[6-K] UBS Group AG Current Report (Foreign Issuer)

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%.

Insights

Banking sector analyst

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.

Regulatory capital specialist

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 

☒

 Form 40-F 

☐

This Form 6-K consists of the Third Quarter 2025 Report of UBS Group AG, which appears immediately following

this page.

 UBS Group

 Third quarter 2025 report

Corporate calendar UBS Group

Information about future publication dates is generally available at

ubs.com/global/en/investor-relations/events/calendar.html

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Publisher: UBS Group AG, Zurich, Switzerland | ubs.com

Language: English 

© UBS 2025. The key symbol and UBS are among the registered and unregistered

trademarks of UBS. All rights reserved.

1.

Key figures

3

UBS Group key figures

2.

Recent developments

4

Recent developments

3.

UBS Group performance, business

divisions and Group Items

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

 2

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

 3

Key figures

UBS Group key figures

UBS Group key figures

As of or for the quarter ended

As of or year-to-date

USD m, except where indicated

30.9.25

30.6.25

31.12.24

30.9.24

30.9.25

30.9.24

Group results

Total revenues

 12,760

 12,112

 11,635

 12,334

 37,429

 36,976

Credit loss expense / (release)

 102

 163

 229

 121

 365

 322

Operating expenses

 9,831

 9,756

 10,359

 10,283

 29,911

 30,880

Operating profit / (loss) before tax

 2,828

 2,193

 1,047

 1,929

 7,153

 5,773

Net profit / (loss) attributable to shareholders

 2,481

 2,395

 770

 1,425

 6,568

 4,315

Diluted earnings per share (USD)

1

 0.76

 0.72

 0.23

 0.43

 1.99

 1.29

Profitability and growth

2,3

Return on equity (%)

 11.1

 10.9

 3.6

 6.7

 10.0

 6.8

Return on tangible equity (%)

 12.0

 11.8

 3.9

 7.3

 10.8

 7.4

Underlying return on tangible equity (%)

4

 14.6

 13.4

 6.6

 9.0

 12.7

 9.1

Return on common equity tier 1 capital (%)

 13.5

 13.5

 4.2

 7.6

 12.2

 7.5

Underlying return on common equity tier 1 capital (%)

4

 16.3

 15.3

 7.2

 9.4

 14.4

 9.2

Revenues over leverage ratio denominator, gross (%)

 3.1

 3.0

 3.0

 3.1

 3.1

 3.1

Cost / income ratio (%)

 77.0

 80.5

 89.0

 83.4

 79.9

 83.5

Underlying cost / income ratio (%)

4

 69.7

 75.4

 81.9

 78.5

 74.1

 78.8

Effective tax rate (%)

 12.0

 (9.5)

 25.6

 26.0

 7.8

 24.4

Net profit growth (%)

 74.2

 110.9

n.m.

n.m.

 52.2

 (84.4)

Resources

2

Total assets

 1,632,251

 1,669,991

 1,565,028

 1,623,941

 1,632,251

 1,623,941

Equity attributable to shareholders

 89,899

 89,277

 85,079

 87,025

 89,899

 87,025

Common equity tier 1 capital

5

 74,655

 72,709

 71,367

 74,213

 74,655

 74,213

Risk-weighted assets

5

 504,897

 504,500

 498,538

 519,363

 504,897

 519,363

Common equity tier 1 capital ratio (%)

5

 14.8

 14.4

 14.3

 14.3

 14.8

 14.3

Going concern capital ratio (%)

5

 18.8

 18.2

 17.6

 17.5

 18.8

 17.5

Total loss-absorbing capacity ratio (%)

5

 39.5

 37.9

 37.2

 37.5

 39.5

 37.5

Leverage ratio denominator

5

 1,640,464

 1,658,089

 1,519,477

 1,608,341

 1,640,464

 1,608,341

Common equity tier 1 leverage ratio (%)

5

 4.6

 4.4

 4.7

 4.6

 4.6

 4.6

Liquidity coverage ratio (%)

6

 182.1

 182.3

 188.4

 199.2

 182.1

 199.2

Net stable funding ratio (%)

 119.7

 122.4

 125.5

 126.9

 119.7

 126.9

Other

Invested assets (USD bn)

3,7

 6,910

 6,618

 6,087

 6,199

 6,910

 6,199

Personnel (full-time equivalents)

 104,427

 105,132

 108,648

 109,396

 104,427

 109,396

Market capitalization

1,8

 136,416

 113,036

 105,719

 106,528

 136,416

 106,528

Total book value per share (USD)

1

 28.78

 28.17

 26.80

 27.32

 28.78

 27.32

Tangible book value per share (USD)

1

 26.54

 25.95

 24.63

 25.10

 26.54

 25.10

Credit-impaired lending assets as a percentage of total lending assets, gross (%)

3

 0.9

 0.9

 1.0

 0.9

 0.9

 0.9

Cost of credit risk (bps)

3

 6

 10

 15

 8

 8

 7

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 4

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 |

 Recent developments 5

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 |

 Recent developments 6

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

 1,981

 1,965

 1,794

 1

 10

 5,575

 5,270

Other net income from financial instruments measured at fair value through profit or loss

 3,502

 3,408

 3,681

 3

 (5)

 10,848

 11,547

Net fee and commission income

 7,204

 6,708

 6,517

 7

 11

 20,689

 19,540

Other income

 73

 30

 341

 143

 (78)

 317

 619

Total revenues

 12,760

 12,112

 12,334

 5

 3

 37,429

 36,976

Credit loss expense / (release)

 102

 163

 121

 (37)

 (16)

 365

 322

Personnel expenses

 7,172

 6,976

 6,889

 3

 4

 21,180

 20,957

General and administrative expenses

 1,755

 1,881

 2,389

 (7)

 (27)

 6,067

 7,120

Depreciation, amortization and impairment of non-financial assets

 904

 898

 1,006

 1

 (10)

 2,663

 2,804

Operating expenses

 9,831

 9,756

 10,283

 1

 (4)

 29,911

 30,880

Operating profit / (loss) before tax

 2,828

 2,193

 1,929

 29

 47

 7,153

 5,773

Tax expense / (benefit) 

 341

 (209)

 502

 (32)

 561

 1,407

Net profit / (loss)

 2,487

 2,402

 1,428

 4

 74

 6,592

 4,366

Net profit / (loss) attributable to non-controlling interests

 6

 7

 3

 (19)

 93

 24

 51

Net profit / (loss) attributable to shareholders

 2,481

 2,395

 1,425

 4

 74

 6,568

 4,315

Comprehensive income

Total comprehensive income

 2,073

 5,357

 3,910

 (61)

 (47)

 10,776

 5,279

Total comprehensive income attributable to non-controlling interests

 5

 22

 27

 (75)

 (80)

 53

 40

Total comprehensive income attributable to shareholders

 2,067

 5,335

 3,883

 (61)

 (47)

 10,722

 5,239

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

 6,543

 2,321

 843

 3,244

 (40)

 (149)

 12,760

of which: PPA effects and other integration items

1

 171

 276

 219

2

 1

 34

 701

of which: loss related to an investment in an associate

 (38)

 (102)

 (140)

Total revenues (underlying)

 6,410

 2,147

 843

 3,025

 (42)

 (183)

 12,199

Credit loss expense / (release)

 7

 72

 0

 17

 6

 0

 102

Operating expenses as reported

 5,182

 1,619

 624

 2,327

 56

 23

 9,831

of which: integration-related expenses and PPA effects

3

 553

 376

 64

 106

 205

 20

 1,323

Operating expenses (underlying)

 4,629

 1,242

 560

 2,221

 (149)

 4

 8,507

Operating profit / (loss) before tax as reported

 1,354

 631

 218

 900

 (102)

 (173)

 2,828

Operating profit / (loss) before tax (underlying)

 1,774

 833

 282

 787

 102

 (187)

 3,590

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

 6,300

 2,336

 772

 2,966

 (82)

 (180)

 12,112

of which: PPA effects and other integration items

1

 153

 274

 152

 1

 17

 596

of which: loss related to an investment in an associate

 (8)

 (23)

 (31)

Total revenues (underlying)

 6,156

 2,085

 772

 2,815

 (83)

 (198)

 11,546

Credit loss expense / (release)

 3

 114

 0

 48

 (2)

 0

 163

Operating expenses as reported

 5,093

 1,528

 618

 2,361

 170

 (13)

 9,756

of which: integration-related expenses and PPA effects

3

 383

 240

 63

 121

 252

 (4)

 1,055

Operating expenses (underlying)

 4,710

 1,288

 555

 2,241

 (83)

 (10)

 8,701

Operating profit / (loss) before tax as reported

 1,204

 695

 153

 557

 (250)

 (167)

 2,193

Operating profit / (loss) before tax (underlying)

 1,443

 684

 216

 526

 1

 (188)

 2,683

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

 6,199

 2,394

 873

 2,645

 262

 (39)

 12,334

of which: PPA effects and other integration items

1

 224

 278

 185

 (25)

 662

Total revenues (underlying)

 5,975

 2,116

 873

 2,461

 262

 (14)

 11,672

Credit loss expense / (release)

 2

 83

 0

 9

 28

 0

 121

Operating expenses as reported

 5,112

 1,465

 722

 2,231

 837

 (84)

 10,283

of which: integration-related expenses and PPA effects

3

 419

 198

 86

 156

 270

 (11)

 1,119

Operating expenses (underlying)

 4,693

 1,267

 636

 2,076

 567

 (74)

 9,165

Operating profit / (loss) before tax as reported

 1,085

 846

 151

 405

 (603)

 45

 1,929

Operating profit / (loss) before tax (underlying)

 1,280

 766

 237

 377

 (333)

 60

 2,386

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

 19,265

 6,868

 2,355

 9,393

 162

 (614)

 37,429

of which: PPA effects and other integration items

1

 489

 790

 509

2

 2

 81

 1,872

of which: gain / (loss) related to an investment in an associate

 (42)

 (114)

 (156)

of which: items related to the Swisscard transactions

3

 64

 64

Total revenues (underlying)

 18,818

 6,128

 2,355

 8,884

 159

 (696)

 35,649

Credit loss expense / (release)

 16

 239

 0

 100

 11

 (1)

 365

Operating expenses as reported

 15,332

 4,697

 1,848

 7,115

 894

 25

 29,911

of which: integration-related expenses and PPA effects

4

 1,291

 808

 200

 339

 648

 19

 3,305

of which: items related to the Swisscard transactions

5

 180

 180

Operating expenses (underlying)

 14,041

 3,709

 1,648

 6,776

 246

 6

 26,426

Operating profit / (loss) before tax as reported

 3,917

 1,932

 507

 2,179

 (744)

 (638)

 7,153

Operating profit / (loss) before tax (underlying)

 4,762

 2,179

 707

 2,009

 (98)

 (701)

 8,858

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

 18,395

 7,089

 2,416

 8,199

 1,664

 (786)

 36,976

of which: PPA effects and other integration items

1

 691

 780

 787

 (37)

 2,221

Total revenues (underlying)

 17,705

 6,308

 2,416

 7,412

 1,664

 (749)

 34,755

Credit loss expense / (release)

 (2)

 229

 0

 34

 63

 (2)

 322

Operating expenses as reported

 15,340

 4,265

 2,025

 6,728

 2,655

 (132)

 30,880

of which: integration-related expenses and PPA effects

4

 1,347

 540

 255

 543

 837

 (12)

 3,511

Operating expenses (underlying)

 13,993

 3,725

 1,770

 6,185

 1,817

 (120)

 27,370

Operating profit / (loss) before tax as reported

 3,057

 2,594

 392

 1,437

 (1,054)

 (652)

 5,773

Operating profit / (loss) before tax (underlying)

 3,713

 2,354

 647

 1,193

 (216)

 (627)

 7,063

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

 550

 381

 420

 1,284

 1,388

Personal & Corporate Banking

 350

 212

 172

 729

 470

Asset Management

 64

 63

 86

 200

 255

Investment Bank

 (22)

1

 121

 156

 211

1

 543

Non-core and Legacy

 204

 251

 270

 646

 837

Group Items

 0

 4

 21

 2

 30

Net integration-related expenses

 1,146

 1,032

 1,124

 3,071

 3,523

of which: total revenues

 (149)

1

 6

 35

 (148)

1

 97

of which: operating expenses

 1,295

 1,025

 1,090

 3,219

 3,426

of which: personnel expenses

 726

 619

 561

 1,905

 1,942

of which: general and administrative expenses

 472

 313

 415

 1,064

 1,197

of which: depreciation, amortization and impairment of non-financial assets

 97

 93

 113

 250

 287

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

 329

 466

 (256)

 (29)

 827

 101

Net interest income from financial instruments measured at fair value through profit or

loss and other

 1,652

 1,500

 2,050

 10

 (19)

 4,748

 5,168

Other net income from financial instruments measured at fair value through profit or loss

 3,502

 3,408

 3,681

 3

 (5)

 10,848

 11,547

Total

 5,483

 5,373

 5,476

 2

 0

 16,423

 16,817

Global Wealth Management

 2,192

 2,167

 2,232

 1

 (2)

 6,554

 6,814

of which: net interest income

 1,773

 1,705

 1,811

 4

 (2)

 5,186

 5,509

of which: transaction-based income from foreign exchange and other intermediary

activity

1

 419

 462

 421

 (9)

 0

 1,368

 1,306

Personal & Corporate Banking 

 1,626

 1,585

 1,638

 3

 (1)

 4,639

 4,907

of which: net interest income 

 1,395

 1,367

 1,429

 2

 (2)

 4,001

 4,288

of which: transaction-based income from foreign exchange and other intermediary

activity

1

 231

 218

 210

 6

 10

 638

 619

Asset Management

 (9)

 0

 21

 (13)

 21

Investment Bank

 1,870

 1,882

 1,518

 (1)

 23

 5,798

 4,608

Non-core and Legacy

 (43)

 (92)

 98

 (53)

 36

 1,316

Group Items

 (153)

 (168)

 (32)

 (9)

 372

 (590)

 (851)

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

 (4)

 10

 1

 7

Personal & Corporate Banking

 2

 69

 0

 72

Asset Management

 0

 0

 0

 0

Investment Bank

 6

 11

 0

 17

Non-core and Legacy

 0

 2

 4

 6

Group Items

 0

 0

 0

 0

Total

 5

 93

 4

 102

For the quarter ended 30.6.25

Global Wealth Management

 (3)

 6

 0

 3

Personal & Corporate Banking

 22

 91

 1

 114

Asset Management

 0

 0

 0

 0

Investment Bank

 19

 29

 0

 48

Non-core and Legacy

 0

 0

 (2)

 (2)

Group Items

 0

 0

 0

 0

Total

 38

 126

 (1)

 163

For the quarter ended 30.9.24

Global Wealth Management

 (11)

 12

 1

 2

Personal & Corporate Banking

 (10)

 94

 0

 83

Asset Management

 0

 0

 0

 0

Investment Bank

 9

 0

 0

 9

Non-core and Legacy

 (2)

 0

 30

 28

Group Items

 0

 0

 0

 0

Total

 (15)

 106

 30

 121

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 

 7,172

 6,976

 6,889

 3

 4

 21,180

 20,957

of which: salaries and variable compensation

 5,906

 5,900

 5,805

 0

 2

 17,773

 17,726

of which: variable compensation – financial advisors

1

 1,419

 1,335

 1,335

 6

 6

 4,163

 3,893

General and administrative expenses 

 1,755

 1,881

 2,389

 (7)

 (27)

 6,067

 7,120

of which: net expenses / (releases) for litigation, regulatory and similar matters

 (668)

 (412)

 (69)

 62

 874

 (966)

 (227)

Depreciation, amortization and impairment of non-financial assets

 904

 898

 1,006

 1

 (10)

 2,663

 2,804

Total operating expenses

 9,831

 9,756

 10,283

 1

 (4)

 29,911

 30,880

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

 2,481

 2,395

 1,425

 6,568

 4,315

Equity 

Equity attributable to shareholders

 89,899

 89,277

 87,025

 89,899

 87,025

less: goodwill and intangible assets

 6,982

 7,023

 7,048

 6,982

 7,048

Tangible equity attributable to shareholders

 82,916

 82,254

 79,976

 82,916

 79,976

less: other CET1 adjustments

 8,262

 9,544

 5,763

 8,262

 5,763

CET1 capital

 74,655

 72,709

 74,213

 74,655

 74,213

Returns

Return on equity (%)

 11.1

 10.9

 6.7

 10.0

 6.8

Return on tangible equity (%)

 12.0

 11.8

 7.3

 10.8

 7.4

Underlying return on tangible equity (%)

 14.6

 13.4

 9.0

 12.7

 9.1

Return on CET1 capital (%)

 13.5

 13.5

 7.6

 12.2

 7.5

Underlying return on CET1 capital (%)

 16.3

 15.3

 9.4

 14.4

 9.2

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

 1,773

 1,705

 1,811

 4

 (2)

 5,186

 5,509

Recurring net fee income

1

 3,475

 3,351

 3,235

 4

 7

 10,105

 9,363

Transaction-based income

1

 1,296

 1,236

 1,144

 5

 13

 3,960

 3,461

Other income

 (1)

 7

 10

 14

 63

Total revenues

 6,543

 6,300

 6,199

 4

 6

 19,265

 18,395

Credit loss expense / (release)

 7

 3

 2

 124

 223

 16

 (2)

Operating expenses

 5,182

 5,093

 5,112

 2

 1

 15,332

 15,340

Business division operating profit / (loss) before tax

 1,354

 1,204

 1,085

 12

 25

 3,917

 3,057

Underlying results

Total revenues as reported

 6,543

 6,300

 6,199

 4

 6

 19,265

 18,395

of which: PPA effects and other integration items

2

 171

 153

 224

 12

 (24)

 489

 691

of which: PPA effects recognized in net interest income

 142

 148

 221

 (4)

 (36)

 449

 717

of which: PPA effects and other integration items recognized in transaction-based income

 29

 5

 3

 529

 765

 40

 (27)

of which: loss related to an investment in an associate

 (38)

 (8)

 352

 (42)

Total revenues (underlying)

1

 6,410

 6,156

 5,975

 4

 7

 18,818

 17,705

Credit loss expense / (release)

 7

 3

 2

 124

 223

 16

 (2)

Operating expenses as reported

 5,182

 5,093

 5,112

 2

 1

 15,332

 15,340

of which: integration-related expenses and PPA effects

1,3

 553

 383

 419

 44

 32

 1,291

 1,347

Operating expenses (underlying)

1

 4,629

 4,710

 4,693

 (2)

 (1)

 14,041

 13,993

of which: net expenses / (releases) for litigation, regulatory and similar matters

 (198)

 13

 18

 (170)

 46

Business division operating profit / (loss) before tax as reported

 1,354

 1,204

 1,085

 12

 25

 3,917

 3,057

Business division operating profit / (loss) before tax (underlying)

1

 1,774

 1,443

 1,280

 23

 39

 4,762

 3,713

Performance measures and other information

Pre-tax profit growth (year-on-year, %)

1

 24.8

 38.3

 17.2

 28.1

 (3.4)

Cost / income ratio (%)

1

 79.2

 80.8

 82.5

 79.6

 83.4

Average attributed equity (USD bn)

4

 34.5

 34.2

 33.5

 1

 3

 34.1

 33.2

Return on attributed equity (%)

1,4

 15.7

 14.1

 13.0

 15.3

 12.3

Financial advisor compensation

5

 1,419

 1,334

 1,335

 6

 6

 4,162

 3,892

Net new fee-generating assets (USD bn)

1

 8.8

 7.5

 14.6

 43.5

 48.4

Fee-generating assets (USD bn)

1

 2,066

 1,980

 1,858

 4

 11

 2,066

 1,858

Net new assets (USD bn)

1

 37.5

 23.3

 24.7

 92.3

 79.0

Net new assets growth rate (%)

1

 3.3

 2.2

 2.4

 2.9

 2.7

Invested assets (USD bn)

1

 4,714

 4,512

 4,259

 4

 11

 4,714

 4,259

Net new loans (USD bn)

1

 3.5

 3.4

 (3.0)

 9.1

 (11.1)

Loans, gross (USD bn)

6

 322.0

 318.3

 311.5

 1

 3

 322.0

 311.5

Net new deposits (USD bn)

1

 (9.5)

 9.0

 (3.9)

 (9.8)

 (1.9)

Customer deposits (USD bn)

6

 478.2

 488.8

 481.9

 (2)

 (1)

 478.2

 481.9

Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)

1,7

 0.5

 0.5

 0.4

 0.5

 0.4

Advisors (full-time equivalents)

 9,499

 9,565

 9,897

 (1)

 (4)

 9,499

 9,897

Underlying performance measures

Pre-tax profit growth (year-on-year, %)

1

 38.5

 24.3

 29.9

 28.2

 19.5

Cost / income ratio (%)

1

 72.2

 76.5

 78.5

 74.6

 79.0

Return on attributed equity (%)

1,4

 20.6

 16.9

 15.3

 18.6

 14.9

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

 527

 349

 378

 371

 148

 1,773

Recurring net fee income

3

 2,147

 280

 572

 465

 10

 3,475

Transaction-based income

3

 416

 411

 255

 206

 7

 1,296

Other income

 7

 (6)

 (2)

 2

 (2)

 (1)

Total revenues

 3,097

 1,035

 1,203

 1,045

 163

 6,543

Credit loss expense / (release)

 13

 (2)

 8

 (13)

 1

 7

Operating expenses

 2,669

 614

 700

 634

 565

 5,182

Operating profit / (loss) before tax

 416

 422

 496

 423

 (403)

 1,354

of which: PPA effects, integration-related items and other items

4

 (420)

 (420)

Cost / income ratio (%)

3

 86.2

 59.4

 58.2

 60.7

 79.2

Net new fee-generating assets (USD bn)

3

 (1.7)

 3.7

 5.7

 1.2

 (0.1)

 8.8

Fee-generating assets (USD bn)

3

 1,175

 199

 434

 257

 1

 2,066

Net new assets (USD bn)

3

 (8.6)

 37.9

 5.6

 3.2

 (0.5)

 37.5

Net new assets growth rate (%)

3

 (1.6)

 20.3

 3.1

 1.5

 3.3

Invested assets (USD bn)

3

 2,284

 816

 752

 859

 4

 4,714

Net new loans (USD bn)

3

 0.8

 0.2

 0.8

 1.8

 0.0

 3.5

Loans, gross (USD bn)

 101.3

5

 45.0

 63.9

 110.4

 1.4

 322.0

Net new deposits (USD bn)

3

 1.8

 (2.1)

 (4.7)

 (4.7)

 0.3

 (9.5)

Customer deposits (USD bn)

 115.8

5

 120.4

 112.5

 124.9

 4.5

 478.2

Advisors (full-time equivalents)

 5,779

 919

 1,500

 1,218

 84

 9,499

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

 474

 327

 402

 394

 214

 1,811

Recurring net fee income

3

 1,965

 275

 542

 440

 13

 3,235

Transaction-based income

3

 393

 322

 225

 209

 (5)

 1,144

Other income

 7

 (4)

 0

 (1)

 8

 10

Total revenues

 2,838

 919

 1,169

 1,043

 230

 6,199

Credit loss expense / (release)

 7

 (5)

 (3)

 (3)

 5

 2

Operating expenses

 2,501

 638

 867

 678

 429

 5,112

Operating profit / (loss) before tax

 330

 286

 304

 368

 (204)

 1,085

of which: PPA effects, integration-related items and other items

4

 (195)

 (195)

Cost / income ratio (%)

3

 88.1

 69.4

 74.2

 65.0

 82.5

Net new fee-generating assets (USD bn)

3

 7.5

 4.5

 1.0

 1.6

 (0.1)

 14.6

Fee-generating assets (USD bn)

3

 1,063

 170

 388

 236

 1

 1,858

Net new assets (USD bn)

3

 8.0

 7.3

 0.7

 9.4

 (0.8)

 24.7

Net new assets growth rate (%)

3

 1.6

 4.7

 0.5

 5.0

 2.4

Invested assets (USD bn)

3

 2,096

 678

 684

 796

 5

 4,259

Net new loans (USD bn)

3

 0.0

 0.0

 (1.5)

 (1.3)

 (0.1)

 (3.0)

Loans, gross (USD bn)

 96.5

5

 42.8

 59.7

 111.5

 0.9

 311.5

Net new deposits (USD bn)

3

 2.7

 2.2

 (7.1)

 (1.8)

 0.0

 (3.9)

Customer deposits (USD bn)

 108.2

5

 130.3

 114.6

 126.7

 2.0

 481.9

Advisors (full-time equivalents)

 5,986

 949

 1,522

 1,331

 109

 9,897

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

 1,120

 1,111

 1,227

 1

 (9)

 3,346

 3,783

Recurring net fee income

1

 351

 357

 363

 (2)

 (3)

 1,066

 1,068

Transaction-based income

1

 463

 459

 439

 1

 6

 1,374

 1,350

Other income

 (70)

 (28)

 29

 154

 (32)

 56

Total revenues

 1,864

 1,900

 2,056

 (2)

 (9)

 5,753

 6,257

Credit loss expense / (release)

 58

 91

 71

 (37)

 (19)

 197

 202

Operating expenses

 1,300

 1,243

 1,258

 5

 3

 3,938

 3,765

Business division operating profit / (loss) before tax

 507

 566

 728

 (10)

 (30)

 1,618

 2,290

Underlying results

Total revenues as reported

 1,864

 1,900

 2,056

 (2)

 (9)

 5,753

 6,257

of which: PPA effects and other integration items

2

 222

 222

 239

 0

 (7)

 660

 688

of which: PPA effects recognized in net interest income 

 201

 205

 219

 (2)

 (8)

 598

 632

of which: PPA effects and other integration items recognized in transaction-based income

 20

 17

 20

 17

 0

 62

 56

of which: loss related to an investment in an associate

 (81)

 (18)

 354

 (90)

of which: items related to the Swisscard transactions

3

 58

Total revenues (underlying)

1

 1,724

 1,696

 1,818

 2

 (5)

 5,125

 5,569

Credit loss expense / (release)

 58

 91

 71

 (37)

 (19)

 197

 202

Operating expenses as reported

 1,300

 1,243

 1,258

 5

 3

 3,938

 3,765

of which: integration-related expenses and PPA effects

1,4

 302

 195

 170

 55

 77

 668

 477

of which: items related to the Swisscard transactions

5

 164

Operating expenses (underlying)

1

 998

 1,048

 1,088

 (5)

 (8)

 3,106

 3,288

of which: net expenses / (releases) for litigation, regulatory and similar matters

 (29)

 0

 0

 (29)

 0

Business division operating profit / (loss) before tax as reported

 507

 566

 728

 (10)

 (30)

 1,618

 2,290

Business division operating profit / (loss) before tax (underlying)

1

 668

 557

 659

 20

 1

 1,822

 2,079

Performance measures and other information

Pre-tax profit growth (year-on-year, %)

1

 (30.3)

 (19.5)

 (14.3)

 (29.3)

 15.0

Cost / income ratio (%)

1

 69.7

 65.4

 61.2

 68.4

 60.2

Average attributed equity (CHF bn)

6

 17.7

 17.7

 18.9

 0

 (7)

 17.8

 19.1

Return on attributed equity (%)

1,6

 11.5

 12.8

 15.4

 12.1

 15.9

Net interest margin (bps)

1

 181

 179

 199

 180

 202

Loans, gross (CHF bn)

 247.4

 248.7

 244.2

 (1)

 1

 247.4

 244.2

Customer deposits (CHF bn)

 246.7

 249.3

 252.3

 (1)

 (2)

 246.7

 252.3

Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)

1,7

 1.2

 1.2

 1.2

 1.2

 1.2

Underlying performance measures

Pre-tax profit growth (year-on-year, %)

1

 1.5

 (13.7)

 (6.8)

 (12.3)

 18.5

Cost / income ratio (%)

1

 57.9

 61.8

 59.9

 60.6

 59.0

Return on attributed equity (%)

1,6

 15.1

 12.6

 13.9

 13.6

 14.5

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

 1,395

 1,367

 1,429

 2

 (2)

 4,001

 4,288

Recurring net fee income

1

 437

 440

 422

 (1)

 4

 1,274

 1,210

Transaction-based income

1

 577

 565

 510

 2

 13

 1,643

 1,528

Other income

 (88)

 (35)

 33

 155

 (50)

 63

Total revenues

 2,321

 2,336

 2,394

 (1)

 (3)

 6,868

 7,089

Credit loss expense / (release)

 72

 114

 83

 (37)

 (13)

 239

 229

Operating expenses

 1,619

 1,528

 1,465

 6

 10

 4,697

 4,265

Business division operating profit / (loss) before tax

 631

 695

 846

 (9)

 (25)

 1,932

 2,594

Underlying results

Total revenues as reported

 2,321

 2,336

 2,394

 (1)

 (3)

 6,868

 7,089

of which: PPA effects and other integration items

2

 276

 274

 278

 1

 (1)

 790

 780

of which: PPA effects recognized in net interest income

 251

 252

 255

 (1)

 (2)

 716

 717

of which: PPA effects and other integration items recognized in transaction-based income

 25

 21

 23

 18

 7

 74

 64

of which: loss related to an investment in an associate

 (102)

 (23)

 352

 (114)

of which: items related to the Swisscard transactions

3

 64

Total revenues (underlying)

1

 2,147

 2,085

 2,116

 3

 1

 6,128

 6,308

Credit loss expense / (release)

 72

 114

 83

 (37)

 (13)

 239

 229

Operating expenses as reported

 1,619

 1,528

 1,465

 6

 10

 4,697

 4,265

of which: integration-related expenses and PPA effects

1,4

 376

 240

 198

 57

 90

 808

 540

of which: items related to the Swisscard transactions

5

 180

Operating expenses (underlying)

1

 1,242

 1,288

 1,267

 (4)

 (2)

 3,709

 3,725

of which: net expenses / (releases) for litigation, regulatory and similar matters

 (37)

 0

 0

 (37)

 0

Business division operating profit / (loss) before tax as reported

 631

 695

 846

 (9)

 (25)

 1,932

 2,594

Business division operating profit / (loss) before tax (underlying)

1

 833

 684

 766

 22

 9

 2,179

 2,354

Performance measures and other information

Pre-tax profit growth (year-on-year, %)

1

 (25.4)

 (10.2)

 (11.6)

 (25.5)

 17.4

Cost / income ratio (%)

1

 69.7

 65.4

 61.2

 68.4

 60.2

Average attributed equity (USD bn)

6

 22.0

 21.4

 21.8

 3

 1

 21.2

 21.7

Return on attributed equity (%)

1,6

 11.5

 13.0

 15.5

 12.2

 15.9

Net interest margin (bps)

1

 179

 184

 202

 181

 201

Loans, gross (USD bn)

 310.6

 313.4

 288.4

 (1)

 8

 310.6

 288.4

Customer deposits (USD bn)

 309.8

 314.1

 297.9

 (1)

 4

 309.8

 297.9

Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)

1,7

 1.2

 1.2

 1.2

 1.2

 1.2

Underlying performance measures

Pre-tax profit growth (year-on-year, %)

1

 8.8

 (3.7)

 (4.1)

 (7.4)

 21.0

Cost / income ratio (%)

1

 57.9

 61.8

 59.9

 60.5

 59.1

Return on attributed equity (%)

1,6

 15.1

 12.8

 14.1

 13.7

 14.5

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

 755

 733

 755

 3

 0

 2,201

 2,212

Performance fees

 87

 39

 46

 125

 90

 156

 104

Net gain from disposals

 1

 72

 (99)

 (1)

 100

Total revenues

 843

 772

 873

 9

 (3)

 2,355

 2,416

Credit loss expense / (release)

 0

 0

 0

 0

 0

Operating expenses

 624

 618

 722

 1

 (14)

 1,848

 2,025

Business division operating profit / (loss) before tax

 218

 153

 151

 42

 45

 507

 392

Underlying results

Total revenues as reported

 843

 772

 873

 9

 (3)

 2,355

 2,416

Total revenues (underlying)

2

 843

 772

 873

 9

 (3)

 2,355

 2,416

Credit loss expense / (release)

 0

 0

 0

 0

 0

Operating expenses as reported

 624

 618

 722

 1

 (14)

 1,848

 2,025

of which: integration-related expenses

2

 64

 63

 86

 2

 (26)

 200

 255

Operating expenses (underlying)

2

 560

 555

 636

 1

 (12)

 1,648

 1,770

of which: net expenses / (releases) for litigation, regulatory and similar matters

 0

 0

 6

 0

 6

Business division operating profit / (loss) before tax as reported

 218

 153

 151

 42

 45

 507

 392

Business division operating profit / (loss) before tax (underlying)

2

 282

 216

 237

 31

 19

 707

 647

Performance measures and other information

Pre-tax profit growth (year-on-year, %)

2

 44.6

 17.9

 309.1

 29.4

 85.9

Cost / income ratio (%)

2

 74.1

 80.1

 82.7

 78.5

 83.8

Average attributed equity (USD bn)

3

 2.4

 2.5

 2.7

 0

 (9)

 2.5

 2.7

Return on attributed equity (%)

2,3

 35.7

 25.0

 22.4

 26.9

 19.6

Gross margin on invested assets (bps)

2

 17

 16

 20

 17

 19

Underlying performance measures

Pre-tax profit growth (year-on-year, %)

2

 19.1

 (5.2)

 45.5

 9.2

 84.4

Cost / income ratio (%)

2

 66.5

 72.0

 72.8

 70.0

 73.2

Return on attributed equity (%)

2,3

 46.2

 35.2

 35.2

 37.6

 32.3

Information by business line / asset class

Net new money (USD bn)

2

Equities

4

 4.0

 0.1

 (4.9)

 2.7

 (9.8)

Fixed Income

4

 9.2

 (1.6)

 5.3

 17.5

 14.0

of which: money market

 3.2

 1.7

 4.7

 10.1

 14.2

Multi-asset & Solutions

4

 2.5

 (1.7)

 (0.6)

 1.7

 (1.0)

Hedge Fund Businesses

 0.9

 0.3

 (0.5)

 1.8

 (0.7)

Real Estate & Private Markets

 0.1

 0.0

 0.7

 0.2

 1.0

Total net new money excluding associates

 16.8

 (2.9)

 0.0

 24.0

 3.4

of which: net new money excluding money market

 13.6

 (4.6)

 (4.8)

 13.8

 (10.8)

Associates

5

 1.1

 0.9

 2.0

 (1.2)

 7.8

Total net new money

 17.9

 (2.0)

 2.0

 22.8

 11.2

Invested assets (USD bn)

2

Equities

4

 873

 846

 747

 3

 17

 873

 747

Fixed Income

4

 499

 497

 471

 0

 6

 499

 471

of which: money market

 172

 169

 153

 2

 13

 172

 153

Multi-asset & Solutions

4

 360

 304

 285

 18

 26

 360

 285

Hedge Fund Businesses

 65

 62

 60

 4

 8

 65

 60

Real Estate & Private Markets

 158

 159

 152

 (1)

 4

 158

 152

Total invested assets excluding associates

 1,954

 1,868

 1,714

 5

 14

 1,954

 1,714

of which: passive strategies

 992

 930

 806

 7

 23

 992

 806

Associates

5

 89

 84

 83

 6

 7

 89

 83

Total invested assets

 2,043

 1,952

 1,797

 5

 14

 2,043

 1,797

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

 486

 465

 438

 4

 11

 486

 438

Asia Pacific

6

 249

 236

 229

 6

 9

 249

 229

EMEA (excluding Switzerland)

 519

 487

 403

 7

 29

 519

 403

Switzerland

 789

 765

 728

 3

 8

 789

 728

Total invested assets

 2,043

 1,952

 1,797

 5

 14

 2,043

 1,797

Information by channel

Invested assets (USD bn)

2

Third-party institutional

 1,169

 1,129

 1,010

 4

 16

 1,169

 1,010

Third-party wholesale

 200

 179

 182

 12

 10

 200

 182

UBS’s wealth management businesses

 585

 559

 522

 4

 12

 585

 522

Associates

5

 89

 84

 83

 6

 7

 89

 83

Total invested assets

 2,043

 1,952

 1,797

 5

 14

 2,043

 1,797

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

 324

 192

 220

 68

 47

 738

 648

Capital Markets

 732

 488

 516

 50

 42

 1,710

 1,935

Global Banking

 1,056

 681

 736

 55

 44

 2,447

 2,582

Execution Services

 560

 501

 440

 12

 27

 1,578

 1,247

Derivatives & Solutions

 957

 1,115

 964

 (14)

 (1)

 3,364

 2,795

Financing

 671

 670

 506

 0

 33

 2,005

 1,574

Global Markets

 2,187

 2,286

 1,910

 (4)

 15

 6,946

 5,616

of which: Equities

 1,651

 1,619

 1,432

 2

 15

 5,077

 4,141

of which: Foreign Exchange, Rates and Credit

 536

 667

 477

 (20)

 12

 1,869

 1,476

Total revenues

 3,244

 2,966

 2,645

 9

 23

 9,393

 8,199

Credit loss expense / (release)

 17

 48

 9

 (65)

 98

 100

 34

Operating expenses

 2,327

 2,361

 2,231

 (1)

 4

 7,115

 6,728

Business division operating profit / (loss) before tax

 900

 557

 405

 62

 122

 2,179

 1,437

Underlying results

Total revenues as reported

 3,244

 2,966

 2,645

 9

 23

 9,393

 8,199

of which: PPA effects and other integration items

1

 219

 152

 185

 45

 19

 509

 787

of which: PPA effects

 91

 152

 185

 (40)

 (51)

 381

 787

of which: PPA effects recognized in the Global Banking revenue line

 97

 160

 180

 (39)

 (46)

 404

 775

of which: other integration items

2

 128

 128

Total revenues (underlying)

3

 3,025

 2,815

 2,461

 7

 23

 8,884

 7,412

Credit loss expense / (release)

 17

 48

 9

 (65)

 98

 100

 34

Operating expenses as reported

 2,327

 2,361

 2,231

 (1)

 4

 7,115

 6,728

of which: integration-related expenses

3

 106

 121

 156

 (12)

 (32)

 339

 543

Operating expenses (underlying)

3

 2,221

 2,241

 2,076

 (1)

 7

 6,776

 6,185

of which: net expenses / (releases) for litigation, regulatory and similar matters

 6

 9

 (1)

 (36)

 35

 (3)

Business division operating profit / (loss) before tax as reported

 900

 557

 405

 62

 122

 2,179

 1,437

Business division operating profit / (loss) before tax (underlying)

3

 787

 526

 377

 49

 109

 2,009

 1,193

Performance measures and other information

Pre-tax profit growth (year-on-year, %)

3

 122.0

 16.8

n.m.

 51.6

n.m.

Cost / income ratio (%)

3

 71.7

 79.6

 84.4

 75.7

 82.1

Average attributed equity (USD bn)

4

 18.5

 18.3

 17.0

 1

 9

 18.2

 17.0

Return on attributed equity (%)

3,4

 19.4

 12.2

 9.5

 16.0

 11.3

Underlying performance measures

Pre-tax profit growth (year-on-year, %)

3

 108.9

 27.7

n.m.

 68.4

 249.4

Cost / income ratio (%)

3

 73.4

 79.6

 84.4

 76.3

 83.4

Return on attributed equity (%)

3,4

 17.0

 11.5

 8.8

 14.7

 9.4

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

 (40)

 (82)

 262

 (51)

 162

 1,664

Credit loss expense / (release)

 6

 (2)

 28

 (79)

 11

 63

Operating expenses

 56

 170

 837

 (67)

 (93)

 894

 2,655

Operating profit / (loss) before tax

 (102)

 (250)

 (603)

 (59)

 (83)

 (744)

 (1,054)

Underlying results

Total revenues as reported

 (40)

 (82)

 262

 (51)

 162

 1,664

of which: other integration items

 1

 1

 40

 2

Total revenues (underlying)

1

 (42)

 (83)

 262

 (50)

 159

 1,664

Credit loss expense / (release)

 6

 (2)

 28

 (79)

 11

 63

Operating expenses as reported

 56

 170

 837

 (67)

 (93)

 894

 2,655

of which: integration-related expenses

1

 205

 252

 270

 (19)

 (24)

 648

 837

Operating expenses (underlying)

1

 (149)

 (83)

 567

 80

 246

 1,817

of which: net expenses / (releases) for litigation, regulatory and similar matters

 (440)

 (435)

2

 (91)

 1

 381

 (868)

 (279)

Operating profit / (loss) before tax as reported

 (102)

 (250)

 (603)

 (59)

 (83)

 (744)

 (1,054)

Operating profit / (loss) before tax (underlying)

1

 102

 1

 (333)

 (98)

 (216)

Performance measures and other information

Average attributed equity (USD bn)

3

 4.5

 5.8

 8.5

 (23)

 (47)

 5.9

 9.7

Risk-weighted assets (USD bn)

 30.7

 32.7

 44.8

 (6)

 (31)

 30.7

 44.8

Leverage ratio denominator (USD bn)

 25.6

 29.4

 69.0

 (13)

 (63)

 25.6

 69.0

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

 0.9

 1.2

 0.6

 0.9

 0.4

 0.9

Macro

 10.2

 13.6

 2.7

 3.4

 3.7

 5.1

Loans

 0.8

 1.3

 0.9

 1.2

 0.9

 1.3

Securitized products

 3.1

 3.5

 1.8

 2.4

 3.4

 3.9

Credit

 0.3

 0.3

 0.2

 0.3

 0.2

 0.3

High-quality liquid assets

 16.1

 17.2

 16.1

 17.2

Operational risk

 24.0

 24.0

Other

 1.3

 1.2

 0.6

 0.5

 0.9

 0.9

Total

 32.6

 38.3

 30.7

 32.7

 25.6

 29.4

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

 (149)

 (180)

 (39)

 (17)

 282

 (614)

 (786)

Credit loss expense / (release)

 0

 0

 0

 (1)

 (2)

Operating expenses

 23

 (13)

 (84)

 25

 (132)

Operating profit / (loss) before tax

 (173)

 (167)

 45

 4

 (638)

 (652)

Underlying results

Total revenues as reported

 (149)

 (180)

 (39)

 (17)

 282

 (614)

 (786)

of which: PPA effects and other integration items

1

 34

 17

 (25)

 95

 81

 (37)

Total revenues (underlying)

2

 (183)

 (198)

 (14)

 (7)

 (696)

 (749)

Credit loss expense / (release)

 0

 0

 0

 (1)

 (2)

Operating expenses as reported

 23

 (13)

 (84)

 25

 (132)

of which: integration-related expenses

2

 20

 (4)

 (11)

 19

 (12)

Operating expenses (underlying)

2

 4

 (10)

 (74)

 6

 (120)

of which: net expenses / (releases) for litigation, regulatory and similar matters

 1

 1

 0

 (1)

 74

 3

Operating profit / (loss) before tax as reported

 (173)

 (167)

 45

 4

 (638)

 (652)

Operating profit / (loss) before tax (underlying)

2

 (187)

 (188)

 60

 0

 (701)

 (627)

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

 479,241

 460,735

 2,028

 106,538

 12,780

 22,454

 1,083,777

of which: loans and advances to customers (on-balance sheet)

 317,323

 310,641

 6

 18,523

 751

 1,809

 649,053

of which: guarantees and irrevocable loan commitments (off-balance sheet)

 20,191

 47,247

 3

 34,080

 1,081

 21,979

 124,582

Committed unconditionally revocable credit lines

3

 76,297

 59,538

 0

 351

 4

 114

 136,304

Traded products exposure, gross

2,4

 16,548

 2,388

 0

 37,534

 56,470

of which: over-the-counter derivatives

 12,728

 2,223

 0

 8,790

 23,741

of which: securities financing transactions

 98

 0

 0

 21,167

 21,265

of which: exchange-traded derivatives

 3,722

 165

 0

 7,577

 11,465

Total credit-impaired exposure, gross

1

 1,766

 3,965

 0

 648

 955

 0

 7,334

of which: stage 3

 1,732

 3,583

 0

 598

 57

 0

 5,970

of which: PCI

 34

 382

 0

 50

 898

 0

 1,364

Total allowances and provisions for expected credit losses

 284

 1,883

 0

 462

 370

 6

 3,005

of which: stage 1

 104

 350

 0

 113

 2

 6

 574

of which: stage 2

 59

 256

 0

 141

 0

 0

 456

of which: stage 3

 112

 1,228

 0

 207

 55

 0

 1,602

of which: PCI

 9

 49

 0

 2

 313

 0

 373

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

 483,163

 464,751

 2,073

 116,989

 14,446

 22,760

 1,104,181

of which: loans and advances to customers (on-balance sheet)

 313,604

 313,364

 10

 18,652

 959

 1,802

 648,391

of which: guarantees and irrevocable loan commitments (off-balance sheet)

 20,740

 48,416

 5

 33,792

 1,216

 22,324

 126,493

Committed unconditionally revocable credit lines

3

 82,295

 68,011

 0

 461

 5

 0

 150,771

Traded products exposure, gross

2,4

 15,642

 3,016

 0

 36,005

 54,663

of which: over-the-counter derivatives

 11,720

 2,529

 0

 10,185

 24,434

of which: securities financing transactions

 131

 0

 0

 16,562

 16,693

of which: exchange-traded derivatives

 3,790

 487

 0

 9,259

 13,535

Total credit-impaired exposure, gross

1

 1,578

 4,003

 0

 611

 920

 0

 7,112

of which: stage 3

 1,553

 3,691

 0

 561

 59

 0

 5,864

of which: PCI

 25

 312

 0

 50

 861

 0

 1,248

Total allowances and provisions for expected credit losses

 300

 1,845

 0

 472

 342

 6

 2,966

of which: stage 1

 101

 333

 0

 135

 4

 6

 579

of which: stage 2

 63

 270

 0

 141

 0

 0

 474

of which: stage 3

 125

 1,202

 0

 194

 52

 0

 1,574

of which: PCI

 10

 40

 0

 2

 286

 0

 338

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

 311,578

 308,647

 275,219

 276,323

Residential real estate

 109,429

 108,943

 221,523

 220,740

Commercial / industrial real estate

 10,923

 10,814

 41,516

 42,381

Cash

 32,783

 30,957

 3,117

 3,062

Equity and debt instruments

 131,181

 131,093

 2,770

 2,892

Other collateral

2

 27,263

 26,840

 6,293

 7,249

Subject to guarantees

 729

 744

 5,743

 6,229

Uncollateralized and not subject to guarantees

 5,016

 4,213

 29,679

 30,812

Total loans and advances to customers, gross

 317,323

 313,604

 310,641

 313,364

Allowances

 (211)

 (224)

 (1,604)

 (1,537)

Total loans and advances to customers, net of allowances

 317,112

 313,380

 309,036

 311,827

Collateralized loans and advances to customers as a percentage of total loans and advances to customers, gross (%)

 98.2

 98.4

 88.6

 88.2

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

 1

 3

 1

 2

 0

 1

 2

 0

 0

Personal & Corporate Banking

 0

 0

 0

 0

 0

 0

 0

 0

 0

Asset Management

 0

 0

 0

 0

 0

 0

 0

 0

 0

Investment Bank

 7

 15

 13

 10

 4

 13

 7

 5

 2

Non-core and Legacy

 1

 2

 2

 1

 0

 1

 0

 0

 0

Group Items

 3

 4

 4

 3

 1

 3

 2

 1

 0

Diversification effect

3,4

 (6)

 (5)

 (1)

 (4)

 (3)

 (1)

 0

Total as of 30.9.25

 8

 16

 14

 11

 4

 14

 8

 5

 2

Total as of 30.6.25

 5

 15

 11

 8

 1

 15

 9

 4

 2

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

 1

 1

 1

 1

 1

 0

 0

 0

 0

Personal & Corporate Banking

 0

 1

 0

 0

 0

 0

 0

 0

 0

Asset Management

 0

 0

 0

 0

 0

 0

 0

 0

 0

Investment Bank

 1

 1

 1

 1

 1

 0

 0

 0

 0

Non-core and Legacy

 1

 1

 1

 1

 0

 1

 1

 0

 0

Group Items

 0

 0

 0

 0

 0

 0

 0

 0

 0

Diversification effect

3,4

 (1)

 (1)

 0

 0

 0

 0

 0

Total as of 30.9.25

 1

 3

 2

 2

 1

 1

 1

 1

 0

Total as of 30.6.25

 2

 4

 2

 3

 1

 2

 2

 1

 0

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

 – FINMA

Effect on EVE

1

 – BCBS

Scenarios

CHF

EUR

GBP

USD

Other

Total

Additional tier 1

capital instruments

Total

+1 bp

 (10.5)

 (1.8)

 (0.2)

 (27.7)

 (1.1)

 (41.3)

 8.4

 (32.9)

Parallel up

2

 (1,523.0)

 (336.8)

 (53.7)

 (5,524.9)

 (250.0)

 (7,688.4)

 1,574.0

 (6,114.5)

Parallel down

2

 1,616.3

 381.4

 56.6

 5,508.1

 274.0

 7,836.5

 (1,855.3)

 5,981.2

Steepener

3

 (827.0)

 (5.5)

 (8.4)

 (1,435.2)

 (3.9)

 (2,279.9)

 376.6

 (1,903.4)

Flattener

4

 542.3

 (50.2)

 (1.3)

 158.6

 (50.5)

 598.9

 (20.3)

 578.7

Short-term up

5

 (88.5)

 (151.1)

 (18.2)

 (2,075.9)

 (142.9)

 (2,476.7)

 660.9

 (1,815.8)

Short-term down

6

 61.5

 151.3

 18.5

 2,183.6

 139.5

 2,554.4

 (688.4)

 1,865.9

30.6.25

USD m

Effect on EVE

1

 – FINMA

Effect on EVE

1

 – BCBS

Scenarios

CHF

EUR

GBP

USD

Other

Total

Additional tier 1

capital instruments

Total

+1 bp

 (11.1)

 (1.6)

 (0.3)

 (26.6)

 (0.5)

 (40.2)

 6.9

 (33.3)

Parallel up

2

 (1,624.3)

 (301.8)

 (65.7)

 (5,228.7)

 (107.4)

 (7,327.9)

 1,250.0

 (6,077.8)

Parallel down

2

 1,726.2

 322.4

 56.5

 5,407.5

 110.6

 7,623.3

 (1,487.7)

 6,135.5

Steepener

3

 (875.9)

 (16.3)

 (6.6)

 (1,333.4)

 2.1

 (2,230.2)

 271.3

 (1,958.9)

Flattener

4

 574.6

 (32.6)

 (4.8)

 119.2

 (23.9)

 632.5

 15.0

 647.5

Short-term up

5

 (97.6)

 (121.6)

 (25.1)

 (2,019.2)

 (62.5)

 (2,326.0)

 556.2

 (1,769.8)

Short-term down

6

 68.0

 121.3

 23.9

 2,123.4

 63.9

 2,400.4

 (579.0)

 1,821.4

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

 14.97

1

 75,601

 5.00

1

 82,023

Common equity tier 1 capital

 10.60

2

 53,537

 3.50

3

 57,416

of which: minimum capital

 4.50

 22,720

 1.50

 24,607

of which: buffer capital

 5.50

 27,769

 2.00

 32,809

of which: countercyclical buffer

 0.44

 2,226

Maximum additional tier 1 capital

 4.37

2

 22,064

 1.50

 24,607

of which: additional tier 1 capital

 3.50

 17,671

 1.50

 24,607

of which: additional tier 1 buffer capital

 0.80

 4,039

Eligible going concern capital

Total going concern capital

 18.81

 94,950

 5.79

 94,950

Common equity tier 1 capital

 14.79

 74,655

 4.55

 74,655

Total loss-absorbing additional tier 1 capital

 4.02

 20,296

 1.24

 20,296

of which: high-trigger loss-absorbing additional tier 1 capital

 4.02

 20,296

 1.24

 20,296

Required gone concern capital

Total gone concern loss-absorbing capacity

4,5,6

 10.73

7

 54,150

 3.75

7

 61,517

of which: base requirement including add-ons for market share and LRD

 10.73

 54,150

 3.75

 61,517

Eligible gone concern capital

Total gone concern loss-absorbing capacity

 20.67

 104,379

 6.36

 104,379

Total tier 2 capital

 0.00

 0

 0.00

 0

of which: non-Basel III-compliant tier 2 capital

 0.00

 0

 0.00

 0

TLAC-eligible senior unsecured debt

 20.67

 104,379

 6.36

 104,379

Total loss-absorbing capacity

Required total loss-absorbing capacity

 25.70

 129,751

 8.75

 143,541

Eligible total loss-absorbing capacity

 39.48

 199,329

 12.15

 199,329

Risk-weighted assets / leverage ratio denominator

Risk-weighted assets

 504,897

Leverage ratio denominator

 1,640,464

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

 94,950

 91,721

 87,739

Total tier 1 capital

 94,950

 91,721

 87,739

Common equity tier 1 capital

 74,655

 72,709

 71,367

Total loss-absorbing additional tier 1 capital

 20,296

 19,012

 16,372

of which: high-trigger loss-absorbing additional tier 1 capital

 20,296

 19,012

 15,126

of which: low-trigger loss-absorbing additional tier 1 capital

 1,245

Eligible gone concern capital

Total gone concern loss-absorbing capacity

 104,379

 99,450

 97,655

Total tier 2 capital

 0

 196

 207

of which: non-Basel III-compliant tier 2 capital

 0

 196

 207

TLAC-eligible senior unsecured debt

 104,379

 99,254

 97,449

Total loss-absorbing capacity

Total loss-absorbing capacity

 199,329

 191,171

 185,394

Risk-weighted assets / leverage ratio denominator

Risk-weighted assets

 504,897

 504,500

 498,538

Leverage ratio denominator

 1,640,464

 1,658,089

 1,519,477

Capital and loss-absorbing capacity ratios (%)

Going concern capital ratio

 18.8

 18.2

 17.6

of which: common equity tier 1 capital ratio

 14.8

 14.4

 14.3

Gone concern loss-absorbing capacity ratio

 20.7

 19.7

 19.6

Total loss-absorbing capacity ratio

 39.5

 37.9

 37.2

Leverage ratios (%)

Going concern leverage ratio

 5.8

 5.5

 5.8

of which: common equity tier 1 leverage ratio

 4.6

 4.4

 4.7

Gone concern leverage ratio

 6.4

 6.0

 6.4

Total loss-absorbing capacity leverage ratio

 12.2

 11.5

 12.2

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

 ubs.com/investors

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

 72,709

Operating profit / (loss) before tax

 2,828

Current tax (expense) / benefit

 (335)

Foreign currency translation effects, before tax

 (90)

Eligible deferred tax assets on temporary differences (including excess over threshold)

 196

Accruals for expected dividends to shareholders for 2025

 (780)

Share repurchase program

 (1,096)

Capital reserve for expected future share repurchases

 1,102

Other

 121

Common equity tier 1 capital as of 30.9.25

 74,655

Loss-absorbing additional tier 1 capital as of 30.6.25

 19,012

Issuance of high-trigger loss-absorbing additional tier 1 capital

 2,827

Call of high-trigger loss-absorbing additional tier 1 capital

 (1,567)

Interest rate risk hedge, foreign currency translation and other effects

 24

Loss-absorbing additional tier 1 capital as of 30.9.25

 20,296

Total going concern capital as of 30.6.25

 91,721

Total going concern capital as of 30.9.25

 94,950

Gone concern loss-absorbing capacity

Tier 2 capital as of 30.6.25

 196

Debt no longer eligible as gone concern loss-absorbing capacity due to residual tenor falling to below one year

 (203)

Interest rate risk hedge, foreign currency translation and other effects

 7

Tier 2 capital as of 30.9.25

 0

TLAC-eligible unsecured debt as of 30.6.25

 99,254

Issuance of TLAC-eligible senior unsecured debt

 7,926

Call of TLAC-eligible senior unsecured debt

 (1,466)

Debt no longer eligible as gone concern loss-absorbing capacity due to residual tenor falling to below one year

 (1,448)

Interest rate risk hedge, foreign currency translation and other effects

 112

TLAC-eligible unsecured debt as of 30.9.25

 104,379

Total gone concern loss-absorbing capacity as of 30.6.25

 99,450

Total gone concern loss-absorbing capacity as of 30.9.25

 104,379

Total loss-absorbing capacity

Total loss-absorbing capacity as of 30.6.25

 191,171

Total loss-absorbing capacity as of 30.9.25

 199,329

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

 90,204

 89,699

 85,574

Equity attributable to non-controlling interests

 (305)

 (422)

 (494)

Defined benefit plans, net of tax

 (957)

 (1,054)

 (833)

Deferred tax assets recognized for tax loss carry-forwards

 (2,306)

 (2,527)

 (2,288)

Deferred tax assets for unused tax credits

 (883)

 (871)

 (688)

Deferred tax assets on temporary differences, excess over threshold

 (1,081)

 (1,070)

 (803)

Goodwill, net of tax

1

 (5,785)

 (5,779)

 (5,702)

Intangible assets, net of tax

 (714)

 (742)

 (702)

Compensation-related components (not recognized in net profit)

 (2,298)

 (2,752)

 (2,800)

Expected losses on advanced internal ratings-based portfolio less provisions

 (721)

 (592)

 (568)

Unrealized (gains) / losses from cash flow hedges, net of tax

 1,349

 1,527

 2,585

Own credit related to (gains) / losses on financial liabilities measured at fair value that existed at the balance sheet

date, net of tax

 1,588

 1,036

 1,178

Own credit related to (gains) / losses on derivative financial instruments that existed at the balance sheet date

 (73)

 (79)

 (62)

Prudential valuation adjustments

 (177)

 (176)

 (167)

Accruals for dividends to shareholders for 2024

 (2,835)

Accruals for expected dividends to shareholders for 2025

 (2,340)

 (1,560)

Capital reserve for expected future share repurchases

 (904)

 (2,006)

Other

 58

 77

 (25)

Total common equity tier 1 capital

 74,655

 72,709

 71,367

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

 302.6

 (1.0)

 (1.5)

 5.0

 305.2

Non-counterparty-related risk

3

 35.0

 (0.1)

 0.2

 35.1

Market risk

 30.5

 (2.3)

 28.2

Operational risk

 136.4

 136.4

Total

 504.5

 (1.0)

 (1.5)

 2.9

 504.9

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

 102.1

 129.3

 7.0

 58.1

 4.8

 3.8

 305.2

Non-counterparty-related risk

2

 7.2

 2.9

 0.8

 4.6

 0.2

 19.4

 35.1

Market risk

 0.6

 0.0

 25.9

 1.7

 (0.1)

 28.2

Operational risk

 60.4

 18.5

 6.5

 23.8

 24.0

 3.2

 136.4

Total

 170.3

 150.8

 14.2

 112.5

 30.7

 26.3

 504.9

30.6.25

Credit and counterparty credit risk

1

 102.4

 128.8

 7.1

 54.9

 5.4

 4.1

 302.6

Non-counterparty-related risk

2

 6.9

 3.1

 0.8

 4.4

 0.9

 18.9

 35.0

Market risk

 0.8

 0.0

 27.2

 2.4

 0.1

 30.5

Operational risk

 60.4

 18.5

 6.5

 23.8

 24.0

 3.2

 136.4

Total

 170.4

 150.4

 14.3

 110.3

 32.7

 26.3

 504.5

30.9.25 vs 30.6.25

Credit and counterparty credit risk

1

 (0.3)

 0.6

 (0.1)

 3.3

 (0.6)

 (0.4)

 2.5

Non-counterparty-related risk

2

 0.3

 (0.2)

 0.0

 0.2

 (0.7)

 0.4

 0.1

Market risk

 (0.2)

 0.0

 (1.3)

 (0.7)

 (0.1)

 (2.3)

Operational risk

Total

 (0.1)

 0.4

 (0.1)

 2.2

 (1.9)

 0.0

 0.4

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)

 1,263.7

 (4.1)

 (1.8)

 1,257.9

Derivative exposures

 156.8

 (0.5)

 5.9

 162.1

Securities financing transaction exposures

 170.9

 (0.5)

 (13.4)

 157.1

Off-balance sheet items

 66.7

 (0.1)

 (3.1)

 63.4

Total exposures

 1,658.1

 (5.2)

 (12.4)

 1,640.5

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)

 511.1

 438.8

 4.9

 273.3

 16.8

 12.9

 1,257.9

Derivative exposures

 31.8

 7.0

 0.0

 120.1

 3.3

 0.0

 162.1

Securities financing transaction exposures

 53.4

 37.4

 0.1

 61.1

 5.0

 0.0

 157.1

Off-balance sheet items

 17.8

 29.3

 0.1

 15.4

 0.5

 0.3

 63.4

Total exposures

 614.2

 512.5

 5.1

 470.0

 25.6

 13.2

 1,640.5

30.6.25

On-balance sheet exposures (excluding derivatives and securities

financing transactions)

 511.1

 440.2

 4.9

 275.3

 19.4

 12.8

 1,263.7

Derivative exposures

 29.5

 6.9

 0.0

 116.3

 4.2

 (0.1)

 156.8

Securities financing transaction exposures

 58.9

 38.7

 0.1

 68.1

 5.3

 (0.3)

 170.9

Off-balance sheet items

 18.7

 31.7

 0.1

 15.3

 0.5

 0.4

 66.7

Total exposures

 618.3

 517.5

 5.1

 475.0

 29.4

 12.8

 1,658.1

30.9.25 vs 30.6.25

On-balance sheet exposures (excluding derivatives and securities

financing transactions)

 0.0

 (1.3)

 0.0

 (1.9)

 (2.6)

 0.0

 (5.8)

Derivative exposures

 2.3

 0.0

 0.0

 3.9

 (0.9)

 0.1

 5.3

Securities financing transaction exposures

 (5.5)

 (1.3)

 0.0

 (7.0)

 (0.3)

 0.3

 (13.8)

Off-balance sheet items

 (0.9)

 (2.4)

 0.0

 0.1

 (0.1)

 (0.1)

 (3.3)

Total exposures

 (4.1)

 (5.0)

 0.0

 (5.0)

 (3.8)

 0.3

 (17.6)

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

 34.5

 34.2

 33.5

 34.1

 33.2

Personal & Corporate Banking

 22.0

 21.4

 21.8

 21.2

 21.7

Asset Management

 2.4

 2.5

 2.7

 2.5

 2.7

Investment Bank

 18.5

 18.3

 17.0

 18.2

 17.0

Non-core and Legacy

 4.5

 5.8

 8.5

 5.9

 9.7

Group Items

1

 7.6

 6.0

 1.8

 6.1

 0.7

Average equity attributed to business divisions and Group Items

 89.6

 88.2

 85.4

 88.0

 84.9

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

 346.6

 358.8

Net cash outflows

2

 190.4

 196.8

Liquidity coverage ratio (%)

3

 182.1

 182.3

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

 898.8

 904.7

Required stable funding

 751.0

 738.9

Net stable funding ratio (%)

 119.7

 122.4

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

 218.7

 236.2

 (7)

Lending

1

 665.9

 667.6

 0

Securities financing transactions at amortized cost

 95.3

 110.2

 (13)

Trading assets

 178.5

 169.2

 5

Derivatives and cash collateral receivables on derivative instruments

 197.7

 215.5

 (8)

Brokerage receivables

 30.6

 29.1

 5

Other financial assets measured at amortized cost

 72.7

 72.2

 1

Other financial assets measured at fair value

2

 115.6

 114.6

 1

Non-financial assets

 57.2

 55.5

 3

Total assets

 1,632.3

 1,670.0

 (2)

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

 ubs.com/investors

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

 57.1

 67.2

 (15)

Securities financing transactions at amortized cost

 18.7

 16.3

 14

Customer deposits

 783.1

 800.0

 (2)

Debt issued designated at fair value and long-term debt issued measured at amortized cost

2

 303.6

 302.9

 0

Trading liabilities

 53.8

 52.3

 3

Derivatives and cash collateral payables on derivative instruments

 197.5

 216.8

 (9)

Brokerage payables

 62.1

 58.0

 7

Other financial liabilities measured at amortized cost

 17.0

 18.4

 (8)

Other financial liabilities designated at fair value

 30.5

 29.4

 4

Non-financial liabilities

 18.8

 18.9

 (1)

Total liabilities

 1,542.0

 1,580.3

 (2)

Share capital

 0.3

 0.3

 0

Share premium

 8.9

 8.6

 4

Treasury shares

 (6.6)

 (4.8)

 37

Retained earnings

 81.7

 79.7

 2

Other comprehensive income

3

 5.6

 5.5

 2

Total equity attributable to shareholders

 89.9

 89.3

 1

Equity attributable to non-controlling interests

 0.3

 0.4

 (28)

Total equity

 90.2

 89.7

 1

Total liabilities and equity

 1,632.3

 1,670.0

 (2)

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

 42.9

 42.3

 2

Irrevocable loan commitments

1

 79.6

 82.0

 (3)

Committed unconditionally revocable credit lines

 136.3

 150.8

 (10)

Forward starting reverse repurchase and securities borrowing agreements

 18.5

 20.1

 (8)

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

 2,481

 2,395

 1,425

 6,568

 4,315

less: (profit) / loss on own equity derivative contracts

 0

 (1)

 0

 0

 0

Net profit / (loss) attributable to shareholders for diluted EPS

 2,481

 2,394

 1,424

 6,568

 4,315

.

Weighted average shares outstanding

Weighted average shares outstanding for basic EPS

1

 3,144,628,677

 3,179,288,753

 3,196,573,895

 3,166,974,365

 3,204,826,901

Effect of dilutive potential shares resulting from notional employee shares, in-the-money

options and warrants outstanding

2

 132,586,726

 127,256,011

 147,480,584

 138,233,562

 151,321,464

Weighted average shares outstanding for diluted EPS

 3,277,215,403

 3,306,544,764

 3,344,054,479

 3,305,207,927

 3,356,148,365

.

Earnings per share (USD)

Basic

 0.79

 0.75

 0.45

 2.07

 1.35

Diluted

 0.76

 0.72

 0.43

 1.99

 1.29

.

Shares outstanding and potentially dilutive instruments

Shares issued

 3,341,581,714

 3,341,581,714

 3,462,087,722

 3,341,581,714

 3,462,087,722

Treasury shares

3

 217,617,094

 172,405,597

 276,381,209

 217,617,094

 276,381,209

of which: related to the 2022 share repurchase program

 120,506,008

 120,506,008

of which: related to the 2024 share repurchase program

 63,776,550

 63,776,550

 23,479,400

 63,776,550

 23,479,400

of which: related to the 2025 share repurchase program

 29,383,799

 29,383,799

Shares outstanding

 3,123,964,620

 3,169,176,117

 3,185,706,513

 3,123,964,620

 3,185,706,513

Potentially dilutive instruments

4

 31,302,067

 27,891,906

 13,561,823

 31,302,067

 13,600,262

.

Other key figures

Total book value per share (USD)

 28.78

 28.17

 27.32

 28.78

 27.32

Tangible book value per share (USD)

 26.54

 25.95

 25.10

 26.54

 25.10

Share price (USD)

5

 40.82

 33.83

 30.77

 40.82

 30.77

Market capitalization (USD m)

6

 136,416

 113,036

 106,528

 136,416

 106,528

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

 6,913

 7,283

 8,766

 21,176

 28,165

Interest expense from financial instruments measured at amortized cost

3

 (6,584)

 (6,817)

 (9,022)

 (20,349)

 (28,064)

Net interest income from financial instruments measured at fair value through profit or loss and other

3

 1,652

 1,500

 2,050

 4,748

 5,168

Net interest income

3

 1,981

 1,965

 1,794

 5,575

 5,270

Other net income from financial instruments measured at fair value through profit or loss

 3,502

 3,408

 3,681

 10,848

 11,547

Fee and commission income

4

 7,878

 7,361

 7,170

 22,665

 21,461

Fee and commission expense

4

 (674)

 (653)

 (653)

 (1,976)

 (1,921)

Net fee and commission income

4

 7,204

 6,708

 6,517

 20,689

 19,540

Other income

5

 73

 30

 341

 317

 619

Total revenues

 12,760

 12,112

 12,334

 37,429

 36,976

Credit loss expense / (release)

8

 102

 163

 121

 365

 322

Personnel expenses

6

 7,172

 6,976

 6,889

 21,180

 20,957

General and administrative expenses

7

 1,755

 1,881

 2,389

 6,067

 7,120

Depreciation, amortization and impairment of non-financial assets

 904

 898

 1,006

 2,663

 2,804

Operating expenses

 9,831

 9,756

 10,283

 29,911

 30,880

Operating profit / (loss) before tax

 2,828

 2,193

 1,929

 7,153

 5,773

Tax expense / (benefit)

 341

 (209)

 502

 561

 1,407

Net profit / (loss)

 2,487

 2,402

 1,428

 6,592

 4,366

Net profit / (loss) attributable to non-controlling interests

 6

 7

 3

 24

 51

Net profit / (loss) attributable to shareholders

 2,481

 2,395

 1,425

 6,568

 4,315

Earnings per share (USD)

Basic

 0.79

 0.75

 0.45

 2.07

 1.35

Diluted

 0.76

 0.72

 0.43

 1.99

 1.29

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)

 2,481

 2,395

 1,425

 6,568

 4,315

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

 (281)

 4,420

 2,404

 5,457

 (1,337)

Effective portion of changes in fair value of hedging instruments designated as net investment hedges, before tax

 165

 (1,879)

 (1,081)

 (2,263)

 1,392

Foreign currency translation differences on foreign operations reclassified to the income statement

 1

 (1)

 2

 3

 4

Effective portion of changes in fair value of hedging instruments designated as net investment hedges reclassified to

the income statement

 (2)

 0

 0

 (3)

 1

Income tax relating to foreign currency translations, including the effect of net investment hedges

 1

 (4)

 9

 (5)

 22

Subtotal foreign currency translation, net of tax

 (116)

 2,536

 1,333

 3,189

 81

Financial assets measured at fair value through other comprehensive income

Net unrealized gains / (losses), before tax

 16

 (4)

 2

 9

 2

Net realized (gains) / losses reclassified to the income statement from equity

 0

 0

 0

 0

 0

Income tax relating to net unrealized gains / (losses)

 0

 0

 0

 0

 0

Subtotal financial assets measured at fair value through other comprehensive income, net of tax

 16

 (4)

 2

 9

 2

Cash flow hedges of interest rate risk

Effective portion of changes in fair value of derivative instruments designated as cash flow hedges, before tax

 (65)

 398

 1,579

 681

 (84)

Net (gains) / losses reclassified to the income statement from equity

 286

 296

 388

 903

 1,600

Income tax relating to cash flow hedges

 (43)

 (131)

 (374)

 (299)

 (250)

Subtotal cash flow hedges, net of tax

 178

 562

 1,593

 1,285

 1,266

Cost of hedging

Cost of hedging, before tax

 50

 10

 (19)

 91

 (47)

Income tax relating to cost of hedging

 0

 0

 0

 0

 0

Subtotal cost of hedging, net of tax

 50

 10

 (19)

 91

 (47)

Total other comprehensive income that may be reclassified to the income statement, net of tax

 127

 3,105

 2,910

 4,573

 1,302

Other comprehensive income that will not be reclassified to the income statement

Defined benefit plans

Gains / (losses) on defined benefit plans, before tax

 51

 (36)

 (138)

 20

 (238)

Income tax relating to defined benefit plans

 (26)

 (4)

 10

 (27)

 23

Subtotal defined benefit plans, net of tax

 26

 (40)

 (128)

 (6)

 (215)

Own credit on financial liabilities designated at fair value

Gains / (losses) from own credit on financial liabilities designated at fair value, before tax

 (568)

 (126)

 (317)

 (414)

 (156)

Income tax relating to own credit on financial liabilities designated at fair value

 1

 2

 (6)

 2

 (7)

Subtotal own credit on financial liabilities designated at fair value, net of tax

 (567)

 (124)

 (323)

 (413)

 (163)

Total other comprehensive income that will not be reclassified to the income statement, net of tax

 (541)

 (164)

 (451)

 (419)

 (378)

Total other comprehensive income

 (414)

 2,941

 2,459

 4,154

 924

Total comprehensive income attributable to shareholders

 2,067

 5,335

 3,883

 10,722

 5,239

Comprehensive income attributable to non-controlling interests

Net profit / (loss)

 6

 7

 3

 24

 51

Total other comprehensive income that will not be reclassified to the income statement, net of tax

 (1)

 15

 24

 30

 (11)

Total comprehensive income attributable to non-controlling interests

 5

 22

 27

 53

 40

Total comprehensive income

Net profit / (loss)

 2,487

 2,402

 1,428

 6,592

 4,366

Other comprehensive income

 (414)

 2,955

 2,482

 4,184

 913

of which: other comprehensive income that may be reclassified to the income statement

 127

 3,105

 2,910

 4,573

 1,302

of which: other comprehensive income that will not be reclassified to the income statement

 (542)

 (149)

 (428)

 (389)

 (389)

Total comprehensive income

 2,073

 5,357

 3,910

 10,776

 5,279

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

 218,738

 236,193

 223,329

Amounts due from banks

 19,230

 21,527

 18,903

Receivables from securities financing transactions measured at amortized cost

 95,343

 110,161

 118,301

Cash collateral receivables on derivative instruments

10

 43,538

 45,478

 43,959

Loans and advances to customers

8

 646,651

 646,048

 579,967

Other financial assets measured at amortized cost

11

 72,703

 72,211

 58,835

Total financial assets measured at amortized cost

 1,096,203

 1,131,618

 1,043,293

Financial assets at fair value held for trading

9

 178,492

 169,195

 159,065

of which: assets pledged as collateral that may be sold or repledged by counterparties

 45,062

 46,336

 38,532

Derivative financial instruments

9, 10

 154,113

 169,996

 185,551

Brokerage receivables

9

 30,633

 29,068

 25,858

Financial assets at fair value not held for trading

9

 105,827

 107,755

 95,472

Total financial assets measured at fair value through profit or loss

 469,065

 476,014

 465,947

Financial assets measured at fair value through other comprehensive income

9

 9,801

 6,872

 2,195

Investments in associates

 2,260

 2,629

 2,306

Property, equipment and software

 16,153

 16,376

 15,498

Goodwill and intangible assets

 6,982

 7,023

 6,887

Deferred tax assets

 11,610

 11,631

 11,134

Other non-financial assets

11

 20,177

 17,829

 17,766

Total assets

 1,632,251

 1,669,991

 1,565,028

Liabilities

Amounts due to banks

 28,182

 31,928

 23,347

Payables from securities financing transactions measured at amortized cost

 18,653

 16,314

 14,833

Cash collateral payables on derivative instruments

10

 33,943

 32,980

 35,490

Customer deposits

 783,115

 800,045

 745,777

Debt issued measured at amortized cost

13

 220,386

 224,709

 214,219

Other financial liabilities measured at amortized cost

11

 16,955

 18,358

 21,033

Total financial liabilities measured at amortized cost

 1,101,234

 1,124,334

 1,054,698

Financial liabilities at fair value held for trading

9

 53,796

 52,330

 35,247

Derivative financial instruments

9, 10

 163,508

 183,814

 180,636

Brokerage payables designated at fair value

 9

 62,067

 57,951

 49,023

Debt issued designated at fair value

9, 12

 112,137

 113,522

 107,909

Other financial liabilities designated at fair value

9, 11

 30,506

 29,410

 28,699

Total financial liabilities measured at fair value through profit or loss

 422,013

 437,027

 401,514

Provisions and contingent liabilities

 14

 6,162

 7,466

 8,409

Other non-financial liabilities

 11

 12,638

 11,465

 14,834

Total liabilities

 1,542,047

 1,580,292

 1,479,454

Equity

Share capital

 334

 334

 346

Share premium

 8,879

 8,562

 12,012

Treasury shares

 (6,592)

 (4,830)

 (6,402)

Retained earnings

 81,666

 79,726

 78,035

Other comprehensive income recognized directly in equity, net of tax

 5,612

 5,485

 1,088

Equity attributable to shareholders

 89,899

 89,277

 85,079

Equity attributable to non-controlling interests

 305

 422

 494

Total equity

 90,204

 89,699

 85,574

Total liabilities and equity

 1,632,251

 1,669,991

 1,565,028

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

 12,359

 (6,402)

 78,035

 1,088

 3,830

 (2,585)

 85,079

Acquisition of treasury shares

 (4,067)

3

 (4,067)

Delivery of treasury shares under share-based compensation plans

 (1,361)

 1,511

 150

Other disposal of treasury shares

 (1)

 88

3

 87

Cancellation of treasury shares related to the 2022 share repurchase program

4

 (1,145)

 2,277

 (1,133)

 0

Share-based compensation expensed in the income statement

 921

 921

Tax (expense) / benefit

 37

 37

Dividends

 (1,433)

5

 (1,433)

5

 (2,866)

Equity classified as obligation to purchase own shares

 (71)

 (71)

Translation effects recognized directly in retained earnings

 50

 (50)

 (50)

 0

Share of changes in retained earnings of associates and joint ventures

 (2)

 (2)

New consolidations / (deconsolidations) and other increases / (decreases)

 (93)

 0

 (93)

Total comprehensive income for the period

 6,149

 4,573

 3,189

 1,285

 10,722

of which: net profit / (loss)

 6,568

 6,568

of which: OCI, net of tax

 (419)

 4,573

 3,189

 1,285

 4,154

Balance as of 30 September 2025

2

 9,213

 (6,592)

 81,666

 5,612

 7,019

 (1,349)

 89,899

Non-controlling interests as of 30 September 2025

 305

Total equity as of 30 September 2025

 90,204

Balance as of 1 January 2024

2

 13,562

 (4,796)

 74,397

 2,462

 5,584

 (3,109)

 85,624

Acquisition of treasury shares

 (2,693)

3

 (2,693)

Delivery of treasury shares under share-based compensation plans

 (1,282)

 1,335

 53

Other disposal of treasury shares

 2

 102

3

 104

Share-based compensation expensed in the income statement

 883

 883

Tax (expense) / benefit

 15

 15

Dividends

 (1,128)

5

 (1,128)

5

 (2,256)

Equity classified as obligation to purchase own shares

 (42)

 (42)

Translation effects recognized directly in retained earnings

 (14)

 14

 14

 0

Share of changes in retained earnings of associates and joint ventures

 (3)

 (3)

New consolidations / (deconsolidations) and other increases / (decreases)

 92

 7

 99

Total comprehensive income for the period

 3,937

 1,302

 81

 1,266

 5,239

of which: net profit / (loss)

 4,315

 4,315

of which: OCI, net of tax

 (378)

 1,302

 81

 1,266

 924

Balance as of 30 September 2024

2

 12,101

 (6,051)

 77,197

 3,777

 5,666

 (1,830)

 87,025

Non-controlling interests as of 30 September 2024

 564

Total equity as of 30 September 2024

 87,589

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)

 6,592

 4,366

Non-cash items included in net profit and other adjustments

Depreciation, amortization and impairment of non-financial assets

 2,663

 2,804

Credit loss expense / (release)

 365

 322

Share of net (profit) / loss of associates and joint ventures and impairment related to associates

 (97)

 (177)

Deferred tax expense / (benefit)

 (601)

 252

Net loss / (gain) from investing activities

 (330)

 (178)

Net loss / (gain) from financing activities

 15,911

 4,287

Other net adjustments

1

 (29,316)

 2,213

Net change in operating assets and liabilities

1

Amounts due from banks and amounts due to banks

 3,497

 1,416

Receivables from securities financing transactions measured at amortized cost

 29,198

 6,392

Payables from securities financing transactions measured at amortized cost

 2,723

 169

Cash collateral on derivative instruments

 (652)

 (4,578)

Loans and advances to customers

 (10,061)

 21,557

Customer deposits

 (16,789)

 (15,220)

Financial assets and liabilities at fair value held for trading and derivative financial instruments

 22,371

 1,882

Brokerage receivables and payables

 7,866

 6,498

Financial assets at fair value not held for trading and other financial assets and liabilities

 (9,927)

 (12,866)

Provisions and other non-financial assets and liabilities

 (4,519)

 (1,495)

Income taxes paid, net of refunds

 (1,918)

 (1,682)

Net cash flow from / (used in) operating activities

2

 16,976

 15,961

Cash flow from / (used in) investing activities

Purchase of subsidiaries, business, associates and intangible assets

 (17)

Disposal of subsidiaries, business, associates and intangible assets

3

 624

4

 188

Purchase of property, equipment and software

 (1,698)

 (1,470)

Disposal of property, equipment and software

 95

 46

Purchase of financial assets measured at fair value

5

 (11,103)

 (3,951)

Disposal and redemption of financial assets measured at fair value

5

 3,652

 3,978

Purchase of debt securities measured at amortized cost

 (18,617)

 (3,841)

Disposal and redemption of debt securities measured at amortized cost

 8,696

 6,857

Net cash flow from / (used in) investing activities

 (18,367)

 1,807

Cash flow from / (used in) financing activities

Repayment of Swiss National Bank funding

6

 (42,587)

Net issuance (repayment) of short-term debt measured at amortized cost

 (3,267)

 (5,127)

Net movements in treasury shares and own equity derivative activity

 (3,854)

 (2,570)

Distributions paid on UBS shares

 (2,866)

 (2,256)

Issuance of debt designated at fair value and long-term debt measured at amortized cost

 97,867

 81,200

Repayment of debt designated at fair value and long-term debt measured at amortized cost

 (109,675)

 (109,952)

Inflows from securities financing transactions measured at amortized cost

7

 1,688

 4,979

Outflows from securities financing transactions measured at amortized cost

7

 (1,561)

 (3,165)

Net cash flows from other financing activities

 (737)

 (595)

Net cash flow from / (used in) financing activities

 (22,403)

 (80,073)

Total cash flow

Cash and cash equivalents at the beginning of the period

 244,090

 340,207

Net cash flow from / (used in) operating, investing and financing activities

 (23,795)

 (62,305)

Effects of exchange rate differences on cash and cash equivalents

1

 19,407

 (2,492)

Cash and cash equivalents at the end of the period

8

 239,703

 275,410

of which: cash and balances at central banks

8

 218,738

 243,261

of which: amounts due from banks

8

 17,664

 20,031

of which: money market paper

8,9

 3,301

 11,917

Additional information

Net cash flow from / (used in) operating activities includes:

Interest received in cash

 32,306

 41,643

Interest paid in cash

 29,369

 37,323

Dividends on equity investments, investment funds and associates received in cash

3

 2,542

 2,260

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

 1.26

 1.26

 1.10

 1.18

 1.25

 1.23

 1.17

 1.20

 1.13

1 EUR

 1.17

 1.18

 1.04

 1.11

 1.16

 1.15

 1.10

 1.12

 1.08

1 GBP

 1.34

 1.37

 1.25

 1.34

 1.34

 1.35

 1.31

 1.32

 1.28

100 JPY

 0.68

 0.69

 0.63

 0.69

 0.67

 0.70

 0.68

 0.68

 0.66

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

 5,186

 4,001

 (53)

 (2,300)

 (54)

 (1,204)

 5,575

Non-interest income

 14,079

 2,867

 2,409

 11,693

 216

 590

 31,853

Total revenues

 19,265

 6,868

 2,355

 9,393

 162

 (614)

 37,429

Credit loss expense / (release)

 16

 239

 0

 100

 11

 (1)

 365

Operating expenses

 15,332

 4,697

 1,848

 7,115

 894

 25

 29,911

Operating profit / (loss) before tax

 3,917

 1,932

 507

 2,179

 (744)

 (638)

 7,153

Tax expense / (benefit)

 561

Net profit / (loss)

 6,592

As of 30 September 2025

Total assets

 579,347

 478,538

 26,378

 498,736

 32,649

 16,603

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

 5,509

 4,288

 (45)

 (2,786)

 88

 (1,783)

 5,270

Non-interest income

 12,887

 2,801

 2,461

 10,985

 1,575

 997

 31,706

Total revenues

 18,395

 7,089

 2,416

 8,199

 1,664

 (786)

 36,976

Credit loss expense / (release)

 (2)

 229

 0

 34

 63

 (2)

 322

Operating expenses

 15,340

 4,265

 2,025

 6,728

 2,655

 (132)

 30,880

Operating profit / (loss) before tax

 3,057

 2,594

 392

 1,437

 (1,054)

 (652)

 5,773

Tax expense / (benefit)

 1,407

Net profit / (loss)

 4,366

As of 31 December 2024

Total assets

 559,601

 447,068

 22,702

 453,422

 68,260

 13,975

 1,565,028

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

 5,850

 6,240

 8,051

 18,195

 25,543

Interest income from securities financing transactions measured at amortized cost

2

 850

 915

 898

 2,604

 3,252

Interest income from other financial instruments measured at amortized cost

 428

 406

 346

 1,194

 1,021

Interest income from debt instruments measured at fair value through other comprehensive income

 94

 44

 26

 164

 80

Interest income from derivative instruments designated as cash flow hedges 

 (308)

 (322)

 (556)

 (981)

 (1,731)

Total interest income from financial instruments measured at amortized cost and fair value through other comprehensive income

 6,913

 7,283

 8,766

 21,176

 28,165

Interest expense on loans and deposits

3

 3,426

 3,582

 4,887

 10,705

 15,400

Interest expense on securities financing transactions measured at amortized cost

4

 562

 552

 558

 1,529

 1,594

Interest expense on debt issued

 2,560

 2,639

 3,531

 7,993

 10,926

Interest expense on lease liabilities

 37

 43

 46

 122

 145

Total interest expense from financial instruments measured at amortized cost

 6,584

 6,817

 9,022

 20,349

 28,064

Total net interest income from financial instruments measured at amortized cost and fair value through other comprehensive

income

 329

 466

 (256)

 827

 101

Net interest income from financial instruments measured at fair value through profit or loss and other

 1,652

 1,500

 2,050

 4,748

 5,168

Total net interest income

 1,981

 1,965

 1,794

 5,575

 5,270

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

 256

 246

 153

 689

 579

M&A and corporate finance fees

 343

 225

 242

 813

 772

Brokerage fees

 1,363

 1,261

 1,122

 3,999

 3,417

Investment fund fees

 1,740

 1,601

 1,530

 4,883

 4,188

Portfolio management and related services

 3,302

 3,165

 3,117

 9,571

 9,238

Other

 874

 864

 1,008

 2,710

 3,267

Total fee and commission income

1

 7,878

 7,361

 7,170

 22,665

 21,461

of which: recurring

 4,966

 4,762

 4,679

 14,338

 13,570

of which: transaction-based

 2,824

 2,560

 2,447

 8,167

 7,785

of which: performance-based

 87

 39

 44

 160

 106

Fee and commission expense

 674

 653

 653

 1,976

 1,921

of which: brokerage expense

 71

 72

 80

 240

 273

Net fee and commission income

 7,204

 6,708

 6,517

 20,689

 19,540

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

 133

2

 4

 (14)

 230

2,3

 (17)

Net gains / (losses) from disposals of investments in associates and joint ventures

 0

 0

 132

 3

 132

Share of net profit / (loss) of associates and joint ventures

(60)

21

67

 97

4

 177

Total

 73

 25

 185

 330

 292

Income from properties

5

 10

 9

 14

 22

 44

Net gains / (losses) from properties held for sale

 15

 (5)

 (14)

 18

 (18)

Other

6

 (25)

7

 2

 156

8

 (54)

7

 301

8

Total other income

 73

 30

 341

 317

 619

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

 5,906

 5,900

 5,805

 17,773

 17,726

of which: variable compensation – financial advisors

2

 1,419

 1,335

 1,335

 4,163

 3,893

Contractors

 77

 79

 82

 228

 250

Social security

 440

 416

 409

 1,262

 1,236

Post-employment benefit plans

 505

 321

 338

 1,176

 1,014

Other personnel expenses

 244

 260

 255

 741

 731

Total personnel expenses

 7,172

 6,976

 6,889

 21,180

 20,957

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

 393

 381

 455

 1,153

 1,341

Technology costs

 590

 592

 580

 1,756

 1,734

Consulting, legal and audit fees

 341

 317

 349

 945

 1,146

Real estate and logistics costs

 272

 284

 311

 795

 902

Market data services

 168

 178

 178

 514

 565

Marketing and communication

 137

 145

 130

 405

 381

Travel and entertainment

 83

 89

 69

 245

 228

Litigation, regulatory and similar matters

1

 (668)

 (412)

 (69)

 (966)

 (227)

Other

 439

 306

 384

 1,220

2

 1,049

Total general and administrative expenses

 1,755

 1,881

 2,389

 6,067

 7,120

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

 (4)

 10

 1

 7

Personal & Corporate Banking

 2

 69

 0

 72

Asset Management

 0

 0

 0

 0

Investment Bank

 6

 11

 0

 17

Non-core and Legacy

 0

 2

 4

 6

Group Items

 0

 0

 0

 0

Total

 5

 93

 4

 102

For the quarter ended 30.6.25

Global Wealth Management

 (3)

 6

 0

 3

Personal & Corporate Banking

 22

 91

 1

 114

Asset Management

 0

 0

 0

 0

Investment Bank

 19

 29

 0

 48

Non-core and Legacy

 0

 0

 (2)

 (2)

Group Items

 0

 0

 0

 0

Total

 38

 126

 (1)

 163

For the quarter ended 30.9.24

Global Wealth Management

 (11)

 12

 1

 2

Personal & Corporate Banking

 (10)

 94

 0

 83

Asset Management

 0

 0

 0

 0

Investment Bank

 9

 0

 0

 9

Non-core and Legacy

 (2)

 0

 30

 28

Group Items

 0

 0

 0

 0

Total

 (15)

 106

 30

 121

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 

 2.8

 1.9

 1.7

Eurozone

 0.8

 1.1

 0.9

Switzerland

 1.4

 0.9

 1.3

Unemployment rate (%, annual average)

US 

 4.0

 4.3

 4.7

Eurozone

 6.4

 6.4

 6.6

Switzerland

 2.4

 2.9

 3.2

Fixed income: 10-year government bonds (%, Q4)

USD

 4.6

 4.2

 4.3

EUR

 2.4

 2.7

 2.9

CHF

 0.3

 0.2

 0.4

Real estate (annual percentage change, Q4)

US 

 3.8

 0.5

 1.7

Eurozone

 4.2

 3.8

 3.9

Switzerland

 0.9

 3.0

 2.5

Economic scenarios and weights applied

Assigned weights in %

ECL scenario

30.9.25

30.6.25

30.9.24

Asset price appreciation

 5.0

 5.0

–

Baseline

 50.0

 50.0

 60.0

Mild debt crisis 

–

–

 15.0

Stagflationary geopolitical crisis

–

–

 25.0

Moderate stagflation crisis

 30.0

 30.0

–

Global crisis 

 15.0

 15.0

–

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

 218,738

 218,507

 19

 0

 212

 (77)

 0

 (28)

 0

 (49)

Amounts due from banks

 19,230

 19,112

 117

 0

 0

 (10)

 (5)

 (5)

 0

 0

Receivables from securities financing transactions measured at

amortized cost

 95,343

 95,343

 0

 0

 0

 (2)

 (2)

 0

 0

 0

Cash collateral receivables on derivative instruments

 43,538

 43,538

 0

 0

 0

 0

 0

 0

 0

 0

Loans and advances to customers

 646,651

 620,660

 21,468

 3,834

 690

 (2,402)

 (344)

 (283)

 (1,450)

 (324)

of which: Private clients with mortgages

 286,209

 276,165

 8,788

 1,213

 43

 (120)

 (39)

 (24)

 (51)

 (6)

of which: Real estate financing

 92,280

 88,299

 3,707

 265

 8

 (73)

 (24)

 (35)

 (14)

 0

of which: Large corporate clients

 27,219

 23,633

 2,828

 561

 197

 (725)

 (108)

 (98)

 (362)

 (157)

of which: SME clients

 23,889

 20,638

 2,072

 1,023

 156

 (1,000)

 (81)

 (82)

 (799)

 (37)

of which: Lombard

 162,687

 162,404

 185

 44

 53

 (56)

 (9)

 0

 (19)

 (28)

of which: Credit cards

 2,326

 1,784

 497

 45

 0

 (47)

 (7)

 (12)

 (29)

 0

of which: Commodity trade finance

 3,935

 3,182

 716

 22

 15

 (98)

 (9)

 (1)

 (84)

 (5)

of which: Ship / aircraft financing

 8,462

 7,111

 1,232

 118

 0

 (19)

 (14)

 (5)

 0

 0

of which: Consumer financing

 2,962

 2,681

 133

 85

 63

 (116)

 (19)

 (23)

 (79)

 5

Other financial assets measured at amortized cost

 72,703

 71,917

 598

 181

 7

 (121)

 (27)

 (9)

 (85)

 0

of which: Loans to financial advisors

 2,712

 2,509

 105

 99

 0

 (34)

 (4)

 (1)

 (29)

 0

Total financial assets measured at amortized cost

 1,096,203

 1,069,077

 22,203

 4,015

 909

 (2,612)

 (379)

 (324)

 (1,535)

 (373)

Financial assets measured at fair value through other comprehensive

income

 9,801

 9,801

 0

 0

 0

 0

 0

 0

 0

 0

Total on-balance sheet financial assets in scope of ECL requirements

 1,106,004

 1,078,878

 22,203

 4,015

 909

 (2,612)

 (379)

 (324)

 (1,535)

 (373)

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

 44,990

 43,195

 1,583

 175

 37

 (72)

 (16)

 (22)

 (34)

 0

of which: Large corporate clients

 7,486

 6,366

 1,031

 66

 23

 (21)

 (7)

 (6)

 (8)

 0

of which: SME clients

 3,062

 2,730

 251

 75

 7

 (38)

 (5)

 (15)

 (18)

 0

of which: Financial intermediaries and hedge funds 

 27,000

 26,832

 167

 0

 0

 (1)

 (1)

 0

 0

 0

of which: Lombard

 3,891

 3,857

 1

 32

 0

 (6)

 0

 0

 (5)

 0

of which: Commodity trade finance

 2,126

 2,027

 99

 0

 0

 (1)

 (1)

 0

 0

 0

Irrevocable loan commitments

 79,592

 74,709

 4,593

 245

 45

 (250)

 (124)

 (93)

 (33)

 0

of which: Large corporate clients

 48,848

 44,679

 3,984

 140

 45

 (206)

 (95)

 (82)

 (30)

 0

Forward starting reverse repurchase and securities borrowing

agreements

 18,463

 18,463

 0

 0

 0

 0

 0

 0

 0

 0

Unconditionally revocable loan commitments

 136,304

 132,630

 3,451

 224

 0

 (68)

 (52)

 (16)

 0

 0

of which: Real estate financing

 8,164

 7,866

 297

 1

 0

 (3)

 (5)

 2

 0

 0

of which: Large corporate clients

 13,349

 11,922

 1,419

 8

 0

 (18)

 (9)

 (7)

 (2)

 0

of which: SME clients

 12,208

 11,350

 691

 166

 0

 (31)

 (23)

 (8)

 0

 0

of which: Lombard

 68,793

 68,710

 70

 12

 0

 0

 0

 0

 0

 0

of which: Credit cards

 11,758

 11,214

 541

 3

 0

 (10)

 (8)

 (2)

 0

 0

Irrevocable committed prolongation of existing loans

 6,143

 6,135

 5

 3

 0

 (4)

 (3)

 0

 0

 0

Total off-balance sheet financial instruments and other credit lines

 285,492

 275,131

 9,632

 647

 82

 (393)

 (195)

 (132)

 (67)

 0

Total allowances and provisions

 (3,005)

 (574)

 (456)

 (1,602)

 (373)

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

 236,193

 236,007

 20

 0

 167

 (72)

 0

 (29)

 0

 (43)

Amounts due from banks

 21,527

 21,425

 102

 0

 0

 (10)

 (5)

 (5)

 0

 0

Receivables from securities financing transactions measured at

amortized cost

 110,161

 110,161

 0

 0

 0

 (3)

 (3)

 0

 0

 0

Cash collateral receivables on derivative instruments

 45,478

 45,478

 0

 0

 0

 0

 0

 0

 0

 0

Loans and advances to customers

 646,048

 616,026

 25,488

 3,861

 673

 (2,343)

 (343)

 (311)

 (1,395)

 (293)

of which: Private clients with mortgages

 285,106

 272,055

 11,620

 1,391

 41

 (142)

 (43)

 (49)

 (38)

 (12)

of which: Real estate financing

 92,450

 86,557

 5,572

 313

 8

 (69)

 (25)

 (36)

 (8)

 0

of which: Large corporate clients

 26,647

 22,894

 3,098

 418

 237

 (647)

 (116)

 (97)

 (298)

 (136)

of which: SME clients

 24,689

 20,887

 2,496

 1,210

 95

 (1,018)

 (74)

 (85)

 (823)

 (35)

of which: Lombard

 161,022

 160,775

 147

 47

 53

 (64)

 (11)

 0

 (27)

 (26)

of which: Credit cards

 2,315

 1,791

 479

 45

 0

 (48)

 (7)

 (12)

 (29)

 0

of which: Commodity trade finance

 4,273

 4,236

 25

 12

 0

 (91)

 (8)

 0

 (82)

 0

of which: Ship / aircraft financing

 8,708

 7,903

 727

 78

 0

 (20)

 (15)

 (5)

 0

 0

of which: Consumer financing

 2,973

 2,684

 131

 89

 69

 (110)

 (19)

 (23)

 (74)

 5

Other financial assets measured at amortized cost

 72,211

 71,415

 620

 171

 5

 (131)

 (25)

 (11)

 (94)

 (1)

of which: Loans to financial advisors

 2,682

 2,495

 97

 90

 0

 (39)

 (3)

 (1)

 (35)

 0

Total financial assets measured at amortized cost

 1,131,618

 1,100,512

 26,229

 4,032

 844

 (2,559)

 (378)

 (356)

 (1,489)

 (337)

Financial assets measured at fair value through other comprehensive

income

 6,872

 6,872

 0

 0

 0

 0

 0

 0

 0

 0

Total on-balance sheet financial assets in scope of ECL requirements

 1,138,490

 1,107,384

 26,229

 4,032

 844

 (2,559)

 (378)

 (356)

 (1,489)

 (337)

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

 44,446

 43,444

 819

 144

 40

 (96)

 (14)

 (21)

 (61)

 0

of which: Large corporate clients

 7,728

 7,154

 480

 67

 26

 (54)

 (6)

 (5)

 (42)

 0

of which: SME clients

 3,280

 3,007

 219

 48

 7

 (31)

 (5)

 (15)

 (11)

 0

of which: Financial intermediaries and hedge funds 

 26,604

 26,516

 87

 0

 0

 (1)

 (1)

 0

 0

 0

of which: Lombard

 3,958

 3,933

 1

 24

 0

 (6)

 0

 0

 (5)

 0

of which: Commodity trade finance

 1,874

 1,873

 1

 0

 0

 (1)

 (1)

 0

 0

 0

Irrevocable loan commitments

 82,046

 77,132

 4,688

 199

 27

 (247)

 (139)

 (83)

 (24)

 (2)

of which: Large corporate clients

 49,093

 44,806

 4,094

 166

 27

 (195)

 (101)

 (74)

 (18)

 (1)

Forward starting reverse repurchase and securities borrowing

agreements

 20,143

 20,143

 0

 0

 0

 0

 0

 0

 0

 0

Unconditionally revocable loan commitments

 150,771

 147,962

 2,582

 227

 0

 (62)

 (47)

 (15)

 0

 0

of which: Real estate financing

 8,237

 7,929

 309

 0

 0

 (3)

 (4)

 1

 0

 0

of which: Large corporate clients

 14,601

 13,752

 817

 32

 0

 (15)

 (8)

 (5)

 (2)

 0

of which: SME clients

 12,030

 11,420

 454

 156

 0

 (26)

 (20)

 (6)

 0

 0

of which: Lombard

 75,099

 75,013

 74

 12

 0

 0

 0

 0

 0

 0

of which: Credit cards

 11,566

 11,045

 518

 3

 0

 (9)

 (7)

 (2)

 0

 0

Irrevocable committed prolongation of existing loans

 5,201

 5,182

 19

 0

 0

 (2)

 (2)

 0

 0

 0

Total off-balance sheet financial instruments and other credit lines

 302,608

 293,863

 8,108

 570

 67

 (406)

 (201)

 (118)

 (85)

 (2)

Total allowances and provisions

 (2,966)

 (579)

 (474)

 (1,574)

 (338)

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

 223,329

 223,201

 13

 0

 114

 (47)

 0

 (21)

 0

 (25)

Amounts due from banks

 18,903

 18,704

 198

 0

 0

 (36)

 (1)

 (5)

 0

 (30)

Receivables from securities financing transactions measured at

amortized cost

 118,301

 118,301

 0

 0

 0

 (2)

 (2)

 0

 0

 0

Cash collateral receivables on derivative instruments

 43,959

 43,959

 0

 0

 0

 0

 0

 0

 0

 0

Loans and advances to customers

 579,967

 553,532

 22,049

 3,565

 820

 (1,978)

 (276)

 (323)

 (1,134)

 (244)

of which: Private clients with mortgages

 249,756

 239,540

 8,987

 1,146

 84

 (160)

 (46)

 (70)

 (30)

 (14)

of which: Real estate financing

 82,602

 78,410

 3,976

 195

 20

 (58)

 (24)

 (27)

 (7)

 0

of which: Large corporate clients

 25,286

 20,816

 3,462

 707

 301

 (573)

 (72)

 (123)

 (277)

 (100)

of which: SME clients

 20,768

 17,403

 2,265

 952

 148

 (742)

 (55)

 (47)

 (613)

 (26)

of which: Lombard

 147,504

 147,136

 260

 48

 61

 (42)

 (6)

 0

 (18)

 (18)

of which: Credit cards

 1,978

 1,533

 406

 39

 0

 (41)

 (6)

 (11)

 (25)

 0

of which: Commodity trade finance

 4,203

 4,089

 106

 8

 0

 (81)

 (9)

 0

 (71)

 0

of which: Ship / aircraft financing

 7,848

 6,974

 874

 0

 0

 (31)

 (14)

 (16)

 0

 0

of which: Consumer financing

 2,820

 2,480

 114

 159

 67

 (93)

 (15)

 (19)

 (62)

 4

Other financial assets measured at amortized cost

 58,835

 58,209

 436

 178

 12

 (125)

 (25)

 (7)

 (84)

 (8)

of which: Loans to financial advisors

 2,723

 2,568

 59

 95

 0

 (41)

 (4)

 (1)

 (37)

 0

Total financial assets measured at amortized cost

 1,043,293

 1,015,906

 22,697

 3,743

 946

 (2,187)

 (304)

 (357)

 (1,218)

 (307)

Financial assets measured at fair value through other comprehensive

income

 2,195

 2,195

 0

 0

 0

 0

 0

 0

 0

 0

Total on-balance sheet financial assets in scope of ECL requirements

 1,045,488

 1,018,102

 22,697

 3,743

 946

 (2,187)

 (304)

 (357)

 (1,218)

 (307)

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

 40,279

 38,858

 1,242

 151

 27

 (64)

 (16)

 (24)

 (24)

 0

of which: Large corporate clients

 7,817

 7,096

 635

 78

 8

 (17)

 (7)

 (9)

 (2)

 0

of which: SME clients

 2,524

 2,074

 393

 41

 15

 (26)

 (5)

 (15)

 (7)

 0

of which: Financial intermediaries and hedge funds 

 21,590

 21,449

 141

 0

 0

 (1)

 (1)

 0

 0

 0

of which: Lombard

 3,709

 3,652

 24

 29

 4

 (6)

 (1)

 0

 (5)

 0

of which: Commodity trade finance

 2,678

 2,676

 2

 0

 0

 (1)

 (1)

 0

 0

 0

Irrevocable loan commitments

 79,579

 75,158

 4,178

 187

 56

 (177)

 (105)

 (61)

 (10)

 (2)

of which: Large corporate clients

 47,381

 43,820

 3,393

 125

 43

 (155)

 (91)

 (54)

 (8)

 (2)

Forward starting reverse repurchase and securities borrowing

agreements

 24,896

 24,896

 0

 0

 0

 0

 0

 0

 0

 0

Unconditionally revocable loan commitments

 145,665

 143,262

 2,149

 250

 5

 (76)

 (59)

 (17)

 0

 0

of which: Real estate financing

 7,674

 7,329

 345

 0

 0

 (6)

 (4)

 (2)

 0

 0

of which: Large corporate clients

 14,690

 14,089

 584

 14

 3

 (22)

 (14)

 (7)

 (2)

 0

of which: SME clients

 9,812

 9,289

 333

 190

 0

 (34)

 (28)

 (6)

 0

 0

of which: Lombard

 73,267

 73,181

 84

 0

 1

 0

 0

 0

 0

 0

of which: Credit cards

 10,074

 9,604

 467

 3

 0

 (8)

 (6)

 (2)

 0

 0

Irrevocable committed prolongation of existing loans

 4,608

 4,602

 4

 2

 0

 (3)

 (3)

 0

 0

 0

Total off-balance sheet financial instruments and other credit lines

 295,027

 286,776

 7,572

 590

 89

 (320)

 (183)

 (102)

 (34)

 (2)

Total allowances and provisions

 (2,507)

 (487)

 (459)

 (1,253)

 (309)

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

 Loans to financial advisors

)

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

 and

Financial

assets measured at fair value through other comprehensive income

 are not included in the table below, due to their

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

 286,329

 276,204

 8,812

 1,264

 49

 4

 1

 27

 2

 403

 1,233

Real estate financing

 92,353

 88,323

 3,742

 279

 9

 8

 3

 93

 6

 496

 447

Total real estate lending

 378,682

 364,527

 12,554

 1,543

 58

 5

 2

 47

 3

 420

 1,115

Large corporate clients

 27,944

 23,741

 2,926

 922

 354

 259

 46

 335

 77

 3,921

 4,431

SME clients

 24,889

 20,720

 2,154

 1,823

 193

 402

 39

 380

 71

 4,385

 1,935

Total corporate lending

 52,833

 44,461

 5,080

 2,745

 547

 326

 43

 354

 75

 4,230

 3,550

Lombard

 162,742

 162,413

 185

 63

 81

 3

 1

 0

 1

 2,956

 3,459

Credit cards

 2,373

 1,791

 509

 74

 0

 199

 38

 234

 81

 3,881

 0

Commodity trade finance

 4,033

 3,191

 716

 106

 20

 243

 27

 7

 23

 7,899

 2,603

Ship / aircraft financing

 8,481

 7,126

 1,237

 118

 0

 23

 20

 40

 23

 0

 0

Consumer financing

 3,078

 2,700

 157

 164

 57

 376

 70

 1,482

 147

 4,802

 0

Other loans and advances to customers

 36,829

 34,795

 1,312

 471

 250

 40

 10

 30

 10

 313

 3,813

Loans to financial advisors

 2,747

 2,512

 106

 128

 0

 124

 14

 120

 19

 2,280

 0

Total other lending

 220,284

 214,528

 4,223

 1,125

 408

 24

 4

 108

 6

 2,258

 3,018

Total

1

 651,799

 623,516

 21,857

 5,413

 1,014

 37

 6

 130

 10

 2,734

 3,196

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

 11,414

 11,183

 229

 2

 0

 3

 3

 24

 3

 0

 0

Real estate financing

 9,935

 9,602

 315

 18

 0

 6

 9

 0

 6

 53

 0

Total real estate lending

 21,349

 20,785

 544

 21

 0

 4

 6

 0

 4

 47

 0

Large corporate clients

 69,733

 63,017

 6,433

 214

 68

 35

 18

 146

 30

 1,864

 0

SME clients

 17,056

 15,701

 1,022

 327

 7

 51

 24

 291

 40

 628

 3

Total corporate lending

 86,789

 78,718

 7,455

 541

 75

 38

 19

 166

 32

 1,118

 0

Lombard

 76,371

 76,256

 72

 44

 0

 1

 1

 0

 1

 1,217

 0

Credit cards

 11,758

 11,214

 541

 3

 0

 8

 7

 36

 8

 0

 0

Commodity trade finance

 2,195

 2,093

 101

 0

 0

 6

 5

 21

 6

 0

 0

Ship / aircraft financing

 2,024

 2,001

 23

 0

 0

 0

 0

 0

 0

 0

 0

Consumer financing

 258

 258

 0

 0

 0

 3

 3

 0

 3

 0

 0

Financial intermediaries and hedge funds

 27,026

 26,454

 572

 0

 0

 2

 1

 8

 2

 0

 0

Other off-balance sheet commitments

 39,259

 38,891

 325

 37

 7

 7

 5

 235

 7

 265

 0

Total other lending

 158,891

 157,166

 1,634

 85

 7

 3

 2

 63

 3

 747

 0

Total

2

 267,029

 256,668

 9,632

 647

 82

 15

 8

 137

 12

 1,035

 0

Total on- and off-balance sheet

3

 918,828

 880,184

 31,489

 6,059

 1,096

 31

 6

 132

 11

 2,552

 2,955

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

 285,249

 272,098

 11,669

 1,429

 53

 5

 2

 42

 3

 266

 2,234

Real estate financing

 92,519

 86,582

 5,608

 320

 9

 7

 3

 64

 7

 235

 376

Total real estate lending

 377,768

 358,680

 17,277

 1,749

 61

 6

 2

 49

 4

 260

 1,970

Large corporate clients

 27,294

 23,011

 3,194

 716

 373

 237

 51

 302

 81

 4,164

 3,651

SME clients

 25,706

 20,961

 2,581

 2,033

 131

 396

 35

 331

 68

 4,048

 2,710

Total corporate lending

 53,001

 43,972

 5,776

 2,749

 504

 314

 43

 315

 75

 4,078

 3,406

Lombard

 161,086

 160,787

 147

 73

 78

 4

 1

 0

 1

 3,643

 3,294

Credit cards

 2,363

 1,798

 491

 74

 0

 201

 36

 250

 82

 3,898

 0

Commodity trade finance

 4,364

 4,244

 25

 94

 0

 208

 19

 0

 19

 8,714

 0

Ship / aircraft financing

 8,728

 7,917

 732

 78

 0

 23

 18

 70

 23

 0

 0

Consumer financing

 3,083

 2,703

 154

 163

 64

 356

 71

 1,466

 146

 4,531

 15

Other loans and advances to customers

 37,999

 36,269

 1,197

 275

 259

 35

 7

 32

 8

 625

 3,425

Loans to financial advisors

 2,721

 2,498

 99

 125

 0

 145

 13

 140

 18

 2,777

 0

Total other lending

 220,344

 216,216

 2,845

 882

 401

 23

 4

 159

 6

 2,984

 2,727

Total

1

 651,112

 618,868

 25,898

 5,381

 966

 37

 6

 121

 10

 2,658

 3,034

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

 11,178

 10,950

 222

 6

 0

 4

 3

 25

 4

 0

 0

Real estate financing

 9,734

 9,401

 333

 0

 0

 8

 9

 0

 8

 0

 0

Total real estate lending

 20,912

 20,351

 555

 6

 0

 6

 6

 0

 6

 0

 0

Large corporate clients

 71,511

 65,801

 5,392

 265

 53

 37

 17

 156

 28

 2,359

 271

SME clients

 17,371

 16,346

 780

 237

 7

 46

 22

 358

 37

 718

 425

Total corporate lending

 88,882

 82,148

 6,172

 503

 60

 39

 18

 182

 30

 1,584

 289

Lombard

 82,536

 82,424

 75

 36

 0

 1

 1

 0

 1

 1,508

 0

Credit cards

 11,566

 11,045

 518

 3

 0

 8

 6

 36

 8

 0

 0

Commodity trade finance

 2,230

 2,223

 6

 0

 0

 3

 3

 46

 3

 0

 0

Ship / aircraft financing

 2,430

 2,390

 41

 0

 0

 0

 0

 0

 0

 0

 0

Consumer financing

 327

 327

 0

 0

 0

 2

 2

 0

 2

 0

 0

Financial intermediaries and hedge funds

 28,287

 27,748

 539

 0

 0

 2

 2

 7

 2

 0

 0

Other off-balance sheet commitments

 45,295

 45,064

 203

 22

 7

 6

 5

 207

 6

 46

 0

Total other lending

 172,671

 171,221

 1,381

 61

 7

 3

 2

 47

 3

 903

 0

Total

2

 282,465

 273,720

 8,108

 570

 67

 14

 7

 146

 11

 1,494

 229

Total on- and off-balance sheet

3

 933,577

 892,588

 34,006

 5,950

 1,033

 30

 6

 127

 11

 2,546

 2,852

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

 249,916

 239,586

 9,056

 1,176

 98

 6

 2

 77

 5

 257

 1,447

Real estate financing

 82,660

 78,434

 4,003

 202

 20

 7

 3

 67

 6

 353

 2

Total real estate lending

 332,576

 318,020

 13,059

 1,378

 118

 7

 2

 74

 5

 271

 1,203

Large corporate clients

 25,859

 20,888

 3,585

 983

 402

 222

 35

 344

 80

 2,814

 2,500

SME clients

 21,510

 17,459

 2,312

 1,565

 174

 345

 32

 205

 52

 3,918

 1,474

Total corporate lending

 47,369

 38,347

 5,897

 2,549

 576

 278

 33

 290

 67

 3,492

 2,190

Lombard

 147,547

 147,141

 260

 66

 79

 3

 0

 8

 0

 2,719

 2,317

Credit cards

 2,019

 1,539

 416

 64

 0

 205

 39

 256

 85

 3,857

 0

Commodity trade finance

 4,284

 4,098

 106

 79

 0

 189

 22

 40

 23

 8,984

 4,226

Ship / aircraft financing

 7,879

 6,988

 891

 0

 0

 39

 20

 184

 39

 0

 0

Consumer financing

 2,912

 2,495

 133

 221

 63

 318

 62

 1,449

 132

 2,786

 0

Other loans and advances to customers

 37,359

 35,179

 1,610

 342

 228

 42

 8

 57

 10

 917

 3,909

Loans to financial advisors

 2,764

 2,571

 60

 132

 0

 149

 14

 159

 17

 2,785

 0

Total other lending

 204,764

 200,012

 3,477

 905

 370

 24

 4

 164

 7

 2,691

 2,804

Total

1

 584,708

 556,380

 22,433

 4,831

 1,064

 35

 5

 145

 10

 2,424

 2,294

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

 8,473

 8,271

 176

 25

 1

 4

 4

 22

 4

 84

 0

Real estate financing

 8,694

 8,300

 394

 0

 0

 7

 6

 33

 7

 0

 0

Total real estate lending

 17,167

 16,571

 570

 25

 1

 6

 5

 30

 6

 84

 0

Large corporate clients

 69,892

 65,009

 4,612

 217

 54

 28

 17

 150

 26

 588

 290

SME clients

 13,944

 12,788

 842

 287

 27

 53

 30

 324

 48

 281

 0

Total corporate lending

 83,837

 77,797

 5,454

 504

 81

 32

 19

 177

 30

 413

 186

Lombard

 80,390

 80,235

 120

 30

 4

 1

 0

 1

 0

 1,764

 0

Credit cards

 10,074

 9,604

 467

 3

 0

 8

 6

 36

 8

 0

 0

Commodity trade finance

 3,487

 3,464

 23

 0

 0

 3

 3

 51

 3

 0

 0

Ship / aircraft financing

 2,669

 2,663

 6

 0

 0

 13

 13

 49

 13

 0

 0

Consumer financing

 134

 134

 0

 0

 0

 6

 6

 0

 6

 0

 0

Financial intermediaries and hedge funds

 19,609

 19,145

 464

 0

 0

 1

 1

 8

 1

 0

 0

Other off-balance sheet commitments

 52,765

 52,268

 468

 27

 2

 4

 2

 28

 2

 2,903

 0

Total other lending

 169,127

 167,512

 1,549

 61

 6

 2

 1

 23

 2

 2,171

 0

Total

2

 270,131

 261,880

 7,572

 590

 89

 12

 7

 135

 11

 580

 171

Total on- and off-balance sheet

3

 854,839

 818,260

 30,006

 5,421

 1,153

 27

 6

 142

 10

 2,223

 2,131

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

 126,412

 910

 157

 127,479

 117,030

 370

 155

 117,556

 116,501

 430

 91

 117,022

of which: Government bills / bonds

 8,178

 4,401

 112

 12,692

 8,997

 3,715

 139

 12,851

 4,443

 3,261

 41

 7,746

of which: Investment fund units

 8,499

 1,278

 147

 9,923

 7,554

 874

 96

 8,525

 6,537

 987

 151

 7,675

of which: Corporate and municipal bonds

 420

 23,034

 885

 24,339

 1,167

 22,710

 757

 24,634

 911

 17,462

 838

 19,211

of which: Loans

 0

 1,658

 2,070

 3,728

 0

 3,145

 2,172

 5,317

 0

 5,200

 1,799

 6,998

of which: Asset-backed securities

 0

 202

 128

 330

 4

 168

 134

 306

 1

 219

 153

 373

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

 376

 47,455

 357

 48,188

 815

 77,598

 81

 78,494

 472

 100,328

 66

 100,867

of which: Interest rate

 0

 34,862

 1,055

 35,917

 0

 37,105

 884

 37,988

 0

 40,553

 878

 41,431

of which: Equity / index

 0

 55,581

 1,203

 56,783

 0

 44,112

 1,255

 45,367

 0

 35,747

 1,129

 36,876

of which: Credit

 0

 3,549

 348

 3,897

 0

 2,310

 928

 3,238

 0

 2,555

 581

 3,136

of which: Commodities

 3

 8,053

 4

 8,060

 2

 4,267

 2

 4,272

 1

 2,599

 17

 2,617

Brokerage receivables

 0

 30,633

 0

 30,633

 0

 29,068

 0

 29,068

 0

 25,858

 0

 25,858

Financial assets at fair value not held for trading

 43,739

 51,964

 10,125

 105,827

 44,849

 53,642

 9,263

 107,755

 35,911

 50,813

 8,748

 95,472

of which: Financial assets for unit-linked

investment contracts

 20,003

 4

 1

 20,008

 19,424

 112

 1

 19,537

 17,101

 6

 0

 17,106

of which: Corporate and municipal bonds

 30

 18,052

 95

 18,178

 31

 19,182

 91

 19,303

 31

 14,695

 133

 14,859

of which: Government bills / bonds

 23,152

 6,761

 0

 29,913

 24,842

 6,093

 0

 30,935

 18,264

 6,204

 0

 24,469

of which: Loans

 0

 5,804

 4,524

 10,327

 0

 5,626

 3,734

 9,360

 0

 4,427

 3,192

 7,619

of which: Securities financing transactions

 0

 19,749

 755

 20,504

 0

 21,208

 703

 21,911

 0

 24,026

 611

 24,638

of which: Asset-backed securities

 0

 1,080

 548

 1,628

 0

 864

 534

 1,399

 0

 972

 597

 1,569

of which: Auction rate securities

 0

 0

 191

 191

 0

 0

 191

 191

 0

 0

 191

 191

of which: Investment fund units

 457

 352

 629

 1,438

 433

 386

 626

 1,445

 423

 401

 681

 1,505

of which: Equity instruments

 96

 2

 3,114

 3,212

 119

 0

 3,066

 3,186

 93

 0

 2,917

 3,010

Financial assets measured at fair value through other comprehensive income on a recurring basis

Financial assets measured at fair value through

other comprehensive income

 7,662

 2,139

 0

 9,801

 4,716

 2,156

 0

 6,872

 59

 2,137

 0

 2,195

of which: Government bills / bonds

 7,587

 0

 0

 7,587

 4,644

 0

 0

 4,644

 0

 0

 0

 0

of which: Commercial paper and certificates

of deposit

 0

 1,960

 0

 1,960

 0

 1,926

 0

 1,926

 0

 1,959

 0

 1,959

of which: Corporate and municipal bonds

 76

 179

 0

 255

 71

 231

 0

 302

 59

 178

 0

 237

Non-financial assets measured at fair value on a recurring basis

Precious metals and other physical commodities

 10,928

 0

 0

 10,928

 9,465

 0

 0

 9,465

 7,341

 0

 0

 7,341

Non-financial assets measured at fair value on a non-recurring basis

Other non-financial assets

2

 0

 0

 63

 63

 0

 0

 76

 76

 0

 0

 84

 84

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

 39,359

 14,209

 228

 53,796

 38,223

 14,057

 50

 52,330

 24,577

 10,429

 240

 35,247

of which: Equity instruments

 31,397

 241

 46

 31,684

 30,064

 215

 26

 30,305

 18,528

 257

 29

 18,814

of which: Corporate and municipal bonds

 3

 12,099

 173

 12,275

 0

 11,953

 21

 11,974

 5

 8,771

 206

 8,982

of which: Government bills / bonds

 6,058

 1,644

 0

 7,702

 5,614

 1,629

 0

 7,243

 4,336

 1,174

 0

 5,510

of which: Investment fund units

 1,900

 151

 8

 2,059

 2,545

 169

 1

 2,715

 1,708

 162

 3

 1,873

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

 391

 50,679

 42

 51,112

 736

 87,968

 56

 88,759

 506

 94,035

 46

 94,587

of which: Interest rate

 0

 31,209

 200

 31,408

 0

 33,261

 307

 33,568

 0

 36,313

 324

 36,636

of which: Equity / index

 0

 64,897

 3,873

 68,770

 0

 50,340

 3,469

 53,810

 0

 39,597

 3,142

 42,739

of which: Credit

 0

 4,014

 297

 4,311

 0

 3,192

 241

 3,433

 0

 3,280

 414

 3,694

of which: Commodities

 1

 6,540

 13

 6,554

 1

 3,498

 11

 3,510

 1

 2,200

 15

 2,216

of which: Loan commitments measured at

FVTPL

 0

 9

 31

 40

 0

 12

 30

 42

 0

 75

 62

 137

Financial liabilities designated at fair value on a recurring basis

Brokerage payables designated at fair value

 0

 62,067

 0

 62,067

 0

 57,951

 0

 57,951

 0

 49,023

 0

 49,023

Debt issued designated at fair value

 0

 99,785

 12,351

 112,137

 0

 100,668

 12,854

 113,522

 0

 94,573

 13,336

 107,909

Other financial liabilities designated at fair value

 0

 27,940

 2,566

 30,506

 0

 27,110

 2,300

 29,410

 0

 25,931

 2,768

 28,699

of which: Financial liabilities related to unit-

linked investment contracts

 0

 20,143

 0

 20,143

 0

 19,669

 0

 19,669

 0

 17,203

 0

 17,203

of which: Securities financing transactions

 0

 5,330

 119

 5,448

 0

 4,580

 118

 4,699

 0

 5,798

 0

 5,798

of which: Over-the-counter debt instruments

and others

 0

 2,468

 2,447

 4,915

 0

 2,861

 2,182

 5,043

 0

 2,930

 2,768

 5,698

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

 when the pricing of equivalent products or the underlying parameters become

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

 417

 391

 388

 421

 404

Profit / (loss) deferred on new transactions

 94

 68

 85

 227

 187

(Profit) / loss recognized in the income statement

 (72)

 (41)

 (54)

 (207)

 (170)

Foreign currency translation

 (1)

 (1)

 (1)

 (3)

 (2)

Reserve balance at the end of the period

 438

 417

 418

 438

 418

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

 (1,592)

 (1,040)

 (1,165)

of which: debt issued designated at fair value

 (1,617)

 (1,080)

 (1,188)

of which: other financial liabilities designated at fair value

 25

 40

 23

Credit valuation adjustments

2

 (31)

 (40)

 (125)

Funding and debit valuation adjustments

 (78)

 (87)

 (96)

Other valuation adjustments

 (810)

 (966)

 (1,207)

of which: liquidity

 (549)

 (586)

 (746)

of which: model uncertainty

 (261)

 (380)

 (460)

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

 1.0

 1.0

 0.2

 0.2

Relative value to

market comparable

Bond price equivalent

 12

 103

 84

 23

 114

 98

points

Loans at fair value (held for

trading and not held for

trading) and guarantees

3

 6.7

 5.2

 0.0

 0.0

Relative value to

market comparable

Loan price equivalent

 8

 100

 94

 1

 173

 84

points

Discounted expected

cash flows

Credit spread

 17

 255

 93

 16

 545

 195

basis

points

Market comparable

and securitization

model

Credit spread

 85

 1,963

 261

 75

 1,899

 208

basis

points

Asset-backed securities

 0.7

 0.7

 0.0

 0.0

Relative value to

market comparable

Bond price equivalent

 7

 105

 80

 0

 112

 79

points

Investment fund units

4

 0.8

 0.8

 0.0

 0.0

Relative value to

market comparable

Net asset value

Equity instruments

4

 3.3

 3.0

 0.0

 0.0

Relative value to

market comparable

Price

Debt issued designated at

fair value

3

 12.4

 13.3

Other financial liabilities

designated at fair value

3

 2.6

 2.8

Discounted expected

cash flows

Funding spread

 95

 166

 95

 201

basis

points

Derivative financial instruments

Interest rate

 1.1

 0.9

 0.2

 0.3

Option model

Volatility of interest rates

 65

 86

 50

 156

basis

points

Credit

 0.3

 0.6

 0.3

 0.4

Discounted expected

cash flows

Credit spreads 

 4

 1,760

 2

 1,789

basis

points

Credit correlation

 50

 58

 50

 66

%

Recovery rates

 4

 100

 0

 100

%

Option model

Credit volatility

 60

 60

 59

 127

%

Recovery rates

 0

 40

%

Equity / index

 1.2

 1.1

 3.9

 3.1

Option model

Equity dividend yields

 0

 9

 0

 16

%

Volatility of equity stocks,

equity and other indices

 1

 130

 4

 126

%

Equity-to-FX correlation

 (65)

 70

 (65)

 80

%

Equity-to-equity correlation

 0

 100

 0

 100

%

Loan commitments

measured at FVTPL

 0.0

 0.1

Relative value to

market comparable

Loan price equivalent

 79

 100

 60

 101

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

 87

 (84)

 141

 (112)

 185

 (143)

Securities financing transactions

 21

 (11)

 25

 (14)

 30

 (24)

Auction rate securities

 8

 (6)

 8

 (4)

 8

 (6)

Asset-backed securities

 18

 (17)

 19

 (17)

 32

 (28)

Equity instruments

 411

 (399)

 387

 (370)

 333

 (308)

Investment fund units

 180

 (182)

 178

 (180)

 179

 (181)

Loan commitments measured at FVTPL

 12

 (94)

 13

 (41)

 38

 (42)

Interest rate derivatives, net

 45

 (17)

 68

 (58)

 115

 (70)

Credit derivatives, net

 55

 (86)

 78

 (108)

 112

 (117)

Foreign exchange derivatives, net

 8

 (9)

 6

 (5)

 3

 (2)

Equity / index derivatives, net

 658

 (581)

 690

 (577)

 732

 (617)

Other

 219

 (110)

 216

 (115)

 289

 (161)

Total

 1,722

 (1,595)

 1,830

 (1,601)

 2,056

 (1,700)

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

 3.1

 (0.1)

 (0.2)

 0.6

 (1.3)

 1.1

 (0.4)

 0.5

 (0.1)

 0.1

 3.5

of which: Equity instruments

 0.1

 (0.0)

 (0.0)

 0.0

 (0.0)

0.0

 (0.0)

 0.1

 (0.0)

 0.0

 0.2

of which: Corporate and municipal

bonds

 0.8

 (0.1)

 (0.1)

 0.5

 (0.4)

0.0

 (0.0)

 0.1

 (0.1)

 0.0

 0.9

of which: Loans

 1.8

 0.1

 (0.0)

 0.0

 (0.7)

 1.1

 (0.4)

 0.1

 (0.0)

 0.0

 2.1

Derivative financial instruments –

assets

 2.8

 (0.0)

 (0.0)

0.0

 (0.0)

 1.1

 (1.0)

 0.4

 (0.3)

 0.0

 3.0

of which: Interest rate

 0.9

 0.2

 0.1

0.0

 0.0

 0.0

 (0.3)

 0.3

 (0.1)

 (0.0)

 1.1

of which: Equity / index

 1.1

 (0.2)

 (0.1)

0.0

0.0

 0.7

 (0.3)

 0.1

 (0.2)

 0.0

 1.2

of which: Credit

 0.6

 (0.1)

 (0.0)

0.0

 (0.0)

 0.1

 (0.3)

 0.1

 (0.0)

 0.0

 0.3

Financial assets at fair value not held

for trading

 8.7

 0.9

 0.8

 0.2

 (0.5)

 1.5

 (0.8)

 0.2

 (0.3)

 0.2

 10.1

of which: Loans

 3.2

 0.9

 0.9

 0.0

 (0.0)

 1.2

 (0.7)

 0.0

 (0.2)

 0.1

 4.5

of which: Auction rate securities

 0.2

 0.0

 0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

 0.2

of which: Equity instruments

 2.9

 0.1

 (0.0)

 0.2

 (0.2)

 0.0

 0.0

 0.0

 (0.0)

 0.1

 3.1

of which: Investment fund units

 0.7

 0.0

 0.0

 0.0

 (0.1)

 0.0

 (0.0)

 0.0

0.0

 0.0

 0.6

of which: Asset-backed securities

 0.6

 (0.0)

 (0.0)

 0.0

 (0.1)

0.0

0.0

 0.1

 (0.0)

 0.0

 0.5

Derivative financial instruments –

liabilities

 4.1

 0.4

 0.5

0.0

 (0.0)

 1.7

 (1.1)

 0.0

 (0.7)

 0.1

 4.5

of which: Interest rate

 0.3

 0.1

 0.0

0.0

 (0.0)

 0.1

 (0.2)

 (0.0)

 (0.0)

 0.0

 0.2

of which: Equity / index

 3.1

 0.4

 0.5

0.0

0.0

 1.5

 (0.7)

 0.0

 (0.6)

 0.0

 3.9

of which: Credit

 0.4

 (0.1)

 (0.1)

0.0

0.0

 0.1

 (0.1)

 0.0

 (0.0)

 0.0

 0.3

of which: Loan commitments

measured at FVTPL

 0.1

 0.0

 0.0

0.0

 (0.0)

 0.0

 (0.0)

 0.0

 (0.0)

0.0

 0.0

Debt issued designated at fair value

 13.3

 1.0

 1.0

0.0

0.0

 3.5

 (2.9)

 0.6

 (3.6)

 0.4

 12.4

Other financial liabilities designated at

fair value

 2.8

 0.0

 0.0

0.0

 (0.0)

 0.6

 (0.9)

 0.0

 0.0

 0.0

 2.6

For the nine months ended 30 September 2024

Financial assets at fair value held for

trading

 22.6

 0.4

 (0.3)

 1.0

 (13.6)

 1.3

 (7.1)

 1.4

 (0.9)

 (0.0)

 5.1

of which: Equity instruments

 0.3

 (0.0)

 (0.0)

 0.0

 (0.1)

 0.0

 (0.0)

 0.1

 (0.1)

 (0.0)

 0.2

of which: Corporate and municipal

bonds

 1.3

 (0.2)

 (0.1)

 0.4

 (0.7)

0.0

 (0.0)

 0.0

 (0.1)

 0.0

 0.9

of which: Loans

 19.6

 0.7

 (0.2)

 0.4

 (11.6)

 1.3

 (7.1)

 1.2

 (0.7)

 (0.0)

 3.7

Derivative financial instruments –

assets

 2.6

 (0.0)

 (0.1)

 0.0

 (0.2)

 0.9

 (1.0)

 0.7

 (0.4)

 (0.0)

 2.6

of which: Interest rate

 0.4

 0.1

 0.1

0.0

 (0.2)

 0.3

 (0.2)

 0.2

 0.0

 (0.0)

 0.6

of which: Equity / index

 1.3

 (0.1)

 (0.1)

 0.0

 (0.0)

 0.4

 (0.4)

 0.1

 (0.3)

 (0.0)

 1.0

of which: Credit

 0.5

 (0.1)

 (0.0)

0.0

 (0.0)

 0.1

 (0.2)

 0.3

 (0.0)

 (0.0)

 0.6

Financial assets at fair value not held

for trading

 8.4

 0.1

 (0.1)

 0.4

 (0.6)

 1.5

 (2.2)

 0.8

 (0.2)

 (0.1)

 8.1

of which: Loans

 2.3

 0.1

 0.1

 0.2

 0.0

 0.9

 (0.7)

0.0

 (0.1)

 (0.1)

 2.5

of which: Auction rate securities

 1.2

 0.0

 (0.0)

0.0

0.0

0.0

 (1.1)

0.0

0.0

0.0

 0.2

of which: Equity instruments

 3.1

 (0.0)

 (0.1)

 0.1

 (0.2)

 0.0

0.0

 0.1

0.0

 (0.0)

 3.0

of which: Investment fund units

 0.7

 0.0

 0.0

 0.1

 (0.2)

0.0

 (0.0)

 0.0

 (0.0)

 (0.0)

 0.6

of which: Asset-backed securities

 0.2

 0.0

 (0.0)

 0.0

 (0.1)

0.0

0.0

 0.5

 (0.1)

 (0.0)

 0.6

Derivative financial instruments –

liabilities

 5.6

 (0.0)

 0.8

 0.0

 (0.2)

 1.8

 (1.8)

 0.5

 (0.4)

 (0.1)

 5.4

of which: Interest rate

 0.2

 0.1

 0.3

 0.0

 (0.0)

 0.0

 (0.1)

 0.1

 (0.0)

 (0.0)

 0.3

of which: Equity / index

 3.3

 0.8

 0.9

0.0

 (0.0)

 1.6

 (1.4)

 0.4

 (0.4)

 (0.0)

 4.3

of which: Credit

 0.6

 (0.1)

 (0.1)

0.0

 (0.0)

 0.1

 (0.1)

 (0.0)

 (0.0)

 (0.0)

 0.4

of which: Loan commitments

measured at FVTPL

 1.0

 (0.7)

 (0.2)

0.0

 (0.1)

 0.0

 (0.0)

 0.0

 (0.0)

 (0.0)

 0.2

Debt issued designated at fair value

 15.3

 0.2

 0.5

0.0

0.0

 3.3

 (3.0)

 1.2

 (4.4)

 0.0

 12.5

Other financial liabilities designated at

fair value

 2.6

 (0.0)

 0.0

 0.0

 (0.0)

 0.8

 (1.2)

 0.4

 (0.1)

 (0.0)

 2.5

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

 218.7

 218.7

 236.2

 236.2

 223.3

 223.3

Amounts due from banks

 19.2

 19.2

 21.5

 21.5

 18.9

 18.9

Receivables from securities financing transactions measured at amortized cost

 95.3

 95.3

 110.2

 110.2

 118.3

 118.3

Cash collateral receivables on derivative instruments

 43.5

 43.5

 45.5

 45.5

 44.0

 44.0

Loans and advances to customers

 646.7

 644.7

 646.0

 646.5

 580.0

 579.7

Other financial assets measured at amortized cost

 72.7

 71.7

 72.2

 71.0

 58.8

 57.0

Liabilities

Amounts due to banks

 28.2

 28.2

 31.9

 32.0

 23.3

 23.4

Payables from securities financing transactions measured at amortized cost

 18.7

 18.7

 16.3

 16.3

 14.8

 14.8

Cash collateral payables on derivative instruments

 33.9

 33.9

 33.0

 33.0

 35.5

 35.5

Customer deposits

 783.1

 783.7

 800.0

 800.8

 745.8

 746.6

Debt issued measured at amortized cost

 220.4

 226.1

 224.7

 229.7

 214.2

 220.6

Other financial liabilities measured at amortized cost

1

 12.6

 12.6

 13.9

 13.9

 16.4

 16.4

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

 35.9

 31.4

 3,305

 19,689

Credit derivatives

 3.9

 4.3

 158

Foreign exchange

 48.2

 51.1

 8,406

 428

Equity / index

 56.8

 68.8

 2,004

 107

Commodities

 8.1

 6.6

 230

 21

Other

3

 1.3

 1.4

 182

Total derivative financial instruments, based on netting under IFRS Accounting Standards

4

 154.1

 163.5

 14,285

 20,246

Further netting potential not recognized on the balance sheet

5

 (136.5)

 (145.9)

of which: netting of recognized financial liabilities / assets

 (115.1)

 (115.1)

of which: netting with collateral received / pledged

 (21.4)

 (30.8)

Total derivative financial instruments, after consideration of further netting potential

 17.6

 17.6

As of 30.6.25, USD bn

Derivative financial instruments

Interest rate

 38.0

 33.6

 3,680

 18,031

Credit derivatives

 3.2

 3.4

 132

Foreign exchange

 78.5

 88.8

 8,214

 372

Equity / index

 45.4

 53.8

 1,579

 98

Commodities

 4.3

 3.5

 174

 19

Other

3

 0.6

 0.7

 168

Total derivative financial instruments, based on netting under IFRS Accounting Standards

4

 170.0

 183.8

 13,947

 18,519

Further netting potential not recognized on the balance sheet

5

 (152.9)

 (161.9)

of which: netting of recognized financial liabilities / assets

 (130.4)

 (130.4)

of which: netting with collateral received / pledged

 (22.5)

 (31.5)

Total derivative financial instruments, after consideration of further netting potential

 17.1

 21.9

As of 31.12.24, USD bn

Derivative financial instruments

Interest rate

 41.4

 36.6

 3,644

 16,844

Credit derivatives

 3.1

 3.7

 144

Foreign exchange

 100.9

 94.6

 7,207

 269

Equity / index

 36.9

 42.7

 1,365

 93

Commodities

 2.6

 2.2

 155

 17

Other

3

 0.6

 0.8

 87

Total derivative financial instruments, based on netting under IFRS Accounting Standards

4

 185.6

 180.6

 12,602

 17,223

Further netting potential not recognized on the balance sheet

5

 (161.7)

 (166.3)

of which: netting of recognized financial liabilities / assets

 (135.5)

 (135.5)

of which: netting with collateral received / pledged

 (26.2)

 (30.8)

Total derivative financial instruments, after consideration of further netting potential

 23.9

 14.3

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

 43.5

 33.9

 45.5

 33.0

 44.0

 35.5

Further netting potential not recognized on the balance sheet

2

 (26.7)

 (15.0)

 (29.2)

 (17.0)

 (28.3)

 (21.7)

of which: netting of recognized financial liabilities / assets

 (24.9)

 (13.3)

 (27.3)

 (15.0)

 (25.9)

 (19.3)

of which: netting with collateral received / pledged

 (1.7)

 (1.7)

 (2.0)

 (2.0)

 (2.4)

 (2.4)

Cash collateral on derivative instruments, after consideration of further netting potential

 16.9

 18.9

 16.2

 16.0

 15.7

 13.8

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

 53,310

 52,645

 41,585

Loans to financial advisors

 2,712

 2,682

 2,723

Fee- and commission-related receivables

 2,897

 2,732

 2,242

Finance lease receivables

 6,790

 6,770

 5,879

Settlement and clearing accounts 

 376

 458

 430

Accrued interest income

 2,149

 2,171

 2,115

Other

1

 4,468

 4,754

 3,862

Total other financial assets measured at amortized cost

 72,703

 72,211

 58,835

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 

 10,928

 9,465

 7,341

Deposits and collateral provided in connection with litigation, regulatory and similar matters

1

 2,298

 2,132

 1,946

Prepaid expenses

 1,802

 1,886

 1,679

Current tax assets 

 1,460

 1,412

 1,546

VAT, withholding tax and other tax receivables

 1,355

 1,013

 1,233

Properties and other non-current assets held for sale

 371

 186

 196

Assets of disposal groups held for sale

2

 1,705

Other

 1,964

 1,734

 2,119

Total other non-financial assets

 20,177

 17,829

 17,766

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

 2,997

 3,015

 3,140

Accrued interest expenses

 4,632

 5,378

 5,876

Settlement and clearing accounts

 1,692

 1,919

 1,944

Lease liabilities

 4,362

 4,433

 4,597

Other 

 3,273

 3,613

 5,476

Total other financial liabilities measured at amortized cost

 16,955

 18,358

 21,033

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

 20,143

 19,669

 17,203

Securities financing transactions

 5,448

 4,699

 5,798

Over-the-counter debt instruments and other

 4,915

 5,043

 5,698

Total other financial liabilities designated at fair value

 30,506

 29,410

 28,699

e) Other non-financial liabilities

USD m

30.9.25

30.6.25

31.12.24

Compensation-related liabilities

 9,424

 8,228

 9,592

of which: net defined benefit liability

 754

 818

 763

Current tax liabilities

 907

 1,103

 1,671

Deferred tax liabilities

 437

 383

 340

VAT, withholding tax and other tax payables

 1,057

 1,029

 1,156

Deferred income

 680

 593

 555

Liabilities of disposal groups held for sale

1

 1,199

Other

 133

 129

 320

Total other non-financial liabilities

 12,638

 11,465

 14,834

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

 58,521

 59,645

 54,069

Rates-linked 

 23,878

 23,607

 23,641

Fixed-rate

 12,965

 14,180

 14,250

Credit-linked

 4,299

 4,197

 5,225

Commodity-linked

 3,198

 3,140

 3,592

Other

 9,276

 8,752

 7,131

of which: debt that contributes to total loss-absorbing capacity

 6,417

 5,751

 4,934

Total debt issued designated at fair value

2

 112,137

 113,522

 107,909

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

 28,874

 35,299

 30,509

Senior unsecured debt 

 131,124

 131,022

 133,159

of which: contributes to total loss-absorbing capacity

 97,962

 93,503

 92,515

Covered bonds

 12,591

 11,432

 8,762

Subordinated debt

 18,335

 17,291

 15,030

of which: eligible as high-trigger loss-absorbing additional tier 1 capital instruments

2

 17,919

 16,608

 13,084

of which: eligible as low-trigger loss-absorbing additional tier 1 capital instruments

 1,245

of which: eligible as non-Basel III-compliant tier 2 capital instruments

 196

 207

Debt issued through the Swiss central mortgage institutions

 28,994

 29,190

 26,335

Other long-term debt

 469

 476

 424

Long-term debt

3

 191,513

 189,411

 183,709

Total debt issued measured at amortized cost

4,5

 220,386

 224,709

 214,219

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

 393

 406

 320

Provisions related to Credit Suisse loan commitments (IFRS 3,

Business Combinations

)

 479

 638

 997

Provisions related to litigation, regulatory and similar matters (IAS 37,

Provisions, Contingent Liabilities and Contingent Assets

)

 3,096

 3,450

 3,602

Acquisition-related contingent liabilities resulting from litigation, regulatory and similar matters (IFRS 3,

Business Combinations

)

 725

 1,479

 2,122

Restructuring, real-estate and other provisions (IAS 37,

Provisions, Contingent Liabilities and Contingent Assets

)

 1,469

 1,493

 1,368

Total provisions and contingent liabilities

 6,162

 7,466

 8,409

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

 3,602

 813

 240

 315

 4,969

Balance as of 30 June 2025

 3,450

 889

 257

 346

 4,943

Increase in provisions recognized in the income statement

 420

 283

 8

 67

 777

Release of provisions recognized in the income statement

 (333)

5

 (53)

 (1)

 (19)

 (406)

Provisions used in conformity with designated purpose

 (435)

6

 (277)

 (14)

 (13)

 (739)

Reclassifications

 (2)

7

 0

 0

 0

 (2)

Foreign currency translation and other movements

 (5)

 (5)

 1

 0

 (9)

Balance as of 30 September 2025

 3,096

 837

 250

 381

 4,564

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

 1,271

 147

 1

 266

 1,779

 139

 3,602

Balance as of 30 June 2025

 1,415

 167

 0

 308

 1,353

 207

 3,450

Increase in provisions recognized in the income statement

 90

 0

 0

 8

 321

 1

 420

Release of provisions recognized in the income statement

 (287)

2

 (37)

2

 0

 (3)

 (7)

 0

 (333)

Provisions used in conformity with designated purpose

 (17)

 0

 0

 (15)

 (393)

3

 (10)

 (435)

Reclassifications

4

 3

 0

 0

 0

 (5)

 0

 (2)

Foreign currency translation and other movements

 (4)

 (1)

 0

 (1)

 0

 0

 (5)

Balance as of 30 September 2025

 1,201

 129

 0

 298

 1,270

 198

 3,096

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:

 Beginning in 2013, numerous authorities commenced investigations

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:

 Numerous government agencies conducted investigations

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:

 A number of putative class actions and other actions are pending

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:

 In 2021, the European Commission issued a decision finding that UBS and six other banks

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

 – In January 2017, Credit Suisse Securities (USA)

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

 – Credit Suisse affiliates are defendants in various civil litigation matters related

to their roles as issuer, sponsor, depositor, underwriter and/or servicer of RMBS transactions. These cases currently

include repurchase actions by RMBS trusts and/or trustees, in which plaintiffs generally allege breached

representations and warranties in respect of mortgage loans and failure to repurchase such mortgage loans as

required under the applicable agreements. 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

 71,460

 69,829

 73,384

 73,178

 21,527

 21,470

2,973

2,995

17,161

16,152

Additional tier 1 capital

 19,964

 18,656

 19,964

 18,656

 7,993

 7,994

600

600

2,823

2,822

Total going concern capital / Tier 1 capital

 91,425

 88,485

 93,349

 91,834

 29,520

 29,463

3,573

3,595

19,984

18,974

Tier 2 capital

 0

 196

 0

 193

201

190

Total capital

3,573

3,595

20,185

19,164

Total gone concern loss-absorbing capacity

 98,452

 93,502

 98,452

 93,499

 19,151

 19,148

2,506

6

2,505

6

7,800

7

7,800

7

Total loss-absorbing capacity

 189,876

 181,987

 191,800

 185,333

 48,671

 48,611

6,079

6,100

27,784

7

26,774

7

Risk-weighted assets and leverage

ratio denominator

5

Risk-weighted assets

 502,425

 498,327

 517,929

 516,479

 168,223

 168,701

15,938

14,625

81,477

77,244

Leverage ratio denominator

 1,642,843

 1,660,097

 952,112

 964,000

 547,805

 549,690

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

 14.2

 14.0

 14.2

8

 14.2

 12.8

 12.7

 18.7

 20.5

 21.1

 20.9

Going concern capital ratio / Tier 1 capital ratio

 18.2

 17.8

 18.0

 17.8

 17.5

 17.5

 22.4

 24.6

 24.5

 24.6

Total capital ratio

 22.4

 24.6

 24.8

 24.8

Total loss-absorbing capacity ratio

 37.8

 36.5

 28.9

 28.8

 38.1

 41.7

 34.1

 34.7

Tier 1 leverage ratio

 6.4

 5.8

 10.2

 9.5

Supplementary tier 1 leverage ratio

 8.7

 8.2

Going concern leverage ratio

 5.6

 5.3

 9.8

 9.5

 5.4

 5.4

Total loss-absorbing capacity leverage ratio

 11.6

 11.0

 8.9

 8.8

 10.9

 9.9

 14.2

 13.4

Gone concern capital coverage ratio

 125.4

 118.2

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

 as of 4 November 2025.

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

 3,590

 2,683

 1,768

 2,386

 8,858

 7,063

Underlying tax expense / (benefit)

 576

 (45)

 456

 619

 1,118

 1,706

Net profit / (loss) attributable to non-controlling interests

 6

 7

 9

 3

 24

 51

Underlying net profit / (loss) attributable to shareholders

 3,008

 2,720

 1,303

 1,763

 7,717

 5,306

Underlying net profit / (loss) attributable to shareholders

1

 12,032

 10,880

 5,211

 7,054

 10,289

 7,075

Tangible equity 

 82,916

 82,254

 78,192

 79,976

 82,916

 79,976

Average tangible equity 

 82,585

 81,265

 79,084

 78,173

 81,028

 77,602

CET1 capital 

 74,655

 72,709

 71,367

 74,213

 74,655

 74,213

Average CET1 capital 

 73,682

 70,931

 72,790

 75,158

 71,624

 76,625

Underlying return on tangible equity (%)

1

 14.6

 13.4

 6.6

 9.0

 12.7

 9.1

Underlying return on common equity tier 1 capital (%)

1

 16.3

 15.3

 7.2

 9.4

 14.4

 9.2

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

 provides the following information about UBS: results-related

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

 for more

information.

UBS Group third quarter 2025 report |

Appendix 101

Cautionary statement regarding forward-looking statements |

 This report contains statements that constitute “forward-looking statements”, including but

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 |

 Numbers presented throughout this report may not add up precisely to the totals provided in the tables and text. Percentages and percent changes

disclosed in text and tables are calculated on the basis of unrounded figures. Absolute changes between reporting periods disclosed in the text, which can be

derived from numbers presented in related tables, are calculated on a rounded basis.

Tables |

 Within tables, blank fields generally indicate non-applicability or that presentation of any content would not be meaningful, or that information is not

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 |

 In this report, any website addresses are provided solely for information and are not intended to be active links. UBS is not incorporating the contents

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.