UBS posts Q3 growth; CET1 14.8% and cost saves $10B
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
UBS Group AG reported stronger Q3 2025 results. Total revenues were USD 12,760m and net profit attributable to shareholders was USD 2,481m, with diluted EPS of USD 0.76. Return on equity was 11.1% and the cost/income ratio improved to 77.0%. On an underlying basis, return on tangible equity reached 14.6% as integration benefits flowed through.
Balance sheet and capital stayed solid. The CET1 capital ratio rose to 14.8% on CET1 capital of USD 74.7bn, while risk‑weighted assets were USD 504.9bn. Invested assets climbed to USD 6.91trn. UBS realized an additional USD 0.9bn of gross cost savings in the quarter, taking cumulative gross savings to USD 10bn toward a ~USD 13bn 2026 target, and reduced Non‑core & Legacy RWA by 64% since Q2 2023.
Regulatory and legal updates featured prominently. Swiss proposals would, if implemented as outlined, imply around USD 24bn additional CET1 at UBS AG on a pro‑forma basis, with UBS indicating a consolidated CET1 ratio around 19% before further proposed deductions that would reduce it to around 17%. UBS resolved legacy items, including a USD 300m DOJ payment (RMBS) and French penalties of EUR 730m plus EUR 105m, supported by provision releases. The Fed cut the SCB for UBS Americas Holding LLC to 5.2%, for a total CET1 requirement of 9.7%.
Positive
- None.
Negative
- None.
Insights
Core profitability improved; capital debate intensifies.
UBS delivered higher fees and healthier operating leverage: revenues reached USD 12,760m, net profit USD 2,481m, and the cost/income ratio declined to 77.0%. Underlying RoTE of 14.6% signals traction from the Credit Suisse integration while invested assets grew to USD 6.91trn.
Capital remains a focal point. The CET1 ratio rose to 14.8%; however, Swiss proposals would, if enacted as described, add around USD 24bn CET1 at UBS AG and translate to about ~19% consolidated CET1 before other proposed deductions that would lower it to about ~17%. Outcomes depend on final rules and phase‑ins.
Legacy matters saw cash outflows and provision releases (e.g., DOJ USD 300m, France fines) that aided near‑term P&L clarity. Watch for Q4 seasonality, indicated integration costs (~USD 1.1bn) and acquisition‑related revenues (~USD 0.5bn) disclosed for year‑end dynamics.
Proposed Swiss rules could lift CET1 needs materially.
The Swiss consultation outlines CET1 deductions for foreign subsidiaries and other items (capitalized software, DTAs on temporary differences, PVAs). UBS estimates around USD 24bn additional CET1 at UBS AG if measures proceed as proposed, alongside previously identified increments tied to the Credit Suisse acquisition.
UBS indicates that, on a pro‑forma basis, consolidated CET1 would be around ~19% before the further proposed deductions, and around ~17% after them. The timeline includes staged phase‑ins, with legislative outcomes pending. Meanwhile, the Fed’s SCB for UBS Americas Holding LLC falls to 5.2%, with a total CET1 requirement of 9.7%, easing US capital buffers.
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 29, 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 the Third Quarter 2025 Report of UBS Group AG, which appears immediately following
this page.
Corporate calendar UBS Group
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1.
Key figures
3
UBS Group key figures
2.
Recent developments
4
Recent developments
3.
UBS Group performance, business
divisions and Group Items
8
Group performance
19
Global Wealth Management
24
Personal & Corporate Banking
28
Asset Management
31
Investment Bank
34
Non-core and Legacy
36
Group Items
4.
Risk, capital, liquidity and funding,
and balance sheet
38
Risk management and control
43
Capital management
52
Liquidity and funding management
53
Balance sheet and off-balance sheet
55
Share information and earnings per share
5.
Consolidated
financial statements
58
UBS Group AG interim consolidated financial
statements (unaudited)
6.
Significant regulated subsidiary and sub-
group information
92
Financial and regulatory key figures for our
significant regulated subsidiaries and sub-
groups
Appendix
94
Alternative performance measures
98
Abbreviations frequently used in
our financial reports
100
Information sources
101
Cautionary statement
UBS Group third quarter 2025 report
Terms used in this report, unless the context requires otherwise
“UBS”, “UBS Group”, “UBS Group AG consolidated”, “Group”, “we”, “us” and “our”
UBS Group AG and its consolidated subsidiaries
“UBS AG” and “UBS AG consolidated”
UBS AG and its consolidated subsidiaries
“Credit Suisse Group” and “Credit Suisse”
Pre-acquisition Credit Suisse Group
“UBS Group AG”
UBS Group AG on a standalone basis
“Credit Suisse Group AG”
Credit Suisse Group AG on a standalone basis
“UBS Switzerland AG”
UBS Switzerland AG on a standalone basis
“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 the applicable recognized
accounting standards or in other applicable 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. Our APMs may
qualify as non-GAAP measures as defined by US Securities and Exchange Commission (SEC) regulations. Our
underlying results are APMs and are non-GAAP financial measures.
›
Refer to the “Group performance” section of this report and to “Alternative performance measures” in the
appendix to this report for additional information about underlying results
UBS Group third quarter 2025 report
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
30.9.25
30.6.25
31.12.24
30.9.24
30.9.25
30.9.24
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
2,3
Return on equity (%)
Return on tangible equity (%)
Underlying return on tangible equity (%)
4
Return on common equity tier 1 capital (%)
Underlying return on common equity tier 1 capital (%)
4
Revenues over leverage ratio denominator, gross (%)
Cost / income ratio (%)
Underlying cost / income ratio (%)
4
Effective tax rate (%)
Net profit growth (%)
n.m.
n.m.
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
Personnel (full-time equivalents)
Market capitalization
1,8
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 2024,
available under “Annual reporting” at ubs.com/investors, and to the “Recent developments” section of the UBS Group second quarter 2025 report, available under “Quarterly 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(s) and calculation method(s). 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 the quarters presented and are calculated based on an average of 65 data points in the third quarter of 2025, 61 data points in the second quarter
of 2025, 64 data points in the fourth quarter of 2024 and 65 data points in the third quarter of 2024. 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 31 Invested assets and net new money” in the
“Consolidated financial statements” section of the UBS Group Annual Report 2024, available under “Annual reporting” at ubs.com/investors, for more information. 8 The calculation of market capitalization reflects
total shares issued multiplied by the share price at the end of the period.
UBS Group third quarter 2025 report |
Recent developments
Management report
Integration of Credit Suisse
We remain on track to substantially complete the integration of Credit Suisse by the end of 2026, and our focus
continues to be on client account migrations and infrastructure decommissioning.
In the third quarter of 2025, and over the course of October 2025, we successfully advanced our Swiss business
migrations, having now migrated over two-thirds of the targeted client accounts. We still aim to complete the Swiss
booking center migrations by the end of the first quarter of 2026.
Furthermore, we have substantially completed the integration of Asset Management, including the final portfolio
migrations onto UBS platforms.
In the third quarter of 2025, we realized an additional USD 0.9bn in gross cost savings. Cumulative gross cost
savings at the end of the third quarter of 2025 amounted to USD 10bn compared with the 2022 combined cost
base of UBS and Credit Suisse. This represents around 77% of our ambition to deliver around USD 13bn in
annualized exit rate gross cost savings by the end of 2026.
As of 30 September 2025, our Non-core and Legacy business division has delivered a 64% reduction in risk-
weighted assets (RWA) since the second quarter of 2023. We have already achieved our 2025 ambition to reduce
credit and market risk RWA to below USD 8bn, and we are well positioned to meet our ambition of around USD 4bn
by the end of 2026.
Regulatory and legal developments
Developments in Switzerland aimed at strengthening financial stability
In September 2025, the Swiss Federal Council launched a public consultation on proposed legislative amendments
to capital requirements related to foreign subsidiaries. The proposed changes would require the deduction of
investments in foreign subsidiaries of systemically important banks (SIBs) from common equity tier 1 (CET1) capital.
After the end of the public consultation in January 2026, the Swiss Federal Council is expected to submit its proposal
to the Swiss Parliament in the first half of 2026. Subject to the Parliament’s final decision, the proposal states that
the amendments would enter into force in 2028, at the earliest, starting with a 65% deduction requirement in the
first year and increasing to 100% by 5-percentage-point increments each year over seven years. The phase-in is
subject to adjustment should the legislation be delayed.
A public consultation on other proposed measures at the ordinance level ended in September 2025. The proposals
include provisions to deduct capitalized software and deferred tax assets (DTAs) on temporary differences from
CET1 capital, add stricter requirements for prudent valuation adjustments (PVAs) of assets and liabilities, and
mandate the suspension of interest payments for additional tier 1 capital instruments in the event of a cumulative
loss over four quarters. The proposals also introduce measures that aim to enable the Swiss Financial Market
Supervisory Authority (FINMA) and other authorities to better assess the situation of banks in a liquidity crisis. The
entry into force of the above is expected in January 2027, at the earliest.
A public consultation by the Swiss Federal Council is expected to be launched in the first half of 2026 on additional
legislative measures, including incremental requirements for the recovery and resolution plans of SIBs, measures
aimed at increasing the potential for obtaining liquidity via the Swiss National Bank, the introduction of an enhanced
accountability framework in the form of a Senior Managers Regime for banks, and the provision of additional
powers for FINMA. We expect the Swiss Federal Council’s submission of these legislative measures to the Parliament
in the first half of 2027, with the entry into force expected in 2028 or 2029.
In addition, a public consultation on amendments to the Liquidity Ordinance is expected to be launched in the first
half of 2026. The proposals are expected to set minimum requirements for maintaining borrowing capacity for
emergency liquidity assistance.
UBS Group third quarter 2025 report |
Based on financial information published for the first quarter of 2025 and given UBS AG’s target CET1 capital ratio
of between 12.5% and 13%, UBS AG would be required to hold additional estimated CET1 capital of around
USD 24bn on a pro-forma basis if all capital measures were to be implemented as proposed. This would include
around USD 23bn related to the full deduction of UBS AG’s investments in foreign subsidiaries, of which
approximately USD 7bn would be required at the start of the proposed phase-in period. These pro-forma figures
reflect previously announced expected capital repatriations of around USD 5bn to UBS AG from its subsidiaries.
The incremental CET1 capital of around USD 24bn required for UBS AG, given our aim to maintain an equity double
leverage ratio of around 100% at UBS Group AG, would result in a CET1 capital ratio at the UBS Group AG
(consolidated) level of around 19%. At Group level, the proposed measures related to DTAs on temporary
differences, capitalized software and PVAs would eliminate capital recognition for these items, thereby reducing
the CET1 capital ratio for the Group from around 19% to around 17%, underrepresenting UBS’s capital strength
compared with peers.
The additional capital of USD 24bn would be in addition to the incremental capital that UBS will have to hold as a
result of the acquisition of the Credit Suisse Group in order to meet existing regulations. This includes around
USD 9bn to remove the regulatory concessions granted to Credit Suisse and around USD 6bn to meet the current
progressive requirements due to the increased leverage ratio denominator (LRD) and higher market share of the
combined business. The estimated effect for the progressive requirements for LRD and market share decreased to
USD 6bn, from USD 9bn, following FINMA’s confirmation about the requirements that will apply to UBS. The phase-
in of the increased capital requirements relating to the increased LRD and higher market share will commence on
1 January 2026 and will be completed by the beginning of 2030, at the latest.
On this basis, UBS would be required to hold around USD 39bn in additional CET1 capital in total.
FINMA resolution report on UBS
In September 2025, FINMA published its 2025 resolution report on UBS related to the 2024 fiscal year. FINMA
concluded that UBS remains resolvable under UBS’s existing preferred resolution strategy, which includes a
recapitalization via a bail-in at the Group holding company level. The Swiss emergency plan of UBS is designed to
ensure the continuity of systemically important functions and critical operations in Switzerland in the case of a failed
attempt to restructure the UBS Group. According to FINMA, this plan was largely compliant with the current
regulatory requirements. However, given the lessons learned from the Credit Suisse crisis, FINMA has determined
that the Swiss emergency plan requires further development to meet the objective of maintaining systemically
important functions while also safeguarding financial stability at the international level. Moreover, FINMA assessed
that UBS’s Swiss emergency plan requires better integration into UBS’s global resolution plan. Due to the ongoing
integration of Credit Suisse into UBS, FINMA has refrained from assessing UBS’s recovery plan, which outlines
measures that aim to restore financial strength if UBS should come under severe capital or liquidity stress.
›
Refer to “Recovery and resolution” in the “Regulation and supervision” section of the UBS Group Annual Report
2024, available under “Annual reporting” at
ubs.com/investors
, for more information
Updated Federal Reserve Board stress capital buffer requirements
In August 2025, the Federal Reserve Board reduced the stress capital buffer (the SCB) of UBS Americas Holding
LLC, our US-based intermediate holding company, to 5.2%, from 9.3%, applicable from 1 October 2025 under the
Federal Reserve Board’s SCB rule, resulting in a total CET1 capital requirement of 9.7%. The SCB for UBS Americas
Holding LLC is derived from the results of the Federal Reserve Board’s 2025 Dodd–Frank Act Stress Test (DFAST)
released in June 2025.
Earlier in 2025, the Federal Reserve Board proposed measures to reduce the volatility of the SCB requirements by
averaging the capital stress test results from the past two years, with the aim of making capital planning more
predictable for banks. In addition, the Federal Reserve Board proposed moving the effective date for the annual
SCB updates from 1 October to 1 January to allow more time to meet the new requirements. We expect the final
rules to be published in the first half of 2026.
Changes to the UK senior management function and material risk taker compensation schemes
In October 2025, the Prudential Regulation Authority and Financial Conduct Authority adopted changes to their
regulations on the compensation of senior managers and material risk takers. The revised regulations generally
reduce the portion of incentive compensation subject to mandatory deferral, reduce the mandatory deferral periods
for incentive compensation to a uniform four years, eliminate post-vesting blocked periods and permit awards to
accrue interest and dividends. Changes are generally effective immediately and companies may elect to apply certain
elements of the revised requirements to awards in the current compensation year, as well as to outstanding deferred
incentive compensation plans. UBS is assessing the changes and the related impacts.
UBS Group third quarter 2025 report |
Other developments
Completion of obligations under Credit Suisse’s residential mortgage-backed securities settlement with the US
Department of Justice
On 1 August 2025, UBS entered into an agreement with the US Department of Justice (the DOJ) under which UBS
paid USD 300m to resolve all remaining obligations under Credit Suisse’s 2017 settlement agreement with the DOJ
related to residential mortgage-backed securities activities. Contingent liabilities recognized upon the acquisition of
the Credit Suisse Group related to this matter were released, resulting in Non-core and Legacy recording a gain of
USD 673m in the third quarter of 2025.
Resolution of legacy French cross-border matter
In September 2025, UBS resolved the legacy matter related to its cross-border business activities in France between
2004 and 2012. As a result, UBS agreed to pay a fine of EUR 730m and EUR 105m in civil damages to the French
State in the third quarter of 2025 and recognized a gain of USD 321m (USD 284m in Global Wealth Management
and USD 37m in Personal & Corporate Banking) in connection with the release of a related provision.
In 2023, the French Supreme Court confirmed the Paris Court of Appeal’s decision finding UBS guilty of unlawful
client solicitation and aggravated money laundering but referred the financial penalty and civil damages to be re-
assessed by the lower court.
Sale of a 36.01% stake in Credit Suisse Securities (China) Limited
In the third quarter of 2025, UBS completed the sale of a 36.01% stake in a subsidiary, Credit Suisse Securities
(China) Limited (CSS), to Beijing State-Owned Assets Management Co., Ltd., as announced on 24 June 2024, and
deconsolidated the entity. The sale resulted in a pre-tax gain of USD 128m, which was recognized in the Investment
Bank as integration-related revenues and is excluded from underlying results. UBS retains a 14.99% shareholding
in CSS and accounts for this minority interest as an investment in an associate.
Court ruling related to the write-off of Credit Suisse additional tier 1 capital instruments in 2023
In proceedings initiated by certain former holders of Credit Suisse Group AG additional tier 1 (AT1) capital
instruments against FINMA challenging FINMA’s decree of 19 March 2023 ordering the write-off of CHF 16bn
principal amount of Credit Suisse Group AG’s AT1 instruments, the Swiss Federal Administrative Court published a
partial decision in October 2025. The court determined that FINMA’s order lacked a sufficient legal basis and
revoked FINMA’s decree. FINMA has stated it will appeal the decision to the Swiss Federal Supreme Court. UBS also
intends to appeal.
Organizational changes
On 24 October 2025, UBS announced that Lukas Gähwiler will not stand for re-election to the Board of Directors
of UBS Group AG at the Annual General Meeting (the AGM) in April 2026. UBS also announced that Markus
Ronner will be nominated as a new member of the Board of Directors and Vice Chairman at the AGM, succeeding
Lukas Gähwiler. Markus Ronner is a Swiss citizen and has been with UBS since 1981.
In addition, on 24 October 2025 several changes with respect to the responsibilities of existing Group Executive
Board (GEB) members were announced and will be effective 1 January 2026.
Michelle Bereaux, Group Integration Officer, will take on the role of Group Head Compliance and Operational Risk
Control.
Beatriz Martin, Head Non-core and Legacy and the GEB Lead for Sustainability and Impact, will also become Group
Chief Operating Officer. In addition to her current responsibilities, she will oversee the finalization of the integration
of Credit Suisse, Group Operations, and the Internal Consulting and Governance teams. She will also continue to
act as President EMEA and UK Chief Executive.
Todd Tuckner will take on the responsibility for Governmental and Regulatory Affairs in addition to his role as Group
CFO.
Stefan Seiler will take on the responsibility for the Group Security functions in addition to his role as Group Head
of HR and Corporate Services.
Mike Dargan will focus on capturing opportunities arising from innovation and technological changes in addition
to his role as Group Chief Technology Officer.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items 7
UBS Group performance,
business divisions and Group Items
Management report
Our businesses
We report five business divisions, each of which qualifies as an operating segment pursuant to IFRS Accounting
Standards: Global Wealth Management, Personal & Corporate Banking, Asset Management, the Investment Bank,
and Non-core and Legacy. Non-core and Legacy consists of positions and businesses not aligned with our strategy
and policies.
Our Group functions are support and control functions that provide services to the Group. Virtually all costs incurred
by our Group functions are allocated to the business divisions, leaving a residual amount that we refer to as Group
Items in our segment reporting.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Group performance 8
Group performance
Income statement
For the quarter ended
% change from
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Net interest income
Other net income from financial instruments measured at fair value through profit or loss
Net fee and commission income
Other income
Total revenues
Credit loss expense / (release)
Personnel expenses
General and administrative expenses
Depreciation, amortization and impairment of non-financial assets
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
Comprehensive income
Total comprehensive income
Total comprehensive income attributable to non-controlling interests
Total comprehensive income attributable to shareholders
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Group performance 9
Selected financial information of the business divisions and Group Items
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
2
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)
For the quarter ended 30.6.25
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
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)
For the quarter ended 30.9.24
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)
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 128m gain from the sale of
a stake in a subsidiary, Credit Suisse Securities (China) Limited. 3 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of intangibles resulting from the
acquisition of the Credit Suisse Group.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Group performance 10
Selected financial information of the business divisions and Group Items (continued)
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
2
of which: gain / (loss) related to an investment in an associate
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
of which: items related to the Swisscard transactions
5
Operating expenses (underlying)
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
Year-to-date 30.9.24
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
4
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 128m gain from the sale of
a stake in a subsidiary, Credit Suisse Securities (China) Limited. 3 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. 4 Includes
temporary, incremental operating expenses directly related to the integration, as well as amortization of intangibles resulting from the acquisition of the Credit Suisse Group. 5 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
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
1
1
Non-core and Legacy
Group Items
Net integration-related expenses
of which: total revenues
1
1
of which: operating expenses
of which: personnel expenses
of which: general and administrative expenses
of which: depreciation, amortization and impairment of non-financial assets
1 Includes a USD 128m gain from the sale of a stake in a subsidiary, Credit Suisse Securities (China) Limited.
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 2025, underlying revenues excluded purchase price allocation (PPA) effects and other
integration items, including a gain from the sale of a stake in Credit Suisse Securities (China) Limited (CSS). 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 revenues also excluded a loss relating to an investment in an associate.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Group performance 11
In the third quarter of 2025, underlying expenses excluded integration-related expenses that 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: 3Q25 vs 3Q24
Reported operating profit before tax increased by USD 899m, or 47%, to USD 2,828m, reflecting an increase in
total revenues and a decrease in operating expenses, as well as lower net credit loss expenses. Total revenues
increased by USD 426m, or 3%, to USD 12,760m, which included an increase from foreign currency effects and an
increase of USD 39m in accretion impacts resulting from PPA adjustments on financial instruments and other
integration items. The increase in total revenues was primarily driven by an increase of USD 687m in net fee and
commission income, partly offset by a USD 268m decrease in other income. Operating expenses decreased by
USD 452m, or 4%, to USD 9,831m, which also included an increase from foreign currency effects and a USD 205m
increase in integration-related expenses. The overall decrease in operating expenses was mainly driven by a
USD 634m decrease in general and administrative expenses, largely reflecting a USD 599m increase in net releases
of provisions and acquisition-related contingent liabilities resulting from litigation, regulatory and similar matters,
and a USD 102m decrease in depreciation, amortization and impairment of non-financial assets, partly offset by a
USD 283m increase in personnel expenses. Net credit loss expenses were USD 102m, compared with USD 121m in
the third quarter of 2024.
Underlying results 3Q25 vs 3Q24
Underlying revenues for the third quarter of 2025 excluded PPA effects and other integration items of USD 701m,
including a USD 128m gain from the sale of a stake in CSS, and also excluded a USD 140m loss relating to an
investment in an associate. Underlying operating expenses excluded USD 1,323m of integration-related expenses
and PPA effects.
On an underlying basis, profit before tax increased by USD 1,204m to USD 3,590m, reflecting a USD 527m increase
in total revenues and a USD 658m decrease in operating expenses, as well as a USD 19m decrease in net credit loss
expenses.
Total revenues: 3Q25 vs 3Q24
Net interest income and other net income from financial instruments measured at fair value through profit or loss
Total combined net interest income and other net income from financial instruments measured at fair value through
profit or loss increased by USD 7m to USD 5,483m and included a decrease of USD 87m in accretion impacts
resulting from PPA adjustments on financial instruments and other PPA effects.
Global Wealth Management revenues decreased by USD 40m to USD 2,192m, which included a USD 79m decrease
in accretion of PPA adjustments on financial instruments and other PPA effects. Excluding the aforementioned
effects, net interest income increased, largely driven by lower liquidity and funding costs, the effects of favorable
changes in deposit mix, balance sheet optimization measures and positive foreign currency effects, partly offset by
the impact of lower central bank interest rates on deposit revenues and by lower loan revenues, reflecting margin
contraction.
Personal & Corporate Banking revenues decreased by USD 12m to USD 1,626m, which included a USD 4m decrease
in accretion of PPA adjustments on financial instruments and other PPA effects, as well as positive foreign currency
effects. Excluding the aforementioned effects, net interest income decreased, mainly reflecting the impact of lower
central bank interest rates on deposit revenues. This decrease was partly offset by deposit pricing measures and
lower liquidity and funding costs.
Investment Bank revenues increased by USD 352m to USD 1,870m, including a USD 12m decrease in accretion of
PPA adjustments on financial instruments and other PPA effects. The overall growth was mainly due to higher
revenues in Financing in Global Markets, led by Prime Brokerage, supported by higher client balances. In addition,
Global Banking revenues increased, driven by higher revenues in Capital Markets.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Group performance 12
Non-core and Legacy revenues were negative USD 43m, compared with positive USD 98m in the third quarter of
2024, mainly due to lower net gains from position exits and lower net interest income from securitized product and
credit portfolios, partly offset by lower markdowns and lower liquidity and funding costs, as a result of the smaller
portfolio.
Revenues in Group Items were negative USD 153m, compared with negative USD 32m in the third quarter of 2024.
The change in revenues was mainly driven by lower mark-to-market gains from Group hedging and own debt,
including hedge accounting ineffectiveness.
›
Refer to the relevant business division and Group Items commentary in this section for more information about the
specific revenues of each of the business divisions and Group Items
›
Refer to “Note 3 Net interest income” in the “Consolidated financial statements” section of this report for more
information about net interest income
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
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Net interest income from financial instruments measured at amortized cost and fair value
through other comprehensive income
Net interest income from financial instruments measured at fair value through profit or
loss and other
Other net income from financial instruments measured at fair value through profit or loss
Total
Global Wealth Management
of which: net interest income
of which: transaction-based income from foreign exchange and other intermediary
activity
1
Personal & Corporate Banking
of which: net interest income
of which: transaction-based income from foreign exchange and other intermediary
activity
1
Asset Management
Investment Bank
Non-core and Legacy
Group Items
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 687m to USD 7,204m and included a decrease of USD 57m 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.
Net brokerage fees increased by USD 250m to USD 1,292m, driven by increased volumes in Cash Equities in
Execution Services in the Investment Bank, led by the Asia Pacific region, and higher levels of client activity in Global
Wealth Management in the Asia Pacific, EMEA and Americas regions.
Investment fund fees increased by USD 210m to USD 1,740m. These fees are largely recurring in nature and are
mainly driven by management and performance fees in Asset Management and asset-based fund fees in Global
Wealth Management. Fees for portfolio management and related services increased by USD 185m to USD 3,302m.
These fees are also largely recurring and were driven mainly by Global Wealth Management. The year-on-year
increase in both of these fee categories reflected higher average levels of fee-generating assets in Global Wealth
Management, reflecting positive impacts from market performance and net new fee-generating asset inflows over
the course of the last 12 months. Increases in Asset Management reflected growth in Hedge Fund Businesses,
positive market performance and foreign currency effects, partly offset by negative impacts from continued margin
compression.
›
Refer to “Note 4 Net fee and commission income” in the “Consolidated financial statements” section of this report
for more information
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Group performance 13
Other income
Other income was USD 73m, compared with USD 341m in the third quarter of 2024. The third quarter of 2025
included a USD 128m gain from the sale of a stake in CSS and a USD 33m gain from the sale of our wealth
management business in India. These gains were partly offset by a USD 140m loss relating to an investment in an
associate. In addition, there were losses of USD 43m recognized on repurchases of UBS’s own debt instruments,
compared with gains of USD 4m in the third quarter of 2024. The third quarter of 2024 also included a USD 135m
gain related to the sale of our investment in an associate and a USD 72m net gain from disposals.
›
Refer to “Note 5 Other income” in the “Consolidated financial statements” section of this report for more
information
Credit loss expense / release: 3Q25 vs 3Q24
Total net credit loss expenses in the third quarter of 2025 were USD 102m, reflecting net expenses of USD 5m
related to performing positions and net expenses of USD 97m on credit-impaired positions. Net credit loss expenses
were USD 121m in the third quarter of 2024.
›
Refer to “Note 8 Expected credit loss measurement” in the “Consolidated financial statements” section of this
report for more information
Credit loss expense / (release)
Performing positions
Credit-impaired positions
USD m
Stages 1 and 2
Stage 3
Purchased
Total
For the quarter ended 30.9.25
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Total
For the quarter ended 30.6.25
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Total
For the quarter ended 30.9.24
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Total
Operating expenses: 3Q25 vs 3Q24
Operating expenses
For the quarter ended
% change from
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Personnel expenses
of which: salaries and variable compensation
of which: variable compensation – financial advisors
1
General and administrative expenses
of which: net expenses / (releases) for litigation, regulatory and similar matters
Depreciation, amortization and impairment of non-financial assets
Total operating expenses
1 Financial advisor compensation consists of cash compensation, determined using a formulaic approach based on production, and deferred awards. It also includes expenses related to compensation commitments
with financial advisors entered into at the time of recruitment that are subject to vesting requirements.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Group performance 14
Personnel expenses
Personnel expenses increased by USD 283m to USD 7,172m, including a USD 165m increase in integration-related
expenses, predominantly related to post-employment benefit plans. The remaining variance was driven by an
increase in financial advisor compensation resulting from higher compensable revenues, and an increase in accruals
for performance awards, reflecting business performance. This was partly offset by lower salary expenses, reflecting
the impact of a smaller workforce.
›
Refer to “Note 6 Personnel expenses” in the “Consolidated financial statements” section of this report for more
information
General and administrative expenses
General and administrative expenses decreased by USD 634m to USD 1,755m, mainly driven by a USD 599m
increase in net releases for litigation, regulatory and similar matters, primarily due to the completion of obligations
under Credit Suisse’s residential mortgage-backed securities settlement with the US Department of Justice (the DOJ)
and the resolution of a legacy matter concerning cross-border business activities in France. In addition, there was a
decrease of USD 62m in outsourcing costs, mainly reflecting lower IT-related costs.
›
Refer to “Note 7 General and administrative expenses” in the “Consolidated financial statements” section of this
report for more information
›
Refer to “Other developments” in the “Recent developments” section and “Note 14 Provisions and contingent
liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,
regulatory and similar matters
›
Refer to the “Regulatory and legal developments” and “Risk factors” sections of the UBS Group Annual Report
2024, 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 102m to USD 904m, primarily
reflecting a USD 71m decrease in depreciation of leased real estate as a result of higher levels of accelerated
depreciation in the third quarter of 2024. In addition, there was a USD 44m decrease in the amortization of
internally generated capitalized software, reflecting a lower cost base of software assets. The decreases were partly
offset by a USD 28m increase in impairments, mainly related to internally generated capitalized software.
Tax: 3Q25 vs 3Q24
The Group had a net income tax expense of USD 341m in the third quarter of 2025, representing an effective tax
rate of 12.0%, compared with USD 502m in the third quarter of 2024 and an effective tax rate of 26.0%.
The net current tax expense was USD 335m, which primarily related to the taxable profits of UBS Switzerland AG
and other entities.
There was a net deferred tax expense of USD 6m. This reflects a net deferred tax expense of USD 115m that mainly
related to the amortization of deferred tax assets (DTAs) previously recognized in relation to tax losses carried
forward and deductible temporary differences, largely offset by a benefit of USD 109m in respect of the tax
deduction for deferred compensation awards.
Certain releases in the quarter of provisions and acquisition-related contingent liabilities for litigation, regulatory
and similar matters did not result in any tax expense.
Excluding any potential effects from the remeasurement of deferred tax assets in connection with the 2025 business
planning process and any material jurisdictional statutory tax rate changes that could be enacted in the fourth
quarter of 2025, the Group’s effective tax rate for the 2025 full year is expected to be in the low double digits,
primarily due to the low effective tax rate for the nine months to 30 September 2025.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Group performance 15
Total comprehensive income attributable to shareholders
In the third quarter of 2025, total comprehensive income attributable to shareholders was USD 2,067m, reflecting
a net profit of USD 2,481m and other comprehensive income (OCI), net of tax, of negative USD 414m.
OCI related to own credit on financial liabilities designated at fair value was negative USD 567m, primarily due to
a tightening of our own credit spreads.
Foreign currency translation OCI was negative USD 116m, mainly due to the US dollar strengthening against the
Swiss franc, the pound sterling and the euro.
OCI related to cash flow hedges was USD 178m, mainly reflecting net losses on hedging instruments that were
reclassified from OCI to the income statement.
›
Refer to “Statement of comprehensive income” in the “Consolidated financial statements” section of this report for
more information
›
Refer to “Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital” in
the “Capital management” section of this report for more information about the effects of OCI on common equity
tier 1 capital
›
Refer to “Note 21 Fair value measurement” in the “Consolidated financial statements” section of the UBS Group
Annual Report 2024, 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 2025, 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 1.4bn in the first
year after such a shift. Of this increase, approximately USD 0.8bn, USD 0.3bn 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 1.1bn. Of this increase, approximately USD 1.6bn 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 an offsetting decrease of USD 0.3bn and USD 0.1bn, respectively.
These estimates do not represent net interest income forecasts, as they are based on a hypothetical scenario of an
immediate change in interest rates, equal across all currencies and relative to implied forward rates as of
30 September 2025 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. For further information about key figures related to
capital management, refer to the “Capital management” section of this report.
Cost / income ratio: 3Q25 vs 3Q24
The cost / income ratio was 77.0%, compared with 83.4%, and on an underlying basis the cost / income ratio was
69.7%, compared with 78.5%, both as a result of higher total revenues and lower operating expenses.
Personnel: 3Q25 vs 2Q25
The number of internal and external personnel employed was approximately 122,382 (workforce count) as of
30 September 2025, a net decrease of 1,144 compared with 30 June 2025. The number of internal personnel
employed as of 30 September 2025 was 104,427 (full-time equivalents), a net decrease of 705 compared with
30 June 2025. The number of external staff was approximately 17,954 (workforce count) as of 30 September 2025,
a net decrease of approximately 439 compared with 30 June 2025.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Group performance 16
Equity, CET1 capital and returns
As of or for the quarter ended
Year-to-date
USD m, except where indicated
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
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: 3Q25 vs 2Q25
During the third quarter of 2025, our common equity tier 1 (CET1) capital increased by USD 1.9bn to USD 74.7bn,
mainly driven by operating profit before tax of USD 2.8bn and an increase in eligible DTAs on temporary differences
of USD 0.2bn, partly offset by dividend accruals of USD 0.8bn and current tax expenses of USD 0.3bn. Share
repurchases of USD 1.1bn made under our 2025 share repurchase program in the third quarter of 2025 did not
materially affect our CET1 capital position, as there was an almost identical reduction in the capital reserve for
expected future share repurchases.
Return on common equity tier 1 capital: 3Q25 vs 3Q24
The annualized return on CET1 capital was 13.5%, compared with 7.6%. On an underlying basis, the return on
CET1 capital was 16.3%, compared with 9.4%. These increases were driven by an increase in net profit attributable
to shareholders, partly offset by an increase in average CET1 capital.
Risk-weighted assets: 3Q25 vs 2Q25
During the third quarter of 2025, risk-weighted assets (RWA) increased by USD 0.4bn to USD 504.9bn, driven by a
USD 2.9bn increase resulting from asset size and other movements, partly offset by a USD 1.5bn decrease driven
by model updates and methodology changes and a USD 1.0bn decrease from currency effects.
Common equity tier 1 capital ratio: 3Q25 vs 2Q25
Our CET1 capital ratio increased to 14.8% from 14.4%, primarily reflecting a USD 1.9bn increase in CET1 capital.
Leverage ratio denominator: 3Q25 vs 2Q25
The leverage ratio denominator (the LRD) decreased by USD 17.6bn to USD 1,640.5bn, mainly due to asset size
and other movements of USD 12.4bn and currency effects of USD 5.2bn.
Common equity tier 1 leverage ratio: 3Q25 vs 2Q25
Our CET1 leverage ratio increased to 4.6% from 4.4%, resulting from a USD 1.9bn increase in CET1 capital and a
USD 17.6bn decrease in the LRD.
Results 9M25 vs 9M24
Operating profit before tax increased by USD 1,380m, or 24%, to USD 7,153m. Total revenues increased by
USD 453m and included a decrease of USD 349m in accretion impacts resulting from PPA adjustments on financial
instruments and other integration items. Operating expenses decreased by USD 969m, including a USD 207m
decrease in integration-related expenses. The overall decrease in operating expenses was mainly driven by a
USD 1,053m decrease in general and administrative expenses, largely reflecting a USD 739m increase in net releases
of provisions and acquisition-related contingent liabilities resulting from litigation, regulatory and similar matters.
Net credit loss expenses were USD 365m, compared with USD 322m in the first nine months of 2024.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Group performance 17
Total combined net interest income and other net income from financial instruments measured at fair value through
profit or loss decreased by USD 394m to USD 16,423m and included a decrease of USD 255m in accretion impacts
resulting from PPA adjustments on financial instruments and other PPA effects. Global Wealth Management
revenues decreased by USD 260m, which included USD 268m lower accretion of PPA adjustments on financial
instruments and other PPA effects. Personal & Corporate Banking revenues decreased by USD 268m, mainly
reflecting the impact of lower central bank interest rates on deposit revenues, partly offset by deposit pricing
measures and lower liquidity and funding costs. Investment Bank revenues increased by USD 1,190m, mainly in
Global Markets, due to an increase in Derivatives & Solutions revenues that resulted from higher revenues across all
products, as well as higher revenues in Financing, led by Prime Brokerage, supported by higher client balances.
Non-core and Legacy revenues decreased by USD 1,280m, mainly due to lower net gains from position exits and
lower net interest income from securitized product and credit portfolios, partly offset by lower liquidity and funding
costs, as a result of the smaller portfolio. Revenues in Group Items were negative USD 590m, compared with
negative USD 851m in the first nine months of 2024, and included lower mark-to-market losses from Group
hedging and own debt, including hedge accounting ineffectiveness, within Group Treasury.
Net fee and commission income increased by USD 1,149m to USD 20,689m and included a decrease of USD 339m
in accretion of PPA adjustments on financial instruments and other PPA effects. Investment fund fees increased by
USD 695m and fees for portfolio management and related services increased by USD 333m. The year-on-year
increase in these fee categories was mainly driven by higher average levels of fee-generating assets in Global Wealth
Management, reflecting positive impacts from market performance, and net new fee-generating asset inflows over
the course of the last 12 months. Net brokerage fees increased by USD 615m due to higher levels of client activity
across all regions in Global Wealth Management and also due to higher volumes, across all regions, in Cash Equities
in Execution Services in the Investment Bank.
Other income was USD 317m compared with USD 619m in the first nine months of 2024. The first nine months of
2025 included a USD 128m gain from the sale of a stake in CSS, a USD 97m gain from the sale of Select Portfolio
Servicing, a USD 64m gain from the Swisscard transactions and a USD 33m gain from the sale of our wealth
management business in India. These gains were partly offset by a USD 156m loss relating to an investment in an
associate. The first nine months of 2024 included a USD 135m gain related to the sale of our investment in an
associate, as well as a USD 100m net gain from disposals.
Personnel expenses increased by USD 223m to USD 21,180m, driven by an increase in financial advisor
compensation, resulting from higher compensable revenues, as well as integration-related expenses for post-
employment benefit plans. This was partly offset by lower salary expenses, reflecting the impact of a smaller
workforce.
General and administrative expenses decreased by USD 1,053m to USD 6,067m, mainly driven by a USD 739m
increase in net releases for litigation, regulatory and similar matters, including releases related to the completion of
obligations under Credit Suisse’s residential mortgage-backed securities settlement with the DOJ and the resolution
of a legacy matter concerning cross-border business activities in France. In addition, there was a USD 201m decrease
in consulting, legal and audit fees, primarily driven by a reduction in integration-related expenses. The decreases
were partly offset by a USD 180m expense related to the Swisscard transactions.
Outlook
With valuations elevated across most asset classes entering the fourth quarter, investors remain engaged but
increasingly focused on hedging downside risks, which is also evident in periodic headline-driven spikes in volatility.
Against this backdrop, transactional activity and our deal pipelines remain healthy, though sentiment can shift
quickly as confidence in the outlook is tested and seasonal effects come into play. Furthermore, macro uncertainties
along with a strong Swiss franc and higher US tariffs are clouding the outlook for the Swiss economy, and a
prolonged US government shutdown may delay capital market activities.
In the fourth quarter, we expect net interest income in US dollars to remain broadly stable in each of Global Wealth
Management and Personal & Corporate Banking. Credit loss expense in Personal & Corporate Banking is projected
at around CHF 80m. Quarter-end transactional activity levels in the Investment Bank are likely to normalize
compared with the strong prior-year period when markets were unusually active ahead of the US administration
change.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Group performance 18
As in prior years, the Group is likely to see more modest sequential gross and net saves in the fourth quarter,
reflecting our continued focus on the Swiss platform migration and a seasonal uptick in select non-personnel costs,
notably the UK bank levy. Our reported net profit is expected to be influenced by integration costs of around
USD 1.1bn, partly offset by acquisition-related revenues of around USD 0.5bn. The year-end 2025 CET1 capital
ratio is expected to decrease sequentially reflecting an accrual for intended share repurchases in 2026, as well as
the full-year 2025 dividend.
We remain focused on actively engaging with our clients, helping them to navigate a complex environment while
executing on our growth and integration plans. We are confident in our ability to deliver on our 2026 financial
targets, leveraging the power of our diversified business model and global footprint.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 19
Global Wealth Management
Global Wealth Management
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Results
Net interest income
Recurring net fee income
1
Transaction-based income
1
Other income
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
2
of which: PPA effects recognized in net interest income
of which: PPA effects and other integration items recognized in transaction-based income
of which: loss related to an investment in an associate
Total revenues (underlying)
1
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
1,3
Operating expenses (underlying)
1
of which: net expenses / (releases) for litigation, regulatory and similar matters
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)
4
Return on attributed equity (%)
1,4
Financial advisor compensation
5
Net new fee-generating assets (USD bn)
1
Fee-generating assets (USD bn)
1
Net new assets (USD bn)
1
Net new assets growth rate (%)
1
Invested assets (USD bn)
1
Net new loans (USD bn)
1
Loans, gross (USD bn)
6
Net new deposits (USD bn)
1
Customer deposits (USD bn)
6
Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)
1,7
Advisors (full-time equivalents)
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Return on attributed equity (%)
1,4
1 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 2 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as
well as temporary and incremental items directly related to the integration. 3 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of intangibles resulting
from the acquisition of the Credit Suisse Group. 4 Refer to the “Equity attribution” section of this report for more information about the equity attribution framework. 5 Relates to licensed professionals with the
ability to provide investment advice to clients in the Americas. Consists of cash compensation, determined using a formulaic approach based on production, and deferred awards. Also includes expenses related to
compensation commitments with financial advisors entered into at the time of recruitment that are subject to vesting requirements. Recruitment loans to financial advisors were USD 1,551m as of 30 September 2025.
6 Loans and Customer deposits in this table include customer brokerage receivables and payables, respectively, which are presented in separate reporting lines on the balance sheet. 7 Refer to the “Risk management
and control” section of this report for more information about credit-impaired exposures. Excludes loans to financial advisors.
Results: 3Q25 vs 3Q24
Profit before tax increased by USD 269m, or 25%, to USD 1,354m, mainly due to higher total revenues, partly
offset by higher operating expenses. Underlying profit before tax was USD 1,774m, an increase of 39%, after
excluding from operating expenses USD 553m of integration-related expenses and purchase price allocation (PPA)
effects and excluding from total revenues USD 171m of PPA effects and other integration items and a USD 38m
loss related to an investment in an associate.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 20
Total revenues
Total revenues increased by USD 344m, or 6%, to USD 6,543m, largely driven by higher recurring net fee income
and transaction-based income, partly offset by lower net interest income, and included a USD 53m decrease in PPA
effects and other integration items. Excluding USD 171m of PPA effects and other integration items and a USD 38m
loss related to an investment in an associate, underlying total revenues were USD 6,410m, an increase of 7%.
Net interest income decreased by USD 38m, or 2%, to USD 1,773m and included a USD 79m decrease in accretion
of PPA adjustments on financial instruments and other PPA effects. Excluding PPA effects of USD 142m, underlying
net interest income was USD 1,631m, an increase of 3%. This increase was largely driven by lower liquidity and
funding costs, the effects of favorable changes in deposit mix, balance sheet optimization measures and positive
foreign currency effects, partly offset by the impact of lower central bank interest rates on deposit revenues and by
lower loan revenues, reflecting margin contraction. The variance also included a change to our segmentation
approach that was implemented in February 2025 and led to a shift of some affluent clients to Personal & Corporate
Banking.
Recurring net fee income increased by USD 240m, or 7%, to USD 3,475m and largely consisted of fees for services
provided on an ongoing basis, such as portfolio management fees, asset-based investment fund fees, custody fees
and administrative fees for accounts. The year-on-year increase was mainly driven by higher average levels of fee-
generating assets reflecting positive impacts from market performance and net new fee-generating asset inflows
over the course of the last 12 months. In the third quarter of 2025, net new fee-generating asset inflows were
USD 8.8bn, mainly driven by mandate sales.
Transaction-based income increased by USD 152m, or 13%, to USD 1,296m, mainly driven by higher levels of client
activity in the Asia Pacific, EMEA and Americas regions. Excluding PPA effects of USD 29m, underlying transaction-
based income was USD 1,267m, an increase of 11%.
Other income was negative USD 1m, compared with positive USD 10m, and included 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.
Excluding the aforementioned loss, underlying other income was USD 37m.
Credit loss expense / release
Net credit loss expenses were USD 7m, compared with net credit loss expenses of USD 2m in the third quarter of
2024.
Operating expenses
Operating expenses increased by USD 70m, or 1%, to USD 5,182m and included a USD 133m increase in
integration-related expenses. Excluding USD 553m of integration-related expenses and PPA effects, underlying
operating expenses were USD 4,629m, a decrease of 1%, and included USD 198m of net releases in provisions for
litigation, regulatory and similar matters, primarily reflecting USD 284m of releases related to the resolution of a
legacy matter concerning cross-border business activities in France. These effects were partly offset by an increase
in financial advisor compensation as a result of higher compensable revenues.
›
Refer to “Other developments” in the “Recent developments” section and “Note 14 Provisions and contingent
liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,
regulatory and similar matters
Invested assets: 3Q25 vs 2Q25
Invested assets increased by USD 202bn to USD 4,714bn, mainly driven by positive market performance of
USD 176.6bn and net new asset inflows of USD 37.5bn, partly offset by negative foreign currency effects of
USD 6.5bn. Positive net new assets were driven by inflows of USD 37.9bn in the Asia Pacific region, including flows
linked to strategic holdings and higher levels of client activity across the region. The EMEA and Switzerland regions
also contributed positive net new assets of USD 5.6bn and USD 3.2bn, respectively.
Loans: 3Q25 vs 2Q25
Loans increased by USD 3.7bn to USD 322.0bn, mainly driven by positive net new loans of USD 3.5bn.
›
Refer to the “Risk management and control” section of this report for more information
Customer deposits: 3Q25 vs 2Q25
Customer deposits decreased by USD 10.6bn to USD 478.2bn, mainly driven by net new deposit outflows of
USD 9.5bn and negative foreign currency effects.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 21
Results: 9M25 vs 9M24
Profit before tax increased by USD 860m, or 28%, to USD 3,917m, mainly due to higher total revenues and lower
operating expenses. Underlying profit before tax was USD 4,762m, an increase of 28%, after excluding from
operating expenses USD 1,291m of integration-related expenses and PPA effects and excluding from total revenues
USD 489m of PPA effects and other integration items and a USD 42m loss related to an investment in an associate.
Total revenues increased by USD 870m, or 5%, to USD 19,265m, largely driven by higher recurring net fee income
and transaction-based income, partly offset by lower net interest income, and included a USD 202m decrease in
PPA effects and other integration items. Excluding USD 489m of PPA effects and other integration items and a
USD 42m loss related to an investment in an associate, underlying total revenues were USD 18,818m, an increase
of 6%.
Net interest income decreased by USD 323m, or 6%, to USD 5,186m and included a USD 268m decrease in
accretion of PPA adjustments on financial instruments and other PPA effects. Excluding PPA effects of USD 449m,
underlying net interest income was USD 4,737m, a decrease of 1%. This decrease was largely driven by the impact
of lower central bank interest rates on deposit revenues and by lower loan revenues, which reflected margin
contraction. The decrease was partly offset by balance sheet optimization measures, lower liquidity and funding
costs, positive foreign currency effects and the effects of favorable changes in deposit mix. The variance also
included a change to our segmentation approach that was implemented in February 2025 and led to a shift of
some affluent clients to Personal & Corporate Banking.
Recurring net fee income increased by USD 742m, or 8%, to USD 10,105m. The year-on-year increase was mainly
driven by higher average levels of fee-generating assets reflecting positive impacts from market performance and
net new fee-generating asset inflows over the course of the last 12 months. In the first nine months of 2025, net
new fee-generating asset inflows were USD 43.5bn, mainly driven by mandate sales.
Transaction-based income increased by USD 499m, or 14%, to USD 3,960m, mainly driven by higher levels of client
activity across all regions. Excluding PPA effects of USD 40m, underlying transaction-based income was
USD 3,920m, an increase of 12%.
Other income decreased by USD 49m to USD 14m and included 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. Excluding the
aforementioned loss, underlying other income was USD 56m.
Net credit loss expenses were USD 16m, compared with net credit loss releases of USD 2m in the first nine months
of 2024.
Operating expenses were broadly stable at USD 15,332m and included a USD 56m decrease in integration-related
expenses. Excluding USD 1,291m of integration-related expenses and PPA effects, underlying operating expenses
were broadly stable at USD 14,041m and included USD 170m of net releases in provisions for litigation, regulatory
and similar matters, primarily reflecting USD 284m of releases related to the resolution of a legacy matter
concerning cross-border business activities in France. These effects were partly offset by an increase in financial
advisor compensation as a result of higher compensable revenues.
›
Refer to “Other developments” in the “Recent developments” section and “Note 14 Provisions and contingent
liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,
regulatory and similar matters
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 22
Regional breakdown of performance measures
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
3
Transaction-based income
3
Other income
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
of which: PPA effects, integration-related items and other items
4
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 loans (USD bn)
3
Loans, gross (USD bn)
5
Net new deposits (USD bn)
3
Customer deposits (USD bn)
5
Advisors (full-time equivalents)
As of or for the quarter ended 30.9.24
USD m, except where indicated
Americas
1
Asia Pacific
EMEA
Switzerland
Divisional items
2
Global Wealth
Management
Net interest income
Recurring net fee income
3
Transaction-based income
3
Other income
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
of which: PPA effects, integration-related items and other items
4
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 loans (USD bn)
3
Loans, gross (USD bn)
5
Net new deposits (USD bn)
3
Customer deposits (USD bn)
5
Advisors (full-time equivalents)
1 Including the following business units: United States and Canada; and Latin America. 2 Includes impacts from accretion of purchase price allocation (PPA) adjustments on financial instruments and other PPA
effects, integration-related expenses, certain gains and losses including from investments in associates, referral payments from and to Personal & Corporate Banking from client shifts, impacts from agreements with
certain clients, and impacts from minor functions that 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. 4 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. 5 Loans and Customer deposits in this table include customer brokerage receivables and payables, respectively, which are presented in separate reporting lines on the balance sheet.
Regional comments 3Q25 vs 3Q24, except where indicated
Americas
Profit before tax increased by USD 86m to USD 416m. Total revenues increased by USD 259m, or 9%, to
USD 3,097m, mainly driven by increases of USD 182m in recurring net fee income, USD 53m in net interest income
and USD 23m in transaction-based income. Operating expenses increased by USD 168m, or 7%, to USD 2,669m.
The cost / income ratio decreased to 86.2% from 88.1%. Loans increased by 1% compared with the second quarter
of 2025, to USD 101.3bn, mainly driven by positive net new loans of USD 0.8bn. Customer deposits increased by
2% compared with the second quarter of 2025, to USD 115.8bn, with net new deposit inflows of USD 1.8bn. Net
new asset outflows were USD 8.6bn.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 23
Asia Pacific
Profit before tax increased by USD 136m to USD 422m. Total revenues increased by USD 116m, or 13%, to
USD 1,035m, mainly driven by increases of USD 89m in transaction-based income and USD 22m in net interest
income. Operating expenses decreased by USD 24m, or 4%, to USD 614m. The cost / income ratio decreased to
59.4% from 69.4%. Loans increased by 1% compared with the second quarter of 2025, to USD 45.0bn, mainly
driven by positive net new loans of USD 0.2bn. Customer deposits decreased by 2% compared with the second
quarter of 2025, to USD 120.4bn, with net new deposit outflows of USD 2.1bn. Net new asset inflows were
USD 37.9bn.
EMEA
Profit before tax increased by USD 192m to USD 496m and included USD 153m of net releases in provisions for
litigation, regulatory and similar matters, primarily reflecting USD 213m of releases related to the resolution of a
legacy matter concerning cross-border business activities in France. Total revenues increased by USD 34m, or 3%,
to USD 1,203m, mainly driven by increases of USD 30m in recurring net fee income and USD 30m in transaction-
based income, partly offset by a USD 24m decrease in net interest income. Operating expenses decreased by
USD 167m, or 19%, to USD 700m and included the aforementioned release in litigation provisions. The
cost / income ratio decreased to 58.2% from 74.2%. Loans increased by 1% compared with the second quarter of
2025, to USD 63.9bn, mainly driven by positive net new loans of USD 0.8bn. Customer deposits decreased by 4%
compared with the second quarter of 2025, to USD 112.5bn, mainly driven by net new deposit outflows of
USD 4.7bn. Net new asset inflows were USD 5.6bn.
Switzerland
Profit before tax increased by USD 55m to USD 423m and included USD 66m of net releases in provisions for
litigation, regulatory and similar matters, primarily reflecting USD 71m of releases related to the resolution of a
legacy matter concerning cross-border business activities in France. Total revenues were broadly stable at
USD 1,045m, with an increase of USD 25m in recurring net fee income, almost entirely offset by a decrease of
USD 23m in net interest income. Operating expenses decreased by USD 44m, or 6%, to USD 634m and included
the aforementioned release in litigation provisions. The cost / income ratio decreased to 60.7% from 65.0%. Loans
increased by 1% compared with the second quarter of 2025, to USD 110.4bn, mainly driven by positive net new
loans of USD 1.8bn. Customer deposits decreased by 4% compared with the second quarter of 2025, to
USD 124.9bn, mainly driven by net new deposit outflows of USD 4.7bn. Net new asset inflows were USD 3.2bn.
Divisional items
Operating loss before tax was USD 403m and mainly included USD 553m of integration-related expenses and PPA
effects, impacts from agreements with certain clients, and a loss of USD 38m related to an investment in an
associate, partly offset by the aforementioned USD 171m related to PPA effects and other integration items and a
USD 33m gain from the sale of our wealth management business in India.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Personal & Corporate Banking 24
Personal & Corporate Banking
Personal & Corporate Banking – in Swiss francs
As of or for the quarter ended
% change from
Year-to-date
CHF m, except where indicated
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Results
Net interest income
Recurring net fee income
1
Transaction-based income
1
Other income
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
2
of which: PPA effects recognized in net interest income
of which: PPA effects and other integration items recognized in transaction-based income
of which: loss related to an investment in an associate
of which: items related to the Swisscard transactions
3
Total revenues (underlying)
1
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
1,4
of which: items related to the Swisscard transactions
5
Operating expenses (underlying)
1
of which: net expenses / (releases) for litigation, regulatory and similar matters
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)
6
Return on attributed equity (%)
1,6
Net interest margin (bps)
1
Loans, gross (CHF bn)
Customer deposits (CHF bn)
Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)
1,7
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Return on attributed equity (%)
1,6
1 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 2 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as
well as temporary and incremental items directly related to the integration. 3 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.
4 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of intangibles resulting from the acquisition of the Credit Suisse Group. 5 Represents the expense
related to the payment to Swisscard for the sale of the Credit Suisse card portfolios to UBS. 6 Refer to the “Equity attribution” section of this report for more information about the equity attribution framework.
7 Refer to the “Risk management and control” section of this report for more information about credit-impaired exposures.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Personal & Corporate Banking 25
Results
:
3Q25 vs 3Q24
Profit before tax decreased by CHF 221m, or 30%, to CHF 507m, reflecting lower total revenues and higher
operating expenses, partly offset by lower net credit loss expenses. Underlying profit before tax was CHF 668m, an
increase of 1%. This underlying profit excludes from total revenues CHF 222m of purchase price allocation (PPA)
effects and other integration items and a loss of CHF 81m related to an investment in an associate; it also excludes
from operating expenses CHF 302m of integration-related expenses and PPA effects.
Total revenues
Total revenues decreased by CHF 192m, or 9%, to CHF 1,864m, predominantly due to lower net interest income
and other income. Total revenues in the third quarter of 2025 included a loss of CHF 81m related to an investment
in an associate. Excluding CHF 222m of PPA effects and other integration items and the aforementioned loss,
underlying total revenues were CHF 1,724m, a decrease of 5%.
Net interest income decreased by CHF 107m, or 9%, to CHF 1,120m, mainly reflecting the impact of lower central
bank interest rates on deposit revenues. This decrease was partly offset by deposit pricing measures and lower
liquidity and funding costs. Net interest income also included an CHF 18m decrease in accretion of PPA adjustments
on financial instruments and other PPA effects. Excluding PPA effects of CHF 201m, underlying net interest income
was CHF 919m, a decrease of 9%.
Recurring net fee income decreased by CHF 12m, or 3%, to CHF 351m and largely consisted of fees for services
provided on an ongoing basis, such as administrative fees for accounts, custody fees, asset-based investment fund
fees and portfolio management fees. The year-on-year change was negatively affected by lower Swisscard revenues
and a reclassification of recurring net fee income to transaction-based income as a result of aligning Credit Suisse’s
presentation to that of UBS in the second half of 2024. These effects were partly offset by higher custody fees,
mainly reflecting positive market performance and net new inflows.
Transaction-based income increased by CHF 24m, or 6%, to CHF 463m, mostly due to higher corporate finance
fees and the positive effect from the aforementioned reclassification. Excluding CHF 20m of PPA effects and other
integration items, underlying transaction-based income increased by 6% to CHF 443m.
Other income was negative CHF 70m, compared with positive CHF 29m and included a loss of CHF 81m related to
an investment in an associate. Excluding this loss, underlying other income was positive CHF 11m.
Credit loss expense / release
Net credit loss expenses were CHF 58m and mainly reflected net expenses on credit-impaired positions. Net credit
loss expenses in the prior-year quarter were CHF 71m.
Operating expenses
Operating expenses increased by CHF 42m, or 3%, to CHF 1,300m and included a CHF 134m increase in
integration-related expenses. Excluding CHF 302m of integration-related expenses and PPA effects, underlying
operating expenses were CHF 998m, a decrease of 8%, mainly reflecting lower personnel and real estate expenses,
as well as CHF 29m of net releases in provisions for litigation, regulatory and similar matters related to the resolution
of a legacy matter concerning cross-border business activities in France.
›
Refer to “Other developments” in the “Recent developments” section and “Note 14 Provisions and contingent
liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,
regulatory and similar matters
Results
:
9M25 vs 9M24
Profit before tax decreased by CHF 672m, or 29%, to CHF 1,618m, mainly reflecting lower total revenues and
higher operating expenses. Underlying profit before tax was CHF 1,822m, a decrease of 12%, predominantly driven
by lower net interest income, resulting from lower market interest rates. This underlying profit excludes from total
revenues CHF 660m of PPA effects and other integration items, a gain of CHF 58m related to the Swisscard
transactions, and a net loss of CHF 90m related to an investment in an associate; it also excludes from operating
expenses CHF 668m of integration-related expenses and PPA effects and a CHF 164m expense related to the
Swisscard transactions.
Total revenues decreased by CHF 504m, or 8%, to CHF 5,753m, predominantly due to lower net interest income,
and included a CHF 28m decrease in PPA effects and other integration items. Total revenues in the first nine months
of 2025 also included a gain of CHF 58m related to the Swisscard transactions and a net loss of CHF 90m related
to an investment in an associate. Excluding CHF 660m of PPA effects and other integration items and the
aforementioned gain and a net loss, underlying total revenues were CHF 5,125m, a decrease of 8%.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Personal & Corporate Banking 26
Net interest income decreased by CHF 437m, or 12%, to CHF 3,346m, mainly reflecting the impact of lower central
bank interest rates on deposit revenues. This decrease was partly offset by deposit pricing measures and lower
liquidity and funding costs. Net interest income also included a CHF 34m decrease in accretion of PPA adjustments
on financial instruments and other PPA effects. Excluding PPA effects of CHF 598m, underlying net interest income
was CHF 2,748m, a decrease of 13%.
Recurring net fee income was stable at CHF 1,066m, as the impact of higher custody fees, mainly reflecting net
new inflows and positive market performance, was offset by the effect from a reclassification of recurring net fee
income to transaction-based income as a result of aligning Credit Suisse presentation to that of UBS in the second
half of 2024.
Transaction-based income increased by CHF 24m, or 2%, to CHF 1,374m, as the positive impact from the
aforementioned reclassification and a CHF 6m increase in accretion of PPA adjustments on financial instruments
and other PPA effects were partly offset by lower corporate client revenues. Excluding CHF 62m of PPA effects and
other integration items, underlying transaction-based income was CHF 1,312m, an increase of 1%.
Other income was negative CHF 32m, compared with positive CHF 56m, and reflected a gain of CHF 58m related
to the Swisscard transactions and a net loss of CHF 90m related to an investment in an associate. Excluding these
items, underlying other income was negative CHF 1m.
Net credit loss expenses were CHF 197m and mainly reflected net expenses on credit-impaired positions. Net credit
loss expenses in the prior-year period were CHF 202m.
Operating expenses increased by CHF 173m, or 5%, to CHF 3,938m, largely due to a CHF 164m expense related
to the Swisscard transactions, as well as a CHF 195m increase in integration-related expenses. Excluding CHF 668m
of integration-related expenses and PPA effects and the aforementioned expense of CHF 164m, underlying
operating expenses were CHF 3,106m, a decrease of 6%, mainly driven by lower personnel expenses, including
lower variable compensation, and by CHF 29m of net releases in provisions for litigation, regulatory and similar
matters related to the resolution of a legacy matter concerning cross-border business activities in France.
›
Refer to “Other developments” in the “Recent developments” section and “Note 14 Provisions and contingent
liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,
regulatory and similar matters
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Personal & Corporate Banking 27
Personal & Corporate Banking – in US dollars
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Results
Net interest income
Recurring net fee income
1
Transaction-based income
1
Other income
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
2
of which: PPA effects recognized in net interest income
of which: PPA effects and other integration items recognized in transaction-based income
of which: loss related to an investment in an associate
of which: items related to the Swisscard transactions
3
Total revenues (underlying)
1
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
1,4
of which: items related to the Swisscard transactions
5
Operating expenses (underlying)
1
of which: net expenses / (releases) for litigation, regulatory and similar matters
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)
6
Return on attributed equity (%)
1,6
Net interest margin (bps)
1
Loans, gross (USD bn)
Customer deposits (USD bn)
Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)
1,7
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Return on attributed equity (%)
1,6
1 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 2 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as
well as temporary and incremental items directly related to the integration. 3 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.
4 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of intangibles resulting from the acquisition of the Credit Suisse Group. 5 Represents the expense
related to the payment to Swisscard for the sale of the Credit Suisse card portfolios to UBS. 6 Refer to the “Equity attribution” section of this report for more information about the equity attribution framework.
7 Refer to the “Risk management and control” section of this report for more information about credit-impaired exposures.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Asset Management 28
Asset Management
Asset Management
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Results
Net management fees
1
Performance fees
Net gain from disposals
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Underlying results
Total revenues as reported
Total revenues (underlying)
2
Credit loss expense / (release)
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
Business division operating profit / (loss) before tax as reported
Business division operating profit / (loss) before tax (underlying)
2
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
2
Cost / income ratio (%)
2
Average attributed equity (USD bn)
3
Return on attributed equity (%)
2,3
Gross margin on invested assets (bps)
2
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
2
Cost / income ratio (%)
2
Return on attributed equity (%)
2,3
Information by business line / asset class
Net new money (USD bn)
2
Equities
4
Fixed Income
4
of which: money market
Multi-asset & Solutions
4
Hedge Fund Businesses
Real Estate & Private Markets
Total net new money excluding associates
of which: net new money excluding money market
Associates
5
Total net new money
Invested assets (USD bn)
2
Equities
4
Fixed Income
4
of which: money market
Multi-asset & Solutions
4
Hedge Fund Businesses
Real Estate & Private Markets
Total invested assets excluding associates
of which: passive strategies
Associates
5
Total invested assets
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Asset Management 29
Asset Management (continued)
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Information by region
Invested assets (USD bn)
2
Americas
Asia Pacific
6
EMEA (excluding Switzerland)
Switzerland
Total invested assets
Information by channel
Invested assets (USD bn)
2
Third-party institutional
Third-party wholesale
UBS’s wealth management businesses
Associates
5
Total invested assets
1 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. 2 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 3 Refer to the “Equity attribution” section of
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 The invested assets and net new money amounts reported for associates are prepared in accordance with their local
regulatory requirements and practices. 6 Includes invested assets from associates.
Results: 3Q25 vs 3Q24
Profit before tax increased by USD 67m, or 45%, to USD 218m, reflecting lower operating expenses, partly offset
by lower total revenues. Underlying profit before tax was USD 282m, an increase of 19%, after excluding
integration-related expenses of USD 64m.
Total revenues
Total revenues decreased by USD 30m, or 3%, to USD 843m, mainly due to the third quarter of 2024 including a
USD 72m net gain from disposals, partly offset by higher performance fees. The gross margin was 17 basis points.
Net management fees were stable at USD 755m, of which USD 736m was reported within net fee and commission
income for the Group. Positive market performance and foreign currency effects, as well as an USD 8m increase in
transaction fees, were largely offset by the negative impact from continued margin compression and by USD 27m
of negative revenues related to Hedge Fund Businesses (linked to the below-described increase in performance
fees). Net management fees were also impacted by a USD 19m revaluation in the third quarter of 2024 related to
a real-estate fund co-investment.
Performance fees increased by USD 41m, or 90%, to USD 87m, all of which was reported within net fee and
commission income for the Group. The increase was mainly due to a USD 51m increase in revenues in Hedge Fund
Businesses (partly offset by the aforementioned negative revenues in net management fees), partly offset by a
USD 9m decrease in Fixed Income.
Operating expenses
Operating expenses decreased by USD 98m, or 14%, to USD 624m and included a USD 22m decrease in
integration-related expenses. Excluding integration-related expenses of USD 64m, underlying operating expenses
were USD 560m, a decrease of 12%, mainly due to lower personnel expenses.
Invested assets: 3Q25 vs 2Q25
Invested assets increased by USD 91bn, or 5%, to USD 2,043bn, reflecting positive market performance of
USD 78bn and net new money of USD 18bn, partly offset by negative foreign currency effects of USD 4bn.
Excluding money market flows and associates, net new money was USD 14bn.
Results: 9M25 vs 9M24
Profit before tax increased by USD 115m, or 29%, to USD 507m, reflecting lower operating expenses, partly offset
by lower total revenues. Underlying profit before tax was USD 707m, an increase of 9%, after excluding integration-
related expenses of USD 200m.
Total revenues decreased by USD 61m, or 3%, to USD 2,355m, primarily due to the first nine months of 2024
including USD 100m of net gains from disposals, partly offset by higher performance fees. The gross margin was
17 basis points.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Asset Management 30
Net management fees decreased by USD 11m to USD 2,201m, of which USD 2,113m was reported within net fee
and commission income for the Group. Positive market performance and foreign currency effects, as well as a
USD 20m increase reflecting our share of the net profit of associates, were partly offset by the negative impact from
continued margin compression, by USD 27m of negative revenues related to Hedge Fund Businesses (linked to the
below-described increase in performance fees) and by the effects from discontinued businesses. Net management
fees were also impacted by a USD 19m revaluation in the first nine months of 2024 related to a real-estate fund
co-investment.
Performance fees increased by USD 52m, or 49%, to USD 156m, all of which was reported within net fee and
commission income for the Group. The increase was mainly due to a USD 68m increase in revenues in Hedge Fund
Businesses (partly offset by the aforementioned negative revenues in net management fees), partly offset by
decreases of USD 8m in Real Estate Business and USD 7m in Fixed Income.
Operating expenses decreased by USD 177m, or 9%, to USD 1,848m and included a USD 55m decrease in
integration-related expenses. Excluding integration-related expenses of USD 200m, underlying operating expenses
were USD 1,648m, a decrease of 7%, reflecting decreases in non-personnel and personnel expenses.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Investment Bank 31
Investment Bank
Investment Bank
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Results
Advisory
Capital Markets
Global Banking
Execution Services
Derivatives & Solutions
Financing
Global Markets
of which: Equities
of which: Foreign Exchange, Rates and Credit
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
1
of which: PPA effects
of which: PPA effects recognized in the Global Banking revenue line
of which: other integration items
2
Total revenues (underlying)
3
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses
3
Operating expenses (underlying)
3
of which: net expenses / (releases) for litigation, regulatory and similar matters
Business division operating profit / (loss) before tax as reported
Business division operating profit / (loss) before tax (underlying)
3
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
3
n.m.
n.m.
Cost / income ratio (%)
3
Average attributed equity (USD bn)
4
Return on attributed equity (%)
3,4
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
3
n.m.
Cost / income ratio (%)
3
Return on attributed equity (%)
3,4
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. 4 Refer to the “Equity attribution”
section of this report for more information about the equity attribution framework.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Investment Bank 32
Results: 3Q25 vs 3Q24
Profit before tax increased by USD 495m, or 122%, to USD 900m, mainly due to higher total revenues, partly offset
by higher operating expenses. Underlying profit before tax was USD 787m, an increase of 109%, after excluding
USD 219m of purchase price allocation (PPA) effects and other integration items (a gain from the sale of a stake in
a subsidiary, Credit Suisse Securities (China) Limited (CSS)) and USD 106m of integration-related expenses.
›
Refer to “Other developments” in the “Recent developments” section of this report for more information about the
sale of a stake in CSS
Total revenues
Total revenues increased by USD 599m, or 23%, to USD 3,244m, due to higher revenues in Global Banking and
Global Markets and a USD 128m gain from the sale of a stake in CSS, partly offset by a decrease in PPA effects of
USD 94m. Excluding this gain and these PPA effects, underlying total revenues were USD 3,025m, an increase of
23%.
Global Banking
Global Banking revenues increased by USD 320m, or 44%, to USD 1,056m, driven by higher Capital Markets and
Advisory revenues, and included the aforementioned gain from the sale of a stake in CSS, partly offset by an
USD 83m decrease in accretion of PPA adjustments on financial instruments and other PPA effects. Excluding this
gain and such accretion and other effects, underlying Global Banking revenues were USD 844m, an increase of
52%.
Advisory revenues increased by USD 104m, or 47%, to USD 324m, largely driven by an increase in merger and
acquisition transaction revenues.
Capital Markets revenues increased by USD 216m, or 42%, to USD 732m, and included the aforementioned gain
from the sale of a stake in CSS, partly offset by an USD 83m decrease in accretion of PPA adjustments on financial
instruments and other PPA effects. Excluding this gain and such accretion and other effects, underlying Capital
Markets revenues increased by USD 184m, or 55%, driven by higher revenues in Leveraged Capital Markets, Equity
Capital Markets and Debt Capital Markets.
Global Markets
Global Markets revenues increased by USD 277m, or 15%, to USD 2,187m, driven by higher Financing and
Execution Services revenues.
Execution Services revenues increased by USD 120m, or 27%, to USD 560m, mainly driven by higher Cash Equities
revenues, led by the Asia Pacific region, reflecting higher volumes.
Derivatives & Solutions revenues decreased by USD 7m, or 1%, to USD 957m.
Financing revenues increased by USD 165m, or 33%, to USD 671m, led by Prime Brokerage revenues, supported
by higher client balances. The prior-year quarter included a gain of USD 67m on the sale of our investment in an
associate.
Equities
Global Markets Equities revenues increased by USD 219m, or 15%, to USD 1,651m, mainly driven by higher
revenues in Prime Brokerage and Cash Equities. The prior-year quarter included a gain of USD 67m on the sale of
our investment in an associate.
Foreign Exchange, Rates and Credit
Global Markets Foreign Exchange, Rates and Credit revenues increased by USD 59m, or 12%, to USD 536m, driven
by increases in Rates & Credit and Foreign Exchange revenues.
Credit loss expense / release
Net credit loss expenses were USD 17m, compared with net credit loss expenses of USD 9m in the third quarter of
2024.
Operating expenses
Operating expenses increased by USD 96m, or 4%, to USD 2,327m, and included a USD 50m decrease in
integration-related expenses. Excluding integration-related expenses of USD 106m, underlying operating expenses
were USD 2,221m, an increase of 7%, mainly due to higher personnel expenses.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Investment Bank 33
Results: 9M25 vs 9M24
Profit before tax increased by USD 742m, or 52%, to USD 2,179m, due to higher total revenues, partly offset by
higher operating expenses and net credit loss expenses. Underlying profit before tax was USD 2,009m, an increase
of 68%, after excluding USD 509m of PPA effects and other integration items and USD 339m of integration-related
expenses.
Total revenues increased by USD 1,194m, or 15%, to USD 9,393m, mainly due to higher revenues in Global Markets
and the aforementioned gain from the sale of a stake in CSS, partly offset by a USD 406m decrease in PPA accretion
effects. Excluding this gain and these PPA effects, underlying total revenues were USD 8,884m, an increase of 20%.
Global Banking revenues decreased by USD 135m, or 5%, to USD 2,447m, mostly driven by a USD 371m decrease
in PPA accretion effects on financial instruments and other PPA effects, partly offset by the aforementioned gain
from the sale of a stake in CSS. Excluding this gain and such accretion and other effects, underlying Global Banking
revenues were USD 1,928m, an increase of USD 120m, or 7%, driven by higher revenues in Advisory and Capital
Markets.
Advisory revenues increased by USD 90m, or 14%, to USD 738m, largely driven by an increase in merger and
acquisition transaction revenues.
Capital Markets revenues decreased by USD 225m, or 12%, to USD 1,710m, mostly driven by a USD 371m decrease
in PPA accretion effects on financial instruments and other PPA effects, partly offset by the aforementioned 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 31m, or 3%.
Global Markets revenues increased by USD 1,330m, or 24%, to USD 6,946m, driven by higher Derivatives &
Solutions, Financing and Execution Services revenues.
Execution Services revenues increased by USD 331m, or 26%, to USD 1,578m, mainly driven by higher Cash
Equities revenues across all regions, reflecting higher volumes.
Derivatives & Solutions revenues increased by USD 569m, or 20%, to USD 3,364m, with higher revenues across all
products.
Financing revenues increased by USD 431m, or 27%, to USD 2,005m, with increases in all products, led by Prime
Brokerage revenues, supported by higher client balances. The prior-year period included a gain of USD 67m on the
sale of our investment in an associate.
Equities
Global Markets Equities revenues increased by USD 936m, or 23%, to USD 5,077m, mainly driven by higher
revenues in Prime Brokerage, Cash Equities and Equity Derivatives. The prior-year period included a gain of USD 67m
on the sale of our investment in an associate.
Foreign Exchange, Rates and Credit
Global Markets Foreign Exchange, Rates and Credit revenues increased by USD 393m, or 27%, to USD 1,869m,
mainly driven by increases in Foreign Exchange and Rates & Credit revenues.
Net credit loss expenses were USD 100m, compared with net credit loss expenses of USD 34m in the first nine
months of 2024.
Operating expenses increased by USD 387m, or 6%, to USD 7,115m, and included a USD 204m decrease in
integration-related expenses. Excluding integration-related expenses of USD 339m, underlying operating expenses
were USD 6,776m, an increase of 10%, mainly due to higher personnel expenses.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Non-core and Legacy 34
Non-core and Legacy
Non-core and Legacy
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Underlying results
Total revenues as reported
of which: other integration items
Total revenues (underlying)
1
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses
1
Operating expenses (underlying)
1
of which: net expenses / (releases) for litigation, regulatory and similar matters
2
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
1
Performance measures and other information
Average attributed equity (USD bn)
3
Risk-weighted assets (USD bn)
Leverage ratio denominator (USD bn)
1 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 2 Includes a USD 427m net release of provisions and contingent liabilities related to the
resolution of a legacy Credit Suisse cross-border matter. Refer to “Note 14 Provisions and contingent liabilities” in the “Consolidated financial statements” section of the UBS Group second quarter 2025 report,
available under “Quarterly reporting” at ubs.com/investors, for more information. 3 Refer to the “Equity attribution” section of this report for more information about the equity attribution framework.
Composition of Non-core and Legacy
Total assets
RWA
LRD
USD bn
30.9.25
30.6.25
30.9.25
30.6.25
30.9.25
30.6.25
Exposure category
Equities
Macro
Loans
Securitized products
Credit
High-quality liquid assets
Operational risk
Other
Total
Results: 3Q25 vs 3Q24
Loss before tax was USD 102m, compared with a loss before tax of USD 603m. Underlying profit before tax was
USD 102m, after excluding integration-related expenses of USD 205m, compared with an underlying loss before
tax of USD 333m.
Total revenues
Total revenues were negative USD 40m, compared with total revenues of USD 262m, mainly reflecting lower net
gains from position exits and lower net interest income from securitized product and credit portfolios. These were
partly offset by lower markdowns and lower liquidity and funding costs, as a result of the smaller portfolio. Total
revenues in the third quarter of 2024 also included a USD 67m gain from the sale of our investment in an associate.
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Non-core and Legacy 35
Credit loss expense / release
Net credit loss expenses were USD 6m, compared with net credit loss expenses of USD 28m in the third quarter of
2024.
Operating expenses
Operating expenses were USD 56m, a decrease of USD 781m, or 93%, and included USD 440m of net releases in
provisions and acquisition-related contingent liabilities resulting from litigation, regulatory and similar matters,
primarily due to USD 673m of releases related to the completion of obligations under Credit Suisse’s residential
mortgage-backed securities settlement with the US Department of Justice, partly offset by expenses related to
increases in other litigation provisions. The decrease also reflected lower personnel expenses and technology costs
and included a USD 65m decrease in integration-related expenses. Excluding integration-related expenses of
USD 205m, underlying operating expenses were negative USD 149m.
›
Refer to “Other developments” in the “Recent developments” section and “Note 14 Provisions and contingent
liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,
regulatory and similar matters
Risk-weighted assets and leverage ratio denominator: 3Q25 vs 2Q25
The active unwinding of Non-core and Legacy assets resulted in a decrease in risk-weighted assets (RWA) and the
leverage ratio denominator (the LRD). RWA decreased by USD 1.9bn to USD 30.7bn, mostly due to decreases in
the macro, securitized product, loan and equity portfolios. The LRD decreased by USD 3.8bn to USD 25.6bn, mainly
driven by reductions in macro, high-quality liquid asset, securitized product, equity and loan portfolios.
Results: 9M25 vs 9M24
Loss before tax was USD 744m, compared with a loss before tax of USD 1,054m. Underlying loss before tax was
USD 98m, after excluding integration-related expenses of USD 648m, compared with an underlying loss before tax
of USD 216m.
Total revenues were USD 162m, a decrease of USD 1,502m, mainly reflecting lower net gains from position exits
and lower net interest income from securitized product and credit portfolios, partly offset by lower liquidity and
funding costs, as a result of the 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. Total
revenues in the first nine months of 2024 included the aforementioned USD 67m gain from the sale of our
investment in an associate, as well as a net gain of USD 272m, after accounting for the purchase price allocation
adjustments recorded at the closing of the acquisition of the Credit Suisse Group, from the sale of assets from the
former Credit Suisse securitized products group to Apollo Management Holdings and certain other entities.
Net credit loss expenses were USD 11m, compared with net credit loss expenses of USD 63m in the first nine months
of 2024.
Operating expenses were USD 894m, a decrease of USD 1,761m, or 66%, and included USD 868m of net releases
in provisions and acquisition-related contingent liabilities resulting from litigation, regulatory and similar matters,
primarily due to the aforementioned releases of USD 673m in the third quarter of 2025 and releases of USD 435m
recorded in the second quarter of 2025, partly offset by expenses related to increases in other litigation provisions.
The decrease also reflected lower personnel expenses and technology costs and included a USD 189m decrease in
integration-related expenses. Excluding integration-related expenses of USD 648m, underlying operating expenses
were USD 246m, a decrease of 86%.
›
Refer to “Other developments” in the “Recent developments” section and “Note 14 Provisions and contingent
liabilities” in the “Consolidated financial statements” section of this report for more information about litigation,
regulatory and similar matters
UBS Group third quarter 2025 report |
UBS Group performance, business divisions and Group Items | Group Items 36
Group Items
Group Items
As of or for the quarter ended
% change from
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
2Q25
3Q24
30.9.25
30.9.24
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Underlying results
Total revenues as reported
of which: PPA effects and other integration items
1
Total revenues (underlying)
2
Credit loss expense / (release)
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
Operating profit / (loss) before tax (underlying)
2
1
Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 2 Refer to “Alternative performance measures”
in the appendix to this report for the definition and calculation method.
Results: 3Q25 vs 3Q24
Loss before tax was USD 173m, mainly driven by deferred tax asset (DTA) funding costs. The change in the result
between the quarters was largely due to lower mark-to-market gains from Group hedging and own debt, including
hedge accounting ineffectiveness. Underlying loss before tax was USD 187m, after excluding from total revenues
USD 34m of purchase price allocation (PPA) effects and other integration items and also excluding from operating
expenses USD 20m of integration-related expenses. This compared with an underlying profit before tax of USD 60m
in the third quarter of 2024.
Income from Group hedging and own debt, including hedge accounting ineffectiveness, was net USD 5m,
compared with net income of USD 200m. The gains in the third quarter of 2025 were driven by mark-to-market
effects on own credit and portfolio-level economic hedges.
Results: 9M25 vs 9M24
Loss before tax was USD 638m, mainly driven by DTA funding costs, mark-to-market losses from Group hedging
and own debt, including hedge accounting ineffectiveness, and an increase in provisions for litigation, regulatory
and similar matters. The USD 14m decrease in loss before tax between the periods was largely due to lower mark-
to-market losses from Group hedging and own debt, partly offset by an increase in provisions for litigation,
regulatory and similar matters. Underlying loss before tax was USD 701m, after excluding from total revenues
USD 81m of PPA effects and other integration items and also excluding from operating expenses USD 19m of
integration-related expenses. This compared with an underlying loss before tax of USD 627m in the first nine
months of 2024.
Income from Group hedging and own debt, including hedge accounting ineffectiveness, was net negative
USD 105m, compared with net negative income of USD 185m. The losses in the first nine months of 2025 were
driven by mark-to-market effects on own credit and portfolio-level economic hedges.
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet 37
Risk, capital, liquidity and
funding, and balance sheet
Management report
Table of contents
38
Risk management and control
38
Credit risk
40
Market risk
41
Country risk
42
Non-financial risk
43
Capital management
44
Total loss-absorbing capacity
48
Risk-weighted assets
50
Leverage ratio denominator
51
Equity attribution
52
Liquidity and funding management
52
Strategy, objectives and governance
52
Liquidity coverage ratio
52
Net stable funding ratio
53
Balance sheet and off-balance sheet
53
Balance sheet assets
53
Balance sheet liabilities
54
Equity
55
Off-balance sheet
55
Share information and earnings per share
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 38
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 2024, 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 decreased by USD 20bn compared with 30 June 2025, to USD 1,084bn as of
30 September 2025, primarily reflecting a decrease in balances at central banks.
›
Refer to the “Balance sheet and off-balance sheet” section of this report for more information about balance sheet
movements
›
Refer to the “Group performance” section and “Note 8 Expected credit loss measurement” in the “Consolidated
financial statements” section of this report for more information about credit loss expense / release
Loan underwriting
In the Investment Bank, mandated loan underwriting commitments on a notional basis decreased by USD 2.3bn
compared with 30 June 2025, to USD 4.7bn as of 30 September 2025, driven by deal syndications and
cancellations, partly offset by new mandates. As of 30 September 2025, USD 0.4bn 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 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 39
Banking and traded products exposure in the business divisions and Group Items
30.9.25
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core
and Legacy
Group
Items
Total
Banking products exposure, gross
1,2
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
Traded products exposure, gross
2,4
of which: over-the-counter derivatives
of which: securities financing transactions
of which: exchange-traded derivatives
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
30.6.25
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core
and Legacy
Group
Items
Total
Banking products exposure, gross
1,2
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
Traded products exposure, gross
2,4
of which: over-the-counter derivatives
of which: securities financing transactions
of which: exchange-traded derivatives
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 within the scope of expected credit loss measurement: 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. 4 As counterparty risk for traded products is managed at the counterparty level, no further split between exposures in the Investment Bank, Non-core and Legacy, and Group Items is provided.
Collateralization of Loans and advances to customers
1
Global Wealth Management
Personal & Corporate Banking
USD m, except where indicated
30.9.25
30.6.25
30.9.25
30.6.25
Secured by collateral
Residential real estate
Commercial / industrial real estate
Cash
Equity and debt instruments
Other collateral
2
Subject to guarantees
Uncollateralized and not subject to guarantees
Total loans and advances to customers, gross
Allowances
Total loans and advances to customers, net of allowances
Collateralized loans and advances to customers as a percentage of total loans and advances to customers, gross (%)
1 Collateral arrangements generally incorporate a range of collateral, including cash, equity and debt instruments, real estate, and other collateral. For the purposes of this disclosure, UBS applies a risk-based approach
that generally prioritizes collateral according to its liquidity profile. In the case of loan facilities with funded and unfunded elements the collateral is first allocated to the funded element. For legacy Credit Suisse
infrastructure a risk-based approach is applied that generally prioritizes real estate collateral and prioritizes other collateral according to its liquidity profile. In the case of loan facilities with funded and unfunded
elements the collateral is proportionately allocated. 2 Includes but is not limited to life insurance contracts, rights in respect of subscription or capital commitments from fund partners, inventory, gold and other
commodities.
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 40
Market risk
Average management value-at-risk (VaR) (1-day, 95% confidence level) of the UBS Group excluding certain legacy
Credit Suisse components in the third quarter of 2025 increased to USD 11m from USD 8m, mainly driven by the
Investment Bank’s Global Markets business.
Average management VaR (1-day, 98% confidence level) of the aforementioned legacy Credit Suisse components
in the third quarter of 2025 decreased to USD 2m from USD 3m, driven by de-risking within Non-core and Legacy.
Management value-at-risk (1-day, 95% confidence level, 5 years of historical data) of the business divisions and
Group Items excluding certain legacy Credit Suisse components, by general market risk type
1,2
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
3,4
Total as of 30.9.25
Total as of 30.6.25
Management value-at-risk (1-day, 98% confidence level, 2 years of historical data) of certain legacy Credit Suisse
components of the business divisions and Group Items, by general market risk type
1,2
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
3,4
Total as of 30.9.25
Total as of 30.6.25
1 The legacy Credit Suisse components not included in the UBS Group management VaR reflect the portfolio managed on legacy Credit Suisse infrastructure based on legacy Credit Suisse management VaR methodology
until full migration of these positions to UBS infrastructure or the liquidation of the positions. This process is ongoing, and the management VaR of the legacy Credit Suisse components is expected to continue
decreasing over time. 2 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. 3 The difference between the sum of the standalone VaR for the business divisions and Group Items
and the total VaR. 4 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 41.3m as of 30 September 2025, compared with negative USD 40.2m as of 30 June
2025. This excluded the sensitivity of USD 8.4m 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. Exposure in the banking book of the UBS Group increased during the third quarter
of 2025, predominantly driven by interest rate hedges in connection with issuances of AT1 capital instruments.
The majority of our interest rate risk in the banking book (IRRBB) as of 30 September 2025 was a reflection of the
net asset duration that we ran to offset our modeled sensitivity of net USD 32.4m (30 June 2025: USD 32.3m)
assigned to our equity, goodwill and real estate, with the aim of generating a stable net interest income
contribution. Of this, USD 18.8m and USD 11.6m were attributable to the US dollar and the Swiss franc portfolios,
respectively, (30 June 2025: USD 18.7m and USD 11.6m, respectively).
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 41
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 2025 and would have resulted in a change in EVE of negative USD 7.7bn, or 8.1% of our tier 1
capital (30 June 2025: negative USD 7.3bn, or 8.0%), 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 2025 would have been
a decrease of approximately USD 0.9bn, or 0.9%, in our tier 1 capital (30 June 2025: USD 1.0bn, 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 2025 and would have
resulted in a change in EVE of positive USD 7.8bn (30 June 2025: positive USD 7.6bn) 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 2024, available under “Annual reporting” at
ubs.com/investors
, for more information about the
management of interest rate risk in the banking book
›
Refer to “Sensitivity to interest rate movements” in the “Group performance” section of this report for more
information about the effects of increases in interest rates on the net interest income of our banking book
Interest rate risk – banking book
30.9.25
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
30.6.25
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 range of geopolitical developments and political changes in a number of countries, as
well as global trade relations, including policies related to tariffs and the continuing Russia–Ukraine war and evolving
conditions in the Middle East, and we continued to monitor potential second-order impacts in the third quarter of
2025. As of 30 September 2025, 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 there was no direct exposure to Iran, Iraq, Lebanon or Syria. Our direct exposure to Russia as of
30 September 2025 was less than USD 0.5bn, and our direct exposure to Belarus and Ukraine remained immaterial.
As of 30 September 2025, our exposure to emerging-market countries was less than 10% of our total country
exposure and mainly to countries in Asia.
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 42
Uncertainty about economic policy remained elevated. In the third quarter of 2025, inflation was broadly stable in
major Western economies, although concerns about the potential impact of trade tensions on prices and economic
growth persisted. The Chinese economy slowed in the third quarter of 2025, after a rebound in the previous quarter,
and concerns remain about the property sector, strains on local government finances and the outcome of trade
negotiations with the US expected in November 2025.
›
Refer to the “Risk management and control” section of the UBS Group Annual Report 2024, available under
“Annual reporting” at
ubs.com/investors
, for more information
Non-financial risk
Compliance risk
We are committed to achieving fair outcomes for our clients, upholding market integrity and cultivating the highest
standards of employee conduct. To support these objectives, we maintain a Group-wide conduct risk framework
designed to promote consistent standards and foster a strong culture of accountability.
We continue to prioritize areas such as suitability risk, market conduct, product governance, cross-divisional service
offerings, quality of advice and price transparency. These remain key focus areas for UBS and the broader financial
industry. Cross-border risk (including the risk of unintended permanent establishment) remains 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 related to environmental, social and governance topics, and the elevated risk of
greenwashing arising from our service offering, disclosures and commitments remain key risks for 2025.
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 program therefore remains essential, and we continue to focus on strategic
enhancements to our global anti-money-laundering, know-your-client and sanctions programs. Money laundering
and financial fraud techniques are becoming increasingly sophisticated, and heightened geopolitical volatility makes
the sanctions landscape more complex. The extensive and continuously evolving sanctions arising from the Russia–
Ukraine war require constant attention to prevent circumvention risks, while worsening conflicts in the Middle East
may further increase terrorist-financing risks. In response to complex investment and technology restrictions, China
has imposed its own restrictions. We continue to closely monitor these developments as they occur.
Operational risk
There is an increased risk of cyber-related operational disruption to business activities at our locations and those of
third-party suppliers due to the increasingly dynamic threat environment. This is intensified by current geopolitical
factors and evidenced by the continuing high volumes and increasing sophistication of cyberattacks against financial
institutions globally and on third-party service providers. A notable example of this is a previously disclosed data
breach at Chain IQ, one of our third-party suppliers. Our incident review has not identified any impact on UBS’s
clients or systems, but the data breach included the exposure of certain non-sensitive UBS employee and vendor
information.
We remain on heightened alert to respond to and mitigate elevated cyber- and information-security threats and
continue to invest in improving our technology infrastructure and information-security governance to strengthen
our prevention, detection and response capabilities against attacks. In addition, we operate a global framework
designed to drive enhancements in operational resilience across all business divisions and relevant jurisdictions, and
we work with the third-party service providers that are of critical importance to our operations to assess their
operational resilience in line with our standards and to mitigate any identified risks.
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 43
The increasing interest in data-driven advisory processes and the use of artificial intelligence (AI) and machine
learning are introducing new questions related to the fairness of AI algorithms, data life-cycle management, data
ethics, data privacy and security, and records management.
Further progress has been made with respect to legal entity integration, client and data migration, and the wind-
down of legacy Credit Suisse businesses and infrastructure. The risks relating to the operational complexity and the
effective management of businesses and infrastructure in wind-down continue to be carefully monitored, in
addition to the delivery of consolidated financial and regulatory reporting submissions.
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 “Capital management” in the
“Capital, liquidity and funding, and balance sheet” section of the UBS Group Annual Report 2024, 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 five new ordinances that contain the implementing provisions for the revised
CAO, entered into force on 1 January 2025.
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 contribute a significant portion of their respective capital and
provide substantial liquidity to such subsidiaries. Many of these subsidiaries are subject to local regulations requiring
compliance with minimum capital, liquidity and similar requirements.
›
Refer to the 30 September 2025 Pillar 3 Report, which will be available as of 4 November 2025 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 2025 report, which will be available as of 4 November 2025 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 2025.
Effective 1 January 2025, a Pillar 2 capital add-on for uncollateralized exposures to hedge funds, private equity and
family offices has been introduced. This resulted in an increase of 23 basis points in the RWA-based going concern
capital requirement as of 30 September 2025.
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 44
Swiss SRB going and gone concern requirements and information
As of 30.9.25
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
of which: high-trigger loss-absorbing additional tier 1 capital
Required gone concern capital
Total gone concern loss-absorbing capacity
4,5,6
7
7
of which: base requirement including add-ons for market share and LRD
Eligible gone concern capital
Total gone concern loss-absorbing capacity
Total tier 2 capital
of which: non-Basel III-compliant tier 2 capital
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 1.67% for risk-weighted assets (RWA) and 0.50% for leverage ratio denominator (LRD), of which 23 basis points for RWA reflect a Pillar 2 capital add-on for the residual exposure
(after collateral mitigation) to hedge funds, private equity and family offices, effective 1 January 2025. 2 Includes the Pillar 2 add-on for the residual exposure (after collateral mitigation) to hedge funds, private
equity and family offices of 0.16% 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 3.50% consists of a 1.5% base requirement, a 1.5% base buffer capital requirement,
a 0.25% LRD add-on requirement and a 0.25% market share add-on requirement based on our Swiss credit business. 4 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. 5 From 1 January 2023, the resolvability discount on the gone concern
capital requirements for systemically important banks (SIBs) has been replaced with reduced base gone concern capital requirements equivalent to 75% of the total going concern requirements (excluding countercyclical
buffer requirements and the Pillar 2 add-on). 6 As of July 2024, 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. 7 Includes applicable add-ons of 1.08%
for RWA and 0.38% for LRD.
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 SRBs based on
market share and LRD for UBS Group AG consolidated will increase commensurate with the Group’s increased
market share and higher LRD after the acquisition. Based on the existing regulations, we currently estimate that
this will add around USD 6bn to the Group’s tier 1 capital requirement, when fully phased in. The estimated effect
decreased to USD 6bn, from USD 9bn, following FINMA’s confirmation of the capital add-ons for market share and
LRD that will apply to UBS. The phase-in of the increased capital requirements will commence on 1 January 2026
and will be completed by the beginning of 2030, at the latest.
›
Refer to “Developments in Switzerland aimed at strengthening financial stability” in the “Recent developments”
section of this report for more information
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 under “Capital management” in the “Capital, liquidity and funding, and balance
sheet” section of the UBS Group Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
.
Changes to the Swiss SRB framework and requirements after the publication of our Annual Report 2024 are
described above.
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 45
Swiss SRB going and gone concern information
USD m, except where indicated
30.9.25
30.6.25
31.12.24
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
of which: low-trigger loss-absorbing additional tier 1 capital
Eligible gone concern capital
Total gone concern loss-absorbing capacity
Total tier 2 capital
of which: non-Basel III-compliant tier 2 capital
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
Total loss-absorbing capacity and movement
Our TLAC increased by USD 8.2bn to USD 199.3bn in the third quarter of 2025.
Going concern capital and movement
Our going concern capital increased by USD 3.2bn to USD 95.0bn. Our common equity tier 1 (CET1) capital
increased by USD 1.9bn to USD 74.7bn, mainly driven by operating profit before tax of USD 2.8bn and an increase
in eligible deferred tax assets on temporary differences of USD 0.2bn, partly offset by dividend accruals of
USD 0.8bn and current tax expenses of USD 0.3bn. Share repurchases of USD 1.1bn made under our 2025 share
repurchase program in the third quarter of 2025 did not materially affect our CET1 capital position, as there was
an almost identical reduction in the capital reserve for expected future share repurchases.
›
Refer to “Share information and earnings per share” in this section for more information about our share
repurchase programs
Our loss-absorbing additional tier 1 (AT1) capital increased by USD 1.3bn to USD 20.3bn, reflecting the issuance of
new AT1 capital instruments equivalent to USD 2.8bn, partly offset by the call of one AT1 capital instrument
equivalent to USD 1.6bn.
Following the approval of a maximum amount of conversion capital by UBS Group AG’s shareholders at the 2024
Annual General Meeting, AT1 capital instruments issued from the beginning of the fourth quarter of 2023 are,
upon the occurrence of a trigger event or a viability event, subject to conversion into UBS Group AG ordinary 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 increased by USD 4.9bn to USD 104.4bn and included USD 104.4bn
of TLAC-eligible senior unsecured debt instruments. The increase of USD 4.9bn mainly reflected new issuances
totaling USD 7.9bn equivalent of TLAC-eligible senior unsecured debt instruments and positive impacts from
interest rate risk hedge, foreign currency translation and other effects, partly offset by the call of one TLAC-eligible
senior unsecured debt instrument for the equivalent of USD 1.5bn, as well as USD 1.7bn related to the last tier 2
instrument and one TLAC-eligible senior unsecured debt instrument ceasing to be eligible as gone concern capital,
as those instruments entered the final year before maturity.
›
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 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 46
Loss-absorbing capacity and leverage ratios
Our CET1 capital ratio increased to 14.8% from 14.4%, primarily reflecting a USD 1.9bn increase in CET1 capital.
Our CET1 leverage ratio increased to 4.6% from 4.4%, resulting from a USD 1.9bn increase in CET1 capital and a
USD 17.6bn decrease in the LRD.
Our going concern capital ratio increased to 18.8% from 18.2%, primarily due to a USD 3.2bn increase in going
concern capital.
Our going concern leverage ratio increased to 5.8% from 5.5%, driven by a USD 3.2bn increase in going concern
capital and the aforementioned decrease in the LRD.
Our gone concern loss-absorbing capacity ratio increased to 20.7% from 19.7%, primarily reflecting a USD 4.9bn
increase in gone concern loss-absorbing capacity.
Our gone concern leverage ratio increased to 6.4% from 6.0%, as a result of a USD 4.9bn increase in gone concern
loss-absorbing capacity and 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 30.6.25
Operating profit / (loss) before tax
Current tax (expense) / benefit
Foreign currency translation effects, before tax
Eligible deferred tax assets on temporary differences (including excess over threshold)
Accruals for expected dividends to shareholders for 2025
Share repurchase program
Capital reserve for expected future share repurchases
Other
Common equity tier 1 capital as of 30.9.25
Loss-absorbing additional tier 1 capital as of 30.6.25
Issuance of high-trigger loss-absorbing additional tier 1 capital
Call of high-trigger loss-absorbing additional tier 1 capital
Interest rate risk hedge, foreign currency translation and other effects
Loss-absorbing additional tier 1 capital as of 30.9.25
Total going concern capital as of 30.6.25
Total going concern capital as of 30.9.25
Gone concern loss-absorbing capacity
Tier 2 capital as of 30.6.25
Debt no longer eligible as gone concern loss-absorbing capacity due to residual tenor falling to below one year
Interest rate risk hedge, foreign currency translation and other effects
Tier 2 capital as of 30.9.25
TLAC-eligible unsecured debt as of 30.6.25
Issuance of TLAC-eligible senior unsecured debt
Call of TLAC-eligible senior unsecured debt
Debt no longer eligible as gone concern loss-absorbing capacity due to residual tenor falling to below one year
Interest rate risk hedge, foreign currency translation and other effects
TLAC-eligible unsecured debt as of 30.9.25
Total gone concern loss-absorbing capacity as of 30.6.25
Total gone concern loss-absorbing capacity as of 30.9.25
Total loss-absorbing capacity
Total loss-absorbing capacity as of 30.6.25
Total loss-absorbing capacity as of 30.9.25
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 47
Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital
USD m
30.9.25
30.6.25
31.12.24
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 2024
Accruals for expected dividends to shareholders for 2025
Capital reserve for expected future share repurchases
Other
Total common equity tier 1 capital
1 Includes goodwill related to significant investments in financial institutions of USD 34m as of 30 September 2025 (USD 19m as of 30 June 2025, USD 19m as of 31 December 2024) presented on the balance sheet
line Investments in associates.
Our year-end 2025 CET1 capital ratio is expected to decrease sequentially reflecting an accrual for intended share
repurchases in 2026, as well as the full-year 2025 dividend. Consistent with UBS’s previously communicated plans,
the amount of the accrual will be informed by our ongoing strategic planning process, maintaining a CET1 capital
ratio of around 14%, achieving financial targets, and visibility on shape and timing of future capital requirements
in Switzerland.
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 24bn and our CET1 capital by USD 2.7bn as of 30 September 2025 (30 June 2025: USD 24bn and USD 2.6bn,
respectively) and decreased our CET1 capital ratio by 16 basis points (30 June 2025: 15 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 2025: USD 21bn and USD 2.3bn, respectively) and increased our CET1 capital
ratio by 16 basis points (30 June 2025: 15 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 108bn as of 30 September 2025 (30 June 2025: USD 112bn) and decreased our CET1 leverage ratio by
13 basis points (30 June 2025: 13 basis points). Conversely, a 10% appreciation of the US dollar against other
currencies would have decreased our LRD by USD 98bn (30 June 2025: USD 102bn) and increased our CET1
leverage ratio by 13 basis points (30 June 2025: 14 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” under “Capital management” in the
“Capital, liquidity and funding, and balance sheet” section of the UBS Group Annual Report 2024, available under
“Annual reporting” at
ubs.com/investors
, for more information
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 48
Risk-weighted assets
During the third quarter of 2025, RWA increased by USD 0.4bn to USD 504.9bn, driven by a USD 2.9bn increase
resulting from asset size and other movements, partly offset by a USD 1.5bn decrease driven by model updates and
methodology changes and a USD 1.0bn decrease from currency effects.
Movement in risk-weighted assets, by key driver
USD bn
RWA as of
30.6.25
Currency
effects
Model updates
and methodology
changes
Asset size and
other
1
RWA as of
30.9.25
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 2025 Pillar 3 Report, which will be
available as of 4 November 2025 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 increased by USD 2.5bn to USD 305.2bn as of 30 September 2025, driven
by a USD 5.0bn increase resulting from asset size and other movements, partly offset by a USD 1.5bn decrease due
to model updates and methodology changes and a USD 1.0bn decrease from currency effects.
Asset size and other movements by business division and Group Items:
–
Investment Bank RWA increased by USD 3.9bn, mainly due to higher trading volumes in derivatives and securities
financing transactions, and higher RWA from loans and loan commitments.
–
Personal & Corporate Banking RWA increased by USD 1.4bn, mostly reflecting higher allocation of high-quality
liquid assets from Group Treasury, derivatives market movements and higher RWA from loans and loan
commitments.
–
Global Wealth Management RWA increased by USD 0.8bn, largely due to an increase in equity holdings and
higher levels of client activity in derivatives.
–
Non-core and Legacy RWA decreased by USD 0.6bn, primarily driven by our actions to actively unwind the
portfolio, in addition to the natural roll-off.
–
Group Items RWA decreased by USD 0.4bn.
–
Asset Management RWA decreased by USD 0.1bn.
Model updates and methodology changes resulted in an RWA decrease of USD 1.5bn, mainly due to an RWA
decrease of USD 1.5bn related to improvements in the model for concentrated equity lending in Global Wealth
Management, and an RWA decrease of USD 1.0bn from an update in loss given default models for cash and
balances at central banks, which was partly offset by an RWA increase of USD 1.1bn following the migration of
exposures from Credit Suisse models.
›
Refer to the 30 September 2025 Pillar 3 Report, which will be available as of 4 November 2025 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 2.3bn to USD 28.2bn in the third quarter of 2025, due to asset size and other
movements in the Investment Bank’s Global Markets business and de-risking within Non-core and Legacy.
›
Refer to the 30 September 2025 Pillar 3 Report, which will be available as of 4 November 2025 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 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 49
Operational risk
Operational risk RWA were unchanged at USD 136.4bn.
›
Refer to “Note 14 Provisions and contingent liabilities” in the “Consolidated financial statements” section of this
report for more information
Outlook
We expect RWA developments with regard to model updates and methodology changes to be broadly flat during
the fourth quarter of 2025. The extent and timing of RWA changes may vary as model updates are completed and
receive regulatory approval, along with changes in the composition of the relevant portfolios.
Risk-weighted assets, by business division and Group Items
USD bn
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Manage-
ment
Investment
Bank
Non-core and
Legacy
Group
Items
Total
RWA
30.9.25
Credit and counterparty credit risk
1
Non-counterparty-related risk
2
Market risk
Operational risk
Total
30.6.25
Credit and counterparty credit risk
1
Non-counterparty-related risk
2
Market risk
Operational risk
Total
30.9.25 vs 30.6.25
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 2025: USD 18.9bn; 30 June 2025: USD 18.4bn), as well as property, equipment, software and other items (30 September 2025: USD 16.2bn;
30 June 2025: USD 16.6bn).
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 50
Leverage ratio denominator
During the third quarter of 2025, the LRD decreased by USD 17.6bn to USD 1,640.5bn, mainly due to asset size
and other movements of USD 12.4bn and currency effects of USD 5.2bn.
Movement in leverage ratio denominator, by key driver
USD bn
LRD as of
30.6.25
Currency
effects
Asset size and
other
LRD as of
30.9.25
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 1.8bn,
mainly reflecting a decrease in cash and balances at central banks in Group Treasury, partly offset by growth in
trading portfolio assets reflecting market-driven increases, as well as higher inventory held to hedge client positions
in the Investment Bank.
Derivative exposures increased by USD 5.9bn, primarily reflecting higher trading volumes, partly offset by the effects
of market-driven movements on foreign currency contracts in the Investment Bank.
Securities financing transaction exposures decreased by USD 13.4bn, mainly due to roll-offs of cash reinvestment
trades in Group Treasury.
Off-balance sheet exposures decreased by USD 3.1bn, mainly due to decreases in commitments in Personal &
Corporate Banking and Global Wealth Management.
›
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
30.9.25
On-balance sheet exposures (excluding derivatives and securities
financing transactions)
Derivative exposures
Securities financing transaction exposures
Off-balance sheet items
Total exposures
30.6.25
On-balance sheet exposures (excluding derivatives and securities
financing transactions)
Derivative exposures
Securities financing transaction exposures
Off-balance sheet items
Total exposures
30.9.25 vs 30.6.25
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 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 51
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 all of such periods except for the third quarter 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
Year-to-date
USD bn
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
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 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Liquidity and funding management 52
Liquidity and funding management
Strategy, objectives and governance
This section provides liquidity and funding management information and should be read in conjunction with
“Liquidity and funding management” in the “Capital, liquidity and funding, and balance sheet” section of the UBS
Group Annual Report 2024, 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 remained broadly unchanged at 182.1%,
remaining above the prudential requirement communicated by the Swiss Financial Market Supervisory Authority
(FINMA).
Average high-quality liquid assets (HQLA) decreased by USD 12.2bn to USD 346.6bn, mainly reflecting lower cash
due to higher lending assets, partly due to currency effects, and funding for trading assets. The decreases were
partly offset by higher cash due to an increase in customer deposits, largely due to currency effects, and higher
proceeds from securities financing transactions. The effect from the decrease in HQLA was offset by a USD 6.5bn
decrease in average net cash outflows to USD 190.4bn, reflecting lower net outflows from derivatives and higher
net inflows from securities financing transactions, partly offset by higher outflows from customer deposits.
›
Refer to the
30 September 2025 Pillar 3 Report, which will be available as of 4 November 2025 under “Pillar 3
disclosures” at
ubs.com/investors
, for more information about the LCR
Liquidity coverage ratio
USD bn, except where indicated
Average 3Q25
1
Average 2Q25
1
High-quality liquid assets
Net cash outflows
2
Liquidity coverage ratio (%)
3
1 Calculated based on an average of 65 data points in the third quarter of 2025 and 61 data points in the second quarter of 2025. 2 Represents the net cash outflows expected over a stress period of 30 calendar
days. 3 Calculated after the application of haircuts and inflow and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows.
Net stable funding ratio
As of 30 September 2025, the net stable funding ratio (the NSFR) of the UBS Group decreased 2.8 percentage
points to 119.7%, remaining above the prudential requirement communicated by FINMA.
Available stable funding decreased by USD 5.9bn to USD 898.8bn, mainly driven by decreases in customer deposits
and debt issued measured at amortized cost, partly offset by higher regulatory capital. Required stable funding
increased by USD 12.1bn to USD 751.0bn, primarily reflecting an increase in trading assets.
›
Refer to the 30 September 2025 Pillar 3 Report, which will be available as of 4 November 2025 under “Pillar 3
disclosures” at
ubs.com/investors
, for more information about the NSFR
Net stable funding ratio
USD bn, except where indicated
30.9.25
30.6.25
Available stable funding
Required stable funding
Net stable funding ratio (%)
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Balance sheet and off-balance sheet 53
Balance sheet and off-balance sheet
This section provides balance sheet and off-balance sheet information and should be read in conjunction with
“Balance sheet and off-balance sheet” in the “Capital, liquidity and funding, and balance sheet” section of the
UBS Group Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
, which provides more
information about the balance sheet and off-balance sheet positions.
Balances disclosed in this report represent quarter-end positions, unless indicated otherwise. Intra-quarter balances
fluctuate in the ordinary course of business and may differ from quarter-end positions.
Balance sheet assets (30 September 2025 vs 30 June 2025)
Total assets were USD 1,632.3bn as of 30 September 2025, a decrease of USD 37.7bn compared with 30 June
2025.
Derivatives and cash collateral receivables on derivative instruments decreased by USD 17.8bn, predominantly in
Derivatives & Solutions in the Investment Bank, mainly reflecting the foreign currency contracts in place at the end
of September 2025 having a lower fair value than those in place at the end of June 2025, partly offset by market-
driven increases in equity contracts. Cash and balances at central banks decreased by USD 17.5bn, mainly due to
net new customer deposit outflows, a net increase in trading portfolio assets and net redemptions of short-term
debt, partly offset by inflows from roll-offs of securities financing transactions measured at amortized cost.
Securities financing transactions at amortized cost decreased by USD 14.9bn, mainly reflecting roll-offs of cash
reinvestment trades in Group Treasury.
These decreases were partly offset by a USD 9.3bn increase in Trading assets, reflecting higher inventory held to
hedge client positions, as well as market-driven increases in the Investment Bank.
Assets
As of
% change from
USD bn
30.9.25
30.6.25
30.6.25
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
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.
Balance sheet liabilities (30 September 2025 vs 30 June 2025)
Total liabilities were USD 1,542.0bn as of 30 September 2025, a decrease of USD 38.3bn compared with 30 June
2025.
Derivatives and cash collateral payables on derivative instruments decreased by USD 19.3bn, predominantly in the
Investment Bank, reflecting the same drivers as on the asset side. Customer deposits decreased by USD 16.9bn,
mainly driven by net new deposit outflows in Global Wealth Management and Personal & Corporate Banking.
Short-term borrowings decreased by USD 10.1bn, largely reflecting net maturities of commercial paper and
certificates of deposit, as well as lower amounts due to banks, mainly in Group Treasury.
These decreases were partly offset by a USD 4.1bn increase in Brokerage payables, mostly resulting from higher
client activity levels.
The “Liabilities, by product and currency” table in this section provides more information about the Group’s funding
sources.
›
Refer to “Bondholder information” at
for more information about capital and senior debt
instruments
›
Refer to the “Consolidated financial statements” section of this report for more information
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Balance sheet and off-balance sheet 54
Liabilities and equity
As of
% change from
USD bn
30.9.25
30.6.25
30.6.25
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
Share capital
Share premium
Treasury shares
Retained earnings
Other comprehensive income
3
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 Excludes other comprehensive income related to defined benefit plans and own credit, which is recorded directly in Retained earnings.
Equity (30 September 2025 vs 30 June 2025)
Equity attributable to shareholders increased by USD 622m to USD 89,899m as of 30 September 2025.
The net increase of USD 622m was mainly driven by positive total comprehensive income attributable to
shareholders of USD 2,067m, reflecting a net profit of USD 2,481m and negative other comprehensive income
(OCI) of USD 414m. OCI mainly included negative OCI related to own credit on financial liabilities designated at fair
value of USD 567m, negative OCI related to foreign currency translation of USD 116m and cash flow hedge OCI of
USD 178m. In addition, deferred share-based compensation awards of USD 300m were expensed in the income
statement, increasing share premium.
These increases were partly offset by net treasury share activity that reduced equity by USD 1,771m, predominantly
due to the repurchasing of USD 1,096m of shares under our 2025 share repurchase program and the purchasing
of USD 707m of shares in relation to employee share-based compensation plans.
›
Refer to the “Group performance” and “Consolidated financial statements” sections of this report for more
information
›
Refer to “Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital” in
the “Capital management” section of this report for more information about the effects of OCI on common equity
tier 1 capital
›
Refer to the “Share information and earnings per share” section of this report for more information about our
share repurchase programs
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Balance sheet and off-balance sheet 55
Liabilities, by product and currency
USD equivalent
All currencies
of which: USD
of which: CHF
of which: EUR
USD bn
30.9.25
30.6.25
30.9.25
30.6.25
30.9.25
30.6.25
30.9.25
30.6.25
Short-term borrowings
57.1
67.2
22.7
28.6
8.1
9.0
12.8
15.3
of which: amounts due to banks
28.2
31.9
8.5
10.9
7.5
8.5
3.9
4.2
of which: short-term debt issued
1,2
28.9
35.3
14.2
17.8
0.6
0.5
8.9
11.1
Securities financing transactions at amortized cost
18.7
16.3
9.6
8.0
5.1
4.0
2.2
2.8
Customer deposits
783.1
800.0
296.3
307.8
339.8
343.4
75.0
76.7
of which: demand deposits
261.6
266.5
51.3
59.0
142.1
139.9
37.4
37.6
of which: retail savings / deposits
221.1
215.5
35.8
35.5
180.6
175.4
4.6
4.6
of which: sweep deposits
38.5
38.2
38.5
38.2
0.0
0.0
0.0
0.0
of which: time deposits
261.9
279.9
170.7
175.2
17.1
28.1
33.0
34.5
Debt issued designated at fair value and long-term debt issued measured at amortized
cost
2
303.6
302.9
161.4
163.3
44.7
44.6
74.5
70.8
Trading liabilities
53.8
52.3
22.4
19.9
1.3
1.1
17.5
18.3
Derivatives and cash collateral payables on derivative instruments
197.5
216.8
169.0
183.5
2.9
5.1
16.4
17.6
Brokerage payables
62.1
58.0
50.1
44.4
0.8
0.9
3.4
4.0
Other financial liabilities measured at amortized cost
17.0
18.4
7.4
8.8
4.0
4.1
1.8
2.4
Other financial liabilities designated at fair value
30.5
29.4
6.3
5.9
0.0
0.1
2.8
2.1
Non-financial liabilities
18.8
18.9
9.1
9.4
3.9
3.8
2.7
3.0
Total liabilities
1,542.0
1,580.3
754.4
779.7
410.7
416.1
209.1
213.0
1 Short-term debt issued consists of certificates of deposit, commercial paper, acceptances and promissory notes, and other money market paper. 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.
Off-balance sheet (30 September 2025 vs 30 June 2025)
Committed unconditionally revocable credit lines decreased by USD 14.5bn, mainly driven by decreases in facilities
provided to clients in Personal & Corporate Banking and Global Wealth Management.
Off-balance sheet
As of
% change from
USD bn
30.9.25
30.6.25
30.6.25
Guarantees
1,2
Irrevocable loan commitments
1
Committed unconditionally revocable credit lines
Forward starting reverse repurchase and securities borrowing agreements
1 Guarantees and irrevocable loan commitments are shown net of sub-participations. 2 Includes guarantees measured at fair value through profit or loss.
Share information and earnings per share
UBS Group AG 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 2025 compared with the second quarter of 2025.
We held 218 million shares as of 30 September 2025, of which 93 million shares had been acquired under our
2024 and 2025 share repurchase programs for cancellation purposes. The remaining 124 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 45 million shares in the third quarter of 2025. This largely reflected 29.4 million
shares being repurchased under our 2025 program and the purchasing of 17.3 million shares in relation to employee
share-based compensation plans.
Shares acquired under our 2025 program totaled 29 million as of 30 September 2025 for a total acquisition cost
of USD 1,096m (CHF 879m). As previously announced, we plan to complete the repurchase of up to USD 2bn of
shares in the second half of 2025. We will communicate our 2026 capital returns ambitions with our fourth-quarter
and full-year financial results for 2025. Our share repurchases will be subject to maintaining our common equity
tier 1 capital ratio target of around 14% and achieving our financial targets.
UBS Group third quarter 2025 report |
Risk, capital, liquidity and funding, and balance sheet | Share information and earnings per share 56
Shares acquired under our 2024 program totaled 64 million as of 30 September 2025 for a total acquisition cost
of USD 2,000m (CHF 1,739m). This program concluded on 23 May 2025, and the 64 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.
›
Refer to the “Equity, CET1 capital and returns” table in the “Group performance” section of this report for more
information about equity attributable to shareholders and tangible equity attributable to shareholders
Share information and earnings per share
As of or for the quarter ended
As of or year-to-date
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
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 2022 share repurchase program
of which: related to the 2024 share repurchase program
of which: related to the 2025 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 2025 report |
Consolidated financial statements 57
Consolidated financial
statements
Unaudited
Table of contents
UBS Group AG interim consolidated financial
statements (unaudited)
58
Income statement
59
Statement of comprehensive income
60
Balance sheet
61
Statement of changes in equity
62
Statement of cash flows
Notes to the UBS Group AG interim consolidated
financial statements (unaudited)
63
1
Basis of accounting
64
2
Segment reporting
64
3
Net interest income
65
4
Net fee and commission income
65
5
Other income
65
6
Personnel expenses
66
7
General and administrative expenses
66
8
Expected credit loss measurement
74
9
Fair value measurement
80
10
Derivative instruments
81
11
Other assets and liabilities
82
12
Debt issued designated at fair value
82
13
Debt issued measured at amortized cost
82
14
Provisions and contingent liabilities
UBS Group third quarter 2025 report |
Consolidated financial statements | UBS Group AG interim consolidated financial statements (unaudited) 58
UBS Group AG interim consolidated financial
statements (unaudited)
Income statement
For the quarter ended
Year-to-date
USD m
Note
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Interest income from financial instruments measured at amortized cost and fair value through
other comprehensive income
3
Interest expense from financial instruments measured at amortized cost
3
Net interest income from financial instruments measured at fair value through profit or loss and other
3
Net interest income
3
Other net income from financial instruments measured at fair value through profit or loss
Fee and commission income
4
Fee and commission expense
4
Net fee and commission income
4
Other income
5
Total revenues
Credit loss expense / (release)
8
Personnel expenses
6
General and administrative expenses
7
Depreciation, amortization and impairment of non-financial assets
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 2025 report |
Consolidated financial statements | UBS Group AG interim consolidated financial statements (unaudited) 59
Statement of comprehensive income
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
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 2025 report |
Consolidated financial statements | UBS Group AG interim consolidated financial statements (unaudited) 60
Balance sheet
USD m
Note
30.9.25
30.6.25
31.12.24
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
10
Loans and advances to customers
8
Other financial assets measured at amortized cost
11
Total financial assets measured at amortized cost
Financial assets at fair value held for trading
9
of which: assets pledged as collateral that may be sold or repledged by counterparties
Derivative financial instruments
9, 10
Brokerage receivables
9
Financial assets at fair value not held for trading
9
Total financial assets measured at fair value through profit or loss
Financial assets measured at fair value through other comprehensive income
9
Investments in associates
Property, equipment and software
Goodwill and intangible assets
Deferred tax assets
Other non-financial assets
11
Total assets
Liabilities
Amounts due to banks
Payables from securities financing transactions measured at amortized cost
Cash collateral payables on derivative instruments
10
Customer deposits
Debt issued measured at amortized cost
13
Other financial liabilities measured at amortized cost
11
Total financial liabilities measured at amortized cost
Financial liabilities at fair value held for trading
9
Derivative financial instruments
9, 10
Brokerage payables designated at fair value
Debt issued designated at fair value
9, 12
Other financial liabilities designated at fair value
9, 11
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 2025 report |
Consolidated financial statements | UBS Group AG interim consolidated financial statements (unaudited) 61
Statement of changes in equity
USD m
Share
capital and
share
premium
Treasury
shares
Retained
earnings
OCI
recognized
directly in
equity,
net of tax
1
of which:
foreign
currency
translation
of which:
cash flow
hedges
Total equity
attributable to
shareholders
Balance as of 1 January 2025
2
Acquisition of treasury shares
3
Delivery of treasury shares under share-based compensation plans
Other disposal of treasury shares
3
Cancellation of treasury shares related to the 2022 share repurchase program
4
Share-based compensation expensed in the income statement
Tax (expense) / benefit
Dividends
5
5
Equity classified as obligation to purchase own shares
Translation effects recognized directly in retained earnings
Share of changes in retained earnings of associates and joint ventures
New consolidations / (deconsolidations) and other increases / (decreases)
Total comprehensive income for the period
of which: net profit / (loss)
of which: OCI, net of tax
Balance as of 30 September 2025
2
Non-controlling interests as of 30 September 2025
Total equity as of 30 September 2025
Balance as of 1 January 2024
2
Acquisition of treasury shares
3
Delivery of treasury shares under share-based compensation plans
Other disposal of treasury shares
3
Share-based compensation expensed in the income statement
Tax (expense) / benefit
Dividends
5
5
Equity classified as obligation to purchase own shares
Translation effects recognized directly in retained earnings
Share of changes in retained earnings of associates and joint ventures
New consolidations / (deconsolidations) and other increases / (decreases)
Total comprehensive income for the period
of which: net profit / (loss)
of which: OCI, net of tax
Balance as of 30 September 2024
2
Non-controlling interests as of 30 September 2024
Total equity as of 30 September 2024
1 Excludes other comprehensive income related to defined benefit plans and own credit that is recorded directly in Retained earnings. 2 Excludes non-controlling interests. 3 Includes treasury shares acquired and
disposed of by the Investment Bank in its capacity as a market-maker with regard to UBS shares and related derivatives, and to hedge certain issued structured debt instruments. These acquisitions and disposals are
reported based on the sum of the net monthly movements. 4 Reflects the cancellation of 120,506,008 shares purchased under UBS’s 2022 share repurchase program as approved by the shareholders at the 2025
Annual General Meeting. Swiss tax law requires Switzerland-domiciled companies with shares listed on a Swiss stock exchange to reduce capital contribution reserves by at least 50% of the total capital reduction
amount exceeding the nominal value upon cancellation of the shares. 5 Reflects the payment of an ordinary cash dividend of USD 0.90 per dividend-bearing share in April 2025 (2024: USD 0.70 per dividend-
bearing share paid in May 2024). Swiss tax law requires Switzerland-domiciled companies with shares listed on a Swiss stock exchange to pay no more than 50% of dividends from capital contribution reserves, with
the remainder required to be paid from retained earnings.
UBS Group third quarter 2025 report |
Consolidated financial statements | UBS Group AG interim consolidated financial statements (unaudited) 62
Statement of cash flows
Year-to-date
USD m
30.9.25
30.9.24
Cash flow from / (used in) operating activities
Net profit / (loss)
Non-cash items included in net profit and other adjustments
Depreciation, amortization and impairment of non-financial assets
Credit loss expense / (release)
Share of net (profit) / loss of associates and joint ventures and impairment related to associates
Deferred tax expense / (benefit)
Net loss / (gain) from investing activities
Net loss / (gain) from financing activities
Other net adjustments
1
Net change in operating assets and liabilities
1
Amounts due from banks and amounts due to banks
Receivables from securities financing transactions measured at amortized cost
Payables from securities financing transactions measured at amortized cost
Cash collateral on derivative instruments
Loans and advances to customers
Customer deposits
Financial assets and liabilities at fair value held for trading and derivative financial instruments
Brokerage receivables and payables
Financial assets at fair value not held for trading and other financial assets and liabilities
Provisions and other non-financial assets and liabilities
Income taxes paid, net of refunds
Net cash flow from / (used in) operating activities
2
Cash flow from / (used in) investing activities
Purchase of subsidiaries, business, associates and intangible assets
Disposal of subsidiaries, business, associates and intangible assets
3
4
Purchase of property, equipment and software
Disposal of property, equipment and software
Purchase of financial assets measured at fair value
5
Disposal and redemption of financial assets measured at fair value
5
Purchase of debt securities measured at amortized cost
Disposal and redemption of debt securities measured at amortized cost
Net cash flow from / (used in) investing activities
Cash flow from / (used in) financing activities
Repayment of Swiss National Bank funding
6
Net issuance (repayment) of short-term debt measured at amortized cost
Net movements in treasury shares and own equity derivative activity
Distributions paid on UBS shares
Issuance of debt designated at fair value and long-term debt measured at amortized cost
Repayment of debt designated at fair value and long-term debt measured at amortized cost
Inflows from securities financing transactions measured at amortized cost
7
Outflows from securities financing transactions measured at amortized cost
7
Net cash flows from other financing activities
Net cash flow from / (used in) financing activities
Total cash flow
Cash and cash equivalents at the beginning of the period
Net cash flow from / (used in) operating, investing and financing activities
Effects of exchange rate differences on cash and cash equivalents
1
Cash and cash equivalents at the end of the period
8
of which: cash and balances at central banks
8
of which: amounts due from banks
8
of which: money market paper
8,9
Additional information
Net cash flow from / (used in) operating activities includes:
Interest received in cash
Interest paid in cash
Dividends on equity investments, investment funds and associates received in cash
3
1 Foreign currency translation and foreign exchange effects on operating assets and liabilities and on cash and cash equivalents are presented within the Other net adjustments line, with the exception of foreign
currency hedge effects related to foreign exchange swaps, which are presented on the line Financial assets and liabilities at fair value held for trading and derivative financial instruments. 2 Includes cash receipts
from the sale of loans and loan commitments of USD 697m and USD 11,957m within Non-core and Legacy for the nine-month periods ended 30 September 2025 and 30 September 2024, respectively. 3 Includes
dividends received from associates. 4 Includes cash proceeds net of cash and cash equivalents disposed from the sale of the US mortgage servicing business of Credit Suisse, Select Portfolio Servicing, which was
managed in Non-core and Legacy. Refer to “Note 29 Changes in organization and acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial statements” section of the UBS Group
Annual Report 2024 for more information. Also includes cash proceeds, net of cash and cash equivalents disposed of, from the sale of a stake in a subsidiary in China and the sale of a wealth management business
in India. 5 Includes cash flows in relation to financial assets measured at fair value through other comprehensive income and financial assets measured at fair value through profit or loss. 6 Reflects the repayment
of the Emergency Liquidity Assistance facility to the Swiss National Bank, which was recognized in the balance sheet line Amounts due to banks. 7 Reflects cash flows from securities financing transactions measured
at amortized cost that use UBS debt instruments as the underlying. 8 Includes only balances with an original maturity of three months or less. 9 Money market paper is included in the balance sheet under Financial
assets at fair value not held for trading (30 September 2025: USD 2,776m; 30 September 2024: USD 11,130m), Other financial assets measured at amortized cost (30 September 2025: USD 346m; 30 September
2024: USD 457m) and Financial assets at fair value held for trading (30 September 2025: USD 179m; 30 September 2024: USD 331m).
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 63
Notes to the UBS Group AG interim consolidated
financial statements (unaudited)
Note 1 Basis of accounting
Basis of preparation
The consolidated financial statements (the financial statements) of UBS Group AG and its subsidiaries (together,
UBS or the Group) are prepared in accordance with IFRS Accounting Standards, as issued by the International
Accounting Standards Board (the IASB), and are presented in US dollars. These interim financial statements are
prepared in accordance with IAS 34,
Interim Financial Reporting
.
In preparing these interim financial statements, the same accounting policies and methods of computation have
been applied as in the UBS Group AG consolidated annual financial statements for the period ended 31 December
2024. These interim financial statements are unaudited and should be read in conjunction with: the audited
consolidated financial statements in the UBS Group Annual Report 2024; the “Management report” sections of
this report, specifically the disclosures in the “Recent developments” section of this report regarding the sale of a
36.01% stake in Credit Suisse Securities (China) Limited and in the “UBS Group performance, business divisions
and Group Items” section of this report regarding the sale of Select Portfolio Servicing (the US mortgage servicing
business of Credit Suisse), the transactions related to Swisscard and the sale of UBS’s wealth management business
in India; and the information about significant transactions disclosed in the UBS Group first quarter 2025 report
and the UBS Group second quarter 2025 report. In the opinion of management, all necessary adjustments have
been made for a fair presentation of the Group’s financial position, results of operations and cash flows.
Preparation of these interim financial statements requires management to make estimates and assumptions that
affect the reported amounts of assets, liabilities, income, expenses and disclosures of contingent assets and
liabilities. These estimates and assumptions are based on the best available information. Actual results in the future
could differ from such estimates and differences may be material to the financial statements. Revisions to estimates,
based on regular reviews, are recognized in the period in which they occur. For more information about areas of
estimation uncertainty that are considered to require critical judgment, refer to “Note 1a Material accounting
policies” in the “Consolidated financial statements” section of the UBS Group Annual Report 2024.
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.
Closing exchange rate
Average rate
1
As of
For the quarter ended
Year-to-date
30.9.25
30.6.25
31.12.24
30.9.24
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
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 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 64
Note 2 Segment reporting
UBS’s business divisions are organized globally into five business divisions: Global Wealth Management, Personal &
Corporate Banking, Asset Management, the Investment Bank, and Non-core and Legacy. All five business divisions
are supported by Group Items and qualify as reportable segments for the purpose of segment reporting. Together
with Group Items they reflect the management structure of the Group.
›
Refer to the “Consolidated financial statements” section of the UBS Group Annual Report 2024 for more
information about the Group’s reporting segments
Segment reporting
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
UBS Group
For the nine months ended 30 September 2025
Net interest income
Non-interest income
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Tax expense / (benefit)
Net profit / (loss)
As of 30 September 2025
Total assets
1,632,251
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
UBS Group
For the nine months ended 30 September 2024
Net interest income
Non-interest income
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Tax expense / (benefit)
Net profit / (loss)
As of 31 December 2024
Total assets
Note 3 Net interest income
Net interest income
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Interest income from loans and deposits
1
Interest income from securities financing transactions measured at amortized cost
2
Interest income from other financial instruments measured at amortized cost
Interest income from debt instruments measured at fair value through other comprehensive income
Interest income from derivative instruments designated as cash flow hedges
Total interest income from financial instruments measured at amortized cost and fair value through other comprehensive income
Interest expense on loans and deposits
3
Interest expense on securities financing transactions measured at amortized cost
4
Interest expense on debt issued
Interest expense on lease liabilities
Total interest expense from financial instruments measured at amortized cost
Total net interest income from financial instruments measured at amortized cost and fair value through other comprehensive
income
Net interest income from financial instruments measured at fair value through profit or loss and other
Total net interest income
1 Consists of interest income from cash and balances at central banks, amounts due from banks, and cash collateral receivables on derivative instruments, as well as negative interest on amounts due to banks, customer
deposits, and cash collateral payables on derivative instruments. 2 Includes interest income on receivables from securities financing transactions and negative interest, including fees, on payables from securities
financing transactions. 3 Consists of interest expense on amounts due to banks, cash collateral payables on derivative instruments, and customer deposits, as well as negative interest on cash and balances at central
banks, amounts due from banks, and cash collateral receivables on derivative instruments. 4 Includes interest expense on payables from securities financing transactions and negative interest, including fees, on
receivables from securities financing transactions.
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 65
Note 4 Net fee and commission income
Net fee and commission income
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Underwriting fees
M&A and corporate finance fees
Brokerage fees
Investment fund fees
Portfolio management and related services
Other
Total fee and commission income
1
of which: recurring
of which: transaction-based
of which: performance-based
Fee and commission expense
of which: brokerage expense
Net fee and commission income
1 Reflects third-party fee and commission income for the third quarter of 2025 of USD 4,559m for Global Wealth Management (second quarter of 2025: USD 4,328m; third quarter of 2024: USD 4,155m), USD 805m
for Personal & Corporate Banking (second quarter of 2025: USD 789m; third quarter of 2024: USD 726m), USD 1,092m for Asset Management (second quarter of 2025: USD 984m; third quarter of 2024: USD 928m),
USD 1,396m for the Investment Bank (second quarter of 2025: USD 1,250m; third quarter of 2024: USD 1,297m), USD 4m for Non-core and Legacy (second quarter of 2025: USD 7m; third quarter of 2024: USD 102m)
and USD 22m for Group Items (second quarter of 2025: USD 3m; third quarter of 2024: negative USD 37m).
Note 5 Other income
Other income
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Associates, joint ventures and subsidiaries
Net gains / (losses) from acquisitions and disposals of subsidiaries
1
2
2,3
Net gains / (losses) from disposals of investments in associates and joint ventures
Share of net profit / (loss) of associates and joint ventures
(60)
21
67
4
Total
Income from properties
5
Net gains / (losses) from properties held for sale
Other
6
7
8
7
8
Total other income
1 Includes foreign exchange gains / (losses) reclassified from other comprehensive income related to the disposal or closure of foreign operations. 2 Includes a gain of USD 128m from the sale of a stake in a
subsidiary, Credit Suisse Securities (China) Limited. 3 Includes a gain of USD 97m recognized upon completion of the sale of the US mortgage servicing business of Credit Suisse, Select Portfolio Servicing, which was
managed in Non-core and Legacy. Refer to “Note 29 Changes in organization and acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial statements” section of the UBS Group
Annual Report 2024 for more information. 4 Includes a gain of USD 64m related to UBS’s share of the income recorded by Swisscard for the sale of the Credit Suisse card portfolios to UBS. Refer to “Note 29
Changes in organization and acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial statements” section of the UBS Group Annual Report 2024 for more information. 5 Includes
rent received from third parties. 6 Includes losses of USD 43m for the third quarter of 2025 related to the repurchasing of UBS’s own debt instruments (second quarter of 2025: losses of USD 27m; third quarter of
2024: gains of USD 4m). 7 Includes a USD 33m gain from the sale of UBS’s wealth management business in India. 8 Includes a USD 72m net gain in Asset Management from the sale of UBS’s Brazilian real estate
fund management business and from the sale of UBS’s shareholding in Credit Suisse Insurance Linked Strategies Ltd (nine-month period ended 30 September 2024: USD 100m).
Note 6 Personnel expenses
Personnel expenses
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
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 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.
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 66
Note 7 General and administrative expenses
General and administrative expenses
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
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 decreases in acquisition-related contingent liabilities measured under
IFRS 3. Refer to Note 14b 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 29 Changes in organization
and acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial statements” section of the UBS Group Annual Report 2024 for more information.
Note 8 Expected credit loss measurement
a) Credit loss expense / release
Total net credit loss expenses in the third quarter of 2025 were USD 102m, reflecting USD 5m net expenses related
to performing positions and USD 97m net expenses on credit-impaired positions.
Net expected credit loss expenses on the performing portfolio were primarily driven by net expenses in the corporate
lending portfolios of Personal & Corporate Banking and the Investment Bank. These expenses were partly offset by
releases in the real estate portfolios. UBS has updated several expected credit loss models within the real estate and
corporate lending portfolios to enhance risk differentiation and incorporate the latest default history.
Credit loss expenses of USD 97m for credit-impaired positions primarily related to a small number of corporate
counterparties in Personal & Corporate Banking and the Investment Bank.
Credit loss expense / (release)
Performing positions
Credit-impaired positions
USD m
Stages 1 and 2
Stage 3
Purchased
Total
For the quarter ended 30.9.25
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Total
For the quarter ended 30.6.25
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Total
For the quarter ended 30.9.24
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Total
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 67
Note 8 Expected credit loss measurement (continued)
b) Changes to ECL models, scenarios and scenario weights
Scenarios and scenario weights
The expected credit loss (ECL) scenarios, along with their related macroeconomic factors and market data, were
reviewed in light of the economic and political conditions prevailing in the third quarter of 2025 through a series
of governance meetings, with input and feedback from UBS Risk and Finance experts across the business divisions
and regions.
The baseline scenario was updated with the latest macroeconomic forecasts as of 30 September 2025. The
assumptions on a calendar-year basis are included in the table below. The scenario assumes growth in Switzerland
will remain muted in 2025 and slow in the second half of the year, reflecting a subdued outlook due to tariffs and
the appreciation of the Swiss franc in the second quarter of 2025. For the US, the outlook has improved slightly,
but the scenario still assumes a slowdown in the second half of 2025, reflecting a cooling labor market and the
impact of tariffs on domestic demand. Expectations for long-term interest rates in the US and Switzerland are
slightly lower than in the previous quarter.
At the beginning of the first quarter of 2025, UBS replaced the stagflationary geopolitical crisis scenario applied at
the end of 2024 with the global crisis scenario, as the severe downside scenario. It targets risks such as sovereign
defaults, low interest rates, a crisis in the Eurozone and significant emerging-market stress. The moderate stagflation
crisis scenario replaced the mild debt crisis scenario as the mild downside scenario. In the moderate stagflation crisis
scenario, interest rates are assumed to rise rather than decline, as in the previously applied mild debt crisis scenario.
However, the declines in gross domestic product and equities are similar.
UBS kept the scenarios and scenario weights in line with those applied in the UBS Group second quarter 2025
report. All of the scenarios, including the asset price appreciation and the baseline scenarios, have been updated
based on the latest macroeconomic forecasts as of 30 September 2025. The assumptions on a calendar-year basis
are included in the table below.
Comparison of shock factors
Baseline
Key parameters
2024
2025
2026
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
30.9.25
30.6.25
30.9.24
Asset price appreciation
–
Baseline
Mild debt crisis
–
–
Stagflationary geopolitical crisis
–
–
Moderate stagflation crisis
–
Global crisis
–
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 68
Note 8 Expected credit loss measurement (continued)
c) 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 the maximum contractual amounts.
ECL-relevant balance sheet and off-balance sheet positions
USD m
30.9.25
Carrying amount
1
ECL allowances
2
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
Cash and balances at central banks
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
of which: Large corporate clients
of which: SME clients
of which: Lombard
of which: Credit cards
of which: Commodity trade finance
of which: Ship / aircraft financing
of which: Consumer financing
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
2
Off-balance sheet (in scope of ECL)
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
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: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Lombard
of which: Credit cards
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 Negative balances are representative of a net improvement in
credit quality since the acquisition of the respective financial instrument, which is reflected as a negative ECL allowance.
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 69
Note 8 Expected credit loss measurement (continued)
ECL-relevant balance sheet and off-balance sheet positions
USD m
30.6.25
Carrying amount
1
ECL allowances
2
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
Cash and balances at central banks
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
of which: Large corporate clients
of which: SME clients
of which: Lombard
of which: Credit cards
of which: Commodity trade finance
of which: Ship / aircraft financing
of which: Consumer financing
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
2
Off-balance sheet (in scope of ECL)
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
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: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Lombard
of which: Credit cards
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 Negative balances are representative of a net improvement in credit
quality since the acquisition of the respective financial instrument, which is reflected as a negative ECL allowance.
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 70
Note 8 Expected credit loss measurement (continued)
ECL-relevant balance sheet and off-balance sheet positions
USD m
31.12.24
Carrying amount
1
ECL allowances
2
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
Cash and balances at central banks
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
of which: Large corporate clients
of which: SME clients
of which: Lombard
of which: Credit cards
of which: Commodity trade finance
of which: Ship / aircraft financing
of which: Consumer financing
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
2
Off-balance sheet (in scope of ECL)
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
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: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Lombard
of which: Credit cards
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 Negative balances are representative of a net improvement in credit
quality since the acquisition of the respective financial instrument, which is reflected as a negative ECL allowance.
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 71
Note 8 Expected credit loss measurement (continued)
The table below provides information about the gross carrying amount of 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
lower sensitivity to ECL.
ECL coverage ratios are calculated by dividing ECL allowances and provisions by the gross carrying amount of the
related exposures.
The overall coverage ratio for performing positions was unchanged at 11 basis points as of 30 September 2025.
Compared with 30 June 2025, the coverage ratios for performing positions related to real estate lending (on-
balance sheet) decreased by 1 basis point to 3 basis points, and the coverage ratio for performing positions related
to corporate lending (on-balance sheet) was unchanged at 75 basis points.
Coverage ratios for core loan portfolio
30.9.25
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 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 72
Note 8 Expected credit loss measurement (continued)
Coverage ratios for core loan portfolio
30.6.25
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 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 73
Note 8 Expected credit loss measurement (continued)
Coverage ratios for core loan portfolio
31.12.24
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 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 74
Note 9 Fair value measurement
a) Fair value hierarchy
The fair value hierarchy classification of financial and non-financial assets and liabilities measured at fair value is
summarized in the table below.
During the first nine months of 2025, assets and liabilities that were transferred from Level 2 to Level 1, or from
Level 1 to Level 2, and were held for the entire reporting period were not material.
Determination of fair values from quoted market prices or valuation techniques
1
30.9.25
30.6.25
31.12.24
USD m
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial assets measured at fair value on a recurring basis
Financial assets at fair value held for trading
143,508
31,483
3,500
178,492
134,753
30,988
3,454
169,195
128,393
27,564
3,108
159,065
of which: Equity instruments
of which: Government bills / bonds
of which: Investment fund units
of which: Corporate and municipal bonds
of which: Loans
of which: Asset-backed securities
Derivative financial instruments
1,521
149,623
2,968
154,113
1,315
165,530
3,151
169,996
795
181,965
2,792
185,551
of which: Foreign exchange
of which: Interest rate
of which: Equity / index
of which: Credit
of which: Commodities
Brokerage receivables
Financial assets at fair value not held for trading
of which: Financial assets for unit-linked
investment contracts
of which: Corporate and municipal bonds
of which: Government bills / bonds
of which: Loans
of which: Securities financing transactions
of which: Asset-backed securities
of which: Auction rate securities
of which: Investment fund units
of which: Equity instruments
Financial assets measured at fair value through other comprehensive income on a recurring basis
Financial assets measured at fair value through
other comprehensive income
of which: Government bills / bonds
of which: Commercial paper and certificates
of deposit
of which: Corporate and municipal bonds
Non-financial assets measured at fair value on a recurring basis
Precious metals and other physical commodities
Non-financial assets measured at fair value on a non-recurring basis
Other non-financial assets
2
Total assets measured at fair value
207,358
265,842
16,656
489,856
195,098
281,384
15,944
492,426
172,499
288,337
14,732
475,568
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 75
Note 9 Fair value measurement (continued)
Determination of fair values from quoted market prices or valuation techniques (continued)
1
30.9.25
30.6.25
31.12.24
USD m
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial liabilities measured at fair value on a recurring basis
Financial liabilities at fair value held for trading
of which: Equity instruments
of which: Corporate and municipal bonds
of which: Government bills / bonds
of which: Investment fund units
Derivative financial instruments
1,579
157,472
4,457
163,508
1,294
178,372
4,148
183,814
829
175,747
4,060
180,636
of which: Foreign exchange
of which: Interest rate
of which: Equity / index
of which: Credit
of which: Commodities
of which: Loan commitments measured at
FVTPL
Financial liabilities designated at fair value on a recurring basis
Brokerage payables designated at fair value
Debt issued designated at fair value
Other financial liabilities designated at fair value
of which: Financial liabilities related to unit-
linked investment contracts
of which: Securities financing transactions
of which: Over-the-counter debt instruments
and others
Total liabilities measured at fair value
40,937
361,473
19,602
422,013
39,517
378,158
19,351
437,027
25,406
355,703
20,405
401,514
1 Bifurcated embedded derivatives are presented on the same balance sheet lines as their host contracts and are not included in this table. The fair value of these derivatives was not material for the periods presented.
2 Other non-financial assets primarily consist of properties and other non-current assets held for sale, which are measured at the lower of their net carrying amount or fair value less costs to sell.
b) Valuation adjustments
The table below summarizes the changes in deferred day-1 profit or loss reserves during the relevant period.
Deferred day-1 profit or loss is generally released into
Other net income from financial instruments measured at fair
value through profit or loss
observable or when the transaction is closed out.
Deferred day-1 profit or loss reserves
For the quarter ended
Year-to-date
USD m
30.9.25
30.6.25
30.9.24
30.9.25
30.9.24
Reserve balance at the beginning of the period
Profit / (loss) deferred on new transactions
(Profit) / loss recognized in the income statement
Foreign currency translation
Reserve balance at the end of the period
The table below summarizes other valuation adjustment reserves recognized on the balance sheet.
Other valuation adjustment reserves on the balance sheet
As of
USD m
30.9.25
30.6.25
31.12.24
Own credit adjustments on financial liabilities designated at fair value
1
of which: debt issued designated at fair value
of which: other financial liabilities designated at fair value
Credit valuation adjustments
2
Funding and debit valuation adjustments
Other valuation adjustments
of which: liquidity
of which: model uncertainty
1 Own credit adjustments on financial liabilities designated at fair value includes amounts for TLAC notes. 2 Amount does not include reserves against defaulted counterparties.
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 76
Note 9 Fair value measurement (continued)
c) Level 3 instruments: valuation techniques and inputs
The table below presents material Level 3 assets and liabilities, together with the valuation techniques used to
measure fair value, as well as the inputs used in a given valuation technique that are considered significant as of
30 September 2025 and unobservable, and a range of values for those unobservable inputs.
The range of values represents the highest- and lowest-level inputs used in the valuation techniques. Therefore, the
range does not reflect the level of uncertainty regarding a particular input or an assessment of the reasonableness of
the Group’s estimates and assumptions, but rather the different underlying characteristics of the relevant assets and
liabilities held by the Group.
The significant unobservable inputs disclosed in the table below are consistent with those included in “Note 21 Fair
value measurement” in the “Consolidated financial statements” section of the UBS Group Annual Report 2024.
Valuation techniques and inputs used in the fair value measurement of Level 3 assets and liabilities
Fair value
Significant unobservable
input(s)
1
Range of inputs
Assets
Liabilities
Valuation technique(s)
30.9.25
31.12.24
USD bn
30.9.25
31.12.24
30.9.25
31.12.24
low
high
weighted
average
2
low
high
weighted
average
2
unit
1
Financial assets and liabilities at fair value held for trading and Financial assets at fair value not held for trading
Corporate and municipal
bonds
Relative value to
market comparable
Bond price equivalent
points
Loans at fair value (held for
trading and not held for
trading) and guarantees
3
Relative value to
market comparable
Loan price equivalent
points
Discounted expected
cash flows
Credit spread
basis
points
Market comparable
and securitization
model
Credit spread
basis
points
Asset-backed securities
Relative value to
market comparable
Bond price equivalent
points
Investment fund units
4
Relative value to
market comparable
Net asset value
Equity instruments
4
Relative value to
market comparable
Price
Debt issued designated at
fair value
3
Other financial liabilities
designated at fair value
3
Discounted expected
cash flows
Funding spread
basis
points
Derivative financial instruments
Interest rate
Option model
Volatility of interest rates
basis
points
Credit
Discounted expected
cash flows
Credit spreads
basis
points
Credit correlation
%
Recovery rates
%
Option model
Credit volatility
%
Recovery rates
%
Equity / index
Option model
Equity dividend yields
%
Volatility of equity stocks,
equity and other indices
%
Equity-to-FX correlation
%
Equity-to-equity correlation
%
Loan commitments
measured at FVTPL
Relative value to
market comparable
Loan price equivalent
points
1 The ranges of significant unobservable inputs are represented in points, percentages and basis points. Points are a percentage of par (e.g. 100 points would be 100% of par). 2 Weighted averages are provided for
most non-derivative financial instruments and were calculated by weighting inputs based on the fair values of the respective instruments. Weighted averages are not provided for inputs related to Other financial liabilities
designated at fair value and Derivative financial instruments, as this would not be meaningful. 3 Debt issued designated at fair value primarily consists of UBS structured notes, which include variable maturity notes
with various equity and foreign exchange underlying risks, as well as rates-linked and credit-linked notes, all of which have embedded derivative parameters that are considered to be unobservable. The derivative
instrument parameters for debt issued designated at fair value, embedded derivatives for over-the-counter debt instruments reported under Other financial liabilities designated at fair value and funded derivatives
reported under Loans at fair value (held for trading and not held for trading) are presented in the corresponding derivative financial instruments lines in this table. 4 The range of inputs is not disclosed, as there is a
dispersion of values given the diverse nature of the investments.
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 77
Note 9 Fair value measurement (continued)
d) Level 3 instruments: sensitivity to changes in unobservable input assumptions
The table below summarizes those financial assets and liabilities classified as Level 3 for which a change in one or
more of the unobservable inputs to reflect reasonably possible alternative assumptions would change fair value
significantly, and the estimated effect thereof.
The sensitivity data shown below presents an estimation of valuation uncertainty based on reasonably possible
alternative values for Level 3 inputs at the balance sheet date and does not represent the estimated effect of stress
scenarios. Typically, these financial assets and liabilities are sensitive to a combination of inputs from Levels 1–3.
Although well-defined interdependencies may exist between Level 1 / 2 parameters and Level 3 parameters (e.g.
between interest rates, which are generally Level 1 or Level 2, and prepayments, which are generally Level 3), these
have not been incorporated in the table. Furthermore, direct interrelationships between the Level 3 parameters are
not a significant element of the valuation uncertainty.
Sensitivity of fair value measurements to changes in unobservable input assumptions
1
30.9.25
30.6.25
31.12.24
USD m
Favorable
changes
Unfavorable
changes
Favorable
changes
Unfavorable
changes
Favorable
changes
Unfavorable
changes
Loans at fair value (held for trading and not held for trading) and guarantees
2
Securities financing transactions
Auction rate securities
Asset-backed securities
Equity instruments
Investment fund units
Loan commitments measured at FVTPL
Interest rate derivatives, net
Credit derivatives, net
Foreign exchange derivatives, net
Equity / index derivatives, net
Other
Total
1 Sensitivity of issued and over-the-counter debt instruments is reported with the equivalent derivative or Other. 2 Sensitivity of funded derivatives is reported under equivalent derivatives.
e) Level 3 instruments: movements during the period
The table below presents additional information about material Level 3 assets and liabilities measured at fair value
on a recurring basis. Level 3 assets and liabilities may be hedged with instruments classified as Level 1 or Level 2 in
the fair value hierarchy and, as a result, realized and unrealized gains and losses included in the table may not
include the effect of related hedging activity. Furthermore, the realized and unrealized gains and losses presented
in the table are not limited solely to those arising from Level 3 inputs, as valuations are generally derived from both
observable and unobservable parameters.
Assets and liabilities transferred into or out of Level 3 are presented as if those assets or liabilities had been
transferred on 1 January 2025.
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 78
Note 9 Fair value measurement (continued)
Movements of Level 3 instruments
USD bn
Balance
at the
beginning
of the
period
Net gains /
losses
included in
compre-
hensive
income
1
of which:
related to
instruments
held at the
end of the
period
Purchases
Sales
Issuances
Settlements
Transfers
into
Level 3
Transfers
out of
Level 3
Foreign
currency
translation
Balance
at the
end
of the
period
For the nine months ended 30 September 2025
2
Financial assets at fair value held for
trading
of which: Equity instruments
0.0
of which: Corporate and municipal
bonds
0.0
of which: Loans
Derivative financial instruments –
assets
0.0
of which: Interest rate
0.0
of which: Equity / index
0.0
0.0
of which: Credit
0.0
Financial assets at fair value not held
for trading
of which: Loans
of which: Auction rate securities
0.0
0.0
0.0
0.0
0.0
0.0
0.0
of which: Equity instruments
of which: Investment fund units
0.0
of which: Asset-backed securities
0.0
0.0
Derivative financial instruments –
liabilities
0.0
of which: Interest rate
0.0
of which: Equity / index
0.0
0.0
of which: Credit
0.0
0.0
of which: Loan commitments
measured at FVTPL
0.0
0.0
Debt issued designated at fair value
0.0
0.0
Other financial liabilities designated at
fair value
0.0
For the nine months ended 30 September 2024
Financial assets at fair value held for
trading
of which: Equity instruments
of which: Corporate and municipal
bonds
0.0
of which: Loans
Derivative financial instruments –
assets
of which: Interest rate
0.0
of which: Equity / index
of which: Credit
0.0
Financial assets at fair value not held
for trading
of which: Loans
0.0
of which: Auction rate securities
0.0
0.0
0.0
0.0
0.0
0.0
of which: Equity instruments
0.0
0.0
of which: Investment fund units
0.0
of which: Asset-backed securities
0.0
0.0
Derivative financial instruments –
liabilities
of which: Interest rate
of which: Equity / index
0.0
of which: Credit
0.0
of which: Loan commitments
measured at FVTPL
0.0
Debt issued designated at fair value
0.0
0.0
Other financial liabilities designated at
fair value
1 Net gains / losses included in comprehensive income are recognized in Net interest income and Other net income from financial instruments measured at fair value through profit or loss in the Income statement,
and also in Gains / (losses) from own credit on financial liabilities designated at fair value, before tax in the Statement of comprehensive income. 2 Total Level 3 assets as of 30 September 2025 were USD 16.7bn
(31 December 2024: USD 14.7bn). Total Level 3 liabilities as of 30 September 2025 were USD 19.6bn (31 December 2024: USD 20.4bn).
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 79
Note 9 Fair value measurement (continued)
f) Financial instruments not measured at fair value
The table below reflects the estimated fair values of financial instruments not measured at fair value. Valuation
principles applied when determining fair value estimates for financial instruments not measured at fair value are
consistent with those described in “Note 21 Fair value measurement” in the “Consolidated financial statements”
section of the UBS Group Annual Report 2024.
Financial instruments not measured at fair value
30.9.25
30.6.25
31.12.24
USD bn
Carrying
amount
Fair value
Carrying
amount
Fair value
Carrying
amount
Fair value
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
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
1
1 Excludes lease liabilities.
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 80
Note 10
Derivative instruments
a) Derivative instruments
As of 30.9.25, USD bn
Derivative
financial
assets
Derivative
financial
liabilities
Notional values
related to derivative
financial assets and
liabilities
1
Other
notional
values
2
Derivative financial instruments
Interest rate
Credit derivatives
Foreign exchange
Equity / index
Commodities
Other
3
Total derivative financial instruments, based on netting under IFRS Accounting Standards
4
Further netting potential not recognized on the balance sheet
5
of which: netting of recognized financial liabilities / assets
of which: netting with collateral received / pledged
Total derivative financial instruments, after consideration of further netting potential
As of 30.6.25, USD bn
Derivative financial instruments
Interest rate
Credit derivatives
Foreign exchange
Equity / index
Commodities
Other
3
Total derivative financial instruments, based on netting under IFRS Accounting Standards
4
Further netting potential not recognized on the balance sheet
5
of which: netting of recognized financial liabilities / assets
of which: netting with collateral received / pledged
Total derivative financial instruments, after consideration of further netting potential
As of 31.12.24, USD bn
Derivative financial instruments
Interest rate
Credit derivatives
Foreign exchange
Equity / index
Commodities
Other
3
Total derivative financial instruments, based on netting under IFRS Accounting Standards
4
Further netting potential not recognized on the balance sheet
5
of which: netting of recognized financial liabilities / assets
of which: netting with collateral received / pledged
Total derivative financial instruments, after consideration of further netting potential
1 In cases where derivative financial instruments are presented on a net basis on the balance sheet, the respective notional values of the netted derivative financial instruments are still presented on a gross basis.
Notional amounts of client-cleared ETD and OTC transactions through central clearing counterparties are not disclosed, as they have a significantly different risk profile. 2 Other notional values relate to derivatives
that are cleared through either a central counterparty or an exchange and settled on a daily basis. The fair value of these derivatives is presented on the balance sheet within Cash collateral receivables on derivative
instruments and Cash collateral payables on derivative instruments. 3 Includes Loan commitments measured at FVTPL, as well as unsettled purchases and sales of non-derivative financial instruments for which the
changes in the fair value between trade date and settlement date are recognized as derivative financial instruments. 4 Financial assets and liabilities are presented net on the balance sheet if UBS has the unconditional
and legally enforceable right to offset the recognized amounts, both in the normal course of business and in the event of def ault, bankruptcy or insolvency of UBS or its counterparties, and intends either to settle on
a net basis or to realize the asset and settle the liability simultaneously. Refer to “Note 22 Offsetting financial assets and financial liabilities” in the “Consolidated financial statements” section of the UBS Group
Annual Report 2024 for more information. 5 Reflects the netting potential in accordance with enforceable master netting and similar arrangements where not all criteria for a net presentation on the balance sheet
have been met. Refer to “Note 22 Offsetting financial assets and financial liabilities” in the “Consolidated financial statements” section of the UBS Group Annual Report 2024 for more information.
b) Cash collateral on derivative instruments
USD bn
Receivables
30.9.25
Payables
30.9.25
Receivables
30.6.25
Payables
30.6.25
Receivables
31.12.24
Payables
31.12.24
Cash collateral on derivative instruments, based on netting under IFRS Accounting
Standards
1
Further netting potential not recognized on the balance sheet
2
of which: netting of recognized financial liabilities / assets
of which: netting with collateral received / pledged
Cash collateral on derivative instruments, after consideration of further netting potential
1 Financial assets and liabilities are presented net on the balance sheet if UBS has the unconditional and legally enforceable right to offset the recognized amounts, both in the normal course of business and in the
event of default, bankruptcy or insolvency of UBS or its counterparties, and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. 2 Reflects the netting potential in
accordance with enforceable master netting and similar arrangements where not all criteria for a net presentation on the balance sheet have been met. Refer to “Note 22 Offsetting financial assets and financial
liabilities” in the “Consolidated financial statements” section of the UBS Group Annual Report 2024 for more information.
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 81
Note
11
Other assets and liabilities
a) Other financial assets measured at amortized cost
USD m
30.9.25
30.6.25
31.12.24
Debt securities
Loans to financial advisors
Fee- and commission-related receivables
Finance lease receivables
Settlement and clearing accounts
Accrued interest income
Other
1
Total other financial assets measured at amortized cost
1 Predominantly includes cash collateral provided to exchanges and clearing houses to secure securities trading activity through those counterparties.
b) Other non-financial assets
USD m
30.9.25
30.6.25
31.12.24
Precious metals and other physical commodities
Deposits and collateral provided in connection with litigation, regulatory and similar matters
1
Prepaid expenses
Current tax assets
VAT, withholding tax and other tax receivables
Properties and other non-current assets held for sale
Assets of disposal groups held for sale
2
Other
Total other non-financial assets
1 Refer to Note 14 for more information. 2 Refer to Note 5 for more information about the sale of Select Portfolio Servicing.
c) Other financial liabilities measured at amortized cost
USD m
30.9.25
30.6.25
31.12.24
Other accrued expenses
Accrued interest expenses
Settlement and clearing accounts
Lease liabilities
Other
Total other financial liabilities measured at amortized cost
d) Other financial liabilities designated at fair value
USD m
30.9.25
30.6.25
31.12.24
Financial liabilities related to unit-linked investment contracts
Securities financing transactions
Over-the-counter debt instruments and other
Total other financial liabilities designated at fair value
e) Other non-financial liabilities
USD m
30.9.25
30.6.25
31.12.24
Compensation-related liabilities
of which: net defined benefit liability
Current tax liabilities
Deferred tax liabilities
VAT, withholding tax and other tax payables
Deferred income
Liabilities of disposal groups held for sale
1
Other
Total other non-financial liabilities
1 Refer to Note 5 for more information about the sale of Select Portfolio Servicing.
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 82
Note
12
Debt issued designated at fair value
Debt issued designated at fair value
USD m
30.9.25
30.6.25
31.12.24
Equity-linked
1
Rates-linked
Fixed-rate
Credit-linked
Commodity-linked
Other
of which: debt that contributes to total loss-absorbing capacity
Total debt issued designated at fair value
2
1 Includes investment fund unit-linked instruments issued. 2 As of 30 September 2025, 100% of Total debt issued designated at fair value was unsecured (30 June 2025: 100%; 31 December 2024: 100%).
Note
13
Debt issued measured at amortized cost
Debt issued measured at amortized cost
USD m
30.9.25
30.6.25
31.12.24
Short-term debt
1
Senior unsecured debt
of which: contributes to total loss-absorbing capacity
Covered bonds
Subordinated debt
of which: eligible as high-trigger loss-absorbing additional tier 1 capital instruments
2
of which: eligible as low-trigger loss-absorbing additional tier 1 capital instruments
of which: eligible as non-Basel III-compliant tier 2 capital instruments
Debt issued through the Swiss central mortgage institutions
Other long-term debt
Long-term debt
3
Total debt issued measured at amortized cost
4,5
1 Debt with an original contractual maturity of less than one year, includes mainly certificates of deposit and commercial paper. 2 For 30 September 2025, includes USD 13.0bn (30 June 2025: USD 10.2bn;
31 December 2024: USD 6.9bn) that is, upon the occurrence of a trigger event or a viability event, subject to conversion into ordinary UBS shares. 3 Debt with an original contractual maturity greater than or equal
to one year. The classification of debt issued into short-term and long-term does not consider any early redemption features. 4 Net of bifurcated embedded derivatives, the fair value of which was not material for
the periods presented. 5 Except for Covered bonds (100% secured), Debt issued through the Swiss central mortgage institutions (100% secured) and Other long-term debt (94% secured), 100% of the balance was
unsecured as of 30 September 2025.
Note 14 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
30.9.25
30.6.25
31.12.24
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 Note 8c for more information about ECL provisions recognized for off-balance sheet financial instruments and credit lines.
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 83
Note 14 Provisions and contingent liabilities (continued)
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 2024
Balance as of 30 June 2025
Increase in provisions recognized in the income statement
Release of provisions recognized in the income statement
5
Provisions used in conformity with designated purpose
6
Reclassifications
7
Foreign currency translation and other movements
Balance as of 30 September 2025
1 Consists of provisions for losses resulting from legal, liability and compliance risks. 2 Includes USD 469m of personnel-related restructuring provisions as of 30 September 2025 (30 June 2025: USD 518m;
31 December 2024: USD 334m), USD 280m of provisions for onerous contracts related to real estate as of 30 September 2025 (30 June 2025: USD 278m; 31 December 2024: USD 383m) and USD 88m of provisions
for onerous contracts related to technology as of 30 September 2025 (30 June 2025: USD 93m; 31 December 2024: USD 96m). 3 Mainly includes provisions for reinstatement costs with respect to leased properties.
4 Mainly includes provisions related to employee benefits, VAT and operational risks. 5 Primarily includes the release of provisions regarding the resolution of the legacy matter related to UBS’s cross-border business
activities in France in the third quarter of 2025 as described in item 1 of section b) of this Note. 6 Mainly includes provisions used for the resolution reached with the US Department of Justice in the third quarter of
2025 as described in item 4 of section b) of this Note. 7 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 Note 14b. 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 Note 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.
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 financial statements, 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 statements 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.
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 84
Note 14 Provisions and contingent liabilities (continued)
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 Note 14 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 1.5bn.
Litigation, regulatory and similar matters may also result in non-monetary penalties and consequences. A guilty plea
to, or conviction 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.
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 0.7bn at 30 September 2025 reflect a decrease of USD 0.8bn from 30 June
2025 mainly as a result of releases upon 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
Group Items
UBS Group
Balance as of 31 December 2024
Balance as of 30 June 2025
Increase in provisions recognized in the income statement
Release of provisions recognized in the income statement
2
2
Provisions used in conformity with designated purpose
3
Reclassifications
4
Foreign currency translation and other movements
Balance as of 30 September 2025
1 Provisions, if any, for the matters described in items 2 and 9 of this Note are recorded in Global Wealth Management. Provisions, if any, for the matters described in items 4, 5, 6, 7, 8, 11 and 12 of this Note are
recorded in Non-core and Legacy. Provisions, if any, for the matters described in item 1 of this Note are allocated between Global Wealth Management, Personal & Corporate Banking and Non-core and Legacy.
Provisions, if any, for the matters described in item 3 of this Note are allocated between the Investment Bank, Non-core and Legacy and Group Items. Provisions, if any, for the matters described in item 10 of this Note
are allocated between the Investment Bank and Non -core and Legacy. 2 Primarily includes the release of provisions regarding the resolution of the legacy matter related to UBS’s cross-border business activities in
France in the third quarter of 2025 as described in item 1 of this Note. 3 Mainly includes provisions used for the resolution reached with the US Department of Justice in the third quarter of 2025 as described in item
4 of this Note. 4 Includes reclassifications between IFRS 3 contingent liabilities and IAS 37 provisions.
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 85
Note 14 Provisions and contingent liabilities (continued)
1. Inquiries regarding cross-border wealth management businesses
Tax and regulatory authorities in a number of countries have made inquiries, served requests for information or
examined employees located in their respective jurisdictions relating to the cross-border wealth management
services provided by UBS and other financial institutions. Credit Suisse offices in various locations, including the UK,
the Netherlands, France and Belgium, have been contacted by regulatory and law enforcement authorities seeking
records and information concerning investigations into Credit Suisse’s historical private banking services on a cross-
border basis and in part through its local branches and banks. The UK and French aspects of these issues have been
closed. UBS is continuing to cooperate with the authorities.
Since 2013, UBS (France) S.A., UBS AG and certain former employees have been under investigation in France in
relation to UBS’s cross-border business with French clients. In connection with this investigation, the investigating
judges ordered UBS AG to provide bail (“
caution
”) of EUR 1.1bn.
In 2019, the court of first instance returned a verdict finding UBS AG guilty of unlawful solicitation of clients on
French territory and aggravated laundering of the proceeds of tax fraud, and UBS (France) S.A. guilty of aiding and
abetting unlawful solicitation and of laundering the proceeds of tax fraud. The court imposed fines aggregating
EUR 3.7bn on UBS AG and UBS (France) S.A. and awarded EUR 800m of civil damages to the French state. A trial
in the Paris Court of Appeal took place in March 2021. In December 2021, the Court of Appeal found UBS AG
guilty of unlawful solicitation and aggravated laundering of the proceeds of tax fraud. The court ordered a fine of
EUR 3.75m, the confiscation of EUR 1bn, and awarded civil damages to the French state of EUR 800m. UBS
appealed the decision to the French Supreme Court. In November 2023, the Supreme Court upheld the Court of
Appeal’s decision regarding unlawful solicitation and aggravated laundering of the proceeds of tax fraud, but
overturned the confiscation of EUR 1bn, the penalty of EUR 3.75m and the EUR 800m of civil damages awarded
to the French state. The case was remanded to the Court of Appeal for a retrial regarding these overturned
elements. In September 2025, UBS AG resolved the case and agreed to pay a fine of EUR 730m and EUR 105m in
civil damages to the French State.
In May 2014, Credit Suisse AG entered into settlement agreements with the SEC, the Federal Reserve and the New
York Department of Financial Services and agreed with the US Department of Justice (the DOJ) to plead guilty to
conspiring to aid and assist US taxpayers in filing false tax returns (the 2014 Plea Agreement). Credit Suisse
continued to report to and cooperate with US authorities in accordance with its obligations under the 2014 Plea
Agreement, including by conducting a review of cross-border services provided by Credit Suisse. In this connection,
Credit Suisse provided information to US authorities regarding potentially undeclared US assets held by clients at
Credit Suisse since the 2014 Plea Agreement. In May 2025, Credit Suisse Services AG entered into a plea agreement
(the 2025 Plea Agreement) with the DOJ under which it agreed to plead guilty to one count of conspiracy to aid
and assist in the preparation of false income tax returns relating to legacy Credit Suisse accounts booked in Credit
Suisse’s Swiss booking center, thereby settling the investigation into Credit Suisse’s implementation of the 2014
Plea Agreement. In addition, Credit Suisse Services AG entered into a non-prosecution agreement with the DOJ
(the 2025 NPA) relating to legacy Credit Suisse accounts booked in Credit Suisse’s Singapore booking center. The
2025 Plea Agreement and the 2025 NPA provide for penalties, restitution and forfeiture of USD 511m in the
aggregate. The 2025 Plea Agreement and the 2025 NPA include ongoing obligations of UBS to furnish information
and cooperate with DOJ’s investigations of legacy Credit Suisse accounts held by US persons in its Switzerland and
Singapore booking centers and related accounts in other booking centers.
Our balance sheet at 30 September 2025 reflected provisions 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 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 86
Note 14 Provisions and contingent liabilities (continued)
2. 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 have been 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 serve 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.
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.
3. Foreign exchange, LIBOR and benchmark rates, and other trading practices
Foreign-exchange-related regulatory matters:
concerning possible manipulation of foreign exchange markets and precious metals prices. As a result of these
investigations, UBS entered into resolutions with Swiss, US and UK regulators and the European Commission. UBS
was granted conditional immunity by the Antitrust Division of the DOJ and by authorities in other jurisdictions in
connection with potential competition law violations relating to foreign exchange and precious metals businesses.
In December 2021, the European Commission issued a decision imposing a fine of EUR 83.3m on Credit Suisse
entities based on findings of anticompetitive practices in the foreign exchange market. UBS received leniency and
accordingly no fine was assessed. Credit Suisse appealed the decision to the European General Court and, in July
2025, the court issued a judgment reducing the fine to EUR 28.9m. The judgment is now final.
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 any of the defendant banks. UBS and Credit Suisse have resolved US federal court class
actions relating to foreign currency transactions with the defendant banks and persons who transacted in foreign
exchange futures contracts and options on such futures. Certain class members have excluded themselves from
that settlement and filed individual actions in US and English courts against UBS, Credit Suisse and other banks,
alleging violations of US and European competition laws and unjust enrichment. UBS, Credit Suisse and the other
banks have resolved those individual matters. In addition, Credit Suisse and UBS, together with other financial
institutions, were named in a consolidated putative class action in Israel, which made allegations similar to those
made in the actions pursued in other jurisdictions. Credit Suisse and UBS entered into agreements to settle all claims
in this action in April 2022 and February 2024, respectively. Credit Suisse’s settlement received court approval and
became final in May 2025. UBS’s settlement remains subject to court approval.
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 87
Note 14 Provisions and contingent liabilities (continued)
LIBOR and other benchmark-related regulatory matters:
regarding potential improper attempts by UBS, among others, to manipulate LIBOR and other benchmark rates at
certain times. UBS and Credit Suisse reached settlements or otherwise concluded investigations relating to
benchmark interest rates with the investigating authorities. UBS was granted conditional leniency or conditional
immunity from authorities in certain jurisdictions, including the Antitrust Division of the DOJ and the Swiss
Competition Commission (WEKO), in connection with potential antitrust or competition law violations related to
certain rates. However, UBS has not reached a final settlement with WEKO, as the Secretariat of WEKO has asserted
that UBS does not qualify for full immunity.
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 allege 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.
USD LIBOR class and individual actions in the US:
Beginning in 2013, 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))
by plaintiffs who engaged in over-the-counter instruments, exchange-traded Eurodollar futures and options, bonds
or loans that referenced USD LIBOR. The complaints allege violations of antitrust law and the Commodities
Exchange Act, as well as breach of contract and unjust enrichment. Following various rulings by the SDNY and the
US Court of Appeals for the Second Circuit dismissing certain of the causes of action and allowing others to
proceed, one class action with respect to transactions in over-the-counter instruments and several actions brought
by individual plaintiffs proceeded in the district court. In September 2025, the district court granted defendants’
motion for summary judgment as to all remaining actions. UBS and Credit Suisse previously entered into settlement
agreements in respect of the class actions relating to exchange-traded instruments, bonds and loans. These
settlements have received final court approval, and the actions have been dismissed as to UBS and Credit Suisse.
Other benchmark class actions in the US:
The Yen LIBOR/Euroyen TIBOR, EURIBOR and GBP LIBOR actions have
been dismissed. 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. In September 2025, the Second Circuit affirmed the dismissal of the complaint in the GBP LIBOR
action.
In January 2023, defendants moved to dismiss the complaint in the CHF LIBOR action. In 2023, the court approved
a settlement by Credit Suisse of the claims against it in this matter. In September 2025, the court dismissed the
complaint against the remaining defendants, including UBS.
Government bonds:
breached European Union antitrust rules between 2007 and 2011 relating to European government bonds. The
European Commission fined UBS EUR 172m, which amount was confirmed on appeal in March 2025. UBS has
appealed to the European Court of Justice.
Credit default swap auction litigation –
In June 2021, Credit Suisse, along with other banks and entities, was named
in a putative class action filed in federal court in New Mexico alleging manipulation of credit default swap (CDS)
final auction prices. Defendants filed a motion to enforce a previous CDS class action settlement in the SDNY. 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.
With respect to additional matters and jurisdictions not encompassed by the settlements and orders referred to
above, UBS’s balance sheet at 30 September 2025 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 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 88
Note 14 Provisions and contingent liabilities (continued)
4. Mortgage-related matters
Government and regulatory related matters
:
DOJ RMBS settlement
LLC (CSS LLC) and its current and former US subsidiaries and US affiliates reached a settlement with the DOJ related
to its legacy Residential Mortgage-Backed Securities (RMBS) business, a business conducted through 2007. The
settlement resolved potential civil claims by the DOJ related to certain of those Credit Suisse entities’ packaging,
marketing, structuring, arrangement, underwriting, issuance and sale of RMBS. Pursuant to the terms of the
settlement a civil monetary penalty was paid to the DOJ in January 2017. The settlement also required the Credit
Suisse entities to provide certain levels of consumer relief measures, including affordable housing payments and
loan forgiveness, and the DOJ and Credit Suisse agreed to the appointment of an independent monitor to oversee
the completion of the consumer relief requirements of the settlement. In August 2025, CSS LLC entered into an
agreement with the DOJ to resolve all of Credit Suisse’s outstanding Consumer Relief Obligations under the 2017
settlement by paying USD 300m.
Civil litigation: Repurchase litigations
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. The amounts disclosed below do not reflect actual realized plaintiff
losses to date. Unless otherwise stated, these amounts reflect the original unpaid principal balance amounts as
alleged in these actions.
DLJ Mortgage Capital, Inc. (DLJ) is a defendant in New York State court in five actions: An action brought by Asset
Backed Securities Corporation Home Equity Loan Trust, Series 2006-HE7 alleges damages of not less than
USD 374m. In December 2023, the court granted in part DLJ’s motion to dismiss, dismissing with prejudice all
notice-based claims; the parties have appealed. An action by Home Equity Asset Trust, Series 2006-8, alleges
damages of not less than USD 436m. An action by Home Equity Asset Trust 2007-1 alleges damages of not less
than USD 420m. In August 2025, the parties agreed to a settlement to resolve this litigation for USD 66.39m. The
settlement is subject to court approval. An action by Home Equity Asset Trust 2007-2 alleges damages of not less
than USD 495m. An action by CSMC Asset-Backed Trust 2007-NC1 does not allege a damages amount.
5. 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. Of the other seven cases, four are stayed, including one that was
dismissed as to Credit Suisse and most of the bank defendants prior to entry of the stay, and in three cases
defendants moved to dismiss plaintiffs’ amended complaints.
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 89
Note 14 Provisions and contingent liabilities (continued)
6. Customer account matters
Several clients have claimed that a former relationship manager in Switzerland had exceeded his investment
authority in the management of their portfolios, resulting in excessive concentrations of certain exposures and
investment losses. Credit Suisse AG has investigated the claims, as well as transactions among the clients. Credit
Suisse AG filed a criminal complaint against the former relationship manager with the Geneva Prosecutor’s Office
upon which the prosecutor initiated a criminal investigation. Several clients of the former relationship manager also
filed criminal complaints with the Geneva Prosecutor’s Office. In February 2018, the former relationship manager
was sentenced to five years in prison by the Geneva criminal court for fraud, forgery and criminal mismanagement
and ordered to pay damages of approximately USD 130m. On appeal, the Criminal Court of Appeals of Geneva
and, subsequently, the Swiss Federal Supreme Court upheld the main findings of the Geneva criminal court.
Civil lawsuits have been initiated against Credit Suisse AG and / or certain affiliates in various jurisdictions, based
on the findings established in the criminal proceedings against the former relationship manager.
In Singapore, in a now-concluded civil lawsuit, Credit Suisse Trust Limited was ordered to pay USD 461m, including
interest and costs.
In Bermuda, in the civil lawsuit brought against Credit Suisse Life (Bermuda) Ltd., the Supreme Court of Bermuda
issued a judgment awarding damages of USD 607.35m to the plaintiff. Credit Suisse Life (Bermuda) Ltd. appealed
the decision. In June 2023, the Bermuda Court of Appeal confirmed the award and the Supreme Court of
Bermuda’s finding that Credit Suisse Life (Bermuda) Ltd. breached its contractual and fiduciary duties, but
overturned the finding that Credit Suisse Life (Bermuda) Ltd. made fraudulent misrepresentations. In March 2024,
Credit Suisse Life (Bermuda) Ltd. was granted leave to appeal the judgment to the Judicial Committee of the Privy
Council and a hearing on the appeal was held in June 2025. The Bermuda Court of Appeal also ordered that the
current stay continue pending determination of the appeal on the condition that the damages awarded, plus
interest calculated at the Bermuda statutory rate of 3.5%, remain in the escrow account.
In Switzerland, certain civil lawsuits have been commenced against Credit Suisse AG in the Court of First Instance
of Geneva since March 2023.
7. Mozambique matter
Credit Suisse was subject to investigations by regulatory and enforcement authorities, as well as civil litigation,
regarding certain Credit Suisse entities’ arrangement of loan financing to Mozambique state enterprises, Proindicus
S.A. and Empresa Moçambicana de Atum S.A. (EMATUM), a distribution to private investors of loan participation
notes (LPN) related to the EMATUM financing in September 2013, and certain Credit Suisse entities’ subsequent
role in arranging the exchange of those LPNs for Eurobonds issued by the Republic of Mozambique. In 2019, three
former Credit Suisse employees pleaded guilty in the EDNY to accepting improper personal benefits in connection
with financing transactions carried out with two Mozambique state enterprises.
In October 2021, Credit Suisse reached settlements with the DOJ, the US Securities and Exchange Commission
(SEC), the UK Financial Conduct Authority (FCA) and FINMA to resolve inquiries by these agencies, including findings
that Credit Suisse failed to appropriately organize and conduct its business with due skill and care, and manage
risks. Credit Suisse Group AG entered into a three-year Deferred Prosecution Agreement (DPA) with the DOJ in
connection with the criminal information charging Credit Suisse Group AG with conspiracy to commit wire fraud
and Credit Suisse Securities (Europe) Limited (CSSEL) entered into a Plea Agreement and pleaded guilty to one count
of conspiracy to violate the US federal wire fraud statute. Under the terms of the DPA, UBS Group AG (as successor
to Credit Suisse Group AG) continued compliance enhancement and remediation efforts agreed by Credit Suisse,
and undertake additional measures as outlined in the DPA. In January 2025, as permitted under the terms of the
DPA, the DOJ elected to extend the term of the DPA until January 2026.
8. ETN-related litigation
XIV 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 asserts claims against Credit Suisse
for violations of various anti-fraud and anti-manipulation provisions of US securities laws arising from a decline in
the value of XIV ETNs in February 2018. On appeal from an order of the SDNY dismissing all claims, the Second
Circuit issued an order that reinstated a portion of the claims. In decisions in March 2023 and February 2025, the
court granted class certification for two of the three classes proposed by plaintiffs and denied class certification of
the third proposed class.
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 90
Note 14 Provisions and contingent liabilities (continued)
9. Bulgarian former clients matter
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 Swiss Federal Court of Appeals.
Following the merger of UBS AG and Credit Suisse AG, UBS AG confirmed the appeal. In November 2024, the
court issued a judgment that acquitted UBS AG and annulled the fine and compensatory claim ordered by the first
instance court. In February 2025, the court affirmed the acquittal of UBS AG, and the Office of the Attorney General
has appealed the judgment to the Swiss Federal Supreme Court. UBS has also appealed, limited to the issue whether
a successor entity by merger can be criminally liable for acts of the predecessor entity. In July 2025, the Swiss Federal
Supreme Court granted the appeal filed by the Office of the Attorney General and ruled that the Swiss Federal
Court of Appeals released its judgment without proper reasoning. The case was remanded to the Swiss Federal
Court of Appeals to deliver a full and reasoned judgment.
10. Archegos
Credit Suisse and UBS have received requests for documents and information in connection with inquiries,
investigations and/or actions relating to their relationships with Archegos Capital Management (Archegos),
including from FINMA (assisted by a third party appointed by FINMA), the DOJ, the SEC, the US Federal Reserve,
the US Commodity Futures Trading Commission (CFTC), the US Senate Banking Committee, the Prudential
Regulation Authority (PRA), the FCA, the WEKO, the Hong Kong Competition Commission and other regulatory
and governmental agencies. UBS is cooperating with the authorities in these matters. In July 2023, CSI and CSSEL
entered into a settlement agreement with the PRA providing for the resolution of the PRA’s investigation. Also in
July 2023, FINMA issued a decree ordering remedial measures and the Federal Reserve Board issued an Order to
Cease and Desist. Under the terms of the order, Credit Suisse paid a civil money penalty and agreed to undertake
certain remedial measures relating to counterparty credit risk management, liquidity risk management and non-
financial risk management, as well as enhancements to board oversight and governance. UBS Group, as the legal
successor to Credit Suisse Group AG, is a party to the FINMA decree and Federal Reserve Board Cease and Desist
Order.
Civil actions relating to Credit Suisse’s relationship with Archegos have been filed against Credit Suisse and/or
certain officers and directors, including claims for breaches of fiduciary duties. In one such case, the parties agreed
in July 2025 to a settlement of USD 115m. Because the action was brought by shareholders on behalf of and for
the benefit of Credit Suisse, after deducting any Court-awarded attorneys’ fees and expenses and any applicable
taxes, the cash recovery for the settlement will go to UBS, as successor to Credit Suisse, and will result in a net
recovery for UBS.
11. 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 and New Jersey federal court. These complaints, filed on behalf of purchasers of
Credit Suisse shares, additional tier 1 capital notes, and other securities in 2023 and 2024, 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. In July 2025, the SDNY
certified the class in one case, and, in another case, brought on behalf of a second class, granted in part and denied
in part a motion to dismiss.
Credit Suisse has received requests for documents and information from regulatory and governmental agencies in
connection with inquiries, investigations and/or actions relating to these matters, as well as for other statements
regarding Credit Suisse’s financial condition, including from the SEC, the DOJ and FINMA. UBS is cooperating with
the authorities in these matters.
UBS Group third quarter 2025 report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 91
Note 14 Provisions and contingent liabilities (continued)
12. Merger-related litigation
Certain Credit Suisse Group AG affiliates and certain directors, officers and executives have been named in class
action complaints pending in the SDNY. One complaint, brought on behalf of Credit Suisse shareholders, alleges
breaches of fiduciary duty under Swiss law and civil RICO claims under US federal law. In February 2024, the court
granted defendants’ motions to dismiss the civil RICO claims and conditionally dismissed the Swiss law claims
pending defendants’ acceptance of jurisdiction in Switzerland. In March 2024, having received consents to Swiss
jurisdiction from all defendants served with the complaint, the court dismissed the Swiss law claims against those
defendants. Additional complaints, brought on behalf of holders of Credit Suisse additional tier 1 capital notes (AT1
noteholders) allege breaches of fiduciary duty under Swiss law, arising from a series of scandals and misconduct,
which led to Credit Suisse Group AG’s merger with UBS Group AG, causing losses to shareholders and AT1
noteholders. Motions to dismiss these complaints were granted in March 2024 and September 2024 on the basis
that Switzerland is the most appropriate forum for litigation. Plaintiffs in two of these cases have appealed the
dismissal.
UBS Group third quarter 2025 report |
Significant regulated subsidiary and sub-group information 92
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
30.9.25
30.6.25
30.9.25
30.6.25
30.9.25
30.6.25
30.9.25
30.6.25
1
30.9.25
30.6.25
Financial information
2
Income statement
Total operating income
3
12,333
11,483
4,218
9,269
4
2,850
2,756
4
355
354
4,435
4,159
Total operating expenses
10,826
10,621
3,356
3,610
2,374
2,236
308
340
3,575
4,126
Operating profit / (loss) before tax
1,507
862
862
5,659
475
520
47
14
860
32
Net profit / (loss)
1,294
1,198
828
5,683
378
441
56
(2)
788
547
Balance sheet
Total assets
1,633,877
1,671,814
960,675
1,003,436
517,385
518,866
53,576
61,063
207,886
205,747
Total liabilities
1,538,283
1,576,960
870,974
914,230
493,711
495,612
49,446
56,975
179,664
178,268
Total equity
95,594
94,854
89,701
89,206
23,674
23,254
4,131
4,088
28,221
27,479
Capital
5
Common equity tier 1 capital
2,973
2,995
17,161
16,152
Additional tier 1 capital
600
600
2,823
2,822
Total going concern capital / Tier 1 capital
3,573
3,595
19,984
18,974
Tier 2 capital
201
190
Total capital
3,573
3,595
20,185
19,164
Total gone concern loss-absorbing capacity
2,506
6
2,505
6
7,800
7
7,800
7
Total loss-absorbing capacity
6,079
6,100
27,784
7
26,774
7
Risk-weighted assets and leverage
ratio denominator
5
Risk-weighted assets
15,938
14,625
81,477
77,244
Leverage ratio denominator
55,776
61,706
195,030
199,196
Supplementary leverage ratio denominator
229,768
231,603
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)
346.7
358.9
162.5
177.4
116.4
111.9
21.4
20.0
27.5
29.0
Net cash outflows (bn)
193.8
200.1
67.6
75.7
83.0
81.1
15.2
14.5
21.4
22.6
Liquidity coverage ratio (%)
179.0
179.4
240.9
9
235.5
140.4
10
138.1
141.5
138.9
128.7
127.9
Net stable funding ratio
5
Total available stable funding (bn)
887.4
892.4
419.0
421.3
351.3
354.6
19.3
17.8
102.2
104.9
Total required stable funding (bn)
748.3
738.1
435.6
435.5
278.8
275.9
14.2
13.7
79.4
79.0
Net stable funding ratio (%)
118.6
120.9
96.2
11
96.7
126.0
11
128.6
135.8
130.0
128.6
132.8
Other
Joint and several liability between UBS AG and
UBS Switzerland AG (bn)
12
2.4
2.6
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 September 2025 Pillar 3 Report, which will be available as of
4 November 2025 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 September 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. As per current rules, these risk weights will increase to 250% and 400% for Swiss and foreign participations, respectively, in a phased manner until 1 January 2028, contributing to
UBS AG’s fully applied CET1 capital ratio of 13.3%. 9 In the third quarter of 2025, the liquidity coverage ratio (the LCR) of UBS AG was 240.9%, remaining above the prudential requirement communicated by
FINMA. 10 In the third quarter of 2025, the LCR of UBS Switzerland AG, which is a Swiss SRB, was 140.4%, 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 September 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 1.9bn), 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.
UBS Group third quarter 2025 report |
Significant regulated subsidiary and sub-group information 93
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
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 2025, the Federal Reserve Board reduced the stress capital buffer (the SCB) of UBS Americas Holding
LLC, our US-based intermediate holding company, to 5.2%, from 9.3%, applicable from 1 October 2025 under the
Federal Reserve Board’s SCB rule, resulting in a total common equity tier 1 capital requirement of 9.7%. The SCB
is derived from the results of the Federal Reserve Board’s 2025 Dodd–Frank Act Stress Test (DFAST) released in June
2025.
Additional information on the above entities will be provided in the UBS Group and significant regulated subsidiaries
and sub-groups 30 September 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
30.9.25
30.6.25
Financial information
1
Income statement
Total operating income
2
78
56
Total operating expenses
72
107
Operating profit / (loss) before tax
6
(51)
Net profit / (loss)
(66)
(55)
Balance sheet
Total assets
18,785
27,505
Total liabilities
11,992
20,328
Total equity
6,793
7,177
Capital
3
Common equity tier 1 capital
6,768
6,734
Additional tier 1 capital
0
0
Total going concern capital / Tier 1 capital
6,768
6,734
Tier 2 capital
0
0
Total capital
6,768
6,734
Total gone concern loss-absorbing capacity
0
0
Total loss-absorbing capacity
6,768
6,734
Risk-weighted assets and leverage ratio denominator
3
Risk-weighted assets
5,853
7,046
Leverage ratio denominator
15,386
19,754
Capital and leverage ratios (%)
3
Common equity tier 1 capital ratio
115.6
95.6
Going concern capital ratio / Tier 1 capital ratio
115.6
95.6
Total capital ratio
115.6
95.6
Total loss-absorbing capacity ratio
115.6
95.6
Tier 1 leverage ratio
44.0
34.1
Going concern leverage ratio
Total loss-absorbing capacity leverage ratio
44.0
34.1
Liquidity coverage ratio
3
High-quality liquid assets (bn)
10.3
12.4
Net cash outflows (bn)
3.0
3.5
Liquidity coverage ratio (%)
353.1
361.4
Net stable funding ratio
3
Total available stable funding (bn)
8.0
11.0
Total required stable funding (bn)
2.7
4.2
Net stable funding ratio (%)
310.8
266.1
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 September 2025 Pillar 3 Report, which will be available as of 4 November 2025 under “Pillar 3 disclosures” at ubs.com/investors,
for more information.
UBS Group third quarter 2025 report |
Appendix 94
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. A definition of each APM, the method used to calculate it and the information
content are presented in alphabetical order in the table below. These APMs may qualify as non-GAAP measures as
defined by US Securities and Exchange Commission (SEC) regulations.
APM label
Calculation
Information content
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 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.
Fee-generating assets (USD)
– Global Wealth Management
Calculated as the sum of discretionary and
nondiscretionary 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.
Integration-related expenses (USD)
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.
UBS Group third quarter 2025 report |
Appendix 95
APM label
Calculation
Information content
Invested assets (USD and CHF)
– Global Wealth Management,
Personal & Corporate Banking,
Asset Management
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.
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 price charged for lending and
the cost of funding, relative to loan value.
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 services.
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 deposits (USD)
– Global Wealth Management
Calculated as the net amount of inflows and outflows
of deposits recorded during a specific period. Deposits
include customer deposits and customer brokerage
payables. Excluded from the calculation are
movements due to fair value measurement, foreign
exchange translation, accrued interest and fees, as
well as the effects on customer deposits of strategic
decisions by UBS to exit markets or services.
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
services.
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 services.
Net new loans (USD)
– Global Wealth Management
Calculated as the net amount of originations,
drawdowns and repayments of loans recorded during
a specific period. Loans 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 services.
This measure provides information about the
development of loans during a specific period as a
result of net new loan flows.
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 services. 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)
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)
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.
UBS Group third quarter 2025 report |
Appendix 96
APM label
Calculation
Information content
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
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)
– Global Wealth Management,
Personal & Corporate Banking
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 (%)
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 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 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.
Revenues over leverage ratio
denominator, gross (%)
Calculated as total revenues (annualized for reporting
periods shorter than 12 months) divided by the
average leverage ratio denominator.
This measure provides information about the revenues
of the business in relation to the leverage ratio
denominator.
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)
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
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.
Underlying cost / income ratio (%)
Calculated as underlying operating expenses (as
defined above) divided by underlying total revenues
(as defined above).
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.
Underlying net interest income
(USD)
– Global Wealth Management,
Personal & Corporate Banking
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.
UBS Group third quarter 2025 report |
Appendix 97
APM label
Calculation
Information content
Underlying net profit growth (%)
Calculated as the change in underlying net profit
attributable to shareholders from continuing
operations between current and comparison periods
divided by underlying net profit attributable to
shareholders from continuing operations of the
comparison period. Underlying net profit 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 profit
growth since the comparison period, while excluding
items that management believes are not
representative of the underlying performance of the
businesses.
Underlying return on attributed equity
(%)
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.
Underlying return on common equity
tier 1 capital (%)
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.
Underlying return on tangible equity
(%)
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.
This is a general list of the APMs used in our financial reporting. Not all of the APMs listed above 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
30.9.25
30.6.25
31.12.24
30.9.24
30.9.25
30.9.24
Underlying operating profit / (loss) before tax
Underlying tax expense / (benefit)
Net profit / (loss) attributable to non-controlling interests
Underlying net profit / (loss) attributable to shareholders
Underlying net profit / (loss) attributable to shareholders
1
Tangible equity
Average tangible equity
CET1 capital
Average CET1 capital
Underlying return on tangible equity (%)
1
Underlying return on common equity tier 1 capital (%)
1
1 Annualized for reporting periods shorter than 12 months.
UBS Group third quarter 2025 report |
Appendix 98
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
C&ORC Compliance & 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
GCRG Group Compliance,
Regulatory and Governance
GDP gross domestic product
GEB Group Executive Board
GHG greenhouse gas
GIA Group Internal Audit
GRI Global Reporting Initiative
G-SIB global systemically
important bank
H
HQLA
high-quality liquid assets
I
IA Internal Audit
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 2025 report |
Appendix 99
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 2025 report |
Appendix 100
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 Sustainability Report provides disclosures on environmental, social
and governance topics related to the UBS Group. It also provides certain disclosures related to diversity, equity and
inclusion.
Quarterly publications
Quarterly financial report
: This report provides an update on performance and strategy (where applicable) for the
respective quarter. It is available in English.
The annual and quarterly publications are available in .pdf and online formats at
ubs.com/investors
, under “Financial
information”. Printed copies, in any language, of the aforementioned annual publications are no longer provided.
Other information
Website
The “Investor Relations” website 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
.
Messaging service
Email alerts to news about UBS can be subscribed for under “UBS News Alert” at
ubs.com/global/en/investor-
relations/contact/investor-services.html
. Messages are sent in English, German, French or Italian, with an option to
select theme preferences for such alerts.
Form 20-F and other submissions to the US Securities and Exchange Commission
UBS files periodic reports with and submits other information to the SEC. Principal among these filings is the annual
report on Form 20-F, filed pursuant to the US Securities Exchange Act of 1934. The filing of Form 20-F is structured
as a wraparound document. Most sections of the filing can be satisfied by referring to the UBS Group AG 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 2025 report |
Appendix 101
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 conditions in the Middle East, as well as the continuing Russia–
Ukraine war. UBS’s acquisition of the Credit Suisse Group has 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.
Following the failure of Credit Suisse, Switzerland is considering significant changes to its capital, resolution and regulatory regime, which, if adopted, would
significantly increase our capital requirements or impose other costs on UBS. 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 a current additional tier one debt instrument, 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
2024. 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 |
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
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/ 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 29, 2025
FAQ
How did UBS (UBS) perform in Q3 2025?
Total revenues were USD 12,760m and net profit attributable to shareholders was USD 2,481m, with diluted EPS of USD 0.76 and ROE of 11.1%.
What is UBS’s current capital position?
The CET1 ratio was 14.8% on USD 74.7bn CET1 capital; RWAs were USD 504.9bn.
How is the Credit Suisse integration progressing?
UBS realized USD 0.9bn additional gross cost savings in Q3, bringing cumulative savings to USD 10bn toward a ~USD 13bn 2026 target.
What regulatory changes could affect UBS’s capital?
Swiss proposals would imply around USD 24bn additional CET1 at UBS AG on a pro‑forma basis, with UBS indicating a consolidated CET1 of ~19% before further proposed deductions and ~17% after.
Were there notable legal or settlement updates?
UBS paid USD 300m to the DOJ (RMBS) and agreed to French penalties of EUR 730m plus EUR 105m, supported by provision releases.
What changed for UBS’s US capital buffers?
The Fed reduced the SCB for UBS Americas Holding LLC to 5.2%, setting a total CET1 requirement of 9.7% from October 1, 2025.
What were UBS’s invested assets?
Invested assets reached USD 6.91trn, reflecting market performance and net inflows.