorbing capacity and leverage ratios
Our CET1 capital ratio increased to 14.7% from 14.4%, reflecting a USD 7.8bn decrease in RWA and the
aforementioned USD 0.7bn increase in CET1 capital.
›
Refer to “Risk-weighted assets” in this section for more information about RWA movements
Our CET1 leverage ratio increased to 4.6% from 4.4%, reflecting a USD 58.6bn decrease in the LRD and the
aforementioned USD 0.7bn increase in CET1 capital.
›
Refer to “Leverage ratio denominator” in this section for more information about LRD movements
Our going concern capital ratio increased to 19.3% from 19.0%, driven by the aforementioned decrease in RWA,
partly offset by a USD 0.1bn decrease in going concern capital.
Our going concern leverage ratio increased to 6.0% from 5.8%, driven by the aforementioned decrease in the LRD,
partly offset by a USD 0.1bn decrease in going concern capital.
Our gone concern loss-absorbing capacity ratio decreased to 18.3% from 19.4%, reflecting a USD 6.9bn decrease
in gone concern loss-absorbing capacity, partly offset by the aforementioned decrease in RWA.
Our gone concern leverage ratio decreased to 5.7% from 5.9%, reflecting a USD 6.9bn decrease in gone concern
loss-absorbing capacity, partly offset by the aforementioned decrease in the LRD.
Swiss SRB total loss-absorbing capacity movement
USD m
Going concern capital
Swiss SRB
Common equity tier 1 capital as of 30.6.26
Operating profit / (loss) before tax
Current tax (expense) / benefit
Foreign currency translation effects, before tax
Compensation- and own-share-related capital components
Share repurchase program
Capital reserve for expected future share repurchases in 2026 / 2027
Accruals for expected dividends to shareholders for 2026
Other
Common equity tier 1 capital as of 30.9.26
Loss-absorbing additional tier 1 capital as of 30.6.26
Interest rate risk hedge, foreign currency translation and other effects
Loss-absorbing additional tier 1 capital as of 30.9.26
Total going concern capital as of 30.6.26
Total going concern capital as of 30.9.26
Gone concern loss-absorbing capacity
Add-back of unrealized gains from financial assets at FVOCI as of 30.6.26
Add-back of unrealized gains from financial assets at FVOCI as of 30.9.26
TLAC-eligible unsecured debt as of 30.6.26
Issuance of TLAC-eligible senior unsecured debt
Call of TLAC-eligible senior unsecured debt
Instruments repurchased
Interest rate risk hedge, foreign currency translation and other effects
TLAC-eligible unsecured debt as of 30.9.26
Total gone concern loss-absorbing capacity as of 30.6.26
Total gone concern loss-absorbing capacity as of 30.9.26
Total loss-absorbing capacity
Total loss-absorbing capacity as of 30.6.26
Total loss-absorbing capacity as of 30.9.26
UBS Group third quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 44
Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital
USD m
30.9.26
30.6.26
31.12.25
Total equity under IFRS Accounting Standards
Equity attributable to non-controlling interests
Defined benefit plans, net of tax
Deferred tax assets recognized for tax loss carry-forwards
Deferred tax assets for unused tax credits
Deferred tax assets on temporary differences, excess over threshold
Goodwill, net of tax
1
Intangible assets, net of tax
Compensation-related components (not recognized in net profit)
Expected losses on advanced internal ratings-based portfolio less provisions
Unrealized (gains) / losses from cash flow hedges, net of tax
Own credit related to (gains) / losses on financial liabilities measured at fair value that existed at the balance sheet
date, net of tax
Own credit related to (gains) / losses on derivative financial instruments that existed at the balance sheet date
Prudential valuation adjustments
Accruals for dividends to shareholders for 2025
Accruals for expected dividends to shareholders for 2026
Capital reserve for expected future share repurchases in 2026 / 2027
Other
Total common equity tier 1 capital
1 Includes goodwill related to significant investments in financial institutions of USD 35m as of 30 September 2026 (USD 35m as of 30 June 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 by
USD 23bn and our CET1 capital by USD 2.7bn as of 30 September 2026 (30 June 2026: USD 24bn and USD 2.7bn,
respectively) and decreased our CET1 capital ratio by 13 basis points (30 June 2026: 13 basis points). Conversely, a
10% appreciation of the US dollar against other currencies would have decreased our RWA by USD 21bn and our
CET1 capital by USD 2.4bn (30 June 2026: USD 21bn and USD 2.4bn, respectively) and increased our CET1 capital
ratio by 12 basis points (30 June 2026: 13 basis points).
Leverage ratio denominator
We estimate that a 10% depreciation of the US dollar against other currencies would have increased our LRD by
USD 101bn as of 30 September 2026 (30 June 2026: USD 105bn) and decreased our CET1 leverage ratio by
12 basis points (30 June 2026: 11 basis points). Conversely, a 10% appreciation of the US dollar against other
currencies would have decreased our LRD by USD 92bn (30 June 2026: USD 95bn) and increased our CET1 leverage
ratio by 12 basis points (30 June 2026: 11 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 third quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 45
Risk-weighted assets
During the third quarter of 2026, RWA decreased by USD 7.8bn to USD 496.1bn, driven by a USD 4.7bn decrease
from currency effects, a USD 2.8bn decrease resulting from asset size and other movements, and a USD 0.2bn
decrease driven by model updates and methodology changes.
Movement in risk-weighted assets, by key driver
USD bn
RWA as of
30.6.26
Currency
effects
Model updates
and methodology
changes
Asset size and
other
1
RWA as of
30.9.26
Credit and counterparty credit risk
2
Non-counterparty-related risk
3
Market risk
Operational risk
Total
1 Includes the Pillar 3 categories “Asset size”, “Credit quality of counterparties”, “Acquisitions and disposals” and “Other”. For more information, refer to the 30 September 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
Credit and counterparty credit risk RWA decreased by USD 6.7bn to USD 295.1bn as of 30 September 2026, driven
by a USD 4.4bn decrease from currency effects, a USD 2.1bn decrease resulting from asset size and other
movements, and a USD 0.2bn decrease due to model updates and methodology changes.
Asset size and other movements by business division and Group Items:
–
Global Wealth Management RWA decreased by USD 2.9bn, mainly due to market-driven movements in
derivatives and lower RWA on loans and loan commitments.
–
Non-core and Legacy RWA decreased by USD 0.2bn, primarily driven by our actions to actively unwind the
portfolio, in addition to the natural roll-off.
–
Group Items RWA increased by USD 0.4bn, mainly reflecting lower allocation of high-quality liquid assets from
Group Treasury to the business divisions.
–
Investment Bank RWA increased by USD 0.4bn, primarily driven by increases in loans and loan commitments and
amounts due from banks, partly offset by market-driven movements in derivatives.
–
Asset Management RWA increased by USD 0.2bn.
–
Personal & Corporate Banking RWA increased by USD 0.1bn.
Model updates and methodology changes resulted in an RWA decrease of USD 0.2bn, mainly reflecting a change
in the margin period of risk, partly offset by increases in RWA on private equity exposures.
›
Refer to the 30 September 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 decreased by USD 0.8bn to USD 31.5bn in the third quarter of 2026, primarily reflecting asset
size and other movements, with a decrease in Group Treasury partly offset by an increase in the Investment Bank.
›
Refer to the 30 September 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 third quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 46
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
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
30.9.26
Credit and counterparty credit risk
1
Non-counterparty-related risk
2
Market risk
Operational risk
Total
30.6.26
Credit and counterparty credit risk
1
Non-counterparty-related risk
2
Market risk
Operational risk
Total
30.9.26 vs 30.6.26
Credit and counterparty credit risk
1
Non-counterparty-related risk
2
Market risk
Operational risk
Total
1 Includes settlement risk, credit valuation adjustments, equity and investments in funds exposures in the banking book, and securitization exposures in the banking book. 2 Non-counterparty-related risk includes
deferred tax assets arising from temporary differences (30 September 2026: USD 18.5bn; 30 June 2026: USD 18.3bn), as well as property, equipment, software and other items (30 September 2026: USD 15.6bn;
30 June 2026: USD 16.1bn).
UBS Group third quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 47
Leverage ratio denominator
During the third quarter of 2026, the LRD decreased by USD 58.6bn to USD 1,591.2bn, driven by a USD 38.3bn
decrease from asset size and other movements and a USD 20.3bn decrease from currency effects.
Movement in leverage ratio denominator, by key driver
USD bn
LRD as of
30.6.26
Currency
effects
Asset size and
other
LRD as of
30.9.26
On-balance sheet exposures (excluding derivatives and securities financing transactions)
Derivative exposures
Securities financing transaction exposures
Off-balance sheet items
Total exposures
The LRD movements described below exclude currency effects.
On-balance sheet exposures (excluding derivatives and securities financing transactions) decreased by USD 15.2bn,
mainly due to a decrease in cash and balances at central banks, partly offset by an increase in lending assets, mainly
reflecting positive net new loans in Global Wealth Management and Personal & Corporate Banking.
Derivative exposures decreased by USD 12.5bn, mainly due to a methodology change in the calculation of potential
future exposure, which primarily impacted certain short-dated derivatives in the Investment Bank.
Securities financing transaction exposures decreased by USD 11.1bn, mainly reflecting lower collateral sourcing
requirements, partly offset by a net increase in cash reinvestments.
Off-balance sheet exposures increased by USD 0.6bn, mainly due to forward starting reverse repurchase
agreements, reflecting an increase in business activity, partly offset by decreases in irrevocable loan commitments
in Global Wealth Management, driven by higher utilization of credit lines.
›
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
30.9.26
On-balance sheet exposures (excluding derivatives and securities
financing transactions)
Derivative exposures
Securities financing transaction exposures
Off-balance sheet items
Total exposures
30.6.26
On-balance sheet exposures (excluding derivatives and securities
financing transactions)
Derivative exposures
Securities financing transaction exposures
Off-balance sheet items
Total exposures
30.9.26 vs 30.6.26
On-balance sheet exposures (excluding derivatives and securities
financing transactions)
Derivative exposures
Securities financing transaction exposures
Off-balance sheet items
Total exposures
UBS Group third quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 48
Equity attribution
Under our equity attribution framework, tangible equity is attributed based on equally weighted average RWA and
average LRD, which both include resource allocations from our Group functions to the business divisions. Average
RWA and LRD are converted to CET1 capital equivalents using target capital ratios. If the attributed tangible equity
calculated under the weighted-driver approach is less than the CET1 capital equivalent of risk-based capital (RBC)
for any business division, the CET1 capital equivalent of RBC is used as a floor for that business division. The floor
was applicable for Non-core and Legacy in all of the periods shown below and was applicable for Asset
Management in the first nine months of 2025.
In addition to tangible equity, we allocate equity to the business divisions to support goodwill and intangible assets.
We also allocate to the business divisions attributed equity related to CET1 capital deduction items that are
attributable to divisional activities, such as compensation-related components or expected losses on the advanced
internal ratings-based portfolio less provisions. We attribute all remaining capital deduction items to Group Items.
These primarily include equity related to deferred tax assets, accruals for shareholder returns, and unrealized
gains / losses from cash flow hedges.
›
Refer to the “Balance sheet and off-balance sheet” section of this report for more information about movements in
equity attributable to shareholders
Average attributed equity
For the quarter ended
As of or year-to-date
USD bn
30.9.26
30.6.26
30.9.25
30.9.26
30.9.25
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
1
Average equity attributed to business divisions and Group Items
1 Includes average attributed equity related to capital deduction items for deferred tax assets, accruals for shareholder returns and unrealized gains / losses from cash flow hedges.
UBS Group third quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Liquidity and funding management 49
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 of the UBS Group Annual Report 2025, available under “Annual
reporting” at
ubs.com/investors
, which provides more information about the Group’s strategy, objectives and
governance in connection with liquidity and funding management.
Liquidity coverage ratio
The quarterly average liquidity coverage ratio (the LCR) of the UBS Group increased 1.4 percentage points to
178.7%, remaining above the prudential requirement communicated by the Swiss Financial Market Supervisory
Authority (FINMA).
Average net cash outflows decreased by USD 11.4bn to USD 181.5bn, primarily reflecting lower outflows from
customer deposits and higher net inflows from securities financing transactions, partly offset by lower inflows from
lending assets. The effect of the decrease in net cash outflows was partly offset by a USD 17.5bn decrease in
average high-quality liquid assets to USD 324.3bn,
mainly reflecting lower cash available from decreases in customer
deposits, primarily from currency effects, and in debt issued at amortized cost, partly offset by higher cash available
from lower lending assets.
›
Refer to the
30 September 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 3Q26
1
Average 2Q26
1
High-quality liquid assets
Net cash outflows
2
Liquidity coverage ratio (%)
3
1 Calculated based on an average of 66 data points in the third quarter of 2026 and 60 data points in the second quarter of 2026. 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 30 September 2026, the net stable funding ratio (the NSFR) of the UBS Group decreased 0.3 percentage
points to 114.8%, remaining above the prudential requirement communicated by FINMA.
Available stable funding decreased by USD 11.5bn to USD 888.8bn, mainly driven by lower debt issued at amortized
cost. Required stable funding decreased by USD 8.1bn to USD 774.4bn, mainly reflecting lower trading assets and
a decrease in lending assets, primarily from currency effects.
›
Refer to the 30 September 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
30.9.26
30.6.26
Available stable funding
Required stable funding
Net stable funding ratio (%)
UBS Group third quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Balance sheet and off-balance sheet 50
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.
›
Refer to the “Balance sheet and off-balance sheet” section of the UBS Group 30 June 2026 Interim Report, available
under “Quarterly reporting” at
ubs.com/investors
, for information about the developments of the balance sheet
and off-balance sheet for 30 June 2026 vs 31 December 2025
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
30 September 2026 vs 30 June 2026
Total assets were USD 1,655.2bn as of 30 September 2026, a decrease of USD 52.1bn compared with 30 June
2026.
Cash and balances at central banks decreased by USD 19.8bn, mainly driven by outflows from repurchases and net
redemptions of long-term debt issued measured at amortized cost, as well as net maturities of short-term debt,
higher levels of lending activity, net changes in brokerage payables and receivables, and share repurchases, partly
offset by inflows resulting primarily from net roll-offs of securities financing transactions and net new customer
deposits. Securities financing transactions at amortized cost decreased by USD 12.3bn, mainly reflecting lower
collateral sourcing requirements, partly offset by a net increase in cash reinvestments.
Derivatives and cash collateral receivables on derivative instruments decreased by USD 5.6bn, primarily in the
Investment Bank, reflecting roll-offs and client-driven unwinding of trades, partly offset by market-driven increases.
Lending assets decreased by USD 4.5bn, driven by currency effects, partly offset by positive net new loans in Global
Wealth Management and Personal & Corporate Banking.
Assets
As of
% change from
USD bn
30.9.26
30.6.26
31.12.25
30.6.26
31.12.25
Cash and balances at central banks
Lending
1
Securities financing transactions at amortized cost
Trading assets
Derivatives and cash collateral receivables on derivative instruments
Brokerage receivables
Other financial assets measured at amortized cost
Other financial assets measured at fair value
2
Non-financial assets
Total assets
3
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 547.8bn as of 30 September 2026 (30 June 2026: USD 557.9bn, 31 December 2025: USD 492.6bn), of which USD 16.3bn (30 June 2026: USD 16.0bn,
31 December 2025: USD 14.5bn) were classified as Level 3.
Balance sheet liabilities
30 September 2026 vs 30 June 2026
Total liabilities were USD 1,566.3bn as of 30 September 2026, a decrease of USD 51.6bn compared with 30 June
2026.
Debt issued designated at fair value and long-term debt issued measured at amortized cost decreased by
USD 13.4bn, mainly due to repurchases of legacy Credit Suisse senior debt instruments and net redemptions.
Brokerage payables decreased by USD 11.9bn, primarily reflecting lower levels of client activity, as well as higher
unit of account netting. Short-term borrowings decreased by USD 8.3bn, mainly reflecting net maturities of
commercial paper and certificates of deposit in Group Treasury, as well as lower amounts due to banks, largely in
Personal & Corporate Banking.
UBS Group third quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Balance sheet and off-balance sheet 51
Derivatives and cash collateral payables on derivative instruments decreased by USD 8.1bn, predominantly in the
Investment Bank, reflecting the same drivers as on the asset side. Customer deposits decreased by USD 6.3bn,
driven by currency effects, partly offset by net new deposit inflows in Global Wealth Management and Personal &
Corporate Banking.
›
Refer to “Bondholder information” at
for more information about capital and senior debt
instruments
›
Refer to the “Consolidated financial information” section of this report for more information
Liabilities and equity
As of
% change from
USD bn
30.9.26
30.6.26
31.12.25
30.6.26
31.12.25
Short-term borrowings
1,2
Securities financing transactions at amortized cost
Customer deposits
Debt issued designated at fair value and long-term debt issued measured at amortized cost
2
Trading liabilities
Derivatives and cash collateral payables on derivative instruments
Brokerage payables
Other financial liabilities measured at amortized cost
Other financial liabilities designated at fair value
Non-financial liabilities
Total liabilities
3
Share capital
Share premium
Treasury shares
Retained earnings
Other comprehensive income
4
Total equity attributable to shareholders
Equity attributable to non-controlling interests
Total equity
Total liabilities and equity
1 Consists of short-term debt issued measured at amortized cost and Amounts due to banks, which includes amounts due to central banks. 2 The classification of debt issued measured at amortized cost into short-
term and long-term is based on original contractual maturity, and therefore long-term debt also includes debt with a remaining time to maturity of less than one year. This classification does not consider any early
redemption features. 3 Includes total liabilities measured at fair value of USD 465.5bn as of 30 September 2026 (30 June 2026: USD 490.8bn, 31 December 2025: USD 414.1bn), of which USD 18.8bn (30 June
2026: USD 19.2bn, 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
30 September 2026 vs 30 June 2026
Equity attributable to shareholders decreased by USD 552m to USD 88,613m as of 30 September 2026.
The net decrease of USD 552m was mainly driven by net treasury share activity that reduced equity by USD 1,707m,
predominantly due to the repurchasing of USD 1,807m of shares under our 2026 share repurchase programs.
This decrease was partly offset by positive total comprehensive income attributable to shareholders of USD 902m,
reflecting a net profit of USD 2,690m and negative other comprehensive income (OCI) of USD 1,789m. OCI mainly
included negative cash flow hedge OCI of USD 1,320m, negative OCI related to foreign currency translation of
USD 718m and OCI related to own credit on financial liabilities designated at fair value of USD 386m. In addition,
deferred share-based compensation awards of USD 248m were expensed in the income statement, increasing share
premium.
›
Refer to the “Group performance” and “Consolidated financial information” sections of this report for more
information
›
Refer to the “Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital”
table 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
Customer deposits, by currency
USD equivalent
All currencies
of which: USD
of which: CHF
of which: EUR
USD bn
30.9.26
30.6.26
30.9.26
30.6.26
30.9.26
30.6.26
30.9.26
30.6.26
Customer deposits
778.5
784.8
303.0
297.8
334.2
342.6
70.7
72.8
of which: demand deposits
250.9
258.4
52.4
53.1
133.6
136.0
33.9
37.1
of which: retail savings / deposits
232.5
239.1
45.5
45.3
182.3
188.7
4.7
5.1
of which: sweep deposits
38.5
39.3
38.5
39.3
0.0
0.0
0.0
0.0
of which: time deposits
256.6
248.1
166.6
160.1
18.3
17.9
32.2
30.6
UBS Group third quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Balance sheet and off-balance sheet 52
Off-balance sheet
30 September 2026 vs 30 June 2026
Irrevocable loan commitments decreased by USD 3.9bn, primarily in Global Wealth Management, mainly driven by
higher utilization of credit lines and currency effects. Forward starting reverse repurchase and securities borrowing
agreements increased by USD 3.1bn, 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
30.9.26
30.6.26
31.12.25
30.6.26
31.12.25
Guarantees
1
Irrevocable loan commitments
Committed unconditionally revocable credit lines
Forward starting reverse repurchase and securities borrowing agreements
1 Includes guarantees measured at fair value through profit or loss, shown net of sub-participations where applicable.
Share information and earnings per share
UBS Group AG shares are listed on the SIX Swiss Exchange (SIX). They are also listed on the New York Stock
Exchange (the NYSE) as global registered shares. Each share has a nominal value of USD 0.10. Shares issued were
unchanged in the third quarter of 2026 compared with the second quarter of 2026.
We held 248 million shares as of 30 September 2026, of which 149 million shares had been acquired under our
share repurchase programs for cancellation purposes. The remaining 98 million shares are primarily held to hedge
our share delivery obligations related to employee share-based compensation and participation plans.
Treasury shares held increased by 31 million shares in the third quarter of 2026. This largely reflected 34.1 million
shares repurchased under our 2026 programs.
On 28 July 2026, we concluded our first 2026 share repurchase program. Shares acquired under this program
totaled 68 million for a total acquisition cost of USD 3,000m (CHF 2,370m). The 68 million shares repurchased
under this program will be canceled by means of a capital reduction, subject to approval by the shareholders at a
future Annual General Meeting (the AGM).
On 30 July 2026, we started our second 2026 share repurchase program, under which we intend to repurchase
USD 3bn of shares by the time of the publication of our fourth-quarter 2026 results. Shares acquired under this
program totaled 29 million as of 30 September 2026 for a total acquisition cost of USD 1,506m (CHF 1,226m). The
amount and pace of share repurchases will remain subject to our short-term financial performance and outlook,
maintaining a common equity tier 1 (CET1) capital ratio of around 14% and further visibility on the deliberations
by the Swiss Parliament on the capitalization of foreign subsidiaries.
Shares acquired under our 2025 program totaled 53 million for a total acquisition cost of 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 a future 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
UBS Group third quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Share information and earnings per share 53
Share information and earnings per share
As of or for the quarter ended
As of or year-to-date
30.9.26
30.6.26
30.9.25
30.9.26
30.9.25
Basic and diluted earnings (USD m)
Net profit / (loss) attributable to shareholders for basic EPS
less: (profit) / loss on own equity derivative contracts
Net profit / (loss) attributable to shareholders for diluted EPS
.
Weighted average shares outstanding
Weighted average shares outstanding for basic EPS
1
Effect of dilutive potential shares resulting from notional employee shares, in-the-money
options and warrants outstanding
2
Weighted average shares outstanding for diluted EPS
.
Earnings per share (USD)
Basic
Diluted
.
Shares outstanding and potentially dilutive instruments
Shares issued
Treasury shares
3
of which: related to the 2024 share repurchase program
of which: related to the 2025 share repurchase program
of which: related to the first 2026 share repurchase program
of which: related to the second 2026 share repurchase program
Shares outstanding
Potentially dilutive instruments
4
.
Other key figures
Total book value per share (USD)
Tangible book value per share (USD)
Share price (USD)
5
Market capitalization (USD m)
6
1 The weighted average shares outstanding for basic earnings per share (EPS) are calculated by taking the number of shares at the beginning of the period, adjusted by the number of shares acquired or issued during
the period, multiplied by a time-weighted factor for the period outstanding. As a result, balances are affected by the timing of acquisitions and issuances during the period. 2 The weighted average number of shares
for notional employee awards with performance conditions reflects all potentially dilutive shares that are expected to vest under the terms of the awards. 3 Based on a settlement date view. 4 Reflects potential
shares that could dilute basic EPS in the future but were not dilutive for any of the periods presented. Mainly includes equity-based awards subject to absolute and relative performance conditions and equity derivative
contracts. 5 Represents the share price as listed on the SIX Swiss Exchange, translated to US dollars using the closing exchange rate as of the respective date. 6 The calculation of market capitalization reflects
total shares issued multiplied by the share price at the end of the period.
Ticker symbols UBS Group AG
Security identification codes
Trading exchange
SIX / NYSE
Bloomberg
Reuters
ISIN
CH0244767585
SIX Swiss Exchange
UBSG
UBSG SW
UBSG.S
Valoren
24 476 758
New York Stock Exchange
UBS
UBS UN
UBS.N
CUSIP
CINS H42097 10 7
UBS Group third quarter 2026 report |
Consolidated financial information 54
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 as 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 in “Note 1 Basis of
accounting” in the “Consolidated financial statements” section of the UBS Group 30 June 2026 Interim Report.
These accounting policies are consistent with IFRS Accounting Standards, as issued by 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
.
UBS Group third quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 55
UBS Group AG interim consolidated
financial information (unaudited)
Income statement
Year-to-date
USD m
30.9.26
30.9.25
Interest income from financial instruments measured at amortized cost and fair value through other comprehensive income
Interest expense from financial instruments measured at amortized cost
Net interest income from financial instruments measured at fair value through profit or loss and other
Net interest income
Other net income from financial instruments measured at fair value through profit or loss
Fee and commission income
Fee and commission expense
Net fee and commission income
Other income
670
Total revenues
41,293
Credit loss expense / (release)
Personnel expenses
General and administrative expenses
Depreciation, amortization and impairment of non-financial assets
2,347
2,663
Operating expenses
Operating profit / (loss) before tax
Tax expense / (benefit)
Net profit / (loss)
Net profit / (loss) attributable to non-controlling interests
Net profit / (loss) attributable to shareholders
Earnings per share (USD)
Basic
Diluted
UBS Group third quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 56
Statement of comprehensive income
Year-to-date
USD m
30.9.26
30.9.25
Comprehensive income attributable to shareholders
Net profit / (loss)
Other comprehensive income that may be reclassified to the income statement
Foreign currency translation
Foreign currency translation movements related to net assets of foreign operations, before tax
Effective portion of changes in fair value of hedging instruments designated as net investment hedges, before tax
Foreign currency translation differences on foreign operations reclassified to the income statement
Effective portion of changes in fair value of hedging instruments designated as net investment hedges reclassified to the income statement
Income tax relating to foreign currency translations, including the effect of net investment hedges
Subtotal foreign currency translation, net of tax
Financial assets measured at fair value through other comprehensive income
Net unrealized gains / (losses), before tax
Net realized (gains) / losses reclassified to the income statement from equity
Income tax relating to net unrealized gains / (losses)
Subtotal financial assets measured at fair value through other comprehensive income, net of tax
Cash flow hedges of interest rate risk
Effective portion of changes in fair value of derivative instruments designated as cash flow hedges, before tax
Net (gains) / losses reclassified to the income statement from equity
Income tax relating to cash flow hedges
Subtotal cash flow hedges, net of tax
Cost of hedging
Cost of hedging, before tax
Income tax relating to cost of hedging
Subtotal cost of hedging, net of tax
Total other comprehensive income that may be reclassified to the income statement, net of tax
Other comprehensive income that will not be reclassified to the income statement
Defined benefit plans
Gains / (losses) on defined benefit plans, before tax
Income tax relating to defined benefit plans
Subtotal defined benefit plans, net of tax
Own credit on financial liabilities designated at fair value
Gains / (losses) from own credit on financial liabilities designated at fair value, before tax
Income tax relating to own credit on financial liabilities designated at fair value
Subtotal own credit on financial liabilities designated at fair value, net of tax
Total other comprehensive income that will not be reclassified to the income statement, net of tax
Total other comprehensive income
Total comprehensive income attributable to shareholders
Comprehensive income attributable to non-controlling interests
Net profit / (loss)
Total other comprehensive income that will not be reclassified to the income statement, net of tax
Total comprehensive income attributable to non-controlling interests
Total comprehensive income
Net profit / (loss)
Other comprehensive income
of which: other comprehensive income that may be reclassified to the income statement
of which: other comprehensive income that will not be reclassified to the income statement
Total comprehensive income
UBS Group third quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 57
Balance sheet
USD m
30.9.26
31.12.25
Assets
Cash and balances at central banks
Amounts due from banks
Receivables from securities financing transactions measured at amortized cost
Cash collateral receivables on derivative instruments
Loans and advances to customers
Other financial assets measured at amortized cost
Total financial assets measured at amortized cost
Financial assets at fair value held for trading
of which: assets pledged as collateral that may be sold or repledged by counterparties
Derivative financial instruments
Brokerage receivables
Financial assets at fair value not held for trading
Total financial assets measured at fair value through profit or loss
Financial assets measured at fair value through other comprehensive income
Investments in associates
Property, equipment and software
Goodwill and intangible assets
Deferred tax assets
Other non-financial assets
Total assets
Liabilities
Amounts due to banks
Payables from securities financing transactions measured at amortized cost
Cash collateral payables on derivative instruments
Customer deposits
Debt issued measured at amortized cost
Other financial liabilities measured at amortized cost
Total financial liabilities measured at amortized cost
Financial liabilities at fair value held for trading
Derivative financial instruments
Brokerage payables designated at fair value
Debt issued designated at fair value
Other financial liabilities designated at fair value
Total financial liabilities measured at fair value through profit or loss
Provisions and contingent liabilities
Other non-financial liabilities
Total liabilities
Equity
Share capital
Share premium
Treasury shares
Retained earnings
Other comprehensive income recognized directly in equity, net of tax
Equity attributable to shareholders
Equity attributable to non-controlling interests
Total equity
Total liabilities and equity
UBS Group third quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 58
Additional information
Personnel expenses
Personnel expenses
Year-to-date
USD m
30.9.26
30.9.25
Salaries and variable compensation
1
of which: variable compensation – financial advisors
2
Contractors
Social security
Post-employment benefit plans
Other personnel expenses
Total personnel expenses
1 Includes role-based allowances. 2 Financial advisor compensation mainly consists of cash compensation, determined using a formulaic approach based on production, and deferred awards. It also includes
expenses related to compensation commitments with financial advisors entered into at the time of recruitment that are subject to vesting requirements.
General and administrative expenses
General and administrative expenses
Year-to-date
USD m
30.9.26
30.9.25
Outsourcing costs
Technology costs
Consulting, legal and audit fees
Real estate and logistics costs
Market data services
Marketing and communication
Travel and entertainment
Litigation, regulatory and similar matters
1
Other
2
Total general and administrative expenses
1 Reflects the net increase / (decrease) in provisions for litigation, regulatory and similar matters recognized in the income statement, as well as releases of 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.
Expected credit loss measurement
a) Changes to ECL models, scenarios and scenario weights
Scenarios and scenario weights
The expected credit loss (ECL) scenarios and scenario weights applied by UBS in the first nine months of 2026 were
in line with those applied in the UBS Group Annual Report 2025. All of the scenarios have been updated based on
the latest macroeconomic forecasts as of 30 September 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.
UBS Group third quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 59
Expected credit loss measurement (continued)
The baseline scenario was updated with the latest macroeconomic forecasts as of 30 September 2026. Global
growth and inflation forecasts reflect higher energy prices and the associated uncertainty. However, the boom in
artificial intelligence (AI) is expected to provide a meaningful offset. In the US growth is expected to be relatively
resilient, although inflation is expected to remain above target in 2026 before moving toward the target in 2027.
In the Eurozone the Middle East conflict has weakened confidence and pushed up energy prices; nevertheless,
growth has remained stronger than expected. Swiss gross domestic product (GDP) growth has also proven resilient,
supported by robust exports and domestic demand in the second quarter. Although this momentum is expected to
moderate in the coming months, the slightly negative output gap is nevertheless projected to close by year-end.
Compared with the January 2026 baseline, US GDP growth projections for 2026 were slightly revised upward,
reflecting stronger-than-expected economic performance in the first three quarters of the year, while projections
for 2027 have remained broadly unchanged. In the Eurozone the Middle East conflict has contributed to higher
inflation but has had only a moderate impact on the annual growth expectations for 2026 and 2027. In Switzerland
2026 GDP growth is expected to be higher than in the January baseline, supported by stronger-than-expected
performance in the second quarter, although inflation in 2026 is also projected to be higher. Equity forecasts for
2026 have been revised upward across developed economies, supported by strong earnings growth. Resilient
macroeconomic conditions, supportive fiscal policies and continued AI investment are expected to sustain profit
growth, particularly in the technology sector. Oil price forecasts for 2026 and 2027 have been adjusted upward to
reflect developments in the Middle East.
The downside scenario set remains unchanged, with the global trade war remaining the binding scenario and the
moderate stagflation crisis remaining the secondary downside scenario. Although the underlying narratives are
unchanged, Brent oil price shocks have been adjusted to ensure a consistent approach across the downside
scenarios.
Comparison of shock factors
Baseline
Key parameters
2025
2026
2027
Real GDP growth (annual percentage change)
US
Eurozone
Switzerland
Unemployment rate (%, annual average)
US
Eurozone
Switzerland
Fixed income: 10-year government bonds (%, Q4)
USD
EUR
CHF
Real estate (annual percentage change, Q4)
US
Eurozone
Switzerland
Economic scenarios and weights applied
Assigned weights in %
ECL scenario
30.9.26
31.12.25
30.9.25
Asset price appreciation
Baseline
Moderate stagflation crisis
Global trade war
Global crisis
UBS Group third quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 60
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 to ECL requirements. For amortized-cost instruments, the carrying amount represents the maximum
exposure to credit risk, taking into account the allowance for credit losses. Financial assets measured at fair value
through other comprehensive income (FVOCI) are also subject to ECL; however, unlike amortized-cost instruments,
the allowance for credit losses for FVOCI instruments does not reduce the carrying amount of these financial assets.
Instead, the carrying amount of financial assets measured at FVOCI represents the maximum exposure to credit risk.
In addition to recognized financial assets, certain off-balance sheet financial instruments and other credit lines are
also subject to ECL. The maximum exposure to credit risk for off-balance sheet financial instruments is calculated
based on notional amounts.
ECL-relevant balance sheet and off-balance sheet positions
USD m
30.9.26
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
2
Cash and balances at central banks
Amounts due from banks
Receivables from securities financing transactions measured at
amortized cost
Cash collateral receivables on derivative instruments
Loans and advances to customers
of which: Private clients with mortgages
of which: Real estate financing
Total real estate lending
of which: Large corporate clients
of which: SME clients
Total corporate lending
of which: Lombard
of which: Credit cards
of which: Commodity trade finance
of which: Ship / aircraft financing
of which: Consumer financing
of which: Other loans and advances to customers
Total other lending
Other financial assets measured at amortized cost
of which: Loans to financial advisors
Total financial assets measured at amortized cost
Financial assets measured at fair value through other comprehensive
income
Total on-balance sheet financial assets in scope of ECL requirements
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
2
Guarantees
of which: Large corporate clients
of which: SME clients
of which: Financial intermediaries and hedge funds
of which: Lombard
of which: Commodity trade finance
Irrevocable loan commitments
of which: Large corporate clients
Forward starting reverse repurchase and securities borrowing
agreements
Committed unconditionally revocable credit lines
of which: Private clients with mortgages
of which: Real estate financing
Total real estate lending
of which: Large corporate clients
of which: SME clients
Total corporate lending
of which: Lombard
of which: Credit cards
of which: Other off-balance sheet commitments
Total other lending
Irrevocable committed prolongation of existing loans
Total off-balance sheet financial instruments and other credit lines
Total allowances and provisions
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 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 third quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 61
Expected credit loss measurement (continued)
ECL-relevant balance sheet and off-balance sheet positions
USD m
31.12.25
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
2
Cash and balances at central banks
Amounts due from banks
Receivables from securities financing transactions measured at
amortized cost
Cash collateral receivables on derivative instruments
Loans and advances to customers
of which: Private clients with mortgages
of which: Real estate financing
Total real estate lending
of which: Large corporate clients
of which: SME clients
Total corporate lending
of which: Lombard
of which: Credit cards
of which: Commodity trade finance
of which: Ship / aircraft financing
of which: Consumer financing
of which: Other loans and advances to customers
Total other lending
Other financial assets measured at amortized cost
of which: Loans to financial advisors
Total financial assets measured at amortized cost
Financial assets measured at fair value through other comprehensive
income
Total on-balance sheet financial assets in scope of ECL requirements
Total exposure
ECL provisions
Off-balance sheet (in scope of ECL)
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
2
Guarantees
of which: Large corporate clients
of which: SME clients
of which: Financial intermediaries and hedge funds
of which: Lombard
of which: Commodity trade finance
Irrevocable loan commitments
of which: Large corporate clients
Forward starting reverse repurchase and securities borrowing
agreements
Unconditionally revocable loan commitments
of which: Private clients with mortgages
of which: Real estate financing
Total real estate lending
of which: Large corporate clients
of which: SME clients
Total corporate lending
of which: Lombard
of which: Credit cards
of which: Other off-balance sheet commitments
Total other lending
Irrevocable committed prolongation of existing loans
Total off-balance sheet financial instruments and other credit lines
Total allowances and provisions
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 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 third quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 62
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 relevant off-balance sheet
exposures.
Cash and balances at central banks
,
Amounts due from banks
,
Receivables from securities financing
transactions
,
Cash collateral receivables on derivative instruments
Financial assets measured at fair value
through other comprehensive income
ECL coverage ratios are calculated by dividing ECL allowances and provisions by the gross carrying amount of the
corresponding on-balance sheet exposures or by the notional amount of the off-balance sheet exposures.
The overall coverage ratio for performing positions increased by 1 basis point to 11 basis points as of 30 September
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 to
corporate lending (on-balance sheet) increased by 4 basis points to 80 basis points.
Coverage ratios for core loan portfolio
30.9.26
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
Real estate financing
Total real estate lending
Large corporate clients
SME clients
Total corporate lending
Lombard
Credit cards
Commodity trade finance
Ship / aircraft financing
Consumer financing
Other loans and advances to customers
Loans to financial advisors
Total other lending
Total
1
Notional exposure (USD m)
ECL coverage (bps)
Off-balance sheet
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
PCI
Private clients with mortgages
Real estate financing
Total real estate lending
Large corporate clients
SME clients
Total corporate lending
Lombard
Credit cards
Commodity trade finance
Ship / aircraft financing
Consumer financing
Financial intermediaries and hedge funds
Other off-balance sheet commitments
Total other lending
Total
2
Total on- and off-balance sheet
3
1 Includes Loans and advances to customers and Loans to financial advisors, which are presented on the balance sheet line Other financial assets measured at amortized cost. 2 Excludes Forward starting reverse
repurchase and securities borrowing agreements. 3 Includes on-balance sheet exposure, gross and off-balance sheet exposure (notional) and the related ECL coverage ratio (bps).
UBS Group third quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 63
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
Real estate financing
Total real estate lending
Large corporate clients
SME clients
Total corporate lending
Lombard
Credit cards
Commodity trade finance
Ship / aircraft financing
Consumer financing
Other loans and advances to customers
Loans to financial advisors
Total other lending
Total
1
Gross exposure (USD m)
ECL coverage (bps)
Off-balance sheet
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
PCI
Private clients with mortgages
Real estate financing
Total real estate lending
Large corporate clients
SME clients
Total corporate lending
Lombard
Credit cards
Commodity trade finance
Ship / aircraft financing
Consumer financing
Financial intermediaries and hedge funds
Other off-balance sheet commitments
Total other lending
Total
2
Total on- and off-balance sheet
3
1 Includes Loans and advances to customers and Loans to financial advisors, which are presented on the balance sheet line Other financial assets measured at amortized cost. 2 Excludes Forward starting reverse
repurchase and securities borrowing agreements. 3 Includes on-balance sheet exposure, gross and off-balance sheet exposure (notional) and the related ECL coverage ratio (bps).
UBS Group third quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 64
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
30.9.26
31.12.25
Provisions related to expected credit losses (IFRS 9,
Financial Instruments
)
1
Provisions related to Credit Suisse loan commitments (IFRS 3,
Business Combinations
)
Provisions related to litigation, regulatory and similar matters (IAS 37,
Provisions, Contingent Liabilities and Contingent Assets
)
Acquisition-related contingent liabilities resulting from litigation, regulatory and similar matters (IFRS 3,
Business Combinations
)
Restructuring, real-estate and other provisions (IAS 37,
Provisions, Contingent Liabilities and Contingent Assets
)
Total provisions and contingent liabilities
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
1
Restructuring
2
Real estate
3
Other
4
Total
Balance as of 31 December 2025
2,200
Increase in provisions recognized in the income statement
617
Release of provisions recognized in the income statement
(173)
Provisions used in conformity with designated purpose
(654)
Reclassifications
134
5
Foreign currency translation and other movements
(15)
Balance as of 30 September 2026
1 Consists of provisions for losses resulting from legal, liability and compliance risks. 2 Mainly includes USD 562m of personnel-related restructuring provisions as of 30 September 2026 (31 December 2025:
USD 493m), USD 214m of provisions for onerous contracts related to real estate as of 30 September 2026 (31 December 2025: USD 270m) and USD 100m of restructuring provisions for onerous contracts related to
technology as of 30 September 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
a class, is included in part b). There are no material contingent liabilities associated with the other classes of
provisions.
b) Litigation, regulatory and similar matters
The Group operates in a legal and regulatory environment that exposes it to significant litigation and similar risks
arising from disputes and regulatory proceedings. As a result, UBS (which for purposes of this disclosure may refer
to UBS Group AG and/or one or more of its subsidiaries, as applicable) is involved in various disputes and legal
proceedings, including litigation, arbitration, and regulatory and criminal investigations.
UBS Group third quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 65
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 in the earlier stages of a case. There are also situations where the Group may enter into a
settlement agreement. This may occur in order to avoid the expense, management distraction or reputational
implications of continuing to contest liability, even for those matters for which the Group believes it should be
exonerated. The uncertainties inherent in all such matters affect the amount and timing of any potential outflows
for both matters with respect to which provisions have been established and other contingent liabilities. The Group
makes provisions for such matters brought against it when, in the opinion of management after seeking legal
advice, it is more likely than not that the Group has a present legal or constructive obligation as a result of past
events, it is probable that an outflow of resources will be required, and the amount can be reliably estimated. Where
these factors are otherwise satisfied, a provision may be established for claims that have not yet been asserted
against the Group, but are nevertheless expected to be, based on the Group’s experience with similar asserted
claims. If any of those conditions is not met, such matters result in contingent liabilities. If the amount of an
obligation cannot be reliably estimated, a liability exists that is not recognized even if an outflow of resources is
probable. Accordingly, no provision is established even if the potential outflow of resources with respect to such
matters could be significant. Developments relating to a matter that occur after the relevant reporting period, but
prior to the issuance of the financial information, which affect management’s assessment of the provision for such
matter (because, for example, the developments provide evidence of conditions that existed at the end of the
reporting period), are adjusting events after the reporting period under IAS 10 and must be recognized in the
financial 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 of damages claimed, the size of a transaction or other
information is provided where available and appropriate in order to assist users in considering the magnitude of
potential exposures. For additional disclosures relating to risks that may result in litigation, regulatory or similar
matters disclosed in this section, refer to the “Risk factors” section of the UBS 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 be
the probable and reliably estimable outflow, we do not disclose that amount. In some cases we are subject to
confidentiality obligations that preclude such disclosure. With respect to the matters for which we do not state
whether we have established a provision, either: (a) we have not established a provision; or (b) we have established
a provision but expect disclosure of that fact to prejudice seriously our position with other parties in the matter
because it would reveal the fact that UBS believes an outflow of resources to be probable and reliably estimable.
With respect to certain litigation, regulatory and similar matters for which we have established provisions, we are
able to estimate the expected timing of outflows. However, the aggregate amount of the expected outflows for
those matters for which we are able to estimate expected timing is immaterial relative to our current and expected
levels of liquidity over the relevant time periods.
The aggregate amount provisioned for litigation, regulatory and similar matters as a class is disclosed in the
“Provisions” table in part a) above. UBS provides below an estimate of the aggregate liability for its litigation,
regulatory and similar matters as a class of contingent liabilities. Estimates of contingent liabilities are inherently
imprecise and uncertain as these estimates require UBS to make speculative legal assessments as to claims and
proceedings that involve unique fact patterns or novel legal theories, that have not yet been initiated or are at early
stages of adjudication, or as to which alleged damages have not been quantified by the claimants. Taking into
account these uncertainties and the other factors described herein, UBS estimates the future losses that could arise
from litigation, regulatory and similar matters disclosed below for which an estimate is possible, that are not covered
by existing provisions (including acquisition-related contingent liabilities established under IFRS 3 in connection with
the acquisition of Credit Suisse), are in the range of USD 0bn to USD 1.1bn.
UBS Group third quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 66
Provisions and contingent liabilities (continued)
Litigation, regulatory and similar matters may also result in non-monetary penalties and consequences. Certain
resolutions or convictions of a crime could have material consequences for UBS. Resolution of regulatory
proceedings may require UBS to obtain waivers of regulatory disqualifications to maintain certain operations, may
entitle regulatory authorities to limit, suspend or terminate licenses and regulatory authorizations, and may permit
financial market utilities to limit, suspend or terminate UBS’s participation in such utilities. Failure to obtain such
waivers, or any limitation, suspension or termination of licenses, authorizations or participations, could have
material consequences for UBS.
In May 2025, Credit Suisse Services AG entered into a plea agreement with the DOJ relating to legacy Credit Suisse
accounts booked in Credit Suisse’s Swiss booking center and a non-prosecution agreement relating to legacy Credit
Suisse accounts booked in Credit Suisse’s Singapore booking center. These agreements include ongoing obligations
of UBS to provide information and cooperate with the DOJ.
The amounts shown in the table below reflect the provisions recorded under IFRS Accounting Standards. In
connection with the acquisition of Credit Suisse, UBS Group AG additionally has reflected in its purchase accounting
under IFRS 3 a valuation adjustment reflecting an estimate of outflows relating to contingent liabilities for all present
obligations included in the scope of the acquisition at fair value upon closing, even if it is not probable that the
contingent liability will result in an outflow of resources, significantly decreasing the recognition threshold for
litigation liabilities beyond those that generally apply under IFRS Accounting Standards. The IFRS 3 acquisition-
related contingent liabilities of USD 0.3bn at 30 September 2026 reflect a decrease of USD 0.2bn from
31 December 2025 mainly as a result of reclassifications to provisions under IAS 37 and releases upon the resolution
of the relevant matters.
Provisions for litigation, regulatory and similar matters, by business division and in Group Items
1
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core
and Legacy
2
Group Items
UBS Group
Balance as of 31 December 2025
Increase in provisions recognized in the income statement
Release of provisions recognized in the income statement
Provisions used in conformity with designated purpose
Reclassifications
3
Foreign currency translation and other movements
Balance as of 30 September 2026
1 Provisions, if any, for the matters described in item 1 of this disclosure are recorded in Global Wealth Management and Non-core and Legacy. Provisions, if any, for the matters described in item 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 disclosure. 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 of regulators, including the Swiss Financial Market Supervisory Authority (FINMA) and the Luxembourg
Commission de Surveillance du Secteur Financier. Those inquiries concerned two third-party funds established under
Luxembourg law, substantially all assets of which were with BMIS, as well as certain funds established in offshore
jurisdictions with either direct or indirect exposure to BMIS. These funds faced severe losses, and the Luxembourg
funds are in liquidation. The documentation establishing both funds identifies UBS entities in various roles, including
custodian, administrator, manager, distributor and promoter, and indicates that UBS employees served as board
members.
In 2009 and 2010, the liquidators of the two Luxembourg funds filed claims against UBS entities, non-UBS entities
and certain individuals, including current and former UBS employees, seeking amounts totaling approximately
EUR 2.1bn, which includes amounts that the funds may be held liable to pay the trustee for the liquidation of BMIS
(BMIS Trustee).
A large number of alleged beneficiaries have filed claims against UBS entities (and non-UBS entities) for purported
losses relating to the Madoff fraud. The majority of these cases have been decided in favor of UBS or dismissed for
want of prosecution.
UBS Group third quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 67
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
in other jurisdictions against UBS, Credit Suisse and other banks on behalf of persons who engaged in foreign
currency transactions with the defendant banks. While many of these cases have concluded, UBS and Credit Suisse
continue to defend against several remaining matters. In one such case, Credit Suisse and UBS have entered into
agreements to settle all claims in a putative class action in Israel. Credit Suisse’s settlement received court approval
and is final. UBS’s settlement remains subject to court approval.
LIBOR and other benchmark-related civil litigation:
in the federal courts in New York against UBS and numerous other banks on behalf of parties who transacted in
certain interest rate benchmark-based derivatives. Also pending in the US and in other jurisdictions are a number
of other actions asserting losses related to various products whose interest rates were linked to LIBOR and other
benchmarks, including adjustable rate mortgages, preferred and debt securities, bonds pledged as collateral, loans,
depository accounts, investments and other interest-bearing instruments. The complaints alleged manipulation,
through various means, of certain benchmark interest rates, including USD LIBOR, Yen LIBOR, EURIBOR, CHF LIBOR,
and GBP LIBOR and seek unspecified compensatory and other damages under various legal theories.
More specifically, 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.
The CHF and GBP LIBOR actions have concluded.
Credit default swap auction litigation:
in a putative class action filed in federal court in New Mexico alleging manipulation of credit default swap (CDS)
final auction prices. Defendants filed a motion to enforce a previous CDS class action settlement in the SDNY. In
January 2024, the SDNY ruled that, to the extent claims in the New Mexico action arise from conduct prior to
30 June 2014, those claims are barred by the SDNY settlement. The plaintiffs appealed and, in May 2025, the
Second Circuit affirmed the SDNY decision. In September 2026, the US District Court for the District of New Mexico
granted in part defendants’ motion for judgment on the pleadings; plaintiffs can file an amended complaint.
With respect to additional matters and jurisdictions not encompassed by the settlements and orders referred to
above, UBS’s balance sheet at 30 September 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.
UBS Group third quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 68
Provisions and contingent liabilities (continued)
3. Mortgage-related matters
Credit Suisse affiliates are defendants in various civil litigation matters related to their roles as issuer, sponsor,
depositor, underwriter and/or servicer of RMBS transactions. These cases currently include repurchase actions by
RMBS trusts and/or trustees, in which plaintiffs generally allege breached representations and warranties in respect
of mortgage loans and failure to repurchase such mortgage loans as required under the applicable agreements.
In October 2026, the parties agreed to resolve all remaining actions including Asset Backed Securities Corporation
Home Equity Loan Trust, Series 2006-HE7, Home Equity Asset Trust, 2006-8, Home Equity Asset Trust 2007-2, and
CSMC Asset-Backed Trust 2007-NC1. The resolutions remain subject to the satisfaction of certain conditions,
including court approval.
4. ATA litigation
Since November 2014, a series of lawsuits have been filed against a number of banks, including Credit Suisse, in
the US District Court for the Eastern District of New York (EDNY) and the SDNY alleging claims under the United
States Anti-Terrorism Act (ATA) and the Justice Against Sponsors of Terrorism Act. The plaintiffs in each of these
lawsuits are, or are relatives of, victims of various terrorist attacks in Iraq and allege a conspiracy and/or aiding and
abetting based on allegations that various international financial institutions, including the defendants, agreed to
alter, falsify or omit information from payment messages that involved Iranian parties for the express purpose of
concealing the Iranian parties’ financial activities and transactions from detection by US authorities. The lawsuits
allege that this conduct has made it possible for Iran to transfer funds to Hezbollah and other terrorist organizations
actively engaged in harming US military personnel and civilians. In January 2023, the Second Circuit affirmed a
September 2019 ruling by the EDNY granting defendants’ motion to dismiss the first filed lawsuit. In October 2023,
the US Supreme Court denied plaintiffs’ petition for a writ of certiorari, and in September 2025 the EDNY denied
plaintiffs’ motion to vacate the judgment; the matter has concluded. Of the other seven cases, plaintiffs voluntarily
dismissed one case in September 2026, four are stayed, and the EDNY dismissed two of these cases in April 2026;
the April 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 in excessive concentrations of certain exposures and investment losses. Following investigations and
criminal complaints, in February 2018, the former relationship manager was sentenced to five years in prison by
the Geneva criminal court and ordered to pay damages of approximately USD 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 2024 in a now-concluded civil lawsuit, Credit Suisse Trust Limited was ordered to pay USD 461m,
including interest and costs.
In Bermuda, in November 2025, the Judicial Committee of the Privy Council issued its final judgment on the appeal,
denying Credit Suisse Life (Bermuda) Ltd.’s appeal on liability, but partially granting its appeal concerning the
quantum of damages and directing the parties to recalculate damages.
In Switzerland, certain civil lawsuits have been commenced against Credit Suisse AG and UBS AG (as the successor
of Credit Suisse AG) in the Court of First Instance of Geneva since March 2023.
6. ETN-related litigation
Since March 2018, three class action complaints were filed in the SDNY on behalf of a putative class of purchasers
of VelocityShares Daily Inverse VIX Short-Term Exchange Traded Notes linked to the S&P 500 VIX Short-Term Futures
Index (XIV ETNs). The complaints have been consolidated and assert claims against Credit Suisse for violations of
various anti-fraud and anti-manipulation provisions of US securities laws arising from a decline in the value of XIV
ETNs in February 2018. On appeal from an order of the SDNY dismissing all claims, the Second Circuit issued an
order that reinstated a portion of the claims. In decisions in March 2023 and February 2025, the court granted class
certification for two of the three classes proposed by plaintiffs and denied class certification of the third proposed
class.
UBS Group third quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 69
Provisions and contingent liabilities (continued)
7. Credit Suisse anti-money laundering matters
In December 2020, the Swiss Office of the Attorney General brought charges against Credit Suisse AG and other
parties concerning the diligence and controls applied to a historical relationship with Bulgarian former clients who
are alleged to have laundered funds through Credit Suisse AG accounts. In June 2022, following a trial, Credit
Suisse AG was convicted in the Swiss Federal Criminal Court of certain historical organizational inadequacies in its
anti-money-laundering framework and ordered to pay a fine of CHF 2m. In addition, the court seized certain client
assets in the amount of approximately CHF 12m and ordered Credit Suisse AG to pay a compensatory claim in the
amount of approximately CHF 19m. Credit Suisse AG appealed the decision to the Chamber of Appeals of the
Swiss Federal Criminal Court (Chamber of Appeals). Following the merger of UBS AG and Credit Suisse AG, UBS AG
confirmed the appeal. In November 2024, the Chamber of Appeals acquitted UBS AG and annulled the fine and
compensatory claim ordered by the first instance court. Subsequently, the Office of the Attorney General has
appealed the judgment to the Swiss Federal Supreme Court. UBS has also appealed, limited to the issue of whether
a successor entity by merger can be criminally liable for acts of the predecessor entity. In July 2025, the Swiss Federal
Supreme Court remanded the case back to the Chamber of Appeals for a full and reasoned judgment. In March
2026, the Chamber of Appeals issued a judgment again acquitting UBS AG. This judgment may be appealed by
the parties to the Swiss Federal Supreme Court. Separately, in November 2025, the Swiss Office of the Attorney
General filed criminal charges against UBS Group and UBS AG, as the successors to Credit Suisse Group AG and
Credit Suisse AG, respectively, alleging that Credit Suisse failed to maintain appropriate controls to detect and
prevent money laundering in connection with certain payments from accounts at Credit Suisse by parties associated
with Mozambique state enterprises for which Credit Suisse arranged loan financing between 2013 and 2016. In
April 2026, the court dismissed the proceedings, finding criminal liability could not be transferred from Credit Suisse
Group AG and Credit Suisse AG to UBS Group AG and UBS AG. The Attorney General has appealed.
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.
Currency translation rates
The following table shows the rates of the main currencies used to translate the financial information of UBS’s
operations with a functional currency other than the US dollar into US dollars.
Currency translation rates
Closing exchange rate
Average rate
1
As of
For the quarter ended
Year-to-date
30.9.26
30.6.26
31.12.25
30.9.25
30.9.26
30.6.26
30.9.25
30.9.26
30.9.25
1 CHF
1 EUR
1 GBP
100 JPY
1 Monthly income statement items of operations with a functional currency other than the US dollar are translated into US dollars using month-end rates. Disclosed average rates for a quarter represent an average of
three month-end rates, weighted according to the income and expense volumes of all operations of 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 third quarter 2026 report |
Significant regulated subsidiary and sub-group information 70
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
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
30.9.26
30.6.26
30.9.26
30.6.26
30.9.26
30.6.26
30.9.26
30.6.26
1
30.9.26
30.6.26
Financial information
2
Income statement
Total operating income
3
13,060
13,347
4,336
8,146
3,149
3,163
425
352
4,434
4,619
Total operating expenses
9,928
10,431
3,063
3,169
2,171
2,311
309
299
4,009
4,098
Operating profit / (loss) before tax
3,132
2,915
1,273
4,977
978
853
116
53
426
520
Net profit / (loss)
2,325
2,224
1,075
4,781
802
711
93
38
226
302
Balance sheet
Total assets
1,657,146
1,707,065
944,290
974,408
533,183
543,632
58,691
58,473
216,445
214,744
Total liabilities
1,567,949
1,618,463
858,228
888,582
509,300
520,244
54,143
53,985
191,194
189,781
Total equity
89,196
88,602
86,062
85,826
23,884
23,388
4,548
4,487
25,254
24,963
Capital
4
Common equity tier 1 capital
3,046
3,040
13,794
13,406
Additional tier 1 capital
900
900
2,841
2,842
Total going concern capital / Tier 1 capital
3,946
3,940
16,635
16,248
Tier 2 capital
201
216
Total capital
3,946
3,940
16,836
16,464
Total gone concern loss-absorbing capacity
5
5
5
5
2,515
6
2,513
6
7,800
7
7,800
7
Total loss-absorbing capacity
6,461
6,453
24,435
7
24,048
7
Risk-weighted assets and leverage ratio
denominator
4
Risk-weighted assets
16,189
15,927
82,113
81,043
Leverage ratio denominator
60,460
60,715
204,099
203,926
Supplementary leverage ratio denominator
243,925
241,737
Capital and leverage ratios (%)
4
Common equity tier 1 capital ratio
8
Going concern capital ratio / Tier 1 capital ratio
Total capital ratio
Total loss-absorbing capacity ratio
Tier 1 leverage ratio
Supplementary tier 1 leverage ratio
Going concern leverage ratio
Total loss-absorbing capacity leverage ratio
Gone concern capital coverage ratio
Liquidity coverage ratio
4
High-quality liquid assets (bn)
324.5
342.0
146.8
154.5
112.4
117.1
21.9
21.8
32.0
30.6
Net cash outflows (bn)
185.9
198.4
66.4
71.3
87.5
87.3
16.2
16.0
25.8
24.7
Liquidity coverage ratio (%)
174.5
172.5
221.0
9
216.9
128.6
10
134.2
134.9
136.6
123.8
124.0
Net stable funding ratio
4
Total available stable funding (bn)
881.2
892.7
402.4
406.9
370.9
372.7
20.4
19.3
106.6
105.1
Total required stable funding (bn)
771.6
778.4
441.8
448.0
298.9
300.1
14.9
15.8
80.9
80.9
Net stable funding ratio (%)
114.2
114.7
91.1
11
90.8
124.1
11
124.2
136.6
122.7
131.8
129.9
1 Comparative figures have been restated to align with the regulatory reports as submitted to the European Central Bank. 2 The financial information disclosed does not represent a full set of financial statements
under the respective GAAP / IFRS Accounting Standards. 3 The total operating income includes credit loss expense or release. 4 Refer to the UBS Group and significant regulated subsidiaries and sub-groups
30 September 2026 Pillar 3 Report, available under "Pillar 3 disclosures" at 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 of tier 1 capital and eligible long-term debt. 8 On a standalone basis as of 30 September 2026, UBS AG’s phase-in CET1 capital ratio was 15.1%,
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 14.5%. 9 In the third quarter of 2026, the liquidity coverage ratio (the LCR) of UBS AG was 221.0%, remaining
above the prudential requirement communicated by FINMA. 10 In the third quarter of 2026, the LCR of UBS Switzerland AG, which is a Swiss SRB, was 128.6%, 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 third quarter 2026 report |
Significant regulated subsidiary and sub-group information 71
UBS Group AG is a holding company and conducts substantially all of its operations through UBS AG and
subsidiaries thereof. UBS Group AG and UBS AG have contributed a significant portion of 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. The tables in this section summarize
the regulatory capital components and capital ratios of 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 30 September 2026 Pillar 3 Report, which is available under “Pillar 3 disclosures” at
ubs.com/investors
.
UBS Group third quarter 2026 report |
Appendix 72
Appendix
Alternative performance measures
An alternative performance measure (an APM) is a financial measure of historical or future financial performance,
financial position or cash flows other than a financial measure defined or specified in the applicable recognized
accounting standards or in other applicable regulations. A number of APMs are reported in the discussion of the
financial and operating performance of the external reports (annual, quarterly and other reports). APMs are used
to provide a more complete picture of operating performance and to reflect management’s view of the fundamental
drivers of the business results. The table below indicates where an APM also qualifies as a non-GAAP measure as
defined by US Securities and Exchange Commission (SEC) regulations. A definition of each APM, and non-GAAP
measure as applicable, the method used to calculate it and the information content are presented in alphabetical
order in the table below.
APM / non-GAAP label
Calculation
Information content / usefulness
Cost / income ratio (%)
Calculated as operating expenses divided by total
revenues.
This measure provides information about the
efficiency of the business by comparing operating
expenses with total revenues.
Cost / income ratio (underlying) (%)
(non-GAAP measure)
Calculated as operating expenses (underlying) (as
defined below) divided by total revenues (underlying)
(as defined below).
This measure provides information about the
efficiency of the business by comparing operating
expenses with total revenues, while excluding items
that management believes are not representative of
the underlying performance of the businesses.
Cost of credit risk (bps)
Calculated as total credit loss expense / (release)
(annualized for reporting periods shorter than
12 months) divided by the average balance of lending
assets for the reporting period, expressed in basis
points. Lending assets include the gross amounts of
Amounts due from banks and Loans and advances to
customers.
This measure provides information about the total
credit loss expense / (release) incurred in relation to
the average balance of gross lending assets for the
period.
Credit-impaired lending assets as a
percentage of total lending assets,
gross (%)
Calculated as credit-impaired lending assets divided
by total lending assets. Lending assets includes the
gross amounts of Amounts due from banks and
Loans and advances to customers. Credit-impaired
lending assets refers to the sum of stage 3 and
purchased credit-impaired positions.
This measure provides information about the
proportion of credit-impaired lending assets in the
overall portfolio of gross lending assets.
Credit-impaired loan portfolio as a
percentage of total loan portfolio,
gross (%)
– Global Wealth Management,
Personal & Corporate Banking
Calculated as credit-impaired loan portfolio divided by
total gross loan portfolio.
This measure provides information about the
proportion of the credit-impaired loan portfolio in the
total gross loan portfolio.
Customer deposit volumes (USD)
– Global Wealth Management
(non-GAAP measure)
Calculated as the sum of customer deposits and
brokerage payables.
This measure provides information about the volume
of customer deposits in Global Wealth Management.
Fee-generating assets (USD)
– Global Wealth Management
Calculated as the sum of discretionary and non-
discretionary wealth management portfolios
(mandate volume) and assets where generated
revenues are predominantly of a recurring nature, i.e.
mainly investment, mutual, hedge and private-market
funds where we have a distribution agreement,
including client commitments into closed-ended
private-market funds from the date that recurring
fees are charged. Assets related to our Global
Financial Intermediaries business are excluded, as are
assets of sanctioned clients.
This measure provides information about the volume
of invested assets that create a revenue stream,
whether as a result of the nature of the contractual
relationship with clients or through the fee structure
of the asset. An increase in the level of fee-generating
assets results in an increase in the associated revenue
stream. Assets of sanctioned clients are excluded from
fee-generating assets.
Gross margin on invested assets (bps)
– Asset Management
Calculated as total revenues (annualized for reporting
periods shorter than 12 months) divided by average
invested assets.
This measure provides information about the total
revenues of the business in relation to invested assets.
UBS Group third quarter 2026 report |
Appendix 73
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, and 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 third quarter 2026 report |
Appendix 74
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, and 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 third quarter 2026 report |
Appendix 75
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 third quarter 2026 report |
Appendix 76
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
As of or year-to-date
USD m, except where indicated
30.9.26
30.6.26
31.12.25
30.9.25
30.9.26
30.9.25
Underlying net profit / (loss) attributable to shareholders
1
12,191
11,968
8,698
12,032
12,149
10,289
Tangible equity
81,825
82,319
83,265
82,916
81,825
82,916
Average tangible equity
82,072
83,833
83,091
82,585
83,404
81,028
CET1 capital
73,117
72,464
71,262
74,655
73,117
74,655
Average CET1 capital
72,790
72,889
72,958
73,682
72,656
71,624
Underlying return on tangible equity (%)
1
14.9
14.3
10.5
14.6
14.6
12.7
Underlying return on common equity tier 1 capital (%)
1
16.7
16.4
11.9
16.3
16.7
14.4
1 Annualized for reporting periods shorter than 12 months.
UBS Group third quarter 2026 report |
Appendix 77
Abbreviations frequently used in our financial reports
A
ABS asset-backed securities
AG Aktiengesellschaft
AGM Annual General Meeting of
shareholders
AI artificial intelligence
A-IRB advanced internal ratings-
based
ALCO Asset and Liability
Committee
AMA advanced measurement
approach
AML anti-money laundering
AoA Articles of Association
APM alternative performance
measure
ARR alternative reference rate
ARS auction rate securities
ASF available stable funding
AT1 additional tier 1
AuM assets under management
B
BCBS Basel Committee on
Banking Supervision
BIS Bank for International
Settlements
BoD Board of Directors
C
CAO Capital Adequacy
Ordinance
CCAR Comprehensive Capital
Analysis and Review
CCF credit conversion factor
CCP central counterparty
CCR counterparty credit risk
CCRC Corporate Culture and
Responsibility Committee
CDS credit default swap
CEO Chief Executive Officer
CET1 common equity tier 1
CFO Chief Financial Officer
CGU cash-generating unit
CHF Swiss franc
CIO Chief Investment Office
CORC Compliance and
Operational Risk Control
CRM credit risk mitigation
CRO Chief Risk Officer
CST combined stress test
CUSIP Committee on Uniform
Security Identification
Procedures
CVA credit valuation adjustment
D
DBO defined benefit obligation
DCCP Deferred Contingent
Capital Plan
DFAST Dodd–Frank Act Stress Test
DisO-FINMA FINMA Ordinance on the
Disclosure Obligations of
Banks and Securities Firms
DM discount margin
DOJ US Department of Justice
DTA deferred tax asset
DVA debit valuation adjustment
E
EAD exposure at default
EB Executive Board
EC European Commission
ECB European Central Bank
ECL expected credit loss
EGM Extraordinary General
Meeting of shareholders
EIR effective interest rate
EL expected loss
EMEA Europe, Middle East and
Africa
EOP Equity Ownership Plan
EPS earnings per share
ESG environmental, social and
governance
ETD exchange-traded derivatives
ETF exchange-traded fund
EU European Union
EUR euro
EURIBOR Euro Interbank Offered Rate
EVE economic value of equity
EY Ernst & Young Ltd
F
FCA UK Financial Conduct
Authority
FDIC Federal Deposit Insurance
Corporation
FINMA Swiss Financial Market
Supervisory Authority
FMIA Swiss Financial Market
Infrastructure Act
FRTB Fundamental Review of the
Trading Book
FSB Financial Stability Board
FTA Swiss Federal Tax
Administration
FVA funding valuation
adjustment
FVOCI fair value through other
comprehensive income
FVTPL fair value through profit or
loss
FX foreign exchange
G
GAAP generally accepted
accounting principles
GBP pound sterling
GDP gross domestic product
GEB Group Executive Board
GHG greenhouse gas
GCORC Group Compliance and
Operational Risk Control
GRI Global Reporting Initiative
G-SIB global systemically
important bank
H
HQLA
high-quality liquid assets
I
IAS International Accounting
Standards
IASB International Accounting
Standards Board
IBOR interbank offered rate
IFRIC International Financial
Reporting Interpretations
Committee
IFRS accounting standards
Accounting issued by the IASB
Standards
IRB internal ratings-based
IRRBB interest rate risk in the
banking book
ISDA International Swaps and
Derivatives Association
ISIN International Securities
Identification Number
UBS Group third quarter 2026 report |
Appendix 78
Abbreviations frequently used in our financial reports (continued)
K
KRT Key Risk Taker
L
LAS liquidity-adjusted stress
LCR liquidity coverage ratio
LGD loss given default
LIBOR London Interbank Offered
Rate
LLC limited liability company
LoD lines of defense
LRD leverage ratio denominator
LTIP Long-Term Incentive Plan
LTV loan-to-value
M
M&A mergers and acquisitions
MRT Material Risk Taker
N
NII net interest income
NSFR net stable funding ratio
NYSE New York Stock Exchange
O
OCA own credit adjustment
OCI other comprehensive
income
OECD Organisation for Economic
Co-operation and
Development
OTC over-the-counter
P
PCI purchased credit impaired
PD probability of default
PIT point in time
PPA purchase price allocation
Q
QCCP qualifying central
counterparty
R
RBC risk-based capital
RbM risk-based monitoring
REIT real estate investment trust
RMBS residential mortgage-
backed securities
RniV risks not in VaR
RoCET1 return on CET1 capital
RoU right-of-use
rTSR relative total shareholder
return
RWA risk-weighted assets
S
SA standardized approach or
société anonyme
SA-CCR standardized approach for
counterparty credit risk
SAR Special Administrative
Region of the People’s
Republic of China
SDG Sustainable Development
Goal
SEC US Securities and Exchange
Commission
SFT securities financing
transaction
SIBOR Singapore Interbank
Offered Rate
SICR significant increase in credit
risk
SIX SIX Swiss Exchange
SME small and medium-sized
entities
SMF Senior Management
Function
SNB Swiss National Bank
SOR Singapore Swap Offer Rate
SPPI solely payments of principal
and interest
SRB systemically relevant bank
SVaR stressed value-at-risk
T
TBTF too big to fail
TCFD Task Force on Climate-
related Financial Disclosures
TIBOR Tokyo Interbank Offered
Rate
TLAC total loss-absorbing capacity
TTC through the cycle
U
USD US dollar
V
VaR value-at-risk
VAT
value-added tax
This is a general list of the abbreviations frequently used in our financial reporting. Not all of the listed abbreviations
may appear in this particular report.
UBS Group third quarter 2026 report |
Appendix 79
Information sources
Reporting publications
Annual publications
UBS Group Annual Report
: Published in English, this report provides descriptions of: the Group strategy and
performance; the strategy and performance of the business divisions and Group functions; risk, treasury and capital
management; corporate governance; the compensation framework, including information about compensation for
the Board of Directors and the Group Executive Board members; and financial information, including the financial
statements.
“Auszug aus dem Geschäftsbericht
”: This publication provides a German translation of selected sections of the
UBS Group Annual Report.
Compensation Report
: This report discusses the compensation framework and provides information about
compensation for the Board of Directors and the Group Executive Board members. It is available in English and
German (
“Vergütungsbericht
”) and represents a component of the UBS Group Annual Report.
Sustainability Report
: Published in English, the UBS Group Sustainability Report provides disclosures on
environmental, social and governance (ESG) topics.
Quarterly publications
Interim Report
: This report provides an update on performance and strategy (where applicable) for the respective
quarter. It is available in English.
The annual and quarterly publications are available in .pdf and online formats at
ubs.com/investors
, under “Financial
information”. Printed copies, in any language, of the aforementioned annual publications are not provided.
Other information
Website
The “Investor Relations” website at
ubs.com/investors
news releases; financial information, including results-related filings with the US Securities and Exchange
Commission (the SEC); information for shareholders, including UBS dividend and share repurchase program
information, and for bondholders, including rating agencies reports; the corporate calendar; and presentations by
management for investors and financial analysts. Information is available online in English, with some information
also available in German.
Results presentations
Quarterly results presentations are webcast live. Recordings of most presentations can be downloaded from
ubs.com/presentations
.
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Email alerts to news about UBS can be subscribed for under “UBS News Alert” at
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Form 20-F and other submissions to the US Securities and Exchange Commission
UBS files periodic reports with and submits other information to the SEC. Principal among these filings is the annual
report on Form 20-F, filed pursuant to the US Securities Exchange Act of 1934. The filing of Form 20-F is structured
as a wraparound document. Most sections of the filing can be satisfied by referring to the UBS Group Annual
Report. However, there is a small amount of additional information in Form 20-F that is not presented elsewhere
and is particularly targeted at readers in the US. Readers are encouraged to refer to this additional disclosure. Any
document that is filed with the SEC is available on the SEC’s website:
sec.gov
. Refer to
ubs.com/investors
information.
UBS Group third quarter 2026 report |
Appendix 80
Cautionary statement regarding forward-looking statements |
not limited to management’s outlook for UBS’s financial performance, statements relating to the anticipated effect of transactions and strategic initiatives on
UBS’s business and future development and goals. While these forward-looking statements represent UBS’s judgments, expectations and objectives concerning
the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS’s
expectations. In particular, the global economy may suffer significant adverse effects from increasing political tensions between world powers, changes to
international trade policies, including those related to tariffs and trade barriers, and evolving armed conflicts. UBS’s acquisition of the Credit Suisse Group
materially changed its outlook and strategic direction and introduced new operational challenges. The integration of the Credit Suisse entities into the UBS
structure is expected to continue through 2026 and presents significant operational and execution risk, including the risks that UBS may be unable to achieve
the cost reductions and business benefits contemplated by the transaction, that it may incur higher costs to execute the integration of Credit Suisse and that the
acquired business may have greater risks or liabilities, including those related to litigation, than expected. In response to the failure of Credit Suisse, Switzerland
has amended its Capital Adequacy Ordinance and is considering changes to its Banking Act, which, if enacted as proposed, would substantially increase capital
requirements for UBS in relation to its foreign subsidiaries. These factors create greater uncertainty about forward-looking statements. Other factors that may
affect UBS’s performance and ability to achieve its plans, outlook and other objectives also include, but are not limited to: (i) the degree to which UBS is successful
in the execution of its strategic plans, including its cost reduction and efficiency initiatives and its ability to manage its levels of risk-weighted assets (RWA) and
leverage ratio denominator (LRD), liquidity coverage ratio and other financial resources, including changes in RWA, assets and liabilities arising from higher market
volatility and the size of the combined Group; (ii) the degree to which UBS is successful in implementing changes to its businesses to meet changing market,
regulatory and other conditions, including any potential changes to banking examination and oversight practices and standards as a result of executive branch
orders or staff interpretations of law in the US; (iii) inflation and interest rate volatility in major markets; (iv) developments in the macroeconomic climate and in
the markets in which UBS operates or to which it is exposed, including movements in securities prices or liquidity, credit spreads, currency exchange rates,
residential and commercial real estate markets, general economic conditions, and changes to national trade policies on the financial position or creditworthiness
of UBS’s clients and counterparties, as well as on client sentiment and levels of activity; (v) changes in the availability of capital and funding, including any adverse
changes in UBS’s credit spreads and credit ratings of UBS, as well as availability and cost of funding,
including as affected by the marketability of additional tier
one debt instruments, to meet requirements for debt eligible for total loss-absorbing capacity (TLAC); (vi) changes in and potential divergence between central
bank policies or the implementation of financial legislation and regulation in Switzerland, the US, the UK, the EU and other financial centers that have imposed,
or resulted in, or may do so in the future, more stringent or entity-specific capital, TLAC, leverage ratio, net stable funding ratio, liquidity and funding
requirements, heightened operational resilience requirements, incremental tax requirements, additional levies, limitations on permitted activities, constraints on
remuneration, constraints on transfers of capital and liquidity and sharing of operational costs across the Group or other measures, and the effect these will or
would have on UBS’s business activities; (vii) UBS’s ability to successfully implement resolvability and related regulatory requirements and the potential need to
make further changes to the legal structure or booking model of UBS in response to legal and regulatory requirements including heightened requirements and
expectations due to its acquisition of the Credit Suisse Group; (viii) UBS’s ability to maintain and improve its systems and controls for complying with sanctions
in a timely manner and for the detection and prevention of money laundering to meet evolving regulatory requirements and expectations, in particular in the
current geopolitical turmoil; (ix) the uncertainty arising from domestic stresses in certain major economies; (x) changes in UBS’s competitive position, including
whether differences in regulatory capital and other requirements among the major financial centers adversely affect UBS’s ability to compete in certain lines of
business; (xi) changes in the standards of conduct applicable to its businesses that may result from new regulations or new enforcement of existing standards,
including measures to impose new and enhanced duties when interacting with customers and in the execution and handling of customer transactions; (xii) the
liability to which UBS may be exposed, or possible constraints or sanctions that regulatory authorities might impose on UBS, due to litigation, including litigation
it has inherited by virtue of the acquisition of Credit Suisse, contractual claims and regulatory investigations, including the potential for disqualification from
certain businesses, potentially large fines or monetary penalties, or the loss of licenses or privileges as a result of regulatory or other governmental sanctions, as
well as the effect that litigation, regulatory and similar matters have on the operational risk component of its RWA; (xiii) UBS’s ability to retain and attract the
employees necessary to generate revenues and to manage, support and control its businesses, which may be affected by competitive factors; (xiv) changes in
accounting or tax standards or policies, and determinations or interpretations affecting the recognition of gain or loss, the valuation of goodwill, the recognition
of deferred tax assets and other matters; (xv) UBS’s ability to implement new technologies and business methods, including digital services, artificial intelligence
and other technologies, and ability to successfully compete with both existing and new financial service providers, some of which may not be regulated to the
same extent; (xvi) limitations on the effectiveness of UBS’s internal processes for risk management, risk control, measurement and modeling, and of financial
models generally; (xvii) the occurrence of operational failures, such as fraud, misconduct, unauthorized trading, financial crime, cyberattacks, data leakage and
systems failures, the risk of which is increased with persistently high levels of cyberattack threats; (xviii) restrictions on the ability of UBS Group AG, UBS AG and
regulated subsidiaries of UBS AG to make payments or distributions, including due to restrictions on the ability of its subsidiaries to make loans or distributions,
directly or indirectly, or, in the case of financial difficulties, due to the exercise by FINMA or the regulators of UBS’s operations in other countries of their broad
statutory powers in relation to protective measures, restructuring and liquidation proceedings; (xix) the degree to which changes in regulation, capital or legal
structure, financial results or other factors may affect UBS’s ability to maintain its stated capital return objective; (xx) uncertainty over the scope of actions that
may be required by UBS, governments and others for UBS to achieve goals relating to climate, environmental and social matters, as well as the evolving nature
of underlying science and industry and the increasing divergence among regulatory regimes; (xxi) the ability of UBS to access capital markets; (xxii) the ability of
UBS to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack, war, conflict, pandemic,
security breach, cyberattack, power loss, telecommunications failure or other natural or man-made event; and (xxiii) the effect that these or other factors or
unanticipated events, including media reports and speculations, may have on its reputation and the additional consequences that this may have on its business
and performance. The sequence in which the factors above are presented is not indicative of their likelihood of occurrence or the potential magnitude of their
consequences. UBS’s business and financial performance could be affected by other factors identified in its past and future filings and reports, including those
filed with the US Securities and Exchange Commission (the SEC). More detailed information about those factors is set forth in documents furnished by UBS and
filings made by UBS with the SEC, including the UBS Group AG and UBS AG Annual Reports on Form 20-F for the year ended 31 December 2025. UBS is not
under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future
events, or otherwise.
Rounding |
percent changes disclosed in text and tables are calculated on the basis of unrounded figures. Absolute changes between reporting periods disclosed in the text,
which can be derived from numbers presented in related tables, are calculated on a rounded basis.
Tables |
available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis. Values
that are zero on a rounded basis can be either negative or positive on an actual basis.
Websites |
of any such websites into this report.
UBS 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: October 28, 2026