Dividend and capital notes: UBS Group (NYSE: UBS) 2025 standalone update
Rhea-AI Filing Summary
UBS Group AG reports strong 2025 standalone results, with net profit of $13,070m (CHF 10,363m), up from $2,994m in 2024. The increase is mainly driven by much higher dividend income from subsidiaries and interest income on onward lending funded by AT1 and TLAC debt.
Dividend income from subsidiaries rose to $13,349m, while financial income reached $6,481m. The Board proposes a cash dividend of $1.10 per share, split equally between total profit and the capital contribution reserve, after cancelling 120,506,008 shares repurchased under the 2022 buyback.
Positive
- None.
Negative
- None.
Insights
Standalone profit jumps on upstreamed dividends and TLAC/AT1 flows.
UBS Group AG’s 2025 standalone profit of $13,070m versus $2,994m a year earlier mainly reflects higher dividend income of $13,349m from UBS and other subsidiaries and $6,481m of financial income from onward lending of AT1 and TLAC proceeds.
Distributable items for AT1 purposes are disclosed at $70.2bn (CHF 55.6bn), providing substantial capacity to service additional tier 1 coupons. Long-term interest-bearing liabilities total $120,598m, largely loss-absorbing AT1 notes and TLAC-eligible senior unsecured debt that structurally fund the operating bank entities.
The Board proposes a $1.10-per-share cash dividend, half from total profit and half from the capital contribution reserve, alongside the cancellation of 120.5 million repurchased shares. Future consolidated disclosures will remain important to understand how these upstream flows relate to group-wide earnings and capital strength.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How much standalone profit did UBS (UBS) report for 2025?
UBS Group AG reported standalone net profit of $13,070 million (CHF 10,363 million) for 2025. This compares with $2,994 million in 2024, reflecting higher dividends from subsidiaries and financial income on onward lending funded by AT1 and TLAC instruments.
What dividends from subsidiaries did UBS (UBS) receive in 2025?
In 2025 UBS Group AG received $13,349 million of dividend income from subsidiaries. This includes $13,000 million from UBS, plus additional amounts from UBS Business Solutions, Credit Suisse Trust and Credit Suisse International, significantly above the $3,193 million received in 2024.
What is the size of UBS (UBS) long-term interest-bearing liabilities?
At 31 December 2025, UBS Group AG shows $120,598 million (CHF 95,625 million) of long-term interest-bearing liabilities. This mainly consists of loss-absorbing additional tier 1 perpetual capital notes and TLAC-eligible senior unsecured notes, plus fixed-term loans from UBS entities.
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: March 9, 2026
UBS Group AG
(
Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number: 1-36764
Indicate by check mark whether the registrant files or will file annual reports under cover of
Form 20-F or Form 40-F.
Form 20-F
☒
☐
This Form 6-K consists of the UBS Group AG audited standalone financial statements for the year ended 31 December 2025
as well as the consent of Ernst & Young Ltd. with respect thereto, which appear immediately following this page.
UBS Group AG
31 December 2025
UBS Group AG standalone financial statements
Table of contents
2
Report of the statutory auditor on the financial statements
5
UBS Group AG standalone financial statements
5
Income statement
6
Balance sheet
7
1
Corporate information
7
2
Accounting policies
10
3
Investments in and merger of UBS AG and Credit
Suisse AG
11
Income statement notes
11
4
Dividend income from investments in subsidiaries
11
5
Financial income
11
6
Personnel expenses
11
7
Other operating expenses
12
8
Financial expenses
13
Balance sheet notes
13
9
Liquid assets
13
10
Other short-term receivables
13
11
Accrued income and prepaid expenses
14
12
Investments in subsidiaries
14
13
Financial assets
15
14
Current interest-bearing liabilities
15
15
Accrued expenses and deferred income
16
16
Long-term interest-bearing liabilities
19
17
Compensation-related long-term liabilities
19
18
Share capital
20
19
Treasury shares
21
Additional information
21
20
Assets pledged to secure own liabilities and assets
subject to retention of title
21
21
Contingent liabilities
22
22
Share ownership of the members of the Board of
Directors, the Group Executive Board and other
employees
24
23
Related parties
25
Statement of proposed appropriation of total profit
and dividend distribution out of total profit and
capital contribution reserve
26
Cautionary statement
UBS Group AG standalone financial statements
UBS Group AG standalone financial statements
UBS Group AG standalone financial statements
UBS Group AG standalone financial statements
UBS Group AG standalone financial statements
Audited |
Income statement
USD m
CHF m
For the year ended
For the year ended
Note
31.12.25
31.12.24
31.12.25
31.12.24
Dividend income from investments in subsidiaries
Other operating income
Financial income
Income from valuation of investments in subsidiaries
3, 12
Operating income
Personnel expenses
Other operating expenses
Financial expenses
Impairment of investments in subsidiaries
3, 12
Operating expenses
Profit / (loss) before income taxes
Tax expense / (benefit)
Net profit / (loss)
UBS Group AG standalone financial statements
Balance sheet
USD m
CHF m
Note
31.12.25
31.12.24
31.12.25
31.12.24
Assets
Liquid assets
Marketable securities
Other short-term receivables
Accrued income and prepaid expenses
Total current assets
Investments in subsidiaries
of which: investment in UBS AG
1
3, 12
Financial assets
Other non-current assets
Total non-current assets
Total assets
of which: amounts due from subsidiaries
Liabilities
Current interest-bearing liabilities
Accrued expenses and deferred income
Total short-term liabilities
Long-term interest-bearing liabilities
Compensation-related long-term liabilities
Other long-term liabilities
Total long-term liabilities
Total liabilities
of which: amounts due to subsidiaries
Equity
Share capital
Statutory capital reserve
of which: capital contribution reserve
2
of which: other statutory capital reserve
Statutory earnings reserve
of which: reserve for treasury shares held by subsidiaries
Voluntary earnings reserve
Treasury shares
of which: against capital contribution reserve
Net profit / (loss)
Equity attributable to shareholders
Total liabilities and equity
1 The merger of UBS AG and Credit Suisse AG was completed on 31 May 2024. 2 The amount of the capital contribution reserve is subject to formal review and confirmation by the Swiss Federal Tax Administration.
UBS Group AG standalone financial statements
Notes to the UBS Group AG standalone financial statements
Note 1 Corporate information
UBS Group AG is incorporated and domiciled in Switzerland, and its registered office is at Bahnhofstrasse 45, CH-8001
Zurich, Switzerland. UBS Group AG operates under Art. 620 et seq. of the Swiss Code of Obligations as an
Aktiengesellschaft
The UBS Group AG standalone financial statements are prepared in accordance with the principles of the Swiss law on
accounting and financial reporting (32nd title of the Swiss Code of Obligations).
The significant accounting and valuation principles applied are described in Note 2.
UBS Group AG is the ultimate holding company of the UBS Group, the grantor of certain deferred compensation plans
of UBS Group and the issuer of loss-absorbing capital notes, which qualify as Basel III additional tier 1 (AT1) capital on a
consolidated UBS Group basis, and senior unsecured debt, which contributes to the total loss-absorbing capacity (TLAC)
of the Group.
The proceeds from the issuances of loss-absorbing AT1 capital notes and TLAC-eligible senior unsecured debt instruments
are on lent to UBS AG or were on lent to either UBS AG or Credit Suisse AG until the two entities merged on 31 May 2024.
›
Refer to Notes 14 and 16 for more information about the main terms and conditions of the loss-absorbing AT1 capital notes and
TLAC-eligible senior unsecured debt instruments issued
In addition, UBS Group AG grants Deferred Contingent Capital Plan (DCCP) awards to UBS Group employees. These
DCCP awards also qualify as Basel III AT1 capital of the Group.
As of 31 December 2025, UBS Group AG
’
s distributable items for the purpose of AT1 capital instruments were
USD 70.2bn (CHF 55.6bn) (31 December 2024: USD 64bn (CHF 58.1bn)). For this purpose, distributable items are
defined in the terms and conditions of the relevant instruments as the aggregate of (i) net profits carried forward and
(ii) freely distributable reserves, in each case less any amounts that must be contributed to legal reserves under applicable
law.
In 2025, as approved by shareholders at the Annual General Meeting (the AGM) held on 10 April 2025, the cancellation
of 120,506,008 shares, each with a nominal value of USD 0.10, acquired under the 2022 share repurchase program, was
executed. The cancellation of these shares resulted in reclassifications within equity but had no net effect on the total
equity attributable to shareholders. The share capital has been reduced by the nominal value of the repurchased shares
upon cancellation, i.e. USD 12m (CHF 10m). The capital contribution reserve and the voluntary earnings reserve were
each reduced by 50% of the total capital reduction amount exceeding the nominal value upon cancellation of the
repurchased shares, i.e. each by USD 1,133m (CHF 898m).
Note 2 Accounting policies
Foreign currency translation
Transactions denominated in foreign currency are translated into US dollars at the spot exchange rate on the date of the
transaction. At the balance sheet date, all current assets and short-term liabilities, as well as
Financial assets
fair value that are denominated in a foreign currency, are translated into US dollars using the closing exchange rate. For
Other non-current assets
asset and liability otherwise form an economic hedge relationship, the asset and liability are treated as one unit of account
for foreign currency translation purposes, with offsetting unrealized foreign currency translation gains and losses based
on the closing exchange rate presented net in the income statement.
Investments in subsidiaries
cost are translated at the spot exchange rate on the date of a contribution. Currency translation effects from dividends
paid in Swiss francs are recognized in equity. All other currency translation effects are recognized in the income
statement.
The main currency translation rates used by UBS Group AG are provided in Note 31 in the “Consolidated financial
statements” section of the UBS Group Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
.
UBS Group AG standalone financial statements
Note 2 Accounting policies (continued)
Presentation currencies
The primary presentation currency of the standalone financial statements of UBS Group AG is the US dollar, in line with
its functional currency. Amounts in Swiss francs are also presented for each component of the financial statements.
As of 1 January 2025, UBS Group AG has prospectively adopted the closing rate method for converting US dollar amounts
into Swiss francs. Under this method, all assets, liabilities and equity positions, as well as income and expense items, are
converted at the closing rate. In the comparative period, UBS Group AG applied the modified closing rate method for
converting US dollar amounts into Swiss francs: assets and liabilities were converted at the closing rate, equity positions
at historic rates and income and expense items at the weighted average rate for the period. The resulting currency
translation effects were recognized separately in
Voluntary earnings reserve
, amounting to a cumulative negative currency
translation effect of CHF 2,137m as of 31 December 2024.
UBS Group AG has updated the accounting policy as it provides a more current and more relevant presentation of the
Swiss franc equivalents of the underlying US dollar amounts. The change in the accounting policy had no impact on the
amounts presented in the primary presentation currency, the US dollar.
Marketable securities
Marketable securities
distributions linked to the underlying funds. The holding period is deemed short term if the vesting date of the awards
hedged by the funds is within 12 months after the balance sheet date. These are equity instruments and are measured
at fair value based on quoted market prices or other observable market prices as of the balance sheet date. Gains and
losses resulting from fair value changes are recognized in
Financial income
Financial expenses
, respectively.
Financial assets
Financial assets
the vesting date of the awards hedged by the funds is more than 12 months after the balance sheet date. These are
equity instruments and are measured at fair value based on their quoted market prices or other observable market prices
as of the balance sheet date. Gains and losses resulting from fair value changes are recognized in
Financial income
Financial expenses,
Financial assets
issued by Credit Suisse AG), all with a remaining maturity of more than 12 months. The loans granted to UBS AG
substantially mirror the terms of the perpetual AT1 capital notes and the TLAC-eligible senior unsecured debt instruments
issued. The debt securities represent downstream funding that substantially mirrors the terms of TLAC-eligible senior
unsecured debt instruments issued. These instruments are measured at cost value.
›
Refer to Note 13 for more information
Derivative instruments
UBS Group AG uses derivative instruments to manage exposures to foreign currency risks from investments in foreign
subsidiaries and exposures to interest rate risk from certain fixed-rate debt instruments. The derivative instruments are
entered into with UBS AG, mirroring the conditions of the transactions that they enter into with third parties.
Derivative instruments are measured at fair value based on quoted market prices or other observable market prices as of
the balance sheet date. Unrealized gains and losses are recognized on the balance sheet as
Accrued income and prepaid
expenses
Accrued expenses and deferred income
, respectively. Corresponding gains and losses resulting from fair
value changes are recognized in
Financial income
Financial expenses
, respectively.
Hedge accounting
UBS Group AG applies the following hedge accounting policies where requirements on risk management, documentation
and effectiveness are met.
Fair value hedges of interest rate risk related to debt instruments
UBS Group AG designates certain fixed-rate issued debt instruments and fixed-to-floating interest rate derivatives as
hedged items and hedging instruments, respectively, in fair value hedge accounting relationships. The hedged risk is
determined as the change in the fair value of the issued debt instruments attributable to changes in the designated
benchmark interest rates. The effective portion of gains and losses of the hedging instruments is deferred on the balance
sheet as
Accrued income
and prepaid expenses
Accrued expenses and deferred income
.
UBS Group AG standalone financial statements
Note 2 Accounting policies (continued)
Hedge accounting for Investments in subsidiaries
UBS Group AG applies hedge accounting for certain investments in subsidiaries denominated in currencies other than
the US dollar, which are designated as hedged items. For this purpose, foreign exchange (FX) derivatives, mainly FX
forwards and FX swaps, are used and designated as hedging instruments. The hedged risk is determined as the change
in the fair value of the hedged item arising solely from changes in spot FX rates. Consequently, UBS Group AG designates
the spot element of the FX derivatives as hedging instruments. Changes in the fair value of the hedging instruments
attributable to changes in forward points are not part of a hedge accounting designation and are recognized in
Financial
income
Financial expenses
deferred on the balance sheet as
Accrued income and prepaid expenses
Accrued expenses and deferred income
the extent no change is recognized in the carrying amount of the hedged item arising from changes in spot FX rates.
Otherwise, the effective portion of gains and losses of these FX derivatives is matched with the corresponding valuation
adjustments of the hedged item recorded in the income statement and recognized either as a reduction of
Impairment
of investments in subsidiaries
Extraordinary income
.
Investments in subsidiaries
Investments in subsidiaries are equity interests that are held to carry on the business of the UBS Group or for other
strategic purposes. They include all subsidiaries directly held by UBS Group AG through which UBS conducts its business
on a global basis. The investments are carried at cost less impairment and generally measured individually. In the
comparative period, until the then-contemplated merger, which became effective on 31 May 2024, the investments in
UBS AG and Credit Suisse AG were combined as a valuation unit as these investments were economically closely
interlinked.
The carrying amount of an investment is tested for impairment when indicators of a potential decrease in value exist,
which include significant operating losses incurred or a severe depreciation of the currency in which the investment is
denominated. If an investment in a subsidiary is impaired, its value is generally written down to the recoverable amount.
Subsequent recoveries in value are recognized up to the original cost value if, in the opinion of management, forecasts
of future probability provide sufficient evidence that an increased recoverable amount is supported. Management may
exercise its discretion as to what extent, and in which period, a recovery in value is recognized.
›
Refer to Note 3 and Note 12 for more information
›
Refer to “Note 2a Segment reporting” in the “Consolidated financial statements” section of the UBS Group Annual Report 2025,
available under “Annual reporting” at
ubs.com/investors
, for a description of businesses of the UBS Group
Long-term interest-bearing liabilities
Long-term interest-bearing liabilities include loss-absorbing capital notes and senior unsecured debt. They are presented
at nominal value. Any difference to nominal value, e.g. premium, discount or external costs that are directly related to
the issue, is deferred as
Other non-current assets
Other long-term liabilities
Financial expenses
Financial income
applicable.
›
Refer to Note 1 and Note 16 for more information
Treasury shares
Treasury shares acquired by UBS Group AG are recognized at acquisition cost and are presented as a deduction from
shareholders’ equity.
Upon disposal of treasury shares or settlement of related share-based awards, any realized gain or loss is recognized in
Voluntary earnings reserve
. Realized gains and losses from settlement of share-based awards represent the difference
between the acquisition cost of the UBS Group AG shares and the grant date fair value of the share-based awards. For
the year ended 31 December 2025, a net loss of USD 391m (CHF 310m) from settlement of share-based awards was
recognized in
Voluntary earnings reserve
For UBS Group AG shares acquired by a direct or indirect subsidiary, a
Reserve for treasury shares held by subsidiaries
created in UBS Group AG’s equity.
›
Refer to Note 19 for more information
UBS Group AG standalone financial statements
Note 2 Accounting policies (continued)
Share-based and other deferred compensation plans
Share-based compensation plans
The grant date fair value of equity-settled share-based compensation awards granted to employees is generally
recognized over the vesting period of the awards. Awards granted by UBS Group AG in the form of UBS Group AG
shares and notional shares are settled by delivering UBS Group AG shares at vesting, except in jurisdictions where this is
not permitted for legal or tax reasons. They are recognized as
Compensation-related long-term liabilities
than 12 months after the balance sheet date, or as
Accrued expenses and deferred income
of the balance sheet date. The amount recognized is adjusted for forfeiture assumptions, such that the amount ultimately
recognized is based on the number of awards that meet the related service conditions at the vesting date. The grant date
fair value is based on the UBS Group AG share price on the date of grant, taking into consideration post-vesting sale and
hedge restrictions, dividend rights, non-vesting conditions, and market conditions, where applicable.
Upon settlement of the share-based awards, any realized gain or loss on the treasury shares is recognized in
Voluntary
earnings reserve
. Realized gains and losses from settlement of share-based awards represent the difference between the
acquisition cost of the UBS Group AG shares and the grant date fair value of the share-based awards.
Other deferred compensation plans
Deferred compensation plans that are not share-based, including DCCP awards and awards linked to the performance
of investment funds, are accounted for as cash-settled awards. The present value or fair value of the amount payable to
employees that is settled in cash is recognized as a liability generally over the vesting period, as
Compensation-related
long-term liabilities
Accrued expenses and deferred
income
date at the present value of the corresponding DCCP award and the fair value of investment funds linked to deferred
compensation awards. Gains and losses resulting from remeasurement of the liabilities are recognized in
Other operating
income
Other operating expenses
, respectively.
Recharge of compensation expenses
Expenses related to deferred compensation plans are recharged by UBS Group AG to its subsidiaries employing the
personnel. Upon recharge, UBS Group AG recognizes a receivable from its subsidiaries corresponding to a liability
representing its obligation toward the employees.
Dispensations in the standalone financial statements
As UBS Group AG prepares consolidated financial statements in accordance with IFRS, UBS Group AG is exempt from
various disclosures in the standalone financial statements. The dispensations include the management report and the
statement of cash flows, as well as certain note disclosures.
Note 3 Investments in and merger of UBS AG and Credit Suisse AG
In the comparative period, until the then-contemplated merger, which became effective on 31 May 2024, the investments
of UBS Group AG in both UBS AG and Credit Suisse AG were aggregated for impairment (reversal) testing purposes.
Such an aggregation (i.e. “valuation unit”) was permitted under the accounting rules applicable to UBS Group AG given
that at this time UBS AG and Credit Suisse AG were closely interlinked. The applicable accounting rules also permitted
the historic cost value for the investment in Credit Suisse AG, as per the former Credit Suisse Group AG standalone
financial statements, to be combined with the cost value for the investment in UBS AG. The book value assigned to the
investment in the combined entity (UBS AG and Credit Suisse AG) of USD 72,567m (CHF 65,898m) was below the cost
value under these rules and below the recoverable amount determined at that time by using a discounted cash flow
model based on the business plan for the combined entity.
UBS Group AG standalone financial statements
Income statement notes
Note 4 Dividend income from investments in subsidiaries
Dividend income from investments in subsidiaries
USD m
CHF m
For the year ended
For the year ended
31.12.25
31.12.24
31.12.25
31.12.24
Dividend income from UBS AG
Dividend income from UBS Business Solutions AG
Dividend income from Credit Suisse Trust AG
Dividend income from Credit Suisse International
Total dividend income
Note 5 Financial income
Financial income
USD m
CHF m
For the year ended
For the year ended
31.12.25
31.12.24
31.12.25
31.12.24
Interest income on onward lending to UBS AG
1
Gains on partial early redemption of onward lending to UBS AG
1,2
Interest income on other interest-bearing assets
Fair value gains on investment funds
Other
Total financial income
1 The proceeds from the issuances of loss-absorbing AT1 capital notes and TLAC-eligible senior unsecured debt are on lent to UBS AG (or were on lent to either UBS AG or Credit Suisse AG, until the two entities
merged on 31 May 2024). Refer to Note 3 for more information. 2 Reflects a gain on partial early redemption of onward lending related to legacy Credit Suisse senior debt instruments which were repurchased in
tender offers executed in November 2025.
Note 6 Personnel expenses
For the years ended 31 December 2025 and 31 December 2024, personnel expenses amounted to USD 24m (CHF 19m)
and USD 25m (CHF 22m), respectively. They included recharges from UBS AG and UBS Business Solutions AG for
personnel-related costs for activities performed by the personnel of those companies for the benefit of UBS Group AG.
UBS Group AG had no employees throughout 2025 and 2024. All employees of the UBS Group, including the members
of the Group Executive Board (the GEB) of UBS Group AG, were employed by subsidiaries of UBS Group AG. As of
31 December 2025, the UBS Group employed 103,177 personnel (31 December 2024: 108,648) on a full-time equivalent
basis.
Note 7 Other operating expenses
Other operating expenses
USD m
CHF m
For the year ended
For the year ended
31.12.25
31.12.24
31.12.25
31.12.24
Fair value losses on deferred compensation award liabilities linked to investment funds
Losses related to equity-settled awards
Capital tax
Other
Total other operating expenses
UBS Group AG standalone financial statements
Note 8 Financial expenses
Financial expenses
USD m
CHF m
For the year ended
For the year ended
31.12.25
31.12.24
31.12.25
31.12.24
Interest expense on interest-bearing liabilities
Losses on repurchase of interest-bearing liabilities
1
Other
Total financial expenses
1 Reflects a loss from the repurchase of legacy Credit Suisse senior debt instruments in tender offers executed in November 2025.
UBS Group AG standalone financial statements
Balance sheet notes
Note 9 Liquid assets
Liquid assets
USD m
CHF m
31.12.25
31.12.24
31.12.25
31.12.24
Current deposits
Cash collateral
Time deposits with UBS AG
Total liquid assets
Note 10 Other short-term receivables
Other short-term receivables
USD m
CHF m
31.12.25
31.12.24
31.12.25
31.12.24
Onward lending to UBS AG
1
Time deposits with UBS AG
Receivables from employing entities related to compensation awards
Other
Total other short-term receivables
1 Short-term receivables from the onward lending to UBS AG or to either UBS AG or Credit Suisse AG (until the two entities merged on 31 May 2024) of the proceeds from the issuances of TLAC -eligible senior
unsecured debt and loss-absorbing AT1 perpetual capital notes.
Note 11 Accrued income and prepaid expenses
Accrued income and prepaid expenses
USD m
CHF m
31.12.25
31.12.24
31.12.25
31.12.24
Accrued interest income
Deferred gains on FX derivatives
Other
Total accrued income and prepaid expenses
UBS Group AG standalone financial statements
Note 12 Investments in subsidiaries
Unless otherwise stated, the subsidiaries listed below have share capital consisting solely of ordinary shares, which are
held by UBS Group AG or UBS AG. The proportion of ownership interest held is equal to the voting rights held by
UBS Group AG or UBS AG. The country where the respective registered office is located is also the principal place of
business. UBS AG operates through a global network of branches and a significant proportion of their business activity
is conducted outside Switzerland, in the UK, the US, Singapore, the Hong Kong SAR and other countries. UBS Europe SE
has branches and offices in a number of EU Member States, including Germany, France, Italy, Luxembourg and Spain.
Share capital is provided in the currency of the legally registered office.
Individually significant subsidiaries of UBS Group AG as of 31 December 2025
Company
Registered office
Share capital in million
Equity interest accumulated in %
UBS AG
Zurich and Basel, Switzerland
USD
UBS Business Solutions AG
1
Zurich, Switzerland
CHF
1 UBS Business Solutions AG holds subsidiaries in China, India, Israel and Poland.
Individually significant subsidiaries of UBS AG as of 31 December 2025
1
Company
Registered office
Primary business
Share capital in million
Equity interest accumulated in %
Credit Suisse International
London, UK
Non-core and Legacy
USD
2
UBS Americas Holding LLC
Wilmington, Delaware, US
Group Items
USD
3
UBS Americas Inc.
Wilmington, Delaware, US
Group Items
USD
UBS Asset Management AG
Zurich, Switzerland
Asset Management
CHF
UBS Bank USA
Salt Lake City, Utah, US
Global Wealth Management
USD
UBS Europe SE
Frankfurt, Germany
Global Wealth Management
EUR
UBS Financial Services Inc.
Wilmington, Delaware, US
Global Wealth Management
USD
UBS Securities LLC
Wilmington, Delaware, US
Investment Bank
USD
4
UBS Switzerland AG
Zurich, Switzerland
Personal & Corporate Banking
CHF
1 Includes direct and indirect subsidiaries of UBS AG. 2 UBS Group AG owns the remaining 2.4%. 3 Consists of common share capital of USD 1,000 and non-voting preferred share capital of USD 2.9bn. 4 Consists
of common share capital of USD 100,000 and non-voting preferred share capital of USD 1.3bn.
Individually significant subsidiaries of UBS AG are those entities that contribute significantly to the Group’s financial
position or results of operations, based on a number of criteria, including the subsidiaries’ equity and their contribution
to the Group’s total assets and profit or loss before tax, in accordance with Swiss regulations.
›
Refer to “Note 27 Interests in subsidiaries and other entities” in the “Consolidated financial statements” section of the UBS Group
Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more information
Note 13 Financial assets
Financial assets
USD m
CHF m
31.12.25
31.12.24
31.12.25
31.12.24
Long-term receivables from UBS AG
of which: onward lending
1
Investment funds at fair value related to awards vesting after 12 months
Other
Total financial assets
1 Onward lending to UBS AG (or to either UBS AG and Credit Suisse AG, until the two entities merged on 31 May 2024) of the proceeds from the issuances of TLAC-eligible senior unsecured debt and loss-absorbing
AT1 perpetual capital notes.
UBS Group AG standalone financial statements
Note 14 Current interest-bearing liabilities
As of 31 December 2025, current interest-bearing liabilities totaled USD 8,100m (CHF 6,423m), consisting of TLAC-
eligible senior unsecured debt instruments of USD 7,407m (CHF 5,873m) and loans from UBS AG and UBS Switzerland
AG of USD 693m (CHF 549m). As of 31 December 2024, current interest-bearing liabilities totaled USD 9,136m
(CHF 8,296m), consisting of TLAC-eligible senior unsecured debt instruments of USD 7,267m (CHF 6,600m) and loans
from UBS AG and UBS Switzerland AG of USD 1,868m (CHF 1,696m).
Current interest-bearing liabilities
Notes issued, overview by amount, maturity and coupon
31.12.25
31.12.24
Carrying amount
Carrying amount
Currency
Notional
(million)
Contractual
maturity
First optional
call date
Coupon
1
in USD
in CHF
in USD
in CHF
TLAC-eligible senior unsecured notes
USD
2,500
26.3.25
n/a
3.75%
NOK
1,000
28.5.25
n/a
3.6%
GBP
500
8.8.25
n/a
2.75%
USD
2,500
24.9.25
n/a
4.125%
EUR
1,500
2
16.1.26
16.1.25
3M EURIBOR + 100 bps
CHF
150
23.2.26
n/a
1.25%
USD
2,000
15.4.26
n/a
4.125%
USD
2,000
17.4.26
n/a
4.55%
EUR
1,250
1.9.26
1.6.26
1.25%
USD
1,750
3
12.1.27
12.1.26
5.711%
Total TLAC-eligible senior unsecured notes
1 For TLAC-eligible senior unsecured notes, the disclosed coupon rate refers to the contractual coupon rate applied from the issue date up to the contractual maturity date or, if applicable, to the first optional call
date. 2 Instrument was redeemed on 16 January 2025. 3 UBS Group AG announced the call of this instrument on 19 December 2025 and executed it on 12 January 2026.
Note 15 Accrued expenses and deferred income
Accrued expenses and deferred income
USD m
CHF m
31.12.25
31.12.24
31.12.25
31.12.24
Short-term portion of compensation-related liabilities
of which: Deferred Contingent Capital Plan
of which: other deferred compensation plans
Accrued interest expense
Other
Total accrued expenses and deferred income
UBS Group AG standalone financial statements
Note 16 Long-term interest-bearing liabilities
As of 31 December 2025, long-term interest-bearing liabilities totaled USD 120,598m (CHF 95,625m), consisting of loss-
absorbing AT1 perpetual capital notes and TLAC-eligible senior unsecured debt instruments of USD 120,128m
(CHF 95,252m) and fixed-term loans from UBS AG of USD 471m (CHF 373m). As of 31 December 2024, long-term
interest-bearing liabilities totaled USD 120,171m (CHF 109,128m), consisting of loss-absorbing AT1 perpetual capital
notes and TLAC-eligible senior unsecured debt instruments of USD 119,754m (CHF 108,748m) and fixed-term loans
from UBS AG of USD 418m (CHF 379m).
Long-term interest-bearing liabilities
Notes issued, overview by amount, maturity and coupon
31.12.25
31.12.24
Carrying amount
Carrying amount
Currency
Notional
(million)
Contractual
maturity
First optional
call date
Coupon
1
in USD
in CHF
in USD
in CHF
High-trigger loss-absorbing additional tier 1 perpetual capital notes
USD
1,575
2
Perpetual
7.8.25
6.875%
CHF
275
3
Perpetual
13.11.25
3%
USD
750
Perpetual
29.7.26
5.125%
USD
1,500
Perpetual
10.2.31
4.375%
USD
750
Perpetual
2.6.26
3.875%
CHF
265
Perpetual
16.2.27
3.375%
USD
1,500
Perpetual
12.2.27
4.875%
USD
1,750
4
Perpetual
13.11.28
9.25%
USD
1,750
4
Perpetual
13.11.33
9.25%
USD
1,000
4
Perpetual
12.4.31
7.75%
SGD
650
4
Perpetual
21.8.29
5.75%
SGD
675
4
Perpetual
21.12.29
5.6%
USD
1,500
4
Perpetual
10.9.29
6.85%
USD
750
4
Perpetual
5.8.30
6.6%
USD
1,250
4
Perpetual
5.2.35
7%
AUD
1,250
4
Perpetual
29.9.30
6.375%
USD
1,500
4
Perpetual
10.2.30
7%
USD
1,500
4
Perpetual
10.8.34
7.125%
Total high-trigger loss-absorbing additional tier 1 perpetual capital notes
Low-trigger loss-absorbing additional tier 1 perpetual capital notes
USD
1,250
5
Perpetual
19.2.25
7%
Total low-trigger loss-absorbing additional tier 1 perpetual capital notes
TLAC-eligible senior unsecured notes
EUR
1,500
6
29.1.26
29.1.25
0.25%
CHF
150
23.2.26
n/a
1.25%
EUR
2,000
7
2.4.26
2.4.25
3.25%
USD
2,000
15.4.26
n/a
4.125%
USD
2,000
17.4.26
n/a
4.55%
USD
1,200
8
12.5.26
12.5.25
4.488%
USD
600
9
12.5.26
12.5.25
Compounded Daily SOFR + 158bps
USD
1,500
10
5.6.26
5.6.25
2.193%
USD
1,500
11
15.7.26
15.7.25
6.373%
EUR
1,250
1.9.26
1.6.26
1.25%
EUR
2,000
12
13.10.26
13.10.25
2.125%
EUR
1,250
13
3.11.26
3.11.25
0.25%
USD
1,750
14
12.1.27
12.1.26
5.711%
USD
1,300
15
30.1.27
30.1.26
1.364%
USD
2,000
16
2.2.27
2.2.26
1.305%
EUR
1,000
15.6.27
15.6.26
2.75%
EUR
1,500
24.6.27
24.6.26
1%
USD
1,750
5.8.27
5.8.26
4.703%
USD
2,000
10.8.27
10.8.26
1.494%
GBP
750
30.9.27
30.9.26
7%
JPY
8,300
27.10.27
27.10.26
0.904%
USD
1,250
22.12.27
22.12.26
6.327%
USD
2,250
9.1.28
9.1.27
4.282%
EUR
1,250
14.1.28
14.1.27
0.65%
EUR
1,000
24.2.28
n/a
0.25%
EUR
1,046
17.3.28
17.3.27
4.625%
USD
2,000
23.3.28
23.3.27
4.253%
JPY
5,000
4.4.28
4.4.26
1.1%
USD
1,200
12.5.28
12.5.27
4.751%
GBP
750
9.6.28
9.6.27
2.25%
USD
26
26.6.28
n/a
Zero coupon accreting (simple interest of 4.36%)
USD
697
17
11.8.28
11.8.27
6.442%
EUR
1,500
5.11.28
5.11.27
0.25%
JPY
20,000
9.11.28
9.11.27
0.973%
UBS Group AG standalone financial statements
Note 16 Long-term interest-bearing liabilities (continued)
Long-term interest-bearing liabilities (continued)
Notes issued, overview by amount, maturity and coupon
31.12.25
31.12.24
Carrying amount
Carrying amount
Currency
Notional
(million)
Contractual
maturity
First optional
call date
Coupon
1
in USD
in CHF
in USD
in CHF
TLAC-eligible senior unsecured notes
CHF
440
9.11.28
9.11.27
0.435%
USD
2,000
12.1.29
12.1.28
3.869%
EUR
2,055
17
1.3.29
1.3.28
7.75%
USD
39
15.4.29
15.4.27
Zero coupon accreting (annual yield of 5.9%)
EUR
1,250
12.5.29
12.5.28
3M EURIBOR + 98bps
CHF
360
24.8.29
24.8.28
0.375%
EUR
1,000
10.9.29
n/a
0.65%
USD
1,500
22.9.29
22.9.28
6.246%
GBP
400
3.11.29
3.11.28
1.875%
GBP
450
15.11.29
15.11.28
2.125%
USD
1,250
23.12.29
23.12.28
4.151%
USD
700
23.12.29
23.12.28
SOFR+84 bps
USD
1,750
8.2.30
8.2.29
5.428%
EUR
1,250
12.2.30
12.2.29
2.875%
EUR
100
11.3.30
11.3.29
1.19%
CNY
205
3.4.30
3.4.28
Zero coupon accreting (simple interest of 3.23%)
CHF
335
22.5.30
22.5.29
2.1125%
EUR
1,000
15.6.30
15.6.29
3.125%
CNY
600
7.7.30
7.7.28
2.63%
CNY
600
8.7.30
8.7.28
2.64%
CNY
1,094
11.8.30
11.8.28
2.6%
CNY
286
11.8.30
11.8.28
2.6%
CNY
200
11.8.30
11.8.28
2.6%
CNY
200
11.8.30
11.8.28
2.6%
CNY
200
11.8.30
11.8.28
2.6%
USD
1,500
13.8.30
13.8.29
3.126%
USD
1,750
13.9.30
13.9.29
5.617%
CNY
181
24.9.30
24.9.28
Zero coupon accreting (simple interest of 3.2%)
USD
53
22.11.30
22.11.28
Zero coupon accreting (simple interest of 6.02%)
USD
32
3.12.30
3.12.27
Zero coupon accreting (simple interest of 6.07%)
EUR
1,000
11.1.31
11.1.30
4.375%
USD
3,000
1.4.31
1.4.30
4.194%
USD
52
10.4.31
10.4.28
Zero coupon accreting (simple interest of 5.88%)
USD
31
26.6.31
26.6.28
Zero coupon accreting (simple interest of 6%)
EUR
25
30.7.31
30.7.27
4.06%
EUR
750
11.8.31
11.8.30
3.162%
USD
1,000
23.9.31
23.9.30
4.398%
USD
300
23.9.31
23.9.30
SOFR+106 bps
EUR
1,250
3.11.31
n/a
0.875%
USD
53
6.11.31
6.11.27
Zero coupon accreting (simple interest of 6.22%)
USD
42
13.11.31
13.11.28
Zero coupon accreting (simple interest of 6.23%)
USD
32
19.11.31
19.11.27
Zero coupon accreting (simple interest of 6.4%)
USD
83
23.1.32
23.1.31
Zero coupon accreting (annual yield of 5.04%)
USD
2,000
11.2.32
11.2.31
2.095%
EUR
977
17.3.32
17.3.31
4.75%
AUD
41
25.3.32
25.3.28
Zero coupon accreting (annual yield of 4.5%)
EUR
1,500
2.4.32
2.4.31
2.875%
USD
52
10.4.32
10.4.28
Zero coupon accreting (simple interest of 6.28%)
USD
41
11.4.32
11.4.28
Zero coupon accreting (simple interest of 6.07%)
USD
3,250
14.5.32
14.5.31
3.091%
USD
41
8.8.32
8.8.28
Zero coupon accreting (simple interest of 6.06%)
USD
25
10.9.32
10.9.30
SOFR+108 bps
EUR
30
21.9.32
21.9.27
4.03%
USD
25
13.11.32
13.11.28
Zero coupon accreting (simple interest of 6%)
EUR
1,500
18.1.33
n/a
0.625%
USD
1,500
11.2.33
11.2.32
2.746%
EUR
1,250
24.2.33
n/a
0.625%
JPY
10,000
16.3.33
n/a
1.82%
AUD
200
21.3.33
21.3.26
6.1%
EUR
1,250
9.6.33
9.6.32
4.125%
USD
1,500
5.8.33
5.8.32
4.988%
USD
759
17
12.8.33
12.8.32
6.537%
USD
25
14.8.33
14.8.28
Zero coupon accreting (simple interest of 6.15%)
GBP
750
7.9.33
7.9.32
7.375%
JPY
10,000
27.10.33
27.10.32
1.269%
UBS Group AG standalone financial statements
Note 16 Long-term interest-bearing liabilities (continued)
Long-term interest-bearing liabilities (continued)
Notes issued, overview by amount, maturity and coupon
31.12.25
31.12.24
Carrying amount
Carrying amount
Currency
Notional
(million)
Contractual
maturity
First optional
call date
Coupon
1
in USD
in CHF
in USD
in CHF
TLAC-eligible senior unsecured notes
USD
2,000
6.11.33
6.11.32
4.844%
USD
834
17
15.11.33
15.11.32
9.016%
USD
2,250
12.1.34
12.1.33
5.959%
EUR
1,500
12.2.34
12.2.33
3.25%
EUR
50
21.5.34
n/a
4%
CHF
52
30.6.34
n/a
Zero coupon accreting (annual yield of 2.4726605548%)
EUR
100
4.7.34
11.7.28
2.455%
USD
50
20.9.34
20.9.30
5.06%
USD
1,750
22.9.34
22.9.33
6.301%
USD
2,250
8.2.35
8.2.34
5.699%
EUR
50
14.3.35
14.3.30
3.93%
AUD
41
18.8.35
18.8.30
Zero coupon accreting (annual yield of 2.5%)
USD
25
13.11.35
13.11.28
Zero coupon accreting (simple interest of 6.81%)
USD
40
24.11.35
24.11.26
2.21%
AUD
45
3.12.35
3.12.26
2.3%
USD
25
25.2.36
25.2.26
2.37%
USD
40
4.3.36
4.3.26
2.49%
USD
1,750
9.5.36
9.5.35
5.58%
EUR
35
30.7.36
30.7.27
4.285%
EUR
1,250
11.8.36
11.8.35
3.757%
USD
1,750
23.3.37
23.3.36
5.01%
EUR
45
17.5.37
16.5.27
3.73%
AUD
68
18.5.37
18.5.26
Zero coupon accreting (simple interest of 8.92%)
EUR
31
22.5.37
22.5.28
4.1%
EUR
48
24.6.37
24.6.28
3.983%
EUR
120
15.9.37
15.9.34
4.1%
AUD
73
18
9.2.38
9.2.26
Zero coupon accreting (annual yield of 6.85%)
EUR
90
15.2.38
15.2.33
4.5%
AUD
40
16.3.38
16.3.30
6.25%
AUD
59
17.3.38
17.3.26
Zero coupon accreting (simple interest of 9.8%)
EUR
90
21.11.38
21.11.30
Zero coupon accreting (annual yield of 5.61%)
EUR
25
30.11.38
30.11.32
5.05%
EUR
60
30.11.38
30.11.30
5.05%
USD
27
16.7.39
16.7.29
Zero coupon accreting (annual yield of 6.27%)
EUR
30
24.2.40
24.2.30
3.91%
EUR
34
3.3.40
3.3.28
3.94%
EUR
25
21.5.40
N/A
3.9%
EUR
23
30.5.40
N/A
EUR EURIBOR ICE Swap Rate + 1.21%
EUR
25
22.6.42
22.6.29
3.63%
EUR
37
8.9.42
8.9.32
4.09%
JPY
10,000
28.9.42
n/a
1.79%
EUR
42
16.1.43
16.1.33
4.85%
USD
1,500
11.2.43
11.2.42
3.179%
EUR
76
17.2.43
17.2.33
Zero coupon accreting (annual yield of 4.7250005926%)
EUR
25
29.6.43
29.6.33
5.05%
EUR
50
30.6.43
30.6.31
5.15%
EUR
50
17.1.44
17.1.29
4.79%
EUR
25
13.3.44
13.3.32
4.4%
EUR
27
23.5.44
23.5.29
Zero coupon accreting (annual yield of 5%)
EUR
70
14.6.44
14.6.27
4.8%
EUR
43
26.9.44
26.9.34
4.06%
AUD
46
14.3.45
14.3.30
Zero coupon accreting (simple interest of 11.55%)
USD
2,000
15.5.45
n/a
4.875%
EUR
28
4.9.45
4.9.35
4.25%
USD
1,500
6.9.45
6.9.44
5.379%
USD
93
29.3.47
29.3.27
Zero coupon accreting (annual yield of 4.02%)
USD
1,250
6.5.47
6.5.46
5.528%
USD
432
29.3.48
29.3.26
Zero coupon accreting (annual yield of 4.6%)
USD
209
29.6.48
29.6.26
Zero coupon accreting (annual yield of 5%)
USD
272
31.8.48
31.8.26
Zero coupon accreting (annual yield of 5%)
USD
145
26.10.48
26.10.26
Zero coupon accreting (annual yield of 5.35%)
USD
145
27.12.48
27.12.26
Zero coupon accreting (annual yield of 5.4%)
USD
172
30.1.49
30.1.26
Zero coupon accreting (annual yield of 5.35%)
USD
172
30.1.49
30.1.26
Zero coupon accreting (annual yield of 5.35%)
USD
143
30.1.49
30.1.26
Zero coupon accreting (annual yield of 5.3%)
UBS Group AG standalone financial statements
Note 16 Long-term interest-bearing liabilities (continued)
Long-term interest-bearing liabilities (continued)
Notes issued, overview by amount, maturity and coupon
31.12.25
31.12.24
Carrying amount
Carrying amount
Currency
Notional
(million)
Contractual
maturity
First optional
call date
Coupon
1
in USD
in CHF
in USD
in CHF
TLAC-eligible senior unsecured notes
USD
176
29.5.49
29.5.26
Zero coupon accreting (annual yield of 4.7%)
USD
173
27.6.49
27.6.26
Zero coupon accreting (annual yield of 4.5%)
USD
176
4.11.49
4.11.26
Zero coupon accreting (annual yield of 3.8%)
USD
147
4.3.50
4.3.26
Zero coupon accreting (annual yield of 3.6%)
USD
250
14.4.50
14.4.26
Zero coupon accreting (annual yield of 4%)
USD
121
22.5.50
22.5.26
Zero coupon accreting (annual yield of 3.5%)
USD
606
27.5.50
27.5.26
Zero coupon accreting (annual yield of 3.5%)
USD
64
22.9.50
22.9.26
Zero coupon accreting (annual yield of 2.8%)
USD
114
12.1.51
12.1.26
Zero coupon accreting (annual yield of 2.7%)
USD
378
29.1.51
29.1.26
Zero coupon accreting (annual yield of 2.8%)
USD
196
26.2.51
26.2.26
Zero coupon accreting (annual yield of 3%)
AUD
104
26.2.51
26.2.26
Zero coupon accreting (annual yield of 3.01%)
USD
310
26.5.51
26.5.26
Zero coupon accreting (annual yield of 3.5%)
EUR
98
16.8.52
16.8.32
Zero coupon accreting (annual yield of 4.04%)
AUD
56
7.12.53
7.12.26
Zero coupon accreting (simple interest of 16%)
JPY
4,100
25.7.54
25.7.29
2.8%
USD
37
21.2.55
21.2.28
Zero coupon accreting (simple interest of 15.4%)
USD
350
31.1.60
31.1.26
Zero coupon accreting (annual yield of 3.85%)
Total TLAC-eligible senior unsecured notes
1 For TLAC-eligible senior unsecured notes, the disclosed coupon rate refers to the contractual coupon rate applied from the issue date up to the contractual maturity date or, if applicable, to the first optional call
date. For the loss-absorbing additional tier 1 perpetual capital notes, the disclosed coupon rate refers to the contractual fixed coupon rate from the issue date up to the first optional call date. 2 Instrument was
redeemed on 7 August 2025. 3 Instrument was redeemed on 13 November 2025. 4 Convertible notes, i.e. upon the occurrence of a trigger event or a viability event the notes will be converted into UBS Group
AG ordinary shares. 5 Instrument was redeemed on 19 February 2025. 6 Instrument was redeemed on 29 January 2025. 7 Instrument was redeemed on 2 April 2025. 8 Instrument was redeemed on 12 May
2025. 9 Instrument was redeemed on 12 May 2025. 10 Instrument was redeemed on 5 June 2025. 11 Instrument was redeemed on 15 July 2025. 12 Instrument was redeemed on 13 October 2025.
13 Instrument was redeemed on 3 November 2025. 14 UBS Group AG announced the call of this instrument on 19 December 2025 and executed it on 12 January 2026. 15 UBS Group AG announced the call of
this instrument on 8 January 2026 and executed it on 30 January 2026. 16 UBS Group AG announced the call of this instrument on 15 January 2026 and executed it on 2 February 2026. 17 Instrument was
partially repurchased in tender offers executed in November 2025. 18 UBS Group AG announced the call of this instrument on 23 January 2026 and executed it on 9 February 2026.
Note 17 Compensation-related long-term liabilities
Compensation-related long-term liabilities
USD m
CHF m
31.12.25
31.12.24
31.12.25
31.12.24
Long-term portion of compensation-related liabilities
of which: Deferred Contingent Capital Plan
of which: other deferred compensation plans
Total compensation-related long-term liabilities
Note 18 Share capital
As of 31 December 2025, the issued share capital consisted of 3,341,581,714 fully paid registered shares with a nominal
value of USD 0.10 each (31 December 2024: 3,462,087,722 shares with a nominal value of USD 0.10 each). In 2025, as
approved by the AGM held on 10 April 2025, the cancellation of 120,506,008 shares, each with a nominal value of
USD 0.10, acquired under the 2022 share repurchase program, was executed. Share capital was reduced by the nominal
value of the repurchased shares upon cancellation, i.e. USD 12m (CHF 10m).
›
Refer to the “UBS shares” section of the UBS Group Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
,
for more information about UBS Group AG shares
UBS Group AG standalone financial statements
Note 19 Treasury shares
Treasury Shares
Number of registered shares
Average price in USD
Average price in CHF
Balance as of 31 December 2023
of which: treasury shares held by UBS Group AG
of which: treasury shares held by UBS AG
Acquisitions
Disposals
Delivery of shares to settle equity-settled awards
Balance as of 31 December 2024
of which: treasury shares held by UBS Group AG
1
of which: treasury shares held by UBS AG and other subsidiaries
Effect of translating opening balance at closing rate
2
Balance as of 1 January 2025
Acquisitions
Disposals
Cancellation
3
Delivery of shares to settle equity-settled awards
Balance as of 31 December 2025
of which: treasury shares held by UBS Group AG
1
of which: treasury shares held by UBS AG and other subsidiaries
1 Treasury shares held by UBS Group AG had a carrying value of USD 7,959m (CHF 6,310m) as of 31 December 2025 (31 December 2024: USD 6,517m (CHF 6,141m)). 2 Refer to Note 2 for more information.
3 In 2025, as approved by shareholders at the Annual General Meeting (the AGM) held on 10 April 2025, the cancellation of 120,506,008 shares, each with a nominal value of USD 0.10, acquired under the 2022
share repurchase program, was executed. Refer to Note 1 for more information.
UBS Group AG standalone financial statements
Additional information
Note 20 Assets pledged to secure own liabilities and assets subject to retention of title
As of 31 December 2025, total pledged assets of UBS Group AG amounted to USD 11,168m (CHF 8,855m). These assets
consisted of certain liquid assets, marketable securities and financial assets and were pledged to UBS AG. As of
31 December 2024, total pledged assets of UBS Group AG amounted to USD 6,446m (CHF 5,854m). The associated
liabilities secured by these pledged assets were USD 937m (CHF 743m) and USD 2,177m (CHF 1,977m) as of
31 December 2025 and 31 December 2024, respectively.
As of 31 December 2025, liquid assets in the amount of USD 5m (CHF 4m) were held in an escrow account
(31 December 2024: USD 5m (CHF 5m)).
Note 21 Contingent liabilities
As of 31 December 2025, total contingent liabilities of UBS Group AG amounted to USD 823m (CHF 652m). The
contingent liabilities include indemnities, guarantees, letters of responsibility and letters of comfort issued for the benefit
of subsidiaries and creditors of subsidiaries. In some instances the amount of exposure of UBS Group AG is not specified
but relates to specific circumstances such as the solvency of subsidiaries, and therefore no related amount is included in
the aforementioned figure. As of 31 December 2024, total contingent liabilities of UBS Group AG amounted to
USD 1,466m (CHF 1,331m).
Joint and several liability – value-added tax
UBS Group AG is jointly and severally liable for the combined value-added tax (VAT) liability of UBS entities that belong
to the VAT group of UBS in Switzerland.
UBS Group AG standalone financial statements
Note 22 Share ownership of the members of the Board of Directors, the Group Executive Board and other
employees
Share ownership of the members of the Board of Directors, the Group Executive Board and other employees
Shares awarded
For the year ended 31.12.25
For the year ended 31.12.24
Number of shares
Value of shares in
USD m
1
Value of shares in
CHF m
1
Number of shares
Value of shares in
USD m
1
Value of shares in
CHF m
1
Awarded to members of the BoD
Awarded to members of the GEB
Awarded to other UBS Group employees
Total
1 Shares awarded to members of the BoD during 2025 for the period from the 2024 AGM to the 2025 AGM were valued at CHF 30.328 and shares awarded during 2024 for the period from the 2023 AGM to the
2024 AGM were valued at CHF 24.435 (average closing price of UBS shares over the last 10 trading days leading up to and including the grant date). Shares (including notional shares) awarded to members of the
GEB in office during disclosed periods and other UBS Group employees were valued at weighted average grant date fair value (USD 29.65 for the year ended 31 December 2025 and USD 25.93 for the year ended
31 December 2024). Shares awarded under the Long Term Incentive Plan (LTIP) are shown at a value of 50% of the maximum opportunity both for 2025 and 2024 grants, as communicated to the participants.
›
Refer to the “Compensation” section of the UBS Group Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more information about the terms and conditions of the shares awarded to the members of the Board of
Directors and the Group Executive Board
Number of shares of BoD members
1
Name, function
on 31 December
Number of shares held
Voting rights in %
Colm Kelleher, Chairman
2025
2024
Lukas Gähwiler, Vice Chairman
2025
2024
Jeremy Anderson, Senior Independent Director
2025
2024
William C. Dudley, member
2025
2024
Patrick Firmenich, member
2025
2024
Fred Hu, member
2025
2024
Mark Hughes, member
2025
2024
Gail Kelly, member
2025
2024
Renata Jungo Brüngger, member
2025
2024
–
Julie G. Richardson, member
2025
2024
Lila Tretikov, member
2025
2024
–
Jeanette Wong, member
2025
2024
Total
2025
2024
1 Includes blocked and unblocked shares held by BoD members, including those held by related parties. No options were granted in 2025 and 2024.
UBS Group AG standalone financial statements
Note 22 Share ownership of the members of the Board of Directors, the Group Executive Board and other
employees (continued)
Share ownership / entitlements of GEB members
1
Name, function
on
31 December
Number of
unvested
shares / at
risk
2
Number of
vested shares
Total number
of shares
Potentially
conferred
voting
rights in %
Sergio P. Ermotti, Group Chief Executive Officer
2025
2024
George Athanasopoulos, Co-President Investment Bank
2025
2024
Michelle Bereaux, Group Integration Officer
2025
2024
Mike Dargan, Group Chief Operations and Technology Officer
2025
2024
Aleksandar Ivanovic, President Asset Management
2025
2024
Robert Karofsky, President UBS Americas and Co-President Global Wealth Management
2025
2024
Sabine Keller-Busse, President Personal & Corporate Banking and President UBS Switzerland
2025
2024
Iqbal Khan, Co-President Global Wealth Management and President UBS Asia Pacific
2025
2024
Barbara Levi, Group General Counsel
2025
2024
Beatriz Martin Jimenez, Head Non-core and Legacy and President UBS EMEA
2025
2024
Markus Ronner, Group Chief Compliance and Governance Officer
2025
2024
Stefan Seiler, Head Group Human Resources & Corporate Services
2025
2024
Todd Tuckner, Group Chief Financial Officer
2025
2024
Marco Valla, Co-President Investment Bank
2025
2024
Damian Vogel, Group Chief Risk Officer
2025
2024
Total
2025
2024
1 Includes all vested and unvested shares of GEB members, including those held by related parties. No options were held in 2025 and 2024 by any GEB member or any of its related parties. Refer to “Note 26 Employee
benefits: variable compensation” in the “Consolidated financial statements” section of the UBS Group Annual Report 2025, available under “Annual reporting” at ubs.com/investors, for more information. 2 Includes
shares granted under variable compensation plans with forfeiture provisions. For the 2019/20, 2020/21, 2021/22 and 2022/23 LTIP awards, the values reflect the final value. For all other LTIP awards, the values
reflect the fair value awarded at grant. The actual number of shares vesting in the future will be calculated under the terms of the plans. Refer to the “Group compensation” section of the UBS Group Annual Report
2025, available under “Annual reporting” at ubs.com/investors, for more information about the plans.
UBS Group AG standalone financial statements
Note 23 Related parties
Related parties are defined under the Swiss Code of Obligations as direct and indirect participants with voting rights of
20% or more, management bodies (BoD and GEB), external auditors and direct and indirect investments in subsidiaries.
Payables due to members of the GEB and the external auditors are provided in the table below. Amounts due from and
due to subsidiaries are provided on the face of the balance sheet.
Related parties
USD m
CHF m
31.12.25
31.12.24
31.12.25
31.12.24
Payables due to the members of the GEB
of which: Deferred Contingent Capital Plan
of which: other deferred compensation plans
Payables due to external auditors
UBS Group AG standalone financial statements
Statement of proposed appropriation of total profit
and dividend distribution out of total profit and
capital contribution reserve
The Board of Directors (the BoD) proposes that the Annual General Meeting of Shareholders on 15 April 2026 approve
the appropriation of total profit and an ordinary dividend distribution of USD 1.10 (gross) in cash per share of USD 0.10
nominal value under the terms set out below:
Proposed appropriation of and dividend distribution out of total profit
USD m
CHF m
For the year ended
For the year ended
31.12.25
31.12.25
Net profit for the period
Profit / (loss) carried forward
Total profit available for appropriation
Appropriation of total profit
Appropriation to voluntary earnings reserve
Dividend distribution: USD 1.10 (gross) per dividend-bearing share, USD 0.55 of which out of total profit
1
2
Profit / (loss) carried forward
1 Dividend-bearing shares are all shares issued except for treasury shares held by UBS Group AG as of the record date. The amount of USD 1,838m presented is based on the total number of shares issued as of
31 December 2025. If the final total amount of the dividend is higher or lower, the difference will be balanced through the appropriation to the voluntary earnings reserve. 2 For illustrative purposes, converted at
the closing exchange rate as of 31 December 2025.
Proposed dividend distribution (50%) out of capital contribution reserve
USD m
CHF m
For the year ended
For the year ended
31.12.25
31.12.25
Statutory capital reserve, of which capital contribution reserve before proposed distribution
Dividend distribution: USD 1.10 (gross) per dividend-bearing share, USD 0.55 of which out of capital contribution reserve
1
2
Statutory capital reserve, of which capital contribution reserve after proposed distribution
1 Dividend-bearing shares are all shares issued except for treasury shares held by UBS Group AG as of the record date. The amount of USD 1,838m presented is based on the total number of shares issued as of
31 December 2025. 2 For illustrative purposes, converted at the closing exchange rate as of 31 December 2025.
As set out above, half of the ordinary dividend distribution of USD 1.10 (gross) in cash per share is payable out of total
profit, and the other half is payable out of the capital contribution reserve. The portion of the dividend paid out of total
profit will be subject to a 35% Swiss withholding tax.
The ordinary dividend distribution is declared in US dollars. Shareholders whose shares are held through SIX SIS AG will
receive dividends in Swiss francs, based on a published exchange rate calculated up to five decimal places on the day
prior to the ex-dividend date. Shareholders holding shares through DTC or directly registered in the US share register with
Computershare will be paid dividends in US dollars.
In May 2024, the US changed its settlement practice from t+2, as common in Europe, to t+1, to reduce the risk between
the execution and settlement of a trade. To align the two different settlement practices regarding the corporate event
key dates, UBS decided to set the ex-dividend date on the NYSE one day later than on the SIX Swiss Exchange. Provided
that the proposed dividend distribution out of the total profit and the capital contribution reserve is approved, the
payment of USD 1.10 (or the Swiss franc equivalent) per share will be made on 23 April 2026 to holders of shares on the
record date 22 April 2026 on the SIX Swiss Exchange and the NYSE. However, on the SIX Swiss Exchange, the shares will
be traded ex-dividend as of 21 April 2026 and, accordingly, the last day on which the shares may be traded with
entitlement to receive the dividend will be 20 April 2026. On the NYSE, the shares will be traded ex-dividend as of 22 April
2026, and the last day on which the shares may be traded with entitlement to receive the dividend will be 21 April 2026.
Cautionary statement |
of an offer to buy or sell any securities or other financial instruments in Switzerland, the United States or any other jurisdiction. No investment decision relating
to securities of or relating to UBS Group AG, UBS AG or their affiliates should be made on the basis of this report. Refer to UBS’s most recent annual report on
Form 20-
F,
quarterly reports and other information furnished to or filed with the US Securities and Exchange Commission (the SEC) on Form 6-K, available at
ubs.com/investors
, for additional information.
Rounding |
disclosed in text and tables are calculated on the basis of unrounded figures. Absolute changes between reporting periods disclosed in the text, which can be
derived from numbers presented in related tables, are calculated on a rounded basis.
Tables |
available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis. Values
that are zero on a rounded basis can be either negative or positive on an actual basis.
Websites |
of any such websites into this report.
UBS Group AG
P.O. Box
CH-8098 Zurich
ubs.com
Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in each of the following registration statements:
(1)
on Form F-3 (Registration Number 333-293403),
(2)
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
(3)
each related prospectus currently outstanding under any of the aforementioned registration statements,
of our report dated 6 March 2026, with respect to the standalone financial statements of UBS Group AG for the year
ended 31 December 2025 included in this Report of Foreign Private Issuer (Form 6-K) dated 9 March 2026, filed with
the Securities and Exchange Commission.
/s/ Ernst & Young Ltd
Basel, Switzerland
9 March 2026
This Form 6-K is hereby incorporated by reference into (1) the registration statement on Form F-3 (Registration
Number 333-293403), (2) the registration statements of UBS Group
AG 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 (3) into each prospectus outstanding under any of the foregoing registration statements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
UBS Group AG
By: _/s/ Steffen Henrich__________
Name: Steffen Henrich
Title: Group Controller
By: /s/ David Kelly
Name: David Kelly
Title: Managing Director
Date: March 9, 2026