[6-K] ETRACS Whitney US Critical Technologies ETN Current Report (Foreign Issuer)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Date: August 5, 2025
(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 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 Second Quarter 2025 Report of UBS AG, which appears immediately following this
page.
Second quarter
1.
Key figures
3
UBS AG consolidated key figures
2.
Recent developments
4
Recent developments
3.
UBS AG performance, business divisions
and Group Items
8
UBS AG consolidated performance
16
Global Wealth Management
18
Personal & Corporate Banking
20
Asset Management
21
Investment Bank
23
Non-core and Legacy
25
Group Items
4.
Risk and capital management
27
Risk management and control
27
Capital management
5.
Consolidated
financial statements
33
UBS AG interim consolidated financial
statements (unaudited)
6.
Comparison between UBS AG consolidated
and UBS Group AG consolidated
68
Comparison between UBS AG consolidated
and UBS Group AG consolidated
Appendix
70
Alternative performance measures
74
Abbreviations frequently used in
our financial reports
76
Information sources
77
Cautionary statement
Corporate calendar UBS AG
Information about future publication dates is generally available at
ubs.com/global/en/investor-relations/events/calendar.html
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Imprint
Publisher: UBS 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.
UBS AG second quarter 2025 report
Terms used in this report, unless the context requires otherwise
“UBS”, “UBS Group”, “UBS Group AG consolidated”, “Group”
UBS Group AG and its consolidated subsidiaries
“UBS AG” and “UBS AG consolidated”, “we”, “us” and “our”
UBS AG and its consolidated subsidiaries
“Credit Suisse AG”
Credit Suisse AG and its consolidated subsidiaries before the merger
with UBS AG
“Credit Suisse Group“ and “Credit Suisse”
Pre-acquisition Credit Suisse Group
“UBS Group AG”
UBS 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. A number of APMs are reported in UBS’s 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 under “Alternative performance measures”
in the appendix to this report. These APMs may qualify as non-GAAP measures as defined by US Securities and
Exchange Commission (SEC) regulations.
Comparability
Comparative information in this report is presented as follows.
Profit and loss information and other flow-based information for the second quarter of 2025, the first quarter of
2025 and the fourth quarter of 2024 is based entirely on consolidated data following the merger of UBS AG and
Credit Suisse AG. Profit and loss information and other flow-based information for the second quarter of 2024 and
the six-month period ending 30 June 2024 includes only one month of post-merger UBS AG data.
Balance sheet information as at 30 June 2025, 31 March 2025 and 31 December 2024 includes post-merger
consolidated information.
Comparison between UBS AG consolidated and UBS Group AG consolidated
This report should be read in conjunction with the UBS Group second quarter 2025 report that was published on
30 July 2025 and is available under “Quarterly reporting” at
ubs.com/investors
. A comparison of selected financial
and capital information of UBS AG consolidated and of UBS Group AG consolidated is provided after the Notes to
t
he UBS AG interim consolidated financial statements.
UBS AG second quarter 2025 report
Key figures
UBS AG consolidated key figures
UBS AG consolidated key figures
As of or for the quarter ended
As of or year-to-date
USD m, except where indicated
30.6.25
31.3.25
31.12.24
30.6.24
30.6.25
30.6.24
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Net profit / (loss) attributable to shareholders
Profitability and growth
1
Return on equity (%)
Return on tangible equity (%)
Return on common equity tier 1 capital (%)
Revenues over leverage ratio denominator, gross (%)
Cost / income ratio (%)
Net profit growth (%)
n.m.
n.m.
n.m.
Resources
Total assets
Equity attributable to shareholders
Common equity tier 1 capital
2
Risk-weighted assets
2
Common equity tier 1 capital ratio (%)
2
Going concern capital ratio (%)
2
Total loss-absorbing capacity ratio (%)
2
Leverage ratio denominator
2
Common equity tier 1 leverage ratio (%)
2
Liquidity coverage ratio (%)
3
Net stable funding ratio (%)
Other
Invested assets (USD bn)
1,4
Personnel (full-time equivalents)
1 Refer to “Alternative performance measures” in the appendix to this report for the relevant definition(s) and calculation method(s). 2 Based on the Swiss systemically relevant bank framework. Refer to the “Capital
management” section of this report for more information. 3 The disclosed ratios represent quarterly averages for the quarters presented and are calculated based on an average of 61 data points in the second
quarter of 2025, 62 data points in the first quarter of 2025, 64 data points in the fourth quarter of 2024 and 61 data points in the second quarter of 2024, of which 40 data points were before the merger of UBS AG
and Credit Suisse AG (i.e. from 2 April 2024 until 30 May 2024), and 21 data points were after the merger (i.e. from 31 May 2024 until 30 June 2024). Refer to the “Liquidity and funding management” section of
the UBS Group second quarter 2025 report, available under “Quarterly reporting” at ubs.com/investors, for more information. 4 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 AG Annual Report
2024, available under “Annual reporting” at ubs.com/investors, for more information.
UBS AG second quarter 2025 report |
Recent developments
Management report
Integration of Credit Suisse
We remain on track to substantially complete the integration of Credit Suisse by the end of 2026. Our focus
continues to be on client account migrations and infrastructure decommissioning.
In the second quarter of 2025, we successfully completed the first main wave of our Swiss business migrations,
having now migrated approximately one-third of the targeted client accounts, and we still aim to complete the
Swiss booking center migrations by the end of the first quarter of 2026.
We have made substantial further progress with regard to the simplification of our legal entity structure in the US
and Europe, having merged Credit Suisse Holdings (USA), Inc. with UBS Americas Inc, deregistered Credit Suisse
(USA) LLC as a broker-dealer and established UBS Europe SE as the single EU intermediate parent undertaking
ahead of schedule.
On 18 July 2025, the High Court of England and Wales approved the transfer of Credit Suisse International’s
residual business and related products to UBS AG London Branch and UBS Europe SE pursuant to Part VII of the
Financial Services and Markets Act 2000. The transfer of the relevant assets and liabilities is expected to occur over
the next six months.
Regulatory and legal developments
Developments in Switzerland aimed at strengthening financial stability
In June 2025, the Swiss Federal Council published regulatory proposals that aim to further strengthen banking
stability in Switzerland (the Financial Stability Proposals). Proposed measures to be submitted to the Swiss Parliament
for enactment would exclude from common equity tier 1 (CET1) capital investments in foreign subsidiaries of
systemically important banks (SIBs), include additional requirements for the recovery and resolution of SIBs, add
measures to increase the potential for obtaining liquidity via the Swiss National Bank (the SNB), introduce a Senior
Managers Regime for banks, and provide additional powers for the Swiss Financial Market Supervisory Authority
(FINMA). Proposed measures at the ordinance level would exclude capitalized software and deferred tax assets
(DTAs) on temporary differences from CET1 capital, add stricter requirements for prudential valuation adjustments
(PVAs) of assets and liabilities, permit the mandatory suspension of interest payments for additional tier 1 capital
instruments in the event of a cumulative loss over four quarters, and introduce measures that aim to enable FINMA
and other authorities to better assess the situation of banks in a liquidity crisis.
The Swiss Federal Council plans to start a public consultation in the fall of 2025 on the legislative amendments to
capital requirements related to foreign subsidiaries and has indicated it expects to submit its proposal to the Swiss
Parliament in the first half of 2026. Entry into force of these amendments is expected in 2028, at the earliest, and
is expected to be phased in over a period of at least six to eight years. For the remaining legislative amendments, a
consultation draft is expected in the first half of 2026, with the Swiss Federal Council’s submission to the Parliament
in the first half of 2027. The entry into force of these amendments is expected in 2028 or 2029.
The measures at the ordinance level, including the capital treatment of capitalized software and DTAs on temporary
differences, are in public consultation until September 2025, with the ordinances expected to enter into force in
January 2027, at the earliest. In addition, a consultation on amendments to the Liquidity Ordinance is expected to
begin in the first half of 2026. The amendments to be proposed are expected to set minimum requirements for
maintaining borrowing capacity for emergency liquidity assistance.
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 the recommendations were to be implemented as proposed. This includes around
USD 23bn related to the full deduction of UBS AG’s investments in foreign subsidiaries. These pro-forma figures
r
eflect previously announced expected capital repatriations of around USD 5bn.
UBS AG second quarter 2025 report |
The incremental CET1 capital of around USD 24bn required at UBS 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 in a
manner misaligned with international standards. This would reduce the CET1 capital ratio for the Group to around
17%, underrepresenting UBS’s capital strength.
The additional capital of USD 24bn would be in addition to the previously communicated incremental capital of
around USD 18bn 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 9bn to meet the current progressive requirements due to the increased leverage ratio
denominator (LRD) and higher market share of the combined business. The progressive requirements for LRD and
market share are subject to confirmation.
On this basis, UBS would be required to hold around USD 42bn in additional CET1 capital in total.
Recent developments related to the implementation of the final Basel III standards
In June 2025, the European Commission (the EC) proposed to delay the implementation of the Fundamental Review
of the Trading Book (the FRTB) by another year, to 1 January 2027. We expect that the overall impact on UBS will
be limited.
In July 2025, the UK Prudential Regulatory Authority published for consultation proposals to delay the
implementation of the FRTB internal models approach from 1 January 2027 to 1 January 2028. The FRTB regulation
for standardized and advanced standardized approaches will continue to apply from 1 January 2027. With UBS’s
entities not being subject to the corresponding UK regulation, we expect that the overall impact on UBS will be
limited.
In Switzerland, the FRTB became effective on 1 January 2025, together with all other requirements of the final
Basel III regulation.
The Swiss Federal Council pauses the revision of the Ordinance on Climate Disclosures
In June 2025, the Swiss Federal Council decided to pause the revision of the Ordinance on Climate Disclosures until
the approval of the ongoing revision of the overarching legislation on sustainability reporting in the Swiss Code of
Obligations or until 1 January 2027, at the latest.
Recent developments related to EU sustainability reporting
In July 2025, Germany’s Federal Ministry of Justice and Consumer Protection published a new draft bill to implement
the EU Corporate Sustainability Reporting Directive (the CSRD). If enacted, the draft bill would make CSRD reporting
mandatory for the 2025 financial year for large companies that are subject to wave one reporting requirements of
the CSRD, which would include UBS AG.
In July 2025, the EC adopted amendments to the European Sustainability Reporting Standards (the ESRS) to allow
wave one companies to omit certain of the ESRS disclosures for the 2025 and 2026 financial years. Also in July
2025, the EC published proposed measures to simplify the disclosure requirements under Art. 8 of the EU Taxonomy
Regulation. These actions are part of a broader initiative by the EU to simplify its sustainability standards and to
reduce the reporting burden on companies. We are currently assessing the impact of these measures on the
disclosures of UBS AG and UBS Europe SE.
Other developments
Resolution of legacy Credit Suisse cross-border matter
On 5 May 2025, Credit Suisse Services AG entered into an agreement with the US Department of Justice (the DOJ)
to settle a long-running tax-related investigation into Credit Suisse’s implementation of its 2014 plea agreement,
relating to its legacy cross-border business with US taxpayers booked in Switzerland, which began before UBS
acquired the Credit Suisse Group. Credit Suisse Services AG pleaded guilty to one count of conspiracy to aid and
assist in the preparation of false income tax returns. Credit Suisse Services AG also contemporaneously entered into
a non-prosecution agreement regarding US taxpayers booked in the legacy Credit Suisse Singapore booking center.
In the second quarter of 2025, we paid USD 511m with respect to the aforementioned resolutions and we recorded
in our Non-core and Legacy division a USD 41m net increase in provisions, which included a provision for the
estimated costs of UBS’s ongoing obligations with the DOJ in respect of legacy Credit Suisse accounts.
›
Refer to “Note 16 Provisions and contingent liabilities” in the “Consolidated financial statements” section of this
r
eport for more information
UBS AG second quarter 2025 report |
Sale of O’Connor business
In May 2025, UBS Asset Management (Americas) LLC entered into an agreement to sell its O’Connor single-
manager hedge fund, private credit and commodities platform to Cantor Fitzgerald. The sale includes O’Connor’s
six investment strategies with around USD 11bn in assets under management and, as part of the agreement, UBS
and Cantor Fitzgerald will establish a long-term commercial arrangement. The transaction is expected to close in
stages, beginning in the fourth quarter of 2025, subject to regulatory approvals and other customary closing
conditions. UBS AG does not expect to recognize a material profit or loss upon completion of the transaction.
Ownership increase in UBS Securities China
In the second quarter of 2025, we increased our stake in UBS Securities China from 67% to 100%. The closing of
the transaction did not affect profit or loss and there was no material effect on our CET1 capital.
UBS AG second quarter 2025 report |
UBS AG performance, business divisions and Group Items 7
UBS AG 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.
This discussion and analysis of the results of the business divisions and Group Items compares the results for the
second quarter of 2025 and the six-month period ending 30 June 2025, which are both based entirely on
consolidated data following the merger of UBS AG and Credit Suisse AG, with the results for the second quarter
of 2024 and the six-month period ending 30 June 2024, which both only included one month of post-merger
UBS AG consolidated results. This is a material driver in many of the increases across both revenues and operating
expenses.
UBS AG second quarter 2025 report |
UBS AG performance, business divisions and Group Items | UBS AG consolidated performance 8
UBS AG consolidated performance
Income statement
For the quarter ended
% change from
Year-to-date
USD m
30.6.25
31.3.25
30.6.24
1Q25
2Q24
30.6.25
30.6.24
Net interest income
Other net income from financial instruments measured at fair value through profit or loss
Net fee and commission income
Other income
Total revenues
Credit loss expense / (release)
Personnel expenses
General and administrative expenses
Depreciation, amortization and impairment of non-financial assets
Operating expenses
Operating profit / (loss) before tax
Tax expense / (benefit)
Net profit / (loss)
Net profit / (loss) attributable to non-controlling interests
Net profit / (loss) attributable to shareholders
Comprehensive income
Total comprehensive income
Total comprehensive income attributable to non-controlling interests
Total comprehensive income attributable to shareholders
Integration-related expenses, by business division and Group Items
For the quarter ended
Year-to-date
USD m
30.6.25
31.3.25
30.6.24
30.6.25
30.6.24
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Total integration-related expenses
of which: total revenues
of which: operating expenses
of which: personnel expenses
of which: general and administrative expenses
of which: depreciation, amortization and impairment of non-financial assets
2Q25 compared with 2Q24
The legal merger of UBS AG and Credit Suisse AG on 31 May 2024 has had a significant impact on the results from
June 2024 onward. This discussion and analysis of results compares the second quarter of 2025, which covers three
full months of post-merger results, with the second quarter of 2024, which included only one month of post-
merger results. This is a material driver in many of the increases across both revenues and operating expenses.
›
Refer to “Note 2 Accounting for the merger of UBS AG and Credit Suisse AG” in the “Consolidated financial
statements” section of the UBS AG Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
,
for more information about the accounting for the merger of UBS AG and Credit Suisse AG
UBS AG second quarter 2025 report |
UBS AG performance, business divisions and Group Items | UBS AG consolidated performance 9
Results: 2Q25 vs 2Q24
Operating profit before tax was USD 862m, compared with an operating loss before tax of USD 196m in the second
quarter of 2024, reflecting higher total revenues, partly offset by increases in operating expenses and net credit
loss expenses. Total revenues increased by USD 1,735m, or 18%, to USD 11,635m, which included an increase
from foreign currency effects. The increase in total revenues was largely due to increases of USD 965m in combined
net interest income and other net income from financial instruments measured at fair value through profit or loss
and USD 925m in net fee and commission income, partly offset by USD 156m lower other income. Operating
expenses increased by USD 609m, or 6%, to USD 10,621m, and included an increase from foreign currency effects.
The overall increase was largely due to increases of USD 852m in personnel expenses and USD 113m in
depreciation, amortization and impairment of non-financial assets, partly offset by a decrease of USD 356m in
general and administrative expenses. Net credit loss expenses were USD 152m, compared with USD 84m in the
second quarter of 2024.
Integration-related expenses in general and administrative expenses primarily included shared services costs charged
from other companies in the UBS Group reporting scope, consulting fees and outsourcing costs. Integration-related
personnel expenses were mainly due to salaries and variable compensation related to the integration of Credit
Suisse. In addition, there was accelerated depreciation of properties and leasehold improvements in depreciation,
amortization and impairment of non-financial assets.
Total revenues: 2Q25 vs 2Q24
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 965m to USD 4,958m, mainly driven by increases in Global Wealth Management,
Personal & Corporate Banking and the Investment Bank.
Global Wealth Management revenues increased by USD 402m to USD 2,042m, mainly driven by the consolidation
of Credit Suisse AG net interest income for the full quarter. The remaining variance was mainly due to an increase
in net interest income, largely driven by positive foreign currency effects and deposit inflows into higher-margin
products, and an increase in trading revenues, reflecting higher levels of client activity.
Personal & Corporate Banking revenues increased by USD 334m to USD 1,357m, predominantly due to the
consolidation of Credit Suisse AG net interest income for the full quarter, as well as positive foreign currency effects.
Investment Bank revenues increased by USD 379m to USD 1,886m, mainly due to higher Derivatives & Solutions
revenues, mostly driven by Foreign Exchange, Equity Derivatives and Rates, due to elevated volatility and higher
levels of client activity. In addition, there were higher revenues in Financing, with increases in all products, led by
Prime Brokerage, supported by higher client balances. These increases were partly offset by lower revenues in Global
Banking, largely driven by a contraction in Leveraged Capital Markets revenues.
Non-core and Legacy revenues were negative USD 150m compared with positive USD 121m in the second quarter
of 2024. Revenues included lower net gains from position exits and lower net interest income from securitized
products and credit products, as well as due to the consolidation of Credit Suisse AG revenues for the full quarter.
Revenues in Group Items were negative USD 176m compared with negative USD 288m in the second quarter of
2024. The change in revenues was mainly driven by mark-to-market gains from Group hedging and own debt,
including hedge accounting ineffectiveness, compared with losses in the second quarter of 2024. Revenues in the
second quarter of 2025 included offsetting impacts on portfolio-level economic hedges and mark-to-market effects
on own credit.
›
Refer to the relevant business division commentary in this section for more information about business-division
specific revenues
›
Refer to “Note 4 Net interest income” in the “Consolidated financial statements” section of this report for more
information about net interest income
UBS AG second quarter 2025 report |
UBS AG performance, business divisions and Group Items | UBS AG consolidated performance 10
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
30.6.25
31.3.25
30.6.24
1Q25
2Q24
30.6.25
30.6.24
Net interest income from financial instruments measured at amortized cost and fair value
through other comprehensive income
Net interest income from financial instruments measured at fair value through profit or
loss and other
Other net income from financial instruments measured at fair value through profit or loss
Total
Global Wealth Management
of which: net interest income
of which: transaction-based income from foreign exchange and other intermediary
activity
1
Personal & Corporate Banking
of which: net interest income
of which: transaction-based income from foreign exchange and other intermediary
activity
1
Asset Management
Investment Bank
Non-core and Legacy
Group Items
1 Mainly includes spread-related income in connection with client-driven transactions, foreign currency translation effects and income and expenses from precious metals, which are included in the income statement
line Other net income from financial instruments measured at fair value through profit or loss. The amounts reported on this line are one component of Transaction -based income in the management discussion and
analysis in the “Global Wealth Management” and “Personal & Corporate Banking” sections of this report.
Net fee and commission income
Net fee and commission income increased by USD 925m to USD 6,526m, mainly driven by the consolidation of
Credit Suisse AG revenues for the full quarter.
The consolidation of Credit Suisse AG revenues for the full quarter was the main factor driving a USD 485m increase
in fees from portfolio management, to USD 3,163m, and a USD 242m increase in investment fund fees, to
USD 1,600m, predominantly in Global Wealth Management and Asset Management, respectively. The increase in
Global Wealth Management was also due to positive market performance and net new fee-generating asset
inflows.
Net brokerage fees increased by USD 187m to USD 1,189m, mainly due to higher levels of client activity in Global
Wealth Management, and in Cash Equities in Execution Services in the Investment Bank, due to higher volumes.
›
Refer to “Note 5 Net fee and commission income” in the “Consolidated financial statements” section of this report
for more information
Other income
Other income was USD 150m and included the consolidation of Credit Suisse AG income for the full quarter,
compared with USD 306m in the second quarter of 2024. The decrease was largely due to lower costs charged to
shared services subsidiaries of UBS Group AG. In addition, losses of USD 35m from disposals of properties held for
sale were incurred, predominantly in Group Items. The second quarter of 2025 also included a USD 31m loss
relating to an investment in an associate.
›
Refer to “Note 6 Other income” in the “Consolidated financial statements” section of this report for more
information
Credit loss expense / release: 2Q25 vs 2Q24
Total net credit loss expenses in the second quarter of 2025 were USD 152m, reflecting net expenses of USD 38m
related to performing positions and net expenses of USD 114m on credit-impaired positions. Net credit loss
expenses were USD 84m in the second quarter of 2024.
›
Refer to “Note 9 Expected credit loss measurement” in the “Consolidated financial statements” section of this
report for more information
UBS AG second quarter 2025 report |
U
BS AG performance, business divisions and Group Items | UBS AG consolidated performance 11
Credit loss expense / (release)
Performing positions
Credit-impaired positions
USD m
Stages 1 and 2
Stage 3
Total
For the quarter ended 30.6.25
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Total
For the quarter ended 31.3.25
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Total
For the quarter ended 30.6.24
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Total
Operating expenses: 2Q25 vs 2Q24
Operating expenses
For the quarter ended
% change from
Year-to-date
USD m
30.6.25
31.3.25
30.6.24
1Q25
2Q24
30.6.25
30.6.24
Personnel expenses
of which: salaries and variable compensation
of which: variable compensation – financial advisors
1
General and administrative expenses
of which: net expenses / (releases) for litigation, regulatory and similar matters
Depreciation, amortization and impairment of non-financial assets
Total operating expenses
1 Financial advisor compensation consists of cash compensation, determined using a formulaic approach based on production, and deferred awards. It also includes expenses related to compensation commitments
with financial advisors entered into at the time of recruitment that are subject to vesting requirements.
Personnel expenses
Personnel expenses increased by USD 852m to USD 5,649m, mainly driven by the consolidation of Credit Suisse AG
expenses for the full quarter, reflecting both the combined workforce resulting from the merger and higher accruals
for performance awards, and also driven by a USD 44m increase in financial advisor compensation resulting from
higher compensable revenues.
›
Refer to “Note 7 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 356m to USD 4,228m and included the consolidation of
Credit Suisse AG expenses for the full quarter. The overall decrease was largely attributable to a USD 998m
reduction in costs for litigation, regulatory and similar matters, mainly due to recognition of costs in the second
quarter of 2024 when UBS agreed to fund an offer by the Credit Suisse supply chain finance funds to redeem all
of the outstanding units of the respective funds. This was partly offset by an increase of USD 441m in shared
services costs for Technology, Finance and Risk charged by shared services subsidiaries of UBS Group AG. General
and administrative expenses also included increases of USD 45m in real estate and logistics costs, USD 43m in
consulting, legal and audit fees, and USD 38m in technology costs.
›
Refer to “Note 8 General and administrative expenses” in the “Consolidated financial statements” section of this
report for more information
›
Refer to “Note 16 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 AG Annual Report 2024,
available under “Annual reporting” at
ubs.com/investors
, for more information about litigation, regulatory and
similar matters on a UBS AG consolidated basis
UBS AG second quarter 2025 report |
UBS AG performance, business divisions and Group Items | UBS AG consolidated performance 12
Depreciation, amortization and impairment of non-financial assets
Depreciation, amortization and impairment of non-financial assets increased by USD 113m to USD 744m and
included the consolidation of Credit Suisse AG expenses for the full quarter. The overall increase was largely
attributable to a USD 73m increase of amortization of internally generated capitalized software as a result of a
higher cost base of software assets, as well as higher depreciation attributable to right-of-use assets associated with
real estate leases.
Tax: 2Q25 vs 2Q24
UBS AG had a net income tax benefit of USD 336m in the second quarter of 2025, representing a negative effective
tax rate of 39.0%, compared with a tax expense of USD 28m in the second quarter of 2024.
This reflected a net deferred tax benefit of USD 664m, which included a USD 663m benefit related to integration-
related tax planning, primarily driven by the recognition of deferred tax assets (DTAs) in respect of tax losses carried
forward and deductible temporary differences resulting from the final consolidation of legal entities in the United
States and a USD 52m benefit due to an increase in DTA recognition within UBS AG’s US branch. These benefits
were partly offset by a net deferred tax expense of USD 51m that primarily related to the amortization of DTAs
previously recognized in relation to tax losses carried forward and deductible temporary differences.
The current tax expense was USD 328m, which primarily related to the taxable profits of UBS Switzerland AG and
other entities.
Total comprehensive income attributable to shareholders
In the second quarter of 2025, total comprehensive income attributable to shareholders was USD 4,213m, reflecting
a net profit of USD 1,192m and other comprehensive income (OCI), net of tax, of USD 3,021m.
Foreign currency translation OCI was USD 2,610m, mainly resulting from the US dollar weakening against the Swiss
franc and the euro.
OCI related to cash flow hedges was USD 562m, mainly reflecting net unrealized gains on US dollar hedging
derivatives resulting from decreases in the relevant US dollar long-term interest rates and net losses on hedging
instruments that were reclassified from OCI to the income statement.
OCI related to own credit on financial liabilities designated at fair value was negative USD 138m, primarily due to
a tightening of our own credit spreads.
›
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 (UBS AG
vs UBS Group AG consolidated)” 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 AG
Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
, for more information about own
credit on financial liabilities designated at fair value
UBS AG second quarter 2025 report |
UBS AG performance, business divisions and Group Items | UBS AG consolidated performance 13
Sensitivity to interest rate movements
As of 30 June 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 0.7bn, USD 0.4bn 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 0.8bn. Of this increase, approximately USD 1.5bn 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 rate changes would lead to an offsetting decrease of USD 0.5bn 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 June
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 the UBS Group second quarter 2025 report, available under
“Quarterly reporting” at
ubs.com/investors
, for information about interest rate risk in the banking book
Key figures and personnel
Below is an overview of selected key figures of UBS AG consolidated. For further information about key figures
related to capital management, refer to the “Capital management” section of this report.
Cost / income ratio: 2Q25 vs 2Q24
The cost / income ratio was 91.3%, compared with 101.1%, mainly reflecting an increase in total revenues, partly
offset by an increase in operating expenses.
Personnel: 2Q25 vs 1Q25
The number of internal personnel employed as of 30 June 2025 was 62,958 (full-time equivalents), a net decrease
of 4,415 compared with 31 March 2025.
Equity, CET1 capital and returns
As of or for the quarter ended
Year-to-date
USD m, except where indicated
30.6.25
31.3.25
30.6.24
30.6.25
30.6.24
Net profit
Net profit attributable to shareholders
Equity
Equity attributable to shareholders
less: goodwill and intangible assets
Tangible equity attributable to shareholders
less: other CET1 adjustments
CET1 capital
Returns
Return on equity (%)
Return on tangible equity (%)
Return on CET1 capital (%)
Common equity tier 1 capital: 2Q25 vs 1Q25
During the second quarter of 2025, common equity tier 1 (CET1) capital decreased by USD 0.9bn to USD 69.8bn,
mainly as operating profit before tax of USD 0.9bn and foreign currency translation gains of USD 2.5bn were more
than offset by dividend accruals of USD 3.5bn and current tax expenses of USD 0.3bn.
Return on common equity tier 1 capital: 2Q25 vs 2Q24
The annualized return on CET1 capital was 6.8%, compared with negative 1.7%, driven by net profit attributable
to shareholders compared with a net loss attributable to shareholders in the second quarter of 2024, as well as a
decrease in average CET1 capital.
UBS AG second quarter 2025 report |
UBS AG performance, business divisions and Group Items | UBS AG consolidated performance 14
Risk-weighted assets: 2Q25 vs 1Q25
During the second quarter of 2025, RWA increased by USD 16.8bn to USD 498.3bn, driven by an USD 18.7bn
increase in currency effects, partly offset by a USD 1.5bn decrease resulting from asset size and other movements
and a USD 0.3bn decrease resulting from model updates and methodology changes.
Common equity tier 1 capital ratio: 2Q25 vs 1Q25
The CET1 capital ratio decreased to 14.0% from 14.7%, reflecting the aforementioned increase in RWA and the
aforementioned decrease in CET1 capital.
Leverage ratio denominator: 2Q25 vs 1Q25
During the second quarter of 2025, the leverage ratio denominator (the LRD) increased by USD 94.3bn to
USD 1,660.1bn, mainly driven by currency effects of USD 88.4bn and asset size and other movements of
USD 5.8bn.
Common equity tier 1 leverage ratio: 2Q25 vs 1Q25
The CET1 leverage ratio decreased to 4.2% from 4.5%, reflecting the aforementioned increase in the LRD and the
aforementioned decrease in CET1 capital.
Results 6M25 vs 6M24
Operating profit before tax increased by USD 1,018m, or 86%, to USD 2,201m, reflecting a USD 4,790m increase
in total revenues, which was partly offset by a USD 3,633m increase in operating expenses. Net credit loss expenses
were USD 275m compared with net credit loss expenses of USD 136m in the first six months of 2024.
Total combined net interest income and other net income from financial instruments measured at fair value through
profit or loss increased by USD 2,466m to USD 10,210m. Revenues in Global Wealth Management increased by
USD 918m, mainly driven by the consolidation of Credit Suisse AG revenues for the full period, positive foreign
currency effects, deposit inflows into higher-margin products, as well as the impact of higher levels of client activity.
Personal & Corporate Banking increased by USD 677m, largely due to the consolidation of Credit Suisse AG net
interest income for the full period. The Investment Bank increased by USD 878m, mainly due to an increase in
Derivatives & Solutions revenues that resulted from elevated volatility and higher levels of client activity. In addition,
there were higher revenues in Financing, led by Prime Brokerage, supported by higher client balances. These
increases were partly offset by lower revenues in Global Banking, which mainly resulted from lower volumes in
Leveraged Capital Markets. Non-core and Legacy revenues were negative USD 33m compared with positive
USD 139m in the first six months of 2024, largely due to lower net gains from position exits and net interest income
from securitized products and credit products, partly offset by the effect from the consolidation of Credit Suisse AG
revenues for the full period. Group Items revenues were negative USD 413m, compared with negative USD 563m
in the first six months of 2024, mainly due to lower mark-to-market losses from Group hedging and own debt,
including hedge accounting ineffectiveness. The losses in the first half of 2025 were driven by mark-to-market
effects on own credit and portfolio-level economic hedges within Group Treasury.
Net fee and commission income increased by USD 2,406m to USD 13,156m. The consolidation of Credit Suisse AG
revenues for the full period led to increases of USD 1,131m in portfolio management and related service fees and
USD 584m in investment fund fees, predominantly in Global Wealth Management and Asset Management,
respectively. The increase in Global Wealth Management was also due to positive market performance and net new
fee-generating asset inflows. Net brokerage fees increased by USD 511m, mainly reflecting higher levels of client
activity in Global Wealth Management and in Execution Services in the Investment Bank, due to higher volumes.
Other income was USD 432m, compared with USD 515m in the first six months of 2024, and included the
consolidation of Credit Suisse income for the full period. The overall change was mainly due to lower costs charged
to shared services subsidiaries of UBS Group AG. The share of net profits of associates and joint ventures was
USD 118m higher, mainly reflecting a USD 64m gain related to the Swisscard transactions, partly offset by a
USD 16m net loss relating to an investment in an associate.
Personnel expenses increased by USD 2,601m to USD 11,559m and included the consolidation of Credit Suisse AG
expenses for the full period, reflecting both the combined workforce resulting from the merger and higher accruals
for performance awards, and also driven by a USD 186m increase in financial advisor compensation as a result of
h
igher compensable revenues.
UBS AG second quarter 2025 report |
UBS AG performance, business divisions and Group Items | UBS AG consolidated performance 15
General and administrative expenses increased by USD 735m to USD 8,305m, mainly driven by the consolidation
of Credit Suisse AG expenses for the full period. The overall increase was largely attributable to a USD 739m increase
in shared services costs charged by shared services subsidiaries of the UBS Group. General and administrative
expenses also included a USD 180m expense related to the Swisscard transactions in Personal & Corporate Banking
and increases of USD 130m in technology costs, USD 119m in real estate and logistics costs, and USD 99m in
consulting, legal and audit fees. These increases were partly offset by USD 810m lower expenses for litigation,
regulatory and similar matters, mainly due to the costs recognized in the first six months of 2024 when UBS agreed
to fund an offer by the Credit Suisse supply chain finance funds to redeem all of the outstanding units in the
respective funds.
Depreciation, amortization and impairment of non-financial assets increased by USD 296m to USD 1,458m and
included the impact from the consolidation of Credit Suisse AG expenses for the full period. The overall increase
included a USD 217m increase of amortization of internally generated capitalized software mainly as a result of the
consolidation of Credit Suisse AG expenses and a higher cost base of software assets, as well as higher depreciation
attributable to right-of-use assets associated with real estate leases.
Outlook
The third quarter started with strong market performance in risk assets, particularly international equities, combined
with a weak US dollar. Investor sentiment remains broadly constructive, tempered by persistent macroeconomic
and geopolitical uncertainties. Against this backdrop, our client conversations and deal pipelines indicate a high
level of readiness among investors and corporates to deploy capital as conviction around the macro outlook
strengthens.
For the third quarter, we expect Global Wealth Management’s net interest income (NII) and Personal & Corporate
Banking’s NII in Swiss francs to be broadly stable. In US dollar terms, this translates to a sequential low single-digit
percentage increase.
We also expect trading and transactional activity to reflect more normalized seasonal patterns and activity levels
compared with the same quarter a year ago, particularly in Global Wealth Management’s transaction-based
revenues and the Investment Bank’s Global Markets performance.
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 2025 and 2026
financial targets, leveraging the power of our diversified business model.
UBS AG second quarter 2025 report |
UBS AG performance, business divisions and Group Items | Global Wealth Management 16
Global Wealth Management
Global Wealth Management
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.6.25
31.3.25
30.6.24
1Q25
2Q24
30.6.25
30.6.24
Results
Net interest income
Recurring net fee income
1
Transaction-based income
1
Other income
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Financial advisor compensation
2
Invested assets (USD bn)
1
Loans, gross (USD bn)
3
Customer deposits (USD bn)
3
Impaired loan portfolio as a percentage of total loan portfolio, gross (%)
1,4
Advisors (full-time equivalents)
1 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 2 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 1,579m as of 30 June 2025. 3 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. 4 Refer to the “Risk management and control” section of the UBS Group second
quarter 2025 report, available under “Quarterly reporting” at ubs.com/investors, for more information about (credit-)impaired exposures. Excludes loans to financial advisors.
Results: 2Q25 vs 2Q24
Profit before tax increased by USD 332m, or 46%, to USD 1,052m, mainly driven by the positive impact from the
merger of UBS AG and Credit Suisse AG, and higher total revenues, partly offset by higher operating expenses.
Total revenues
Total revenues increased by USD 979m, or 19%, to USD 6,171m, mainly due to the consolidation of Credit
Suisse AG revenues for the full quarter. The remaining increase largely reflected increases in recurring net fee
income and transaction-based income.
Net interest income increased by USD 270m, or 20%, to USD 1,587m, mainly driven by the consolidation of Credit
Suisse AG net interest income for the full quarter, with the remaining variance largely driven by positive foreign
currency effects and deposit inflows into higher-margin products.
Recurring net fee income increased by USD 459m, or 16%, to USD 3,352m, mainly driven by positive market
performance and net new fee-generating asset inflows, as well as the consolidation of Credit Suisse AG recurring
net fee income for the full quarter.
Transaction-based income increased by USD 265m, or 28%, to USD 1,225m, mainly driven by the consolidation of
Credit Suisse AG transaction-based income for the full quarter and higher levels of client activity across all regions.
Other income decreased by USD 15m to USD 7m and included a loss of USD 8m related to an investment in an
associate.
Credit loss expense / release
Net credit loss releases were USD 2m, compared with net releases of USD 2m in the second quarter of 2024.
Operating expenses
Operating expenses increased by USD 648m, or 14%, to USD 5,121m, mainly driven by the consolidation of Credit
Suisse AG operating expenses for the full quarter, unfavorable foreign currency effects and an increase in financial
advisor compensation as a result of higher compensable revenues.
UBS AG second quarter 2025 report |
UBS AG performance, business divisions and Group Items | Global Wealth Management 17
Invested assets: 2Q25 vs 1Q25
Invested assets increased by USD 294bn, or 7%, to USD 4,512bn, mainly driven by positive market performance of
USD 178bn, positive foreign currency effects of USD 97bn and net new asset inflows.
Loans: 2Q25 vs 1Q25
Loans increased by USD 18.2bn to USD 319.9bn, mainly driven by positive foreign currency effects and positive net
new loans.
›
Refer to the “Risk management and control” section of the UBS Group second quarter 2025 report, available under
“Quarterly reporting” at
ubs.com/investors
, for more information
Customer deposits: 2Q25 vs 1Q25
Customer deposits increased by USD 24.2bn to USD 489.0bn, mainly driven by positive foreign currency effects
and net new deposit inflows.
Results: 6M25 vs 6M24
Profit before tax increased by USD 613m, or 37%, to USD 2,268m, mainly driven by the positive impact from the
merger of UBS AG and Credit Suisse AG, and higher total revenues, partly offset by higher operating expenses.
Total revenues increased by USD 2,353m, or 23%, to USD 12,463m, mainly due to the consolidation of Credit
Suisse AG revenues for the full period. The remaining increase largely reflected increases in recurring net fee income
and transaction-based income.
Net interest income increased by USD 655m, or 26%, to USD 3,176m, mainly driven by the consolidation of Credit
Suisse AG net interest income for the full period, with the remaining variance largely driven by positive foreign
currency effects and deposit inflows into higher-margin products.
Recurring net fee income increased by USD 1,040m, or 19%, to USD 6,626m, mainly driven by positive market
performance and net new fee-generating asset inflows, as well as the consolidation of Credit Suisse AG recurring
net fee income for the full period.
Transaction-based income increased by USD 703m, or 36%, to USD 2,648m, mainly driven by the consolidation of
Credit Suisse AG transaction-based income for the full period and higher levels of client activity across all regions.
Other income decreased by USD 44m to USD 14m, mostly due to lower shared services costs charged to other
subsidiaries of UBS Group AG, mainly related to secondments and included a net loss of USD 5m related to an
investment in an associate.
Net credit loss expenses were USD 6m, compared with net expenses of USD 7m in the first half of 2024.
Operating expenses increased by USD 1,742m, or 21%, to USD 10,190m, mainly driven by the consolidation of
Credit Suisse AG operating expenses for the full period, unfavorable foreign currency effects and an increase in
financial advisor compensation as a result of higher compensable revenues.
UBS AG second quarter 2025 report |
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
30.6.25
31.3.25
30.6.24
1Q25
2Q24
30.6.25
30.6.24
Results
Net interest income
Recurring net fee income
1
Transaction-based income
1
Other income
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Net interest margin (bps)
1
Loans, gross (CHF bn)
Customer deposits (CHF bn)
Impaired loan portfolio as a percentage of total loan portfolio, gross (%)
1,2
1
Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 2
Refer to the “Risk management and control” section of the UBS Group second quarter 2025
report, available under “Quarterly reporting” at ubs.com/investors, for more information about (credit-)impaired exposures.
Results
:
2Q25 vs 2Q24
Profit before tax decreased by CHF 30m, or 7%, to CHF 383m, as higher total revenues and lower net credit loss
expenses were more than offset by higher operating expenses.
Total revenues
Total revenues increased by CHF 281m, or 20%, to CHF 1,698m, mainly due to the consolidation of Credit
Suisse AG revenues for the full quarter.
Net interest income increased by CHF 148m to CHF 929m, largely reflecting the consolidation of Credit Suisse AG
net interest income for the full quarter.
Recurring net fee income increased by CHF 42m to CHF 313m, mainly due to the consolidation of Credit Suisse AG
recurring net fee income for the full quarter.
Transaction-based income increased by CHF 131m to CHF 484m, largely due to the consolidation of Credit
Suisse AG transaction-based income for the full quarter.
Other income was negative CHF 28m, compared with CHF 11m, and included a loss of CHF 18m related to an
investment in an associate.
Credit loss expense / release
Net credit loss expenses were CHF 91m and included the effect from the consolidation of Credit Suisse AG, as well
as net credit loss expenses on credit-impaired positions. Net credit loss expenses in the second quarter of 2024
were CHF 98m.
Operating expenses
Operating expenses increased by CHF 319m, or 35%, to CHF 1,224m, largely due to the consolidation of Credit
Suisse AG operating expenses for the full quarter, and included higher integration-related expenses.
Results
:
6M25 vs 6M24
Profit before tax decreased by CHF 145m, or 16%, to CHF 761m, as higher total revenues were more than offset
by higher operating expenses and net credit loss expenses.
Total revenues increased by CHF 868m, or 33%, to CHF 3,502m, mainly due to the consolidation of Credit
Suisse AG revenues for the full period.
Net interest income increased by CHF 419m to CHF 1,882m, largely reflecting the consolidation of Credit Suisse AG
n
et interest income for the full period.
UBS AG second quarter 2025 report |
Recurring net fee income increased by CHF 149m to CHF 642m, mainly due to the consolidation of Credit Suisse AG
recurring net fee income for the full period, as well as an increase in revenues due to higher investment product
levels, mostly reflecting net new inflows and positive market performance.
Transaction-based income increased by CHF 285m to CHF 938m, largely due to the consolidation of Credit
Suisse AG transaction-based income for the full period.
Other income was CHF 40m, compared with CHF 25m, and included a gain of CHF 58m related to the Swisscard
transactions and
a net loss of CHF 8m related to an investment in an associate.
Net credit loss expenses were CHF 143m, mainly reflecting the effect from the consolidation of Credit Suisse AG,
primarily due to net credit loss expenses on credit-impaired positions in the legacy Credit Suisse corporate loan
book. Net credit loss expenses in the first half of 2024 were CHF 108m.
Operating expenses increased by CHF 977m, or 60%, to CHF 2,597m, largely due to the consolidation of Credit
Suisse AG operating expenses for the full period, and included both a CHF 164m expense related to the Swisscard
transactions and higher integration-related expenses.
Personal & Corporate Banking – in US dollars
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.6.25
31.3.25
30.6.24
1Q25
2Q24
30.6.25
30.6.24
Results
Net interest income
Recurring net fee income
1
Transaction-based income
1
Other income
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Net interest margin (bps)
1
Loans, gross (USD bn)
Customer deposits (USD bn)
Impaired loan portfolio as a percentage of total loan portfolio, gross (%)
1,2
1 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. 2 Refer to the “Risk management and control” section of the UBS Group second quarter
2025 report, available under “Quarterly reporting” at ubs.com/investors, for more information about (credit-)impaired exposures.
UBS AG second quarter 2025 report |
UBS AG performance, business divisions and Group Items | Asset Management 20
Asset Management
Asset Management
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.6.25
31.3.25
30.6.24
1Q25
2Q24
30.6.25
30.6.24
Results
Net management fees
1
Performance fees
Net gain from disposals
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
2
Cost / income ratio (%)
2
Gross margin on invested assets (bps)
2
Information by business line / asset class
Invested assets (USD bn)
2
Equities
Fixed Income
of which: money market
Multi-asset & Solutions
Hedge Fund Businesses
Real Estate & Private Markets
Total invested assets excluding associates
of which: passive strategies
Associates
3
Total invested assets
Information by region
Invested assets (USD bn)
2
Americas
Asia Pacific
4
EMEA (excluding Switzerland)
Switzerland
Total invested assets
Information by channel
Invested assets (USD bn)
2
Third-party institutional
Third-party wholesale
UBS’s wealth management businesses
Associates
3
Total invested assets
1 Net management fees include transaction fees, fund administration revenues (including net interest and trading income from lending activities and foreign-exchange hedging as part of the fund services offering),
distribution fees, incremental fund-related expenses, gains or losses from seed money and co-investments, funding costs, the negative pass-through impact of third-party performance fees, and other items that are
not Asset Management’s performance fees. 2 Refer to “Alterna tive performance measures” in the appendix to this report for the definition and calculation method. 3 The invested assets amounts reported for
associates are prepared in accordance with their local regulatory requirements and practices. 4 Includes invested assets from associates.
Results: 2Q25 vs 2Q24
Profit before tax increased by USD 28m, or 23%, to USD 149m, mainly reflecting the impact from the consolidation
of Credit Suisse AG for the full quarter.
Total revenues
Total revenues increased by USD 137m, or 22%, to USD 771m, primarily reflecting the consolidation of Credit
Suisse AG revenues for the full quarter, partly offset by the second quarter of 2024 including USD 28m of net gains
from disposals.
Net management fees increased by USD 151m, or 26%, to USD 733m, largely reflecting the impact from the
consolidation of Credit Suisse AG net management fees for the full quarter.
Performance fees increased by USD 16m, or 67%, to USD 39m, mainly due to an increase in Hedge Fund
Businesses.
UBS AG second quarter 2025 report |
UBS AG performance, business divisions and Group Items | Asset Management 21
Operating expenses
Operating expenses increased by USD 109m, or 21%, to USD 622m, largely due to the consolidation of Credit
Suisse AG operating expenses for the full quarter, partly offset by lower non-personnel and personnel costs.
Invested assets: 2Q25 vs 1Q25
Invested assets increased by USD 156bn, or 9%, to USD 1,952bn, reflecting positive foreign currency effects of
USD 96bn and positive market performance of USD 62bn, partly offset by negative net new money of USD 2bn.
Results: 6M25 vs 6M24
Profit before tax increased by USD 114m, or 67%, to USD 286m, mainly reflecting the impact from the
consolidation of Credit Suisse AG for the full period.
Total revenues increased by USD 369m, or 32%, to USD 1,512m, primarily reflecting the consolidation of Credit
Suisse AG revenues for the full period, partly offset by the first half of 2024 including USD 28m of net gains from
disposals.
Net management fees increased by USD 376m, or 35%, to USD 1,445m, largely reflecting the consolidation of
Credit Suisse AG net management fees for the full period.
Performance fees increased by USD 24m, or 51%, to USD 69m, mainly due to an increase in Hedge Fund Businesses
and the consolidation of Credit Suisse AG performance fees for the full period.
Operating expenses increased by USD 253m, or 26%, to USD 1,225m, largely due to the consolidation of Credit
Suisse AG operating expenses for the full period, partly offset by lower non-personnel and personnel costs.
Investment Bank
Investment Bank
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.6.25
31.3.25
30.6.24
1Q25
2Q24
30.6.25
30.6.24
Results
Advisory
Capital Markets
Global Banking
Execution Services
Derivatives & Solutions
Financing
Global Markets
of which: Equities
of which: Foreign Exchange, Rates and Credit
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
1 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method.
Results: 2Q25 vs 2Q24
Profit before tax increased by USD 153m, or 65%, to USD 390m, mainly due to higher total revenues, partly offset
by higher operating expenses.
Total revenues
Total revenues increased by USD 380m, or 16%, to USD 2,816m, due to higher revenues in Global Markets, partly
o
ffset by lower revenues in Global Banking.
UBS AG second quarter 2025 report |
UBS AG performance, business divisions and Group Items | Investment Bank 22
Global Banking
Global Banking revenues decreased by USD 98m, or 16%, to USD 527m, reflecting lower Capital Markets and
Advisory revenues.
Advisory revenues decreased by USD 34m, or 15%, to USD 192m, mainly due to lower private-fund activity levels
and a decrease in merger and acquisition transaction revenues.
Capital Markets revenues decreased by USD 64m, or 16%, to USD 335m, largely driven by lower Leveraged Capital
Markets revenues as sponsor activity sharply reduced and due to markdowns on positions.
Global Markets
Global Markets revenues increased by USD 478m, or 26%, to USD 2,289m, driven by higher Derivatives &
Solutions, Financing and Execution Services revenues.
Execution Services revenues increased by USD 96m, or 24%, to USD 501m, mainly driven by higher Cash Equities
revenues across all regions, on higher volumes.
Derivatives & Solutions revenues increased by USD 239m, or 27%, to USD 1,119m, with higher Foreign Exchange,
Equity Derivatives and Rates revenues, mainly due to elevated volatility and higher levels of client activity.
Financing revenues increased by USD 144m, or 27%, to USD 670m, with increases in all products, led by Prime
Brokerage, supported by higher client balances.
Equities
Global Markets Equities revenues increased by USD 286m, or 21%, to USD 1,623m, mainly driven by higher
revenues in Cash Equities, Prime Brokerage and Equity Derivatives.
Foreign Exchange, Rates and Credit
Global Markets Foreign Exchange, Rates and Credit revenues increased by USD 192m, or 41%, to USD 666m,
mainly driven by increases in Foreign Exchange revenues.
Credit loss expense / release
Net credit loss expenses were USD 41m, compared with net credit loss releases of USD 1m in the second quarter
of 2024.
Operating expenses
Operating expenses increased by USD 185m, or 8%, to USD 2,385m, mainly driven by higher personnel expenses
and unfavorable foreign currency effects.
Results: 6M25 vs 6M24
Profit before tax increased by USD 429m, or 84%, to USD 938m, mainly due to higher total revenues, partly offset
by higher operating expenses.
Total revenues increased by USD 1,045m, or 22%, to USD 5,869m, due to higher revenues in Global Markets, partly
offset by lower revenues in Global Banking.
Global Banking revenues decreased by USD 42m, or 4%, to USD 1,097m, reflecting lower Capital Markets
revenues, partly offset by higher Advisory revenues.
Advisory revenues increased by USD 23m, or 6%, to USD 414m, mostly due to higher merger and acquisition
transaction revenues, partly offset by lower private-fund activity levels.
Capital Markets revenues decreased by USD 64m, or 9%, to USD 684m, largely driven by lower Leveraged Capital
Markets revenues as sponsor activity sharply reduced and due to markdowns on positions.
Global Markets revenues increased by USD 1,087m, or 30%, to USD 4,771m, driven by higher Derivatives &
Solutions, Financing and Execution Services revenues.
Execution Services revenues increased by USD 215m, or 27%, to USD 1,017m, mainly driven by higher Cash
Equities revenues across all regions, on higher volumes.
Derivatives & Solutions revenues increased by USD 607m, or 33%, to USD 2,420m, with higher revenues in Equity
Derivatives and Foreign Exchange, mainly due to elevated volatility and higher levels of client activity.
Financing revenues increased by USD 265m, or 25%, to USD 1,334m, with increases in all products, led by Prime
B
rokerage, supported by higher client balances.
UBS AG second quarter 2025 report |
UBS AG performance, business divisions and Group Items | Investment Bank 23
Equities
Global Markets Equities revenues increased by USD 741m, or 27%, to USD 3,438m, mainly driven by higher
revenues in Equity Derivatives, Cash Equities and Prime Brokerage.
Foreign Exchange, Rates and Credit
Global Markets Foreign Exchange, Rates and Credit revenues increased by USD 345m, or 35%, to USD 1,333m,
mainly driven by increases in Foreign Exchange revenues.
Net credit loss expenses were USD 90m, compared with net credit loss expenses of USD 31m in the first half of
2024.
Operating expenses increased by USD 556m, or 13%, to USD 4,840m, mainly due to higher personnel expenses.
Non-core and Legacy
Non-core and Legacy
As of or for the quarter ended
% change from
Year-to-date
USD m
30.6.25
31.3.25
30.6.24
1Q25
2Q24
30.6.25
30.6.24
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Results: 2Q25 vs 2Q24
Loss before tax was USD 880m, compared with a loss before tax of USD 1,365m.
Total revenues
Total revenues were negative USD 140m, compared with total revenues of USD 165m, mainly reflecting lower net
gains from position exits and lower net interest income from securitized products and credit products, as well as
due to the consolidation of Credit Suisse AG revenues for the full quarter.
Credit loss expense / release
Net credit loss releases were USD 1m, compared with net credit loss releases of USD 23m.
Operating expenses
Operating expenses decreased by USD 812m, or 52%, to USD 740m, mainly due to the second quarter of 2024
including litigation expenses of USD 1,118m, largely reflecting UBS agreeing in that quarter to fund an offer by the
Credit Suisse supply chain finance funds (the SCFFs) to redeem all the outstanding units of the respective funds.
This reduction was partly offset by higher operating expenses resulting from the consolidation of Credit Suisse AG
expenses for the full quarter in 2025. In addition, operating expenses in the second quarter of 2025 included
USD 139m related to provisions for litigation, regulatory and similar matters.
Results: 6M25 vs 6M24
Loss before tax was USD 1,519m, compared with a loss before tax of USD 1,483m.
Total revenues were negative USD 21m, compared with total revenues of USD 186m, mainly reflecting lower net gains
from position exits and net interest income from securitized products and credit products, partly offset by the effect
from the consolidation of Credit Suisse AG revenues for the full period. Total revenues in the first half of 2025 included
a loss of USD 11m from the sale of Select Portfolio Servicing, the US mortgage servicing business of Credit Suisse.
N
et credit loss expenses were USD 9m, compared with net credit loss releases of USD 23m.
UBS AG second quarter 2025 report |
UBS AG performance, business divisions and Group Items | Non-core and Legacy 24
Operating expenses decreased by USD 203m, or 12%, to USD 1,488m, mainly due to the first half of 2024
including litigation expenses of USD 1,118m, largely reflecting UBS agreeing in the second quarter of 2024 to fund
an offer by the SCFFs to redeem all the outstanding units of the respective funds. This reduction was partly offset
by higher operating expenses resulting from the consolidation of Credit Suisse AG expenses for the full period in
2025. In addition, operating expenses in the first half of 2025 included USD 230m related to provisions for litigation,
r
egulatory and similar matters.
UBS AG second quarter 2025 report |
UBS AG performance, business divisions and Group Items | Group Items 25
Group Items
Group Items
As of or for the quarter ended
% change from
Year-to-date
USD m
30.6.25
31.3.25
30.6.24
1Q25
2Q24
30.6.25
30.6.24
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Results: 2Q25 vs 2Q24
Loss before tax was USD 318m, mainly reflecting operating expenses and deferred tax asset (DTA) funding costs.
The USD 47m, or 13%, decrease in loss before tax between quarters was largely due to mark-to-market gains from
Group hedging and own debt, including hedge accounting ineffectiveness, compared with mark-to-market losses
in the second quarter of 2024. The gains in the second quarter of 2025 included offsetting impacts on portfolio-
level economic hedges and mark-to-market effects on own credit. The second quarter of 2025 also included losses
from disposals of properties held for sale.
Results: 6M25 vs 6M24
Loss before tax was USD 663m, mainly reflecting operating expenses, DTA funding costs and mark-to-market losses
from Group hedging and own debt, including hedge accounting ineffectiveness. The USD 21m, or 3%, decrease
in loss before tax between periods was largely due to lower mark-to-market losses from Group hedging and own
debt, including hedge accounting ineffectiveness. The losses in the first half of 2025 were driven by mark-to-market
effects on own credit and portfolio-level economic hedges. In addition, the first half of 2025 included an increase
in provisions for litigation, regulatory and similar matters, higher shared services costs charged by other subsidiaries
of UBS Group AG, and losses from disposals of properties held for sale.
UBS AG second quarter 2025 report |
Risk and capital management 26
Risk and capital management
Management report
Table of contents
2
7
Risk management and control
27
UBS AG consolidated risk profile
27
Capital management
29
Total loss-absorbing capacity
UBS AG second quarter 2025 report |
Risk and capital management | Risk management and control 27
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 AG 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.
UBS AG consolidated risk profile
The risk profile of UBS AG consolidated does not differ materially from that of UBS Group AG consolidated and the
risk information provided in the UBS Group second quarter 2025 report is equally applicable to UBS AG
consolidated.
The credit risk profile of UBS AG consolidated as of 30 June 2025 differed from that of UBS Group AG consolidated
in relation to total banking products exposure, mainly reflecting purchase price allocation effects booked at the
Group level relating to the acquisition of the Credit Suisse Group, as well as receivables of UBS AG and
UBS Switzerland AG from UBS Group AG and UBS Business Solutions AG, reflecting consolidation scope
differences.
The total banking products exposure of UBS AG consolidated as of 30 June 2025 was USD 1,111.9bn, i.e.
USD 7.7bn, or 0.7%, higher than the exposure of UBS Group AG consolidated. As of 31 March 2025, the total
banking products exposure of UBS AG consolidated was USD 1,046.3bn, i.e. USD 9.7bn, or 0.9%, higher than the
exposure of UBS Group AG consolidated.
›
Refer to the “Risk management and control” section of the UBS Group second quarter 2025 report, available under
“Quarterly reporting” at
ubs.com/investors
, for more information
›
Refer to the “Comparison between UBS AG consolidated and UBS Group AG consolidated” section of this report for
more information about selected financial and capital information of UBS AG consolidated and UBS Group AG
consolidated
Capital management
The disclosures in this section are provided for UBS AG on a consolidated basis and focus on 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 AG Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
, which provides more
information about relevant capital management objectives, planning and activities, as well as the Swiss SRB total
loss-absorbing capacity framework, on a UBS AG consolidated basis.
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 AG contributes a significant portion of capital to, and provides substantial liquidity to, its subsidiaries. Many of
these subsidiaries are subject to local regulations requiring compliance with minimum capital, liquidity and similar
requirements.
›
Refer to the UBS Group and significant regulated subsidiaries and sub-groups 30 June 2025 Pillar 3 Report, which
will be available as of 28 August 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
UBS AG second quarter 2025 report |
Risk and capital management | Capital management 28
Swiss SRB going and gone concern requirements and information
As of 30.6.25
RWA
LRD
USD m, except where indicated
in %
in %
Required going concern capital
Total going concern capital
1
1
Common equity tier 1 capital
2
3
of which: minimum capital
of which: buffer capital
of which: countercyclical buffer
Maximum additional tier 1 capital
2
of which: additional tier 1 capital
of which: additional tier 1 buffer capital
Eligible going concern capital
Total going concern capital
Common equity tier 1 capital
Total loss-absorbing additional tier 1 capital
of which: high-trigger loss-absorbing additional tier 1 capital
Required gone concern capital
Total gone concern loss-absorbing capacity
4,5,6
of which: base requirement including add-ons for market share and LRD
7
7
Eligible gone concern capital
Total gone concern loss-absorbing capacity
Total tier 2 capital
of which: non-Basel III-compliant tier 2 capital
TLAC-eligible unsecured debt
Total loss-absorbing capacity
Required total loss-absorbing capacity
Eligible total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
1 Includes applicable add-ons of 1.66% for risk-weighted assets (RWA) and 0.51% for leverage ratio denominator (LRD), of which 4 basis points for RWA and 1 basis points for LRD reflect a Pillar 2 capital add-on of
USD 193m related to the supply chain finance funds matter at Credit Suisse. An additional 18 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 0.12% for CET1
capital and 0.05% 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; 4.35% includes the
aforementioned Pillar 2 capital add-on. 3 Our CET1 leverage ratio requirement of 3.51% consists of a 1.5% base requirement, a 1.5% base buffer capital requirement, a 0.25% LRD add-on requirement, a 0.25%
market share add-on requirement based on our Swiss credit business and a 0.01% Pillar 2 capital add-on related to the supply chain finance funds matter at Credit Suisse. 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-ons). 6 As of July 2024, 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-ons) 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.
UBS AG, on a consolidated basis, is subject to the going and gone concern requirements of the Swiss CAO, which
include additional requirements applicable to Swiss SRBs. The table above provides the risk-weighted asset (RWA)-
and leverage ratio denominator (LRD)-based requirements and information as of 30 June 2025.
UBS AG and UBS Switzerland AG are subject to going and gone concern requirements on a standalone basis.
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 18 basis points in the RWA-based going concern
capital requirement as of 30 June 2025.
On a standalone basis as of 30 June 2025, UBS AG’s fully applied common equity tier 1 (CET1) capital ratio was
13.2%. Additional capital information for UBS AG standalone will be published with our 30 June 2025 Pillar 3
Report, which will be available as of 28 August 2025 under “Pillar 3 disclosures” at
ubs.com/investors
.
UBS AG second quarter 2025 report |
Risk and capital management | Capital management 29
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 AG Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
.
Changes to the Swiss SRB framework and requirements after the publication of the UBS AG Annual Report 2024
are described above.
Swiss SRB going and gone concern information
USD m, except where indicated
30.6.25
31.3.25
31.12.24
Eligible going concern capital
Total going concern capital
Total tier 1 capital
Common equity tier 1 capital
Total loss-absorbing additional tier 1 capital
of which: high-trigger loss-absorbing additional tier 1 capital
of which: low-trigger loss-absorbing additional tier 1 capital
Eligible gone concern capital
Total gone concern loss-absorbing capacity
Total tier 2 capital
of which: non-Basel III-compliant tier 2 capital
TLAC-eligible unsecured debt
Total loss-absorbing capacity
Total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
of which: common equity tier 1 capital ratio
Gone concern loss-absorbing capacity ratio
Total loss-absorbing capacity ratio
Leverage ratios (%)
Going concern leverage ratio
of which: common equity tier 1 leverage ratio
Gone concern leverage ratio
Total loss-absorbing capacity leverage ratio
UBS AG second quarter 2025 report |
Risk and capital management | Capital management 30
UBS AG vs UBS Group AG consolidated loss-absorbing capacity and leverage information
Swiss SRB going and gone concern information (UBS AG vs UBS Group AG consolidated)
As of 30.6.25
USD m, except where indicated
UBS AG
(consolidated)
UBS Group AG
(consolidated)
Difference
Eligible going concern capital
Total going concern capital
(3,236)
Total tier 1 capital
(3,236)
Common equity tier 1 capital
(2,880)
Total loss-absorbing additional tier 1 capital
(356)
of which: high-trigger loss-absorbing additional tier 1 capital
(356)
Eligible gone concern capital
Total gone concern loss-absorbing capacity
(5,948)
Total tier 2 capital
0
of which: non-Basel III-compliant tier 2 capital
0
TLAC-eligible senior unsecured debt
(5,948)
Total loss-absorbing capacity
Total loss-absorbing capacity
(9,184)
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
(6,172)
Leverage ratio denominator
2,008
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
(0.4)
of which: common equity tier 1 capital ratio
(0.4)
Gone concern loss-absorbing capacity ratio
(0.9)
Total loss-absorbing capacity ratio
(1.4)
Leverage ratios (%)
Going concern leverage ratio
(0.2)
of which: common equity tier 1 leverage ratio
(0.2)
Gone concern leverage ratio
(0.4)
Total loss-absorbing capacity leverage ratio
(0.6)
UBS AG second quarter 2025 report |
Risk and capital management | Capital management 31
Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital (UBS AG vs UBS
Group AG consolidated)
As of 30.6.25
USD m
UBS AG
(consolidated)
UBS Group AG
(consolidated)
Difference
Total equity under IFRS Accounting Standards
5,155
Equity attributable to non-controlling interests
(154)
Defined benefit plans, net of tax
12
Deferred tax assets recognized for tax loss carry-forwards
0
Deferred tax assets for unused tax credits
Deferred tax assets on temporary differences, excess over threshold
523
Goodwill, net of tax
(505)
Intangible assets, net of tax
635
Compensation-related components (not recognized in net profit)
2,752
Expected losses on advanced internal ratings-based portfolio less provisions
(2)
Unrealized (gains) / losses from cash flow hedges, net of tax
Own credit related to (gains) / losses on financial liabilities measured at fair value that existed at the balance sheet date,
net of tax
59
Own credit related to (gains) / losses on derivative financial instruments that existed at the balance sheet date
0
Prudential valuation adjustments
Accruals for dividends to shareholders for 2024
1
(6,500)
Capital reserve for expected future share repurchases
2,006
Other
2
(6,860)
Total common equity tier 1 capital
(2,880)
1 Reflects the appropriation of USD 6,500m to a special dividend reserve approved at the 2025 Annual General Meeting in April 2025. The decision on the special dividend payment is intended to be made at an
Extraordinary General Meeting in the second half of 2025, considering the proposed requirements from Switzerland’s review of its capital regime. 2 Includes dividend accruals for the current year and other items.
The going concern capital of UBS AG consolidated was USD 3.2bn lower than the going concern capital of
UBS Group AG consolidated as of 30 June 2025, reflecting lower CET1 capital of USD 2.9bn and lower going
concern loss-absorbing additional tier 1 (AT1) capital of USD 0.4bn.
The aforementioned difference in CET1 capital was primarily due to a USD 12.9bn difference in dividend accruals
between UBS AG and UBS Group AG, largely offset by UBS Group AG consolidated equity being USD 5.2bn lower,
compensation-related regulatory capital accruals at the UBS Group AG level of USD 2.8bn, a capital reserve for
expected future share repurchases of USD 2.0bn and a USD 0.5bn effect from eligible deferred tax assets on
temporary differences.
The going concern loss-absorbing AT1 capital of UBS AG consolidated was USD 0.4bn lower than that of
UBS Group AG consolidated as of 30 June 2025, mainly reflecting deferred contingent capital plan awards granted
at the Group level to eligible employees for the 2020 to 2024 performance years.
Differences in capital between UBS AG consolidated and UBS Group AG consolidated related to employee
compensation plans will reverse to the extent underlying services are performed by employees of, and are
consequently charged to, UBS AG and its subsidiaries. Such reversal generally occurs over the service period of the
employee compensation plan.
The RWA of UBS AG consolidated were USD 6.2bn lower than the RWA of UBS Group AG consolidated, mainly
reflecting non-counterparty-related-assets held outside the UBS AG consolidation scope, partly offset by
intercompany credit risk exposures in UBS AG toward Group entities outside of the UBS AG consolidation scope.
The LRD of UBS AG consolidated was USD 2.0bn higher than the LRD of UBS Group AG consolidated, mainly
reflecting purchase price allocation (PPA) adjustments that apply at the Group level but not at the UBS AG level, as
well as intercompany exposures in UBS AG toward Group entities, partly offset by fixed assets held outside of the
UBS AG consolidation scope.
The LRD for UBS AG consolidated exceeds that of UBS Group AG consolidated, and UBS AG’s RWA is lower than
that of UBS Group AG consolidated. This divergence stems mainly from certain PPA adjustments that apply at the
Group level but not at the UBS AG level and are subject to low risk weights.
›
Refer to the “Capital management” section of the UBS Group second quarter 2025 report, available under
“Quarterly reporting” at
ubs.com/investors
, for information about the developments of loss-absorbing capacity,
RWA and LRD for UBS Group AG consolidated
UBS AG second quarter 2025 report |
Consolidated financial statements 32
Consolidated financial
statements
Unaudited
Table of contents
UBS AG interim consolidated financial
statements (unaudited)
33
Income statement
34
Statement of comprehensive income
35
Balance sheet
36
Statement of changes in equity
37
Statement of cash flows
Notes to the UBS AG interim consolidated financial
statements (unaudited)
38
1
Basis of accounting
39
2
Accounting for the merger of UBS AG and Credit Suisse AG
39
3
Segment reporting
40
4
Net interest income
40
5
Net fee and commission income
40
6
Other income
41
7
Personnel expenses
41
8
General and administrative expenses
42
9
Expected credit loss measurement
50
10
Fair value measurement
56
11
Derivative instruments
57
12
Other assets and liabilities
58
13
Funding from UBS Group AG measured at amortized cost
58
14
Debt issued designated at fair value
58
15
Debt issued measured at amortized cost
59
16
Provisions and contingent liabilities
67
17
Supplemental guarantor information
UBS AG second quarter 2025 report |
Consolidated financial statements | UBS AG interim consolidated financial statements (unaudited) 33
UBS AG interim consolidated
financial statements (unaudited)
Income statement
For the quarter ended
Year-to-date
USD m
Note
30.6.25
31.3.25
30.6.24
30.6.25
30.6.24
Interest income from financial instruments measured at amortized cost and fair value through
other comprehensive income
4
Interest expense from financial instruments measured at amortized cost
4
(6,805 )
(6,909 )
(7,080 )
(13,715 )
(13,132 )
Net interest income from financial instruments measured at fair value through profit or loss and other
4
Net interest income
4
Other net income from financial instruments measured at fair value through profit or loss
Fee and commission income
5
Fee and commission expense
5
(653 )
(650 )
(589 )
(1,303 )
(1,047 )
Net fee and commission income
5
Other income
6
Total revenues
Credit loss expense / (release)
9
Personnel expenses
7
General and administrative expenses
8
Depreciation, amortization and impairment of non-financial assets
Operating expenses
Operating profit / (loss) before tax
(196 )
Tax expense / (benefit)
(336 )
(32 )
Net profit / (loss)
(224 )
Net profit / (loss) attributable to non-controlling interests
Net profit / (loss) attributable to shareholders
(264 )
UBS AG second quarter 2025 report |
Consolidated financial statements | UBS AG interim consolidated financial statements (unaudited) 34
Statement of comprehensive income
For the quarter ended
Year-to-date
USD m
30.6.25
31.3.25
30.6.24
30.6.25
30.6.24
Comprehensive income attributable to shareholders
Net profit / (loss)
(264 )
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
(109 )
(1,673 )
Effective portion of changes in fair value of hedging instruments designated as net investment hedges, before tax
(1,819 )
(511 )
(2,330 )
Foreign currency translation differences on foreign operations reclassified to the income statement
(1 )
(1 )
Effective portion of changes in fair value of hedging instruments designated as net investment hedges reclassified to
the income statement
Income tax relating to foreign currency translations, including the effect of net investment hedges
(3 )
(2 )
(5 )
Subtotal foreign currency translation, net of tax
(27 )
(771 )
Financial assets measured at fair value through other comprehensive income
Net unrealized gains / (losses), before tax
(4 )
(3 )
(7 )
(1 )
Net realized (gains) / losses reclassified to the income statement from equity
Income tax relating to net unrealized gains / (losses)
Subtotal financial assets measured at fair value through other comprehensive income, net of tax
(4 )
(3 )
(7 )
(1 )
Cash flow hedges of interest rate risk
Effective portion of changes in fair value of derivative instruments designated as cash flow hedges, before tax
(335 )
(1,411 )
Net (gains) / losses reclassified to the income statement from equity
Income tax relating to cash flow hedges
(131 )
(125 )
(256 )
Subtotal cash flow hedges, net of tax
(173 )
Cost of hedging
Cost of hedging, before tax
(20 )
(26 )
Income tax relating to cost of hedging
Subtotal cost of hedging, net of tax
(20 )
(26 )
Total other comprehensive income that may be reclassified to the income statement, net of tax
(972 )
Other comprehensive income that will not be reclassified to the income statement
Defined benefit plans
Gains / (losses) on defined benefit plans, before tax
(7 )
Income tax relating to defined benefit plans
(9 )
(9 )
(8 )
Subtotal defined benefit plans, net of tax
(16 )
Own credit on financial liabilities designated at fair value
Gains / (losses) from own credit on financial liabilities designated at fair value, before tax
(140 )
Income tax relating to own credit on financial liabilities designated at fair value
(1 )
(2 )
(2 )
Subtotal own credit on financial liabilities designated at fair value, net of tax
(138 )
Total other comprehensive income that will not be reclassified to the income statement, net of tax
(154 )
Total other comprehensive income
(657 )
Total comprehensive income attributable to shareholders
Comprehensive income attributable to non-controlling interests
Net profit / (loss)
Total other comprehensive income that will not be reclassified to the income statement, net of tax
(20 )
(31 )
Total comprehensive income attributable to non-controlling interests
Total comprehensive income
Net profit / (loss)
(224 )
Other comprehensive income
(689 )
of which: other comprehensive income that may be reclassified to the income statement
(972 )
of which: other comprehensive income that will not be reclassified to the income statement
(142 )
Total comprehensive income
UBS AG second quarter 2025 report |
Consolidated financial statements | UBS AG interim consolidated financial statements (unaudited) 35
Balance sheet
USD m
Note
30.6.25
31.3.25
31.12.24
Assets
Cash and balances at central banks
Amounts due from banks
Receivables from securities financing transactions measured at amortized cost
Cash collateral receivables on derivative instruments
11
Loans and advances to customers
9
Other financial assets measured at amortized cost
12
Total financial assets measured at amortized cost
Financial assets at fair value held for trading
10
of which: assets pledged as collateral that may be sold or repledged by counterparties
Derivative financial instruments
10, 11
Brokerage receivables
10
Financial assets at fair value not held for trading
10
Total financial assets measured at fair value through profit or loss
Financial assets measured at fair value through other comprehensive income
10
Investments in associates
Property, equipment and software
Goodwill and intangible assets
Deferred tax assets
Other non-financial assets
12
Total assets
Liabilities
Amounts due to banks
Payables from securities financing transactions measured at amortized cost
Cash collateral payables on derivative instruments
11
Customer deposits
Funding from UBS Group AG measured at amortized cost
13
Debt issued measured at amortized cost
15
Other financial liabilities measured at amortized cost
12
Total financial liabilities measured at amortized cost
Financial liabilities at fair value held for trading
10
Derivative financial instruments
10, 11
Brokerage payables designated at fair value
10
Debt issued designated at fair value
10, 14
Other financial liabilities designated at fair value
10, 12
Total financial liabilities measured at fair value through profit or loss
Provisions
16
Other non-financial liabilities
12
Total liabilities
Equity
Share capital
Share premium
Retained earnings
Other comprehensive income recognized directly in equity, net of tax
Equity attributable to shareholders
Equity attributable to non-controlling interests
Total equity
Total liabilities and equity
UBS AG second quarter 2025 report |
Consolidated financial statements | UBS AG interim consolidated financial statements (unaudited) 36
Statement of changes in equity
USD m
Share
capital and
share
premium
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
(2,585 )
Premium on shares issued and warrants exercised
Tax (expense) / benefit
Dividends
(6,500 )
(6,500 )
Translation effects recognized directly in retained earnings
(50 )
(50 )
Share of changes in retained earnings of associates and joint ventures
(2 )
(2 )
New consolidations / (deconsolidations) and other increases / (decreases)
(89 )
(89 )
Total comprehensive income for the period
of which: net profit / (loss)
of which: OCI, net of tax
Balance as of 30 June 2025
2
(1,527 )
Non-controlling interests as of 30 June 2025
Total equity as of 30 June 2025
Balance as of 1 January 2024
2
(2,961 )
Equity recognized due to the merger of UBS AG and Credit Suisse AG
3
(18,848 )
(291 )
(291 )
Premium on shares issued and warrants exercised
Tax (expense) / benefit
Dividends
(3,000 )
(3,000 )
Translation effects recognized directly in retained earnings
(52 )
Share of changes in retained earnings of associates and joint ventures
(1 )
(1 )
New consolidations / (deconsolidations) and other increases / (decreases)
(393 )
4
(367 )
Total comprehensive income for the period
(972 )
(771 )
(173 )
of which: net profit / (loss)
of which: OCI, net of tax
(972 )
(771 )
(173 )
(657 )
Balance as of 30 June 2024
2
(3,373 )
Non-controlling interests as of 30 June 2024
5
Total equity as of 30 June 2024
1 Excludes other comprehensive income related to defined benefit plans and own credit that is recorded directly in Retained earnings. 2 Excludes non-controlling interests. 3 Refer to Note 2 for more information.
4 Mainly reflecting effects from transactions between Credit Suisse AG and its subsidiaries and UBS AG and its subsidiaries prior to the merger in May 2024. 5 Includes an increase of USD
m in the second
quarter of 2024 due to the merger of UBS AG and Credit Suisse AG.
UBS AG second quarter 2025 report |
Consolidated financial statements | UBS AG interim consolidated financial statements (unaudited) 37
Statement of cash flows
Year-to-date
USD m
30.6.25
30.6.24
Cash flow from / (used in) operating activities
Net profit / (loss)
Non-cash items included in net profit and other adjustments
Depreciation, amortization and impairment of non-financial assets
Credit loss expense / (release)
Share of net (profit) / loss of associates and joint ventures and impairment related to associates
(157 )
(40 )
Deferred tax expense / (benefit)
(792 )
(355 )
Net loss / (gain) from investing activities
(14 )
Net loss / (gain) from financing activities
(2,890 )
Other net adjustments
1
(30,564 )
Net change in operating assets and liabilities
1
Amounts due from banks and amounts due to banks
Receivables from securities financing transactions measured at amortized cost
Payables from securities financing transactions measured at amortized cost
Cash collateral on derivative instruments
(3,954 )
(8,503 )
Loans and advances to customers
(6,143 )
Customer deposits
(1,575 )
(7,586 )
Financial assets and liabilities at fair value held for trading and derivative financial instruments
(18,195 )
Brokerage receivables and payables
(438 )
Financial assets at fair value not held for trading and other financial assets and liabilities
(12,224 )
(17,902 )
Provisions and other non-financial assets and liabilities
(2,880 )
Income taxes paid, net of refunds
(1,237 )
(868 )
Net cash flow from / (used in) operating activities
2
(17,282 )
Cash flow from / (used in) investing activities
Cash and cash equivalents obtained due to the merger of UBS AG and Credit Suisse AG
Purchase of subsidiaries, business, associates and intangible assets
(17 )
Disposal of subsidiaries, business, associates and intangible assets
3
4
Purchase of property, equipment and software
(885 )
(691 )
Disposal of property, equipment and software
Purchase of financial assets measured at fair value through other comprehensive income
(7,175 )
(2,132 )
Disposal and redemption of financial assets measured at fair value through other comprehensive income
Purchase of debt securities measured at amortized cost
(14,792 )
(1,850 )
Disposal and redemption of debt securities measured at amortized cost
Net cash flow from / (used in) investing activities
(13,927 )
Cash flow from / (used in) financing activities
Repayment of Swiss National Bank funding
(10,304 )
Net issuance (repayment) of short-term debt measured at amortized cost
(2,140 )
Distributions paid on UBS AG shares
(6,500 )
(3,000 )
Issuance of debt designated at fair value and long-term debt measured at amortized cost
6
Repayment of debt designated at fair value and long-term debt measured at amortized cost
6
(69,435 )
(59,139 )
Inflows from securities financing transactions measured at amortized cost
7
Outflows from securities financing transactions measured at amortized cost
7
(1,561 )
Net cash flows from other financing activities
(505 )
(246 )
Net cash flow from / (used in) financing activities
(12,112 )
(11,170 )
Total cash flow
Cash and cash equivalents at the beginning of the period
Net cash flow from / (used in) operating, investing and financing activities
(6,012 )
Effects of exchange rate differences on cash and cash equivalents
1
(8,472 )
Cash and cash equivalents at the end of the period
8
of which: cash and balances at central banks
8
of which: amounts due from banks
8
of which: money market paper
8,9
Additional information
Net cash flow from / (used in) operating activities includes:
Interest received in cash
Interest paid in cash
Dividends on equity investments, investment funds and associates received in cash
3
1 Foreign currency translation and foreign exchange effects on operating assets and liabilities and on cash and cash equivalents are presented within the Other net adjustments line, with the exception of foreign
currency hedge effects related to foreign exchange swaps, which are presented on the line Financial assets and liabilities at fair value held for trading and derivative financial instruments. 2 Includes cash receipts
from the sale of loans and loan commitments of USD
m and USD
m within Non-core and Legacy for the six-month periods ended 30 June 2025 and 30 June 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 AG Annual Report 2024 for more
information. 5 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. 6 Includes funding from
UBS Group AG measured at amortized cost (recognized on the balance sheet in Funding from UBS Group AG measured at amortized cost) and measured at fair value (recognized on the balance sheet in Other financial
liabilities designated at fair value). 7 Reflects cash flows from securities financing transactions measured at amortized cost that use UBS AG 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 June 2025: USD
m; 30 June 2024: USD
m),
Other financial assets measured at amortized cost (30 June 2025: USD
m; 30 June 2024: USD
m), Financial assets measured at fair value through other comprehensive income (30 June 2025: USD
m;
30 June 2024: USD
m) and Financial assets at fair value held for trading (30 June 2025: USD
m; 30 June 2024: USD
m).
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 38
Notes to the UBS AG interim consolidated financial
statements (unaudited)
Note 1 Basis of accounting
Basis of preparation
The consolidated financial statements (the financial statements) of UBS AG and its subsidiaries (together, UBS AG)
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 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: UBS AG’s audited
consolidated financial statements in the UBS AG 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
O’Connor hedge funds and the ownership increase in UBS Securities China and in the “UBS AG 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) and the transactions related to Swisscard; and the information about
significant transactions disclosed in the UBS AG first quarter 2025 report. In the opinion of management, all
necessary adjustments have been made for a fair presentation of UBS AG’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 AG Annual Report 2024.
Currency translation rates
The following table shows the rates of the main currencies used to translate the financial information of UBS AG’s
operations with a functional currency other than the US dollar into US dollars.
Currency translation rates
Closing exchange rate
Average rate
1
As of
For the quarter ended
Year-to-date
30.6.25
31.3.25
31.12.24
30.6.24
30.6.25
31.3.25
30.6.24
30.6.25
30.6.24
1 CHF
1 EUR
1 GBP
100 JPY
1 Monthly income statement items of operations with a functional currency other than the US dollar are translated into US dollars using month-end rates. Disclosed average rates for a quarter represent an average of
three month-end rates, weighted according to the income and expense volumes of all operations of UBS AG with the same functional currency for each month. Weighted average rates for individual business divisions
may deviate from the weighted average rates for UBS AG.
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 39
Note 2 Accounting for the merger of UBS AG and Credit Suisse AG
Merger of UBS AG and Credit Suisse AG
The merger of UBS AG and Credit Suisse AG effected on 31 May 2024 with no consideration payable by UBS AG
constituted a business combination under common control. For details of the accounting for the merger, including
accounting policies applicable to business combinations under common control, refer to “Note 1a Material
accounting policies” and “Note 2 Accounting for the merger of UBS AG and Credit Suisse AG” in the
“Consolidated financial statements” section of the UBS AG Annual Report 2024.
Comparability
The income statement and the statement of comprehensive income for the first and second quarters of 2025 are
based entirely on consolidated data following the merger of UBS AG and Credit Suisse AG. The income statement
and the statement of comprehensive income for the second quarter of 2024 include one month of consolidated
data following the merger of UBS AG and Credit Suisse AG (June 2024) and two months of pre-merger UBS AG
data only (April and May 2024). The year-to-date information for 2025 in the income statement, the statement of
comprehensive income, the statement of changes in equity and the statement of cash flows is based entirely on
consolidated data following the merger of UBS AG and Credit Suisse AG. The year-to-date information for 2024 in
the income statement, the statement of comprehensive income, the statement of changes in equity and the
statement of cash flows includes one month of consolidated data following the merger of UBS AG and Credit
Suisse AG (June 2024) and five months of pre-merger UBS AG data only (January through May 2024). The balance
sheet information as of 30 June 2025, 31 March 2025 and 31 December 2024 includes post-merger consolidated
information.
Note 3 Segment reporting
UBS AG’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 UBS AG.
›
Refer to the “Consolidated financial statements” section of the UBS AG Annual Report 2024 for more information
about UBS AG’s reporting segments.
Segment reporting
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group
Items
UBS AG
For the six months ended 30 June 2025
Net interest income
(35 )
(1,559 )
(134 )
(737 )
Non-interest income
Total revenues
(21 )
(116 )
Credit loss expense / (release)
(1 )
Operating expenses
Operating profit / (loss) before tax
(1,519 )
(663 )
Tax expense / (benefit)
(32 )
Net profit / (loss)
As of 30 June 2025
Total assets
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group
Items
UBS AG
For the six months ended 30 June 2024
Net interest income
(26 )
(1,714 )
(33 )
(856 )
Non-interest income
Total revenues
(196 )
Credit loss expense / (release)
(23 )
Operating expenses
Operating profit / (loss) before tax
(1,483 )
(684 )
Tax expense / (benefit)
Net profit / (loss)
As of 31 December 2024
Total assets
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 40
Note 4 Net interest income
Net interest income
For the quarter ended
Year-to-date
USD m
30.6.25
31.3.25
30.6.24
30.6.25
30.6.24
Interest income from loans and deposits
1
Interest income from securities financing transactions measured at amortized cost
2
Interest income from other financial instruments measured at amortized cost
Interest income from debt instruments measured at fair value through other comprehensive income
Interest income from derivative instruments designated as cash flow hedges
(322 )
(351 )
(532 )
(672 )
(1,069 )
Total interest income from financial instruments measured at amortized cost and fair value through other comprehensive income
Interest expense on loans and deposits
3
Interest expense on securities financing transactions measured at amortized cost
4
Interest expense on debt issued and funding from UBS Group AG measured at amortized cost
5
Interest expense on lease liabilities
Total interest expense from financial instruments measured at amortized cost
Total net interest income from financial instruments measured at amortized cost and fair value through other comprehensive
income
(266 )
(188 )
(177 )
(1 )
Net interest income from financial instruments measured at fair value through profit or loss and other
Total net interest income
1 Consists of interest income from cash and balances at central banks, amounts due from banks, and cash collateral receivables on derivative instruments, as well as negative interest on amounts due to banks,
customer deposits, and cash collateral payables on derivative instruments. 2 Includes interest income on receivables from securities financing transactions and negative interest, including fees, on payables from
securities financing transactions. 3 Consists of interest expense on amounts due to banks, cash collateral payables on derivative instruments, and customer deposits, as well as negative interest on cash and balances
at central banks, amounts due from banks, and cash collateral receivables on derivative instruments. 4 Includes interest expense on payables from securities financing transactions and negative interest, including
fees, on receivables from securities financing transactions. 5 Includes interest expense on funding from UBS Group AG measured at amortized cost, previously presented in Interest expense on loans and deposits.
Comparative period information has been revised, which resulted in a USD
bn reclassification from Interest expense on loans and deposits to Interest expense on debt issued and funding from UBS Group AG
measured at amortized cost for the first quarter of 2025, USD
bn for the second quarter of 2024 and USD
bn for the six months ended 30 June 2024.
Note 5 Net fee and commission income
Net fee and commission income
For the quarter ended
Year-to-date
USD m
30.6.25
31.3.25
30.6.24
30.6.25
30.6.24
Underwriting fees
M&A and corporate finance fees
Brokerage fees
Investment fund fees
Portfolio management and related services
Other
Total fee and commission income
1
of which: recurring
of which: transaction-based
of which: performance-based
Fee and commission expense
Net fee and commission income
1 Reflects third-party fee and commission income for the second quarter of 2025 of USD
m for Global Wealth Management (first quarter of 2025: USD
m; second quarter of 2024: USD
m), USD
m
for Personal & Corporate Banking (first quarter of 2025: USD
m; second quarter of 2024: USD
m), USD
m for Asset Management (first quarter of 2025: USD
m; second quarter of 2024: USD
m),
USD
m for the Investment Bank (first quarter of 2025: USD
m; second quarter of 2024: USD
m), USD
m for Non-core and Legacy (first quarter of 2025: USD
m; second quarter of 2024: USD
m)
and USD
m for Group Items (first quarter of 2025: USD
m; second quarter of 2024: negative USD
m).
Note 6 Other income
Other income
For the quarter ended
Year-to-date
USD m
30.6.25
31.3.25
30.6.24
30.6.25
30.6.24
Associates, joint ventures and subsidiaries
Net gains / (losses) from acquisitions and disposals of subsidiaries
1
(13 )
2
(2 )
(9 )
2
(2 )
Net gains / (losses) from disposals of investments in associates and joint ventures
Share of net profit / (loss) of associates and joint ventures
3
3
Total
Income from properties
4
Net gains / (losses) from properties held for sale
(35 )
(28 )
Income from shared services provided to UBS Group AG or its subsidiaries
Other
(1 )
(22 )
(23 )
Total other income
1
m recognized upon completion of the sale
of Select Portfolio Servicing, the US mortgage servicing business of Credit Suisse, 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 AG Annual Report 2024 for more information. 3 Includes a gain of USD
m related to UBS AG’s share of income recorded by Swisscard
for the sale of the Credit Suisse card portfolios to UBS AG. Refer to “Note 29 Changes in organization and acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial statements” section
of the UBS AG Annual Report 2024 for more information. 4 Includes rent received from third parties.
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 41
Note 7 Personnel expenses
Personnel expenses
For the quarter ended
Year-to-date
USD m
30.6.25
31.3.25
30.6.24
30.6.25
30.6.24
Salaries and variable compensation
1
of which: variable compensation – financial advisors
2
Contractors
Social security
Post-employment benefit plans
Other personnel expenses
Total personnel expenses
1 Includes role-based allowances. 2 Financial advisor compensation consists of cash compensation, determined using a formulaic approach based on production, and deferred awards. It also includes expenses
related to compensation commitments with financial advisors entered into at the time of recruitment that are subject to vesting requirements.
Note 8 General and administrative expenses
General and administrative expenses
For the quarter ended
Year-to-date
USD m
30.6.25
31.3.25
30.6.24
30.6.25
30.6.24
Outsourcing costs
Technology costs
Consulting, legal and audit fees
Real estate and logistics costs
Market data services
Marketing and communication
Travel and entertainment
Litigation, regulatory and similar matters
1
Other
2
2
of which: shared services costs charged by UBS Group AG or its subsidiaries
Total general and administrative expenses
1 Reflects the net increase / (decrease) in provisions for litigation, regulatory and similar matters recognized in the income statement. Refer to Note 16b for more information. 2 Includes a USD
m expense related
to the payment to Swisscard for the sale of the Credit Suisse card portfolios to UBS AG. Refer to “Note 29 Changes in organization and acquisitions and disposals of subsidiaries and businesses” in the “Consolidated
financial statements” section of the UBS AG Annual Report 2024 for more information.
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 42
Note 9 Expected credit loss measurement
a) Credit loss expense / release
Total net credit loss expenses in the second quarter of 2025 were USD
m, reflecting USD
m net expenses
related to performing positions and USD 114m net expenses on credit-impaired positions.
Stage 1 and 2 net expenses of USD
m included scenario-update-related net expenses of USD
m, mainly from
corporate lending, and portfolio changes, and USD
m expenses in anticipation of a portfolio re-calibration in the
large corporate clients segment.
Credit loss expenses of USD
m for credit-impaired positions primarily related to Personal & Corporate Banking
and Investment Bank exposures related to a small number of corporate counterparties.
Credit loss expense / (release)
Performing positions
Credit-impaired positions
USD m
Stages 1 and 2
Stage 3
Total
For the quarter ended 30.6.25
Global Wealth Management
(3 )
(2 )
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
(1 )
(1 )
Group Items
Total
For the quarter ended 31.3.25
Global Wealth Management
(7 )
Personal & Corporate Banking
(8 )
Asset Management
Investment Bank
(5 )
Non-core and Legacy
Group Items
(1 )
(1 )
Total
(21 )
For the quarter ended 30.6.24
Global Wealth Management
(14 )
(2 )
Personal & Corporate Banking
(15 )
Asset Management
Investment Bank
(2 )
(1 )
Non-core and Legacy
(1 )
(22 )
(23 )
Group Items
Total
(29 )
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 43
Note 9 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 second quarter of 2025 through a series
of governance meetings, with input and feedback from UBS AG Risk and Finance experts across the business
divisions and regions.
The baseline scenario was updated with the latest macroeconomic forecasts as of 30 June 2025. The assumptions
on a calendar-year basis are included in the table below and have been revised downward in the US, the Eurozone
and Japan relative to the start of 2025 in the second half of the year following the announcement of US tariffs
imposed on imports from other countries. In general, forecasts for Swiss GDP growth and unemployment are less
optimistic than in 2024, due to spillover effects from the US tariff announcements. Expectations for long-term
interest rates were revised and are marginally lower, while forecasts for house prices remained unchanged.
At the beginning of the first quarter of 2025, UBS AG 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 mild stagflation
crisis scenario replaced the mild debt crisis scenario as the mild downside scenario. In the mild 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 GDP and equities are similar.
UBS AG kept the scenarios and scenario weights in line with those applied in the UBS AG first 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 June 2025. The assumptions on a calendar-year basis are included in
t
he table below.
Comparison of shock factors
Baseline
Key parameters
2024
2025
2026
Real GDP growth (annual percentage change)
US
Eurozone
Switzerland
Unemployment rate (%, annual average)
US
Eurozone
Switzerland
Fixed income: 10-year government bonds (%, Q4)
USD
EUR
CHF
Real estate (annual percentage change, Q4)
US
Eurozone
Switzerland
Economic scenarios and weights applied
Assigned weights in %
ECL scenario
30.6.25
31.3.25
30.6.24
Asset price appreciation
–
Baseline
Mild debt crisis
–
–
Stagflationary geopolitical crisis
–
–
Mild stagflation crisis
–
Global crisis
–
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 44
Note 9 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.
No purchased credit-impaired financial assets were recognized in the second quarter of 2025. Originated credit-
impaired financial assets were not material and are not presented in the table below.
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
30.6.25
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Cash and balances at central banks
(263 )
(263 )
Amounts due from banks
(12 )
(5 )
(5 )
(2 )
Receivables from securities financing transactions measured at amortized cost
(3 )
(3 )
Cash collateral receivables on derivative instruments
Loans and advances to customers
(3,187 )
(343 )
(311 )
(2,533 )
of which: Private clients with mortgages
(147 )
(43 )
(49 )
(55 )
of which: Real estate financing
(117 )
(25 )
(36 )
(56 )
of which: Large corporate clients
(866 )
(116 )
(97 )
(653 )
of which: SME clients
(1,225 )
(74 )
(85 )
(1,065 )
of which: Lombard
(141 )
(11 )
(130 )
of which: Credit cards
(48 )
(7 )
(12 )
(29 )
of which: Commodity trade finance
(134 )
(8 )
(126 )
of which: Ship / aircraft financing
(20 )
(15 )
(5 )
of which: Consumer financing
(149 )
(19 )
(23 )
(108 )
Other financial assets measured at amortized cost
(129 )
(25 )
(11 )
(93 )
of which: Loans to financial advisors
(39 )
(3 )
(1 )
(35 )
Total financial assets measured at amortized cost
(3,595 )
(378 )
(590 )
(2,627 )
Financial assets measured at fair value through other comprehensive income
Total on-balance sheet financial assets in scope of ECL requirements
(3,595 )
(378 )
(590 )
(2,627 )
Total exposure
ECL provisions
Off-balance sheet (in scope of ECL)
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Guarantees
(93 )
(14 )
(21 )
(58 )
of which: Large corporate clients
(54 )
(6 )
(5 )
(42 )
of which: SME clients
(31 )
(5 )
(15 )
(11 )
of which: Financial intermediaries and hedge funds
(1 )
(1 )
of which: Lombard
(3 )
(2 )
of which: Commodity trade finance
(1 )
(1 )
Irrevocable loan commitments
(259 )
(139 )
(83 )
(37 )
of which: Large corporate clients
(195 )
(101 )
(74 )
(20 )
Forward starting reverse repurchase and securities borrowing agreements
Unconditionally revocable loan commitments
(62 )
(47 )
(15 )
of which: Real estate financing
(3 )
(4 )
of which: Large corporate clients
(15 )
(8 )
(5 )
(2 )
of which: SME clients
(26 )
(20 )
(6 )
of which: Lombard
of which: Credit cards
(9 )
(7 )
(2 )
Irrevocable committed prolongation of existing loans
(2 )
(2 )
Total off-balance sheet financial instruments and other credit lines
(415 )
(202 )
(118 )
(95 )
Total allowances and provisions
(4,010 )
(580 )
(708 )
(2,722 )
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances.
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 45
Note 9 Expected credit loss measurement (continued)
ECL-relevant balance sheet and off-balance sheet positions
USD m
31.3.25
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Cash and balances at central banks
(240 )
(240 )
Amounts due from banks
(11 )
(5 )
(4 )
(1 )
Receivables from securities financing transactions measured at amortized cost
(3 )
(3 )
Cash collateral receivables on derivative instruments
Loans and advances to customers
(2,955 )
(289 )
(300 )
(2,366 )
of which: Private clients with mortgages
(143 )
(39 )
(50 )
(53 )
of which: Real estate financing
(105 )
(26 )
(32 )
(48 )
of which: Large corporate clients
(915 )
(82 )
(111 )
(722 )
of which: SME clients
(1,030 )
(65 )
(67 )
(897 )
of which: Lombard
(113 )
(8 )
(105 )
of which: Credit cards
(44 )
(8 )
(11 )
(26 )
of which: Commodity trade finance
(123 )
(8 )
(115 )
of which: Ship / aircraft financing
(19 )
(16 )
(4 )
of which: Consumer financing
(125 )
(16 )
(19 )
(90 )
Other financial assets measured at amortized cost
(127 )
(24 )
(8 )
(96 )
of which: Loans to financial advisors
(40 )
(3 )
(1 )
(36 )
Total financial assets measured at amortized cost
(3,336 )
(321 )
(553 )
(2,463 )
Financial assets measured at fair value through other comprehensive income
Total on-balance sheet financial assets in scope of ECL requirements
(3,336 )
(321 )
(553 )
(2,463 )
Total exposure
ECL provisions
Off-balance sheet (in scope of ECL)
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Guarantees
(57 )
(13 )
(20 )
(24 )
of which: Large corporate clients
(14 )
(6 )
(4 )
(4 )
of which: SME clients
(22 )
(3 )
(15 )
(4 )
of which: Financial intermediaries and hedge funds
(1 )
(1 )
of which: Lombard
(3 )
(1 )
(2 )
of which: Commodity trade finance
(1 )
(1 )
Irrevocable loan commitments
(233 )
(116 )
(81 )
(36 )
of which: Large corporate clients
(161 )
(84 )
(59 )
(18 )
Forward starting reverse repurchase and securities borrowing agreements
Unconditionally revocable loan commitments
(55 )
(41 )
(14 )
of which: Real estate financing
(3 )
(4 )
of which: Large corporate clients
(15 )
(8 )
(5 )
(2 )
of which: SME clients
(23 )
(18 )
(5 )
of which: Lombard
of which: Credit cards
(8 )
(6 )
(2 )
Irrevocable committed prolongation of existing loans
(3 )
(3 )
Total off-balance sheet financial instruments and other credit lines
(348 )
(172 )
(115 )
(61 )
Total allowances and provisions
(3,685 )
(493 )
(668 )
(2,524 )
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances.
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 46
Note 9 Expected credit loss measurement (continued)
ECL-relevant balance sheet and off-balance sheet positions
USD m
31.12.24
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Cash and balances at central banks
(186 )
(186 )
Amounts due from banks
(42 )
(1 )
(5 )
(36 )
Receivables from securities financing transactions measured at amortized cost
(2 )
(2 )
Cash collateral receivables on derivative instruments
Loans and advances to customers
(2,830 )
(276 )
(323 )
(2,230 )
of which: Private clients with mortgages
(166 )
(46 )
(70 )
(50 )
of which: Real estate financing
(100 )
(24 )
(27 )
(49 )
of which: Large corporate clients
(828 )
(72 )
(123 )
(632 )
of which: SME clients
(963 )
(55 )
(47 )
(860 )
of which: Lombard
(107 )
(6 )
(101 )
of which: Credit cards
(41 )
(6 )
(11 )
(25 )
of which: Commodity trade finance
(122 )
(9 )
(113 )
of which: Ship / aircraft financing
(31 )
(14 )
(16 )
of which: Consumer financing
(137 )
(15 )
(19 )
(102 )
Other financial assets measured at amortized cost
(135 )
(25 )
(7 )
(103 )
of which: Loans to financial advisors
(41 )
(4 )
(1 )
(37 )
Total financial assets measured at amortized cost
(3,195 )
(304 )
(521 )
(2,369 )
Financial assets measured at fair value through other comprehensive income
Total on-balance sheet financial assets in scope of ECL requirements
(3,195 )
(304 )
(521 )
(2,369 )
Total exposure
ECL provisions
Off-balance sheet (in scope of ECL)
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Guarantees
(61 )
(16 )
(24 )
(22 )
of which: Large corporate clients
(18 )
(6 )
(9 )
(2 )
of which: SME clients
(27 )
(5 )
(15 )
(7 )
of which: Financial intermediaries and hedge funds
(1 )
(1 )
of which: Lombard
(4 )
(1 )
(3 )
of which: Commodity trade finance
(1 )
(1 )
Irrevocable loan commitments
(192 )
(105 )
(61 )
(26 )
of which: Large corporate clients
(155 )
(91 )
(54 )
(10 )
Forward starting reverse repurchase and securities borrowing agreements
Committed unconditionally revocable credit lines
(75 )
(59 )
(17 )
of which: Real estate financing
(6 )
(4 )
(2 )
of which: Large corporate clients
(22 )
(14 )
(7 )
(2 )
of which: SME clients
(34 )
(28 )
(6 )
of which: Lombard
of which: Credit cards
(8 )
(6 )
(2 )
Irrevocable committed prolongation of existing loans
(3 )
(3 )
Total off-balance sheet financial instruments and other credit lines
(332 )
(183 )
(102 )
(48 )
Total allowances and provisions
(3,527 )
(487 )
(623 )
(2,417 )
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances.
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 47
Note 9 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 AG’s core loan portfolios (i.e.
Loans and advances to customers
)
and relevant off-balance sheet exposures.
Cash and balances at central banks
,
Amounts due from banks
,
Receivables
from securities financing transactions
,
Cash collateral receivables on derivative instruments
Financial assets
measured at fair value through other comprehensive income
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
Compared with 31 March 2025, coverage ratios for performing positions related to real estate lending (on-balance
sheet) were unchanged at
(on-balance sheet) increased by
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
Total
Stage 1
Stage 2
Stage 1&2
Stage 3
Private clients with mortgages
Real estate financing
Total real estate lending
Large corporate clients
SME clients
Total corporate lending
Lombard
Credit cards
Commodity trade finance
Ship / aircraft financing
Consumer financing
Other loans and advances to customers
Loans to financial advisors
Total other lending
Total
1
Gross exposure (USD m)
ECL coverage (bps)
Off-balance sheet
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 1&2
Stage 3
Private clients with mortgages
Real estate financing
Total real estate lending
Large corporate clients
SME clients
Total corporate lending
Lombard
Credit cards
Commodity trade finance
Ship / aircraft financing
Consumer financing
Financial intermediaries and hedge funds
Other off-balance sheet commitments
Total other lending
Total
2
Total on- and off-balance sheet
3
1 Includes Loans and advances to customers and Loans to financial advisors, which are presented on the balance sheet line Other financial assets measured at amortized cost. 2 Excludes Forward starting reverse
repurchase and securities borrowing agreements. 3 Includes on-balance sheet exposure, gross and off-balance sheet exposure (notional) and the related ECL coverage ratio (bps).
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 48
Note 9 Expected credit loss measurement (continued)
Coverage ratios for core loan portfolio
31.3.25
Gross carrying amount (USD m)
ECL coverage (bps)
On-balance sheet
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 1&2
Stage 3
Private clients with mortgages
Real estate financing
Total real estate lending
Large corporate clients
SME clients
Total corporate lending
Lombard
Credit cards
Commodity trade finance
Ship / aircraft financing
Consumer financing
Other loans and advances to customers
Loans to financial advisors
Total other lending
Total
1
Gross exposure (USD m)
ECL coverage (bps)
Off-balance sheet
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 1&2
Stage 3
Private clients with mortgages
Real estate financing
Total real estate lending
Large corporate clients
SME clients
Total corporate lending
Lombard
Credit cards
Commodity trade finance
Ship / aircraft financing
Consumer financing
Financial intermediaries and hedge funds
Other off-balance sheet commitments
Total other lending
Total
2
Total on- and off-balance sheet
3
1 Includes Loans and advances to customers and Loans to financial advisors, which are presented on the balance sheet line Other financial assets measured at amortized cost. 2 Excludes Forward starting reverse
repurchase and securities borrowing agreements. 3 Includes on-balance sheet exposure, gross and off-balance sheet exposure (notional) and the related ECL coverage ratio (bps).
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 49
Note 9 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
Total
Stage 1
Stage 2
Stage 1&2
Stage 3
Private clients with mortgages
Real estate financing
Total real estate lending
Large corporate clients
SME clients
Total corporate lending
Lombard
Credit cards
Commodity trade finance
Ship / aircraft financing
Consumer financing
Other loans and advances to customers
Loans to financial advisors
Total other lending
Total
1
Gross exposure (USD m)
ECL coverage (bps)
Off-balance sheet
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 1&2
Stage 3
Private clients with mortgages
Real estate financing
Total real estate lending
Large corporate clients
SME clients
Total corporate lending
Lombard
Credit cards
Commodity trade finance
Ship / aircraft financing
Consumer financing
Financial intermediaries and hedge funds
Other off-balance sheet commitments
Total other lending
Total
2
Total on- and off-balance sheet
3
1 Includes Loans and advances to customers and Loans to financial advisors, which are presented on the balance sheet line Other financial assets measured at amortized cost. 2 Excludes Forward starting reverse
repurchase and securities borrowing agreements. 3 Includes on-balance-sheet exposure, gross and off-balance-sheet exposure (notional) and the related ECL coverage ratio (bps).
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 50
Note 10 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 six months of 2025, assets and liabilities that were transferred from Level 2 to Level 1, or from
L
evel 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
30.6.25
31.3.25
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
of which: Equity instruments
of which: Government bills / bonds
of which: Investment fund units
of which: Corporate and municipal bonds
of which: Loans
of which: Asset-backed securities
Derivative financial instruments
of which: Foreign exchange
of which: Interest rate
of which: Equity / index
of which: Credit
of which: Commodities
Brokerage receivables
Financial assets at fair value not held for trading
of which: Financial assets for unit-linked
investment contracts
of which: Corporate and municipal bonds
of which: Government bills / bonds
of which: Loans
of which: Securities financing transactions
of which: Asset-backed securities
of which: Auction rate securities
of which: Investment fund units
of which: Equity instruments
Financial assets measured at fair value through other comprehensive income on a recurring basis
Financial assets measured at fair value through
other comprehensive income
of which: Government bills / bonds
of which: Commercial paper and certificates of
deposit
of which: Corporate and municipal bonds
Non-financial assets measured at fair value on a recurring basis
Precious metals and other physical commodities
Non-financial assets measured at fair value on a non-recurring basis
Other non-financial assets
2
Total assets measured at fair value
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 51
Note 10 Fair value measurement (continued)
Determination of fair values from quoted market prices or valuation techniques (continued)
1
30.6.25
31.3.25
31.12.24
USD m
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial liabilities measured at fair value on a recurring basis
Financial liabilities at fair value held for trading
of which: Equity instruments
of which: Corporate and municipal bonds
of which: Government bills / bonds
of which: Investment fund units
Derivative financial instruments
of which: Foreign exchange
of which: Interest rate
of which: Equity / index
of which: Credit
of which: Commodities
of which: Loan commitments measured at FVTPL
Financial liabilities designated at fair value on a recurring basis
Brokerage payables designated at fair value
Debt issued designated at fair value
Other financial liabilities designated at fair value
of which: Financial liabilities related to unit-linked
investment contracts
of which: Securities financing transactions
of which: Funding from UBS Group AG
of which: Over-the-counter debt instruments
and others
Total liabilities measured at fair value
1 Bifurcated embedded derivatives are presented on the same balance sheet lines as their host contracts and are not included in this table. The fair value of these derivatives was not material for the periods presented.
2 Other non-financial assets primarily consist of properties and other non-current assets held for sale, which are measured at the lower of their net carrying amount or fair value less costs to sell.
b) Valuation adjustments
The table below summarizes the changes in deferred day-1 profit or loss reserves during the relevant period.
Deferred day-1 profit or loss is generally released into
Other net income from financial instruments measured at fair
value through profit or loss
observable or when the transaction is closed out.
Deferred day-1 profit or loss reserves
For the quarter ended
Year-to-date
USD m
30.6.25
31.3.25
30.6.24
30.6.25
30.6.24
Reserve balance at the beginning of the period
Effect from merger of UBS AG and Credit Suisse AG
1
Profit / (loss) deferred on new transactions
(Profit) / loss recognized in the income statement
(41 )
(95 )
(50 )
(135 )
(110 )
Foreign currency translation
(1 )
(1 )
(1 )
(2 )
(1 )
Reserve balance at the end of the period
1 Refer to Note 2 for more information about the merger of UBS AG and Credit Suisse AG.
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
30.6.25
31.3.25
31.12.24
Own credit adjustments on financial liabilities designated at fair value
1
(1,100 )
(942 )
(1,165 )
of which: debt issued designated at fair value
(774 )
(680 )
(780 )
of which: other financial liabilities designated at fair value
(325 )
(262 )
(385 )
Credit valuation adjustments
2
(40 )
(128 )
(125 )
Funding and debit valuation adjustments
(87 )
(69 )
(96 )
Other valuation adjustments
(966 )
(971 )
(1,206 )
of which: liquidity
(586 )
(570 )
(746 )
of which: model uncertainty
(380 )
(401 )
(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 AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 52
Note 10 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 June 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
UBS AG’s estimates and assumptions, but rather the different underlying characteristics of the relevant assets and
liabilities held by UBS AG.
The significant unobservable inputs disclosed in the table below are consistent with those included in “Note 21 Fair
v
alue measurement” in the “Consolidated financial statements” section of the UBS AG 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)
30.6.25
31.12.24
USD bn
30.6.25
31.12.24
30.6.25
31.12.24
low
high
weighted
average
2
low
high
weighted
average
2
unit
1
Financial assets and liabilities at fair value held for trading and Financial assets at fair value not held for trading
Corporate and municipal
bonds
Relative value to
market comparable
Bond price equivalent
points
Loans at fair value (held for
trading and not held for
trading) and guarantees
3
Relative value to
market comparable
Loan price equivalent
points
Discounted expected
cash flows
Credit spread
basis
points
Market comparable
and securitization
model
Credit spread
basis
points
Asset-backed securities
Relative value to
market comparable
Bond price equivalent
points
Investment fund units
4
Relative value to
market comparable
Net asset value
Equity instruments
4
Relative value to
market comparable
Price
Debt issued designated at
fair value
3
Other financial liabilities
designated at fair value
3
Discounted expected
cash flows
Funding spread
basis
points
Derivative financial instruments
Interest rate
Option model
Volatility of interest rates
basis
points
IR-to-IR correlation
%
Discounted expected
cash flows
Funding spread
basis
points
Credit
Discounted expected
cash flows
Credit spreads
basis
points
Credit correlation
%
Recovery rates
%
Option model
Credit volatility
%
Recovery rates
%
Equity / index
Option model
Equity dividend yields
%
Volatility of equity stocks,
equity and other indices
%
Equity-to-FX correlation
(65 )
(65 )
%
Equity-to-equity correlation
(10 )
%
Loan commitments
measured at FVTPL
Relative value to
market comparable
Loan price equivalent
points
1 The ranges of significant unobservable inputs are represented in points, percentages and basis points. Points are a percentage of par (e.g. 100 points would be 100% of par). 2 Weighted averages are provided
for most non-derivative financial instruments and were calculated by weighting inputs based on the fair values of the respective instruments. Weighted averages are not provided for inputs related to Other financial
liabilities designated at fair value and Derivative financial instruments, as this would not be meaningful. 3 Debt issued designated at fair value primarily consists of UBS AG 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 AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 53
Note 10 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
30.6.25
31.3.25
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
(112 )
(115 )
(143 )
Securities financing transactions
(14 )
(20 )
(24 )
Auction rate securities
(4 )
(6 )
(6 )
Asset-backed securities
(17 )
(18 )
(28 )
Equity instruments
(370 )
(314 )
(308 )
Investment fund units
(180 )
(178 )
(181 )
Loan commitments measured at FVTPL
(41 )
(47 )
(42 )
Interest rate derivatives, net
(58 )
(65 )
(70 )
Credit derivatives, net
(108 )
(108 )
(117 )
Foreign exchange derivatives, net
(5 )
(3 )
(2 )
Equity / index derivatives, net
(577 )
(503 )
(617 )
Other
(115 )
(152 )
(161 )
Total
(1,601 )
(1,528 )
(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 AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 54
N
ote 10 Fair value measurement (continued)
Movements of Level 3 instruments
USD bn
Balance at
the
beginning
of the
period
Effect from
merger of
UBS AG
and Credit
Suisse AG
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 six months ended 30 June 2025
2
Financial assets at fair value held for
trading
(0.0 )
(0.1 )
(1.1 )
(0.4 )
(0.1 )
of which: Equity instruments
(0.0 )
(0.0 )
(0.0 )
(0.0 )
(0.0 )
of which: Corporate and municipal
bonds
(0.0 )
(0.0 )
(0.4 )
(0.0 )
(0.1 )
of which: Loans
(0.0 )
(0.5 )
(0.3 )
(0.0 )
Derivative financial instruments –
assets
(0.0 )
(0.0 )
(0.9 )
(0.3 )
of which: Interest rate
(0.0 )
(0.2 )
(0.0 )
(0.1 )
of which: Equity / index
(0.2 )
(0.2 )
(0.3 )
(0.2 )
of which: Credit
(0.0 )
(0.3 )
(0.1 )
Financial assets at fair value not held
for trading
(0.3 )
(0.8 )
(0.1 )
of which: Loans
(0.0 )
(0.7 )
(0.0 )
of which: Auction rate securities
of which: Equity instruments
(0.1 )
(0.0 )
(0.0 )
of which: Investment fund units
(0.1 )
(0.0 )
of which: Asset-backed securities
(0.0 )
(0.0 )
(0.1 )
(0.0 )
Derivative financial instruments –
liabilities
(0.0 )
(1.0 )
(0.6 )
of which: Interest rate
(0.0 )
(0.1 )
(0.0 )
of which: Equity / index
(0.6 )
(0.5 )
of which: Credit
(0.0 )
(0.1 )
(0.2 )
(0.0 )
(0.0 )
of which: Loan commitments
measured at FVTPL
(0.0 )
(0.0 )
(0.0 )
(0.0 )
Debt issued designated at fair value
(1.7 )
(2.9 )
Other financial liabilities designated at
fair value
(0.1 )
(0.1 )
(0.0 )
(0.8 )
(0.0 )
For the six months ended 30 June 2024
Financial assets at fair value held for
trading
(0.0 )
(1.0 )
(1.4 )
(0.3 )
(0.0 )
of which: Equity instruments
(0.0 )
(0.0 )
(0.0 )
(0.0 )
(0.0 )
(0.0 )
of which: Corporate and municipal
bonds
(0.1 )
(0.1 )
(0.2 )
(0.0 )
(0.0 )
of which: Loans
(0.7 )
(1.4 )
(0.0 )
(0.3 )
(0.0 )
Derivative financial instruments –
assets
(0.1 )
(0.0 )
(0.0 )
(0.4 )
(0.2 )
(0.0 )
of which: Interest rate
(0.1 )
(0.0 )
of which: Equity / index
(0.0 )
(0.0 )
(0.2 )
(0.1 )
(0.0 )
of which: Credit
(0.1 )
(0.0 )
(0.1 )
(0.0 )
(0.0 )
Financial assets at fair value not held
for trading
(0.1 )
(0.1 )
(1.4 )
(0.1 )
(0.0 )
of which: Loans
(0.1 )
(0.1 )
(0.1 )
(0.1 )
(0.0 )
of which: Auction rate securities
(0.0 )
(1.1 )
of which: Equity instruments
(0.0 )
(0.0 )
of which: Investment fund units
(0.0 )
(0.0 )
(0.0 )
(0.0 )
of which: Asset-backed securities
(0.0 )
(0.0 )
(0.0 )
(0.0 )
Derivative financial instruments –
liabilities
(0.1 )
(0.1 )
(0.0 )
(1.4 )
(0.3 )
(0.0 )
of which: Interest rate
(0.1 )
(0.0 )
(0.0 )
of which: Equity / index
(0.0 )
(1.2 )
(0.2 )
(0.0 )
of which: Credit
(0.0 )
(0.1 )
(0.0 )
(0.1 )
(0.0 )
(0.0 )
of which: Loan commitments
measured at FVTPL
(0.1 )
(0.1 )
(0.0 )
(0.0 )
Debt issued designated at fair value
(0.0 )
(2.5 )
(1.9 )
(0.1 )
Other financial liabilities designated at
fair value
(0.1 )
(0.1 )
(0.0 )
(0.2 )
(0.1 )
(0.0 )
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 June 2025 were USD
bn
(31 December 2024: USD
bn). Total Level 3 liabilities as of 30 June 2025 were USD
bn (31 December 2024: USD
bn).
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 55
Note 10 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 AG Annual Report 2024.
Financial instruments not measured at fair value
30.6.25
31.3.25
31.12.24
USD bn
Carrying
amount
Fair value
Carrying
amount
Fair value
Carrying
amount
Fair value
Assets
Cash and balances at central banks
Amounts due from banks
Receivables from securities financing transactions measured at amortized cost
Cash collateral receivables on derivative instruments
Loans and advances to customers
Other financial assets measured at amortized cost
Liabilities
Amounts due to banks
Payables from securities financing transactions measured at amortized cost
Cash collateral payables on derivative instruments
Customer deposits
Funding from UBS Group AG measured at amortized cost
Debt issued measured at amortized cost
Other financial liabilities measured at amortized cost
1
1 Excludes lease liabilities.
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 56
Note 11
Derivative instruments
a) Derivative instruments
As of 30.6.25, USD bn
Derivative
financial
assets
Derivative
financial
liabilities
Notional values
related to derivative
financial assets and
liabilities
1
Other
notional
values
2
Derivative financial instruments
Interest rate
Credit derivatives
Foreign exchange
Equity / index
Commodities
Other
3
Total derivative financial instruments, based on netting under IFRS Accounting Standards
4
Further netting potential not recognized on the balance sheet
5
(153.5 )
(162.0 )
of which: netting of recognized financial liabilities / assets
(130.5 )
(130.5 )
of which: netting with collateral received / pledged
(23.0 )
(31.5 )
Total derivative financial instruments, after consideration of further netting potential
As of 31.3.25, USD bn
Derivative financial instruments
Interest rate
Credit derivatives
Foreign exchange
Equity / index
Commodities
Other
3
Total derivative financial instruments, based on netting under IFRS Accounting Standards
4
Further netting potential not recognized on the balance sheet
5
(123.2 )
(127.9 )
of which: netting of recognized financial liabilities / assets
(100.9 )
(100.9 )
of which: netting with collateral received / pledged
(22.3 )
(27.0 )
Total derivative financial instruments, after consideration of further netting potential
As of 31.12.24, USD bn
Derivative financial instruments
Interest rate
Credit derivatives
Foreign exchange
Equity / index
Commodities
Other
3
Total derivative financial instruments, based on netting under IFRS Accounting Standards
4
Further netting potential not recognized on the balance sheet
5
(162.6 )
(166.4 )
of which: netting of recognized financial liabilities / assets
(135.6 )
(135.6 )
of which: netting with collateral received / pledged
(27.1 )
(30.8 )
Total derivative financial instruments, after consideration of further netting potential
1 In cases where derivative financial instruments are presented on a net basis on the balance sheet, the respective notional values of the netted derivative financial instruments are still presented on a gross basis.
Notional amounts of client-cleared ETD and OTC transactions through central clearing counterparties are not disclosed, as they have a significantly different risk profile. 2 Other notional values relate to derivatives
that are cleared through either a central counterparty or an exchange and settled on a daily basis. The fair value of these derivatives is presented on the balance sheet within Cash collateral receivables on derivative
instruments and Cash collateral payables on derivative instruments. 3 Includes Loan commitments measured at FVTPL, as well as unsettled purchases and sales of non-derivative financial instruments for which the
changes in the fair value between trade date and settlement date are recognized as derivative financial instruments. 4 Financial assets and liabilities are presented net on the balance sheet if UBS AG 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 AG 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 AG 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 AG Annual Report 2024 for more information.
b) Cash collateral on derivative instruments
USD bn
Receivables
30.6.25
Payables
30.6.25
Receivables
31.3.25
Payables
31.3.25
Receivables
31.12.24
Payables
31.12.24
Cash collateral on derivative instruments, based on netting under IFRS Accounting
Standards
1
Further netting potential not recognized on the balance sheet
2
(29.2 )
(17.5 )
(24.3 )
(17.1 )
(28.3 )
(22.6 )
of which: netting of recognized financial liabilities / assets
(27.3 )
(15.5 )
(22.2 )
(15.0 )
(25.9 )
(20.2 )
of which: netting with collateral received / pledged
(2.0 )
(2.0 )
(2.1 )
(2.1 )
(2.4 )
(2.4 )
Cash collateral on derivative instruments, after consideration of further netting potential
1 Financial assets and liabilities are presented net on the balance sheet if UBS AG 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 AG 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 AG Annual Report 2024 for more information.
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 57
Note
12
Other assets and liabilities
a) Other financial assets measured at amortized cost
USD m
30.6.25
31.3.25
31.12.24
Debt securities
Loans to financial advisors
Fee- and commission-related receivables
Finance lease receivables
Settlement and clearing accounts
Accrued interest income
Other
1
Total other financial assets measured at amortized cost
1 Predominantly includes cash collateral provided to exchanges and clearing houses to secure securities trading activity through those counterparties.
b) Other non-financial assets
USD m
30.6.25
31.3.25
31.12.24
Precious metals and other physical commodities
Deposits and collateral provided in connection with litigation, regulatory and similar matters
1
Prepaid expenses
Current tax assets
VAT, withholding tax and other tax receivables
Properties and other non-current assets held for sale
Assets of disposal groups held for sale
2
Other
Total other non-financial assets
1 Refer to Note 16 for more information. 2 Refer to Note 6 for more information about the sale of Select Portfolio Servicing.
c) Other financial liabilities measured at amortized cost
USD m
30.6.25
31.3.25
31.12.24
Other accrued expenses
Accrued interest expenses
Settlement and clearing accounts
Lease liabilities
Other
Total other financial liabilities measured at amortized cost
d) Other financial liabilities designated at fair value
USD m
30.6.25
31.3.25
31.12.24
Financial liabilities related to unit-linked investment contracts
Securities financing transactions
Over-the-counter debt instruments and other
Funding from UBS Group AG
1
Total other financial liabilities designated at fair value
1 Funding from UBS Group AG consists of subordinated debt of UBS AG and its subsidiaries toward UBS Group AG. Subordinated debt consists of unsecured debt obligations that are contractually subordinated in
right of payment to all other present and future non-subordinated obligations of the respective issuing entity.
e) Other non-financial liabilities
USD m
30.6.25
31.3.25
31.12.24
Compensation-related liabilities
of which: net defined benefit liability
Current tax liabilities
Deferred tax liabilities
VAT, withholding tax and other tax payables
Deferred income
Liabilities of disposal groups held for sale
1
Other
Total other non-financial liabilities
1 Refer to Note 6 for more information about the sale of Select Portfolio Servicing.
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 58
Note
13
Funding from UBS Group AG measured at amortized cost
Funding from UBS Group AG measured at amortized cost
USD m
30.6.25
31.3.25
31.12.24
Debt contributing to total loss-absorbing capacity (TLAC)
Debt eligible as high-trigger loss-absorbing additional tier 1 capital instruments
1
Debt eligible as low-trigger loss-absorbing additional tier 1 capital instruments
Other
2
Total funding from UBS Group AG measured at amortized cost
3,4
1 For 30 June 2025, includes USD
bn (31 March 2025: USD
bn; 31 December 2024: USD
bn) that is, upon the occurrence of a trigger event or a viability event, subject to conversion into ordinary UBS
shares. 2 Includes debt no longer eligible as TLAC having a residual maturity of less than one year and high-trigger loss-absorbing additional tier 1 capital instruments that ceased to be eligible when UBS Group AG
issued notice of redemption. 3 Consists of subordinated debt of UBS AG and its subsidiaries toward UBS Group AG. Subordinated debt consists of unsecured debt obligations that are contractually subordinated in
right of payment to all other present and future non-subordinated obligations of the respective issuing entity. 4 UBS AG has also recognized funding from UBS Group AG that is designated at fair value. Refer to
Note 12d for more information.
Note
14
Debt issued designated at fair value
Debt issued designated at fair value
USD m
30.6.25
31.3.25
31.12.24
Equity-linked
1
Rates-linked
Credit-linked
Fixed-rate
Commodity-linked
Other
Total debt issued designated at fair value
2
of which: issued by UBS AG standalone with original maturity greater than one year
3
of which: issued by Credit Suisse International standalone with original maturity greater than one year
3
1 Includes investment fund unit-linked instruments issued. 2 As of 30 June 2025,
% of Total debt issued designated at fair value was unsecured (31 March 2025:
% and 31 December 2024:
%).
3 Based on original contractual maturity without considering any early redemption features.
Note
15
Debt issued measured at amortized cost
Debt issued measured at amortized cost
USD m
30.6.25
31.3.25
31.12.24
Short-term debt
1
Senior unsecured debt
of which: issued by UBS AG standalone with original maturity greater than one year
Covered bonds
Subordinated debt
of which: eligible as non-Basel III-compliant tier 2 capital instruments
Debt issued through the Swiss central mortgage institutions
Other long-term debt
Long-term debt
2
Total debt issued measured at amortized cost
3,4
1 Debt with an original contractual maturity of less than one year, includes mainly certificates of deposit and commercial paper. 2 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. 3 Net of bifurcated embedded derivatives, the fair value of which was not material for the periods
presented. 4 Except for Covered bonds (
% secured), Debt issued through the Swiss central mortgage institutions (
% secured) and Other long-term debt (
% secured),
% of the balance was unsecured
as of 30 June 2025.
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 59
Note 16 Provisions and contingent liabilities
a) Provisions
The table below presents an overview of total provisions.
Overview of total provisions
USD m
30.6.25
31.3.25
31.12.24
Provisions other than provisions for expected credit losses
Provisions for expected credit losses
1
Total provisions
1 Refer to Note 9c for more information about ECL provisions recognized for off-balance sheet financial instruments and credit lines.
The table below presents additional information for provisions other than provisions for expected credit losses.
Additional information for provisions other than provisions for expected credit losses
USD m
Litigation,
regulatory and
similar matters
1
Restructuring
2
Real estate
3
Other
4
Total
Balance as of 31 December 2024
Balance as of 31 March 2025
Increase in provisions recognized in the income statement
5
Release of provisions recognized in the income statement
(137 )
(169 )
(2 )
(21 )
(330 )
Provisions used in conformity with designated purpose
(703 )
6
(258 )
(5 )
(30 )
(996 )
Foreign currency translation and other movements
Balance as of 30 June 2025
1 Consists of provisions for losses resulting from legal, liability and compliance risks. 2 Includes USD
m of provisions for onerous contracts related to real estate as of 30 June 2025 (31 March 2025: USD
m;
31 December 2024: USD
m); USD
m of personnel-related restructuring provisions as of 30 June 2025 (31 March 2025: USD
m; 31 December 2024: USD
m) and USD
m of provisions for onerous
contracts related to technology as of 30 June 2025 (31 March 2025: USD
m; 31 December 2024: USD
m). 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 Includes a new provision for the estimated costs associated with UBS AG's ongoing obligations 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 second quarter of 2025 as described in item 1 of section b) of this Note.
Information about provisions and contingent liabilities in respect of litigation, regulatory and similar matters, as a
class, is included in Note 16b. There are no material contingent liabilities associated with the other classes of
provisions.
b) Litigation, regulatory and similar matters
UBS 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 is involved in various disputes and legal proceedings,
including litigation, arbitration, and regulatory and criminal investigations. “UBS”, “we” and “our”, for purposes
of this Note, refer to UBS AG and / or one or more of its subsidiaries, as applicable.
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 UBS 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 UBS 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. UBS 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 UBS 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 UBS, but are nevertheless
expected to be, based on UBS’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 UBS 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
p
otential exposures.
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 60
Note 16 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 16a 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 are in the range of USD
bn to USD
bn.
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.
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 AG
Balance as of 31 December 2024
Balance as of 31 March 2025
Increase in provisions recognized in the income statement
2
Release of provisions recognized in the income statement
(2 )
(3 )
(132 )
(137 )
Provisions used in conformity with designated purpose
(15 )
(11 )
(673 )
3
(4 )
(703 )
Foreign currency translation and other movements
Balance as of 30 June 2025
1 Provisions, if any, for the matters described in items 2 and 9 of this Note are recorded in Global Wealth Management. Provisions, if any, for the matters described in items 4, 5, 6, 7 and 8 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 Includes a new provision for the estimated costs of UBS AG's ongoing obligations with the US Department of Justice 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 second quarter of 2025 as described in item 1 of this Note.
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 61
Note 16 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
bn.
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
bn on UBS AG and UBS (France) S.A. and awarded EUR
m 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
m, the confiscation of EUR
bn, and awarded civil damages to the French state of EUR
m. UBS
appealed the decision to the French Supreme Court. The Supreme Court rendered its judgment on 15 November
2023. It 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
bn, the penalty of EUR
m and the EUR
m
of civil damages awarded to the French state. The case has been remanded to the Court of Appeal for a retrial
regarding these overturned elements. The French state has reimbursed the EUR
m of civil damages to UBS AG.
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
m 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. In the second quarter of 2025, we
recorded in our Non-core and Legacy division a USD
m net increase in provisions, which included a new provision
for the estimated costs of UBS’s ongoing obligations with the DOJ.
Our balance sheet at 30 June 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
p
rovision that we have recognized.
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 62
Note 16 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
bn, 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 filed in Luxembourg, where decisions
that the claims in eight test cases were inadmissible have been affirmed by the Luxembourg Court of Appeal, and
the Luxembourg Supreme Court has dismissed a further appeal in one of the test cases.
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
bn. 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
m of payments
alleged to be fraudulent conveyances and preference payments. Similar claims have been filed against Credit Suisse
entities seeking to recover redemption payments. In 2016, the bankruptcy court dismissed these claims against the
UBS entities and most of the Credit Suisse entities. In 2019, the Court of Appeals reversed the dismissal of the BMIS
Trustee’s remaining claims. The cases were remanded to the Bankruptcy Court for further proceedings.
3. Foreign exchange, LIBOR and benchmark rates, and other trading practices
Foreign-exchange-related regulatory matters:
concerning possible manipulation of foreign exchange markets and precious metals prices. As a result of these
investigations, UBS entered into resolutions with Swiss, US and UK regulators and the European Commission. UBS
was granted conditional immunity by the Antitrust Division of the DOJ and by authorities in other jurisdictions in
connection with potential competition law violations relating to foreign exchange and precious metals businesses.
In December 2021, the European Commission issued a decision imposing a fine of EUR
m on Credit Suisse
entities based on findings of anticompetitive practices in the foreign exchange market. Credit Suisse appealed the
decision to the European General Court and, in July 2025, the court issued a judgment reducing the fine to
EUR
m. The European Commission is permitted to appeal the decision. UBS received leniency and accordingly
no fine was assessed.
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 AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 63
Note 16 Provisions and contingent liabilities (continued)
LIBOR and other benchmark-related regulatory matters:
regarding potential improper attempts by UBS, among others, to manipulate LIBOR and other benchmark rates at
certain times. UBS and Credit Suisse reached settlements or otherwise concluded investigations relating to
benchmark interest rates with the investigating authorities. UBS was granted conditional leniency or conditional
immunity from authorities in certain jurisdictions, including the Antitrust Division of the DOJ and the Swiss
Competition Commission (WEKO), in connection with potential antitrust or competition law violations related to
certain rates. However, UBS has not reached a final settlement with WEKO, as the Secretariat of WEKO has asserted
that UBS does not qualify for full immunity.
LIBOR and other benchmark-related civil litigation:
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 breach of contract and unjust enrichment. Following various rulings by the SDNY and 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 are
proceeding in the district court. UBS and Credit Suisse have 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. In addition, an individual action was
filed in federal court in California against UBS, Credit Suisse and numerous other banks alleging that the defendants
conspired to fix the interest rate used as the basis for loans to consumers by jointly setting the USD ICE LIBOR rate
and monopolized the market for LIBOR-based consumer loans and credit cards. The court dismissed the initial
complaint and subsequently dismissed an amended complaint with prejudice; the US Court of Appeals for the Ninth
Circuit affirmed the dismissal. In June 2025, the US Supreme Court denied plaintiffs’ petition to challenge the
decisions of the lower courts.
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 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.
Government bonds:
breached European Union antitrust rules between 2007 and 2011 relating to European government bonds. The
European Commission fined UBS EUR
m, which amount was confirmed on appeal in March 2025. UBS has
appealed to the European Court of Justice.
Credit default swap auction litigation –
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 June 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
p
rovision that we have recognized.
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 64
Note 16 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
m. UBS AG is fully provisioned for this settlement, which will not have a material
effect on its financial statements for the third quarter of 2025.
Civil litigation: Repurchase litigations –
to their roles as issuer, sponsor, depositor, underwriter and/or servicer of RMBS transactions. These cases currently
include repurchase actions by RMBS trusts and/or trustees, in which plaintiffs generally allege breached
representations and warranties in respect of mortgage loans and failure to repurchase such mortgage loans as
required under the applicable agreements. The amounts disclosed below do not reflect actual realized plaintiff
losses to date. Unless otherwise stated, these amounts reflect the original unpaid principal balance amounts as
alleged in these actions.
DLJ Mortgage Capital, Inc. (DLJ) is a defendant in New York State court in five actions: An action brought by Asset
Backed Securities Corporation Home Equity Loan Trust, Series 2006-HE7 alleges damages of not less than
USD
m. 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
m. An action by Home Equity Asset Trust 2007-1 alleges damages of not less
than USD
m. Following a non-jury trial, the court issued a decision in December 2024 that the plaintiff
established liability relating to certain of the loans at issue, and in May 2025, the court awarded damages of
approximately USD
m plus interest and costs. The parties have appealed the decision on liability. An action by
Home Equity Asset Trust 2007-2 alleges damages of not less than USD
m. 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. In February 2024, plaintiffs filed a motion
to vacate the judgment in the first filed lawsuit. 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 AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 65
Note 16 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
m. 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
m, 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
m 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
%, 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
D
PA, the DOJ elected to extend the term of the DPA by one year.
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 66
Note 16 Provisions and contingent liabilities (continued)
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.
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
m. In addition, the court seized certain client
assets in the amount of approximately CHF
m and ordered Credit Suisse AG to pay a compensatory claim in the
amount of approximately CHF
m. 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.
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.
UBS AG second quarter 2025 report |
Consolidated financial statements | Notes to the UBS AG interim consolidated financial statements (unaudited) 67
Note 17 Supplemental guarantor information
In 2015, the Personal & Corporate Banking and Wealth Management businesses booked in Switzerland were
transferred from UBS AG to UBS Switzerland AG through an asset transfer in accordance with the Swiss Merger
Act. Under the terms of the asset transfer agreement, UBS Switzerland AG assumed joint liability for contractual
obligations of UBS AG existing on the asset transfer date, including the full and unconditional guarantee of certain
SEC-registered debt securities issued by UBS AG. The joint liability of UBS Switzerland AG for contractual obligations
of UBS AG increased in the first half of 2025 by USD
bn to USD
bn as of 30 June 2025. The increase reflected
foreign currency effects, partly offset by contractual maturities and fair value movements.
UBS AG, together with UBS Group AG, has fully and unconditionally guaranteed the outstanding SEC-registered
debt securities of Credit Suisse (USA), LLC, which as of 30 June 2025 consisted of a single outstanding issuance
with a balance of USD
m maturing in July 2032. Credit Suisse (USA), LLC is an indirect, wholly owned subsidiary
of UBS AG. UBS AG assumed Credit Suisse AG’s obligations under the guarantee as of 31 May 2024 (i.e. the date
of the merger). In accordance with the guarantee, if Credit Suisse (USA), LLC fails to make a timely payment under
the agreements governing such debt securities, the holders of the debt securities may demand payment from either
UBS Group AG or UBS AG, without first proceeding against Credit Suisse (USA), LLC.
UBS AG second quarter 2025 report |
Comparison between UBS AG consolidated and UBS Group AG consolidated
Comparison between UBS AG
consolidated and UBS Group AG
consolidated
The table below provides a comparison of selected financial and capital information of UBS AG consolidated and
of UBS Group AG consolidated.
UBS AG and UBS Group AG both prepare consolidated financial statements in accordance with IFRS Accounting
Standards. UBS Group AG has applied acquisition accounting as defined by IFRS 3,
Business Combinations
, to the
acquisition of the Credit Suisse Group in 2023. The merger of UBS AG and Credit Suisse AG on 31 May 2024 has
been accounted for as a business combination under common control, as defined in IFRS 3, using the historic
carrying values of the assets and liabilities of Credit Suisse AG as at the date of the transaction (31 May 2024),
determined under IFRS Accounting Standards. Therefore, differences exist between the accounting treatments
applied at the UBS Group AG and UBS AG consolidated levels. There are also certain scope and presentation
differences, as noted below.
›
Refer to “Note 2 Accounting for the merger of UBS AG and Credit Suisse AG” in the “Consolidated financial
statements” section of the UBS AG Annual Report 2024, available under “Annual reporting” at
ubs.com/investors
,
for more information about the accounting for the merger of UBS AG and Credit Suisse AG
Assets, liabilities, revenues, operating expenses and tax expenses / (benefits) relating to UBS Group AG and its
directly held subsidiaries, including UBS Business Solutions AG, are reflected in the consolidated financial statements
of UBS Group AG but not in those of UBS AG. UBS AG’s assets, liabilities, revenues and operating expenses related
to transactions with UBS Group AG and its directly held subsidiaries, including UBS Business Solutions AG and other
shared services subsidiaries, are not subject to elimination in the UBS AG consolidated financial statements, but are
eliminated in the UBS Group AG consolidated financial statements.
In the second quarter of 2025, UBS AG consolidated recognized a net profit of USD 1,198m, while UBS Group AG
consolidated recognized a net profit of USD 2,402m. The USD 1,205m difference was mainly due to certain
purchase price allocation (PPA) effects recognized at the UBS Group AG level upon the acquisition of the Credit
Suisse Group. These resulted in net accretion income at the UBS Group AG level, net of tax effects, whereas UBS AG
has not applied acquisition accounting and does not have the PPA effects or the corresponding net income. The
PPA effects also resulted in net releases for litigation, regulatory and similar matters for UBS Group AG (while
UBS AG incurred net expenses). Other differences in net profit mainly arise as UBS Business Solutions AG and other
shared services subsidiaries of UBS Group AG charge other legal entities within the UBS AG consolidation scope a
markup on costs incurred for services provided.
As of 30 June 2025, the total assets of UBS AG consolidated were USD 1.8bn higher than the total assets of
UBS Group AG consolidated. The difference mainly reflected PPA effects recognized at the UBS Group AG level
upon the acquisition of the Credit Suisse Group, partly offset by consolidation scope differences. The total liabilities
of UBS AG consolidated were USD 3.3bn lower than the total liabilities of UBS Group AG, mainly due to
consolidation scope differences and PPA effects.
The equity of UBS AG consolidated was USD 5.2bn higher than the equity of UBS Group AG consolidated as of
30 June 2025. This difference was mainly due to PPA effects of USD 3.6bn recognized at the UBS Group AG level
upon the acquisition of the Credit Suisse Group that did not impact UBS AG consolidated, primarily related to loans
and loan commitments measured at amortized cost and contingent liabilities recognized under IFRS 3 for litigation,
as well as consolidation scope differences of USD 1.4bn. The difference in the equity between the two scopes
decreased by USD 4.4bn in the second quarter of 2025, mainly driven by the higher dividend paid by UBS AG to
UBS Group AG compared with the dividend distribution of UBS Group AG.
The going concern capital of UBS AG consolidated was USD 3.2bn lower than the going concern capital of
UBS Group AG consolidated as of 30 June 2025, reflecting the common equity tier 1 (CET1) capital of UBS AG
b
eing lower by USD 2.9bn and going concern loss-absorbing additional tier 1 (AT1) capital being USD 0.4bn lower.
UBS AG second quarter 2025 report |
Comparison between UBS AG consolidated and UBS Group AG consolidated
The USD 2.9bn lower CET1 capital of UBS AG consolidated was primarily due to a USD 12.9bn difference in
dividend accruals between UBS AG and UBS Group AG, largely offset by UBS Group AG consolidated equity being
USD 5.2bn lower, compensation-related regulatory capital accruals at the UBS Group AG level of USD 2.8bn, a
capital reserve for expected future share repurchases of USD 2.0bn and a USD 0.5bn effect from eligible deferred
tax assets on temporary differences.
The quarterly average liquidity coverage ratio (the LCR) of UBS AG consolidated was 2.9 percentage points lower
than the quarterly average LCR of UBS Group AG consolidated. The difference mainly reflected the higher net cash
outflows of UBS AG consolidated from intercompany deposits and loans that are not within the Group
consolidation scope but are within the UBS AG consolidation scope.
The net stable funding ratio (NSFR) of UBS AG consolidated was 1.5 percentage points lower than the NSFR of
UBS Group AG consolidated. The difference primarily reflected lower UBS AG consolidated eligible regulatory
capital as compared to UBS Group AG consolidated.
Comparison between UBS AG consolidated and UBS Group AG consolidated
As of or for the quarter ended 30.6.25
As of or for the quarter ended 31.3.25
As of or for the quarter ended 31.12.24
USD m, except where indicated
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Income statement
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Net profit / (loss)
Balance sheet
Total assets
Total liabilities
Total equity
Capital, liquidity and funding information
Common equity tier 1 capital
Going concern capital
Risk-weighted assets
Common equity tier 1 capital ratio (%)
Going concern capital ratio (%)
Total loss-absorbing capacity ratio (%)
Leverage ratio denominator
Common equity tier 1 leverage ratio (%)
Liquidity coverage ratio (%)
1
Net stable funding ratio (%)
1 The disclosed ratios represent quarterly averages for the quarters presented and are calculated based on an average of 61 data points in the second quarter of 2025, 62 data points in the first quarter of 2025 and
64 data points in the fourth quarter of 2024. Refer to the “Liquidity and funding management” section of the UBS Group second quarter 2025 report, available under “Quarterly reporting” at ubs.com/investors, for
more information.
UBS AG second quarter 2025 report |
Appendix 70
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
d
efined 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
1
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.
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
1
– 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.
Impaired loan portfolio as a percentage
of total loan portfolio, gross (%)
– Global Wealth Management,
Personal & Corporate Banking
Calculated as impaired loan portfolio divided by total
gross loan portfolio.
This measure provides information about the
proportion of impaired loan portfolio in the total gross
loan portfolio.
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 AG second quarter 2025 report |
Appendix 71
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
1
– 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.
UBS AG second quarter 2025 report |
Appendix 72
APM label
Calculation
Information content
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.
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 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. 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
1
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
1
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
1
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
1
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
1
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.
UBS AG second quarter 2025 report |
Appendix 73
APM label
Calculation
Information content
Underlying 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. 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
1
(%)
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
1
Calculated as net profit attributable to shareholders
(annualized for reporting periods shorter than
12 months) divided by average common equity tier 1
capital. 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
1
(%)
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. 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.
1
Profit or loss information for each of the second quarter of 2025 and the first quarter of 2025 is based entirely on consolidated data following the merger of UBS AG and Credit Suisse AG and for the purpose of the
calculation of return measures has been annualized by multiplying such by four. Profit or loss information for the second quarter of 2024 is presented on a consolidated basis, including Credit Suisse AG data for one
month (June 2024), and for the purpose of the calculation of return measures has been annualized multiplying such by four. Profit or loss information for the first six months of 2025 is based entirely on consolidated
data following the merger of UBS AG and Credit Suisse AG and for the purpose of the calculation of return measures has been annualized by multiplying such by two. Profit or loss information for the first six months
of 2024 is presented on a consolidated basis, including Credit Suisse AG data for one month (June 2024), and for the purpose of the calculation of return measures has been annualized by multiplying such by two.
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.
UBS AG second quarter 2025 report |
Appendix 74
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
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 AG second quarter 2025 report |
Appendix 75
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 AG second quarter 2025 report |
Appendix 76
Information sources
Reporting publications
Annual publications
UBS AG Annual Report
: Published in English, this report provides descriptions of: the performance of UBS AG
(consolidated); the strategy and performance of the business divisions and Group functions; risk, treasury and
capital management; corporate governance; and financial information, including the financial statements.
Compensation Report
: This report discusses the compensation framework and provides information about
compensation for the Board of Directors and the Group Executive Board members. It is available in English and
German (
“Vergütungsbericht
”) and represents a component of the UBS Group Annual Report.
Sustainability Report
: Published in English, the Sustainability Report provides disclosures on environmental, social
and governance topics related to the UBS Group. It also provides certain disclosures related to diversity, equity and
inclusion.
Quarterly publications
Quarterly financial report
: This report provides an update on performance and strategy (where applicable) for the
respective quarter. It is available in English.
The annual and quarterly publications are available in .pdf and online formats at
ubs.com/investors
, under “Financial
information”. Printed copies, in any language, of the aforementioned annual publications are no longer provided.
Other information
Website
The “Investor Relations” website at
ubs.com/investors
news releases; financial information, including results-related filings with the US Securities and Exchange
Commission (the SEC); information for shareholders, including UBS dividend and share repurchase program
information, and for bondholders, including rating agencies reports; the corporate calendar; and presentations by
management for investors and financial analysts. Information is available online in English, with some information
also available in German.
Results presentations
Quarterly results presentations are webcast live. Recordings of most presentations can be downloaded from
ubs.com/presentations
.
Messaging service
Email alerts to news about UBS can be subscribed for under “UBS News Alert” at
ubs.com/global/en/investor-
relations/contact/investor-services.html
. Messages are sent in English, German, French or Italian, with an option to
select theme preferences for such alerts.
Form 20-F and other submissions to the US Securities and Exchange Commission
UBS files periodic reports with and submits other information to the SEC. Principal among these filings is the annual
report on Form 20-F, filed pursuant to the US Securities Exchange Act of 1934. The filing of Form 20-F is structured
as a wraparound document. Most sections of the filing can be satisfied by referring to the UBS AG Annual Report.
However, there is a small amount of additional information in Form 20-F that is not presented elsewhere and is
particularly targeted at readers in the US. Readers are encouraged to refer to this additional disclosure. Any
document that is filed with the SEC is available on the SEC’s website:
sec.gov
. Refer to
ubs.com/investors
information.
UBS AG second quarter 2025 report |
Appendix 77
Cautionary statement regarding forward-looking statements |
not limited to management’s outlook for UBS’s financial performance, statements relating to the anticipated effect of transactions and strategic initiatives on
UBS’s business and future development and goals or intentions to achieve climate, sustainability and other social objectives. 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
ongoing conflicts 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 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; (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 to meet
requirements for debt eligible for total loss-absorbing capacity (TLAC); (vi) changes in 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, contractual claims and regulatory investigations, including the potential for
disqualification from certain businesses, potentially large fines or monetary penalties, or the loss of licenses or privileges as a result of regulatory or other
governmental sanctions, as well as the effect that litigation, regulatory and similar matters have on the operational risk component of its RWA; (xiii) UBS’s ability
to retain and attract the employees necessary to generate revenues and to manage, support and control its businesses, which may be affected by competitive
factors; (xiv) changes in accounting or tax standards or policies, and determinations or interpretations affecting the recognition of gain or loss, the valuation of
goodwill, the recognition of deferred tax assets and other matters; (xv) UBS’s ability to implement new technologies and business methods, including digital
services, artificial intelligence and other technologies, and ability to successfully compete with both existing and new financial service providers, some of which
may not be regulated to the same extent; (xvi) limitations on the effectiveness of UBS’s internal processes for risk management, risk control, measurement and
modeling, and of financial models generally; (xvii) the occurrence of operational failures, such as fraud, misconduct, unauthorized trading, financial crime,
cyberattacks, data leakage and systems failures, the risk of which is increased with persistently high levels of cyberattack threats; (xviii) restrictions on the ability
of UBS Group AG, UBS AG and regulated subsidiaries of UBS AG to make payments or distributions, including due to restrictions on the ability of its subsidiaries
to make loans or distributions, directly or indirectly, or, in the case of financial difficulties, due to the exercise by FINMA or the regulators of UBS’s operations in
other countries of their broad statutory powers in relation to protective measures, restructuring and liquidation proceedings; (xix) the degree to which changes
in regulation, capital or legal structure, financial results or other factors may affect UBS’s ability to maintain its stated capital return objective; (xx) uncertainty
over the scope of actions that may be required by UBS, governments and others for UBS to achieve goals relating to climate, environmental and social matters,
as well as the evolving nature of underlying science and industry and the increasing divergence among regulatory regimes; (xxi) the ability of UBS to access capital
markets; (xxii) the ability of UBS to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack,
war, conflict, pandemic, security breach, cyberattack, power loss, telecommunications failure or other natural or man-made event; and (xxiii) the effect that these
or other factors or unanticipated events, including media reports and speculations, may have on its reputation and the additional consequences that this may
have on its business and performance. The sequence in which the factors above are presented is not indicative of their likelihood of occurrence or the potential
magnitude of their consequences. UBS’s business and financial performance could be affected by other factors identified in its past and future filings and reports,
including those filed with the US Securities and Exchange Commission (the SEC). More detailed information about those factors is set forth in documents
furnished by UBS and filings made by UBS with the SEC, including the UBS Group AG and UBS AG Annual Reports on Form 20-F for the year ended 31 December
2024. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new
information, future events, or otherwise.
Rounding |
disclosed in text and tables are calculated on the basis of unrounded figures. Absolute changes between reporting periods disclosed in the text, which can be
derived from numbers presented in related tables, are calculated on a rounded basis.
Tables |
available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis. Values
that are zero on a rounded basis can be either negative or positive on an actual basis.
Websites |
of any such websites into this report.
UBS AG
PO Box, CH-8098 Zurich
PO Box, CH-4002 Basel
ubs.com
This Form 6-K is hereby incorporated by reference into (1) the registration statements of UBS AG on Form F-3
(Registration Number 333-283672), and into each prospectus outstanding under the foregoing registration statement,
(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 registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
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: August 5, 2025
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