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: July 29, 2026
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number: 1-36764
UBS AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
Aeschenvorstadt 1, 4051 Basel, Switzerland
(Address of principal executive offices)
Commission File Number: 1-15060
Indicate by check mark whether the registrants file or will file annual reports under cover of Form 20-F or Form
40-
F.
Form 20-F
☒
☐
This Form 6-K consists of the Second Quarter 2026 Report of UBS Group AG, which appears immediately following
this page.
1.
Key figures
2.
Recent developments
3.
UBS Group performance, business
divisions and Group Items
4.
Risk, capital, liquidity and funding,
and balance sheet
5.
Consolidated
financial statements
6.
Significant regulated subsidiary and sub-
group information
Appendix
Corporate calendar UBS Group
Information about future publication dates is generally available at
ubs.com/global/en/investor-relations/events/calendar.html
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mediarelations@ubs.com
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The Group Company Secretary handles
inquiries directed to the Chairman or to
other members of the Board of Directors.
UBS Group AG, Office of the Group
Company Secretary
P.O. Box, CH-8098 Zurich, Switzerland
sh-company-secretary@ubs.com
Zurich +41-44-235-6652
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of the Group Company Secretary’s office,
manages relationships with shareholders
and the registration of UBS Group AG
registered shares.
UBS Group AG, Shareholder Services
P.O. Box, CH-8098 Zurich, Switzerland
sh-shareholder-services@ubs.com
Zurich +41-44-235-6652
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For global registered share-related
inquiries in the US.
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Imprint
Publisher: UBS Group AG, Zurich, Switzerland | ubs.com
Language: English
© UBS 2026. The key symbol and UBS are among the registered and unregistered
trademarks of UBS. All rights reserved.
UBS Group 30 June 2026 Interim Report
Terms used in this report, unless the context requires otherwise
“UBS”, “UBS Group”, “UBS Group AG consolidated”, “Group”, “the Group”,
“we”, “us” and “our”
UBS Group AG and its consolidated subsidiaries
“UBS AG” and “UBS AG consolidated”
UBS AG and its consolidated subsidiaries
“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 IFRS Accounting Standards,
as issued by the International Accounting Standards Board (the IASB), or in other applicable recognized accounting
standards or regulations. We report a number of APMs in the discussion of the financial and operating performance
of the Group, our business divisions and Group Items. We use APMs to provide a more complete picture of our
operating performance and to reflect management’s view of the fundamental drivers of our business results. A
definition of each APM, the method used to calculate it and the information content are presented under
“Alternative performance measures” in the appendix to this report. Each APM that qualifies as a non-GAAP
measure as defined by US Securities and Exchange Commission (SEC) regulations is designated as such in the table
of APMs in the appendix to this report.
›
Refer to “Alternative performance measures” in the appendix to this report for additional information
›
Refer to the “Group performance” section of this report for information about underlying results
Change in interim reporting
Starting from 2026, UBS publishes semi-annual interim financial reports that include interim consolidated financial
statements as of and for the six-month period ending 30 June, prepared in accordance with IAS 34,
Interim Financial
Reporting
. The income statement, the statement of comprehensive income, the statement of changes in equity and
the statement of cash flows and related information in this report are presented on the basis of the six-month
periods ended 30 June 2026 and 30 June 2025. The balance sheet and related information are presented as of
30 June 2026 and 31 December 2025.
From the first quarter of 2026 onward, UBS’s first- and third-quarter financial reports include consolidated financial
information that is no longer prepared in accordance with IAS 34. Instead, UBS publishes financial information for
those quarters that is prepared in accordance with UBS Group accounting policies, which are consistent with IFRS
Accounting Standards, but does not include all explanatory notes as required under IAS 34 and therefore does not
constitute an “interim financial report” as defined by IAS 34. This change was intended to improve efficiency, while
maintaining a high level of transparency for investors.
UBS Group 30 June 2026 Interim Report
Key figures
UBS Group key figures
UBS Group key figures
As of or for the quarter ended
As of or year-to-date
USD m, except where indicated
30.6.26
31.3.26
31.12.25
30.6.25
30.6.26
30.6.25
Group results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Net profit / (loss) attributable to shareholders
Diluted earnings per share (USD)
1
Profitability and growth
2
Return on equity (%)
3
Return on tangible equity (%)
3
Underlying return on tangible equity (%)
3,4
Return on common equity tier 1 capital (%)
3
Underlying return on common equity tier 1 capital (%)
3,4
Cost / income ratio (%)
3
Underlying cost / income ratio (%)
3,4
Effective tax rate (%)
Net profit growth (%)
3
Resources
2
Total assets
Equity attributable to shareholders
Common equity tier 1 capital
5
Risk-weighted assets
5
Common equity tier 1 capital ratio (%)
5
Going concern capital ratio (%)
5
Total loss-absorbing capacity ratio (%)
5
Leverage ratio denominator
5
Common equity tier 1 leverage ratio (%)
5
Liquidity coverage ratio (%)
6
Net stable funding ratio (%)
Other
Invested assets (USD bn)
3,7
Internal and external personnel
8
Internal personnel (full-time equivalents)
Market capitalization
9
Total book value per share (USD)
1
Tangible book value per share (USD)
1
Credit-impaired lending assets as a percentage of total lending assets, gross (%)
3
Cost of credit risk (bps)
3
1 Refer to the “Share information and earnings per share” section of this report for more information. 2 Refer to the “Targets, capital guidance and ambitions” section of the UBS Group Annual Report 2025,
available under “Annual reporting” at ubs.com/investors, for more information about our performance targets. 3 Refer to “Alternative performance measures” in the appendix to this report for the relevant definition
and calculation method. Each alternative performance measure (APM) that qualifies as a non-GAAP measure as defined by US Securities and Exchange Commission (SEC) regulations is designated as such in the table
of APMs in the appendix to this report. 4 Refer to the “Group performance” section of this report for more information about underlying results. 5 Based on the Swiss systemically relevant bank framework. Refer
to the “Capital management” section of this report for more information. 6 The disclosed ratios represent quarterly averages for each of the quarters presented and have been calculated based on an average of
60 data points in the second quarter of 2026, 62 data points in the first quarter of 2026, 64 data points in the fourth quarter of 2025 and 61 data points in the second quarter of 2025. Refer to the “Liquidity and
funding management” section of this report for more information. 7 Consists of invested assets for Global Wealth Management, Asset Management (including invested assets from associates) and Personal &
Corporate Banking. Refer to “Note 30 Invested assets and net new money” in the “Consolidated financial statements” section of the UBS Group Annual Report 2025, available under “Annual reporting” at ubs.com/
investors, for more information. 8 Represents full-time equivalents for internal personnel and workforce count for external personnel. 9 The calculation of market capitalization reflects total shares issued multiplied
by the share price at the end of the period.
UBS Group 30 June 2026 Interim Report |
Recent developments
Management report
Integration of Credit Suisse
With the completion of the global migration of former Credit Suisse client accounts to UBS infrastructure in March
2026, we entered the final phase of the integration, with the primary focus on the decommissioning of legacy IT
infrastructure, which we expect to be substantially complete by the end of this year. As of 30 June 2026, more than
90% of legacy Credit Suisse IT applications in scope for decommissioning were no longer in use and around 70%
of such applications had already been fully decommissioned.
In the second quarter of 2026, we realized an additional USD 1.1bn in gross cost savings, bringing the cumulative
gross cost savings at the end of June 2026 to USD 12.6bn compared with the 2022 combined cost base of UBS
and Credit Suisse. We remain on track to deliver annualized exit rate gross cost savings by the end of 2026 of
approximately USD 13.5bn in line with our stated ambition. Cumulative integration-related expenses incurred by
the end of June 2026 amounted to USD 14.2bn, and we expect to have incurred around USD 15bn by the end of
this year, assuming in both cases constant foreign-exchange rates compared with 30 September 2023.
We are nearing completion of our Non-core and Legacy wind-down, and as of 30 June 2026 the division had
achieved an 88% reduction in underlying operating expenses (excluding litigation) compared with the 2022
baseline. A 68% reduction in risk-weighted assets (RWA) since the second quarter of 2023 and the reduction of
credit and market risk RWA to USD 4bn in line with the year-end 2026 ambition had already been achieved at the
end of the first quarter of 2026.
We remain on track to substantially complete the integration by the end of 2026.
Regulatory and legal developments
Revision of the Swiss anti-money-laundering framework
In June 2026, the Swiss Federal Council announced that revisions to the Swiss Anti-Money-Laundering Act (AMLA)
and a new Act on the Transparency of Legal Persons and the Identification of Beneficial Owners will enter into force
on 1 October 2026. The revised regulation introduces a transparency register for the beneficial owners of legal
entities and extends existing due diligence requirements to certain advisory activities. In June 2026, the Swiss
Financial Market Supervisory Authority (FINMA) completed a consultation on the partial revision of the FINMA Anti-
Money Laundering Ordinance, which, among other amendments, reflects the recent revision of the AMLA. This
ordinance is expected to enter into force on 1 January 2027. UBS is subject to the revised regulation and will align
impacted business processes accordingly.
Developments related to Basel III implementation in the EU and the UK
In June 2026, the European Commission (the EC) adopted a delegated act amending the Capital Requirements
Regulation (the CRR) with temporary targeted adjustments to the EU implementation of the Fundamental Review
of the Trading Book (the FRTB) framework to address international differences in implementation timelines. The
amendments aim to temporarily offset the capital impact on EU banks adversely affected by the implementation of
the FRTB framework, with a view to preserving a level playing field with jurisdictions where the implementation of
the FRTB framework is pending. If no objections are raised by the European Parliament and the European Council,
the amendments will become effective from 1 January 2027, for a period of three years. UBS Europe SE is subject
to CRR requirements; however, the expected impact of these temporary amendments on UBS is limited.
Also in June 2026, the UK Prudential Regulation Authority (the PRA) launched a consultation on targeted
adjustments to the internal model approach for market risk provided by the FRTB framework under the Basel 3.1
standards aimed at supporting international alignment and proportionality. The PRA has confirmed that the
implementation date of the framework remains 1 January 2028. UBS does not expect direct impacts from such
regulatory changes as it has no significant subsidiaries or sub-groups that are subject to UK capital regulations.
UBS Group 30 June 2026 Interim Report |
EU measures to enhance competitiveness and efficiency in EU banking
In July 2026, the EC published a report on the competitiveness of the EU banking sector outlining policy priorities
to strengthen the competitiveness and efficiency of the EU banking regulatory framework. These priorities include
measures to reduce fragmentation in the single market, facilitate more efficient capital and liquidity allocation
within cross-border banking groups, revise deposit insurance frameworks, potentially review the mandate of the
European Banking Authority, and assess selected elements of the Basel III implementation for possible revisions to
reflect the particularities of EU banks. Legislative proposals are expected to follow in the first quarter of 2027.
Depending on their scope and final design, targeted changes to applicable requirements could be relevant for
UBS Europe SE at the entity level.
Other developments
Capital returns
In July 2026, we completed our latest share repurchase program. We are continuing with another share repurchase
program under which we intend to repurchase USD 3bn of shares at the latest by the end of the second quarter of
2027 and for which a reserve for the full amount is reflected in our common equity tier 1 (CET1) capital as of
30 June 2026. We plan to repurchase at least USD 1bn of shares over the next three months. The amount and pace
of share repurchases will remain subject to our short-term financial performance and outlook, maintaining a CET1
capital ratio of around 14% and further visibility on the deliberations by the Swiss Parliament on the capitalization
of foreign subsidiaries.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items 6
UBS Group performance,
business divisions and Group Items
Management report
Our businesses
We report five business divisions, each of which qualifies as an operating segment pursuant to IFRS Accounting
Standards: Global Wealth Management, Personal & Corporate Banking, Asset Management, the Investment Bank,
and Non-core and Legacy. Non-core and Legacy consists of positions and businesses not aligned with our strategy
and policies.
Our Group functions are support and control functions that provide services to the Group. Virtually all costs incurred
by our Group functions are allocated to the business divisions, leaving a residual amount that we refer to as Group
Items in our segment reporting.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Group performance 7
Group performance
Income statement
For the quarter ended
% change from
Year-to-date
USD m
30.6.26
31.3.26
30.6.25
1Q26
2Q25
30.6.26
30.6.25
Net interest income
Other net income from financial instruments measured at fair value through profit or loss
Net fee and commission income
Other income
Total revenues
Credit loss expense / (release)
Personnel expenses
General and administrative expenses
Depreciation, amortization and impairment of non-financial assets
Operating expenses
Operating profit / (loss) before tax
Tax expense / (benefit)
Net profit / (loss)
Net profit / (loss) attributable to non-controlling interests
Net profit / (loss) attributable to shareholders
Comprehensive income
Total comprehensive income
Total comprehensive income attributable to non-controlling interests
Total comprehensive income attributable to shareholders
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Group performance 8
Selected financial information of the business divisions and Group Items
For the quarter ended 30.6.26
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
Total revenues as reported
of which: PPA effects and other integration items
1
Total revenues (underlying)
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
2
Operating expenses (underlying)
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
For the quarter ended 31.3.26
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
Total revenues as reported
of which: PPA effects and other integration items
1
of which: items related to the Swisscard transactions
3
Total revenues (underlying)
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
2
Operating expenses (underlying)
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
For the quarter ended 30.6.25
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
Total revenues as reported
of which: PPA effects and other integration items
1
of which: loss related to an investment in an associate
Total revenues (underlying)
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
2
Operating expenses (underlying)
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
1 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 2 Includes temporary, incremental operating
expenses directly related to the integrat ion, as well as amortization of intangible assets resulting from the acquisition of the Credit Suisse Group. 3 Represents the gain on sale of UBS’s 50% interest in Swisscard
AECS GmbH (Swisscard) that has been excluded from underlying revenues. Refer to the “Recent developments” section of the UBS Group first quarter 2026 report, available under “Quarterly reporting” at
ubs.com/investors, for more information about the Swisscard transactions.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Group performance 9
Selected financial information of the business divisions and Group Items (continued)
Year-to-date 30.6.26
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
Total revenues as reported
of which: PPA effects and other integration items
1
of which: items related to the Swisscard transactions
2
Total revenues (underlying)
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
3
Operating expenses (underlying)
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
Year-to-date 30.6.25
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
Total revenues as reported
of which: PPA effects and other integration items
1
of which: loss related to an investment in an associate
of which: items related to the Swisscard transactions
4
Total revenues (underlying)
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
3
of which: items related to the Swisscard transactions
5
Operating expenses (underlying)
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
1 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 2 Represents the gain on sale of UBS’s 50%
interest in Swisscard AECS GmbH (Swisscard) that has been excluded from underlying revenues. Refer to the “Recent developments” section of the UBS Group first quarter 2026 report, available under “Quarterly
reporting” at ubs.com/investors, for more information about the Swisscard transactions. 3 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of intangible
assets resulting from the acquisition of the Credit Suisse Group. 4 Represents the gain related to UBS’s share of the income recorded by Swisscard for the sale of the Credit Suisse card portfolios to UBS. 5 Represents
the expense related to the payment to Swisscard for the sale of the Credit Suisse card portfolios to UBS.
Net integration-related expenses, by business division and Group Items
For the quarter ended
Year-to-date
USD m
30.6.26
31.3.26
30.6.25
30.6.26
30.6.25
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
443
Group Items
2
Net integration-related expenses
of which: total revenues
1
of which: operating expenses
of which: personnel expenses
of which: general and administrative expenses
of which: depreciation, amortization and impairment of non-financial assets
1 Negative values represent net income.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Group performance 10
Underlying results
In addition to reporting our results in accordance with IFRS Accounting Standards, we report underlying results that
exclude items of profit or loss that management believes are not representative of the underlying performance.
In the second quarter of 2026, underlying revenues excluded purchase price allocation (PPA) effects and other
integration items of USD 352m. PPA effects mainly consisted of PPA adjustments on financial instruments measured
at amortized cost, including off-balance sheet positions, arising from the acquisition of the Credit Suisse Group.
Accretion of PPA adjustments on financial instruments is accelerated when the related financial instrument is
derecognized before its contractual maturity. No adjustment is made for accretion of PPA on financial instruments
within Non-core and Legacy, due to the nature of its business model.
In the second quarter of 2026, underlying expenses excluded integration-related expenses and PPA effects of
USD 645m. Integration-related expenses are temporary, incremental and directly related to the integration of Credit
Suisse into UBS, including costs of internal staff and contractors substantially dedicated to integration activities,
retention awards, redundancy costs, incremental expenses from the shortening of useful lives of property,
equipment and software, and impairment charges relating to these assets. Classification as integration-related
expenses does not affect the timing of recognition and measurement of those expenses or the presentation thereof
in the income statement.
Results: 2Q26 vs 2Q25
Reported operating profit before tax increased by USD 1,401m, or 64%, to USD 3,594m, mainly reflecting an
increase in total revenues, partly offset by higher operating expenses. Total revenues increased by USD 1,588m, or
13%, to USD 13,700m, which included a decrease of USD 244m in PPA effects and other integration items. The
increase in total revenues was primarily driven by increases of USD 874m in net fee and commission income and
USD 721m in total combined net interest income and other net income from financial instruments measured at fair
value through profit or loss. Operating expenses increased by USD 230m, or 2%, to USD 9,986m, which included
a USD 410m decrease in integration-related expenses and PPA effects. The increase in operating expenses was
mainly driven by a USD 404m increase in personnel expenses, primarily due to higher accruals for performance
awards and an increase in financial advisor compensation, partly offset by decreases of USD 96m in depreciation,
amortization and impairment of non-financial assets and USD 77m in general and administrative expenses. Net
credit loss expenses were USD 121m, compared with USD 163m in the second quarter of 2025.
Underlying results 2Q26 vs 2Q25
On an underlying basis, profit before tax increased by USD 1,204m to USD 3,887m, reflecting a USD 1,802m
increase in total revenues and a USD 42m decrease in net credit loss expenses, partly offset by a USD 639m increase
in operating expenses.
Total revenues: 2Q26 vs 2Q25
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 721m to USD 6,094m and included a decrease of USD 116m in accretion impacts
resulting from PPA adjustments on financial instruments and other PPA effects, mainly in Personal & Corporate
Banking and Global Wealth Management.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Group performance 11
The overall year-on-year increase was primarily driven by a USD 523m increase in the Investment Bank’s revenues
to USD 2,405m, mainly driven by Global Markets. This increase was mostly due to higher client balances in Prime
Brokerage within Financing, as well as higher levels of client activity in Derivatives & Solutions.
In addition, revenues in Global Wealth Management increased by USD 232m to USD 2,399m, mainly reflecting a
USD 158m increase in net interest income, primarily driven by higher loan volumes, and by higher deposit margins
from balance sheet repricing and the effects of deposit pricing measures . The increase in net interest income was
also due to a favorable deposit product mix. Non-core and Legacy reported revenues of USD 42m, compared with
negative USD 92m in the second quarter of 2025, mainly reflecting lower markdowns and lower liquidity and
funding costs, partly offset by lower net gains from position exits and lower net interest income from securitized
and credit products. Revenues in Personal & Corporate Banking were broadly stable at USD 1,583m, as a USD 24m
decrease in net interest income was almost entirely offset by an increase in transaction-based income from foreign
exchange and other intermediary activity.
These increases were partly offset by Group Items, which reported negative revenues of USD 323m, compared with
negative USD 168m in the second quarter of 2025, mainly driven by portfolio-level economic hedges on interest
rate, equity and credit risks, as well as by mark-to-market effects on own credit.
›
Refer to the relevant business division and Group Items commentary in this section for more information about the
specific revenues of each of the business divisions and Group Items
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
30.6.26
31.3.26
30.6.25
1Q26
2Q25
30.6.26
30.6.25
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 874m to USD 7,582m and included a decrease of USD 139m in
accretion of PPA adjustments on financial instruments and other PPA effects, which was reflected in other fee and
commission income, predominantly in Global Banking in the Investment Bank.
Fees for portfolio management, investment funds and related services increased by USD 551m to USD 5,316m. The
increase was mostly driven by higher average levels of fee-generating assets in Global Wealth Management,
reflecting positive market performance and net new fee-generating asset inflows over the course of the past 12
months, primarily from mandates.
Net brokerage fees increased by USD 447m to USD 1,636m, driven by higher volumes in Cash Equities in Execution
Services in the Investment Bank, particularly in the Asia Pacific region, and higher levels of client activity in Global
Wealth Management across all regions.
›
Refer to the relevant business division commentary in this section for information about how components of fee
and commission income are presented within the business division results
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Group performance 12
Other income
Other income was USD 24m, compared with USD 30m in the second quarter of 2025. This reflected an increase in
the share of net profits of associates, primarily as the second quarter of 2025 included a USD 31m loss relating to
an investment in an associate, which was more than offset by decreases across other components.
Credit loss expense / release: 2Q26 vs 2Q25
Total net credit loss expenses in the second quarter of 2026 were USD 121m, consisting of USD 3m of net releases
on performing positions and USD 124m of net expenses on credit-impaired exposures. Net credit loss expenses
were USD 163m in the second quarter of 2025.
Net credit loss expenses on credit-impaired positions were primarily attributable to a small number of corporate
counterparties in Personal & Corporate Banking and the Investment Bank.
›
Refer to “Note 8 Expected credit loss measurement” in the “Consolidated financial statements” section of this
report for more information about the results for the six-month period ended 30 June 2026
Credit loss expense / (release)
Performing positions
Credit-impaired positions
USD m
Stages 1 and 2
Stage 3
Purchased
Total
For the quarter ended 30.6.26
Global Wealth Management
(4)
3
0
(2)
Personal & Corporate Banking
0
77
(1)
76
Asset Management
0
0
0
0
Investment Bank
0
45
0
45
Non-core and Legacy
0
0
1
0
Group Items
1
0
0
1
Total
(3)
125
(1)
121
For the quarter ended 31.3.26
Global Wealth Management
(4)
13
0
9
Personal & Corporate Banking
23
44
3
70
Asset Management
0
0
0
0
Investment Bank
59
6
0
65
Non-core and Legacy
0
0
(75)
(74)
Group Items
0
0
0
0
Total
77
64
(71)
70
For the quarter ended 30.6.25
Global Wealth Management
(3)
6
0
3
Personal & Corporate Banking
22
91
1
114
Asset Management
0
0
0
0
Investment Bank
19
29
0
48
Non-core and Legacy
0
0
(2)
(2)
Group Items
0
0
0
0
Total
38
126
(1)
163
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Group performance 13
Operating expenses: 2Q26 vs 2Q25
Operating expenses
For the quarter ended
% change from
Year-to-date
USD m
30.6.26
31.3.26
30.6.25
1Q26
2Q25
30.6.26
30.6.25
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 mainly 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 404m to USD 7,380m, mainly due to higher accruals for performance awards,
reflecting business performance, and an increase in financial advisor compensation, resulting from higher
compensable revenues. This was partly offset by the effects of a decrease in the workforce.
General and administrative expenses
General and administrative expenses decreased by USD 77m to USD 1,804m, including a USD 217m decrease in
integration-related expenses, mainly in consulting, legal and audit fees, outsourcing costs, and real estate and
logistics costs. In addition, there were decreases across most other components of general and administrative
expenses. The decreases were largely offset by lower net releases of USD 382m for litigation, regulatory and similar
matters.
›
Refer to the “Regulatory and legal developments” and “Risk factors” sections of the UBS Group Annual Report
2025, available under “Annual reporting” at
ubs.com/investors
, for more information about litigation, regulatory
and similar matters
Depreciation, amortization and impairment of non-financial assets
Depreciation, amortization and impairment of non-financial assets decreased by USD 96m to USD 802m, primarily
driven by a USD 64m decrease in depreciation expenses for leased real estate, resulting from lower levels of
accelerated depreciation, and a USD 41m decrease in the amortization of internally generated capitalized software,
mainly reflecting a lower cost base of software assets.
Tax: 2Q26 vs 2Q25
The Group had a net income tax expense of USD 782m in the second quarter of 2026, representing an effective
tax rate of 21.8%, compared with a net tax benefit of USD 209m in the second quarter of 2025 and a negative
effective tax rate of 9.5%.
The net current tax expense was USD 545m, which primarily related to the taxable profits of UBS Switzerland AG
and other entities.
There was a net deferred tax expense of USD 237m, which mainly reflected the amortization of deferred tax assets
(DTAs) previously recognized in relation to tax losses carried forward and deductible temporary differences.
We expect a tax rate of around 23% for the full year 2026, excluding any potential effects from the remeasurement
of DTAs in connection with the business planning process.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Group performance 14
Total comprehensive income attributable to shareholders
In the second quarter of 2026, total comprehensive income attributable to shareholders was USD 1,687m,
reflecting a net profit of USD 2,800m and other comprehensive income (OCI), net of tax, of negative USD 1,113m.
OCI related to own credit on financial liabilities designated at fair value was negative USD 498m, primarily due to
a tightening of our own credit spreads.
Foreign currency translation OCI was negative USD 330m, mainly due to the US dollar strengthening against the
Swiss franc and the euro.
OCI related to cash flow hedges was negative USD 200m, mainly reflecting net unrealized losses on US dollar
hedging derivatives resulting from increases in the relevant US dollar long-term interest rates.
›
Refer to “Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital” in
the “Capital management” section of this report for more information about the effects of OCI on common equity
tier 1 capital
›
Refer to “Note 20 Fair value measurement” in the “Consolidated financial statements” section of the UBS Group
Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more information about own
credit on financial liabilities designated at fair value
Sensitivity to interest rate movements
As of 30 June 2026, 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 1.5bn in the first year after
such a shift. Of this increase, approximately USD 1.2bn, USD 0.1bn 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 0.9bn. Of this increase, approximately USD 1.3bn would result from changes in the Swiss
franc interest rate, driven by both contractual and assumed flooring benefits under negative interest rates. US dollar
and euro interest rates would lead to partly offsetting decreases of USD 0.1bn 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 2026
applied to our banking book. These estimates further assume no change to balance sheet size and
product mix, stable foreign exchange rates, and no specific management action.
›
Refer to the “Risk management and control” section of this report for information about interest rate risk in the
banking book
Key figures and personnel
Below is an overview of selected key figures of the Group.
Cost / income ratio: 2Q26 vs 2Q25
The cost / income ratio was 72.9%, compared with 80.5%, and on an underlying basis the cost / income ratio was
70.0%, compared with 75.4%, both as a result of higher total revenues, partly offset by higher operating expenses.
Personnel: 2Q26 vs 1Q26 and 2Q26 vs 2Q25
The number of internal and external personnel employed was approximately 112,388 (based on full-time
equivalents for internal personnel and workforce count for external personnel) as of 30 June 2026, a net decrease
of 4,426 compared with 31 March 2026 and a net decrease of 11,138 compared with 30 June 2025. The number
of internal personnel employed as of 30 June 2026 was 99,085 (full-time equivalents), a net decrease of 2,509
compared with 31 March 2026 and a net decrease of 6,047 compared with 30 June 2025. The number of external
staff was approximately 13,303 (workforce count) as of 30 June 2026, a net decrease of approximately 1,917
compared with 31 March 2026 and a net decrease of 5,090 compared with 30 June 2025.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Group performance 15
Equity, CET1 capital and returns
As of or for the quarter ended
Year-to-date
USD m, except where indicated
30.6.26
31.3.26
30.6.25
30.6.26
30.6.25
Net profit
Net profit / (loss) attributable to shareholders
Equity
Equity attributable to shareholders
less: goodwill and intangible assets
Tangible equity attributable to shareholders
less: other CET1 adjustments
CET1 capital
Returns
Return on equity (%)
Return on tangible equity (%)
Underlying return on tangible equity (%)
Return on CET1 capital (%)
Underlying return on CET1 capital (%)
Common equity tier 1 capital: 2Q26 vs 1Q26
During the second quarter of 2026, our common equity tier 1 (CET1) capital decreased by USD 0.8bn to
USD 72.5bn, mainly as operating profit before tax of USD 3.6bn was more than offset by the recognition of a new
USD 3.0bn capital reserve for expected future share repurchases, dividend accruals of USD 0.9bn, current tax
expenses of USD 0.5bn and negative foreign currency translation effects of USD 0.3bn. Share repurchases of
USD 1.9bn made under our 2026 share repurchase program in the second quarter of 2026 did not affect our CET1
capital position, as there was an identical reduction in the existing capital reserve for expected future share
repurchases.
Return on common equity tier 1 capital: 2Q26 vs 2Q25
The annualized return on CET1 capital was 15.4%, compared with 13.5%. On an underlying basis, the return on
CET1 capital was 16.4%, compared with 15.3%. These increases were driven by an increase in net profit
attributable to shareholders, partly offset by an increase in average CET1 capital.
Risk-weighted assets: 2Q26 vs 1Q26
During the second quarter of 2026, RWA increased by USD 3.6bn to USD 503.9bn, driven by a USD 6.7bn increase
resulting from asset size and other movements, partly offset by a USD 1.9bn decrease from currency effects and a
USD 1.2bn decrease driven by model updates and methodology changes.
Common equity tier 1 capital ratio: 2Q26 vs 1Q26
Our CET1 capital ratio decreased to 14.4% from 14.7%, reflecting the aforementioned USD 0.8bn decrease in
CET1 capital and the aforementioned USD 3.6bn increase in RWA.
Leverage ratio denominator: 2Q26 vs 1Q26
The leverage ratio denominator (the LRD) decreased by USD 3.7bn to USD 1,649.8bn, driven by a USD 9.4bn
decrease from currency effects, partly offset by a USD 5.6bn increase from asset size and other movements.
Common equity tier 1 leverage ratio: 2Q26 vs 1Q26
Our CET1 leverage ratio remained stable at 4.4% as the aforementioned USD 0.8bn decrease in CET1 capital was
offset by the aforementioned USD 3.7bn decrease in the LRD.
›
Refer to the “Capital management” section of this report for more information about key figures related to capital
management
Results 6M26 vs 6M25
Reported operating profit before tax increased by USD 3,109m, or 72%, to USD 7,434m. Total revenues increased
by USD 3,275m and included an increase from foreign currency effects and a decrease of USD 346m in PPA effects
and other integration items. Operating expenses increased by USD 239m and included an increase from foreign
currency effects and a USD 587m decrease in integration-related expenses and PPA effects. Net credit loss expenses
were USD 191m, compared with USD 263m in the first six months of 2025.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Group performance 16
Total combined net interest income and other net income from financial instruments measured at fair value through
profit or loss increased by USD 1,423m to USD 12,363m. The overall increase was primarily driven by a USD 1,155m
increase in the Investment Bank’s revenues to USD 5,083m, mainly driven by Global Markets. This increase was
mostly due to higher levels of client activity in Derivatives & Solutions, as well as higher client balances in Prime
Brokerage within Financing. Revenues in Global Wealth Management increased by USD 399m to USD 4,761m,
mainly reflecting a USD 301m increase in net interest income, primarily reflecting higher loan volumes, the effects
from deposit pricing measures, a favorable deposit product mix, and positive foreign currency effects.
Net fee and commission income increased by USD 1,825m to USD 15,310m. Fees for portfolio management,
investment funds and related services increased by USD 1,113m, predominantly in Global Wealth Management,
mainly driven by higher average levels of fee-generating assets, reflecting positive impacts from market performance
and net new fee-generating asset inflows over the course of the past 12 months, primarily from mandates. Net
brokerage fees increased by USD 776m, driven by higher volumes in Cash Equities in Execution Services in the
Investment Bank, particularly in the Asia Pacific region, and higher levels of client activity in Global Wealth
Management across all regions.
Other income was USD 271m compared with USD 243m in the first six months of 2025. The first six months of
2026 included a USD 163m gain related to the Swisscard transactions (of which USD 128m has been excluded from
underlying revenues), compared with a gain of USD 64m in the first six months of 2025. The first six months of
2025 also included a gain of USD 97m from the sale of Select Portfolio Servicing and a USD 16m net loss relating
to an investment in an associate.
Personnel expenses increased by USD 955m to USD 14,963m, mainly due to higher accruals for performance
awards reflecting business performance, an increase in financial advisor compensation resulting from higher
compensable revenues, and foreign currency effects. This was partly offset by the effects of a decrease in the
workforce.
General and administrative expenses decreased by USD 497m to USD 3,815m, including a USD 342m decrease in
integration-related expenses, mainly in consulting, legal and audit fees and outsourcing costs. In addition, the first
six months of 2025 included a USD 180m expense related to the Swisscard transactions. The decreases were partly
offset by the first six months of 2026 including USD 16m net expenses for litigation, regulatory and similar matters,
compared with net releases of USD 298m in the first six months of 2025.
Depreciation, amortization and impairment of non-financial assets decreased by USD 219m to USD 1,540m,
primarily driven by a USD 137m decrease in the amortization of internally generated capitalized software, mainly
reflecting a lower cost base of software assets, and a USD 101m decrease in depreciation expenses for leased real
estate, resulting from lower levels of accelerated depreciation.
›
Refer to the “Consolidated financial statements” section of this report for more information
Outlook
As we enter the third quarter, market conditions remain broadly constructive, supported by healthy client
engagement, the continued broadening of market leadership and historically elevated equity dispersion.
At the same time, ongoing geopolitical developments and volatile energy prices lead to high levels of uncertainty
around the inflation and interest rate outlook. This could contribute to changes in macroeconomic conditions,
periods of elevated volatility and more measured investor sentiment.
For the third quarter, in addition to seasonal factors, we expect Global Wealth Management net interest income to
increase modestly, broadly in line with the sequential uptick recorded in the second quarter of 2026. In Personal &
Corporate Banking, we expect net interest income to be flat to slightly higher sequentially.
We are focused on maintaining a high level of engagement with our clients as we execute on the final stages of
the integration and as we continue to strategically invest in our franchise to drive long-term growth.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 17
Global Wealth Management
Global Wealth Management
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.6.26
31.3.26
30.6.25
1Q26
2Q25
30.6.26
30.6.25
Results
Net interest income
3,714
3,413
Recurring net fee income
7,328
6,630
Transaction-based income
1,2
3,179
2,664
Other revenues
1,3
(3)
15
Total revenues
14,218
12,722
Credit loss expense / (release)
7
9
Operating expenses
10,536
10,150
Business division operating profit / (loss) before tax
3,675
2,563
Underlying results
Total revenues as reported
14,218
12,722
of which: PPA effects and other integration items
4
240
318
of which: PPA effects recognized in net interest income
236
307
of which: PPA effects and other integration items recognized in transaction-based income
3
11
of which: gain / (loss) related to an investment in an associate
(5)
Total revenues (underlying)
1
13,978
12,408
Credit loss expense / (release)
7
9
Operating expenses as reported
10,536
10,150
of which: integration-related expenses and PPA effects
1,5
536
739
Operating expenses (underlying)
1
10,001
9,411
of which: net expenses / (releases) for litigation, regulatory and similar matters
(5)
28
Business division operating profit / (loss) before tax as reported
3,675
2,563
Business division operating profit / (loss) before tax (underlying)
1
3,971
2,988
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
43.4
30.0
Cost / income ratio (%)
1
74.1
79.8
Average attributed equity (USD bn)
6
34.6
33.9
Return on attributed equity (%)
1,6
21.3
15.1
Financial advisor compensation
7
3,029
2,743
Net new fee-generating assets (USD bn)
1
50.8
34.7
Fee-generating assets (USD bn)
1
2,255
1,980
Net new assets (USD bn)
1
72.9
54.8
Net new assets growth rate (%)
1
3.1
2.6
Invested assets (USD bn)
1
4,942
4,512
Net new loan volumes (USD bn)
1,8
11.9
5.6
Loan volumes (USD bn)
1,9
335.3
318.3
Net new deposit volumes (USD bn)
1,10
0.2
(0.3)
Customer deposit volumes (USD bn)
1,11
477.0
488.8
Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)
1,12
0.6
0.5
Advisors (full-time equivalents)
13
9,173
9,565
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 18
Global Wealth Management (continued)
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.6.26
31.3.26
30.6.25
1Q26
2Q25
30.6.26
30.6.25
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
1
32.9
22.8
Cost / income ratio (%)
1
71.5
75.8
Return on attributed equity (%)
1,6
23.0
17.6
1 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. Each alternative performance measure (APM) that qualifies as a non-GAAP measure as defined
by US Securities and Exchange Commission (SEC) regulations is designated as such in the table of APMs in the appendix to this report. For more information about underlying results, refer to the “Group performance”
section of this report. 2 Consists of USD 999m of net fee and commission income (first quarter of 2026: USD 1,120m; second quarter of 2025: USD 777m; six-month period ended 30 June 2026: USD 2,118m; six-
month period ended 30 June 2025: USD 1,713m), USD 517m of other net income from financial instruments measured at fair value through profit or loss (first quarter of 2026: USD 545m; second quarter of 2025:
USD 462m; six-month period ended 30 June 2026: USD 1,062m; six-month period ended 30 June 2025: USD 949m), and negative USD 3m of other income (first quarter of 2026: USD 1m; second quarter of 2025:
negative USD 2m; six-month period ended 30 June 2026: negative USD 1m; six-month period ended 30 June 2025: USD 2m) for the purposes of the Group financial information or the Group financial statements, as
applicable. Income related to certain financial instruments not directly linked to client activity and measured at fair value that was previously presented as transaction-based income has been presented as other
revenues from the fourth quarter of 2025 onward. This change has been applied prospectively. 3 Consists of USD 19m of other net income from financial instruments measured at fair value through profit or loss
(first quarter of 2026: negative USD 35m; second quarter of 2025: USD 0m; six-month period ended 30 June 2026: negative USD 15m; six-month period ended 30 June 2025: USD 0m) and USD 6m of other income
(first quarter of 2026: USD 7m; second quarter of 2025: USD 7m; six-month period ended 30 June 2026: USD 13m; six-month period ended 30 June 2025: USD 15m) for the purposes of the Group financial information
or the Group financial statements, as applicable. Income related to certain financial instruments not directly linked to client activity and measured at fair value that was previously presented as transaction -based
income has been presented as other revenues from the fourth quarter of 2025 onward. This change has been applied prospectively. The line was renamed “Other revenues” (previously “Other income”) in the fourth
quarter of 2025. 4 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 5 Includes temporary,
incremental operating expenses directly related to the integration, as well as amortization of intangible assets resulting from the acquisition of the Credit Suisse Group. 6 Refer to “Equity attribution” in this report
for more information about the equity attribution framework. 7 Relates to licensed professionals with the ability to provide investment advice to clients in the Americas. Mainly 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. Recruitment loans to financial advisors were USD 1,412m as of 30 June 2026. 8 Consists of USD 7.0bn classified as Loans and advances to customers (first quarter of 2026:
USD 4.2bn; second quarter of 2025: USD 3.4bn; six-month period ended 30 June 2026: USD 11.2bn; six-month period ended 30 June 2025: USD 5.5bn) and USD 0.3bn classified as Brokerage receivables (first quarter
of 2026: USD 0.5bn; second quarter of 2025: USD 0.0bn; six-month period ended 30 June 2026: USD 0.7bn; six-month period ended 30 June 2025: USD 0.1bn) for the purposes of the Group financial information
or the Group financial statements, as applicable. 9 Presented gross of expected credit losses. Consists of USD 329.8bn classified as Loans and advances to customers (31 March 2026: USD 326.3bn; 30 June 2025:
USD 313.6bn) and USD 5.5bn classified as Brokerage receivables (31 March 2026: USD 5.2bn; 30 June 2025: USD 4.7bn) for the purposes of the Group financial information or the Group financial statements, as
applicable. 10 Consists of USD 2.2bn classified as Customer deposits (first quarter of 2026: negative USD 2.8bn; second quarter of 2025: USD 9.1bn; six-month period ended 30 June 2026: negative USD 0.7bn;
six-month period ended 30 June 2025: USD 0.1bn) and negative USD 0.4bn classified as Brokerage payables (first quarter of 2026: USD 1.2bn; second quarter of 2025: negative USD 0.1bn; six-month period ended
30 June 2026: USD 0.9bn; six-month period ended 30 June 2025: negative USD 0.4bn) for the purposes of the Group financial information or the Group financial statements, as applicable. 11 Consists of
USD 470.9bn classified as Customer deposits (31 March 2026: USD 470.1bn; 30 June 2025: USD 483.3bn) and USD 6.1bn classified as Brokerage payables (31 March 2026: USD 6.5bn; 30 June 2025: USD 5.5bn)
for the purposes of the Group financial information or the Group financial statements, as applicable. 12 Refer to the “Risk management and control” section of this report for more information about credit-impaired
exposures. Excludes loans to financial advisors. 13
The decrease in advisor headcount included the impact from the reclassification of certain roles in the second quarter of 2026 to align role classifications globally.
Comparative figures have not been restated.
Results: 2Q26 vs 2Q25
Profit before tax increased by USD 679m, or 56%, to USD 1,883m, mainly due to higher total revenues, partly
offset by higher operating expenses. Underlying profit before tax was USD 1,997m, an increase of 38%, after
excluding from operating expenses USD 228m of integration-related expenses and purchase price allocation (PPA)
effects and excluding from total revenues USD 114m of PPA effects and other integration items.
Total revenues
Total revenues increased by USD 812m, or 13%, to USD 7,112m, driven by all revenue lines, and included a
USD 39m decrease in PPA effects and other integration items. Excluding USD 114m of PPA effects and other
integration items, underlying total revenues were USD 6,997m, an increase of 14%.
Net interest income increased by USD 158m, or 9%, to USD 1,863m and included a USD 35m decrease in accretion
of PPA adjustments on financial instruments and other PPA effects. Excluding PPA effects of USD 113m, underlying
net interest income was USD 1,750m, an increase of 12%, primarily driven by higher loan volumes, and by higher
deposit margins from balance sheet repricing and the effects of deposit pricing measures. The increase in underlying
net interest income was also due to a favorable deposit product mix.
Recurring net fee income increased by USD 360m, or 11%, to USD 3,711m, mainly driven by higher average levels
of fee-generating assets, reflecting positive market performance and net new fee-generating asset inflows over the
course of the past 12 months, primarily from mandates.
Transaction-based income increased by USD 277m, or 22%, to USD 1,513m, mainly driven by higher levels of client
activity across all regions and reflecting demand for structured products and cash equities. Excluding PPA effects of
USD 1m, underlying transaction-based income was USD 1,511m, an increase of 23%.
Other revenues were USD 25m and included a USD 19m fair value gain resulting from a strategic partnership. Other
revenues in the second quarter of 2025 were USD 7m and included a loss of USD 8m related to an investment in
an associate.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 19
Credit loss expense / release
Net credit loss releases were USD 2m, compared with net credit loss expenses of USD 3m in the second quarter of
2025.
Operating expenses
Operating expenses increased by USD 138m, or 3%, to USD 5,231m and included a USD 155m decrease in
integration-related expenses. Excluding USD 228m of integration-related expenses and PPA effects, underlying
operating expenses were USD 5,002m, an increase of 6%, mainly driven by higher variable compensation, primarily
related to an increase in financial advisor compensation, resulting from higher compensable revenues,
partly offset
by net releases in provisions for litigation, regulatory and similar matters.
Invested assets: 2Q26 vs 1Q26
Invested assets increased by USD 274bn to USD 4,942bn, mainly driven by positive market performance of
USD 260.4bn and net new asset inflows of USD 35.5bn, partly offset by negative foreign currency effects of
USD 11.5bn and negative effects of USD 8.1bn resulting from UBS’s strategic decisions to exit certain markets or
cease offering certain services.
Invested assets: 2Q26 vs 2Q25
Invested assets increased by USD 430bn to USD 4,942bn, mainly driven by positive market performance of
USD 381.6bn and net new asset inflows of USD 118.9bn, partly offset by negative foreign currency effects of
USD 32.8bn and negative effects of USD 32.2bn resulting from UBS’s strategic decisions to exit certain markets or
cease offering certain services.
Loan volumes: 2Q26 vs 1Q26
Loan volumes increased by USD 3.8bn to USD 335.3bn, mainly driven by positive net new loan volumes of
USD 7.3bn, partly offset by negative foreign currency effects.
›
Refer to the “Risk management and control” section of this report for more information
Customer deposit volumes: 2Q26 vs 1Q26
Customer deposit volumes increased by USD 0.4bn to USD 477.0bn, mainly driven by net new deposit volume
inflows of USD 1.8bn, partly offset by negative foreign currency effects.
Results: 6M26 vs 6M25
Profit before tax increased by USD 1,112m, or 43%, to USD 3,675m, mainly due to higher total revenues, partly
offset by higher operating expenses. Underlying profit before tax was USD 3,971m, an increase of 33%, after
excluding from operating expenses USD 536m of integration-related expenses and PPA effects and excluding from
total revenues USD 240m of PPA effects and other integration items.
Total revenues increased by USD 1,496m, or 12%, to USD 14,218m, largely driven by main revenue lines, and
included a USD 78m decrease in PPA effects and other integration items. Excluding USD 240m of PPA effects and
other integration items, underlying total revenues were USD 13,978m, an increase of 13%.
Net interest income increased by USD 301m, or 9%, to USD 3,714m and included a USD 71m decrease in accretion
of PPA adjustments on financial instruments and other PPA effects. Excluding PPA effects of USD 236m, underlying
net interest income was USD 3,478m, an increase of 12%, primarily reflecting higher loan volumes, the effects
from deposit pricing measures, a favorable deposit product mix and positive foreign currency effects.
Recurring net fee income increased by USD 698m, or 11%, to USD 7,328m. The increase was mainly driven by
higher average levels of fee-generating assets, reflecting positive market performance and net new fee-generating
asset inflows over the course of the past 12 months, primarily from mandates.
Transaction-based income increased by USD 515m, or 19%, to USD 3,179m, mainly driven by higher levels of client
activity across all regions and reflecting demand for structured products, cash equities and investment funds.
Excluding PPA effects of USD 3m, underlying transaction-based income was USD 3,175m, an increase of 20%.
Other revenues were negative USD 3m and included a USD 26m fair value loss resulting from a strategic
partnership. Other revenues in the first half of 2025 were USD 15m and included a loss of USD 5m related to an
investment in an associate.
Net credit loss expenses were USD 7m, compared with net credit loss expenses of USD 9m in the first half of 2025.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 20
Operating expenses increased by USD 386m, or 4%, to USD 10,536m and included a USD 203m decrease in
integration-related expenses. Excluding USD 536m of integration-related expenses and PPA effects, underlying
operating expenses were USD 10,001m, an increase of 6%, mainly driven by higher variable compensation,
primarily related to an increase in financial advisor compensation, resulting from higher compensable revenues,
partly offset by net releases in provisions for litigation, regulatory and similar matters.
Regional breakdown of performance measures
As of or for the quarter ended 30.6.26
USD m, except where indicated
Americas
1
Asia Pacific
EMEA
Switzerland
Divisional items
2
Global Wealth
Management
Net interest income
Recurring net fee income
Transaction-based income
3,4
Other revenues
3,4
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
of which: PPA effects, integration-related items and other items
5
Cost / income ratio (%)
3
Net new fee-generating assets (USD bn)
3
Fee-generating assets (USD bn)
3
Net new assets (USD bn)
3
Net new assets growth rate (%)
3
Invested assets (USD bn)
3
Net new loan volumes (USD bn)
3
Loan volumes (USD bn)
3
6
Net new deposit volumes (USD bn)
3
Customer deposit volumes (USD bn)
3
6
Advisors (full-time equivalents)
7
As of or for the quarter ended 30.6.25
USD m, except where indicated
Americas
1
Asia Pacific
EMEA
Switzerland
Divisional items
2
Global Wealth
Management
Net interest income
Recurring net fee income
Transaction-based income
3,4
Other revenues
3,4
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
of which: PPA effects, integration-related items and other items
5
Cost / income ratio (%)
3
Net new fee-generating assets (USD bn)
3
Fee-generating assets (USD bn)
3
Net new assets (USD bn)
3
Net new assets growth rate (%)
3
Invested assets (USD bn)
3
Net new loan volumes (USD bn)
3
Loan volumes (USD bn)
3
6
Net new deposit volumes (USD bn)
3
Customer deposit volumes (USD bn)
3
6
Advisors (full-time equivalents)
1 Includes the Wealth Management US (which covers the USA and Canada) and Wealth Management LatAm (which covers Latin America) business units. 2 Includes impacts from accretion of purchase price
allocation (PPA) adjustments on financial instruments and other PPA effects, integration-related expenses, and certain gains and losses from investments in associates and minor functions, which are not included in
the four regions individually presented in this table. 3 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. Each alternative performance measure
(APM) that qualifies as a non-GAAP measure as defined by US Securities and Exchange Commission (SEC) regulations is designated as such in the table of APMs in the appendix to this report. For more information
about underlying results, refer to the “Group performance” section of this report. 4 From the fourth quarter of 2025 onward, income related to certain financial instruments not directly linked to client activity and
measured at fair value that was previously presented as transaction-based income has been presented as other revenues. This change has been applied prospectively. The line has been renamed “Other revenues”
(previously “Other income”). 5 Items of profit or loss that management believes are not representative of the underlying performance, namely impacts from accretion of purchase price allocation adjustments on
financial instruments and other PPA effects, integration-related expenses, amortization of intangibles resulting from the acquisition of the Credit Suisse Group, and certain gains and losses from investments in
associates. 6 Loan volumes and Customer deposit volumes in this table include customer brokerage receivables and payables, respectively, which are presented in separate reporting lines on the balance sheet.
7 The decrease in advisor headcount included the impact from the reclassification of certain roles in the second quarter of 2026 to align role classifications globally. The reclassification impact primarily affected the
Switzerland and EMEA regions. Comparative figures have not been restated.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 21
Regional comments 2Q26 vs 2Q25, except where indicated
Americas
Profit before tax increased by USD 170m to USD 534m. Total revenues increased by USD 435m, or 15%, to
USD 3,364m, mainly driven by increases of USD 247m in recurring net fee income, USD 123m in transaction-based
income and USD 69m in net interest income. Operating expenses increased by USD 269m, or 11%, to USD 2,830m.
The cost / income ratio decreased to 84.1% from 87.4%. Loan volumes increased by 3% compared with the first
quarter of 2026, to USD 109.1bn, mainly driven by positive net new loan volumes of USD 3.3bn. Customer deposit
volumes were USD 124.2bn, broadly stable compared with the first quarter of 2026. Net new asset inflows were
USD 0.9bn.
Asia Pacific
Profit before tax increased by USD 166m to USD 514m. Total revenues increased by USD 205m, or 22%, to
USD 1,152m, mainly driven by increases of USD 116m in transaction-based income, USD 59m in net interest income
and USD 37m in recurring net fee income. Operating expenses increased by USD 39m, or 6%, to USD 637m. The
cost / income ratio decreased to 55.3% from 63.2%. Loan volumes increased by 4% compared with the first
quarter of 2026, to USD 49.7bn, mainly driven by positive net new loan volumes of USD 2.0bn. Customer deposit
volumes increased by 2% compared with the first quarter of 2026, to USD 114.7bn, with net new deposit volume
inflows of USD 2.0bn. Net new asset inflows were USD 9.2bn.
EMEA
Profit before tax increased by USD 109m to USD 503m. Total revenues increased by USD 94m, or 8%, to
USD 1,328m, mainly driven by increases of USD 37m in recurring net fee income, USD 33m in net interest income
and USD 27m in transaction-based income. Operating expenses decreased by USD 3m to USD 836m. The
cost / income ratio decreased to 62.9% from 68.0%. Loan volumes increased by 1% compared with the first
quarter of 2026, to USD 62.7bn, mainly driven by positive net new loan volumes of USD 0.9bn. Customer deposit
volumes decreased by 2% compared with the first quarter of 2026, to USD 109.5bn, mainly driven by net new
deposit volume outflows of USD 1.4bn. Net new asset inflows were USD 11.8bn.
Switzerland
Profit before tax increased by USD 87m to USD 440m. Total revenues increased by USD 86m, or 8%, to
USD 1,135m, mainly driven by increases of USD 39m in recurring net fee income and USD 33m in net interest
income. Operating expenses decreased by USD 13m, or 2%, to USD 685m. The cost / income ratio decreased to
60.3% from 66.5%. Loan volumes decreased by 1% compared with the first quarter of 2026, to USD 112.3bn,
mainly driven by negative foreign currency effects, partly offset by positive net new loan volumes of USD 1.2bn.
Customer deposit volumes were USD 124.7bn, broadly stable compared with the first quarter of 2026, with net
new deposit volume inflows of USD 1.2bn, partly offset by negative foreign currency effects. Net new asset inflows
were USD 14.3bn.
Divisional items
Operating loss before tax was USD 109m and included USD 228m of integration-related expenses and PPA effects,
partly offset by the aforementioned USD 114m related to PPA effects and other integration items and a USD 19m
fair value gain resulting from a strategic partnership.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Personal & Corporate Banking 22
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
30.6.26
31.3.26
30.6.25
1Q26
2Q25
30.6.26
30.6.25
Results
Net interest income
Recurring net fee income
1,2
Transaction-based income
1,3
Other revenues
1,4
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Underlying results
Total revenues as reported
of which: PPA effects and other integration items
5
329
438
of which: PPA effects recognized in net interest income
296
396
of which: PPA effects and other integration items recognized in transaction-based income
33
42
of which: loss related to an investment in an associate
(8)
of which: items related to the Swisscard transactions
6
99
6
58
7
Total revenues (underlying)
1
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
1,8
329
367
of which: items related to the Swisscard transactions
164
9
Operating expenses (underlying)
1
of which: net expenses / (releases) for litigation, regulatory and similar matters
0
0
Business division operating profit / (loss) before tax as reported
Business division operating profit / (loss) before tax (underlying)
1
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Average attributed equity (CHF bn)
10
Return on attributed equity (%)
1,10
Net interest margin (bps)
1
Net new loans (CHF bn)
1
Loans, gross (CHF bn)
Net new deposits (CHF bn)
1
Customer deposits (CHF bn)
Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)
1,11
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Return on attributed equity (%)
1,10
1 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. Each alternative performance measure (APM) that qualifies as a non-GAAP measure as defined
by US Securities and Exchange Commission (SEC) regulations is designated as such in the table of APMs in the appendix to this report. For more information about underlying results, refer to the “Group performance”
section of this report. 2 Consists of net fee and commission income and other income for the purposes of the Group financial information or the Group financial statements, as applicable. For reconciliation information
in US dollar amounts, refer to the corresponding footnote to the table below. 3 Consists of net fee and commission income, other net income from financial instruments measured at fair value through profit or loss,
and other income for the purposes of the Group financial information or the Group financial statements, as applicable. For reconciliation information in US dollar amounts, refer to the corresponding footnote to the
table below. Income related to certain financial instruments not directly linked to client activity and measured at fair valu e that was previously presented as transaction-based income has been presented as other
revenues from the fourth quarter of 2025 onward. This change has been applied prospectively. 4 Consists of other net income from financial instruments measured at fair value through profit or loss and other
income for the purposes of the Group financial information or the Group financial statements, as applicable. For reconciliation information in US dollar amounts, refer to the corresponding footnote to the table below.
Income related to certain financial instruments not directly linked to client activity and measured at fair value that was previously presented as transaction-based income has been presented as other revenues from
the fourth quarter of 2025 onward. This change has been applied prospectively. The line was renamed “Other revenues” (previously “Other income”) in the fourth quarter of 2025. 5 Includes accretion of PPA
adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 6 Represents the gain on sale of UBS’s 50% interest in Swisscard AECS
GmbH (Swisscard) that has been excluded from underlying revenues. Refer to the “Recent developments” section of the UBS Group first quarter 2026 report, available under “Quarterly reporting” at ubs.com/investors,
for more information about the Swisscard transactions. 7
Represents the gain related to UBS’s share of the income recorded by Swisscard for the sale of the Credit Suisse card portfolios to UBS. 8 Includes
temporary, incremental operating expenses directly related to the integration, as well as amortization of intangible assets resulting from the acquisition of the Credit Suisse Group. 9
Represents the expense related
to the payment to Swisscard for the sale of the Credit Suisse card portfolios to UBS. 10 Refer to “Equity attribution” in this report for more information about the equity attribution framework. 11 Refer to the
“Risk management and control” section of this report for more information about credit-impaired exposures.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Personal & Corporate Banking 23
Results
:
2Q26 vs 2Q25
Profit before tax increased by CHF 110m, or 19%, to CHF 676m, reflecting lower operating expenses and net credit
loss expenses. Underlying profit before tax was also CHF 676m, an increase of 21%, after excluding from total
revenues CHF 154m of purchase price allocation (PPA) effects and other integration items and excluding from
operating expenses CHF 155m of integration-related expenses and PPA effects.
Total revenues
Total revenues decreased by CHF 4m to CHF 1,896m, reflecting lower net interest income and transaction-based
income, partly offset by higher other revenues. Excluding CHF 154m of PPA effects and other integration items,
underlying total revenues were CHF 1,741m, an increase of 3%.
Net interest income decreased by CHF 50m, or 4%, to CHF 1,061m, mainly due to a CHF 62m decrease in accretion
of PPA adjustments on financial instruments and other PPA effects. Excluding PPA effects of CHF 143m, underlying
net interest income was CHF 918m, an increase of 1%, mainly reflecting lower liquidity and funding costs and
deposit pricing measures, partly offset by the impact of lower central bank interest rates on deposit revenues.
Recurring net fee income was broadly stable at CHF 358m, despite
mainly reflecting positive market performance and net new inflows. Recurring net fee income in the second quarter
of 2025 included our share of Swisscard profit.
Transaction-based income decreased by CHF 11m, or 3%, to CHF 448m, mainly reflecting the effect from a
reclassification of income related to certain financial instruments from transaction-based income to other revenues
from the fourth quarter of 2025 onward. The decrease was also due to lower structured and syndicated finance
fees and a CHF 6m decrease in PPA effects and other integration items, partly offset by higher credit card fees.
Excluding CHF 11m of PPA effects and other integration items, underlying transaction-based income was
CHF 436m, a decrease of 1%.
Other revenues were CHF 29m and included the effect from the aforementioned reclassification, compared with
other revenues of negative CHF 28m in the second quarter of 2025, which included a net loss of CHF 18m related
to an investment in an associate.
Credit loss expense / release
Net credit loss expenses were CHF 61m, reflecting net expenses on credit-impaired positions from a small number
of corporate counterparties. Net credit loss expenses were CHF 91m in the second quarter of 2025.
Operating expenses
Operating expenses decreased by CHF 84m, or 7%, to CHF 1,159m and included a CHF 38m decrease in
integration-related expenses. Excluding CHF 155m of integration-related expenses and PPA effects, underlying
operating expenses were CHF 1,004m, a decrease of 4%, mainly reflecting cost synergies.
Results: 6M26 vs 6M25
Profit before tax increased by CHF 374m, or 34%, to CHF 1,485m, reflecting lower operating expenses and net
credit loss expenses, as well as higher total revenues. Underlying profit before tax was CHF 1,386m, an increase of
20%. This underlying profit excludes from total revenues CHF 329m of PPA effects and other integration items,
and a gain of CHF 99m related to the Swisscard transactions; it also excludes from operating expenses CHF 329m
of integration-related expenses and PPA effects.
Total revenues increased by CHF 36m, or 1%, to CHF 3,925m, mainly due to higher other revenues and transaction-
based income, partly offset by lower net interest income, and included a CHF 109m decrease in PPA effects and
other integration items. Total revenues in the first half of 2026 included a gain of CHF 126m related to the Swisscard
transactions. Of this gain, CHF 99m has been excluded from the underlying results and CHF 27m has been
recognized as part of the underlying results. Excluding CHF 329m of PPA effects and other integration items and
the aforementioned CHF 99m, underlying total revenues were CHF 3,497m, an increase of 3%.
Net interest income decreased by CHF 113m, or 5%, to CHF 2,113m, mainly reflecting a CHF 100m decrease in
accretion of PPA adjustments on financial instruments and other PPA effects. Excluding PPA effects of CHF 296m,
underlying net interest income was CHF 1,818m, a decrease of 1%, mainly due to the impact of lower central bank
interest rates on deposit revenues, partly offset by deposit pricing measures and lower liquidity and funding costs.
Recurring net fee income decreased by CHF 8m, or 1%, to CHF 707m, largely due to the first half of 2025 including
our share of Swisscard profit, partly offset by higher custody and mandate fees, mainly reflecting positive market
performance and net new inflows.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Personal & Corporate Banking 24
Transaction-based income increased by CHF 26m, or 3%, to CHF 937m, mainly as a result of higher credit card
fees, shift and referral fees, and structured and syndicated finance fees. These effects were partly offset by the
aforementioned reclassification of income related to certain financial instruments from transaction-based income
to other revenues and by a CHF 9m decrease in PPA effects and other integration items. Excluding CHF 33m of PPA
effects and other integration items, underlying transaction-based income was CHF 904m, an increase of 4%.
Other revenues were CHF 168m and included the effect from the aforementioned reclassification, compared with
other revenues of CHF 38m in the first half of 2025. The first half of 2026 included a gain of CHF 126m related to
the Swisscard transactions, of which CHF 99m has been excluded from the underlying results, compared with a
gain of CHF 58m in the first half of 2025. Other revenues in the first half of 2025 included a net loss of CHF 8m
related to an investment in an associate. Excluding the aforementioned CHF 99m, underlying other revenues in the
first half of 2026 were CHF 69m, and included CHF 27m of deferred Swisscard revenues related to the period in
which the investment was classified as held for sale.
Net credit loss expenses were CHF 116m and mainly reflected net expenses on credit-impaired positions, which
primarily related to a small number of corporate counterparties. Net credit loss expenses in the prior-year period
were CHF 139m.
Operating expenses decreased by CHF 315m, or 12%, to CHF 2,323m and included a CHF 164m expense related
to the Swisscard transactions in the first half of 2025. Integration-related expenses decreased by CHF 34m.
Excluding CHF 329m of integration-related expenses and PPA effects, underlying operating expenses were
CHF 1,995m, a decrease of 5%, mainly reflecting cost synergies.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Personal & Corporate Banking 25
Personal & Corporate Banking – in US dollars
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.6.26
31.3.26
30.6.25
1Q26
2Q25
30.6.26
30.6.25
Results
Net interest income
2,692
2,605
Recurring net fee income
1,2
900
837
Transaction-based income
1,3
1,193
1,067
Other revenues
1,4
216
38
Total revenues
5,001
4,547
Credit loss expense / (release)
147
167
Operating expenses
2,957
3,078
Business division operating profit / (loss) before tax
1,897
1,302
Underlying results
Total revenues as reported
5,001
4,547
of which: PPA effects and other integration items
5
419
514
of which: PPA effects recognized in net interest income
377
465
of which: PPA effects and other integration items recognized in transaction-based income
42
49
of which: loss related to an investment in an associate
(12)
of which: items related to the Swisscard transactions
6
128
6
64
7
Total revenues (underlying)
1
Credit loss expense / (release)
Operating expenses as reported
2,957
3,078
of which: integration-related expenses and PPA effects
1,8
419
432
of which: items related to the Swisscard transactions
180
9
Operating expenses (underlying)
1
2,539
2,467
of which: net expenses / (releases) for litigation, regulatory and similar matters
0
0
Business division operating profit / (loss) before tax as reported
Business division operating profit / (loss) before tax (underlying)
1
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Average attributed equity (USD bn)
10
Return on attributed equity (%)
1,10
Net interest margin (bps)
1
Net new loans (USD bn)
1
Loans, gross (USD bn)
Net new deposits (USD bn)
1
Customer deposits (USD bn)
Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)
1,11
1.3
1.2
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Return on attributed equity (%)
1,10
15.8
13.0
1 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. Each alternative performance measure (APM) that qualifies as a non-GAAP measure as defined
by US Securities and Exchange Commission (SEC) regulations is designated as such in the table of APMs in the appendix to this report. For more information about underlying results, refer to the “Group performance”
section of this report. 2 Consists of USD 453m of net fee and commission income (first quarter of 2026: USD 447m; second quarter of 2025: USD 413m; six-month period ended 30 June 2026: USD 900m; six-
month period ended 30 June 2025: USD 788m) and USD 0m of other income (first quarter of 2026: USD 0m; second quarter of 2025: USD 26m; six-month period ended 30 June 2026: USD 0m; six-month period
ended 30 June 2025: USD 48m) for the purposes of the Group financial information or the Group financial statements, as applicable. 3 Consists of USD 343m of net fee and commission income (first quarter of
2026: USD 395m; second quarter of 2025: USD 329m; six-month period ended 30 June 2026: USD 738m; six-month period ended 30 June 2025: USD 627m), USD 223m of other net income from financial instruments
measured at fair value through profit or loss (first quarter of 2026: USD 232m; second quarter of 2025: USD 233m; six-month period ended 30 June 2026: USD 455m; six-month period ended 30 June 2025:
USD 434m), and USD 0m of other income (first quarter of 2026: USD 0m; second quarter of 2025: USD 3m; six-month period ended 30 June 2026: USD 0m; six-month period ended 30 June 2025: USD 6m) for the
purposes of the Group financial information or the Group financial statements, as applicable. Income related to certain financial instruments not directly linked to client activity and measured at fair value that was
previously presented as transaction-based income has been presented as other revenues from the fourth quarter of 2025 onward. This change has been applied prospectively. 4 Consists of USD 16m of other net
income from financial instruments measured at fair value through profit or loss (first quarter of 2026: USD
2m; second quarter of 2025: negative USD 15m; six-month period ended 30 June 2026: USD 18m; six-month
period ended 30 June 2025: negative USD 27m) and USD 20m of other income (first quarter of 2026: USD 178m; second quarter of 2025: negative USD 20m; six-month period ended 30 June 2026: USD 198m; six-
month period ended 30 June 2025: USD 64m) for the purposes of the Group financial information or the Group financial statements, as applicable. Income related to certain financial instruments not directly linked
to client activity and measured at fair value that was previously presented as transaction-based income has been presented as other revenues from the fourth quarter of 2025 onward. This change has been applied
prospectively. The line was renamed “Other revenues” (previously “Other income”) in the fourth quarter of 2025. 5 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as
temporary and incremental items directly related to the integration. 6 Represents the gain on sale of UBS’s 50% interest in Swisscard AECS GmbH (Swisscard) that has been excluded from underlying revenues. Refer
to the “Recent developments” section of the UBS Group first quarter 2026 report, available under “Quarterly reporting” at ubs.com/investors, for more information about the Swisscard transactions. 7 Represents
the gain related to UBS’s share of the income recorded by Swisscard for the sale of the Credit Suisse card portfolios to UBS. 8 Includes temporary, incremental operating expenses directly related to the integration,
as well as amortization of intangible assets resulting from the acquisition of the Credit Suisse Group. 9 Represents the expense related to the payment to Swisscard for the sale of the Credit Suisse card portfolios to
UBS. 10 Refer to “Equity attribution” in this report for more information about the equity attribution framework. 11 Refer to the “Risk management and control” section of this report for more information about
credit-impaired exposures.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Asset Management 26
Asset Management
Asset Management
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.6.26
31.3.26
30.6.25
1Q26
2Q25
30.6.26
30.6.25
Results
Net management fees
1,2
1,486
1,446
Performance fees
42
69
Net gain / (loss) from disposal
(2)
Total revenues
1,528
1,513
Credit loss expense / (release)
0
0
Operating expenses
1,097
1,224
Business division operating profit / (loss) before tax
430
289
Underlying results
Total revenues as reported
1,528
1,513
Total revenues (underlying)
1
1,528
1,513
Credit loss expense / (release)
0
0
Operating expenses as reported
1,097
1,224
of which: integration-related expenses
1
58
135
Operating expenses (underlying)
1
1,039
1,088
of which: net expenses / (releases) for litigation, regulatory and similar matters
0
0
Business division operating profit / (loss) before tax as reported
430
289
Business division operating profit / (loss) before tax (underlying)
1
488
424
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
49.0
19.9
Cost / income ratio (%)
1
71.8
80.9
Average attributed equity (USD bn)
3
2.4
2.6
Return on attributed equity (%)
1,3
35.9
22.3
Gross margin on invested assets (bps)
1
14
17
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
1
15.1
3.6
Cost / income ratio (%)
1
68.0
71.9
Return on attributed equity (%)
1,3
40.7
32.7
Information by business line / asset class
Net new money (USD bn)
1
Equities
4
6.1
(1.3)
Fixed Income
4
1.6
7.6
of which: money market
(5.3)
6.9
Multi-asset & Solutions
4
11.3
(0.8)
Alternatives
5
Total net new money excluding associates
18.5
7.2
of which: net new money excluding money market
23.8
0.2
Associates
6
1.9
(2.3)
Total net new money
20.4
4.9
Invested assets (USD bn)
1
Equities
4
996
846
Fixed Income
4
452
440
of which: money market
173
169
Multi-asset & Solutions
4
404
304
Alternatives
5
Total invested assets excluding associates
2,129
1,868
of which: passive strategies
1,139
930
Associates
6
99
84
Total invested assets
2,228
1,952
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Asset Management 27
Asset Management (continued)
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.6.26
31.3.26
30.6.25
1Q26
2Q25
30.6.26
30.6.25
Information by region
Invested assets (USD bn)
1
Americas
503
465
Asia Pacific
7
280
236
EMEA (excluding Switzerland)
591
487
Switzerland
853
765
Total invested assets
2,228
1,952
Information by channel
Invested assets (USD bn)
1
Third-party institutional
1,257
1,129
Third-party wholesale
239
179
UBS’s wealth management businesses
634
559
Associates
6
99
84
Total invested assets
2,228
1,952
1 Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. Each alternative performance measure (APM) that qualifies as a non-GAAP measure as defined
by US Securities and Exchange Commission (SEC) regulations is designated as such in the table of APMs in the appendix to this report. For more information about underlying results, refer to the “Group performance”
section of this report. 2 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. For the second quarter of 2026, net management fees consist of USD 15m of interest expense (first quarter of 2026: USD 13m; second quarter of
2025: USD 20m; six-month period ended 30 June 2026: USD 28m; six-month period ended 30 June 2025: USD 34m), USD 701m of recurring net fee and commission income (first quarter of 2026: USD 719m; second
quarter of 2025: USD 689m; six-month period ended 30 June 2026: USD 1,420m; six-month period ended 30 June 2025: USD 1,350m), USD 12m of transaction -based net fee and commission income (first quarter
of 2026: USD 5m; second quarter of 2025: USD 10m; six-month period ended 30 June 2026: USD 17m; six-month period ended 30 June 2025: USD 27m), USD 3m of other net income from financial instruments
measured at fair value through profit or loss (first quarter of 2026: USD 4m; second quarter of 2025: USD 20m; six-month period ended 30 June 2026: USD 7m; six-month period ended 30 June 2025: USD 30m), and
USD 30m of other income (first quarter of 2026: USD 39m; second quarter of 2025: USD 34m; six-month period ended 30 June 2026: USD 70m; six-month period ended 30 June 2025: USD
74m) for the purposes of
the Group financial information or the Group financial statements, as applicable. 3 Refer to “Equity attribution” in this report for more information about the equity attribution framework. 4 In the third quarter of
2025, certain portfolios were reclassified from Equities and Fixed Income to Multi-asset & Solutions, as a result of aligning Credit Suisse presentation to that of UBS. These changes were applied prospectively. 5 From
the first quarter of 2026 all assets that were formerly reported under Hedge Fund Businesses and Real Estate & Private Markets are reported under a new Alternatives category. This includes Asset Management’s
share of the Unified Global Alternatives business, as well as the Credit Investments Group, which was previously reported within Fixed Income. Comparative figures have been reclassified to reflect this change. 6 The
invested assets and net new money amounts reported for associates are prepared in accordance with their local regulatory requirements and practices. 7 Includes invested assets from associates.
Results: 2Q26 vs 2Q25
Profit before tax increased by USD 61m, or 39%, to USD 214m, reflecting lower operating expenses, partly offset
by lower total revenues. Underlying profit before tax was USD 237m, an increase of 9%, after excluding integration-
related expenses of USD 23m.
Total revenues
Total revenues decreased by USD 16m, or 2%, to USD 756m, mainly due to lower performance fees and lower net
management fees. The gross margin was 14 basis points.
Net management fees decreased by USD 2m to USD 731m, mainly driven by the effects from the O’Connor business
exit, a USD 13m loss related to a revaluation of an infrastructure fund co-investment (compared with revaluation
gains in the second quarter of 2025), and ongoing margin compression. These effects were partly offset by the
impact from higher average levels of invested assets, primarily from positive market performance and positive
foreign currency effects. Net management fees of USD 731m included USD 993m of fund fee and commission
income from investment management activities, partly offset by related fee and commission expenses of USD 280m.
›
Refer to the “Recent developments” section of the UBS Group first quarter 2026 report for more information about
the sale of the O’Connor business
Performance fees decreased by USD 14m, or 35%, to USD 25m, mainly reflecting the effects from the O’Connor
business exit, partly offset by increases in the Alternatives businesses.
Operating expenses
Operating expenses decreased by USD 76m, or 12%, to USD 542m and included a USD 40m decrease in
integration-related expenses. Excluding integration-related expenses of USD 23m, underlying operating expenses
were USD 519m, a decrease of 6%, mainly due to lower non-personnel expenses, and included the effects from
the O’Connor business exit.
Invested assets: 2Q26 vs 1Q26
Invested assets increased by USD 164bn to USD 2,228bn, reflecting positive market performance of USD 169bn
and net new money of USD 6bn, partly offset by negative foreign currency effects of USD 12bn.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Asset Management 28
Invested assets: 2Q26 vs 2Q25
Invested assets increased by USD 276bn to USD 2,228bn, reflecting positive market performance of USD 264bn
and net new money of USD 46bn, partly offset by negative foreign currency effects of USD 23bn. The fourth quarter
of 2025 and the first quarter of 2026 together included a reduction of USD 9bn, reflecting the effects from the
O’Connor business exit.
›
Refer to the “Recent developments” section of the UBS Group first quarter 2026 report for more information about
the sale of the O’Connor business
Results: 6M26 vs 6M25
Profit before tax increased by USD 141m, or 49%, to USD 430m, reflecting lower operating expenses and higher
total revenues. Underlying profit before tax was USD 488m, an increase of 15%, after excluding integration-related
expenses of USD 58m.
Total revenues increased by USD 15m, or 1%, to USD 1,528m, due to higher net management fees, partly offset
by lower performance fees. The gross margin was 14 basis points.
Net management fees increased by USD 40m, or 3%, to USD 1,486m, mainly driven by higher average levels of
invested assets, primarily from positive market performance and positive foreign currency effects, partly offset by
the effects from the O’Connor business exit, a USD 13m loss related to a revaluation of an infrastructure fund co-
investment (compared with revaluation gains in the first half of 2025) and ongoing margin compression. Net
management fees of USD 1,486m included USD 1,972m of fund fee and commission income from investment
management activities, partly offset by related fee and commission expenses of USD 535m.
Performance fees decreased by USD 27m, or 39%, to USD 42m, mainly reflecting the effects from the O’Connor
business exit, partly offset by increases in the Alternatives businesses.
Operating expenses decreased by USD 127m, or 10%, to USD 1,097m and included a USD 77m decrease in
integration-related expenses. Excluding integration-related expenses of USD 58m, underlying operating expenses
were USD 1,039m, a decrease of 4%, mainly due to lower non-personnel expenses, and included the effects from
the O’Connor business exit.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Investment Bank 29
Investment Bank
Investment Bank
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.6.26
31.3.26
30.6.25
1Q26
2Q25
30.6.26
30.6.25
Results
Advisory
422
414
Capital Markets
1,102
977
Global Banking
1,524
1,391
Execution Services
1,460
1,017
Derivatives & Solutions
3,015
2,407
Financing
1,781
1,334
Global Markets
6,257
4,758
of which: Equities
4,810
3,425
of which: Foreign Exchange, Rates and Credit
1,446
1,333
Total revenues
7,781
6,149
Credit loss expense / (release)
110
83
Operating expenses
5,315
4,788
Business division operating profit / (loss) before tax
2,355
1,279
Underlying results
Total revenues as reported
7,781
6,149
of which: PPA effects and other integration items
1
94
290
of which: PPA effects
94
290
of which: PPA effects recognized in the Global Banking revenue line
98
307
Total revenues (underlying)
2
7,687
5,860
Credit loss expense / (release)
110
83
Operating expenses as reported
5,315
4,788
of which: integration-related expenses
2
116
233
Operating expenses (underlying)
2
5,199
4,555
of which: net expenses / (releases) for litigation, regulatory and similar matters
3
29
Business division operating profit / (loss) before tax as reported
2,355
1,279
Business division operating profit / (loss) before tax (underlying)
2
2,378
1,222
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
2
84.2
23.9
Cost / income ratio (%)
2
68.3
77.9
Average attributed equity (USD bn)
3
19.7
18.0
Return on attributed equity (%)
2,3
24.0
14.2
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
2
94.5
49.7
Cost / income ratio (%)
2
67.6
77.7
Return on attributed equity (%)
2,3
24.2
13.6
1 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 2 Refer to “Alternative performance measures”
in the appendix to this report for the definition and calculation method. Each alternative performance measure (APM) that qualifies as a non-GAAP measure as defined by US Securities and Exchange Commission
(SEC) regulations is designated as such in the table of APMs in the appendix to this report. For more information about underlying results, refer to the “Group performance” section of this report. 3 Refer to “Equity
attribution” in this report for more information about the equity attribution framework.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Investment Bank 30
Results: 2Q26 vs 2Q25
Profit before tax increased by USD 593m, or 106%, to USD 1,150m, mainly due to higher total revenues, partly
offset by higher operating expenses. Underlying profit before tax was USD 1,162m, an increase of 121%, after
excluding from total revenues USD 26m of purchase price allocation (PPA) effects and other integration items and
excluding from operating expenses USD 37m of integration-related expenses.
Total revenues
Total revenues increased by USD 761m, or 26%, to USD 3,727m, due to higher revenues in Global Markets and
Global Banking, partly offset by a USD 126m decrease in PPA effects. Excluding USD 26m of PPA effects and other
integration items, underlying total revenues were USD 3,701m, an increase of 31%.
Global Banking
Global Banking revenues increased by USD 39m, or 6%, to USD 720m and included a USD 132m decrease in
accretion of PPA adjustments on financial instruments and other PPA effects. Excluding PPA effects and other
integration items, underlying Global Banking revenues were USD 693m, an increase of 33%.
Advisory revenues decreased by USD 8m, or 5%, to USD 184m, mainly due to lower merger and acquisition
transaction revenues.
Capital Markets revenues increased by USD 49m, or 10%, to USD 537m and included the aforementioned
USD 132m decrease in PPA effects. Excluding PPA effects and other integration items, underlying Capital Markets
revenues increased by USD 181m, or 55%, mainly due to higher Leveraged Capital Markets, Equity Capital Markets
and Debt Capital Markets revenues.
Global Markets
Global Markets revenues increased by USD 720m, or 32%, to USD 3,006m, driven by higher Financing, Execution
Services and Derivatives & Solutions revenues.
Execution Services revenues increased by USD 241m, or 48%, to USD 742m, mainly driven by higher Cash Equities
revenues, particularly in the Asia Pacific region, reflecting higher volumes.
Derivatives & Solutions revenues increased by USD 213m, or 19%, to USD 1,328m, mainly driven by Equity
Derivatives revenues, due to higher levels of client activity, partly offset by lower Rates and Foreign Exchange
revenues.
Financing revenues increased by USD 266m, or 40%, to USD 936m, mainly in Prime Brokerage, supported by higher
client balances.
Equities
Global Markets Equities revenues increased by USD 862m, or 53%, to USD 2,481m, 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 decreased by USD 142m, or 21%, to USD 525m,
mainly driven by a decrease in Rates and Foreign Exchange revenues.
Credit loss expense / release
Net credit loss expenses were USD 45m, reflecting net expenses on credit-impaired positions, which primarily related
to a small number of corporate counterparties. Net credit loss expenses were USD 48m in the second quarter of
2025.
Operating expenses
Operating expenses increased by USD 170m, or 7%, to USD 2,531m and included an USD 84m decrease in
integration-related expenses. Excluding integration-related expenses of USD 37m, underlying operating expenses
were USD 2,494m, an increase of 11%, mainly due to higher personnel expenses.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Investment Bank 31
Results: 6M26 vs 6M25
Profit before tax increased by USD 1,076m, or 84%, to USD 2,355m, due to higher total revenues, partly offset by
higher operating expenses and net credit loss expenses. Underlying profit before tax was USD 2,378m, an increase
of 95%, after excluding USD 94m of PPA effects and other integration items and USD 116m of integration-related
expenses.
Total revenues increased by USD 1,632m, or 27%, to USD 7,781m, due to higher revenues in Global Markets and
Global Banking, partly offset by a USD 196m decrease in PPA effects. Excluding USD 94m of PPA effects and other
integration items, underlying total revenues were USD 7,687m, an increase of 31%.
Global Banking revenues increased by USD 133m, or 10%, to USD 1,524m and included a USD 209m decrease in
accretion of PPA adjustments on financial instruments and other PPA effects. Excluding PPA effects and other
integration items, underlying Global Banking revenues were USD 1,426m, an increase of 32%.
Advisory revenues increased by USD 8m, or 2%, to USD 422m, mainly due to higher merger and acquisition
transaction revenues.
Capital Markets revenues increased by USD 125m, or 13%, to USD 1,102m and included the aforementioned
USD 209m decrease in PPA effects. Excluding PPA effects and other integration items, underlying Capital Markets
revenues increased by USD 334m, or 50%, mainly due to higher Equity Capital Markets, Leveraged Capital Markets
and Debt Capital Markets revenues.
Global Markets revenues increased by USD 1,499m, or 31%, to USD 6,257m, driven by higher Derivatives &
Solutions, Financing and Execution Services revenues.
Execution Services revenues increased by USD 443m, or 44%, to USD 1,460m, mainly driven by higher Cash
Equities revenues, particularly in the Asia Pacific region, reflecting higher volumes.
Derivatives & Solutions revenues increased by USD 608m, or 25%, to USD 3,015m, mainly driven by Equity
Derivatives and Foreign Exchange revenues, due to higher levels of client activity.
Financing revenues increased by USD 447m, or 33%, to USD 1,781m, mainly in Prime Brokerage, supported by
higher client balances.
Equities
Global Markets Equities revenues increased by USD 1,385m, or 40%, to USD 4,810m, 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 113m, or 8%, to USD 1,446m,
mainly driven by an increase in Foreign Exchange revenues.
Net credit loss expenses were USD 110m, compared with net credit loss expenses of USD 83m in the first half of
2025. Net expenses on performing positions were largely due to post-model adjustments in the corporate lending
portfolio, reflecting current macroeconomic and geopolitical uncertainty. Net expenses on credit-impaired positions
primarily related to a small number of corporate counterparties across industry sectors and included a USD 72m
release in the first quarter of 2026 following the repayment of a corporate lending exposure.
Operating expenses increased by USD 527m, or 11%, to USD 5,315m and included a USD 117m decrease in
integration-related expenses. Excluding integration-related expenses of USD 116m, underlying operating expenses
were USD 5,199m, an increase of 14%, mainly due to higher personnel expenses.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Non-core and Legacy 32
Non-core and Legacy
Non-core and Legacy
As of or for the quarter ended
% change from
Year-to-date
USD m, except where indicated
30.6.26
31.3.26
30.6.25
1Q26
2Q25
30.6.26
30.6.25
Results
Total revenues
33
202
Credit loss expense / (release)
(74)
6
Operating expenses
465
838
Operating profit / (loss) before tax
(358)
(642)
Underlying results
Total revenues as reported
of which: other integration items
1
Total revenues (underlying)
2
33
201
Credit loss expense / (release)
(74)
6
Operating expenses as reported
of which: integration-related expenses
2
Operating expenses (underlying)
2
of which: net expenses / (releases) for litigation, regulatory and similar matters
3
Operating profit / (loss) before tax as reported
(358)
(642)
Operating profit / (loss) before tax (underlying)
2
(149)
(199)
Performance measures and other information
Average attributed equity (USD bn)
4
Risk-weighted assets (USD bn)
Leverage ratio denominator (USD bn)
13.8
29.4
1 Includes temporary and incremental items directly related to the integration. 2
Refer to “Alternative performance measures” in the appendix to this report for the definition and calculation method. Each alternative
performance measure (APM) that qualifies as a non-GAAP measure as defined by US Securities and Exchange Commission (SEC) regulations is designated as such in the table of APMs in the appendix to this report.
For more information about underlying results, refer to the “Group performance” section of this report. 3
Includes a USD 427m net release of provisions and contingent liabilities related to the resolution of a legacy
Credit Suisse cross-border matter. Refer to “Note 14 Provisions and contingent liabilities” in the “Consolidated financial statements” section of the UBS Group second quarter 2025 report, available under “Quarterly
reporting” at ubs.com/investors, for more information. 4 Refer to “Equity attribution” in this report for more information about the equity attribution framework.
Composition of Non-core and Legacy
Total assets
RWA
LRD
USD bn
30.6.26
31.3.26
30.6.26
31.3.26
30.6.26
31.3.26
Exposure category
Macro
Securitized products
High-quality liquid assets
Operational risk
Other
Total
Results: 2Q26 vs 2Q25
Loss before tax was USD 203m, compared with a loss before tax of USD 250m. Underlying loss before tax was
USD 52m, after excluding USD 151m of integration-related expenses and other integration items, compared with
an underlying profit before tax of USD 1m.
Total revenues
Total revenues were USD 43m, compared with total revenues of negative USD 82m, mainly reflecting lower
markdowns and lower liquidity and funding costs, partly offset by lower net gains from position exits and lower
net interest income from securitized and credit products, as a result of the smaller portfolio.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Non-core and Legacy 33
Credit loss expense / release
Net credit loss expenses were USD 0m, compared with net credit loss releases of USD 2m in the second quarter of
2025.
Operating expenses
Operating expenses were USD 246m, an increase of USD 76m, or 45%, mainly due to lower net releases in
provisions for litigation, regulatory and similar matters, partly offset by lower premises and facilities costs,
technology costs, and professional fees, and included a USD 102m decrease in integration-related expenses.
Excluding integration-related expenses of USD 150m, underlying operating expenses were USD 96m.
Risk-weighted assets and leverage ratio denominator: 2Q26 vs 1Q26
Risk-weighted assets decreased by USD 0.3bn to USD 27.7bn, mostly due to decreases in the macro and securitized
product portfolios. The leverage ratio denominator decreased by USD 1.3bn to USD 13.8bn, mainly driven by
reductions in the macro and securitized product portfolios.
Results: 6M26 vs 6M25
Loss before tax was USD 358m, compared with a loss before tax of USD 642m. Underlying loss before tax was
USD 149m, after excluding integration-related expenses of USD 208m, compared with an underlying loss before
tax of USD 199m.
Total revenues were USD 33m, a decrease of USD 169m, mainly reflecting lower net gains from position exits and
lower net interest income from securitized and credit products, as a result of the smaller portfolio, partly offset by
lower liquidity and funding costs. Total revenues in the first half of 2025 included a gain of USD 97m from the sale
of Select Portfolio Servicing, the US mortgage servicing business of Credit Suisse.
Net credit loss releases were USD 74m, predominantly driven by an USD 85m release in the first quarter of 2026
following the repayment of a corporate lending exposure. Net credit loss expenses were USD 6m in the first half of
2025.
Operating expenses were USD 465m, a decrease of USD 373m, or 45%, mainly reflecting lower premises and
facilities costs, technology costs, professional fees, and personnel expenses, and included a USD 236m decrease in
integration-related expenses, partly offset by the first half of 2025 including USD 428m of net releases in provisions
for litigation, regulatory and similar matters. Excluding integration-related expenses of USD 208m, underlying
operating expenses were USD 257m, a decrease of 35%.
UBS Group 30 June 2026 Interim Report |
UBS Group performance, business divisions and Group Items | Group Items 34
Group Items
Group Items
For the quarter ended
% change from
Year-to-date
USD m
30.6.26
31.3.26
30.6.25
1Q26
2Q25
30.6.26
30.6.25
Results
Total revenues
(617)
(465)
Credit loss expense / (release)
1
(1)
Operating expenses
(52)
2
Operating profit / (loss) before tax
Underlying results
Total revenues as reported
(617)
(465)
of which: PPA effects and other integration items
1
72
47
Total revenues (underlying)
2
(689)
(512)
Credit loss expense / (release)
1
(1)
Operating expenses as reported
(52)
2
of which: integration-related expenses
2
59
(1)
Operating expenses (underlying)
2
(111)
2
of which: net expenses / (releases) for litigation, regulatory and similar matters
2
73
Operating profit / (loss) before tax as reported
(565)
(465)
Operating profit / (loss) before tax (underlying)
2
(579)
(513)
1
Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 2 Refer to “Alternative performance measures”
in the appendix to this report for the definition and calculation method. Each alternative performance measure (APM) that qualifies as a non-GAAP measure as defined by US Securities and Exchange Commission
(SEC) regulations is designated as such in the table of APMs in the appendix to this report. For more information about underlying results, refer to the “Group performance” section of this report.
Results: 2Q26 vs 2Q25
Loss before tax was USD 307m, mainly driven by mark-to-market losses from Group hedging and own debt,
including hedge accounting ineffectiveness, and deferred tax asset (DTA) funding costs, compared with a loss of
USD 167m in the second quarter of 2025. The change in the result between the quarters was mainly due to the
increase in the aforementioned mark-to-market losses.
Underlying loss before tax was USD 314m, after excluding from total revenues USD 17m of PPA effects and other
integration items and also excluding from operating expenses USD 11m of integration-related expenses. This
compared with an underlying loss before tax of USD 188m in the second quarter of 2025.
Income from Group hedging and own debt, including hedge accounting ineffectiveness, was net negative
USD 175m, compared with net income of USD 8m in the second quarter of 2025. The losses in the second quarter
of 2026 were mainly driven by portfolio-level economic hedges on interest rate, equity and credit risks, as well as
by mark-to-market effects on own credit.
Results: 6M26 vs 6M25
Loss before tax was USD 565m, mainly driven by mark-to-market losses from Group hedging and own debt,
including hedge accounting ineffectiveness, DTA funding costs, and net expenses for litigation, regulatory and
similar matters. The USD 100m increase in loss before tax between the periods was largely due to the increase in
the aforementioned mark-to-market losses, partly offset by lower net expenses for litigation, regulatory and similar
matters.
Underlying loss before tax was USD 579m, after excluding from total revenues USD 72m of PPA effects and other
integration items and also excluding from operating expenses USD 59m of integration-related expenses. This
compared with an underlying loss before tax of USD 513m in the first half of 2025.
Income from Group hedging and own debt, including hedge accounting ineffectiveness, was net negative
USD 333m, compared with net negative income of USD 110m. The losses in the first half of 2026 were mainly
driven by portfolio-level economic hedges on interest rate, equity and credit risks, as well as by mark-to-market
effects on own credit.
UBS Group 30 June 2026 Interim Report |
Risk, capital, liquidity and funding, and balance sheet 35
Risk, capital, liquidity and
funding, and balance sheet
Management report
Table of contents
UBS Group 30 June 2026 Interim Report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 36
Risk management and control
This section provides information about key developments during the reporting period and should be read in
conjunction with the “Risk management and control” section of the UBS Group Annual Report 2025, available
under “Annual reporting” at
ubs.com/investors
, and the “Recent developments” section of this report for more
information about the integration of Credit Suisse.
Credit risk
Overall banking products exposure
Overall banking products exposure was USD 1,105.0bn as of 30 June 2026, a decrease of USD 0.8bn compared
with 31 March 2026. The decrease was mainly due to lower balances at central banks, largely offset by higher loans
and advances to customers and irrevocable loan commitments.
›
Refer to the “Balance sheet and off-balance sheet” section of this report for more information about movements in
balance sheet and off-balance sheet positions
›
Refer to the “Group performance” section and “Note 8 Expected credit loss measurement” in the “Consolidated
financial statements” section of this report for more information about credit loss expense / release
Banking products exposure in the business divisions and Group Items
30.6.26
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core
and Legacy
Group
Items
Total
Banking products exposure, gross
1,2
of which: loans and advances to customers (on-balance sheet)
of which: guarantees and irrevocable loan commitments (off-balance sheet)
Committed unconditionally revocable credit lines
3
Total credit-impaired exposure, gross
1
of which: stage 3
of which: PCI
Total allowances and provisions for expected credit losses
of which: stage 1
of which: stage 2
of which: stage 3
of which: PCI
31.3.26
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core
and Legacy
Group
Items
Total
Banking products exposure, gross
1,2
of which: loans and advances to customers (on-balance sheet)
of which: guarantees and irrevocable loan commitments (off-balance sheet)
Committed unconditionally revocable credit lines
3
Total credit-impaired exposure, gross
1
of which: stage 3
of which: PCI
Total allowances and provisions for expected credit losses
of which: stage 1
of which: stage 2
of which: stage 3
of which: PCI
1 IFRS 9 gross exposure for banking products includes the following financial instruments in scope of expected credit loss requirements: balances at central banks, amounts due from banks, loans and advances to
customers, other financial assets at amortized cost, guarantees and irrevocable loan commitments. 2 Internal management view of credit risk, which differs in certain respects from IFRS Accounting Standards.
3 Commitments that can be canceled by UBS at any time but expose UBS to credit risk if the client has the ability to draw the facility before UBS can take action. These commitments are subject to expected credit loss
requirements.
Loan underwriting
In the Investment Bank, mandated loan underwriting commitments on a notional basis decreased by USD 0.7bn
compared with 31 March 2026, to USD 8.0bn as of 30 June 2026, driven by deal syndications and cancellations,
partly offset by new mandated deals. As of 30 June 2026, USD 1.0bn of these commitments had not been
distributed as originally planned.
Loan underwriting exposures in the Investment Bank are classified as held for trading, with fair values reflecting the
market conditions at the end of the quarter. Credit hedges are in place to help protect against fair value movements
in the portfolio.
UBS Group 30 June 2026 Interim Report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 37
Collateralization of Loans and advances to customers
1
Global Wealth Management
Personal & Corporate Banking
USD m, except where indicated
30.6.26
31.12.25
2
30.6.26
31.12.25
2
Secured by collateral
Residential real estate
Commercial / industrial real estate
Cash
Equity and debt instruments
Other collateral
3
Subject to guarantees
Uncollateralized and not subject to guarantees
Total loans and advances to customers, gross
Allowances
Total loans and advances to customers, net of allowances
Collateralized loans and advances to customers as a percentage of total loans and advances to customers, gross (%)
1 Collateral arrangements generally incorporate a range of collateral, including cash, equity and debt instruments, real estate, and other collateral. For the purpose of this disclosure, UBS applies a risk-based approach
that generally prioritizes collateral according to its liquidity profile. In the case of loan facilities with funded and unfunded elements the collateral is first allocated to the funded element. 2 For collateral arrangements
on the legacy Credit Suisse infrastructure, a risk-based approach was applied that generally prioritizes real estate collateral and prioritizes other collateral according to its liquidity profile. In the case of loan facilities
with funded and unfunded elements the collateral was proportionately allocated. 3 Includes but is not limited to life insurance contracts, rights in respect of subscription or capital commitments from fund partners,
inventory, gold and other commodities.
Market risk
Average management value-at-risk (VaR) (1-day, 95% confidence level) in the second quarter of 2026 increased to
USD 21m from USD 12m in the first quarter of 2026, mainly driven by hedging activities in Group Treasury and, to
a lesser extent, by a VaR model change during the quarter.
Management value-at-risk (1-day, 95% confidence level, 5 years of historical data) of the business divisions and
Group Items, by general market risk type
1
Average by risk type
USD m
Min.
Max.
Period end
Average
Equity
Interest
rates
Credit
spreads
Foreign
exchange
Commodities
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Diversification effect
2,3
Total for the quarter ended 30.6.26
Total for the quarter ended 31.3.26
1 Statistics at individual levels may not be summed to deduce the corresponding aggregate figures. The minima and maxima for each level may occur on different days, and, likewise, the VaR for each business division
or risk type, being driven by the extreme loss tail of the corresponding distribution of simulated profits and losses for that business division or risk type, may well be driven by different days in the historical time series,
rendering invalid the simple summation of figures to arrive at the aggregate total. 2 The difference between the sum of the standalone VaR for the business divisions and Group Items and the total VaR. 3 As the
minima and maxima for different business divisions and Group Items occur on different days, it is not meaningful to calculate a portfolio diversification effect.
Economic value of equity and net interest income sensitivity
The economic value of equity (EVE) sensitivity in the UBS Group banking book to a +1-basis-point parallel shift in
yield curves was negative USD 46.0m as of 30 June 2026, compared with negative USD 49.4m as of 31 March
2026. This excluded the sensitivity of USD 10.2m from additional tier 1 (AT1) capital instruments (as per specific
Swiss Financial Market Supervisory Authority (FINMA) requirements) in contrast to general Basel Committee on
Banking Supervision (BCBS) guidance. The decrease of the EVE sensitivity (as per FINMA requirements) in the second
quarter of 2026 was predominantly driven by adjustments to the net interest income stabilization initiatives in Swiss
francs to preserve earnings in light of market developments over the quarter and interest rate hedging related to
an expected decrease in the modeled US mortgage prepayment frequency.
The majority of our interest rate risk in the banking book (IRRBB) as of 30 June 2026 was a reflection of the net
asset duration that we ran to offset our modeled sensitivity of net USD 33.3m (31 March 2026: USD 33.2m)
assigned to our equity, goodwill and real estate, with the aim of generating a stable net interest income
contribution. Of this, USD 19.6m and USD 11.8m were attributable to the US dollar and the Swiss franc portfolios,
respectively, (31 March 2026: USD 19.6m and USD 11.7m, respectively).
In addition to the aforementioned sensitivity, we calculate the six interest rate shock scenarios prescribed by FINMA.
The “Parallel up” scenario, assuming all positions were measured at fair value, was the most severe as of 30 June
2026 and would have resulted in a change in EVE of negative USD 8.6bn, or 9.0% of our tier 1 capital (31 March
2026: negative USD 9.1bn, or 9.4%), which is well below the 15% threshold as per the BCBS supervisory outlier
test for high levels of IRRBB.
UBS Group 30 June 2026 Interim Report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 38
The immediate effect on our tier 1 capital in the “Parallel up” scenario as of 30 June 2026 would have been a
decrease of approximately USD 1.1bn, or 1.1%, in our tier 1 capital (31 March 2026: USD 1.0bn, or 1.0%),
reflecting the fact that the vast majority of our banking book is accrual accounted or subject to hedge accounting.
The “Parallel up” scenario would subsequently have a positive effect on net interest income, assuming a constant
balance sheet.
As the overall interest rate risk sensitivity shows a greater impact from slower asset repricing compared with faster
liabilities repricing, the “Parallel down“ scenario was the most beneficial as of 30 June 2026 and would have
resulted in a change in EVE of positive USD 8.6bn (31 March 2026: positive USD 9.4bn) and a small positive
immediate effect on our tier 1 capital.
›
Refer to “Interest rate risk in the banking book” in the “Risk management and control” section of the UBS Group
Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more information about the
management of interest rate risk in the banking book
›
Refer to “Sensitivity to interest rate movements” in the “Group performance” section of this report for more
information about the effects of increases in interest rates on the net interest income of our banking book
Interest rate risk – banking book
30.6.26
USD m
Effect on EVE
1
Effect on EVE
1
Scenarios
CHF
EUR
GBP
USD
Other
Total
Additional tier 1
capital instruments
Total
+1 bp
Parallel up
2
Parallel down
2
Steepener
3
Flattener
4
Short-term up
5
Short-term down
6
31.3.26
USD m
Effect on EVE
1
Effect on EVE
1
Scenarios
CHF
EUR
GBP
USD
Other
Total
Additional tier 1
capital instruments
Total
+1 bp
Parallel up
2
Parallel down
2
Steepener
3
Flattener
4
Short-term up
5
Short-term down
6
1 Economic value of equity. 2 Rates across all tenors move by ±150 bps for Swiss franc, ±200 bps for euro and US dollar, and ±250 bps for pound sterling. 3 Short-term rates decrease and long-term rates
increase. 4 Short-term rates increase and long-term rates decrease. 5 Short-term rates increase more than long-term rates. 6 Short-term rates decrease more than long-term rates.
Country risk
We remain watchful of a broad range of geopolitical developments and political changes in a number of countries,
including the conflicts in the Middle East, intensifying rivalries among major powers, the re-emergence of regional
spheres of influence, and continued stress on multi-lateral economic and security institutions. As of 30 June 2026,
our direct exposure to Israel was less than USD 0.5bn, and our direct exposure to Gulf Cooperation Council
countries was less than USD 5bn, while our direct exposure to Egypt and Jordan was limited, and we had no direct
exposure to Iran, Iraq, Lebanon or Syria. Our direct exposure to Russia as of 30 June 2026 was less than USD 0.5bn,
and our direct exposure to Belarus and Ukraine remained immaterial. As of 30 June 2026, our exposure to
emerging-market countries was less than 10% of our total country exposure and mainly to countries in Asia.
Uncertainty about economic policy remained elevated. In the second quarter of 2026, concerns about inflation and
economic growth increased amid persistent trade tensions and heightened geopolitical uncertainty, particularly due
to the impact of the conflicts in the Middle East on energy prices. Chinese economic growth continued to be
subdued in the second quarter of 2026, after a slowdown in the previous quarter, and concerns remain regarding
the property sector, strains on local government finances and the outcome of trade negotiations with the US.
›
Refer to the “Risk management and control” section of the UBS Group Annual Report 2025, available under
“Annual reporting” at
ubs.com/investors
, for more information
UBS Group 30 June 2026 Interim Report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 39
Non-financial risk
Compliance risk
We are committed to achieving fair outcomes for our clients, upholding market integrity and cultivating the highest
standards of employee conduct. To support these objectives, we maintain a Group-wide conduct risk framework
designed to promote consistent standards and foster a strong culture of accountability.
We continue to emphasize areas such as investment suitability, market conduct, product governance, cross-
divisional service offerings, quality of advice and price transparency. These remain key focus areas for UBS and the
wider financial sector. Cross-border risk continues to be an area of regulatory attention for global financial
institutions, including a focus on market access, such as third-country market access to the European Economic
Area. We maintain a series of controls designed to address these risks.
Regulatory fragmentation, particularly that related to environmental, social and governance topics, and the risk of
greenwashing also remain areas of focus.
Financial crime risk
Financial crime, including money laundering, terrorist financing, sanctions violations, fraud, bribery and corruption,
presents a major risk, as technological innovation and geopolitical developments increase the complexity of doing
business and heightened regulatory attention continues.
An effective financial crime prevention framework therefore remains essential. We continue to focus on
enhancements to our global anti-money-laundering, know-your-client and sanctions frameworks and have made
significant investments to strengthen such frameworks. Money laundering and financial fraud techniques are
becoming increasingly sophisticated, and heightened geopolitical volatility makes the sanctions landscape more
complex. We continue to take into consideration the risks of illicit finance proceeds and sanctions circumvention
typologies stemming from geopolitical developments, political changes in several countries and evolving armed
conflicts.
Operational risk
With the completion of the global migration of former Credit Suisse client accounts to UBS infrastructure in March
2026, we entered the final phase of the integration, focusing on application and data center decommissioning.
These activities are expected to further reduce operational complexity and support a resilient and efficient operating
environment over the longer term.
Cyber-related operational disruption and advanced artificial intelligence (AI)-enabled cyber techniques (including
those emerging from frontier AI models) continue to be elevated risks to our business activities and to services
provided by critically important third parties, reflecting a dynamic and sophisticated threat environment. We remain
on heightened alert and continue to enhance our technology infrastructure, security governance, monitoring,
detection, response and recovery capabilities. This includes assessing critically important third-party service
providers.
The increasing use of data-driven processes and AI, including generative AI and machine learning, continues to give
rise to operational risk considerations related to data life-cycle management, data quality, model governance, data
ethics, privacy, security and records management. Our AI framework and policy, supported by risk appetite metrics
and controls, are designed to mitigate identified risks.
UBS Group 30 June 2026 Interim Report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 40
Capital management
The disclosures in this section are provided for UBS Group AG on a consolidated basis and focus on key
developments during the reporting period and information in accordance with the Basel III framework, as applicable
to Swiss systemically relevant banks (SRBs). They should be read in conjunction with the “Capital management”
section of the UBS Group Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, which
provides more information about our capital management objectives, planning and activities, as well as the Swiss
SRB total loss-absorbing capacity (TLAC) framework.
In Switzerland, the amendments to the Capital Adequacy Ordinance (the CAO) that incorporate the final Basel III
standards into Swiss law, including the new ordinances containing the implementing provisions for the revised CAO,
entered into force on 1 January 2025.
UBS Group AG is a holding company conducting substantially all of its operations through UBS AG and subsidiaries
thereof. UBS Group AG and UBS AG contribute a significant portion of their respective capital to, and provide
substantial liquidity to, such subsidiaries. Many of these subsidiaries are subject to regulations requiring compliance
with minimum capital, liquidity and similar requirements.
›
Refer to the 30 June 2026 Pillar 3 Report, which will be available as of 14 August 2026 under “Pillar 3 disclosures” at
ubs.com/investors
, for more information about additional regulatory disclosures for UBS Group AG on a
consolidated basis, as well as the significant regulated subsidiaries and sub-groups of UBS Group AG
›
Refer to the UBS AG 30 June 2026 Interim Report, which will be available as of 31 July 2026 under “Quarterly
reporting” at
ubs.com/investors
, for more information about capital and other regulatory information for UBS AG
consolidated, in accordance with the Basel III framework, as applicable to Swiss SRBs
We are subject to the going and gone concern requirements of the Swiss CAO, which include additional
requirements applicable to Swiss SRBs. The table below provides the risk-weighted asset (RWA)- and leverage ratio
denominator (LRD)-based requirements and information as of 30 June 2026.
UBS Group 30 June 2026 Interim Report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 41
Swiss SRB going and gone concern requirements and information
As of 30.6.26
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
4
of which: high-trigger loss-absorbing additional tier 1 capital
Required gone concern capital
Total gone concern loss-absorbing capacity
5,6,7
8
8
of which: base requirement including add-ons for market share and LRD
Eligible gone concern capital
Total gone concern loss-absorbing capacity
9
TLAC-eligible senior unsecured debt
Total loss-absorbing capacity
Required total loss-absorbing capacity
Eligible total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
1 Includes applicable add-ons of 1.89% for risk-weighted assets (RWA) and 0.58% for leverage ratio denominator (LRD). For the RWA-based requirement, the add-on includes 0.86% for market share, 0.79% for LRD
and 0.23% reflecting 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. For the LRD-based requirement, the add-
on includes 0.30% for market share and 0.28% for LRD. 2 Includes the Pillar 2 add-on for the residual exposure (after collateral mitigation) to hedge funds, private equity and family offices of 0.16% for CET1 capital
and 0.07% for AT1 capital, effective 1 January 2025. For AT1 capital under Pillar 1 requirements a maximum of 4.3% of AT1 capital can be used to meet going concern requirements; 4.37% includes the aforementioned
Pillar 2 capital add-on. 3 Our CET1 leverage ratio requirement of 3.58% consists of a 1.5% base requirement, a 1.5% base buffer capital requirement, a 0.28% LRD add-on requirement and a 0.30% market share
add-on requirement based on our Swiss credit business. 4 UBS meets its minimum going concern capital requirements with CET1 capital and AT1 capital. As UBS exceeds its minimum going concern requirements,
the actual available and eligible AT1 capital is above the AT1 capital used to meet the minimum requirements (which is capped at 4.37% as explained in footnote 2 above). 5 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. 6 Systemically important
banks (SIBs) are subject to base gone concern capital requirements equivalent to 75% of the total going concern requirements (excluding countercyclical buffer requirements and the Pillar 2 add-on). 7 The Swiss
Financial Market Supervisory Authority (FINMA) has the authority to impose a surcharge of up to 25% of the total going concern capital requirements (excluding countercyclical buffer requirements and the Pillar 2
add-on) should obstacles to an SIB’s resolvability be identified in future resolvability assessments. 8 Includes applicable add-ons of 1.24% for RWA and 0.43% for LRD. 9 Includes an add-back of 45% of unrealized
gains from financial assets measured at fair value through other comprehensive income. Such gains do not qualify as CET1 capital, but 45% of these gains can be recognized as gone concern capital.
Additional capital requirements for UBS Group AG consolidated under current requirements
As a result of the acquisition of the Credit Suisse Group in 2023, the capital add-ons applicable to UBS’s SRBs based
on market share and LRD for UBS Group AG consolidated have increased commensurate with the Group’s increased
market share and higher LRD after the acquisition. Based on the existing regulations, we currently estimate that
this will add around USD 6bn to the Group’s tier 1 capital requirement over the phase-in period, which commenced
on 1 January 2026 and will be completed by 1 January 2030. Phase-in requirements are composed of the existing
add-ons and the phased-in increases, resulting in phase-in add-ons as of 1 January 2026 for RWA-based
requirements of 0.86% for increased market share (1.44% on a fully applied basis) and 0.79% for higher LRD
(1.08% on a fully applied basis) and add-ons for LRD-based requirements of 0.30% for increased market share
(0.50% on a fully applied basis) and 0.28% for higher LRD (0.38% on a fully applied basis). As of 30 June 2026,
the phased-in increases in add-ons resulted in increases of USD 1.1bn and USD 1.2bn in the Group’s tier 1 RWA-
and LRD-based capital requirements, respectively.
UBS Group 30 June 2026 Interim Report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 42
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 in the “Capital management” section of the UBS Group Annual Report 2025,
available under “Annual reporting” at
ubs.com/investors
.
Swiss SRB going and gone concern information
USD m, except where indicated
30.6.26
31.3.26
31.12.25
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
Eligible gone concern capital
Total gone concern loss-absorbing capacity
1
TLAC-eligible senior unsecured debt
Total loss-absorbing capacity
Total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
of which: common equity tier 1 capital ratio
Gone concern loss-absorbing capacity ratio
Total loss-absorbing capacity ratio
Leverage ratios (%)
Going concern leverage ratio
of which: common equity tier 1 leverage ratio
Gone concern leverage ratio
Total loss-absorbing capacity leverage ratio
1 Includes an add-back of 45% of unrealized gains from financial assets measured at fair value through other comprehensive income. Such gains do not qualify as CET1 capital, but 45% of these gains can be
recognized as gone concern capital.
Total loss-absorbing capacity and movement
Our TLAC decreased by USD 3.9bn to USD 193.6bn in the second quarter of 2026.
Going concern capital and movement
Our going concern capital decreased by USD 1.0bn to USD 96.0bn. Our common equity tier 1 (CET1) capital
decreased by USD 0.8bn to USD 72.5bn, mainly as operating profit before tax of USD 3.6bn was more than offset
by the recognition of a new USD 3.0bn capital reserve for expected future share repurchases, dividend accruals of
USD 0.9bn, current tax expenses of USD 0.5bn and negative foreign currency translation effects of USD 0.3bn.
Share repurchases of USD 1.9bn made under our 2026 share repurchase program in the second quarter of 2026
did not affect our CET1 capital position, as there was an identical reduction in the existing capital reserve for
expected future share repurchases.
›
Refer to the “Share information and earnings per share” section of this report for more information about our
share repurchase programs
Our loss-absorbing additional tier 1 (AT1) capital decreased by USD 0.1bn to USD 23.5bn, reflecting the redemption
of USD 1.5bn of AT1 capital instruments and negative impacts from interest rate risk hedge, foreign currency
translation and other effects, largely offset by the issuance of new AT1 capital instruments equivalent to USD 1.5bn.
Following the approval of a maximum amount of conversion capital by UBS Group AG’s shareholders at the 2024
Annual General Meeting, AT1 capital instruments issued from the beginning of the fourth quarter of 2023
(excluding Deferred Contingent Capital Plan awards) are, upon the occurrence of a trigger event or a viability event,
subject to conversion into UBS Group AG ordinary shares rather than a write-down. AT1 capital instruments issued
prior to the fourth quarter of 2023 remain subject to a write-down.
UBS Group 30 June 2026 Interim Report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 43
Gone concern loss-absorbing capacity and movement
Our total gone concern loss-absorbing capacity decreased by USD 2.9bn to USD 97.7bn and largely reflected
USD 97.7bn of TLAC-eligible senior unsecured debt instruments. This decrease was mainly due to the redemption
of TLAC-eligible senior unsecured debt instruments for the equivalent of USD 2.9bn.
›
Refer to “Bondholder information” at
for more information about the eligibility of capital and
senior unsecured debt instruments and about key features and terms and conditions of capital instruments
Loss-absorbing capacity and leverage ratios
Our CET1 capital ratio decreased to 14.4% from 14.7%, reflecting the aforementioned USD 0.8bn decrease in
CET1 capital and a USD 3.6bn increase in RWA.
›
Refer to “Risk-weighted assets” in this section for more information about RWA movements
Our CET1 leverage ratio remained stable at 4.4%, as the USD 0.8bn decrease in CET1 capital was offset by a
USD 3.7bn decrease in the LRD.
›
Refer to “Leverage ratio denominator” in this section for more information about LRD movements
Our going concern capital ratio decreased to 19.0% from 19.4%, reflecting a USD 1.0bn decrease in going concern
capital and the aforementioned increase in RWA.
Our going concern leverage ratio decreased to 5.8% from 5.9%, driven by a USD 1.0bn decrease in going concern
capital, partly offset by the aforementioned decrease in the LRD.
Our gone concern loss-absorbing capacity ratio decreased to 19.4% from 20.1%, reflecting a USD 2.9bn decrease
in gone concern loss-absorbing capacity and the aforementioned increase in RWA.
Our gone concern leverage ratio decreased to 5.9% from 6.1%, reflecting a USD 2.9bn decrease in gone concern
loss-absorbing capacity, partly offset by the aforementioned decrease in the LRD.
Swiss SRB total loss-absorbing capacity movement
USD m
Going concern capital
Swiss SRB
Common equity tier 1 capital as of 31.3.26
Operating profit / (loss) before tax
Current tax (expense) / benefit
Foreign currency translation effects, before tax
New capital reserve for expected future share repurchases
Share repurchase program
Existing capital reserve for expected future share repurchases in 2026
Accruals for expected dividends to shareholders for 2026
Other
Common equity tier 1 capital as of 30.6.26
Loss-absorbing additional tier 1 capital as of 31.3.26
Issuance of high-trigger loss-absorbing additional tier 1 capital
Call of high-trigger loss-absorbing additional tier 1 capital
1
Interest rate risk hedge, foreign currency translation and other effects
Loss-absorbing additional tier 1 capital as of 30.6.26
Total going concern capital as of 31.3.26
Total going concern capital as of 30.6.26
Gone concern loss-absorbing capacity
Add-back of unrealized gains from financial assets at FVOCI as of 31.3.26
Add-back of unrealized gains from financial assets at FVOCI as of 30.6.26
TLAC-eligible unsecured debt as of 31.3.26
Issuance of TLAC-eligible senior unsecured debt
Call of TLAC-eligible senior unsecured debt
Interest rate risk hedge, foreign currency translation and other effects
TLAC-eligible unsecured debt as of 30.6.26
Total gone concern loss-absorbing capacity as of 31.3.26
Total gone concern loss-absorbing capacity as of 30.6.26
Total loss-absorbing capacity
Total loss-absorbing capacity as of 31.3.26
Total loss-absorbing capacity as of 30.6.26
1 Includes one high-trigger loss-absorbing additional tier 1 capital instrument (ISIN CH0558521263) that ceased to be eligible as going concern capital when we issued a notice of redemption of the instrument in the
second quarter of 2026.
UBS Group 30 June 2026 Interim Report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 44
Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital
USD m
30.6.26
31.3.26
31.12.25
Total equity under IFRS Accounting Standards
Equity attributable to non-controlling interests
Defined benefit plans, net of tax
Deferred tax assets recognized for tax loss carry-forwards
Deferred tax assets for unused tax credits
Deferred tax assets on temporary differences, excess over threshold
Goodwill, net of tax
1
Intangible assets, net of tax
Compensation-related components (not recognized in net profit)
Expected losses on advanced internal ratings-based portfolio less provisions
Unrealized (gains) / losses from cash flow hedges, net of tax
Own credit related to (gains) / losses on financial liabilities measured at fair value that existed at the balance sheet
date, net of tax
Own credit related to (gains) / losses on derivative financial instruments that existed at the balance sheet date
Prudential valuation adjustments
Accruals for dividends to shareholders for 2025
Accruals for expected dividends to shareholders for 2026
Existing capital reserve for expected future share repurchases in 2026
New capital reserve for expected future share repurchases
Other
Total common equity tier 1 capital
1 Includes goodwill related to significant investments in financial institutions of USD 35m as of 30 June 2026 (USD 35m as of 31 March 2026, USD 34m as of 31 December 2025) presented on the balance sheet line
Investments in associates.
Additional information
Sensitivity to currency movements
Risk-weighted assets
We estimate that a 10% depreciation of the US dollar against other currencies would have increased our RWA by
USD 24bn and our CET1 capital by USD 2.7bn as of 30 June 2026 (31 March 2026: USD 24bn and USD 2.7bn,
respectively) and decreased our CET1 capital ratio by 13 basis points (31 March 2026: 15 basis points). Conversely,
a 10% appreciation of the US dollar against other currencies would have decreased our RWA by USD 21bn and
our CET1 capital by USD 2.4bn (31 March 2026: USD 21bn and USD 2.4bn, respectively) and increased our CET1
capital ratio by 13 basis points (31 March 2026: 15 basis points).
Leverage ratio denominator
We estimate that a 10% depreciation of the US dollar against other currencies would have increased our LRD by
USD 105bn as of 30 June 2026 (31 March 2026: USD 107bn) and decreased our CET1 leverage ratio by 11 basis
points (31 March 2026: 12 basis points). Conversely, a 10% appreciation of the US dollar against other currencies
would have decreased our LRD by USD 95bn (31 March 2026: USD 97bn) and increased our CET1 leverage ratio
by 11 basis points (31 March 2026: 12 basis points).
The aforementioned sensitivities do not consider foreign currency translation effects related to defined benefit plans
other than those related to the currency translation of the net equity of foreign operations.
›
Refer to “Active management of sensitivity to foreign exchange movements” in the “Capital management” section
of the UBS Group Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more
information
UBS Group 30 June 2026 Interim Report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 45
Risk-weighted assets
During the second quarter of 2026, RWA increased by USD 3.6bn to USD 503.9bn, driven by a USD 6.7bn increase
resulting from asset size and other movements, partly offset by a USD 1.9bn decrease from currency effects and a
USD 1.2bn decrease driven by model updates and methodology changes.
Movement in risk-weighted assets, by key driver
USD bn
RWA as of
31.3.26
Currency
effects
Model updates
and methodology
changes
Asset size and
other
1
RWA as of
30.6.26
Credit and counterparty credit risk
2
Non-counterparty-related risk
3
Market risk
Operational risk
Total
1 Includes the Pillar 3 categories “Asset size”, “Credit quality of counterparties”, “Acquisitions and disposals” and “Other”. For more information, refer to the 30 June 2026 Pillar 3 Report, which will be available as
of 14 August 2026 under “Pillar 3 disclosures” at ubs.com/investors. 2 Includes settlement risk, credit valuation adjustments, equity and investments in funds exposures in the banking book, and securitization
exposures in the banking book. 3 Non-counterparty-related risk includes deferred tax assets arising from temporary differences, property, equipment, software and other items.
Credit and counterparty credit risk
Credit and counterparty credit risk RWA decreased by USD 3.8bn to USD 301.9bn as of 30 June 2026, driven by a
USD 1.8bn decrease from currency effects, a USD 1.2bn decrease due to model updates and methodology changes,
and a USD 0.8bn decrease resulting from asset size and other movements.
Asset size and other movements by business division and Group Items:
–
Investment Bank RWA decreased by USD 2.0bn, mainly due to market-driven movements in derivatives, partly
offset by higher RWA on securities financing transactions.
–
Non-core and Legacy RWA decreased by USD 0.4bn, primarily driven by our actions to actively unwind the
portfolio, in addition to the natural roll-off.
–
Group Items RWA decreased by USD 0.3bn.
–
Global Wealth Management RWA increased by USD 1.1bn, mainly due to market-driven movements and higher
levels of client activity in derivatives.
–
Personal & Corporate Banking RWA increased by USD 0.7bn, mainly due to increases in loans and loan
commitments, partly offset by lower high-quality liquid assets.
–
Asset Management RWA were unchanged.
Model updates and methodology changes resulted in an RWA decrease of USD 1.2bn, mainly reflecting a reduction
in the overlay for uncertainties associated with the alignment of models and RWA calculations in legacy Credit
Suisse platforms with those of UBS, following the completion of the Swiss client account and platform migrations,
in Personal & Corporate Banking and Global Wealth Management.
›
Refer to the 30 June 2026 Pillar 3 Report, which will be available as of 14 August 2026 under “Pillar 3 disclosures” at
ubs.com/investors
, for more information
›
Refer to “Credit risk” in the “Risk management and control” section of this report for more information
Market risk
Market risk RWA increased by USD 7.7bn to USD 32.3bn in the second quarter of 2026, driven by asset size and
other movements in Group Treasury related to hedging activities, as well as in the Investment Bank’s Global Markets
business.
›
Refer to the 30 June 2026 Pillar 3 Report, which will be available as of 14 August 2026 under “Pillar 3 disclosures” at
ubs.com/investors
, for more information
›
Refer to “Market risk” in the “Risk management and control” section of this report for more information
UBS Group 30 June 2026 Interim Report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 46
Operational risk
Operational risk RWA were unchanged at USD 135.4bn.
›
Refer to “Note 14 Provisions and contingent liabilities” in the “Consolidated financial statements” section of this
report for more information
Outlook
We expect model updates and methodology changes will increase credit and counterparty credit risk RWA by
around USD 1bn during the third quarter of 2026. The extent and timing of RWA changes may vary as model
updates are completed and receive regulatory approval, along with changes in the composition of the relevant
portfolios.
Risk-weighted assets, by business division and Group Items
USD bn
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Manage-
ment
Investment
Bank
Non-core and
Legacy
Group
Items
Total
RWA
30.6.26
Credit and counterparty credit risk
1
Non-counterparty-related risk
2
Market risk
Operational risk
Total
31.3.26
Credit and counterparty credit risk
1
Non-counterparty-related risk
2
Market risk
Operational risk
Total
30.6.26 vs 31.3.26
Credit and counterparty credit risk
1
Non-counterparty-related risk
2
Market risk
Operational risk
Total
1 Includes settlement risk, credit valuation adjustments, equity and investments in funds exposures in the banking book, and securitization exposures in the banking book. 2 Non-counterparty-related risk includes
deferred tax assets arising from temporary differences (30 June 2026: USD 18.3bn; 31 March 2026: USD 18.5bn), as well as property, equipment, software and other items (30 June 2026: USD 16.1bn; 31 March
2026: USD 16.2bn).
UBS Group 30 June 2026 Interim Report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 47
Leverage ratio denominator
During the second quarter of 2026, the LRD decreased by USD 3.7bn to USD 1,649.8bn, driven by a USD 9.4bn
decrease from currency effects, partly offset by a USD 5.6bn increase from asset size and other movements.
Movement in leverage ratio denominator, by key driver
USD bn
LRD as of
31.3.26
Currency
effects
Asset size and
other
LRD as of
30.6.26
On-balance sheet exposures (excluding derivatives and securities financing transactions)
Derivative exposures
Securities financing transaction exposures
Off-balance sheet items
Total exposures
The LRD movements described below exclude currency effects.
On-balance sheet exposures (excluding derivatives and securities financing transactions) increased by USD 17.4bn,
mainly due to increases in trading assets, predominantly in the Investment Bank, due to an increase in inventory
held to hedge client positions, as well as market-driven increases. In addition, there was an increase in lending
assets, mainly reflecting positive net new loans in Global Wealth Management and Personal & Corporate Banking,
partly offset by cash and balances at central banks.
Derivative exposures decreased by USD 12.9bn, mainly due to higher netting on potential future exposure in the
Investment Bank.
Securities financing transaction exposures decreased by USD 0.8bn, mainly due to roll-offs of cash reinvestment
trades in Group Treasury, partly offset by higher levels of client activity in the Investment Bank.
Off-balance sheet exposures increased by USD 1.9bn, mainly due to increases in irrevocable loan commitments in
Global Wealth Management and Personal & Corporate Banking, partly offset by a decrease in committed
unconditionally revocable credit lines predominantly driven by a refinement in the definition of a commitment for
certain Lombard facilities in Global Wealth Management.
›
Refer to the “Balance sheet and off-balance sheet” section of this report for more information about balance sheet
movements
Leverage ratio denominator, by business division and Group Items
USD bn
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
30.6.26
On-balance sheet exposures (excluding derivatives and securities
financing transactions)
Derivative exposures
Securities financing transaction exposures
Off-balance sheet items
Total exposures
31.3.26
On-balance sheet exposures (excluding derivatives and securities
financing transactions)
Derivative exposures
Securities financing transaction exposures
Off-balance sheet items
Total exposures
30.6.26 vs 31.3.26
On-balance sheet exposures (excluding derivatives and securities
financing transactions)
Derivative exposures
Securities financing transaction exposures
Off-balance sheet items
Total exposures
UBS Group 30 June 2026 Interim Report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 48
Equity attribution
Under our equity attribution framework, tangible equity is attributed based on equally weighted average RWA and
average LRD, which both include resource allocations from our Group functions to the business divisions. Average
RWA and LRD are converted to CET1 capital equivalents using target capital ratios. If the attributed tangible equity
calculated under the weighted-driver approach is less than the CET1 capital equivalent of risk-based capital (RBC)
for any business division, the CET1 capital equivalent of RBC is used as a floor for that business division. The floor
was applicable for Non-core and Legacy in all of the periods shown below and was applicable for Asset
Management in the second quarter of 2025 and the first half of 2025.
In addition to tangible equity, we allocate equity to the business divisions to support goodwill and intangible assets.
We also allocate to the business divisions attributed equity related to CET1 capital deduction items that are
attributable to divisional activities, such as compensation-related components or expected losses on the advanced
internal ratings-based portfolio less provisions. We attribute all remaining capital deduction items to Group Items.
These primarily include equity related to deferred tax assets, accruals for shareholder returns, and unrealized
gains / losses from cash flow hedges.
›
Refer to the “Balance sheet and off-balance sheet” section of this report for more information about movements in
equity attributable to shareholders
Average attributed equity
For the quarter ended
Year-to-date
USD bn
30.6.26
31.3.26
30.6.25
30.6.26
30.6.25
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
1
Average equity attributed to business divisions and Group Items
1 Includes average attributed equity related to capital deduction items for deferred tax assets, accruals for shareholder returns and unrealized gains / losses from cash flow hedges.
UBS Group 30 June 2026 Interim Report |
Risk, capital, liquidity and funding, and balance sheet | Liquidity and funding management 49
Liquidity and funding management
Strategy, objectives and governance
This section provides liquidity and funding management information and should be read in conjunction with the
“Liquidity and funding management” section of the UBS Group Annual Report 2025, available under “Annual
reporting” at
ubs.com/investors
, which provides more information about the Group’s strategy, objectives and
governance in connection with liquidity and funding management.
Liquidity coverage ratio
The quarterly average liquidity coverage ratio (the LCR) of the UBS Group was largely unchanged at 177.3%,
remaining above the prudential requirement communicated by the Swiss Financial Market Supervisory Authority
(FINMA).
Average net cash outflows increased by USD 5.0bn to USD 192.9bn, primarily reflecting lower inflows from lending
assets and securities financing transactions and higher net outflows from debt issued measured at fair value. The
effect of the increase in net cash outflows was offset by a USD 7.8bn increase in average high-quality liquid assets
to USD 341.8bn,
mainly reflecting
higher cash available due to increases in customer deposits, debt issued and net
brokerage payables, partly offset by lower cash available from funding of lending assets, margin requirements and
dividend distribution to shareholders, as well as a decrease in securities financing transactions.
›
Refer to the
30 June 2026 Pillar 3 Report, which will be available as of 14 August 2026 under “Pillar 3 disclosures” at
ubs.com/investors
, for more information about the LCR
Liquidity coverage ratio
USD bn, except where indicated
Average 2Q26
1
Average 1Q26
1
High-quality liquid assets
Net cash outflows
2
Liquidity coverage ratio (%)
3
1 Calculated based on an average of 60 data points in the second quarter of 2026 and 62 data points in the first quarter of 2026. 2 Represents the net cash outflows expected over a stress period of 30 calendar
days. 3 Calculated after the application of haircuts and inflow and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows.
Net stable funding ratio
As of 30 June 2026, the net stable funding ratio (the NSFR) of the UBS Group decreased 1.9 percentage points to
115.1%, remaining above the prudential requirement communicated by FINMA.
Available stable funding increased by USD 3.6bn to USD 900.3bn, mainly reflecting an increase in debt issued
designated at fair value, partly offset by the tenor roll down of TLAC-eligible senior unsecured debt instruments.
Required stable funding increased by USD 15.7bn to USD 782.5bn, mainly driven by higher trading assets and
lending assets.
›
Refer to the 30 June 2026 Pillar 3 Report, which will be available as of 14 August 2026 under “Pillar 3 disclosures” at
ubs.com/investors
, for more information about the NSFR
Net stable funding ratio
USD bn, except where indicated
30.6.26
31.3.26
Available stable funding
Required stable funding
Net stable funding ratio (%)
UBS Group 30 June 2026 Interim Report |
Risk, capital, liquidity and funding, and balance sheet | Balance sheet and off-balance sheet 50
Balance sheet and off-balance sheet
This section provides balance sheet and off-balance sheet information and should be read in conjunction with the
“Balance sheet and off-balance sheet” section of the UBS Group Annual Report 2025, available under “Annual
reporting” at
ubs.com/investors
, which provides more information about the balance sheet and off-balance sheet
positions.
Balances disclosed in this report represent quarter-end positions, unless indicated otherwise. Intra-quarter balances
fluctuate in the ordinary course of business and may differ from quarter-end positions.
Balance sheet assets
30 June 2026 vs 31 March 2026
Total assets were USD 1,707.3bn as of 30 June 2026, an increase of USD 20.8bn compared with 31 March 2026.
Trading assets increased by USD 15.1bn, predominantly in the Investment Bank, reflecting market-driven increases,
as well as inventory held to hedge client positions. Derivatives and cash collateral receivables on derivative
instruments increased by USD 12.4bn, mainly driven by new trades, as well as market-driven increases in equity
contracts, predominantly in the Investment Bank. Lending assets increased by USD 5.6bn, reflecting positive net
new loans, predominantly in Global Wealth Management and Personal & Corporate Banking, partly offset by
currency effects.
These increases were partly offset by a USD 9.8bn decrease in Cash and balances at central banks, mainly due to
outflows from higher levels of lending activity, net redemptions of long-term debt issued measured at amortized
cost and dividend distributions to shareholders, partly offset by inflows from net new customer deposits, disposals
of securities in our high-quality liquid asset (HQLA) portfolio and net roll-offs of securities financing transactions
measured at amortized cost.
30 June 2026 vs 31 December 2025
Total assets were USD 1,707.3bn as of 30 June 2026, an increase of USD 89.9bn compared with 31 December
2025.
Derivatives and cash collateral receivables on derivative instruments increased by USD 55.2bn, mainly driven by new
trades, as well as market-driven increases in equity and foreign currency contracts, predominantly in the Investment
Bank. Lending assets increased by USD 10.4bn, reflecting positive net new loans, predominantly in Global Wealth
Management and Personal & Corporate Banking, partly offset by currency effects. Brokerage receivables increased
by USD 9.1bn, primarily reflecting higher levels of client activity.
Other financial assets measured at fair value increased by USD 7.1bn, mainly driven by net purchases of securities
in our HQLA portfolio, market-driven increases from unit-linked investment contracts in Asset Management (offset
by an increase in the corresponding financial liabilities related to unit-linked investment contracts) and an increase
in investments in securities financing transactions measured at fair value in the Investment Bank. Cash and balances
at central banks increased by USD 5.8bn, mainly due to inflows from net changes in the trading portfolio, net
issuances of commercial paper and certificates of deposit, and net changes in brokerage receivables and payables.
These inflows were partly offset by outflows from higher levels of lending activity and higher margin requirements.
Assets
As of
% change from
USD bn
30.6.26
31.3.26
31.12.25
31.3.26
31.12.25
Cash and balances at central banks
Lending
1
Securities financing transactions at amortized cost
Trading assets
Derivatives and cash collateral receivables on derivative instruments
Brokerage receivables
Other financial assets measured at amortized cost
Other financial assets measured at fair value
2
Non-financial assets
Total assets
3
1 Consists of Loans and advances to customers and Amounts due from banks. 2 Consists of Financial assets at fair value not held for trading and Financial assets measured at fair value through other comprehensive
income. 3 Includes total assets measured at fair value of USD 557.9bn as of 30 June 2026 (31 March 2026: USD 527.1bn, 31 December 2025: USD 492.6bn), of which USD 16.0bn (31 March 2026: USD 17.5bn,
31 December 2025: USD 14.5bn) were classified as Level 3.
UBS Group 30 June 2026 Interim Report |
Risk, capital, liquidity and funding, and balance sheet | Balance sheet and off-balance sheet 51
Balance sheet liabilities
30 June 2026 vs 31 March 2026
Total liabilities were USD 1,617.9bn as of 30 June 2026, an increase of USD 23.9bn compared with 31 March 2026.
Derivatives and cash collateral payables on derivative instruments increased by USD 14.7bn, predominantly in the
Investment Bank, reflecting the same drivers as on the asset side. Brokerage payables increased by USD 3.3bn,
primarily reflecting higher levels of client activity. Trading liabilities increased by USD 2.7bn, primarily in the
Investment Bank, mainly as a result of client activity, as well as market-driven increases.
30 June 2026 vs 31 December 2025
Total liabilities were USD 1,617.9bn as of 30 June 2026, an increase of USD 91.0bn compared with 31 December
2025.
Derivatives and cash collateral payables on derivative instruments increased by USD 46.1bn, predominantly in the
Investment Bank, reflecting the same drivers as on the asset side. Brokerage payables increased by USD 16.3bn,
primarily reflecting higher levels of client activity. Short-term borrowings increased by USD 13.1bn, largely due to
net issuances of commercial paper and certificates of deposit.
Trading liabilities increased by USD 8.2bn, primarily in the Investment Bank, mainly as a result of client activity, as
well as market-driven increases. Debt issued designated at fair value and long-term debt issued measured at
amortized cost increased by USD 4.9bn, mainly reflecting market-driven increases in equity-linked notes.
The “Liabilities, by product and currency” table in this section provides more information about the Group’s funding
sources.
›
Refer to “Bondholder information” at
for more information about capital and senior debt
instruments
›
Refer to the “Consolidated financial statements” section of this report for more information
Liabilities and equity
As of
% change from
USD bn
30.6.26
31.3.26
31.12.25
31.3.26
31.12.25
Short-term borrowings
1,2
Securities financing transactions at amortized cost
Customer deposits
Debt issued designated at fair value and long-term debt issued measured at amortized cost
2
Trading liabilities
Derivatives and cash collateral payables on derivative instruments
Brokerage payables
Other financial liabilities measured at amortized cost
Other financial liabilities designated at fair value
Non-financial liabilities
Total liabilities
3
Share capital
Share premium
Treasury shares
Retained earnings
Other comprehensive income
4
Total equity attributable to shareholders
Equity attributable to non-controlling interests
Total equity
Total liabilities and equity
1 Consists of short-term debt issued measured at amortized cost and Amounts due to banks, which includes amounts due to central banks. 2 The classification of debt issued measured at amortized cost into short-
term and long-term is based on original contractual maturity, and therefore long-term debt also includes debt with a remaining time to maturity of less than one year. This classification does not consider any early
redemption features. 3 Includes total liabilities measured at fair value of USD 490.8bn as of 30 June 2026 (31 March 2026: USD 462.3bn, 31 December 2025: USD 414.1bn), of which USD 19.2bn (31 March 2026:
USD 17.9bn, 31 December 2025: USD 19.4bn) were classified as Level 3. 4 Excludes other comprehensive income related to defined benefit plans and own credit, which is recorded directly in Retained earnings.
Equity
30 June 2026 vs 31 March 2026
Equity attributable to shareholders decreased by USD 3,082m to USD 89,165m as of 30 June 2026.
The net decrease of USD 3,082m was mainly driven by distributions to shareholders of USD 3,404m, reflecting the
dividend payment for 2025 of USD 1.10 per share. In addition, net treasury share activity reduced equity by
USD 1,870m, predominantly due to the repurchasing of USD 1,889m of shares under our 2026 share repurchase
program.
UBS Group 30 June 2026 Interim Report |
Risk, capital, liquidity and funding, and balance sheet | Balance sheet and off-balance sheet 52
These decreases were partly offset by positive total comprehensive income attributable to shareholders of
USD 1,687m, reflecting a net profit of USD 2,800m and negative other comprehensive income (OCI) of
USD 1,113m. OCI mainly included negative OCI related to own credit on financial liabilities designated at fair value
of USD 498m, negative OCI related to foreign currency translation of USD 330m and negative cash flow hedge OCI
of USD 200m. In addition, deferred share-based compensation awards of USD 315m were expensed in the income
statement, increasing share premium.
In the second quarter of 2026, we canceled 63,776,550 shares purchased under our 2024 share repurchase
program, as approved by the shareholders at the 2026 Annual General Meeting (the AGM). The cancellation of
shares resulted in reclassifications within equity but had no net effect on our total equity attributable to
shareholders.
30 June 2026 vs 31 December 2025
Equity attributable to shareholders decreased by USD 1,048m to USD 89,165m as of 30 June 2026.
The net decrease of USD 1,048m was mainly driven by the aforementioned distributions to shareholders of
USD 3,404m. In addition, net treasury share activity reduced equity by USD 3,228m, predominantly due to the
repurchasing of USD 2,739m of shares under our 2026 share repurchase program and the purchasing of USD 533m
of shares in relation to employee share-based compensation plans.
These decreases were partly offset by positive total comprehensive income attributable to shareholders of
USD 4,839m, reflecting a net profit of USD 5,840m and negative OCI of USD 1,001m. OCI mainly included negative
OCI related to foreign currency translation of USD 642m, negative cash flow hedge OCI of USD 442m and OCI
related to own credit on financial liabilities designated at fair value of USD 242m. In addition, deferred share-based
compensation awards of USD 652m were expensed in the income statement, increasing share premium.
In the first half of 2026, we canceled 63,776,550 shares purchased under our 2024 share repurchase program, as
approved by the shareholders at the 2026 AGM. The cancellation of shares resulted in reclassifications within equity
but had no net effect on our total equity attributable to shareholders.
›
Refer to the “Group performance” and “Consolidated financial statements” sections of this report for more
information
›
Refer to “Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital” in
the “Capital management” section of this report for more information about the effects of OCI on common equity
tier 1 capital
›
Refer to the “Share information and earnings per share” section of this report for more information about our
share repurchase programs
Liabilities, by product and currency
USD equivalent
All currencies
of which: USD
of which: CHF
of which: EUR
USD bn
30.6.26
31.12.25
30.6.26
31.12.25
30.6.26
31.12.25
30.6.26
31.12.25
Short-term borrowings
71.4
58.3
35.3
25.6
7.7
5.8
14.0
13.5
of which: amounts due to banks
27.3
24.4
7.3
7.2
7.3
5.2
3.9
3.8
of which: short-term debt issued
1,2
44.0
33.9
28.0
18.4
0.4
0.6
10.1
9.7
Securities financing transactions at amortized cost
20.4
16.2
12.4
8.6
6.5
5.8
1.0
0.8
Customer deposits
784.8
788.4
297.8
301.6
342.6
341.4
72.8
74.7
of which: demand deposits
258.4
259.4
53.1
52.8
136.0
139.1
37.1
36.2
of which: retail savings / deposits
239.1
230.8
45.3
38.1
188.7
187.5
5.1
5.1
of which: sweep deposits
39.3
41.5
39.3
41.5
0.0
0.0
0.0
0.0
of which: time deposits
248.1
256.8
160.1
169.3
17.9
14.8
30.6
33.4
Debt issued designated at fair value and long-term debt issued measured at amortized
cost
2
299.5
294.6
165.6
157.4
43.0
44.1
68.5
71.5
Trading liabilities
61.9
53.7
26.2
20.3
2.3
1.5
15.4
15.5
Derivatives and cash collateral payables on derivative instruments
236.6
190.5
207.3
165.0
4.9
2.9
13.9
13.2
Brokerage payables
78.5
62.2
64.3
49.2
0.7
0.8
4.1
3.4
Other financial liabilities measured at amortized cost
17.1
15.9
6.3
7.0
4.0
3.8
2.2
1.8
Other financial liabilities designated at fair value
29.8
28.2
3.1
3.6
0.1
0.1
2.3
2.3
Non-financial liabilities
17.6
19.0
8.9
9.3
4.1
4.3
1.5
1.5
Total liabilities
1,617.9
1,526.9
827.2
747.6
415.8
410.4
195.6
198.2
1 Short-term debt issued consists of certificates of deposit, commercial paper, acceptances and promissory notes, and other money market paper. 2 The classification of debt issued measured at amortized cost into
short-term and long-term is based on original contractual maturity, and therefore long-term debt also includes debt with a remaining time to maturity of less than one year. This classification does not consider any
early redemption features.
UBS Group 30 June 2026 Interim Report |
Risk, capital, liquidity and funding, and balance sheet | Balance sheet and off-balance sheet 53
Off-balance sheet
30 June 2026 vs 31 March 2026
Committed unconditionally revocable credit lines decreased by USD 10.8bn. This decrease was predominantly
driven by a refinement of the definition of a commitment. As a result, certain Lombard facilities in Global Wealth
Management that had previously been reported as committed became uncommitted. Irrevocable loan
commitments increased by USD 5.8bn, reflecting an increase in credit lines, mainly to corporate clients in Global
Wealth Management and Personal & Corporate Banking. Forward starting reverse repurchase and securities
borrowing agreements decreased by USD 5.4bn, predominantly reflecting a decrease in levels of business-division
activity in short-dated securities financing transactions.
30 June 2026 vs 31 December 2025
Committed unconditionally revocable credit lines decreased by USD 65.2bn, primarily in Global Wealth
Management and mainly driven by certain Lombard facilities becoming uncommitted either following changes to
certain contractual terms in the course of client account migrations or due to the aforementioned refinement of
the definition of a commitment.
Off-balance sheet
As of
% change from
% change from
USD bn
30.6.26
31.3.26
31.12.25
31.3.26
31.12.25
Guarantees
1
Irrevocable loan commitments
Committed unconditionally revocable credit lines
Forward starting reverse repurchase and securities borrowing agreements
1 Includes guarantees measured at fair value through profit or loss, shown net of sub-participations where applicable.
Share information and earnings per share
UBS Group AG shares are listed on the SIX Swiss Exchange (SIX). They are also listed on the New York Stock
Exchange (the NYSE) as global registered shares. Each share has a nominal value of USD 0.10. Shares issued
decreased in the second quarter of 2026, as 63,776,550 shares acquired under our 2024 share repurchase program
were canceled by means of a capital reduction, as approved by the shareholders at the 2026 Annual General
Meeting (the AGM).
We held 216 million shares as of 30 June 2026, of which 115 million shares had been acquired under our 2025
and 2026 share repurchase programs for cancellation purposes. The remaining 101 million shares are primarily held
to hedge our share delivery obligations related to employee share-based compensation and participation plans.
Treasury shares held decreased by 22 million shares in the second quarter of 2026. This largely reflected the
aforementioned cancellation of 63.8 million shares, partly offset by 42.2 million shares repurchased under our 2026
program.
Shares acquired under our 2026 program totaled 63 million as of 30 June 2026 for a total acquisition cost of
USD 2,713m (CHF 2,137m).
In July 2026, we completed our latest share repurchase program of USD 3bn, continuing with another share
repurchase program under which we intend to repurchase USD 3bn of shares at the latest by the end of the second
quarter of 2027. We plan to repurchase at least USD 1bn of shares over the next three months. The amount and
pace of share repurchases will remain subject to our short-term financial performance and outlook, maintaining a
common equity tier 1 (CET1) capital ratio of around 14% and further visibility on the deliberations by the Swiss
Parliament on the capitalization of foreign subsidiaries.
Shares acquired under our 2025 program totaled 53 million for a total acquisition cost of USD 2,000m
(CHF 1,602m). This program concluded on 20 November 2025, and the 53 million shares repurchased under this
program will be canceled by means of a capital reduction, pending approval by the shareholders at a future AGM.
›
Refer to the “Equity, CET1 capital and returns” table in the “Group performance” section of this report for more
information about equity attributable to shareholders and tangible equity attributable to shareholders
UBS Group 30 June 2026 Interim Report |
Risk, capital, liquidity and funding, and balance sheet | Share information and earnings per share 54
Share information and earnings per share
As of or for the quarter ended
As of or year-to-date
30.6.26
31.3.26
30.6.25
30.6.26
30.6.25
Basic and diluted earnings (USD m)
Net profit / (loss) attributable to shareholders for basic EPS
less: (profit) / loss on own equity derivative contracts
Net profit / (loss) attributable to shareholders for diluted EPS
.
Weighted average shares outstanding
Weighted average shares outstanding for basic EPS
1
Effect of dilutive potential shares resulting from notional employee shares, in-the-money
options and warrants outstanding
2
Weighted average shares outstanding for diluted EPS
.
Earnings per share (USD)
Basic
Diluted
.
Shares outstanding and potentially dilutive instruments
Shares issued
Treasury shares
3
of which: related to the 2024 share repurchase program
of which: related to the 2025 share repurchase program
of which: related to the 2026 share repurchase program
Shares outstanding
Potentially dilutive instruments
4
.
Other key figures
Total book value per share (USD)
Tangible book value per share (USD)
Share price (USD)
5
Market capitalization (USD m)
6
1 The weighted average shares outstanding for basic earnings per share (EPS) are calculated by taking the number of shares at the beginning of the period, adjusted by the number of shares acquired or issued during
the period, multiplied by a time-weighted factor for the period outstanding. As a result, balances are affected by the timing of acquisitions and issuances during the period. 2 The weighted average number of shares
for notional employee awards with performance conditions reflects all potentially dilutive shares that are expected to vest under the terms of the awards. 3 Based on a settlement date view. 4 Reflects potential
shares that could dilute basic EPS in the future but were not dilutive for any of the periods presented. Mainly includes equity-based awards subject to absolute and relative performance conditions and equity derivative
contracts. 5 Represents the share price as listed on the SIX Swiss Exchange, translated to US dollars using the closing exchange rate as of the respective date. 6 The calculation of market capitalization reflects
total shares issued multiplied by the share price at the end of the period.
Ticker symbols UBS Group AG
Security identification codes
Trading exchange
SIX / NYSE
Bloomberg
Reuters
ISIN
CH0244767585
SIX Swiss Exchange
UBSG
UBSG SW
UBSG.S
Valoren
24 476 758
New York Stock Exchange
UBS
UBS UN
UBS.N
CUSIP
CINS H42097 10 7
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements 55
Consolidated financial
statements
Unaudited
Table of contents
Notes to the UBS Group AG interim consolidated
financial statements (unaudited)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | UBS Group AG interim consolidated financial statements (unaudited) 56
UBS Group AG interim consolidated
financial statements (unaudited)
Income statement
Year-to-date
USD m
Note
30.6.26
30.6.25
Interest income from financial instruments measured at amortized cost and fair value through
other comprehensive income
3
Interest expense from financial instruments measured at amortized cost
3
(11,641 )
(13,765 )
Net interest income from financial instruments measured at fair value through profit or loss and other
3
Net interest income
3
Other net income from financial instruments measured at fair value through profit or loss
Fee and commission income
4
Fee and commission expense
4
(1,514 )
(1,302 )
Net fee and commission income
4
Other income
5
Total revenues
Credit loss expense / (release)
8
Personnel expenses
6
General and administrative expenses
7
Depreciation, amortization and impairment of non-financial assets
Operating expenses
Operating profit / (loss) before tax
Tax expense / (benefit)
Net profit / (loss)
Net profit / (loss) attributable to non-controlling interests
Net profit / (loss) attributable to shareholders
Earnings per share (USD)
Basic
Diluted
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | UBS Group AG interim consolidated financial statements (unaudited) 57
Statement of comprehensive income
Year-to-date
USD m
30.6.26
30.6.25
Comprehensive income attributable to shareholders
Net profit / (loss)
Other comprehensive income that may be reclassified to the income statement
Foreign currency translation
Foreign currency translation movements related to net assets of foreign operations, before tax
(897 )
Effective portion of changes in fair value of hedging instruments designated as net investment hedges, before tax
(2,428 )
Foreign currency translation differences on foreign operations reclassified to the income statement
Effective portion of changes in fair value of hedging instruments designated as net investment hedges reclassified to the income statement
(7 )
(1 )
Income tax relating to foreign currency translations, including the effect of net investment hedges
(17 )
(6 )
Subtotal foreign currency translation, net of tax
(642 )
Financial assets measured at fair value through other comprehensive income
Net unrealized gains / (losses), before tax
(27 )
(7 )
Net realized (gains) / losses reclassified to the income statement from equity
Income tax relating to net unrealized gains / (losses)
(6 )
Subtotal financial assets measured at fair value through other comprehensive income, net of tax
(33 )
(7 )
Cash flow hedges of interest rate risk
Effective portion of changes in fair value of derivative instruments designated as cash flow hedges, before tax
(876 )
Net (gains) / losses reclassified to the income statement from equity
Income tax relating to cash flow hedges
(256 )
Subtotal cash flow hedges, net of tax
(442 )
Cost of hedging
Cost of hedging, before tax
Income tax relating to cost of hedging
Subtotal cost of hedging, net of tax
Total other comprehensive income that may be reclassified to the income statement, net of tax
(1,109 )
Other comprehensive income that will not be reclassified to the income statement
Defined benefit plans
Gains / (losses) on defined benefit plans, before tax
(175 )
(31 )
Income tax relating to defined benefit plans
(1 )
Subtotal defined benefit plans, net of tax
(135 )
(32 )
Own credit on financial liabilities designated at fair value
Gains / (losses) from own credit on financial liabilities designated at fair value, before tax
Income tax relating to own credit on financial liabilities designated at fair value
(4 )
Subtotal own credit on financial liabilities designated at fair value, net of tax
Total other comprehensive income that will not be reclassified to the income statement, net of tax
Total other comprehensive income
(1,001 )
Total comprehensive income attributable to shareholders
Comprehensive income attributable to non-controlling interests
Net profit / (loss)
Total other comprehensive income that will not be reclassified to the income statement, net of tax
Total comprehensive income attributable to non-controlling interests
Total comprehensive income
Net profit / (loss)
Other comprehensive income
(992 )
of which: other comprehensive income that may be reclassified to the income statement
(1,109 )
of which: other comprehensive income that will not be reclassified to the income statement
Total comprehensive income
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | UBS Group AG interim consolidated financial statements (unaudited) 58
Balance sheet
USD m
Note
30.6.26
31.12.25
Assets
Cash and balances at central banks
Amounts due from banks
8
Receivables from securities financing transactions measured at amortized cost
8
Cash collateral receivables on derivative instruments
10
Loans and advances to customers
8
Other financial assets measured at amortized cost
11
Total financial assets measured at amortized cost
Financial assets at fair value held for trading
9
of which: assets pledged as collateral that may be sold or repledged by counterparties
Derivative financial instruments
9, 10
Brokerage receivables
9
Financial assets at fair value not held for trading
9
Total financial assets measured at fair value through profit or loss
Financial assets measured at fair value through other comprehensive income
9
Investments in associates
Property, equipment and software
Goodwill and intangible assets
Deferred tax assets
Other non-financial assets
11
Total assets
Liabilities
Amounts due to banks
Payables from securities financing transactions measured at amortized cost
Cash collateral payables on derivative instruments
10
Customer deposits
Debt issued measured at amortized cost
13
Other financial liabilities measured at amortized cost
11
Total financial liabilities measured at amortized cost
Financial liabilities at fair value held for trading
9
Derivative financial instruments
9, 10
Brokerage payables designated at fair value
Debt issued designated at fair value
9, 12
Other financial liabilities designated at fair value
9, 11
Total financial liabilities measured at fair value through profit or loss
Provisions and contingent liabilities
Other non-financial liabilities
Total liabilities
Equity
Share capital
Share premium
Treasury shares
(7,786 )
(7,891 )
Retained earnings
Other comprehensive income recognized directly in equity, net of tax
Equity attributable to shareholders
Equity attributable to non-controlling interests
Total equity
Total liabilities and equity
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | UBS Group AG interim consolidated financial statements (unaudited) 59
Statement of changes in equity
USD m
Share
capital
and share
premium
Treasury
shares
Retained
earnings
OCI
recognized
directly in
equity,
net of tax
1
of which:
foreign
currency
translation
of which:
financial
assets
measured
at fair value
through OCI
of which:
cash flow
hedges
of which:
cost of
hedging
Total equity
attributable to
shareholders
Balance as of 1 January 2026
2
(7,891 )
(1,339 )
(84 )
Acquisition of treasury shares
(3,337 )
3
(3,337 )
Delivery of treasury shares under share-based compensation plans
(1,281 )
Other disposal of treasury shares
(2 )
3
Cancellation of treasury shares related to the 2024 share repurchase
program
4
(1,003 )
(997 )
Share-based compensation expensed in the income statement
Tax (expense) / benefit
Dividends
(1,702 )
5
(1,702 )
5
(3,404 )
Equity classified as obligation to purchase own shares
(50 )
(50 )
Translation effects recognized directly in retained earnings
(2 )
(2 )
Share of changes in retained earnings of associates and joint ventures
(1 )
(1 )
New consolidations / (deconsolidations) and other increases /
(decreases)
Total comprehensive income for the period
(1,109 )
(642 )
(33 )
(442 )
of which: net profit / (loss)
of which: OCI, net of tax
(1,109 )
(642 )
(33 )
(442 )
(1,001 )
Balance as of 30 June 2026
2
(7,786 )
(1,783 )
(76 )
Non-controlling interests as of 30 June 2026
Total equity as of 30 June 2026
Balance as of 1 January 2025
2
(6,402 )
(2,585 )
(158 )
Acquisition of treasury shares
(2,249 )
3
(2,249 )
Delivery of treasury shares under share-based compensation plans
(1,344 )
Other disposal of treasury shares
3
Cancellation of treasury shares related to the 2022 share repurchase
program
(1,145 )
(1,133 )
Share-based compensation expensed in the income statement
Tax (expense) / benefit
Dividends
(1,433 )
5
(1,433 )
5
(2,866 )
Equity classified as obligation to purchase own shares
(81 )
(81 )
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)
(98 )
(98 )
Total comprehensive income for the period
(7 )
of which: net profit / (loss)
of which: OCI, net of tax
(7 )
Balance as of 30 June 2025
2
(4,830 )
(6 )
(1,527 )
(117 )
Non-controlling interests as of 30 June 2025
Total equity as of 30 June 2025
1 Excludes other comprehensive income related to defined benefit plans and own credit that is recorded directly in Retained earnings. 2 Excludes non-controlling interests. 3 Includes treasury shares acquired and
disposed of by the Investment Bank in its capacity as a market-maker with regard to UBS shares and related derivatives, and to hedge certain issued structured debt instruments. These acquisitions and disposals are
reported based on the sum of the net monthly movements. 4 Reflects the cancellation of
Annual General Meeting. Swiss tax law requires Switzerland-domiciled companies with shares listed on a Swiss stock exchange to reduce capital contribution reserves by at least
% of the total capital reduction
amount exceeding the nominal value upon cancellation of the shares. 5 Reflects the payment of an ordinary cash dividend of USD
share paid in April 2025). Swiss tax law requires Switzerland-domiciled companies with shares listed on a Swiss stock exchange to pay no more than
% of dividends from capital contribution reserves, with the
remainder required to be paid from retained earnings.
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | UBS Group AG interim consolidated financial statements (unaudited) 60
Statement of cash flows
Year-to-date
USD m
30.6.26
30.6.25
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
(110 )
(157 )
Deferred tax expense / (benefit)
(607 )
Net loss / (gain) from investing activities
(81 )
(153 )
Net loss / (gain) from financing activities
Other net adjustments
1
(31,208 )
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
(982 )
Payables from securities financing transactions measured at amortized cost
Cash collateral on derivative instruments
(6,790 )
(3,533 )
Loans and advances to customers
(19,579 )
(7,214 )
Customer deposits
(1,952 )
Financial assets and liabilities at fair value held for trading and derivative financial instruments
Brokerage receivables and payables
Financial assets at fair value not held for trading and other financial assets and liabilities
(478 )
(11,885 )
Provisions and other non-financial assets and liabilities
(3,275 )
Income taxes paid, net of refunds
(686 )
(1,331 )
Net cash flow from / (used in) operating activities
Cash flow from / (used in) investing activities
Purchase of subsidiaries, businesses, associates and intangible assets
(17 )
Disposal of subsidiaries, businesses, associates and intangible assets
2
3
Purchase of property, equipment and software
(1,160 )
(1,109 )
Disposal of property, equipment and software
Purchase of financial assets measured at fair value
4
(3,879 )
(7,175 )
Disposal and redemption of financial assets measured at fair value
4
Purchase of debt securities measured at amortized cost
(7,939 )
(14,792 )
Disposal and redemption of debt securities measured at amortized cost
Net cash flow from / (used in) investing activities
(1,227 )
(14,150 )
Cash flow from / (used in) financing activities
Net issuance (repayment) of short-term debt measured at amortized cost
Net movements in treasury shares and own equity derivative activity
(3,189 )
(2,073 )
Distributions paid on UBS Group AG shares
(3,404 )
(2,866 )
Issuance of debt designated at fair value and long-term debt measured at amortized cost
Repayment of debt designated at fair value and long-term debt measured at amortized cost
(81,180 )
(71,129 )
Inflows from securities financing transactions measured at amortized cost
5
Outflows from securities financing transactions measured at amortized cost
5
(1,561 )
Net cash flows from other financing activities
(400 )
(544 )
Net cash flow from / (used in) financing activities
(12,769 )
Total cash flow
Cash and cash equivalents at the beginning of the year
Net cash flow from / (used in) operating, investing and financing activities
(6,030 )
Effects of exchange rate differences on cash and cash equivalents
1
(3,888 )
Cash and cash equivalents at the end of the year
of which: cash and balances at central banks
6
of which: amounts due from banks
6
of which: money market paper
6,7
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
2
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 dividends
received from associates. 3 Includes cash proceeds of USD
m from the sale of a
% interest in Swisscard. Refer to “Note 28 Changes in organization and acquisitions and disposals of subsidiaries and
businesses” in the “Consolidated financial statements” section of the UBS Group Annual Report 2025 for more information. 4 Includes cash flows in relation to financial assets measured at fair value through other
comprehensive income and financial assets measured at fair value through profit or loss. 5 Reflects cash flows from securities financing transactions measured at amortized cost that use UBS debt instruments as
the underlying. 6 Includes only balances with an original maturity of three months or less. 7 Money market paper is included in the balance sheet under Financial assets at fair value not held for trading (30 June
2026: USD
m; 30 June 2025: USD
m), Other financial assets measured at amortized cost (30 June 2026: USD
m; 30 June 2025: USD
m), Financial assets measured at fair value through other
comprehensive income (30 June 2026: USD
m; 30 June 2025: USD
m) and Financial assets at fair value held for trading (30 June 2026: USD
m; 30 June 2025: USD
m).
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 61
Notes to the UBS Group AG interim consolidated
financial statements (unaudited)
Note 1 Basis of accounting
Basis of preparation
The interim consolidated financial statements (the financial statements) of UBS Group AG and its subsidiaries
(together, UBS or the Group) for the six-month period ended 30 June 2026 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 consolidated financial statements are prepared in accordance with IAS 34,
Interim Financial
Reporting
, and include the consolidated balance sheet as of 30 June 2026 and the related consolidated statements
of income, comprehensive income, changes in equity and cash flows for the six-month period ended 30 June 2026,
as well as accompanying explanatory notes.
In preparing these interim consolidated financial statements, the same accounting policies and methods of
computation have been applied as in the UBS Group AG consolidated annual financial statements for the period
ended 31 December 2025, except for changes described in this Note. These interim consolidated financial
statements are unaudited and should be read in conjunction with: the audited consolidated financial statements in
the UBS Group Annual Report 2025; the “Management report” sections of this report, specifically the disclosures
in the “UBS Group performance, business divisions and Group Items” section of this report regarding the O’Connor
business exit and the sale of UBS’s interest in Swisscard AECS GmbH; and the information about these transactions
disclosed in the UBS Group first quarter 2026 report. In the opinion of management, all necessary adjustments have
been made for a fair presentation of the Group’s financial position, results of operations and cash flows.
Preparation of these interim consolidated financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosures of contingent
assets and liabilities. These estimates and assumptions are based on the best available information. Actual results
in the future could differ from such estimates and differences may be material to the financial statements. Revisions
to estimates, based on regular reviews, are recognized in the period in which they occur. For more information
about areas of estimation uncertainty that are considered to require critical judgment, refer to “Note 1a Material
accounting policies” in the “Consolidated financial statements” section of the UBS Group Annual Report 2025.
Change in interim reporting
Starting from 2026, UBS publishes semi-annual interim financial reports that include interim consolidated financial
statements as of and for the six-month period ending 30 June, prepared in accordance with IAS 34. The income
statement, the statement of comprehensive income, the statement of changes in equity and the statement of cash
flows and related information in this report are presented on the basis of the six-month periods ended 30 June
2026 and 30 June 2025. The balance sheet and related information are presented as of 30 June 2026 and
31 December 2025.
From the first quarter of 2026 onward, UBS’s first- and third-quarter financial reports include consolidated financial
information that is no longer prepared in accordance with IAS 34. Instead, UBS publishes financial information for
those quarters that is prepared in accordance with UBS Group accounting policies, which are consistent with IFRS
Accounting Standards, but does not include all explanatory notes as required under IAS 34 and therefore does not
constitute an “interim financial report” as defined by IAS 34. This change was intended to improve efficiency, while
maintaining a high level of transparency for investors.
Amendments to IFRS 9,
Financial Instruments
, and IFRS 7,
Financial Instruments: Disclosures
Effective from 1 January 2026, UBS has adopted the
Amendments to the Classification and Measurement of
Financial Instruments – Amendments to IFRS 9 and IFRS 7
assets and derecognition of financial instruments, including the introduction of an accounting policy election to
derecognize financial liabilities settled through electronic transfer systems before the settlement date, if certain
conditions are met. The Amendments also introduced new disclosure requirements for financial instruments with
contractual terms that can change the timing or amount of contractual cash flows, which UBS presents in Note 13.
The impact of the Amendments
on these interim consolidated financial statements was not material.
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 62
Other amendments to IFRS Accounting Standards
The IASB has issued new IFRS Accounting Standards and a number of minor amendments to IFRS Accounting
Standards, effective from 1 January 2026 and later. These do not have or are not expected to have a material effect
on UBS when they are adopted.
Currency translation rates
The following table shows the rates of the main currencies used to translate the financial information of UBS’s
operations with a functional currency other than the US dollar into US dollars.
Currency translation rates
Closing exchange rate
Average rate
1
As of
For the quarter ended
Year-to-date
30.6.26
31.3.26
31.12.25
30.6.25
30.6.26
31.3.26
30.6.25
30.6.26
30.6.25
1 CHF
1 EUR
1 GBP
100 JPY
1 Monthly income statement items of operations with a functional currency other than the US dollar are translated into US dollars using month-end rates. Disclosed average rates for a quarter represent an average of
three month-end rates, weighted according to the income and expense volumes of all operations of the Group with the same functional currency for each month. Weighted average rates for individual business
divisions may deviate from the weighted average rates for the Group.
Note 2 Segment reporting
UBS’s business divisions are organized globally into five business divisions: Global Wealth Management, Personal &
Corporate Banking, Asset Management, the Investment Bank, and Non-core and Legacy. All five business divisions
are supported by Group Items and qualify as reportable segments for the purpose of segment reporting. Together
with Group Items they reflect the management structure of the Group.
›
Refer to the “Consolidated financial statements” section of the UBS Group Annual Report 2025 for more information
about the Group’s reporting segments
Segment reporting
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
UBS Group
For the six months ended 30 June 2026
Net interest income
(28 )
(1,046 )
(45 )
(570 )
Non-interest income
(47 )
Total revenues
(617 )
Credit loss expense / (release)
(74 )
Operating expenses
(52 )
Operating profit / (loss) before tax
(358 )
(565 )
Tax expense / (benefit)
Net profit / (loss)
As of 30 June 2026
Total assets
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
UBS Group
For the six months ended 30 June 2025
Net interest income
(34 )
(1,575 )
(23 )
(791 )
Non-interest income
Total revenues
(465 )
Credit loss expense / (release)
(1 )
Operating expenses
Operating profit / (loss) before tax
(642 )
(465 )
Tax expense / (benefit)
Net profit / (loss)
As of 31 December 2025
Total assets
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 63
Note 3 Net interest income
Net interest income
Year-to-date
USD m
30.6.26
30.6.25
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
(358 )
(672 )
Total interest income from financial instruments measured at amortized cost and fair value through other comprehensive income
Interest expense on loans and deposits
3
Interest expense on securities financing transactions measured at amortized cost
4
Interest expense on debt issued
Interest expense on lease liabilities
Total interest expense from financial instruments measured at amortized cost
Total net interest income from financial instruments measured at amortized cost and fair value through other comprehensive income
Net interest income from financial instruments measured at fair value through profit or loss and other
Total net interest income
1 Consists of interest income from cash and balances at central banks, amounts due from banks, and cash collateral receivables on derivative instruments, as well as negative interest on amounts due to banks,
customer deposits, and cash collateral payables on derivative instruments. 2 Includes interest income on receivables from securities financing transactions and negative interest, including fees, on payables from
securities financing transactions. 3 Consists of interest expense on amounts due to banks, cash collateral payables on derivative instruments, and customer deposits, as well as negative interest on cash and balances
at central banks, amounts due from banks, and cash collateral receivables on derivative instruments. 4 Includes interest expense on payables from securities financing transactions and negative interest, including
fees, on receivables from securities financing transactions.
Note 4 Net fee and commission income
Net fee and commission income
Year-to-date
USD m
30.6.26
30.6.25
Underwriting fees
M&A and corporate finance fees
Brokerage fees
Portfolio management, investment fund and related services fees
1
Other
2
Total fee and commission income
3
of which: recurring
of which: transaction-based
of which: performance-based
Fee and commission expense
4
Net fee and commission income
of which: recurring net fee and commission income
of which: Global Wealth Management
of which: Personal & Corporate Banking
of which: Asset Management
of which: transaction-based net fee and commission income
of which: Global Wealth Management
of which: Personal & Corporate Banking
of which: Asset Management
of which: performance-based net fee and commission income
of which: Asset Management
1 Fees for portfolio management and related services and investment fund fees are presented on a combined basis. Comparative-period information has been aligned with the information presented for the six-month
period ended 30 June 2026. This category includes fees earned on portfolio management mandates with clients and management and performance fees earned on UBS-managed funds and third-party-managed
funds. 2 Includes accretion of PPA adjustments on financial instruments for the six-month period ended 30 June 2026 of USD
m (for the six-month period ended 30 June 2025: USD
m). 3 For the six-
month period ended 30 June 2026 reflects third-party fee and commission income of USD
m for Global Wealth Management, USD
m for Personal & Corporate Banking, USD
m for Asset Management,
USD
m for the Investment Bank, USD
m for Non-core and Legacy, and USD
m for Group Items (for the six-month period ended 30 June 2025: USD
m for Global Wealth Management, USD
m
for Personal & Corporate Banking, USD
m for Asset Management, USD
m for the Investment Bank, USD
m for Non-core and Legacy, and USD
m for Group Items). 4 Includes brokerage expense
for the six-month period ended 30 June 2026 of USD
m (for the six-month period ended 30 June 2025: USD
m).
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 64
Note 5 Other income
Other income
Year-to-date
USD m
30.6.26
30.6.25
Associates, joint ventures and subsidiaries
Net gains / (losses) from acquisitions and disposals of subsidiaries
1
2
Net gains / (losses) from disposals of investments in associates and joint ventures
3
Share of net profit / (loss) of associates and joint ventures
4
Total
Income from properties
5
Net gains / (losses) from properties held for sale
Other
6
(30 )
(29 )
Total other income
1 Includes foreign exchange gains / (losses) reclassified from other comprehensive income related to the disposal or closure of foreign operations. 2 Includes a gain of USD
m recognized upon completion of the
sale of the US mortgage servicing business of Credit Suisse, Select Portfolio Servicing, which was managed in Non-core and Legacy. Refer to “Note 28 Changes in organization and acquisitions and disposals of
subsidiaries and businesses” in the “Consolidated financial statements” section of the UBS Group Annual Report 2025 for more information. 3 Represents a gain related to the sale of UBS’s
% interest in
Swisscard AECS GmbH (Swisscard), a joint venture in Switzerland between UBS and American Express Swiss Holdings GmbH (American Express), to American Express, which was managed in Personal & Corporate
Banking. Refer to “Note 28 Changes in organization and acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial statements” section of the UBS Group Annual Report 2025 for more
information. 4 Includes a gain of USD
m related to UBS’s share of the income recorded by Swisscard for the sale of the Credit Suisse card portfolios to UBS. Refer to “Note 28 Changes in organization and
acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial statements” section of the UBS Group Annual Report 2025 for more information. 5 Includes rent received from third parties.
6 Includes losses of USD
m for the six-month period ended 30 June 2026 related to the repurchasing of UBS’s own debt instruments (six-month period ended 30 June 2025: losses of USD
m).
Note 6 Personnel expenses
Personnel expenses
Year-to-date
USD m
30.6.26
30.6.25
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 mainly 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 7 General and administrative expenses
General and administrative expenses
Year-to-date
USD m
30.6.26
30.6.25
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
(298 )
Other
2
Total general and administrative expenses
1 Reflects the net increase / (decrease) in provisions for litigation, regulatory and similar matters recognized in the income statement, as well as releases of acquisition-related contingent liabilities measured under
IFRS 3. Refer to Note 14b 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. Refer to “Note 28 Changes in organization
and acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial statements” section of the UBS Group Annual Report 2025 for more information.
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 65
Note 8 Expected credit loss measurement
a) Credit loss expense / release
Total net credit loss expenses in the first six months of 2026 were USD
m, reflecting USD
m net expenses
related to performing positions and USD
m net expenses on credit-impaired positions.
Net expected credit loss expenses on the performing portfolio were mainly driven by post-model adjustments of
USD
m in the corporate lending portfolio, mainly in the Investment Bank, reflecting current macroeconomic and
geopolitical uncertainty.
Net credit loss expenses of USD
m were recognized for credit-impaired positions and included a USD
m
release following the repayment of a corporate lending exposure, of which USD
m was in Non-core and Legacy
and USD
m in the Investment Bank. The effect of this release was more than offset by net credit loss expenses,
primarily related to a small number of corporate counterparties across Personal & Corporate Banking, the
Investment Bank and Non-core and Legacy.
Credit loss expense / (release)
Performing positions
Credit-impaired positions
USD m
Stages 1 and 2
Stage 3
Purchased
Total
Year-to-date 30.6.26
Global Wealth Management
(9 )
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
(74 )
(74 )
Group Items
Total
(73 )
Year-to-date 30.6.25
Global Wealth Management
(10 )
(1 )
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
(1 )
Group Items
(1 )
(1 )
Total
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 66
Note 8 Expected credit loss measurement (continued)
b) Changes to ECL models, scenarios and scenario weights
Scenarios and scenario weights
The expected credit loss (ECL) scenarios, along with their related macroeconomic factors and market data, were
reviewed in light of the economic and political conditions prevailing in the first half of 2026 through a series of
governance meetings, with input and feedback from UBS Risk and Finance experts across the business divisions and
regions.
UBS kept the scenarios and scenario weights in line with those applied in the UBS Group Annual Report 2025. All
of the scenarios have been updated based on the latest macroeconomic forecasts as of 30 June 2026. The current
scenario suite, together with the applied scenario weightings and the level of post-model adjustments, is deemed
appropriate to sufficiently capture prevailing macroeconomic and geopolitical uncertainties. The assumptions on a
calendar-year basis are included in the table below.
The baseline scenario was updated with the latest macroeconomic forecasts as of 30 June 2026. Global growth
and inflation forecasts have been adjusted to reflect higher energy prices and related uncertainty. However, the
boom in AI has been providing a meaningful offset. In the US, growth is expected to be relatively resilient, and
inflation is expected to peak in the second half of 2026, reflecting the lasting effects of the conflict-related pressure
in the supply chain. In the Eurozone the outlook is more challenging, with Germany and Italy particularly exposed.
Swiss GDP outlook is below trend, affected by the negative spillovers from the Eurozone.
Compared with the January 2026 baseline, US GDP growth projections for 2026 and 2027 have been revised
slightly upward. Stronger-than-expected economic performance in the beginning of the year more than offset the
negative effects of higher energy prices. In the Eurozone the Iran conflict has contributed to lower growth and
higher inflation, and in Switzerland GDP growth is also slightly weaker and inflation slightly higher in 2026 than in
the January baseline. Equity forecasts for 2026 have been revised upward across developed economies. The revision
for European stocks reflects the improved earnings outlook at the beginning of 2026, while US stocks have been
supported by strong technology-sector results. Oil price forecasts for 2026 and 2027 have been adjusted upward
in 2026 and 2027 to reflect the situation in Iran.
The downside scenario set is unchanged, with global trade war remaining the binding scenario and moderate
stagflation crisis the secondary downside scenario. While the underlying narratives remain unchanged, brent oil
price assumptions for 2026 and 2027 were recalibrated to reflect recent geopolitical developments and the ongoing
conflicts in the Middle East, resulting in a higher energy price profile.
Comparison of shock factors
Baseline
Key parameters
2025
2026
2027
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
30.6.26
31.12.25
30.6.25
Asset price appreciation
Baseline
Moderate stagflation crisis
Global trade war
Mild stagflation crisis
Global crisis
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 67
Note 8 Expected credit loss measurement (continued)
c) ECL-relevant balance sheet and off-balance sheet positions including ECL allowances and provisions
The following tables provide information about financial instruments and certain non-financial instruments that are
subject to ECL requirements. For amortized-cost instruments, the carrying amount represents the maximum
exposure to credit risk, taking into account the allowance for credit losses. Financial assets measured at fair value
through other comprehensive income (FVOCI) are also subject to ECL; however, unlike amortized-cost instruments,
the allowance for credit losses for FVOCI instruments does not reduce the carrying amount of these financial assets.
Instead, the carrying amount of financial assets measured at FVOCI represents the maximum exposure to credit risk.
In addition to recognized financial assets, certain off-balance sheet financial instruments and other credit lines are
also subject to ECL. The maximum exposure to credit risk for off-balance sheet financial instruments is calculated
based on notional amounts.
ECL-relevant balance sheet and off-balance sheet positions
USD m
30.6.26
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
2
Cash and balances at central banks
(90 )
(29 )
(61 )
Amounts due from banks
(3 )
(3 )
Receivables from securities financing transactions measured at
amortized cost
(1 )
(1 )
Cash collateral receivables on derivative instruments
Loans and advances to customers
(2,510 )
(364 )
(286 )
(1,648 )
(212 )
of which: Private clients with mortgages
(135 )
(41 )
(23 )
(70 )
(1 )
of which: Real estate financing
(67 )
(26 )
(26 )
(14 )
(1 )
of which: Large corporate clients
(666 )
(103 )
(101 )
(346 )
(116 )
of which: SME clients
(1,119 )
(92 )
(86 )
(886 )
(54 )
of which: Lombard
(57 )
(5 )
(47 )
(5 )
of which: Credit cards
(53 )
(7 )
(13 )
(33 )
of which: Commodity trade finance
(101 )
(9 )
(88 )
(4 )
of which: Ship / aircraft financing
(11 )
(7 )
(4 )
of which: Consumer financing
(146 )
(29 )
(25 )
(97 )
Other financial assets measured at amortized cost
(141 )
(31 )
(15 )
(91 )
(3 )
of which: Loans to financial advisors
(35 )
(4 )
(1 )
(31 )
Total financial assets measured at amortized cost
(2,746 )
(397 )
(333 )
(1,739 )
(277 )
Financial assets measured at fair value through other comprehensive
income
Total on-balance sheet financial assets in scope of ECL requirements
(2,746 )
(397 )
(333 )
(1,739 )
(277 )
Notional exposure
ECL provisions
Off-balance sheet (in scope of ECL)
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
2
Guarantees
(76 )
(16 )
(24 )
(37 )
of which: Large corporate clients
(21 )
(8 )
(7 )
(6 )
of which: SME clients
(41 )
(4 )
(15 )
(22 )
of which: Financial intermediaries and hedge funds
(1 )
(1 )
of which: Lombard
(2 )
(2 )
of which: Commodity trade finance
Irrevocable loan commitments
(293 )
(119 )
(83 )
(88 )
(3 )
of which: Large corporate clients
(264 )
(98 )
(80 )
(82 )
(3 )
Forward starting reverse repurchase and securities borrowing
agreements
Committed unconditionally revocable credit lines
(68 )
(53 )
(14 )
of which: Real estate financing
(4 )
(3 )
(1 )
of which: Large corporate clients
(13 )
(8 )
(4 )
of which: SME clients
(33 )
(25 )
(7 )
of which: Lombard
3
of which: Credit cards
(9 )
(7 )
(2 )
Irrevocable committed prolongation of existing loans
(6 )
(5 )
(1 )
Total off-balance sheet financial instruments and other credit lines
(443 )
(192 )
(122 )
(125 )
(3 )
Total allowances and provisions
(3,189 )
(589 )
(456 )
(1,864 )
(280 )
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Positive amounts in these columns are representative of a net
improvement in credit quality since the acquisition of the respective financial instrument. 3 Committed unconditionally revocable credit lines decreased by USD
bn, primarily in Global Wealth Management and
mainly driven by certain Lombard facilities becoming uncommitted either following changes to certain contractual terms in the course of client account migrations or by a refinement of UBS’s definition of a commitment.
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 68
Note 8 Expected credit loss measurement (continued)
ECL-relevant balance sheet and off-balance sheet positions
USD m
31.12.25
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
2
Cash and balances at central banks
(81 )
(29 )
(52 )
Amounts due from banks
(14 )
(9 )
(5 )
Receivables from securities financing transactions measured at
amortized cost
(1 )
(1 )
Cash collateral receivables on derivative instruments
Loans and advances to customers
(2,490 )
(353 )
(271 )
(1,629 )
(237 )
of which: Private clients with mortgages
(124 )
(44 )
(18 )
(55 )
(6 )
of which: Real estate financing
(67 )
(26 )
(30 )
(11 )
of which: Large corporate clients
(762 )
(116 )
(94 )
(413 )
(139 )
of which: SME clients
(1,068 )
(80 )
(81 )
(872 )
(36 )
of which: Lombard
(64 )
(6 )
(27 )
(31 )
of which: Credit cards
(48 )
(7 )
(12 )
(29 )
of which: Commodity trade finance
(94 )
(8 )
(80 )
(6 )
of which: Ship / aircraft financing
(17 )
(9 )
(8 )
of which: Consumer financing
(136 )
(19 )
(24 )
(92 )
Other financial assets measured at amortized cost
(124 )
(29 )
(9 )
(86 )
of which: Loans to financial advisors
(34 )
(3 )
(1 )
(30 )
Total financial assets measured at amortized cost
(2,711 )
(392 )
(314 )
(1,715 )
(289 )
Financial assets measured at fair value through other comprehensive
income
Total on-balance sheet financial assets in scope of ECL requirements
(2,711 )
(392 )
(314 )
(1,715 )
(289 )
Total exposure
ECL provisions
Off-balance sheet (in scope of ECL)
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
2
Guarantees
(50 )
(15 )
(22 )
(13 )
of which: Large corporate clients
(17 )
(7 )
(6 )
(4 )
of which: SME clients
(24 )
(5 )
(15 )
(4 )
of which: Financial intermediaries and hedge funds
(1 )
(1 )
of which: Lombard
(2 )
(1 )
of which: Commodity trade finance
(1 )
(1 )
Irrevocable loan commitments
(227 )
(114 )
(77 )
(27 )
(9 )
of which: Large corporate clients
(184 )
(91 )
(72 )
(19 )
(2 )
Forward starting reverse repurchase and securities borrowing
agreements
Unconditionally revocable loan commitments
(67 )
(51 )
(16 )
of which: Real estate financing
(3 )
(5 )
of which: Large corporate clients
(15 )
(7 )
(6 )
(2 )
of which: SME clients
(31 )
(24 )
(7 )
of which: Lombard
of which: Credit cards
(9 )
(7 )
(2 )
Irrevocable committed prolongation of existing loans
(3 )
(3 )
Total off-balance sheet financial instruments and other credit lines
(347 )
(184 )
(115 )
(40 )
(9 )
Total allowances and provisions
(3,058 )
(576 )
(428 )
(1,756 )
(298 )
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Negative balances are representative of a net improvement in credit
quality since the acquisition of the respective financial instrument, which is reflected as a negative ECL allowance.
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 69
Note 8 Expected credit loss measurement (continued)
The table below provides information about the exposures subject to ECL and the ECL coverage ratio for UBS’s core
loan portfolios (i.e.
Loans and advances to customers
) and relevant off-balance sheet
exposures.
Cash and balances at central banks
,
Amounts due from banks
,
Receivables from securities financing
transactions
,
Cash collateral receivables on derivative instruments
Financial assets measured at fair value
through other comprehensive income
ECL coverage ratios are calculated by dividing ECL allowances and provisions by the gross carrying amount of the
corresponding on-balance sheet exposures or by the notional amount of the off-balance sheet exposures.
The overall coverage ratio for performing positions increased by
Compared with 31 December 2025, the coverage ratio for performing positions related to real estate lending (on-
balance sheet) was unchanged at
corporate lending (on-balance sheet) increased by
Coverage ratios for core loan portfolio
30.6.26
Gross carrying amount (USD m)
ECL coverage (bps)
On-balance sheet
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
PCI
Private clients with mortgages
Real estate financing
Total real estate lending
Large corporate clients
SME clients
Total corporate lending
Lombard
Credit cards
Commodity trade finance
Ship / aircraft financing
Consumer financing
Other loans and advances to customers
Loans to financial advisors
Total other lending
Total
1
Notional exposure (USD m)
ECL coverage (bps)
Off-balance sheet
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
PCI
Private clients with mortgages
Real estate financing
Total real estate lending
Large corporate clients
SME clients
Total corporate lending
Lombard
2
Credit cards
Commodity trade finance
Ship / aircraft financing
Consumer financing
Financial intermediaries and hedge funds
Other off-balance sheet commitments
Total other lending
Total
3
Total on- and off-balance sheet
4
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 Committed unconditionally revocable
credit lines decreased by USD
bn, primarily in Global Wealth Management and mainly driven by certain Lombard facilities becoming uncommitted either following changes to certain contractual terms in the course
of client account migrations or by a refinement of UBS’s definition of a commitment. 3 Excludes Forward starting reverse repurchase and securities borrowing agreements. 4 Includes on-balance sheet exposure,
gross and off-balance sheet exposure (notional) and the related ECL coverage ratio (bps).
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 70
Note 8 Expected credit loss measurement (continued)
Coverage ratios for core loan portfolio
31.12.25
Gross carrying amount (USD m)
ECL coverage (bps)
On-balance sheet
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
PCI
Private clients with mortgages
Real estate financing
Total real estate lending
Large corporate clients
SME clients
Total corporate lending
Lombard
Credit cards
Commodity trade finance
Ship / aircraft financing
Consumer financing
Other loans and advances to customers
Loans to financial advisors
Total other lending
Total
1
Gross exposure (USD m)
ECL coverage (bps)
Off-balance sheet
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
PCI
Private clients with mortgages
Real estate financing
Total real estate lending
Large corporate clients
SME clients
Total corporate lending
Lombard
Credit cards
Commodity trade finance
Ship / aircraft financing
Consumer financing
Financial intermediaries and hedge funds
Other off-balance sheet commitments
Total other lending
Total
2
Total on- and off-balance sheet
3
1 Includes Loans and advances to customers and Loans to financial advisors, which are presented on the balance sheet line Other financial assets measured at amortized cost. 2 Excludes Forward starting reverse
repurchase and securities borrowing agreements. 3 Includes on-balance sheet exposure, gross and off-balance sheet exposure (notional) and the related ECL coverage ratio (bps).
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 71
Note 9 Fair value measurement
a) Fair value hierarchy
The fair value hierarchy classification of financial and non-financial assets and liabilities measured at fair value is
summarized in the table below.
During the first six months of 2026, assets and liabilities that were transferred from Level 2 to Level 1, or from
Level 1 to Level 2, and were held for the entire reporting period were not material.
Determination of fair values from quoted market prices or valuation techniques
1
30.6.26
31.12.25
USD m
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 Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 72
Note 9 Fair value measurement (continued)
Determination of fair values from quoted market prices or valuation techniques (continued)
1
30.6.26
31.12.25
USD m
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: 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
Year-to-date
USD m
30.6.26
30.6.25
Reserve balance at the beginning of the period
Profit / (loss) deferred on new transactions
(Profit) / loss recognized in the income statement
(166 )
(135 )
Foreign currency translation
(2 )
Reserve balance at the end of the period
The table below summarizes other valuation adjustment reserves recognized on the balance sheet.
Other valuation adjustment reserves on the balance sheet
As of
USD m
30.6.26
31.12.25
Own credit adjustments on financial liabilities designated at fair value
1
(1,368 )
(1,665 )
of which: debt issued designated at fair value
(1,332 )
(1,681 )
of which: other financial liabilities designated at fair value
(36 )
Credit valuation adjustments
2
(24 )
(29 )
Funding and debit valuation adjustments
(70 )
(50 )
Other valuation adjustments
(742 )
(741 )
of which: liquidity
(508 )
(524 )
of which: model uncertainty
(233 )
(217 )
1 Own credit adjustments on financial liabilities designated at fair value includes amounts for TLAC notes. 2 Amount does not include reserves against defaulted counterparties.
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 73
Note 9 Fair value measurement (continued)
c) Level 3 instruments: valuation techniques and inputs
The table below presents material Level 3 assets and liabilities, together with the valuation techniques used to
measure fair value, as well as the inputs used in a given valuation technique that are considered significant as of
30 June 2026 and unobservable, and a range of values for those unobservable inputs.
The range of values represents the highest- and lowest-level inputs used in the valuation techniques. Therefore, the
range does not reflect the level of uncertainty regarding a particular input or an assessment of the reasonableness of
the Group’s estimates and assumptions, but rather the different underlying characteristics of the relevant assets and
liabilities held by the Group.
The significant unobservable inputs disclosed in the table below are consistent with those included in “Note 20 Fair
value measurement” in the “Consolidated financial statements” section of the UBS Group Annual Report 2025.
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)
30.6.26
31.12.25
USD bn
30.6.26
31.12.25
30.6.26
31.12.25
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
Investment fund units
4
Relative value to
market comparable
Net asset value
Equity instruments
4
Relative value to
market comparable
Price
Securities financing
transactions
Discounted expected
cash flows
Funding spread
basis
points
Debt issued designated at
fair value and Other
financial liabilities
designated at fair value
3
Derivative financial instruments
Interest rate
Option model
Volatility of interest rates
basis
points
Credit
Discounted expected
cash flows
Credit spreads
basis
points
Recovery rates
%
Option model
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 Securities
financing transactions and Derivative financial instruments, as this would not be meaningful. 3 Excludes securities financing transactions. Debt issued designated at fair value and Other financial liabilities 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 Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 74
Note 9 Fair value measurement (continued)
d) Level 3 instruments: sensitivity to changes in unobservable input assumptions
The table below summarizes those financial assets and liabilities classified as Level 3 for which a change in one or
more of the unobservable inputs to reflect reasonably possible alternative assumptions would change fair value
significantly, and the estimated effect thereof.
The sensitivity data shown below presents an estimation of valuation uncertainty based on reasonably possible
alternative values for Level 3 inputs at the balance sheet date and does not represent the estimated effect of stress
scenarios. Typically, these financial assets and liabilities are sensitive to a combination of inputs from Levels 1–3.
Although well-defined interdependencies may exist between Level 1 / 2 parameters and Level 3 parameters (e.g.
between interest rates, which are generally Level 1 or Level 2, and prepayments, which are generally Level 3), these
have not been incorporated in the table. Furthermore, direct interrelationships between the Level 3 parameters are
not a significant element of the valuation uncertainty.
Sensitivity of fair value measurements to changes in unobservable input assumptions
1
30.6.26
31.12.25
USD m
Favorable
changes
Unfavorable
changes
Favorable
changes
Unfavorable
changes
Loans at fair value (held for trading and not held for trading) and guarantees
2
(49 )
(67 )
Securities financing transactions
(22 )
(8 )
Auction rate securities
(4 )
Asset-backed securities
(15 )
(15 )
Equity instruments
3
(194 )
(389 )
Investment fund units
(181 )
(206 )
Loan commitments measured at FVTPL
(26 )
(25 )
Interest rate derivatives, net
(24 )
(23 )
Credit derivatives, net
(49 )
(55 )
Foreign exchange derivatives, net
(5 )
(6 )
Equity / index derivatives, net
(705 )
(570 )
Other
(119 )
(83 )
Total
(1,389 )
(1,452 )
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. 3 Sensitivity decreased
due to refinements applied in estimating valuation uncertainty.
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 2026.
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 75
Note 9 Fair value measurement (continued)
Movements of Level 3 instruments
USD bn
Balance
at the
beginning
of the
period
Net gains /
losses
included in
compre-
hensive
income
1
of which:
related to
instruments
held at the
end of the
period
Purchases
Sales
Issuances
Settlements
Transfers
into
Level 3
Transfers
out of
Level 3
Foreign
currency
translation
Balance
at the
end
of the
period
For the six months ended 30 June 2026
2
Financial assets at fair value held for
trading
(0.0 )
(0.0 )
(0.7 )
(0.4 )
(0.2 )
(0.0 )
of which: Equity instruments
(0.0 )
(0.0 )
(0.3 )
(0.0 )
(0.0 )
(0.0 )
of which: Corporate and municipal
bonds
(0.0 )
(0.0 )
(0.2 )
(0.2 )
(0.0 )
of which: Loans
(0.3 )
(0.4 )
(0.0 )
(0.0 )
Derivative financial instruments –
assets
(0.8 )
(0.7 )
(0.0 )
of which: Interest rate
(0.1 )
(0.4 )
of which: Equity / index
(0.7 )
(0.3 )
(0.0 )
of which: Credit
(0.1 )
(0.0 )
(0.0 )
(0.0 )
(0.0 )
Financial assets at fair value not held
for trading
(0.1 )
(1.0 )
(0.2 )
(0.0 )
of which: Loans
(0.5 )
(0.2 )
(0.0 )
of which: Auction rate securities
(0.0 )
(0.2 )
of which: Equity instruments
(0.0 )
(0.0 )
(0.0 )
of which: Investment fund units
(0.0 )
(0.0 )
(0.1 )
(0.0 )
(0.0 )
(0.0 )
of which: Asset-backed securities
(0.0 )
(0.0 )
(0.0 )
(0.0 )
(0.0 )
Derivative financial instruments –
liabilities
(1.5 )
(0.5 )
(0.0 )
of which: Interest rate
(0.2 )
(0.1 )
(0.0 )
of which: Equity / index
(1.3 )
(0.4 )
(0.0 )
of which: Credit
(0.0 )
(0.0 )
(0.0 )
(0.0 )
of which: Loan commitments
measured at FVTPL
(0.0 )
(0.0 )
Debt issued designated at fair value
(0.0 )
(2.3 )
(2.4 )
(0.1 )
Other financial liabilities designated at
fair value
(0.6 )
(0.0 )
(0.0 )
For the six months ended 30 June 2025
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
(0.0 )
(0.0 )
(0.0 )
(0.8 )
(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. Of the USD
bn net losses (30 June 2025: USD
bn net gains) in
net gains / losses included in comprehensive income, USD
bn net losses (30 June 2025: USD
bn net gains) are recognized in the Income statement and USD
bn net gains (30 June 2025: USD
bn net
gains) are recognized in the Statement of comprehensive income in Gains / (losses) from own credit on financial liabilities designated at fair value, before tax. 2 Total Level 3 assets as of 30 June 2026 were
USD
bn (31 December 2025: USD
bn). Total Level 3 liabilities as of 30 June 2026 were USD
bn (31 December 2025: USD
bn).
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 76
Note 9 Fair value measurement (continued)
f) Financial instruments not measured at fair value
The table below reflects the estimated fair values of financial instruments not measured at fair value. Valuation
principles applied when determining fair value estimates for financial instruments not measured at fair value are
consistent with those described in “Note 20 Fair value measurement” in the “Consolidated financial statements”
section of the UBS Group Annual Report 2025.
Financial instruments not measured at fair value
30.6.26
31.12.25
USD bn
Carrying amount
Fair value
Carrying amount
Fair value
Assets
Cash and balances at central banks
Amounts due from banks
Receivables from securities financing transactions measured at amortized cost
Cash collateral receivables on derivative instruments
Loans and advances to customers
Other financial assets measured at amortized cost
Liabilities
Amounts due to banks
Payables from securities financing transactions measured at amortized cost
Cash collateral payables on derivative instruments
Customer deposits
Debt issued measured at amortized cost
Other financial liabilities measured at amortized cost
1
1 Excludes lease liabilities.
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 77
Note 10
Derivative instruments
a) Derivative instruments
As of 30.6.26, USD bn
Derivative
financial
assets
Derivative
financial
liabilities
Notional amounts
1
Derivative financial instruments
Interest rate
Foreign exchange
Equity / index
Credit derivatives
Commodities
Others
2
Total derivative financial instruments, based on netting under IFRS Accounting Standards
3
Further netting potential not recognized on the balance sheet
4
(168.8 )
(180.3 )
of which: netting of recognized financial liabilities / assets
(142.0 )
(142.0 )
of which: netting with collateral received / pledged
(26.7 )
(38.3 )
Total derivative financial instruments, after consideration of further netting potential
As of 31.12.25, USD bn
Derivative financial instruments
Interest rate
Foreign exchange
Equity / index
Credit derivatives
Commodities
Others
2
Total derivative financial instruments, based on netting under IFRS Accounting Standards
3
Further netting potential not recognized on the balance sheet
4
(132.2 )
(139.3 )
of which: netting of recognized financial liabilities / assets
(110.3 )
(110.3 )
of which: netting with collateral received / pledged
(21.9 )
(29.0 )
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. Includes other notional values related 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. 2 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. 3 Financial assets and liabilities are presented net on the balance sheet if UBS has the
unconditional and legally enforceable right to offset the recognized amounts, both in the normal course of business and in the event of default, bankruptcy or insolvency of UBS or its counterparties, and intends either
to settle on a net basis or to realize the asset and settle the liability simultaneously. Refer to “Note 21 Offsetting financial assets and financial liabilities” in the “Consolidated financial statements” section of the UBS
Group Annual Report 2025 for more information. 4 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 21 Offsetting financial assets and financial liabilities” in the “Consolidated financial statements” section of the UBS Group Annual Report 2025 for more information.
b) Cash collateral on derivative instruments
USD bn
Receivables
30.6.26
Payables
30.6.26
Receivables
31.12.25
Payables
31.12.25
Cash collateral on derivative instruments, based on netting under IFRS Accounting Standards
1
Further netting potential not recognized on the balance sheet
2
(31.5 )
(18.8 )
(25.8 )
(17.0 )
of which: netting of recognized financial liabilities / assets
(29.7 )
(17.0 )
(24.1 )
(15.3 )
of which: netting with collateral received / pledged
(1.8 )
(1.8 )
(1.7 )
(1.7 )
Cash collateral on derivative instruments, after consideration of further netting potential
1 Financial assets and liabilities are presented net on the balance sheet if UBS has the unconditional and legally enforceable right to offset the recognized amounts, both in the normal course of business and in the
event of default, bankruptcy or insolvency of UBS or its counterparties, and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. 2 Reflects the netting potential in
accordance with enforceable master netting and similar arrangements where not all criteria for a net presentation on the balance sheet have been met. Refer to “Note 21 Offsetting financial assets and financial
liabilities” in the “Consolidated financial statements” section of the UBS Group Annual Report 2025 for more information.
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 78
Note
11
Other assets and liabilities
a) Other financial assets measured at amortized cost
USD m
30.6.26
31.12.25
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
30.6.26
31.12.25
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
Other
Total other non-financial assets
1 Refer to Note 14 for more information.
c) Other financial liabilities measured at amortized cost
USD m
30.6.26
31.12.25
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
30.6.26
31.12.25
Financial liabilities related to unit-linked investment contracts
Securities financing transactions
Over-the-counter debt instruments and other
Total other financial liabilities designated at fair value
e) Other non-financial liabilities
USD m
30.6.26
31.12.25
Compensation-related liabilities
of which: net defined benefit liability
Current tax liabilities
Deferred tax liabilities
VAT, withholding tax and other tax payables
Deferred income
Other
Total other non-financial liabilities
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 79
Note
12
Debt issued designated at fair value
Debt Issued designated at Fair Value
USD m
30.6.26
31.12.25
Equity-linked
Rates-linked
Fixed-rate
Credit-linked
Commodity-linked
Other
of which: debt that contributes to total loss-absorbing capacity
Total debt issued designated at fair value
1 Includes investment fund unit-linked instruments issued. 2 As of 30 June 2026,
% of Total debt issued designated at fair value was unsecured (31 December 2025:
%).
Note
13
Debt issued measured at amortized cost
Debt issued measured at amortized cost
USD m
30.6.26
31.12.25
Short-term debt
Senior unsecured debt
of which: contributes to total loss-absorbing capacity
Covered bonds
Subordinated debt
of which: eligible as high-trigger loss-absorbing additional tier 1 capital instruments
Debt issued through the Swiss central mortgage institutions
Other long-term debt
Long-term debt
Total debt issued measured at amortized cost
4,5
1 Predominantly consists of debt with an original contractual maturity of less than one year and mainly includes certificates of deposit and commercial paper. 2 Includes USD
bn (31 December 2025: USD
bn)
of contingent capital instruments that are subject to equity conversion upon the occurrence of a contractual trigger event or a contractual viability event and USD
bn (31 December 2025: USD
bn) of contingent
capital instruments that are subject to write-down upon the occurrence of a contractual trigger event or a contractual viability event, in each case without prejudice to FINMA's statutory powers (refer to “Note 1
Summary of material accounting policies” in the “Consolidated financial statements” section of the UBS Group Annual Report 2025 for more information). The aforementioned contingent capital instruments subject
to write-down are financial instruments with contractual terms that can change the timing and amount of contractual cash flows and are required to be disclosed by new disclosure requirements in IFRS 7, effective
from 1 January 2026 (refer to Note 1). 3 Debt with an original contractual maturity greater than or equal to one year. The classification of debt issued into short-term and long-term does not consider any early
redemption features. 4 Net of bifurcated embedded derivatives, the fair value of which was not material for the periods presented. 5 Except for Covered bonds (
% secured; 31 December 2025:
% secured),
Debt issued through the Swiss central mortgage institutions (
% secured; 31 December 2025:
% secured) and Other long-term debt (
% secured; 31 December 2025:
% secured),
% of the balance
was unsecured as of 30 June 2026 (31 December 2025:
% unsecured).
UBS Group AG, together with UBS AG, has fully and unconditionally guaranteed the outstanding US Securities and
Exchange Commission (SEC)-registered debt securities of UBS Americas Inc., which as of 30 June 2026 consisted
of a single outstanding issuance with a notional amount of USD
m maturing in July 2032. UBS Americas Inc. is
an indirect, wholly owned subsidiary of UBS Group AG and became the issuer of the guaranteed securities upon
the merger of Credit Suisse (USA) LLC into UBS Americas Inc. on 2 February 2026. UBS Group AG assumed Credit
Suisse Group AG’s obligations under the guarantee as of 12 June 2023 (i.e. the date on which the UBS Group
completed the acquisition of the Credit Suisse Group). In accordance with the guarantee, if UBS Americas Inc. 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 UBS Americas Inc.
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 80
Note 14 Provisions and contingent liabilities
a) Provisions and contingent liabilities
The table below presents an overview of total provisions and contingent liabilities.
Overview of total provisions and contingent liabilities
USD m
30.6.26
31.12.25
Provisions related to expected credit losses (IFRS 9,
Financial Instruments
)
1
Provisions related to Credit Suisse loan commitments (IFRS 3,
Business Combinations
)
Provisions related to litigation, regulatory and similar matters (IAS 37,
Provisions, Contingent Liabilities and Contingent Assets
)
Acquisition-related contingent liabilities resulting from litigation, regulatory and similar matters (IFRS 3,
Business Combinations
)
Restructuring, real-estate and other provisions (IAS 37,
Provisions, Contingent Liabilities and Contingent Assets
)
Total provisions and contingent liabilities
1 Refer to Note 8 for more information about ECL provisions recognized for off-balance sheet financial instruments and credit lines.
The table below presents additional information for provisions under IAS 37,
Provisions, Contingent Liabilities and
Contingent Assets
.
Additional information for provisions under IAS 37,
Provisions, Contingent Liabilities and Contingent Assets
USD m
Litigation,
regulatory and
similar matters
1
Restructuring
2
Real estate
3
Other
4
Total
Balance as of 31 December 2025
Increase in provisions recognized in the income statement
Release of provisions recognized in the income statement
(87 )
(76 )
(12 )
(36 )
(212 )
Provisions used in conformity with designated purpose
(454 )
(587 )
(8 )
(55 )
(1,104 )
Reclassifications
5
Foreign currency translation and other movements
(9 )
(15 )
(4 )
Balance as of 30 June 2026
1 Consists of provisions for losses resulting from legal, liability and compliance risks. 2 Mainly includes USD
m of personnel-related restructuring provisions as of 30 June 2026 (31 December 2025: USD
m),
USD
m of provisions for onerous contracts related to real estate as of 30 June 2026 (31 December 2025: USD
m) and USD
m of restructuring provisions for onerous contracts related to technology as of
30 June 2026 (31 December 2025: USD
m). 3 Mainly includes provisions for reinstatement costs with respect to leased properties. 4 Mainly includes provisions in relation to employee benefits, VAT, onerous
contracts related to technology, and operational risks. 5 Includes reclassifications between IFRS 3 contingent liabilities and IAS 37 provisions.
Information about provisions and contingent liabilities with respect to litigation, regulatory and similar matters, as
a class, is included in part b). There are no material contingent liabilities associated with the other classes of
provisions.
b) Litigation, regulatory and similar matters
The Group operates in a legal and regulatory environment that exposes it to significant litigation and similar risks
arising from disputes and regulatory proceedings. As a result, UBS (which for purposes of this Note may refer to
UBS Group AG and/or one or more of its subsidiaries, as applicable) is involved in various disputes and legal
proceedings, including litigation, arbitration, and regulatory and criminal investigations.
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 81
Note 14 Provisions and contingent liabilities (continued)
Such matters are subject to many uncertainties, and the outcome and the timing of resolution are often difficult to
predict, particularly in the earlier stages of a case. There are also situations where the Group may enter into a
settlement agreement. This may occur in order to avoid the expense, management distraction or reputational
implications of continuing to contest liability, even for those matters for which the Group believes it should be
exonerated. The uncertainties inherent in all such matters affect the amount and timing of any potential outflows
for both matters with respect to which provisions have been established and other contingent liabilities. The Group
makes provisions for such matters brought against it when, in the opinion of management after seeking legal
advice, it is more likely than not that the Group has a present legal or constructive obligation as a result of past
events, it is probable that an outflow of resources will be required, and the amount can be reliably estimated. Where
these factors are otherwise satisfied, a provision may be established for claims that have not yet been asserted
against the Group, but are nevertheless expected to be, based on the Group’s experience with similar asserted
claims. If any of those conditions is not met, such matters result in contingent liabilities. If the amount of an
obligation cannot be reliably estimated, a liability exists that is not recognized even if an outflow of resources is
probable. Accordingly, no provision is established even if the potential outflow of resources with respect to such
matters could be significant. Developments relating to a matter that occur after the relevant reporting period, but
prior to the issuance of the consolidated 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 consolidated financial statements for the reporting period.
Specific litigation, regulatory and other matters are described below, including all such matters that management
considers to be material and others that management believes to be of significance to the Group due to potential
financial, reputational and other effects. The amount of damages claimed, the size of a transaction or other
information is provided where available and appropriate in order to assist users in considering the magnitude of
potential exposures. For additional disclosures relating to risks that may result in litigation, regulatory or similar
matters disclosed in this section, refer to the “Risk factors” section of the UBS Group Annual Report 2025.
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 part a) above. UBS provides below an estimate of the aggregate liability for its litigation,
regulatory and similar matters as a class of contingent liabilities. Estimates of contingent liabilities are inherently
imprecise and uncertain as these estimates require UBS to make speculative legal assessments as to claims and
proceedings that involve unique fact patterns or novel legal theories, that have not yet been initiated or are at early
stages of adjudication, or as to which alleged damages have not been quantified by the claimants. Taking into
account these uncertainties and the other factors described herein, UBS estimates the future losses that could arise
from litigation, regulatory and similar matters disclosed below for which an estimate is possible, that are not covered
by existing provisions (including acquisition-related contingent liabilities established under IFRS 3 in connection with
the acquisition of Credit Suisse), are in the range of USD
bn to USD
bn.
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 82
Note 14 Provisions and contingent liabilities (continued)
Litigation, regulatory and similar matters may also result in non-monetary penalties and consequences. Certain
resolutions or convictions 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.
In May 2025, Credit Suisse Services AG entered into a plea agreement with the DOJ relating to legacy Credit Suisse
accounts booked in Credit Suisse’s Swiss booking center and a non-prosecution agreement relating to legacy Credit
Suisse accounts booked in Credit Suisse’s Singapore booking center. These agreements include ongoing obligations
of UBS to provide information and cooperate with the DOJ.
The amounts shown in the table below reflect the provisions recorded under IFRS Accounting Standards. In
connection with the acquisition of Credit Suisse, UBS Group AG additionally has reflected in its purchase accounting
under IFRS 3 a valuation adjustment reflecting an estimate of outflows relating to contingent liabilities for all present
obligations included in the scope of the acquisition at fair value upon closing, even if it is not probable that the
contingent liability will result in an outflow of resources, significantly decreasing the recognition threshold for
litigation liabilities beyond those that generally apply under IFRS Accounting Standards. The IFRS 3 acquisition-
related contingent liabilities of USD
bn at 30 June 2026 reflect a decrease of USD
bn from 31 December
2025 mainly as a result of reclassifications to provisions under IAS 37 and releases upon the resolution of the
relevant matters.
Provisions for litigation, regulatory and similar matters, by business division and in Group Items
1
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core
and Legacy
2
Group Items
UBS Group
Balance as of 31 December 2025
Increase in provisions recognized in the income statement
Release of provisions recognized in the income statement
(46 )
(6 )
(1 )
(34 )
(87 )
Provisions used in conformity with designated purpose
(106 )
(7 )
(265 )
(76 )
(454 )
Reclassifications
3
(2 )
Foreign currency translation and other movements
(1 )
(6 )
(2 )
(9 )
Balance as of 30 June 2026
1 Provisions, if any, for the matters described in items 1 and 7 of this Note are recorded in Global Wealth Management. Provisions, if any, for the matters described in items 3, 4, 5, 6 and 8 of this Note are recorded
in Non-core and Legacy. Provisions, if any, for the matters described in item 2 of this Note are allocated between the Investment Bank, Non-core and Legacy, and Group Items. 2 Includes a provision for the estimated
costs of UBS’s ongoing obligations with the US Department of Justice as described in this Note. 3 Includes reclassifications between IFRS 3 contingent liabilities and IAS 37 provisions.
1. 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 were 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 served 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 decided in favor of UBS or dismissed for
want of prosecution.
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 83
Note 14 Provisions and contingent liabilities (continued)
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.
2. Foreign exchange, LIBOR and benchmark rates, and other trading practices
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 the defendant banks. While many of these cases have concluded, UBS and Credit Suisse
continue to defend against several remaining matters. In one such case, Credit Suisse and UBS have entered into
agreements to settle all claims in a putative class action in Israel. Credit Suisse’s settlement received court approval
and is final. UBS’s settlement remains subject to court approval.
LIBOR and other benchmark-related civil litigation:
in the federal courts in New York against UBS and numerous other banks on behalf of parties who transacted in
certain interest rate benchmark-based derivatives. Also pending in the US and in other jurisdictions are a number
of other actions asserting losses related to various products whose interest rates were linked to LIBOR and other
benchmarks, including adjustable rate mortgages, preferred and debt securities, bonds pledged as collateral, loans,
depository accounts, investments and other interest-bearing instruments. The complaints alleged 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. The CHF and
GBP LIBOR actions have concluded.
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) relating to various transactions that referenced USD LIBOR. Following
various rulings, one class action with respect to transactions in over-the-counter instruments and several actions
brought by individual plaintiffs proceeded. In September 2025, the district court granted defendants’ motion for
summary judgment as to all remaining actions. Plaintiffs have appealed.
The Yen LIBOR/Euroyen TIBOR and EURIBOR actions have been dismissed. The plaintiffs have appealed the
dismissals. In August 2025, the Second Circuit affirmed in part and reversed in part the district court’s dismissal of
the complaint in the EURIBOR action, returning the action to the district court.
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. Defendants filed a motion for judgment on the pleadings in December
2025.
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 84
Note 14 Provisions and contingent liabilities (continued)
With respect to additional matters and jurisdictions not encompassed by the settlements and orders referred to
above, UBS’s balance sheet at 30 June 2026 reflected a provision in an amount that UBS believes to be appropriate
under the applicable accounting standard. As in the case of other matters for which we have established provisions,
the future outflow of resources in respect of such matters cannot be determined with certainty based on currently
available information and accordingly may ultimately prove to be substantially greater (or may be less) than the
provision that we have recognized.
3. Mortgage-related matters
Credit Suisse affiliates are defendants in various civil litigation matters related to their roles as issuer, sponsor,
depositor, underwriter and/or servicer of RMBS transactions. These cases currently include repurchase actions by
RMBS trusts and/or trustees, in which plaintiffs generally allege breached representations and warranties in respect
of mortgage loans and failure to repurchase such mortgage loans as required under the applicable agreements.
The amounts disclosed below do not reflect actual realized plaintiff losses to date. Unless otherwise stated, these
amounts reflect the original unpaid principal balance amounts as alleged in these actions.
DLJ Mortgage Capital, Inc. (DLJ) is a defendant in New York State court in four 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 trial court granted in part DLJ’s motion to dismiss, dismissing with prejudice all
notice-based claims. On appeal, the appellate court modified the trial court’s dismissal in April 2025 to reinstate
certain of plaintiff’s notice-based claims and otherwise dismissed plaintiff’s claims. Plaintiff has sought leave from
the New York Court of Appeals to further appeal the dismissal of certain of its claims. 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
2007-2 alleges damages of not less than USD
m. An action by CSMC Asset-Backed Trust 2007-NC1 does not
allege a damages amount.
4. ATA litigation
Since November 2014, a series of lawsuits have been filed against a number of banks, including Credit Suisse, in
the US District Court for the Eastern District of New York (EDNY) and the SDNY alleging claims under the United
States Anti-Terrorism Act (ATA) and the Justice Against Sponsors of Terrorism Act. The plaintiffs in each of these
lawsuits are, or are relatives of, victims of various terrorist attacks in Iraq and allege a conspiracy and/or aiding and
abetting based on allegations that various international financial institutions, including the defendants, agreed to
alter, falsify or omit information from payment messages that involved Iranian parties for the express purpose of
concealing the Iranian parties’ financial activities and transactions from detection by US authorities. The lawsuits
allege that this conduct has made it possible for Iran to transfer funds to Hezbollah and other terrorist organizations
actively engaged in harming US military personnel and civilians. In January 2023, the Second Circuit affirmed a
September 2019 ruling by the EDNY granting defendants’ motion to dismiss the first filed lawsuit. In October 2023,
the US Supreme Court denied plaintiffs’ petition for a writ of certiorari, and in September 2025 the EDNY denied
plaintiffs’ motion to vacate the judgment; the matter has concluded. Of the other seven cases, five are stayed and
the EDNY dismissed two of these cases in April 2026; the dismissals may be appealed by plaintiffs.
5. Customer account matters
Several clients have alleged that a former relationship manager in Switzerland exceeded his investment authority,
resulting in excessive concentrations of certain exposures and investment losses. Following investigations and
criminal complaints, in February 2018, the former relationship manager was sentenced to five years in prison by
the Geneva criminal court and ordered to pay damages of approximately USD
m, a decision upheld on appeal.
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 2024 in a now-concluded civil lawsuit, Credit Suisse Trust Limited was ordered to pay USD
m,
including interest and costs.
UBS Group 30 June 2026 Interim Report |
Consolidated financial statements | Notes to the UBS Group AG interim consolidated financial statements (unaudited) 85
Note 14 Provisions and contingent liabilities (continued)
In Bermuda, in November 2025, the Judicial Committee of the Privy Council issued its final judgment on the appeal,
denying Credit Suisse Life (Bermuda) Ltd.’s appeal on liability, but partially granting its appeal concerning the
quantum of damages and directing the parties to recalculate damages.
In Switzerland, certain civil lawsuits have been commenced against Credit Suisse AG and UBS AG (as the successor
of Credit Suisse AG) in the Court of First Instance of Geneva since March 2023.
6. ETN-related 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 assert 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.
7. Credit Suisse anti-money laundering matters
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 Chamber of Appeals of the
Swiss Federal Criminal Court (Chamber of Appeals). Following the merger of UBS AG and Credit Suisse AG, UBS AG
confirmed the appeal. In November 2024, the Chamber of Appeals acquitted UBS AG and annulled the fine and
compensatory claim ordered by the first instance court. Subsequently, the Office of the Attorney General has
appealed the judgment to the Swiss Federal Supreme Court. UBS has also appealed, limited to the issue of whether
a successor entity by merger can be criminally liable for acts of the predecessor entity. In July 2025, the Swiss Federal
Supreme Court remanded the case back to the Chamber of Appeals for a full and reasoned judgment. In March
2026, the Chamber of Appeals issued a judgment again acquitting UBS AG. This judgment may be appealed by
the parties to the Swiss Federal Supreme Court. Separately, in November 2025, the Swiss Office of the Attorney
General filed criminal charges against UBS Group and UBS AG, as the successors to Credit Suisse Group AG and
Credit Suisse AG, respectively, alleging that Credit Suisse failed to maintain appropriate controls to detect and
prevent money laundering in connection with certain payments from accounts at Credit Suisse by parties associated
with Mozambique state enterprises for which Credit Suisse arranged loan financing between 2013 and 2016. In
April 2026, the court dismissed the proceedings, finding criminal liability could not be transferred from Credit Suisse
Group AG and Credit Suisse AG to UBS Group AG and UBS AG. The Attorney General has appealed.
8. Credit Suisse financial disclosures
Credit Suisse Group AG and certain directors, officers and executives have been named in securities class action
complaints pending in the SDNY. These complaints, filed since 2023 on behalf of purchasers of Credit Suisse shares,
additional tier 1 capital notes, and other securities, allege that defendants made misleading statements regarding:
(i) customer outflows in late 2022 and early 2023; (ii) the adequacy of Credit Suisse’s financial reporting controls;
and (iii) the adequacy of Credit Suisse’s risk management processes, and include allegations relating to Credit Suisse
Group AG’s merger with UBS Group AG. As of November 2025, the SDNY certified classes in two cases.
Credit Suisse has received requests for documents and information from regulatory and governmental agencies in
connection with inquiries, investigations and/or actions relating to these matters, as well as for other statements
regarding Credit Suisse’s financial condition, including from the SEC, the DOJ and FINMA. UBS is cooperating with
the authorities in these matters.
UBS Group 30 June 2026 Interim Report |
Significant regulated subsidiary and sub-group information 86
Significant regulated subsidiary
and sub-group information
Unaudited
Financial and regulatory key figures for our significant regulated subsidiaries and sub-groups
UBS AG
(consolidated)
UBS AG
(standalone)
UBS Switzerland AG
(standalone)
UBS Europe SE
(consolidated)
UBS Americas
Holding LLC
(consolidated)
All values in million, except where indicated
USD
USD
CHF
EUR
USD
Financial and regulatory requirements
IFRS Accounting Standards
Swiss SRB rules
IFRS Accounting
Standards
Swiss SRB rules
IFRS Accounting
Standards
Swiss SRB rules
IFRS Accounting
Standards
EU regulatory rules
US GAAP
US Basel III rules
As of or for the quarter ended
30.6.26
31.3.26
30.6.26
31.3.26
30.6.26
31.3.26
30.6.26
31.3.26
1
30.6.26
31.3.26
Financial information
2
Income statement
Total operating income
3
13,347
13,966
8,146
4,342
3,163
3,213
352
361
4,619
4,645
Total operating expenses
10,431
10,780
3,169
3,309
2,311
2,338
299
295
4,098
4,226
Operating profit / (loss) before tax
2,915
3,186
4,977
1,033
853
875
53
66
520
419
Net profit / (loss)
2,224
2,514
4,781
926
711
755
38
46
302
343
Balance sheet
Total assets
1,707,065
1,687,883
974,408
970,331
543,632
538,453
58,473
62,506
214,744
214,188
Total liabilities
1,618,463
1,596,162
888,582
884,022
520,244
513,774
53,985
58,149
189,781
188,517
Total equity
88,602
91,722
85,826
86,309
23,388
24,679
4,487
4,357
24,963
25,671
Capital
4
Common equity tier 1 capital
3,040
3,097
13,406
14,021
Additional tier 1 capital
900
600
2,842
2,834
Total going concern capital / Tier 1 capital
3,940
3,697
16,248
16,855
Tier 2 capital
216
210
Total capital
3,940
3,697
16,464
17,064
Total gone concern loss-absorbing capacity
5
5
5
5
2,513
6
2,510
6
7,800
7
7,800
7
Total loss-absorbing capacity
6,453
6,207
24,048
7
24,655
7
Risk-weighted assets and leverage
ratio denominator
4
Risk-weighted assets
15,992
16,572
81,043
77,052
Leverage ratio denominator
60,274
64,032
203,926
199,896
Supplementary leverage ratio denominator
241,737
227,971
Capital and leverage ratios (%)
4
Common equity tier 1 capital ratio
8
Going concern capital ratio / Tier 1 capital ratio
Total capital ratio
Total loss-absorbing capacity ratio
Tier 1 leverage ratio
Supplementary tier 1 leverage ratio
Going concern leverage ratio
Total loss-absorbing capacity leverage ratio
Gone concern capital coverage ratio
Liquidity coverage ratio
4
High-quality liquid assets (bn)
342.0
334.1
154.5
155.8
117.1
110.5
21.8
21.3
30.6
28.7
Net cash outflows (bn)
198.4
193.9
71.3
67.4
87.3
84.4
16.0
15.5
24.7
23.7
Liquidity coverage ratio (%)
172.5
172.4
216.9
9
231.2
134.2
10
131.0
136.6
137.5
124.0
120.9
Net stable funding ratio
4
Total available stable funding (bn)
892.7
887.3
406.9
397.5
372.7
367.8
19.3
21.1
105.1
102.6
Total required stable funding (bn)
778.4
764.3
448.0
434.5
300.1
295.9
15.8
15.6
80.9
81.2
Net stable funding ratio (%)
114.7
116.1
90.8
11
91.5
124.2
11
124.3
122.7
135.2
129.9
126.4
1 Comparative figures have been restated to align with the regulatory reports as submitted to the European Central Bank. 2 The financial information disclosed does not represent a full set of financial statements
under the respective GAAP / IFRS Accounting Standards. 3 The total operating income includes credit loss expense or release. 4 Refer to the UBS Group and significant regulated subsidiaries and sub-groups
30 June 2026 Pillar 3 Report, which will be available as of 14 August 2026 under “Pillar 3 disclosures” at ubs.com/investors, for more information. 5 Includes an add-back of 45% of unrealized gains from financial
assets measured at fair value through other comprehensive income. Such gains do not qualify as CET1 capital, but 45% of these gains can be recognized as gone concern capital. 6 Consists of positions that meet
the conditions laid down in Art. 72a–b of the Capital Requirements Regulation II with regard to contractual, structural or legal subordination. 7 Consists of eligible long-term debt that meets the conditions specified
in 12 CFR § 252.162 of the final total loss-absorbing capacity (TLAC) rules. TLAC is the sum of tier 1 capital and eligible long-term debt. 8 On a standalone basis as of 30 June 2026, UBS AG’s phase-in CET1 capital
ratio was 14.9%, based on risk weights of 240% and 360% for Swiss and foreign participations, respectively. As per current rules, these risk weights will increase to 250% and 400% for Swiss and foreign
participations, respectively, in a phased manner until 1 January 2028, contributing to UBS AG’s fully applied CET1 capital ratio of 14.4%. 9 In the second quarter of 2026, the liquidity coverage ratio (the LCR) of
UBS AG was 216.9%, remaining above the prudential requirement communicated by FINMA. 10 In the second quarter of 2026, the LCR of UBS Switzerland AG, which is a Swiss SRB, was 134.2%, remaining above
the prudential requirement communicated by FINMA in connection with the Swiss Emergency Plan. 11 In accordance with Art. 17h para. 3 and 4 of the Liquidity Ordinance, UBS AG standalone is required to maintain
a minimum NSFR of at least 80% without taking into account excess funding of UBS Switzerland AG and 100% after taking into account such excess funding.
UBS Group 30 June 2026 Interim Report |
Significant regulated subsidiary and sub-group information 87
UBS Group AG is a holding company and conducts substantially all of its operations through UBS AG and
subsidiaries thereof. UBS Group AG and UBS AG have contributed a significant portion of their respective capital
to, and provide substantial liquidity to, such subsidiaries. Many of these subsidiaries are subject to regulations
requiring compliance with minimum capital, liquidity and similar requirements. The tables in this section summarize
the regulatory capital components and capital ratios of our significant regulated subsidiaries and sub-groups
determined under the regulatory framework of the home jurisdiction of each subsidiary or sub-group.
Supervisory authorities generally have discretion to impose higher requirements or to otherwise limit the activities
of subsidiaries. Supervisory authorities also may require entities to measure capital and leverage ratios on a stressed
basis and may limit the ability of an entity to engage in new activities or take capital actions based on the results of
those tests.
Additional information about the above entities is provided in the UBS Group and significant regulated subsidiaries
and sub-groups 30 June 2026 Pillar 3 Report, which will be available as of 14 August 2026 under “Pillar 3
disclosures” at
ubs.com/investors
.
UBS Group 30 June 2026 Interim Report |
Appendix 88
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. The table below indicates where an APM also qualifies as a non-GAAP measure as
defined by US Securities and Exchange Commission (SEC) regulations. A definition of each APM, and non-GAAP
measure as applicable, the method used to calculate it and the information content are presented in alphabetical
order in the table below.
APM / non-GAAP label
Calculation
Information content / usefulness
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 / income ratio (underlying) (%)
(non-GAAP measure)
Calculated as operating expenses (underlying) (as
defined below) divided by total revenues (underlying)
(as defined below).
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.
Cost of credit risk (bps)
Calculated as total credit loss expense / (release)
(annualized for reporting periods shorter than
12 months) divided by the average balance of lending
assets for the reporting period, expressed in basis
points. Lending assets include the gross amounts of
Amounts due from banks and Loans and advances to
customers.
This measure provides information about the total
credit loss expense / (release) incurred in relation to
the average balance of gross lending assets for the
period.
Credit-impaired lending assets as a
percentage of total lending assets,
gross (%)
Calculated as credit-impaired lending assets divided
by total lending assets. Lending assets includes the
gross amounts of Amounts due from banks and
Loans and advances to customers. Credit-impaired
lending assets refers to the sum of stage 3 and
purchased credit-impaired positions.
This measure provides information about the
proportion of credit-impaired lending assets in the
overall portfolio of gross lending assets.
Credit-impaired loan portfolio as a
percentage of total loan portfolio,
gross (%)
– Global Wealth Management,
Personal & Corporate Banking
Calculated as credit-impaired loan portfolio divided by
total gross loan portfolio.
This measure provides information about the
proportion of the credit-impaired loan portfolio in the
total gross loan portfolio.
Customer deposit volumes (USD)
– Global Wealth Management
(non-GAAP measure)
Calculated as the sum of customer deposits and
brokerage payables.
This measure provides information about the volume
of customer deposits in Global Wealth Management.
Fee-generating assets (USD)
– Global Wealth Management
Calculated as the sum of discretionary and non-
discretionary wealth management portfolios
(mandate volume) and assets where generated
revenues are predominantly of a recurring nature, i.e.
mainly investment, mutual, hedge and private-market
funds where we have a distribution agreement,
including client commitments into closed-ended
private-market funds from the date that recurring
fees are charged. Assets related to our Global
Financial Intermediaries business are excluded, as are
assets of sanctioned clients.
This measure provides information about the volume
of invested assets that create a revenue stream,
whether as a result of the nature of the contractual
relationship with clients or through the fee structure
of the asset. An increase in the level of fee-generating
assets results in an increase in the associated revenue
stream. Assets of sanctioned clients are excluded from
fee-generating assets.
Gross margin on invested assets (bps)
– Asset Management
Calculated as total revenues (annualized for reporting
periods shorter than 12 months) divided by average
invested assets.
This measure provides information about the total
revenues of the business in relation to invested assets.
UBS Group 30 June 2026 Interim Report |
Appendix 89
APM / non-GAAP label
Calculation
Information content / usefulness
Integration-related expenses (USD)
(non-GAAP measure)
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.
Invested assets (USD and CHF)
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.
Loan volumes (USD)
– Global Wealth Management
(non-GAAP measure)
Calculated as loans and advances to customers and
brokerage receivables, gross of expected credit losses.
This measure provides information about the loan
volumes in Global Wealth Management.
Net interest income (underlying) (USD)
– Global Wealth Management,
Personal & Corporate Banking
(non-GAAP measure)
Calculated by adjusting net interest income as
reported in accordance with IFRS Accounting
Standards for items that management believes are
not representative of the underlying performance of
the businesses.
This measure provides information about the amount
of net interest income, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Net interest margin (bps)
– Personal & Corporate Banking
Calculated as net interest income (annualized for
reporting periods shorter than 12 months) divided by
average loans.
This measure provides information about the
profitability of the business by calculating the
difference between the interest charged for lending
and the associated cost of funding, relative to loan
value.
Net management fees (USD)
– Asset Management
(non-GAAP measure)
Calculated as the total of 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.
This measure provides information about the amount
of net management fees earned through managing
client assets.
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 cease offering
services in a particular location, or those resulting
from new externally imposed regulations.
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 deposit volumes (USD)
– Global Wealth Management
(non-GAAP measure)
Calculated as the net amount of inflows and outflows
of deposit volumes 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 cease offering
services in a particular location, or those resulting
from new externally imposed regulations.
This measure provides information about the
development of deposits during a specific period as a
result of net new deposit flows.
UBS Group 30 June 2026 Interim Report |
Appendix 90
APM / non-GAAP label
Calculation
Information content / usefulness
Net new deposits (USD and CHF)
– Personal & Corporate Banking
Calculated as the net amount of inflows and outflows
of customer deposits recorded during a specific
period. 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 cease offering services in a
particular location, or those resulting from new
externally imposed regulations.
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
cease offering services in a particular location, or
those resulting from new externally imposed
regulations.
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 cease offering services in a particular
location, or those resulting from new externally
imposed regulations.
Net new loan volumes (USD)
– Global Wealth Management
(non-GAAP measure)
Calculated as the net amount of originations,
drawdowns and repayments of loan volumes
recorded during a specific period. Loan volumes
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 cease offering services in a particular
location, or those resulting from new externally
imposed regulations.
This measure provides information about the
development of loan volumes during a specific period
as a result of net new loan volumes.
Net new loans (USD and CHF)
– Personal & Corporate Banking
Calculated as the net amount of originations,
drawdowns and repayments of loans and advances to
customers recorded during a specific period. 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 cease offering services in a
particular location, or those resulting from new
externally imposed regulations.
This measure provides information about the
development of loans during a specific period as a
result of net new loans.
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 cease offering
services in a particular location, or those resulting
from new externally imposed regulations. 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)
(non-GAAP measure)
Calculated by adjusting operating expenses as
reported in accordance with IFRS Accounting
Standards for items that management believes are
not representative of the underlying performance of
the businesses.
This measure provides information about the amount
of operating expenses, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Operating profit / (loss) before tax
(underlying) (USD)
(non-GAAP measure)
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.
Other revenues (USD and CHF)
– Global Wealth Management,
Personal & Corporate Banking
(non-GAAP measure)
Calculated by including other income as reported in
accordance with IFRS Accounting Standards, profit or
loss related to non-client derivative instruments and
profit or loss related to equity investments measured
at fair value through profit or loss.
This measure provides information about residual
business division revenues, after deduction of net
interest income, recurring net fee income and
transaction-based income.
UBS Group 30 June 2026 Interim Report |
Appendix 91
APM / non-GAAP label
Calculation
Information content / usefulness
Other revenues (underlying)
(USD and CHF)
– Global Wealth Management,
Personal & Corporate Banking
(non-GAAP measure)
Calculated by adjusting other revenues for items that
management believes are not representative of the
underlying performance of the businesses.
This measure provides information about the amount
of other revenues, 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
(non-GAAP measure)
Calculated as the change in underlying net profit
before tax attributable to shareholders from
continuing operations between current and
comparison periods divided by underlying net profit
before tax attributable to shareholders from
continuing operations of the comparison period.
Underlying net profit before tax attributable to
shareholders from continuing operations excludes
items that management believes are not
representative of the underlying performance of the
businesses and also excludes related tax impact.
This measure provides information about pre-tax
profit growth since the comparison period, while
excluding items that management believes are not
representative of the underlying performance of the
businesses.
Recurring net fee income
(USD and CHF)
– Personal & Corporate Banking
(non-GAAP measure)
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 (%)
– Global Wealth Management,
Personal & Corporate Banking,
Asset Management,
the Investment Bank
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 attributed equity
(underlying) (%)
(non-GAAP measure)
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.
Return on common equity tier 1 capital
(%)
Calculated as net profit attributable to shareholders
(annualized for reporting periods shorter than
12 months) divided by average common equity tier 1
capital.
This measure provides information about the
profitability of the business in relation to common
equity tier 1 capital.
Return on common equity tier 1 capital
(underlying) (%)
(non-GAAP measure)
Calculated as underlying net profit attributable to
shareholders (annualized for reporting periods shorter
than 12 months) divided by average common equity
tier 1 capital. Underlying net profit attributable to
shareholders excludes items that management
believes are not representative of the underlying
performance of the businesses and also excludes
related tax impact.
This measure provides information about the
profitability of the business in relation to common
equity tier 1 capital, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Return on equity (%)
Calculated as net profit attributable to shareholders
(annualized for reporting periods shorter than
12 months) divided by average equity attributable to
shareholders.
This measure provides information about the
profitability of the business in relation to equity.
Return on tangible equity (%)
Calculated as net profit attributable to shareholders
(annualized for reporting periods shorter than
12 months) divided by average equity attributable to
shareholders less average goodwill and intangible
assets.
This measure provides information about the
profitability of the business in relation to tangible
equity.
Return on tangible equity (underlying)
(%)
(non-GAAP measure)
Calculated as underlying net profit attributable to
shareholders (annualized for reporting periods shorter
than 12 months) divided by average equity
attributable to shareholders less average goodwill and
intangible assets. Underlying net profit attributable to
shareholders excludes items that management
believes are not representative of the underlying
performance of the businesses and also excludes
related tax impact.
This measure provides information about the
profitability of the business in relation to tangible
equity, while excluding items that management
believes are not representative of the underlying
performance of the businesses.
UBS Group 30 June 2026 Interim Report |
Appendix 92
APM / non-GAAP label
Calculation
Information content / usefulness
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)
(non-GAAP measure)
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
(non-GAAP measure)
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.
Transaction-based income (underlying)
(USD and CHF)
– Global Wealth Management,
Personal & Corporate Banking
(non-GAAP measure)
Calculated by adjusting transaction-based income for
items that management believes are not
representative of the underlying performance of the
businesses.
This measure provides information about the amount
of transaction-based income, while excluding items
that management believes are not representative of
the underlying performance of the businesses.
This is a general list of the APMs and non-GAAP measures used in our financial reporting. Not all of the above-
listed measures may appear in this particular report.
Information related to underlying return on common equity tier 1 capital (RoCET1) and underlying return on tangible
equity (%)
As of or for the quarter ended
As of or year-to-date
USD m, except where indicated
30.6.26
31.3.26
31.12.25
30.6.25
30.6.26
30.6.25
Underlying net profit / (loss) attributable to shareholders
1
11,968
12,290
8,698
10,880
12,129
9,418
Tangible equity
82,319
85,347
83,265
82,254
82,319
82,254
Average tangible equity
83,833
84,306
83,091
81,265
84,070
80,249
CET1 capital
72,464
73,313
71,262
72,709
72,464
72,709
Average CET1 capital
72,889
72,288
72,958
70,931
72,588
70,595
Underlying return on tangible equity (%)
1
14.3
14.6
10.5
13.4
14.4
11.7
Underlying return on common equity tier 1 capital (%)
1
16.4
17.0
11.9
15.3
16.7
13.3
1 Annualized for reporting periods shorter than 12 months.
UBS Group 30 June 2026 Interim Report |
Appendix 93
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
CORC Compliance and
Operational Risk Control
CRM credit risk mitigation
CRO Chief Risk Officer
CST combined stress test
CUSIP Committee on Uniform
Security Identification
Procedures
CVA credit valuation adjustment
D
DBO defined benefit obligation
DCCP Deferred Contingent
Capital Plan
DFAST Dodd–Frank Act Stress Test
DisO-FINMA FINMA Ordinance on the
Disclosure Obligations of
Banks and Securities Firms
DM discount margin
DOJ US Department of Justice
DTA deferred tax asset
DVA debit valuation adjustment
E
EAD exposure at default
EB Executive Board
EC European Commission
ECB European Central Bank
ECL expected credit loss
EGM Extraordinary General
Meeting of shareholders
EIR effective interest rate
EL expected loss
EMEA Europe, Middle East and
Africa
EOP Equity Ownership Plan
EPS earnings per share
ESG environmental, social and
governance
ETD exchange-traded derivatives
ETF exchange-traded fund
EU European Union
EUR euro
EURIBOR Euro Interbank Offered Rate
EVE economic value of equity
EY Ernst & Young Ltd
F
FCA UK Financial Conduct
Authority
FDIC Federal Deposit Insurance
Corporation
FINMA Swiss Financial Market
Supervisory Authority
FMIA Swiss Financial Market
Infrastructure Act
FRTB Fundamental Review of the
Trading Book
FSB Financial Stability Board
FTA Swiss Federal Tax
Administration
FVA funding valuation
adjustment
FVOCI fair value through other
comprehensive income
FVTPL fair value through profit or
loss
FX foreign exchange
G
GAAP generally accepted
accounting principles
GBP pound sterling
GDP gross domestic product
GEB Group Executive Board
GHG greenhouse gas
GCORC Group Compliance and
Operational Risk Control
GRI Global Reporting Initiative
G-SIB global systemically
important bank
H
HQLA
high-quality liquid assets
I
IAS International Accounting
Standards
IASB International Accounting
Standards Board
IBOR interbank offered rate
IFRIC International Financial
Reporting Interpretations
Committee
IFRS accounting standards
Accounting issued by the IASB
Standards
IRB internal ratings-based
IRRBB interest rate risk in the
banking book
ISDA International Swaps and
Derivatives Association
ISIN International Securities
Identification Number
UBS Group 30 June 2026 Interim Report |
Appendix 94
Abbreviations frequently used in our financial reports (continued)
K
KRT Key Risk Taker
L
LAS liquidity-adjusted stress
LCR liquidity coverage ratio
LGD loss given default
LIBOR London Interbank Offered
Rate
LLC limited liability company
LoD lines of defense
LRD leverage ratio denominator
LTIP Long-Term Incentive Plan
LTV loan-to-value
M
M&A mergers and acquisitions
MRT Material Risk Taker
N
NII net interest income
NSFR net stable funding ratio
NYSE New York Stock Exchange
O
OCA own credit adjustment
OCI other comprehensive
income
OECD Organisation for Economic
Co-operation and
Development
OTC over-the-counter
P
PCI purchased credit impaired
PD probability of default
PIT point in time
PPA purchase price allocation
Q
QCCP qualifying central
counterparty
R
RBC risk-based capital
RbM risk-based monitoring
REIT real estate investment trust
RMBS residential mortgage-
backed securities
RniV risks not in VaR
RoCET1 return on CET1 capital
RoU right-of-use
rTSR relative total shareholder
return
RWA risk-weighted assets
S
SA standardized approach or
société anonyme
SA-CCR standardized approach for
counterparty credit risk
SAR Special Administrative
Region of the People’s
Republic of China
SDG Sustainable Development
Goal
SEC US Securities and Exchange
Commission
SFT securities financing
transaction
SIBOR Singapore Interbank
Offered Rate
SICR significant increase in credit
risk
SIX SIX Swiss Exchange
SME small and medium-sized
entities
SMF Senior Management
Function
SNB Swiss National Bank
SOR Singapore Swap Offer Rate
SPPI solely payments of principal
and interest
SRB systemically relevant bank
SVaR stressed value-at-risk
T
TBTF too big to fail
TCFD Task Force on Climate-
related Financial Disclosures
TIBOR Tokyo Interbank Offered
Rate
TLAC total loss-absorbing capacity
TTC through the cycle
U
USD US dollar
V
VaR value-at-risk
VAT
value-added tax
This is a general list of the abbreviations frequently used in our financial reporting. Not all of the listed abbreviations
may appear in this particular report.
UBS Group 30 June 2026 Interim Report |
Appendix 95
Information sources
Reporting publications
Annual publications
UBS Group Annual Report
: Published in English, this report provides descriptions of: the Group strategy and
performance; the strategy and performance of the business divisions and Group functions; risk, treasury and capital
management; corporate governance; the compensation framework, including information about compensation for
the Board of Directors and the Group Executive Board members; and financial information, including the financial
statements.
“Auszug aus dem Geschäftsbericht
”: This publication provides a German translation of selected sections of the
UBS Group Annual Report.
Compensation Report
: This report discusses the compensation framework and provides information about
compensation for the Board of Directors and the Group Executive Board members. It is available in English and
German (
“Vergütungsbericht
”) and represents a component of the UBS Group Annual Report.
Sustainability Report
: Published in English, the UBS Group Sustainability Report provides disclosures on
environmental, social and governance (ESG) topics.
Quarterly publications
Interim 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 not provided.
Other information
Website
The “Investor Relations” website at
ubs.com/investors
news releases; financial information, including results-related filings with the US Securities and Exchange
Commission (the SEC); information for shareholders, including UBS dividend and share repurchase program
information, and for bondholders, including rating agencies reports; the corporate calendar; and presentations by
management for investors and financial analysts. Information is available online in English, with some information
also available in German.
Results presentations
Quarterly results presentations are webcast live. Recordings of most presentations can be downloaded from
ubs.com/presentations
.
Messaging service
Email alerts to news about UBS can be subscribed for under “UBS News Alert” at
ubs.com/global/en/investor-
relations/contact/investor-services.html
. Messages are sent in English, German, French or Italian, with an option to
select theme preferences for such alerts.
Form 20-F and other submissions to the US Securities and Exchange Commission
UBS files periodic reports with and submits other information to the SEC. Principal among these filings is the annual
report on Form 20-F, filed pursuant to the US Securities Exchange Act of 1934. The filing of Form 20-F is structured
as a wraparound document. Most sections of the filing can be satisfied by referring to the UBS Group Annual
Report. However, there is a small amount of additional information in Form 20-F that is not presented elsewhere
and is particularly targeted at readers in the US. Readers are encouraged to refer to this additional disclosure. Any
document that is filed with the SEC is available on the SEC’s website:
sec.gov
. Refer to
ubs.com/investors
information.
UBS Group 30 June 2026 Interim Report |
Appendix 96
Cautionary statement regarding forward-looking statements |
not limited to management’s outlook for UBS’s financial performance, statements relating to the anticipated effect of transactions and strategic initiatives on
UBS’s business and future development and goals. While these forward-looking statements represent UBS’s judgments, expectations and objectives concerning
the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS’s
expectations. In particular, the global economy may suffer significant adverse effects from increasing political tensions between world powers, changes to
international trade policies, including those related to tariffs and trade barriers, and evolving armed conflicts. UBS’s acquisition of the Credit Suisse Group
materially changed its outlook and strategic direction and introduced new operational challenges. The integration of the Credit Suisse entities into the UBS
structure is expected to continue through 2026 and presents significant operational and execution risk, including the risks that UBS may be unable to achieve
the cost reductions and business benefits contemplated by the transaction, that it may incur higher costs to execute the integration of Credit Suisse and that the
acquired business may have greater risks or liabilities, including those related to litigation, than expected. In response to the failure of Credit Suisse, Switzerland
has amended its Capital Adequacy Ordinance and is considering changes to its Banking Act, which, if enacted as proposed, would substantially increase capital
requirements for UBS in relation to its foreign subsidiaries. These factors create greater uncertainty about forward-looking statements. Other factors that may
affect UBS’s performance and ability to achieve its plans, outlook and other objectives also include, but are not limited to: (i) the degree to which UBS is successful
in the execution of its strategic plans, including its cost reduction and efficiency initiatives and its ability to manage its levels of risk-weighted assets (RWA) and
leverage ratio denominator (LRD), liquidity coverage ratio and other financial resources, including changes in RWA assets and liabilities arising from higher market
volatility and the size of the combined Group; (ii) the degree to which UBS is successful in implementing changes to its businesses to meet changing market,
regulatory and other conditions, including any potential changes to banking examination and oversight practices and standards as a result of executive branch
orders or staff interpretations of law in the US; (iii) inflation and interest rate volatility in major markets; (iv) developments in the macroeconomic climate and in
the markets in which UBS operates or to which it is exposed, including movements in securities prices or liquidity, credit spreads, currency exchange rates,
residential and commercial real estate markets, general economic conditions, and changes to national trade policies on the financial position or creditworthiness
of UBS’s clients and counterparties, as well as on client sentiment and levels of activity; (v) changes in the availability of capital and funding, including any adverse
changes in UBS’s credit spreads and credit ratings of UBS, as well as availability and cost of funding,
including as affected by the marketability of additional tier
one debt instruments, to meet requirements for debt eligible for total loss-absorbing capacity (TLAC); (vi) changes in and potential divergence between central
bank policies or the implementation of financial legislation and regulation in Switzerland, the US, the UK, the EU and other financial centers that have imposed,
or resulted in, or may do so in the future, more stringent or entity-specific capital, TLAC, leverage ratio, net stable funding ratio, liquidity and funding
requirements, heightened operational resilience requirements, incremental tax requirements, additional levies, limitations on permitted activities, constraints on
remuneration, constraints on transfers of capital and liquidity and sharing of operational costs across the Group or other measures, and the effect these will or
would have on UBS’s business activities; (vii) UBS’s ability to successfully implement resolvability and related regulatory requirements and the potential need to
make further changes to the legal structure or booking model of UBS in response to legal and regulatory requirements including heightened requirements and
expectations due to its acquisition of the Credit Suisse Group; (viii) UBS’s ability to maintain and improve its systems and controls for complying with sanctions
in a timely manner and for the detection and prevention of money laundering to meet evolving regulatory requirements and expectations, in particular in the
current geopolitical turmoil; (ix) the uncertainty arising from domestic stresses in certain major economies; (x) changes in UBS’s competitive position, including
whether differences in regulatory capital and other requirements among the major financial centers adversely affect UBS’s ability to compete in certain lines of
business; (xi) changes in the standards of conduct applicable to its businesses that may result from new regulations or new enforcement of existing standards,
including measures to impose new and enhanced duties when interacting with customers and in the execution and handling of customer transactions; (xii) the
liability to which UBS may be exposed, or possible constraints or sanctions that regulatory authorities might impose on UBS, due to litigation, including litigation
it has inherited by virtue of the acquisition of Credit Suisse, contractual claims and regulatory investigations, including the potential for disqualification from
certain businesses, potentially large fines or monetary penalties, or the loss of licenses or privileges as a result of regul atory 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 2025. 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 |
percent changes disclosed in text and tables are calculated on the basis of unrounded figures. Absolute changes between reporting periods disclosed in the text,
which can be derived from numbers presented in related tables, are calculated on a rounded basis.
Tables |
available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis. Values
that are zero on a rounded basis can be either negative or positive on an actual basis.
Websites |
of any such websites into this report.
UBS Group AG
P.O. Box
CH-8098 Zurich
ubs.com
This Form 6-K is hereby incorporated by reference into (1) each of the registration statements on Form F-3
(Registration Numbers 333-283672 and 333-293403), and on Form S-8 (Registration Numbers 333-200634; 333-
200635; 333-200641; 333-200665; 333-215254; 333-215255; 333-228653; 333-230312; 333-249143 and 333-
272975), and into each prospectus outstanding under any of the foregoing registration statements, (2) any
outstanding offering circular or similar document issued or authorized by UBS AG that incorporates by reference
any Forms 6-K of UBS AG that are incorporated into its registration statements filed with the SEC, and (3) the base
prospectus of Corporate Asset Backed Corporation (“CABCO”) dated June 23, 2004 (Registration Number 333-
111572), the Form 8-K of CABCO filed and dated June 23, 2004 (SEC File Number 001-13444), and the
Prospectus Supplements relating to the CABCO Series 2004-101 Trust dated May 10, 2004 and May 17, 2004
(Registration Number 033-91744 and 033-91744-05).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this
report to be signed on their behalf by the undersigned, thereunto duly authorized.
UBS Group AG
By: /s/ Sergio Ermotti
___
Name: Sergio Ermotti
Title: Group Chief Executive Officer
By: /s/ Todd Tuckner
_
Name: Todd Tuckner
Title: Group Chief Financial Officer
By: /s/ Steffen Henrich
____________
Name: Steffen Henrich
Title: Group Controller
UBS AG
By: /s/ Sergio Ermotti
_
Name: Sergio Ermotti
Title: President of the Executive Board
By: /s/ Todd Tuckner
_
Name: Todd Tuckner
Title: Chief Financial Officer
By: /s/ Steffen Henrich
_____________
Name: Steffen Henrich
Title: Controller
Date: July 29, 2026