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UBS filed a Form 6-K as a foreign private issuer to provide an updated legal opinion from Homburger AG, its special Swiss counsel. This opinion is incorporated by reference into UBS AG’s existing Form F-3 registration statement and replaces the prior Homburger opinion dated April 20, 2026 filed as Exhibit 5.3.
UBS AG submitted a Form 6-K to update the legal documentation supporting its existing Form F-3 shelf registration. The filing incorporates into that registration statement a new Opinion of Hogan Lovells Cadwalader US LLP as special U.S. tax counsel to UBS.
The new tax opinion is filed as Exhibit 8.4 to the Form F-3 and replaces the prior Exhibit 8.4 opinion from Cadwalader, Wickersham & Taft LLP dated December 6, 2024. This change updates the U.S. tax analysis that underpins the registered securities without altering the registration’s overall structure.
UBS AG submitted a Form 6-K as a foreign private issuer, primarily to furnish legal and tax-related exhibits linked to its existing shelf registration statement on Form F-3 (File No. 333-283672).
The filing incorporates this Form 6-K by reference into the Form F-3, meaning the attached opinions and consents become part of that registration. Exhibits include a New York law validity opinion on debt securities and warrants, a United States federal tax matters opinion, and related consents from Ashurst Perkins Coie. The document is signed on behalf of UBS by two executive directors.
UBS Group reported a strong first quarter of 2026, with reported net profit of $3.0B and earnings per share of 94 cents. On an underlying basis, pre-tax profit reached $4.0B, up 54% year-on-year, and return on CET1 capital was 17%, while the cost-income ratio improved to 70.2%, showing operating leverage from revenue growth and cost reductions.
Group revenues rose to $13.6B, up 18% across core franchises, with particularly strong contributions from Global Wealth Management, Personal & Corporate Banking, Asset Management and a record first quarter in the Investment Bank. UBS delivered an additional $0.8B of gross cost saves, bringing cumulative reductions since the end of 2022 to $11.5B, about 85% of its $13.5B target by year-end 2026.
The balance sheet remained robust, with total assets of $1.7T, credit-impaired exposures of 90 basis points, and low credit loss expense of $70M. The CET1 capital ratio stood at 14.7% and the liquidity coverage ratio at 178%. UBS completed migration of former Credit Suisse Swiss-booked clients to its platforms and plans to finish its current $3B share repurchase program by the second-quarter 2026 results, while monitoring upcoming Swiss capital regulation affecting required CET1 levels.
UBS AG provides an updated snapshot of its capitalization, reporting total capitalization of USD 434,883m as of 31 March 2026, compared with USD 414,648m as of 31 December 2025. Total debt issued was USD 343,162m, alongside equity attributable to shareholders of USD 91,404m.
Short-term debt issued was USD 97,728m and long-term debt issued was USD 245,433m, with 87% of total debt unsecured as of 31 March 2026. The report is prepared under IFRS Accounting Standards and is incorporated by reference into existing UBS Form F-3 registration statements and specified CABCO-related prospectuses and filings.
UBS AG reported significantly stronger first-quarter 2026 results, with total revenues of $14,030m versus $12,163m a year earlier and net profit attributable to shareholders of $2,500m versus $1,028m. Net profit growth was 143.2%, and return on equity improved to 11.1% from 4.3%, helped by lower operating expenses and higher fee income.
The cost/income ratio fell to 76.8% from 88.0%, indicating better efficiency. Credit loss expense was modest at $64m. UBS AG kept a strong capital and liquidity position, with a common equity tier 1 ratio of 14.2%, total loss-absorbing capacity ratio of 38.4%, liquidity coverage ratio of 172.4% and net stable funding ratio of 116.1%.
UBS Group provides a detailed Pillar 3 update for 31 March 2026, highlighting strong capital and liquidity alongside rising regulatory demands. Common equity tier 1 (CET1) capital rose to USD 73.3bn, lifting the CET1 ratio to 14.65%, while risk‑weighted assets increased to USD 500.4bn.
Total loss‑absorbing capacity reached USD 197.6bn, supported by USD 3.7bn of new AT1 instruments and USD 9.0bn in TLAC‑eligible senior debt, partly offset by redemptions. UBS estimates future Swiss regulatory changes could require roughly USD 22bn of extra CET1 at UBS AG standalone and reduce Group CET1 by about USD 4bn, on top of around USD 15bn tied to the Credit Suisse acquisition.
Despite these headwinds, liquidity remains robust: the liquidity coverage ratio averaged 177.8% and the net stable funding ratio was 116.9%, both above FINMA requirements. UBS also returned capital, with shareholders approving a USD 1.10 per share dividend and the Group repurchasing USD 0.9bn of shares in the quarter as part of a planned USD 3bn buyback by July 2026.
UBS Group delivered a strong first quarter of 2026, with total revenues of $14.243bn, up 13% year on year, and net profit attributable to shareholders of $3.040bn, up 80%. Diluted earnings per share rose to $0.94, and the reported cost / income ratio improved to 72.5%.
Profit growth was broad-based: Global Wealth Management, Personal & Corporate Banking, Asset Management and the Investment Bank all increased pre-tax profit, helped by higher fee income, stronger markets and higher client activity. Underlying pre-tax profit reached $3.99bn, with an underlying cost / income ratio of 70.2%.
Integration of Credit Suisse is advancing, with cumulative gross cost savings of $11.5bn toward a $13.5bn 2026 ambition. UBS highlights upcoming Swiss regulatory changes that could require about $37bn of additional CET1 capital over time, but the Group CET1 ratio is currently a solid 14.7%. UBS also paid a $1.10 dividend per share and repurchased $0.9bn of shares in the quarter.