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UBS Group reported stronger fourth quarter and full-year 2025 results while advancing the integration of Credit Suisse. For 2025, total revenues were 49,573m and net profit attributable to shareholders rose to 7,767m, up from 5,085m, lifting return on equity to 8.8%. Fourth-quarter net profit was 1,199m on revenues of 12,145m, as higher fee and trading income more than offset lower other income, including a 457m loss on repurchasing legacy Credit Suisse debt.
By year-end UBS had achieved 10.7bn in cumulative gross cost savings and cut Non-core and Legacy risk-weighted assets by 67% versus second quarter 2023, supporting a CET1 ratio of 14.4% and CET1 leverage ratio of 4.4%. The Board plans to propose a 1.10 per-share dividend for 2025 and completed 3bn of share repurchases in 2025, with a further 3bn targeted in 2026. Management increased its 2026 exit-rate cost-savings ambition to around 13.5bn and reiterated medium-term profitability targets, including an underlying RoCET1 of around 15% by the end of 2026.
UBS AG filed a Form 6-K to provide a new Swiss law opinion from Homburger AG for its Form F-3 shelf registration covering offerings of debt securities and warrants by its Jersey and London branches. The opinion replaces a prior Homburger opinion previously filed as Exhibit 5.3.
The opinion addresses matters of Swiss law only, is based solely on specified corporate and transaction documents, and relies on assumptions about UBS’s internal authorizations and signing policies. It assumes that securities issued under related board resolutions will have an aggregate initial public offering price not exceeding USD 60,000,000,000 or the equivalent in other currencies.
UBS Group AG and UBS AG reported the results of seven concurrent cash tender offers for outstanding notes and increased the Maximum Purchase Consideration from $4 billion to $8.6 billion. Holders tendered $8,544,989,115 in aggregate principal before expiration, plus $29,350,000 via guaranteed delivery. UBS accepted $7,668,817,115 for purchase across series with Acceptance Priority Levels 1–6; Level 7 notes were not accepted.
The offers expired at 5:00 p.m. Eastern on November 5, 2025. The Initial Settlement Date is November 7, 2025, with Guaranteed Delivery settlement on November 10, 2025. Accepted holders will receive the applicable Total Consideration per $1,000/€1,000 of principal in cash, plus accrued interest to (but excluding) the Initial Settlement Date, after which interest stops accruing on purchased notes.
UBS also announced corrected reference yields and Total Consideration for each series as of 10:00 a.m. Eastern on November 5, 2025, including USD and EUR notes (EUR amounts translated at €1.00 = $1.14880). Dealer Manager: UBS Investment Bank; Information/Tender Agent: D.F. King & Co.
UBS AG furnished a Form 6-K providing an updated capitalization snapshot under IFRS. As of 30 September 2025, total capitalization was USD 424,831m, comprising total debt issued of USD 329,237m and equity attributable to shareholders of USD 95,135m. The report notes that 87% of total debt issued was unsecured as of that date.
Quarter-on-quarter, short-term debt was USD 85,213m (down from USD 97,242m on 30 June 2025), while long-term debt was USD 244,024m (up from USD 237,634m). Funding from UBS Group AG within total debt was USD 124,317m (vs. USD 119,119m). Equity attributable to non-controlling interests was USD 459m (vs. USD 576m). UBS AG states that this 6-K is incorporated by reference into its Form F-3 (No. 333-283672) and certain CABCO prospectuses and supplements.
UBS AG filed its third‑quarter 2025 report, showing steadier profitability as integration of Credit Suisse progresses. Total revenues were USD 12,446m (up 4% year over year) and net profit attributable to shareholders was USD 1,288m (up 29%). Operating profit before tax rose to USD 1,507m and the cost/income ratio improved to 87.0%.
By division, Global Wealth Management pre‑tax profit grew 30% to USD 1,197m on higher fees and client activity; the Investment Bank’s pre‑tax profit rose to USD 782m, aided by stronger Global Banking and Global Markets and a USD 128m gain from the CSS China stake sale. Total assets were USD 1.634trn. Capital and liquidity stayed solid with a CET1 ratio of 14.2%, Liquidity Coverage Ratio 179% and NSFR 118.6%.
UBS advanced Swiss client migrations to over two‑thirds of targeted accounts and substantially completed Asset Management integration. Legal items included a EUR 730m fine and EUR 105m civil damages in France alongside a provision release gain of USD 321m, and a USD 300m payment to resolve remaining 2017 RMBS obligations. Switzerland’s proposed rules could imply around USD 24bn additional CET1 for UBS AG and, including other effects, around USD 39bn in total over time, subject to legislative outcomes. UBS and UBS Group announced debt tender offers up to USD 4bn.
UBS Group AG and UBS AG launched seven concurrent cash tender offers to purchase outstanding senior notes across USD and EUR series, as part of proactive funding and total loss‑absorbing capacity management to optimize interest expense. The offers are capped by a Maximum Purchase Consideration of $4,000,000,000, excluding accrued interest, applied across all series using stated acceptance priority levels.
The offers expire at 5:00 p.m. Eastern on November 5, 2025, with withdrawal rights up to that time. Initial settlement is expected on November 7, 2025, and guaranteed delivery settlement on November 10, 2025. If a series is accepted, all validly tendered notes of that series will be purchased with no proration. Key series include 7.500% Senior Notes due 2028 ($2,500 million) and 6.537% Fixed/Floating Senior Callable Notes due 2033 ($3,000 million), each priced versus designated reference securities and fixed spreads.