v3.26.1
Fair value measurement (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Measurement [Line Items]  
Determination of fair values from quoted market prices or valuation techniques (assets)
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
146,769
29,329
3,389
179,487
143,013
29,509
2,333
174,854
of which: Equity instruments
128,333
761
196
129,289
127,459
538
151
128,149
of which: Government bills / bonds
8,685
4,675
1
13,361
6,868
4,298
2
11,168
of which: Investment fund units
9,651
1,238
143
11,032
8,319
1,287
71
9,677
of which: Corporate and municipal bonds
100
20,151
1,141
21,391
367
21,358
874
22,599
of which: Loans
0
2,242
1,417
3,660
0
1,703
1,111
2,814
of which: Asset-backed securities
1
262
120
383
0
324
123
447
Derivative financial instruments
1,369
189,562
2,806
193,737
581
144,514
3,230
148,325
of which: Foreign exchange
404
61,568
337
62,309
293
48,079
306
48,678
of which: Interest rate
0
32,959
813
33,772
0
34,156
1,159
35,315
of which: Equity / index
0
84,356
1,258
85,614
0
49,379
1,435
50,814
of which: Credit
0
3,956
395
4,350
0
3,587
323
3,910
of which: Commodities
0
6,599
2
6,601
3
9,239
5
9,247
Brokerage receivables
0
44,704
0
44,704
0
35,579
0
35,579
Financial assets at fair value not held for trading
49,078
54,901
9,749
113,728
47,564
50,817
8,911
107,293
of which: Financial assets for unit-linked investment contracts
22,633
61
0
22,694
20,776
145
0
20,922
of which: Corporate and municipal bonds
164
19,617
163
19,944
0
16,936
89
17,026
of which: Government bills / bonds
25,328
6,567
0
31,895
26,208
6,147
0
32,355
of which: Loans
0
5,296
5,422
10,718
0
5,760
4,226
9,987
of which: Securities financing transactions
0
21,755
968
22,724
0
20,553
937
21,490
of which: Asset-backed securities
0
1,325
431
1,756
0
1,002
480
1,482
of which: Auction rate securities
0
0
0
0
0
0
191
191
of which: Investment fund units
922
128
598
1,649
480
101
678
1,259
of which: Equity instruments
31
0
2,092
2,123
100
0
2,080
2,180
Financial assets measured at fair value through other comprehensive income on a recurring basis
Financial assets measured at fair value through other comprehensive income
12,266
2,251
0
14,517
11,735
2,133
0
13,868
of which: Government bills / bonds
12,162
246
0
12,409
11,659
0
0
11,659
of which: Commercial paper and certificates of deposit
0
1,817
0
1,817
0
1,944
0
1,944
of which: Corporate and municipal bonds
104
188
0
292
76
189
0
265
Non-financial assets measured at fair value on a recurring basis
Precious metals and other physical commodities
12,287
0
0
12,287
12,996
0
0
12,996
Non-financial assets measured at fair value on a non-recurring basis
Other non-financial assets
2
0
0
58
58
0
0
62
62
Total assets measured at fair value
221,769
320,747
16,001
558,518
215,890
262,551
14,536
492,977
Determination of fair values from quoted market prices or valuation techniques (liabilities)
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
48,719
13,120
53
61,892
39,315
14,278
107
53,700
of which: Equity instruments
40,116
427
48
40,592
32,533
135
65
32,734
of which: Corporate and municipal bonds
8
10,226
3
10,237
12
11,818
37
11,867
of which: Government bills / bonds
6,725
2,091
0
8,815
4,894
2,007
0
6,901
of which: Investment fund units
1,864
252
1
2,117
1,874
177
3
2,054
Derivative financial instruments
1,422
192,597
5,353
199,373
688
150,598
4,981
156,267
of which: Foreign exchange
427
56,751
101
57,279
346
49,496
77
49,918
of which: Interest rate
0
27,908
287
28,195
0
30,539
317
30,856
of which: Equity / index
0
97,427
4,375
101,802
0
58,396
4,224
62,620
of which: Credit
0
4,849
544
5,393
0
4,052
314
4,366
of which: Commodities
0
5,589
16
5,605
2
8,024
16
8,043
of which: Loan commitments measured at FVTPL
0
8
30
37
0
6
26
33
Financial liabilities designated at fair value on a recurring basis
Brokerage payables designated at fair value
0
78,536
0
78,536
0
62,202
0
62,202
Debt issued designated at fair value
0
103,634
10,863
114,496
0
96,457
11,087
107,544
Other financial liabilities designated at fair value
0
34,406
2,928
37,335
0
32,047
3,240
35,287
of which: Financial liabilities related to unit-linked investment contracts
0
22,838
0
22,838
0
21,052
0
21,052
of which: Securities financing transactions
0
3,816
443
4,259
0
3,389
459
3,848
of which: Funding from UBS Group AG
0
5,904
1,604
7,508
0
5,500
1,604
7,104
of which: Over-the-counter debt instruments
and others
0
1,849
881
2,730
0
2,107
1,178
3,284
Total liabilities measured at fair value
50,142
422,293
19,197
491,632
40,003
355,584
19,415
415,001
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.
Deferred day-1 profit or loss reserves
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
446
421
Profit / (loss) deferred on new transactions
191
133
(Profit) / loss recognized in the income statement
(166)
(135)
Foreign currency translation
0
(2)
Reserve balance at the end of the period
472
417
Other valuation adjustment reserves 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
(1,424)
(1,733)
of which: debt issued designated at fair value
(779)
(1,014)
of which: other financial liabilities designated at fair value
(645)
(719)
Credit valuation adjustments
2
(24)
(29)
Funding and debit valuation adjustments
(70)
(50)
Other valuation adjustments
(741)
(740)
of which: liquidity
(508)
(523)
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.
Valuation techniques and inputs used in the fair value measurement of Level 3 assets and liabilities
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
1.3
1.0
0.0
0.0
Relative value to
market comparable
Bond price equivalent
9
103
93
11
104
80
points
Loans at fair value (held for
trading and not held for
trading) and guarantees
3
6.9
5.6
0.0
0.0
Relative value to
market comparable
Loan price equivalent
4
100
96
19
101
87
points
Discounted expected
cash flows
Credit spread
275
275
275
233
277
277
basis
points
Market comparable
and securitization
model
Credit spread
75
1,915
248
85
1,965
323
basis
points
Investment fund units
4
0.7
0.7
0.0
0.0
Relative value to
market comparable
Net asset value
Equity instruments
4
2.3
2.2
0.0
0.1
Relative value to
market comparable
Price
Securities financing
transactions
1.0
0.9
0.4
0.5
Discounted expected
cash flows
Funding spread
95
181
95
166
basis
points
Debt issued designated at
fair value and Other
financial liabilities
designated at fair value
3
13.3
13.9
Derivative financial instruments
Interest rate
0.8
1.2
0.3
0.3
Option model
Volatility of interest rates
61
80
61
85
basis
points
Credit
0.4
0.3
0.5
0.3
Discounted expected
cash flows
Credit spreads
4
1,040
3
1,040
basis
points
Recovery rates
4
60
4
60
%
Option model
Recovery rates
0
40
0
40
%
Equity / index
1.3
1.4
4.4
4.2
Option model
Equity dividend yields
0
9
0
11
%
Volatility of equity stocks,
equity and other indices
4
195
3
104
%
Equity-to-FX correlation
(65)
70
(65)
70
%
Equity-to-equity correlation
13
100
(10)
100
%
Loan commitments
measured at FVTPL
0.0
0.0
Relative value to
market comparable
Loan price equivalent
66
100
80
100
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.
Sensitivity of fair value measurements to changes in unobservable input assumptions
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
32
(49)
79
(67)
Securities financing transactions
14
(22)
16
(8)
Auction rate securities
0
0
8
(4)
Asset-backed securities
19
(15)
15
(15)
Equity instruments
3
194
(194)
414
(389)
Investment fund units
180
(181)
204
(206)
Loan commitments measured at FVTPL
16
(26)
15
(25)
Interest rate derivatives, net
31
(24)
52
(23)
Credit derivatives, net
23
(49)
25
(55)
Foreign exchange derivatives, net
6
(5)
9
(6)
Equity / index derivatives, net
809
(705)
667
(570)
Other
242
(119)
206
(83)
Total
1,567
(1,389)
1,710
(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.
Movements of Level 3 instruments
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
2.3
(0.0)
(0.0)
0.9
(0.7)
1.0
(0.4)
0.7
(0.2)
(0.0)
3.4
of which: Equity instruments
0.2
(0.0)
(0.0)
0.0
(0.3)
0.0
(0.0)
0.4
(0.0)
(0.0)
0.2
of which: Corporate and municipal
bonds
0.9
(0.0)
(0.0)
0.4
(0.2)
0.0
0.0
0.2
(0.2)
(0.0)
1.1
of which: Loans
1.1
0.0
0.0
0.0
(0.3)
1.0
(0.4)
0.0
(0.0)
(0.0)
1.4
Derivative financial instruments – assets
3.2
0.2
0.2
0.0
0.0
0.7
(0.8)
0.1
(0.7)
(0.0)
2.8
of which: Interest rate
1.2
0.1
0.1
0.0
0.0
0.0
(0.1)
0.0
(0.4)
0.0
0.8
of which: Equity / index
1.4
0.2
0.1
0.0
0.0
0.6
(0.7)
0.0
(0.3)
(0.0)
1.3
of which: Credit
0.3
(0.1)
(0.0)
0.0
0.0
0.1
(0.0)
0.0
(0.0)
(0.0)
0.4
Financial assets at fair value not held
for trading
8.9
0.7
0.7
0.1
(0.1)
1.4
(1.0)
0.0
(0.2)
(0.0)
9.7
of which: Loans
4.2
0.7
0.7
0.0
0.0
1.2
(0.5)
0.0
(0.2)
(0.0)
5.4
of which: Auction rate securities
0.2
(0.0)
0.0
0.0
0.0
0.0
(0.2)
0.0
0.0
0.0
0.0
of which: Equity instruments
2.1
0.0
0.0
0.0
(0.0)
0.0
0.0
0.0
(0.0)
(0.0)
2.1
of which: Investment fund units
0.7
(0.0)
(0.0)
0.0
(0.1)
0.0
(0.0)
0.0
(0.0)
(0.0)
0.6
of which: Asset-backed securities
0.5
(0.0)
(0.0)
0.0
(0.0)
0.0
0.0
0.0
(0.0)
(0.0)
0.4
Derivative financial instruments –
liabilities
5.0
0.7
0.6
0.0
0.0
1.4
(1.5)
0.3
(0.5)
(0.0)
5.4
of which: Interest rate
0.3
0.2
0.1
0.0
0.0
0.0
(0.2)
0.0
(0.1)
(0.0)
0.3
of which: Equity / index
4.2
0.5
0.5
0.0
0.0
1.1
(1.3)
0.2
(0.4)
(0.0)
4.4
of which: Credit
0.3
(0.0)
(0.0)
0.0
0.0
0.2
0.0
0.1
(0.0)
(0.0)
0.5
of which: Loan commitments
measured at FVTPL
0.0
0.0
0.0
0.0
0.0
0.0
(0.0)
0.0
0.0
(0.0)
0.0
Debt issued designated at fair value
11.1
0.4
0.3
0.0
(0.0)
3.7
(2.3)
0.6
(2.4)
(0.1)
10.9
Other financial liabilities designated at
fair value
3.2
0.0
0.0
0.0
0.0
0.3
(0.6)
0.0
(0.0)
(0.0)
2.9
For the six months ended 30 June 2025
Financial assets at fair value held for
trading
3.1
(0.0)
(0.1)
0.4
(1.1)
1.1
(0.4)
0.4
(0.1)
0.1
3.5
of which: Equity instruments
0.1
(0.0)
(0.0)
0.0
(0.0)
0.0
(0.0)
0.1
(0.0)
0.0
0.2
of which: Corporate and municipal
bonds
0.8
(0.0)
(0.0)
0.3
(0.4)
0.0
(0.0)
0.1
(0.1)
0.0
0.8
of which: Loans
1.8
0.1
(0.0)
0.0
(0.5)
1.1
(0.3)
0.0
(0.0)
0.0
2.2
Derivative financial instruments – assets
2.8
(0.0)
0.1
0.0
(0.0)
1.3
(0.9)
0.3
(0.3)
0.0
3.2
of which: Interest rate
0.9
0.1
0.1
0.0
(0.0)
0.0
(0.2)
0.1
(0.0)
(0.1)
0.9
of which: Equity / index
1.1
(0.2)
(0.2)
0.0
0.0
0.7
(0.3)
0.1
(0.2)
0.0
1.3
of which: Credit
0.6
0.1
0.2
0.0
(0.0)
0.5
(0.3)
0.1
(0.1)
0.0
0.9
Financial assets at fair value not held
for trading
8.7
0.7
0.6
0.1
(0.3)
0.7
(0.8)
0.1
(0.1)
0.2
9.3
of which: Loans
3.2
0.7
0.7
0.0
(0.0)
0.5
(0.7)
0.0
(0.0)
0.1
3.7
of which: Auction rate securities
0.2
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.2
of which: Equity instruments
2.9
0.1
0.1
0.1
(0.1)
0.0
(0.0)
0.0
(0.0)
0.1
3.1
of which: Investment fund units
0.7
0.0
0.0
0.0
(0.1)
0.0
(0.0)
0.0
0.0
0.0
0.6
of which: Asset-backed securities
0.6
(0.0)
(0.0)
0.0
(0.1)
0.0
0.0
0.0
(0.0)
0.0
0.5
Derivative financial instruments –
liabilities
4.1
0.2
0.2
0.0
(0.0)
1.2
(1.0)
0.1
(0.6)
0.1
4.1
of which: Interest rate
0.3
0.1
0.1
0.0
(0.0)
0.0
(0.1)
0.0
(0.0)
0.0
0.3
of which: Equity / index
3.1
0.2
0.2
0.0
0.0
1.1
(0.6)
0.1
(0.5)
0.1
3.5
of which: Credit
0.4
(0.0)
(0.1)
0.0
0.0
0.1
(0.2)
0.0
(0.0)
(0.0)
0.2
of which: Loan commitments
measured at FVTPL
0.1
0.0
(0.0)
0.0
(0.0)
0.0
(0.0)
0.0
(0.0)
0.0
0.0
Debt issued designated at fair value
11.8
0.3
0.3
0.0
0.0
2.6
(1.7)
0.8
(2.9)
0.5
11.4
Other financial liabilities designated at
fair value
4.3
(0.1)
(0.1)
0.0
(0.0)
0.4
(0.8)
0.0
(0.0)
0.1
3.8
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
0.2
bn net losses (30 June 2025: USD
0.2
bn net gains) in
net gains / losses included in comprehensive income, USD
0.3
bn net losses (30 June 2025: USD
0.1
bn net gains) are recognized in the Income statement and USD
0.1
bn net gains (30 June 2025: USD
0.1
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
16.0
bn
(31 December 2025: USD
14.5
bn). Total Level 3 liabilities as of 30 June 2026 were USD
19.2
bn (31 December 2025: USD
19.4
bn).
Financial instruments not measured at fair value
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
215.7
215.7
209.9
209.9
Amounts due from banks
20.5
20.5
19.2
19.2
Receivables from securities financing transactions measured at amortized cost
83.6
83.6
83.7
83.7
Cash collateral receivables on derivative instruments
51.3
51.3
41.6
41.6
Loans and advances to customers
667.4
658.0
658.8
650.2
Other financial assets measured at amortized cost
72.4
71.4
72.0
71.3
Liabilities
Amounts due to banks
27.3
27.4
24.4
24.5
Payables from securities financing transactions measured at amortized cost
20.4
20.4
16.2
16.2
Cash collateral payables on derivative instruments
37.8
37.8
34.7
34.7
Customer deposits
790.2
791.0
796.3
796.7
Funding from UBS Group AG measured at amortized cost
110.7
114.3
110.6
114.6
Debt issued measured at amortized cost
109.9
110.7
100.2
100.6
Other financial liabilities measured at amortized cost
1
13.9
13.9
13.1
13.1
1 Excludes lease liabilities.