UBS Form 6-K Shows Solid Capital, $182B TLAC Despite CET1 Dip
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
UBS 2Q-25 Form 6-K highlights subsidiary strength and capital metrics. UBS AG (consolidated) posted USD 11.5 bn operating income (-4% QoQ) and USD 1.2 bn net profit (+16% QoQ). CET1 capital fell to USD 69.8 bn and the CET1 ratio slipped 70 bp to 14.0%, still above Swiss SRB minima; Tier-1 leverage ratio 5.3%. Group HQLA reached USD 358.9 bn, supporting a 179% LCR.
Standalone UBS AG recorded USD 5.7 bn net profit and a 14.2% phase-in CET1 ratio, benefiting from the transfer of Wealth Management International. UBS Switzerland AG earned USD 441 m with a 12.7% CET1 ratio and 138% LCR. UBS Europe SE and UBS Americas Holding LLC remained strongly capitalised, showing CET1 ratios of 20.5% and 20.9% respectively; the Fed raised the SCB for the U.S. unit to 9.3%, lifting its CET1 requirement to 13.8% from 1 Oct 2024.
Credit Suisse International, now ring-fenced, reduced assets to USD 27.5 bn but showed a CET1 ratio of 95.6% despite a USD 55 m quarterly loss; LCR stayed exceptionally high at 361%.
Total loss-absorbing capacity equals USD 182 bn for UBS AG consolidated and USD 93 bn for UBS AG standalone, underscoring robust resolution readiness across the group.
Positive
- Robust liquidity: Group LCR 179%; UBS AG standalone 235%; Credit Suisse Int’l 361%.
- Sustained profitability: UBS AG consolidated net profit up 16% QoQ to USD 1.2 bn; standalone USD 5.7 bn.
- High loss-absorbing capacity: USD 182 bn TLAC for UBS AG consolidated, well above regulatory floors.
Negative
- CET1 ratio dilution: UBS AG consolidated CET1 fell to 14.0% (-70 bp), leverage ratio down to 5.3%.
- Operating profit compression: Pre-tax profit dropped 36% QoQ to USD 862 m.
- Higher U.S. capital requirement: Fed SCB for UBS Americas rises to 9.3%, tightening capital headroom.
Insights
TL;DR: Capital and liquidity remain solid; slight earnings dip and CET1 erosion temper positives.
UBS’s key subsidiaries continue to demonstrate strong regulatory resilience. Although CET1 fell 70 bp and pre-tax profit declined 36% QoQ, the group still sits comfortably above minimums, with a 179% LCR and USD 182 bn TLAC. The transfer of Wealth Management International inflated standalone profits and strengthens legal entity alignment ahead of 2028 restructuring. The higher 9.3% SCB for the U.S. arm tightens capital headroom but is manageable given a 20.9% CET1 ratio. Overall impact: neutral to slightly positive due to preserved buffers.
TL;DR: Subsidiaries comfortably exceed capital/liquidity rules; Fed SCB hike is the main headwind.
CET1, leverage and liquidity metrics far surpass Swiss, EU and U.S. thresholds—most notably Credit Suisse Int’l’s 95.6% CET1 and 361% LCR. UBS AG’s 14.0% CET1 still offers a 200-300 bp buffer to stress triggers. TLAC levels fulfil FINMA and Fed requirements, reinforcing resolution credibility. The incremental U.S. SCB trims flexibility but does not threaten dividend capacity. Balance-sheet down-scaling at Credit Suisse Int’l reduces risk-weighted assets 25%, easing future capital needs. Net regulatory stance: stable.
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: August 5, 2025
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 UBS supplementary information for significant regulated subsidiaries and sub-groups for
the second quarter of 2025, which appears immediately following this page.
UBS Group significant regulated subsidiary
Second quarter
Significant regulated subsidiary and sub-group information
Significant regulated subsidiary
and sub-group information
Unaudited
Financial and regulatory key figures for our significant regulated subsidiaries and sub-groups
UBS AG
(consolidated)
UBS AG
(standalone)
UBS Switzerland AG
(standalone)
UBS Europe SE
(consolidated)
UBS Americas
Holding LLC
(consolidated)
All values in million, except where indicated
USD
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
30.6.25
31.3.25
30.6.25
31.3.25
30.6.25
31.3.25
30.6.25
31.3.25
1
30.6.25
31.3.25
Financial information
2
Income statement
Total operating income
3
11,483
12,040
9,269
4
3,956
2,756
4
3,215
354
347
4,159
4,567
Total operating expenses
10,621
10,701
3,610
3,521
2,236
2,419
340
310
4,126
4,348
Operating profit / (loss) before tax
862
1,339
5,659
434
520
796
14
37
32
219
Net profit / (loss)
1,198
1,035
5,683
409
441
663
(2)
30
547
331
Balance sheet
Total assets
1,671,814
1,547,489
1,003,436
938,573
518,866
518,544
61,063
54,463
205,747
210,803
Total liabilities
1,576,960
1,450,367
914,230
848,944
495,612
491,592
56,975
49,858
178,268
183,825
Total equity
94,854
97,123
89,206
89,629
23,254
26,952
4,088
4,605
27,479
26,978
Capital
5
Common equity tier 1 capital
2,995
3,424
16,152
16,236
Additional tier 1 capital
600
600
2,822
2,817
Total going concern capital / Tier 1 capital
3,595
4,024
18,974
19,053
Tier 2 capital
190
205
Total capital
3,595
4,024
19,164
19,258
Total gone concern loss-absorbing capacity
2,505
6
2,527
6
7,800
7
7,800
7
Total loss-absorbing capacity
6,100
6,551
26,774
7
26,853
7
Risk-weighted assets and leverage
ratio denominator
5
Risk-weighted assets
14,590
14,387
77,244
79,345
Leverage ratio denominator
61,706
55,615
199,196
204,960
Supplementary leverage ratio denominator
231,603
234,346
Capital and leverage ratios (%)
5
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
5
High-quality liquid assets (bn)
358.9
318.9
177.4
150.5
111.9
111.2
20.0
18.7
29.0
28.2
Net cash outflows (bn)
200.1
176.9
75.7
66.0
81.1
81.2
14.5
13.4
22.6
21.2
Liquidity coverage ratio (%)
179.4
180.3
235.5
9
229.2
138.1
10
137.1
138.9
140.4
127.9
132.9
Net stable funding ratio
5
Total available stable funding (bn)
892.4
853.7
421.3
410.5
354.6
355.0
17.8
18.6
104.9
107.9
Total required stable funding (bn)
738.1
695.2
435.5
418.7
275.9
276.3
13.7
13.2
79.0
80.5
Net stable funding ratio (%)
120.9
122.8
96.7
11
98.1
128.6
11
128.5
130.0
140.5
132.8
134.0
Other
Joint and several liability between UBS AG and
UBS Switzerland AG (bn)
12
3
3
1 Comparative figures have been restated to align with the regulatory reports as submitted to the European Central Bank (the ECB). 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 UBS decided to consolidate the Wealth Management International
business and the Global Financial Intermediaries business booked in Switzerland in UBS AG to further optimize Group legal and operational structures and to address regulatory considerations. In the second quarter
of 2025, the beneficial ownership of the respective heritage UBS businesses booked in UBS Switzerland AG was transferred from UBS Switzerland AG to UBS AG, with effect from 1 January 2025. The transfer was
made in the form of a dividend in kind amounting to USD 126m (CHF 100m), reflecting the net asset value of the business in scope. UBS Switzerland AG will continue to manage the businesses under a contractual
relationship with UBS AG until the completion of the legal transfer, which is expected to take place in 2028, and will continue to recognize the underlying Wealth Management International and Global Financial
Intermediaries assets and liabilities until then. UBS AG’s share of the net profits of USD 368m (CHF 292m) for the first half of 2025 is reflected in Fee and commission income for UBS AG and in Fee and commission
expense for UBS Switzerland AG, both within Operating income. 5 Refer to the UBS Group and significant regulated subsidiaries and sub-groups 30 June 2025 Pillar 3 Report, available under “Pillar 3 disclosures”
at ubs.com/investors, for more information. 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 June 2025, UBS AG’s phase-in CET1 capital ratio was 14.2%, based on risk weights of 235% and 340% for Swiss and foreign participations, respectively. These risk
weights will increase to 250% and 400% for Swiss and foreign participations, respectively, in a phased manner until 1 January 2028, contributing to UBS AG’s fully applied CET1 capital ratio of 13.2%. 9 In the
second quarter of 2025, the liquidity coverage ratio (the LCR) of UBS AG was 235.5%, remaining above the prudential requirements communicated by FINMA. 10 In the second quarter of 2025, the LCR of
UBS Switzerland AG, which is a Swiss SRB, was 138.1%, 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. 12 Under certain circumstances, the Swiss Banking Act and FINMA’s Banking Insolvency Ordinance authorize FINMA to modify, extinguish or convert to common equity liabilities of a bank in
connection with a resolution or insolvency of such bank. As of 30 June 2025, the amount consists of a joint and several liability of UBS Switzerland AG for contractual obligations of UBS AG related to the establishment
of UBS Switzerland AG (CHF 2.1bn), and a joint and several liability of UBS Switzerland AG in connection with the international covered bonds program of UBS AG (CHF 0.5bn) which was fully collateralized through
cash deposits from UBS AG.
Significant regulated subsidiary and sub-group information
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 each subsidiary’s or sub-group’s home jurisdiction.
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.
In August 2024, the Federal Reserve Board assigned UBS Americas Holding LLC a stress capital buffer (an SCB) of
9.3% as of 1 October 2024 (previously 9.1%) under the Federal Reserve Board’s SCB rule, resulting in a total
common equity tier 1 capital requirement of 13.8%. The SCB for our US-based intermediate holding company is
based on the previously released results of the Federal Reserve Board’s 2024 Dodd–Frank Act Stress Test (DFAST),
where UBS Americas Holding LLC exceeded the minimum capital requirements under the severely adverse scenario.
Additional information on the above entities will be provided in the UBS Group and significant regulated subsidiaries
and sub-groups 30 June 2025 Pillar 3 Report, which will be available under “Pillar 3 disclosures” at
ubs.com/investors
Credit Suisse International
(standalone)
All values in million, except where indicated
USD
Financial and regulatory requirements
IFRS Accounting Standards
UK regulatory rules
As of or for the quarter ended
30.6.25
31.3.25
Financial information
1
Income statement
Total operating income
2
56
44
Total operating expenses
107
152
Operating profit / (loss) before tax
(51)
(108)
Net profit / (loss)
(55)
(92)
Balance sheet
Total assets
27,505
34,030
Total liabilities
20,328
26,783
Total equity
7,177
7,247
Capital
3
Common equity tier 1 capital
6,734
6,816
Additional tier 1 capital
0
0
Total going concern capital / Tier 1 capital
6,734
6,816
Tier 2 capital
0
0
Total capital
6,734
6,816
Total gone concern loss-absorbing capacity
0
0
Total loss-absorbing capacity
6,734
6,816
Risk-weighted assets and leverage ratio denominator
3
Risk-weighted assets
7,046
9,332
Leverage ratio denominator
19,754
23,341
Capital and leverage ratios (%)
3
Common equity tier 1 capital ratio
95.6
73.0
Going concern capital ratio / Tier 1 capital ratio
95.6
73.0
Total capital ratio
95.6
73.0
Total loss-absorbing capacity ratio
95.6
73.0
Tier 1 leverage ratio
34.1
29.2
Going concern leverage ratio
Total loss-absorbing capacity leverage ratio
34.1
29.2
Liquidity coverage ratio
3
High-quality liquid assets (bn)
12.4
14.0
Net cash outflows (bn)
3.5
4.1
Liquidity coverage ratio (%)
361.4
361.8
Net stable funding ratio
3
Total available stable funding (bn)
11.0
14.0
Total required stable funding (bn)
4.2
6.1
Net stable funding ratio (%)
266.1
241.8
1 The financial information disclosed does not represent a full set of financial statements under the respective GAAP / IFRS Accounting Standards. 2 The total operating income includes credit loss expense or release.
3 Refer to the UBS Group and significant regulated subsidiaries and sub-groups 30 June 2025 Pillar 3 Report, available under “Pillar 3 disclosures” at ubs.com/investors, for more information.
UBS Group AG
PO Box
CH-8098 Zurich
ubs.com
This Form 6-K is hereby incorporated by reference into (1) each of the registration statements on Form F-3
(Registration Number 333-283672), and on Form S-8 (Registration Numbers 333-200634; 333-200635; 333-200641;
333-200665; 333-215254; 333-215255; 333-228653; 333-230312; 333-249143 and 333-272975), and into each
prospectus outstanding under any of the foregoing registration statements, (2) any outstanding offering circular or
similar document issued or authorized by UBS AG that incorporates by reference any Forms 6-K of UBS AG that
are incorporated into its registration statements filed with the SEC, and (3) the base prospectus of Corporate Asset
Backed Corporation (“CABCO”) dated June 23, 2004 (Registration Number 333-111572), the Form 8-K of CABCO
filed and dated June 23, 2004 (SEC File Number 001-13444), and the Prospectus Supplements relating to the CABCO
Series 2004-101 Trust dated May 10, 2004 and May 17, 2004 (Registration Number 033-91744 and 033-91744-05).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this
report to be signed on their behalf by the undersigned, thereunto duly authorized.
UBS Group AG
By:_/s/ David Kelly_____________
Name: David Kelly
Title: Managing Director
By:_/s/ Ella Copetti-Campi_____________
Name: Ella Copetti-Campi
Title: Executive Director
UBS AG
By:_/s/ David Kelly_____________
Name: David Kelly
Title: Managing Director
By:_/s/ Ella Copetti-Campi_____________
Name: Ella Copetti-Campi
Title: Executive Director
Date: August 5, 2025
FAQ
What was UBS (UBS) consolidated net profit in Q2 2025?
UBS AG (consolidated) reported USD 1.2 billion net profit for Q2 2025.
How did UBS’s CET1 ratio change in the second quarter of 2025?
The consolidated CET1 ratio decreased to 14.0% from 14.7% in Q1 2025.
What is the new stress capital buffer for UBS Americas Holding LLC?
The Federal Reserve set a 9.3% SCB effective 1 October 2024, lifting the CET1 requirement to 13.8%.
How strong is UBS’s liquidity coverage ratio?
Group LCR is 179%, with UBS AG standalone at 235% and Credit Suisse Int’l at 361%.
What was Credit Suisse International’s capital position in Q2 2025?
CSI posted a 95.6% CET1 ratio and a 34.1% leverage ratio despite a USD 55 m loss.
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