UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Date: October 28, 2026
UBS Group AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number: 1-36764
UBS AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
Aeschenvorstadt 1, 4051 Basel, Switzerland
(Address of principal executive offices)
Commission File Number: 1-15060
Indicate by check mark whether the registrants file or will file annual reports under cover of Form 20-F or Form
40-
F.
Form 20-F
☒
☐
This Form 6-K consists of the 30 September 2026 Pillar 3 Report of UBS Group and significant regulated subsidiaries
and sub-groups, which appears immediately following this page.
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
“Credit Suisse Group” and “Credit Suisse”
Credit Suisse Group AG and its consolidated subsidiaries, before the
acquisition by UBS
“UBS Group AG” and “UBS Group AG standalone”
UBS Group AG on a standalone basis
“UBS AG standalone”
UBS AG on a standalone basis
“UBS Switzerland AG” and “UBS Switzerland AG standalone”
UBS Switzerland AG on a standalone basis
“UBS Europe SE” and “UBS Europe SE consolidated”
UBS Europe SE and its consolidated subsidiaries
“UBS Americas Holding LLC” and “UBS Americas Holding LLC consolidated”
UBS Americas Holding LLC 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.
UBS Group
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Significant regulated subsidiaries and sub-groups
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Appendix
Contacts
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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.
30 September 2026 Pillar 3 Report |
UBS Group | Introduction and basis for preparation 2
UBS Group
Introduction and basis for preparation
Scope of Basel III Pillar 3 disclosures
The Basel Committee on Banking Supervision (the BCBS) final Basel III capital adequacy framework consists of three
complementary pillars. Pillar 1 provides a framework for measuring minimum capital requirements for the credit, market
and operational risks faced by banks. Pillar 2 addresses the principles of the supervisory review process, emphasizing the
need for a qualitative approach to supervising banks. Pillar 3 requires banks to publish a range of disclosures, mainly
covering risk, capital, leverage, liquidity and remuneration.
This report provides Pillar 3 disclosures for the UBS Group and prudential key figures and regulatory information for
UBS AG consolidated and standalone, UBS Switzerland AG standalone, UBS Europe SE consolidated and UBS Americas
Holding LLC consolidated in the respective sections under “Significant regulated subsidiaries and sub-groups”.
This Pillar
3 report has been prepared in accordance with the Swiss Financial Market Supervisory Authority (FINMA)
Ordinance on the Disclosure Obligations of Banks and Securities Firms (the DisO-FINMA), the corresponding explanatory
notes, and the underlying BCBS Basel framework disclosure requirements. The revised Capital Adequacy Ordinance (the
CAO) that incorporates the final Basel III standards into Swiss law, and the five new FINMA ordinances (including the
DisO-FINMA) that contain the implementing provisions for the revised CAO, entered into force on 1 January 2025. The
DisO-FINMA replaces FINMA Circular 2016/1 “Disclosure – banks” and incorporates in particular new and revised
disclosure tables on risks and capital requirements.
›
Refer to “Changes to Pillar 3 disclosure requirements” in the “Introduction and basis for preparation” section of the 31 March
2025 Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors
, for information about new and revised quarterly
tables as a result of the implementation of the final Basel III standards in Switzerland
As UBS is a systemically relevant bank (an SRB) under Swiss banking law, UBS Group AG and UBS AG are required to
comply with regulations based on the final Basel III framework as applicable to Swiss SRBs on a consolidated basis,
whereas UBS Switzerland AG is exempt from consolidation.
Local regulators may also require the publication of Pillar 3 information at a subsidiary or sub-group level. Where
applicable, these local disclosures are provided under “Holding company and significant regulated subsidiaries and sub-
groups” at
ubs.com/investors
.
Significant regulatory developments, disclosure requirements and other changes
Banking regulation in Switzerland
In August 2026, the Swiss Federal Council launched two public consultations on further measures under the too-big-to-
fail reform package, with one consultation covering proposed legislative measures and the other covering proposed
amendments to the Swiss Liquidity Ordinance. The proposed legislative measures, to be submitted to the Swiss Parliament
for enactment, include additional requirements for the recovery and resolution of systemically important banks (SIBs),
add measures to enhance banks’ ability to obtain liquidity from the Swiss National Bank, introduce a Senior Managers
Regime for banks with more complex organizational structures, and provide expanded supervisory powers for FINMA.
This consultation will conclude in November 2026, and the Swiss Federal Council is expected to submit its final legislative
proposal to the Swiss Parliament in the first half of 2027. The entry into force of these changes is expected no earlier
than the beginning of 2029. The proposed amendments to the Swiss Liquidity Ordinance, including quantitative
minimum requirements for borrowing capacity for emergency liquidity assistance, are subject to public consultation until
November 2026. Related amendments are expected to enter into force no earlier than the beginning of 2029, with an
expected phase in over a period of four years.
In September 2026, the Council of States (the upper house of the Swiss Parliament) supported a proposal requiring SIBs
to deduct 90% of the carrying value of foreign participations from regulatory capital, with the deduction to be made
entirely from common equity tier 1 (CET1) capital. This proposal is now subject to the deliberations of the National Council
(the lower house of the Swiss Parliament). If enacted in the form supported by the Council of States, the proposal is
expected to be phased in commencing in 2028, at the earliest, and would require UBS AG to hold approximately
USD 16bn of additional CET1 capital. This would come in addition to around USD 2bn of additional CET1 capital required
at UBS AG as a result of the ordinance-level measures announced earlier this year.
UBS AG must also hold the previously disclosed CET1 capital of around USD 15bn under existing regulations following
the acquisition of Credit Suisse. This amount includes around USD 9bn related to regulatory concessions granted to Credit
Suisse and around USD 6bn to meet the current progressive requirements due to the increased size and market share of
the combined business.
30 September 2026 Pillar 3 Report |
UBS Group | Introduction and basis for preparation 3
If the decision by the Council of States is confirmed, UBS would be required to hold a total of around USD 33bn of
incremental CET1 capital since the acquisition of Credit Suisse. In parallel, once implemented, the ordinance-level changes
announced earlier this year would eliminate an estimated USD 4bn of CET1 capital at the Group level. The total annual
capital-related cost resulting from the acquisition would amount to around USD 2.5bn.
Other developments
Capital returns
In the third quarter of 2026 we repurchased USD 1,807m of shares under our 2026 share repurchase programs. We
expect to complete our current USD 3bn share repurchase program by the time of the publication of our fourth-quarter
2026 results. 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.
Frequency and comparability of Pillar 3 disclosures
The DisO-FINMA specifies the reporting frequency for each disclosure. In line with these FINMA-specified disclosure
requirements, including with regard to comparative periods, we provide quantitative comparative information as of
30 June 2026 for disclosures required on a quarterly basis. Where specifically required by FINMA and / or the BCBS, we
disclose comparative information for additional reporting dates.
›
Refer to the 30 June 2026 Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors
, for more information about
previously published quarterly movement commentary
›
Refer to the 31 March 2025 Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors
, for more information about
quarterly tables currently not applicable to UBS
30 September 2026 Pillar 3 Report |
UBS Group | Key metrics 4
Key metrics
Key metrics for the third quarter of 2026
The KM1 and KM2 tables below are based on the Swiss Financial Market Supervisory Authority (FINMA) Ordinance on
the Disclosure Obligations of Banks and Securities Firms (DisO-FINMA) rules. The KM2 table includes a reference to the
total loss-absorbing capacity (TLAC) term sheet, published by the Financial Stability Board (the FSB). The FSB provides this
term sheet at
fsb.org/2015/11/total-loss-absorbing-capacity-tlac-principles-and-term-sheet
.
Our tier 1 capital ratio increased, reflecting a decrease in risk-weighted assets (RWA), partly offset by a decrease in our
tier 1 capital. Our Basel III leverage ratio increased, driven by a decrease in the leverage ratio denominator (the LRD),
partly offset by a decrease in our tier 1 capital.
Our common equity tier 1 (CET1) capital increased by USD 0.7bn to USD 73.1bn, mainly reflecting operating profit before
tax of USD 3.6bn, partly offset by dividend accruals of USD 0.9bn, negative foreign currency translation effects of
USD 0.7bn, a USD 0.7bn negative effect from compensation- and own-share-related components, and current tax
expenses of USD 0.6bn. Share repurchases of USD 1.8bn made under our 2026 share repurchase programs in the third
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.
Our tier 1 capital decreased by USD 0.1bn to USD 95.9bn, reflecting the aforementioned USD 0.7bn increase in CET1
capital, which was more than offset by a USD 0.7bn decrease in additional tier 1 (AT1) capital. The decrease in AT1 capital
reflected negative impacts from interest rate risk hedge, foreign currency translation and other effects.
The TLAC available as of 30 September 2026 included CET1 capital, AT1 capital and non-regulatory capital elements of
TLAC.
Our available TLAC decreased by USD 6.9bn to USD 186.7bn, reflecting the aforementioned decrease in tier 1 capital
and a USD 6.9bn decrease in non-regulatory capital elements of TLAC. The decrease in non-regulatory elements of TLAC
was mainly driven by USD 9.7bn of TLAC-eligible senior unsecured debt instruments (USD 9.8bn in notional amount)
that we repurchased in September 2026, the redemption of TLAC-eligible senior unsecured debt instruments for the
equivalent of USD 4.7bn and negative impacts from interest rate risk hedge, foreign currency translation and other
effects. These decreases were partly offset by new issuances of TLAC-eligible senior unsecured debt instruments totaling
the equivalent of USD 11.1bn.
During the third quarter of 2026, RWA decreased by USD 7.8bn to USD 496.1bn, driven by a USD 4.7bn decrease from
currency effects, a USD 2.8bn decrease resulting from asset size and other movements, and a USD 0.2bn decrease driven
by model updates and methodology changes.
During the third quarter of 2026, the LRD decreased by USD 58.6bn to USD 1,591.2bn, driven by a USD 38.3bn decrease
from asset size and other movements and a USD 20.3bn decrease from currency effects.
The quarterly average liquidity coverage ratio of the UBS Group increased 1.4 percentage points to 178.7%, remaining
above the prudential requirement communicated by FINMA. Average net cash outflows decreased by USD 11.4bn to
USD 181.5bn, primarily reflecting lower outflows from customer deposits and higher net inflows from securities financing
transactions, partly offset by lower inflows from lending assets. The effect of the decrease in net cash outflows was partly
offset by a USD 17.5bn decrease in average high-quality liquid assets to USD 324.3bn,
mainly reflecting
lower cash
available from decreases in customer deposits, primarily from currency effects, and in debt issued at amortized cost, partly
offset by higher cash available from lower lending assets.
As of 30 September 2026, the net stable funding ratio of the UBS Group decreased 0.3 percentage points to 114.8%,
remaining above the prudential requirement communicated by FINMA. Available stable funding decreased by USD 11.5bn
to USD 888.8bn, mainly driven by lower debt issued at amortized cost. Required stable funding decreased by USD 8.1bn
to USD 774.4bn, mainly reflecting lower trading assets and a decrease in lending assets, primarily from currency effects.
30 September 2026 Pillar 3 Report |
UBS Group | Key metrics 5
KM1: Key metrics
USD m, except where indicated
30.9.26
30.6.26
31.3.26
31.12.25
30.9.25
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
73,117
72,464
73,313
71,262
74,655
2
Tier 1
95,909
95,977
96,963
91,176
94,950
3
Total capital
95,909
95,980
96,973
91,201
94,950
Risk-weighted assets (amounts)
4
Total risk-weighted assets (RWA)
496,111
503,923
500,355
493,397
504,897
4a
Total risk-weighted assets (pre-floor)
496,111
503,923
500,355
493,397
504,897
4b
Minimum capital requirement
1
39,689
40,314
40,028
39,472
40,392
Risk-based capital ratios as a percentage of RWA
5
Common equity tier 1 ratio (%)
14.74
14.38
14.65
14.44
14.79
5b
Common equity tier 1 ratio (%) (pre-floor)
14.74
14.38
14.65
14.44
14.79
6
Tier 1 ratio (%)
19.33
19.05
19.38
18.48
18.81
6b
Tier 1 ratio (%) (pre-floor)
19.33
19.05
19.38
18.48
18.81
7
Total capital ratio (%)
19.33
19.05
19.38
18.48
18.81
7b
Total capital ratio (%) (pre-floor)
19.33
19.05
19.38
18.48
18.81
Additional CET1 buffer requirements as a percentage of RWA
8
Capital conservation buffer requirement (%)
2.50
2.50
2.50
2.50
2.50
9
Countercyclical buffer requirement (%)
0.12
0.11
0.11
0.11
0.12
9a
Additional countercyclical buffer for Swiss mortgage loans (%)
0.32
0.33
0.33
0.38
0.32
10
Bank G-SIB and / or D-SIB additional requirements (%)
1.50
1.50
1.50
1.50
1.50
11
Total of bank CET1 specific buffer requirements (%)
2
4.12
4.11
4.11
4.11
4.12
12
CET1 available after meeting the bank’s minimum capital requirements (%)
3
10.24
9.88
10.15
9.94
10.29
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
1,591,152
1,649,751
1,653,460
1,622,438
1,640,464
14
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves)
4
6.03
5.82
5.86
5.62
5.79
14b
Basel III leverage ratio (%) (excluding the impact of any applicable
temporary exemption of central bank reserves)
6.03
5.82
5.86
5.62
5.79
14c
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves) incorporating mean values for SFT
assets
4
5.98
5.79
5.86
5.58
5.77
14d
Basel III leverage ratio (%) (excluding the impact of any applicable
temporary exemption of central bank reserves) incorporating mean values for
SFT assets
5.98
5.79
5.86
5.58
5.77
14e
Minimum capital requirements
5
47,735
49,493
49,604
48,673
49,214
Liquidity coverage ratio (LCR)
6
15
Total high-quality liquid assets (HQLA)
324,304
341,792
333,963
331,568
346,550
16
Total net cash outflow
181,484
192,877
187,869
181,693
190,359
16a
of which: cash outflows
420,378
428,160
417,159
390,134
388,343
16b
of which: cash inflows
238,894
235,283
229,290
208,441
197,984
17
LCR (%)
178.68
177.28
177.83
182.64
182.12
Net stable funding ratio (NSFR)
18
Total available stable funding
888,753
900,258
896,644
882,039
898,762
19
Total required stable funding
774,427
782,479
766,795
759,829
750,960
20
NSFR (%)
114.76
115.05
116.93
116.08
119.68
1 Calculated as 8% of total RWA, based on total capital minimum requirements, excluding CET1 buffer requirements. 2 Excludes non-BCBS capital buffer requirements for risk-weighted positions that are directly
or indirectly backed by residential properties in Switzerland. 3 Represents the CET1 ratio that is available to meet buffer requirements. Calculated as the CET1 ratio minus the BCBS CET1 capital requirement and,
where applicable, minus the BCBS tier 2 capital requirement met with CET1 capital. 4 There is currently no temporary exemption of central bank reserves for UBS. 5 The higher of capital requirements based on
8% of RWA or 3% of LRD. 6 Calculated after the application of haircuts and inflow and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows. Calculated based on an average of 66
data points in the third quarter of 2026 and 60 data points in the second quarter of 2026. For the prior-quarter data points, refer to the respective Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors, for more information.
KM2: Key metrics – TLAC requirements (at resolution group level)
1
USD m, except where indicated
30.9.26
30.6.26
31.3.26
31.12.25
30.9.25
1
Total loss-absorbing capacity (TLAC) available
2
Total RWA at the level of the resolution group
3
TLAC as a percentage of RWA (%)
4
Leverage ratio exposure measure at the level of the resolution group
5
TLAC as a percentage of leverage ratio exposure measure (%)
6a
Does the subordination exemption in the antepenultimate paragraph of Section
11 of the FSB TLAC Term Sheet apply?
No
6b
Does the subordination exemption in the penultimate paragraph of Section 11
of the FSB TLAC Term Sheet apply?
No
6c
If the capped subordination exemption applies, the amount of funding issued
that ranks pari passu with excluded liabilities and that is recognized as external
TLAC, divided by funding issued that ranks pari passu with excluded liabilities
and that would be recognized as external TLAC if no cap was applied (%)
N/A – Refer to our response to 6b.
1 Resolution group level is defined as the UBS Group AG consolidated level.
30 September 2026 Pillar 3 Report |
UBS Group | Risk-weighted assets 6
Risk-weighted assets
Overview of risk-weighted assets and capital requirements
The OV1 table below provides an overview of our risk-weighted assets (RWA) and the related minimum capital
requirements by risk type. The table presented is based on the respective Swiss Financial Market Supervisory Authority
(FINMA) template and empty rows indicate current non-applicability to UBS.
During the third quarter of 2026, RWA decreased by USD 7.8bn to USD 496.1bn, driven by a USD 4.7bn decrease from
currency effects, a USD 2.8bn decrease resulting from asset size and other movements, and a USD 0.2bn decrease driven
by model updates and methodology changes.
Credit and counterparty credit risk
Credit and counterparty credit risk RWA include settlement risk, credit valuation adjustments, equity and investments in
funds exposures in the banking book, and securitization exposures in the banking book but exclude non-counterparty-
related risk. Credit and counterparty credit risk RWA decreased by USD 6.7bn to USD 295.1bn as of 30 September 2026,
driven by a USD 4.4bn decrease from currency effects, a USD 2.1bn decrease resulting from asset size and other
movements, and a USD 0.2bn decrease due to model updates and methodology changes.
Asset size and other movements by business division and Group Items
–
Global Wealth Management RWA decreased by USD 2.9bn, mainly due to market-driven movements in derivatives
and lower RWA on loans and loan commitments.
–
Non-core and Legacy RWA decreased by USD 0.2bn, primarily driven by our actions to actively unwind the portfolio,
in addition to the natural roll-off.
–
Group Items RWA increased by USD 0.4bn, mainly reflecting lower allocation of high-quality liquid assets from Group
Treasury to the business divisions.
–
Investment Bank RWA increased by USD 0.4bn, primarily driven by increases in loans and loan commitments and
amounts due from banks, partly offset by market-driven movements in derivatives.
–
Asset Management RWA increased by USD 0.2bn.
–
Personal & Corporate Banking RWA increased by USD 0.1bn.
Model updates and methodology changes resulted in an RWA decrease of USD 0.2bn, mainly reflecting a change in the
margin period of risk, partly offset by increases in RWA on private equity exposures.
Market risk
Market risk RWA decreased by USD 0.8bn to USD 31.5bn in the third quarter of 2026, primarily reflecting asset size and
other movements, with a decrease in Group Treasury partly offset by an increase in the Investment Bank.
Operational risk
Operational risk RWA were unchanged at USD 135.4bn.
The flow tables for credit risk, counterparty credit risk (CCR) and credit valuation adjustment (CVA) RWA below provide
further details regarding the movements in RWA in the third quarter of 2026.
›
Refer to the “Introduction and basis for preparation” section of this report for more information about the regulatory standards
applied
›
Refer to the “Capital management” section of the UBS Group third quarter 2026 report, available under
“Quarterly reporting” at
ubs.com/investors
, for more information about capital management and RWA, including details regarding movements in RWA
during the third quarter of 2026
30 September 2026 Pillar 3 Report |
UBS Group | Risk-weighted assets 7
OV1: Overview of RWA
Minimum
capital
requirements
1
USD m, except where indicated
30.9.26
30.6.26
30.9.26
1
Credit risk (excluding counterparty credit risk)
2
of which: standardized approach (SA)
2a
of which: non-counterparty-related risk
2
3
of which: foundation internal ratings-based (F-IRB) approach
4
of which: supervisory slotting approach
5
of which: advanced internal ratings-based (A-IRB) approach
5a
of which: adjustments related to the Swiss sectoral real estate floor for exposures secured by real estate in Switzerland
3
6
Counterparty credit risk
4
7
of which: SA for counterparty credit risk (SA-CCR)
8
of which: internal model method (IMM)
8a
of which: value-at-risk (VaR)
9
of which: other CCR
10
Credit valuation adjustment (CVA)
10a
of which: full basic approach (BA-CVA)
10b
of which: standardized approach (SA-CVA)
11
Equity positions under the simple risk weight approach during the five-year transitional period
12
Equity investments in funds – look-through approach
13
Equity investments in funds – mandate-based approach
14
Equity investments in funds – fallback approach
15
Settlement risk
16
Securitization exposures in banking book
17
of which: securitization internal ratings-based approach (SEC-IRBA)
18
of which: securitization external ratings-based approach (SEC-ERBA), including internal assessment approach (IAA)
19
of which: securitization standardized approach (SEC-SA)
20
Market risk
21
of which: standardized approach (SA)
22
of which: internal models approach (IMA)
23
Capital charge for switch between trading book and banking book
24
Operational risk
25
Amounts below thresholds for deduction (250% risk weight)
5
25a
26
Output floor applied (%)
6
27
Floor adjustment (before application of transitional cap)
7
28
Floor adjustment (after application of transitional cap)
8
29
Total
1 Calculated based on 8% of RWA. 2 Non-counterparty-related risk includes property, equipment, software and other items. 3 The Swiss sectoral real estate floor is not applicable at the level of UBS Group AG
consolidated. 4 Excludes settlement risk, which is separately reported in line 15 “Settlement risk”. Includes RWA with central counterparties. The split between the sub-components of counterparty credit risk refers
to the calculation of the exposure measure. 5 Includes items subject to threshold deduction treatment that do not exceed their respective threshold and are risk weighted at 250%. Items subject to threshold
deduction treatment include significant investments in common shares of non-consolidated financial institutions (banking, insurance and financial entities) and deferred tax assets arising from temporary differences.
6 The overall output floor of 72.5% is subject to a phase-in until 1 January 2028. As of 1 January 2026, the applicable overall output floor at the level of UBS Group AG consolidated increased to 65% and will
increase to 70% in 2027. 7 FINMA has not opted to implement a transitional cap that would limit the increase in RWA to 25% of a bank’s RWA before the application of the output floor. 8 The total of our actual
final Basel III RWA is higher than 65% of our final Basel III RWA calculated using the full standardized approach. Therefore, the overall output floor is not binding, and our RWA before and after the effects of the
overall output floor are equal.
Comparison of modelled and standardized RWA at risk level
The CMS1 table compares RWA determined using models approved by FINMA with RWA determined under the full
standardized approach. The table also provides the full standardized approach for RWA that are the base of the phased-
in overall output floor. The purpose of the overall output floor is to ensure that banks’ capital requirements based on
modelled approaches where permitted do not fall below a certain percentage of capital requirements based on the full
standardized approach, thereby reducing excessive variability of RWA and enhancing the comparability of risk-based
capital ratios across banks. The impact of the output floor, if applicable, will be disclosed in the “OV1: Overview of RWA”
table in rows 27 and 28. The applicable threshold pursuant to the reporting date is disclosed in row 26 of the OV1 table,
and in column e in the CMS1 table below. As of 1 January 2026, the output floor increased to 65% from 60% and will
incrementally increase to a level of 72.5% by 2028. As of 30 September 2026, the floor is not binding at the level of UBS
Group, i.e. the total of our actual RWA shown in column c in the CMS1 table below is greater than 65% of the RWA
calculated under the full standardized approach shown in column e, and therefore no adjustment is required. UBS is
making progress with actions to mitigate RWA under the standardized approach to minimize the floor adjustment
required as the level of the output floor increases.
›
Refer to “Overview of risk-weighted assets and capital requirements” in this section for information about the OV1 table
The table below provides a summary of the key conceptual differences between the internal model approach and the
standardized approach.
30 September 2026 Pillar 3 Report |
UBS Group | Risk-weighted assets 8
Key differences between the internal model approach and the standardized approach
Internal model approach
Standardized approach
Key impact
Risk weighting
Reliance on internal ratings where each
counterparty / transaction receives a rating based
on internal models approved by FINMA.
Reliance on external credit assessment institutions
where permitted in the regulatory framework.
Modelled approach produces RWA that is more risk
sensitive.
Granular risk-sensitive risk weight differentiation
via individual probability of default (PD) and loss
given default (LGD) for mortgages.
Less granular risk weights based on loan-to-value
(LTV) bands for mortgages.
The Group’s residential mortgage portfolio is
focused on the Swiss market, and the Group has
robust review processes in place concerning
borrowers’ ability to repay. This results in the
Group’s residential mortgage portfolio having a low
average LTV and results in an average risk weight
of around 20% under the advanced internal
ratings-based (A-IRB) approach.
Modelled LGD captures transaction quality
features including collateralization. Under the
foundation internal ratings-based (F-IRB)
approach the LGD values are calculated based on
the rules set by FINMA.
No differentiation for transaction features (except
where a claim is subordinated).
Impact relevant across all asset classes.
Credit risk mitigation
Credit risk mitigation recognized via risk-sensitive
LGD or exposure at default (EAD).
Limited recognition of credit risk mitigation.
Standardized approach RWA is higher than
modelled RWA for most transaction types.
Wider variety of eligible collateral.
Restricted list of eligible collateral.
Limited recognition of collateral results in higher
RWA for Lombard lending and securities financing
transactions (SFTs).
Repo value-at-risk (VaR) permits the use of VaR
models to estimate exposure and collateral for
SFTs. Approach permits full diversification and
netting across all collateral types.
Conservative and crude regulatory haircuts with
limited risk-sensitivity.
The effects of guarantees and credit derivatives
are considered through either adjusting PD
and / or LGD estimates. UBS applies the F-IRB
approach for guarantee recognition.
In case of eligible guarantees and credit derivatives,
substitution is applied and the risk weight
applicable to the protection provider can be
assigned to the protected portion of the underlying
exposure.
CCF
A credit conversion factor (CCF) is applied to
model expected future drawdowns over the 12-
month period, irrespective of the actual maturity
of a particular transaction. The CCF includes
downturn adjustments and is the result of
analysis of internal data and expert opinion.
Credit exposure equivalents are determined by
applying CCFs to off-balance sheet items. The CCFs
vary based on product type, maturity and the
underlying contractual agreements.
Modelled CCFs can be more tailored and
differentiated.
EAD for derivatives
Internal model method (IMM) facilitates the use
of a Monte Carlo simulation to estimate
exposure.
The standardized approach for CCR is calculated as
the replacement costs plus regulatory add-ons that
take into account potential future market moves at
predetermined fixed rates.
For large, diversified derivatives portfolios,
standardized EAD is higher than modelled EAD.
Application of multiplier on IMM exposure
estimate.
Differentiates add-ons by five exposure types and
three maturity buckets only.
Variability in holding period applied to
collateralized transactions, reflecting liquidity
risks.
Limited netting can be recognized.
EAD for SFTs
The repo VaR approach is a model based on a
Monte Carlo simulation and historical calibration
to estimate exposure, computed as quantile
exposure.
The comprehensive approach considers the adjusted
exposure after applicable supervisory haircuts on
both the exposure and the collateral received to
take account of possible future fluctuations in the
value of either the exposure or the collateral.
For large, diversified SFT portfolios, standardized
EAD is higher than modelled EAD.
Maturity in risk weight
Regulatory RWA function considers maturity: the
longer the maturity, the higher the risk weight.
No differentiation for maturity of transactions,
except for interbank exposures.
Model approach produces lower RWA for high-
quality, short-term transactions.
Credit valuation
adjustment
Not applicable under the final Basel III standards.
UBS calculates the CVA risk capital requirement
using both the standardized approach (SA-CVA)
and the full basic approach (BA-CVA) in line with
the final Basel III standards. The SA-CVA uses
sensitivities to market risk factors (e.g. interest rates
and credit spreads) and uses those sensitivities with
regulatory-prescribed risk weights and correlations
to arrive at a capital charge. The BA-CVA approach
is simpler and less risk sensitive.
Where the BA-CVA and the SA-CVA are applied
under the output floor calculation, the application
of internal ratings is not permitted.
Securitization exposures
in the banking book
The regulatory capital requirements are
calculated using a hierarchy of approaches. First,
the securitization internal ratings-based approach
(SEC-IRBA) is applied, if possible. If this approach
cannot be applied, one of the standardized
approaches is applied.
If the SEC-IRBA cannot be applied, the regulatory
capital requirements are calculated using the
following hierarchy of approaches: the securitization
external ratings-based approach or the
securitization standardized approach (SEC-SA).
Otherwise, a 1,250% risk weight is applied as a
fallback.
30 September 2026 Pillar 3 Report |
UBS Group | Risk-weighted assets 9
Key differences between the internal model approach and the standardized approach (continued)
Internal model approach
Standardized approach
Key impact
Market risk
UBS does not apply the internal model approach
for market risk.
UBS currently applies the standardized approach of
the Fundamental Review of the Trading Book (the
FRTB) framework, in which minimum market risk
capital requirements are computed on the basis of
three components: the sensitivities-based method
(the SBM), the default risk charge (the DRC) and
the residual risk add-on (the RRAO). The SBM
captures delta, vega and curvature risk of the
underlying trading positions, the DRC uses the
jump-to-default risk in positions subject to equity
and credit risk, and positions that may not be
adequately capitalized by the SBM and the DRC
additionally attract an RRAO charge.
Where the standardized approach is applied under
the output floor calculation, the application of
internal ratings is not permitted.
The new FRTB framework replaced the VaR - and
stressed VaR-based Basel 2.5 market risk
framework.
Operational risk
Not applicable under the final Basel III standards.
The standardized approach is based on the business
indicator component, derived from financial
statement metrics, as well as the internal loss
multiplier, derived from average historical
operational losses. The new framework replaced the
advanced measurement approach.
As of 30 September 2026, the output floor is set at USD 463.9bn, representing 65% of RWA calculated using the full
standardized approach. This floor is USD 32.2bn below the actual RWA of USD 496.1bn.
During the third quarter of 2026, the difference between RWA calculated using the full standardized approach and actual
RWA decreased by USD 9.3bn, from USD 226.9bn to USD 217.6bn. This decrease was primarily driven by RWA mitigation
actions undertaken during the quarter and foreign exchange movements.
Under the standardized approach for credit risk RWA fixed risk weights are applied to residential mortgage exposures,
depending on the LTV. The internal model-based approach considers borrowers’ ability to service debt more accurately,
including mortgage affordability and calibration based on historic data. The Group’s residential mortgage portfolio is
focused on the Swiss market, and the Group has robust review processes in place concerning borrowers’ ability to repay.
This results in the Group’s residential mortgage portfolio having a low average LTV and consequently a lower average
risk weight under the A-IRB approach compared with the standardized approach. For Lombard lending, the average risk
weight using internal models is lower than under the standardized approach, primarily due to differences in collateral
treatment. In addition, corporate exposures have higher risk weights under the standardized approach compared with
the average risk density in the modelled approach.
CCR RWA primarily reflects higher risk weights under the standardized approach compared with the IRB risk weights
mainly in the corporate asset class, especially on managed funds. In addition to risk weights, exposures calculated under
the standardized approach are higher, because the standardized approach does not fully recognize the benefits of netting,
portfolio diversification and collateral.
CVA RWA calculated using the full standardized approach were higher than actual RWA, as the application of internal
ratings is not permitted under the standardized approach for output floor calculations.
RWA on securitization exposures in the banking book calculated using the full standardized approach were higher than
actual RWA, due to more conservative assumptions and less granular risk assessments permitted under the SEC-SA when
compared with the SEC-IRBA framework.
30 September 2026 Pillar 3 Report |
UBS Group | Risk-weighted assets 10
CMS1: Comparison of modelled and standardized RWA at risk level
a
b
c
d
e
USD m
RWA for modelled
approaches that UBS has
FINMA approval to use
RWA for portfolios
where standardized
approaches are used
Total actual RWA
(i.e. RWA which banks
report as current
requirements)
RWA calculated using
full standardized
approach
(i.e. used in the base
of the output floor)
Output floor base
(RWA calculated
using full
standardized
approach)
1
30.9.26
1
Credit risk (excluding counterparty credit risk)
2
Counterparty credit risk
3
Credit valuation adjustment (CVA)
4
Securitization exposures in banking book
5
Market risk
6
Operational risk
7
Residual RWA
2
8
Total
3
30.6.26
1
Credit risk (excluding counterparty credit risk)
2
Counterparty credit risk
3
Credit valuation adjustment (CVA)
4
Securitization exposures in banking book
5
Market risk
6
Operational risk
7
Residual RWA
2
8
Total
3
1 As of 1 January 2026, the output floor increased to 65% from 60% in 2025. 2 Includes settlement risk, equity investments in funds and items subject to threshold deduction treatment that do not exceed their
respective threshold and are risk weighted at 250%. 3 The output floor is applied to total RWAs and not to individual risk categories.
RWA flow statements of credit risk exposures under the internal ratings-based approach
The CR8 table below provides a breakdown of the credit risk RWA movements in the third quarter of 2026 across
movement categories defined by the Basel Committee on Banking Supervision (the BCBS).
Credit risk RWA under the IRB approach decreased by USD 2.8bn to USD 196.4bn during the third quarter of 2026. This
balance reflects credit risk under the IRB approach, including the supervisory slotting approach.
Movements in asset size resulted in a USD 1.0bn decrease in RWA, mainly reflecting a decrease in cash and balances at
central banks, partly offset by an increase in loans and loan commitments across the business divisions.
Movements in asset quality increased RWA by USD 2.8bn, mainly due to changes in portfolio distribution resulting from
a reduction in cash and balances at central banks.
Model updates increased RWA by USD 0.3bn.
Methodology and policy changes resulted in a USD 1bn decrease in RWA, mainly driven by the reclassification of
exposures from the IRB approach to the standardized approach.
Currency effects, driven by the strengthening of the US dollar against other major currencies, resulted in a USD 3.8bn
decrease in RWA.
›
Refer to “Definitions of credit risk and counterparty credit risk RWA movement table components for CR8 and CCR7” in the
“Credit risk” section of the 31 December 2025 Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors
, for
definitions of credit risk RWA movement table components
30 September 2026 Pillar 3 Report |
UBS Group | Risk-weighted assets 11
CR8: RWA flow statements of credit risk exposures under IRB
USD m
For the quarter
ended 30.9.26
1
RWA as of the beginning of the quarter
2
Asset size
3
Asset quality
4
Model updates
5
Methodology and policy
6
Acquisitions and disposals
7
Foreign exchange movements
8
Other
9
RWA as of the end of the quarter
RWA flow statements of counterparty credit risk exposures under the internal model method and VaR
The CCR7 table below presents a flow statement explaining movements in CCR RWA determined under the IMM for
derivatives and the VaR approach for SFTs across movement categories defined by FINMA and the BCBS.
During the third quarter of 2026, RWA for derivatives subject to the IMM approach decreased by USD 0.3bn, primarily
reflecting market-driven movements in the Investment Bank. The USD 0.7bn decrease in RWA for SFTs under the VaR
approach was mainly driven by methodology changes relating to the margin period of risk.
›
Refer to “Definitions of credit risk and counterparty credit risk RWA movement table components for CR8 and CCR7” in the
“Credit risk” section of the 31 December 2025 Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors
, for
definitions of CCR RWA movement table components
CCR7: RWA flow statements of CCR exposures under the internal model method (IMM) and value-at-risk (VaR)
For the quarter ended 30.9.26
USD m
Derivatives
SFTs
Total
Subject to IMM
Subject to VaR
1
RWA as of the beginning of the quarter
2
Asset size
3
Credit quality of counterparties
4
Model updates
5
Methodology and policy
6
Acquisitions and disposals
7
Foreign exchange movements
8
Other
9
RWA as of the end of the quarter
RWA flow statements of CVA risk exposures under SA-CVA
The CVA4 table below shows the movements in RWA for CVA risk determined under the SA-CVA. SA-CVA RWA
decreased by USD 0.5bn to USD 4.5bn during the third quarter of 2026, mainly driven by the maturity extension of
hedges, as well as reduced exposures.
CVA4: RWA flow statements of CVA risk exposures under SA-CVA
USD m
Total RWA
1
RWA as of 30.6.26
2
RWA as of 30.9.26
30 September 2026 Pillar 3 Report |
UBS Group | Going and gone concern requirements and eligible capital 12
Going and gone concern requirements and eligible
capital
The table below provides details of the Swiss systemically relevant bank (SRB) going and gone concern capital
requirements as required by the Swiss Financial Market Supervisory Authority (FINMA).
›
Refer to the “Capital management” section of the UBS Group third quarter 2026 report, available under “Quarterly reporting” at
ubs.com/investors
, for more information about capital management
Swiss SRB going and gone concern requirements and information
As of 30.9.26
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 1.88% 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 0.22% 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.
30 September 2026 Pillar 3 Report |
UBS Group | Leverage ratio 13
Leverage ratio
Basel III leverage ratio
The Basel Committee on Banking Supervision (the BCBS) leverage ratio, as summarized in the “KM1: Key metrics” table
in section 2 of this report, is calculated by dividing the period-end tier 1 capital by the period-end leverage ratio
denominator (the LRD).
The LRD consists of on-balance sheet assets and off-balance sheet items based on IFRS Accounting Standards. Derivative
exposures are adjusted for netting of replacement values and eligible cash variation margin, potential future exposure,
and net notional amounts for written credit derivatives. The LRD also includes an additional charge for counterparty credit
risk related to securities financing transactions (SFTs).
On-balance sheet items (excluding derivatives and securities financing transactions (SFTs), but including collateral), as
disclosed in the LR2 table in this section, differ from IFRS Accounting Standards total assets due to adjustments to the
former for the application of the regulatory scope of consolidation and due to the carrying amounts for derivative financial
instruments and SFTs, which are removed and replaced with exposures, as per the leverage ratio rules, in separate line
items in the LR2 table.
Difference between the Swiss systemically relevant bank leverage ratio and the BCBS leverage ratio
The LRD is the same under Swiss systemically relevant bank (SRB) and BCBS rules. However, there is a difference in the
capital numerator between the two frameworks. Under BCBS rules only common equity tier 1 and additional tier 1 (AT1)
capital are included in the numerator. Under Swiss SRB rules UBS is required to meet going and gone concern leverage
ratio requirements. Therefore, depending on the requirement, the numerator includes tier 1 capital instruments, tier 2
capital instruments and / or total loss-absorbing capacity-eligible senior unsecured debt.
LR1: Summary comparison of accounting assets vs leverage ratio exposure measure
USD m
30.9.26
30.6.26
1
Total consolidated assets as per published financial statements
2
Adjustment for investments in banking, financial, insurance or commercial entities that are consolidated for accounting purposes but outside the
scope of regulatory consolidation
3
Adjustment for securitized exposures that meet the operational requirements for the recognition of risk transference
4
Adjustments for temporary exemption of central bank reserves (if applicable)
5
Adjustment for fiduciary assets recognized on the balance sheet pursuant to the operative accounting framework but excluded from the leverage
ratio exposure measure
6
Adjustments for regular-way purchases and sales of financial assets subject to trade date accounting
7
Adjustments for eligible cash pooling transactions
8
Adjustments for derivative financial instruments
9
Adjustment for securities financing transactions (i.e. repos and similar secured lending)
10
Adjustment for off-balance sheet items (i.e. conversion to credit equivalent amounts of off-balance sheet exposures)
11
Adjustments for prudent valuation adjustments and specific and general provisions which have reduced Tier 1 capital
1
12
Other adjustments
12a
of which: asset amounts deducted in determining Tier 1 capital
12b
of which: consolidated entities under the regulatory scope of consolidation
13
Leverage ratio exposure
1 Reflects the shortfall to expected losses on advanced internal ratings-based (IRB) portfolio less general provisions. Deduction items other than the IRB shortfall are disclosed in row 12a.
30 September 2026 Pillar 3 Report |
UBS Group | Leverage ratio 14
LR2: Leverage ratio common disclosure
USD m, except where indicated
30.9.26
30.6.26
On-balance sheet exposures
1
On-balance sheet items (excluding derivatives and securities financing transactions (SFTs), but including collateral)
2
Gross-up for derivatives collateral provided where deducted from balance sheet assets pursuant to the operative accounting framework
3
(Deductions of receivable assets for cash variation margin provided in derivatives transactions)
4
(Adjustment for securities received under securities financing transactions that are recognised as an asset)
5
(Specific and general provisions associated with on-balance sheet exposures that are deducted from Tier 1 capital)
6
(Asset amounts deducted in determining Tier 1 capital)
7
Total on-balance sheet exposures (excluding derivatives and SFTs)
1,299,525
Derivative Exposures
8
Replacement cost associated with all derivatives transactions (where applicable net of eligible cash variation margin and/or with bilateral netting)
9
Add-on amounts for potential future exposure associated with all derivatives transactions
10
(Exempted qualifying central counterparty (QCCP) leg of client-cleared trade exposures)
11
Adjusted effective notional amount of all written credit derivatives
1
12
(Adjusted effective notional offsets and add-on deductions for written credit derivatives)
2
13
Total derivative exposures
132,592
Securities financing transaction exposures
14
Gross SFT assets (with no recognition of netting), after adjusting for sale accounting transactions
15
(Netted amounts of cash payables and cash receivables of gross SFT assets)
16
Counterparty credit risk exposure for SFT assets
17
Agent transaction exposures
18
Total securities financing transaction exposures
157,550
Other off-balance sheet exposures
19
Off-balance sheet exposure at gross notional amount
20
(Adjustments for conversion to credit equivalent amounts)
21
(Specific and general provisions associated with off-balance sheet exposures deducted in determining Tier 1 capital)
22
Total off-balance sheet items
Capital and total exposures (leverage ratio denominator), phase-in
23
Tier 1 capital
24
Total exposures (leverage ratio denominator)
Leverage ratio
25
3
25a
Basel III leverage ratio (%) (excluding the impact of any applicable temporary exemption of central bank reserves)
3
26
Leverage ratio minimum requirement (%)
4
27
Leverage ratio buffers (%)
4
Disclosure of mean values
28
Mean value of gross SFT assets, after adjustment for sale accounting transactions and netted of amounts of associated cash payables and cash
receivables
29
Quarter-end value of gross SFT assets, after adjustment for sale accounting transactions and netted of amounts of associated cash payables and
cash receivables
30
Total exposures (including the impact of any applicable temporary exemption of central bank reserves) incorporating mean values from row 28 of
gross SFT assets (after adjustment for sale accounting transactions and netted of amounts of associated cash payables and cash receivables)
3
30a
Total exposures (excluding the impact of any applicable temporary exemption of central bank reserves) incorporating mean values from row 28
of gross SFT assets (after adjustment for sale accounting transactions and netted of amounts of associated cash payables and cash receivables)
3
31
Basel III leverage ratio (%) (including the impact of any applicable temporary exemption of central bank reserves) incorporating mean values from
row 28 of gross SFT assets (after adjustment for sale accounting transactions and netted of amounts of associated cash payables and cash
receivables)
3
31a
Basel III leverage ratio (%) (excluding the impact of any applicable temporary exemption of central bank reserves) incorporating mean values
from row 28 of gross SFT assets (after adjustment for sale accounting transactions and netted of amounts of associated cash payables and cash
receivables)
3
1 Includes protection sold, including agency transactions. 2 Protection sold can be offset with protection bought on the same underlying reference entity, provided that the conditions according to the Basel III
leverage ratio framework and disclosure requirements are met. 3 There is currently no temporary exemption of central bank reserves for UBS. 4 The total Swiss SRB leverage ratio requirement is composed of a
base requirement and a buffer requirement. The total requirement is above the BCBS leverage ratio requirement, including the G-SIB buffer.
LRD development during the third quarter of 2026
During the third quarter of 2026, the LRD decreased by USD 58.6bn to USD 1,591.2bn, driven by a USD 38.3bn decrease
from asset size and other movements and a USD 20.3bn decrease from currency effects.
On-balance sheet exposures (excluding derivatives and securities financing transactions) decreased by USD 33.8bn, mainly
due to currency effects of USD 18.6bn and asset size and other movements of USD 15.2bn. The asset size and other
movements were mainly due to a decrease in cash and balances at central banks, partly offset by an increase in lending
assets, mainly reflecting positive net new loans in Global Wealth Management and Personal & Corporate Banking.
Derivative exposures decreased by USD 12.8bn, mainly due to asset size and other movements of USD 12.5bn and
currency effects of USD 0.2bn. The asset size and other movements were mainly due to a methodology change in the
calculation of potential future exposure, which primarily impacted certain short-dated derivatives in the Investment Bank.
30 September 2026 Pillar 3 Report |
UBS Group | Leverage ratio 15
Securities financing transaction exposures decreased by USD 11.9bn, mainly due to asset size and other movements of
USD 11.1bn and currency effects of USD 0.7bn. The asset size and other movements were mainly reflected lower
collateral sourcing requirements, partly offset by a net increase in cash reinvestments.
Off-balance sheet items decreased by USD 0.1bn, mainly due to currency effects of USD 0.7bn, partly offset by asset size
and other movements of USD 0.6bn. The asset size and other movements were mainly due to forward starting reverse
repurchase agreements, reflecting an increase in business activity, partly offset by decreases in irrevocable loan
commitments in Global Wealth Management, driven by higher utilization of credit lines.
›
Refer to “Leverage ratio denominator” in the “Capital management” section of the UBS Group third quarter 2026 report, available
under “Quarterly reporting” at
ubs.com/investors
, for more information
Liquidity and funding
Liquidity coverage ratio
We monitor the liquidity coverage ratio (the LCR) in all significant currencies in order to manage any currency mismatch
between high-quality liquid assets (HQLA) and the net expected cash outflows in times of stress.
Further key information
UBS Group third quarter 2026 report section
Disclosure
UBS Group third quarter
2026 report page number
Concentration of funding sources
Balance sheet and off-balance sheet
Customer deposits, by currency
51
High-quality liquid assets
HQLA must be easily and immediately convertible into cash at little or no loss of value, especially during a period of stress.
HQLA are assets that are of low risk and are unencumbered. Other characteristics of HQLA are ease and certainty of
valuation, low correlation with risky assets, listing of the assets on a developed and recognized exchange, existence of
an active and sizable market for the assets, and low volatility. Our HQLA predominantly consist of assets that qualify as
Level 1 in the LCR framework, including cash, central bank reserves and government bonds. In the third quarter of 2026,
our HQLA decreased by USD 17.5bn to USD 324.3bn, mainly reflecting lower cash available from decreases in customer
deposits, primarily from currency effects, and in debt issued at amortized cost, partly offset by higher cash available from
lower lending assets.
High-quality liquid assets (HQLA)
Average 3Q26
1
Average 2Q26
1
USD m
Level 1
weighted
liquidity
value
2
Level 2
weighted
liquidity
value
2
Total
weighted
liquidity
value
2
Level 1
weighted
liquidity
value
2
Level 2
weighted
liquidity
value
2
Total
weighted
liquidity
value
2
Cash balances
3
203,605
203,605
217,395
217,395
Securities (on- and off-balance sheet)
95,235
25,464
120,699
97,517
26,880
124,397
Total HQLA
4
298,840
25,464
324,304
314,912
26,880
341,792
1 Calculated based on an average of 66 data points in the third quarter of 2026 and 60 data points in the second quarter of 2026. 2 Calculated after the application of haircuts and, where applicable, caps on Level 2
assets. 3 Includes cash and balances with central banks and other eligible balances as prescribed by FINMA. 4 Calculated in accordance with FINMA requirements.
30 September 2026 Pillar 3 Report |
UBS Group | Liquidity and funding 16
Liquidity coverage ratio development during the third quarter of 2026
The quarterly average LCR of the UBS Group increased 1.4 percentage points to 178.7%, remaining above the prudential
requirement communicated by the Swiss Financial Market Supervisory Authority (FINMA).
Average net cash outflows decreased by USD 11.4bn to USD 181.5bn, primarily reflecting lower outflows from customer
deposits and higher net inflows from securities financing transactions, partly offset by lower inflows from lending assets.
The effect of the decrease in net cash outflows was partly offset by a USD 17.5bn decrease in average HQLA,
mainly
reflecting
lower cash available from decreases in customer deposits, primarily from currency effects, and in debt issued at
amortized cost, partly offset by higher cash available from lower lending assets.
LIQ1: Liquidity coverage ratio (LCR)
Average 3Q26
1
Average 2Q26
1
USD m
Unweighted
value
Weighted
value
2
Unweighted
value
Weighted
value
2
High-quality liquid assets (HQLA)
1
Total HQLA
329,699
324,304
347,280
341,792
Cash outflows
2
Retail deposits and deposits from small business customers
380,758
43,994
390,606
45,105
3
of which: stable deposits
31,011
1,108
31,767
1,141
4
of which: less stable deposits
349,747
42,886
358,840
43,963
5
Unsecured wholesale funding
299,015
155,424
308,412
162,498
6
of which: operational deposits (all counterparties)
62,659
15,665
63,721
15,930
7
of which: non-operational deposits (all counterparties)
220,089
123,493
227,627
129,504
8
of which: unsecured debt
16,267
16,267
17,064
17,064
9
Secured wholesale funding
125,936
124,765
10
Additional requirements:
119,336
43,963
115,440
44,358
11
of which: outflows related to derivatives and other transactions
29,881
25,117
31,915
26,707
12
of which: outflows related to loss of funding on debt products
3
380
380
230
230
13
of which: committed credit and liquidity facilities
89,075
18,467
83,294
17,421
14
Other contractual funding obligations
33,433
31,320
35,542
33,163
15
Other contingent funding obligations
353,376
19,741
359,017
18,272
16
Total cash outflows
420,378
428,160
Cash inflows
17
Secured lending
455,182
167,606
455,148
159,414
18
Inflows from fully performing exposures
75,578
33,193
79,130
34,791
19
Other cash inflows
38,094
38,094
41,078
41,078
20
Total cash inflows
568,854
238,894
575,356
235,283
Average 3Q26
1
Average 2Q26
1
USD m, except where indicated
Total adjusted
value
4
Total adjusted
value
4
Liquidity coverage ratio (LCR)
21
Total HQLA
324,304
341,792
22
Net cash outflows
181,484
192,877
23
LCR (%)
1 Calculated based on an average of 66 data points in the third quarter of 2026 and 60 data points in the second quarter of 2026. 2 Calculated after the application of haircuts and inflow and outflow rates.
3 Includes outflows related to loss of funding on asset-backed securities, covered bonds, other structured financing instruments, asset-backed commercial papers, structured entities (conduits), securities investment
vehicles and other such financing facilities. 4 Calculated after the application of haircuts and inflow and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows.
30 September 2026 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | Introduction 17
Significant regulated subsidiaries
and sub-groups
Introduction
Scope of disclosures in these sections
The sections below include capital and other regulatory information as of 30 September 2026 for UBS AG consolidated,
UBS AG standalone, UBS Switzerland AG standalone, UBS Europe SE consolidated and UBS Americas Holding LLC
consolidated. Capital information in the following sections is based on Pillar 1 capital requirements. Entities may be
subject to significant additional Pillar 2 requirements, which represent additional amounts of capital considered necessary
and are agreed with regulators based on the risk profile of the respective entity.
UBS AG consolidated
Key metrics for the third quarter of 2026
The table below is based on the Swiss Financial Market Supervisory Authority (FINMA) Ordinance on the Disclosure
Obligations of Banks and Securities Firms (DisO-FINMA) rules and IFRS Accounting Standards.
During the third quarter of 2026, tier 1 capital decreased by USD 0.7bn to USD 94.1bn. Common equity tier 1 (CET1)
capital was stable at USD 71.6bn, mainly as operating profit before tax of USD 3.1bn was offset by additional dividend
accruals of USD 1.8bn, negative foreign currency translation effects of USD 0.7bn and current tax expenses of USD 0.6bn.
Additional tier 1 (AT1) capital issued by the Group and on lent to UBS AG decreased by USD 0.7bn to USD 22.5bn,
reflecting negative impacts from interest rate risk hedge, foreign currency translation and other effects.
Risk-weighted assets (RWA) decreased by USD 6.8bn to USD 493.6bn, driven by a USD 4.6bn decrease from currency
effects, a USD 2.0bn decrease resulting from asset size and other movements, and a USD 0.2bn decrease driven by model
updates and methodology changes. The asset size and other movements included a USD 1.0bn decrease in credit and
counterparty credit risk RWA, mainly due to market-driven movements in derivatives in Global Wealth Management and
the Investment Bank and lower RWA on loans and loan commitments in Global Wealth Management, partly offset by an
increase in loans and loan commitments and amounts due from banks in the Investment Bank. Market risk RWA
decreased by USD 0.8bn, primarily reflecting asset size and other movements, with a decrease in Group Treasury partly
offset by an increase in the Investment Bank.
The leverage ratio denominator (the LRD) decreased by USD 56.7bn to USD 1,593.5bn, mainly due to a USD 36.4bn
decrease from asset size and other movements and a USD 20.3bn decrease from currency effects. The asset size and
other movements included a USD 13.2bn decrease in on-balance sheet exposures, driven by lower cash and balances at
central banks, partly offset by an increase in lending assets, mainly in Global Wealth Management and Personal &
Corporate Banking. In addition, there was a USD 12.6bn decrease in derivative exposures, mainly due to a methodology
change in the calculation of potential future exposure, which primarily impacted certain short-dated derivatives in the
Investment Bank, and an USD 11.1bn decrease in securities financing transaction exposures, mainly reflecting lower
collateral sourcing requirements, partly offset by a net increase in cash reinvestments.
Correspondingly, the CET1 capital ratio of UBS AG consolidated increased to 14.5% from 14.3%, mostly reflecting the
aforementioned decrease in RWA. The Basel III leverage ratio increased to 5.9% from 5.7%, reflecting the
aforementioned decrease in the LRD, partly offset by the aforementioned decrease in tier 1 capital.
30 September 2026 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS AG consolidated 18
The quarterly average liquidity coverage ratio of
UBS AG
consolidated increased 2.0 percentage points to
174.5%,
remaining
above the prudential requirement communicated by FINMA. Average net cash outflows decreased
by USD 12.5bn to USD 185.9bn, primarily reflecting lower outflows from customer deposits and higher net inflows from
securities financing transactions, partly offset by lower inflows from lending assets. The effect of the decrease in net cash
outflows was partly offset by a USD 17.5bn decrease in average high-quality liquid assets to USD 324.5bn,
mainly
reflecting
lower cash available from decreases in customer deposits, primarily from currency effects, and in debt issued at
amortized cost, partly offset by higher cash available from lower lending assets.
As of 30 September 2026, the net stable funding ratio of UBS AG consolidated decreased by 0.5 percentage points to
114.2%, remaining above the prudential requirement communicated by FINMA. Available stable funding decreased by
USD 11.4bn to USD 881.2bn, mainly driven by lower debt issued at amortized cost, capital instruments on lent from UBS
Group AG and regulatory capital. Required stable funding decreased by USD 6.8bn to USD 771.6bn, mainly reflecting
lower trading assets and a decrease in lending assets, primarily from currency effects.
KM1: Key metrics
USD m, except where indicated
30.9.26
30.6.26
31.3.26
31.12.25
30.9.25
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
2
Tier 1
3
Total capital
Risk-weighted assets (amounts)
4
Total risk-weighted assets (RWA)
4a
Total risk-weighted assets (pre-floor)
4b
Minimum capital requirement
1
Risk-based capital ratios as a percentage of RWA
5
Common equity tier 1 ratio (%)
5b
Common equity tier 1 ratio (%) (pre-floor)
6
Tier 1 ratio (%)
6b
Tier 1 ratio (%) (pre-floor)
7
Total capital ratio (%)
7b
Total capital ratio (%) (pre-floor)
Additional CET1 buffer requirements as a percentage of RWA
8
Capital conservation buffer requirement (%)
9
Countercyclical buffer requirement (%)
9a
Additional countercyclical buffer for Swiss mortgage loans (%)
10
Bank G-SIB and / or D-SIB additional requirements (%)
2
11
Total of bank CET1 specific buffer requirements (%)
3
12
CET1 available after meeting the bank’s minimum capital requirements (%)
4
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
14
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves)
5
14b
Basel III leverage ratio (%) (excluding the impact of any applicable temporary
exemption of central bank reserves)
14c
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves) incorporating mean values for SFT assets
5
14d
Basel III leverage ratio (%) (excluding the impact of any applicable temporary
exemption of central bank reserves) incorporating mean values for SFT assets
14e
Minimum capital requirements
6
Liquidity coverage ratio (LCR)
7
15
Total high-quality liquid assets (HQLA)
16
Total net cash outflow
16a
of which: cash outflows
16b
of which: cash inflows
17
LCR (%)
174.49
172.46
172.39
176.24
178.96
Net stable funding ratio (NSFR)
18
Total available stable funding
19
Total required stable funding
20
NSFR (%)
114.20
114.68
116.10
115.65
118.59
1 Calculated as 8% of total RWA, based on total capital minimum requirements, excluding CET1 buffer requirements. 2 Swiss SRB going and gone concern requirements and information for UBS AG consolidated
are provided below in this section. 3 Excludes non-BCBS capital buffer requirements for risk-weighted positions that are directly or indirectly backed by residential properties in Switzerland. 4 Represents the CET1
ratio that is available to meet buffer requirements. Calculated as the CET1 ratio minus the BCBS CET1 capital requirement and, where applicable, minus the BCBS tier 2 capital requirement met with CET1 capital.
5 There is currently no temporary exemption of central bank reserves for UBS. 6 The higher of capital requirements based on 8% of RWA or 3% of LRD. 7 Calculated after the application of haircuts and inflow
and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows. Calculated based on an average of 66 data points in the third quarter of 2026 and 60 data points in the second quarter of
2026. For the prior-quarter data points, refer to the respective Pillar 3 Report, available under “Pillar 3 disclosures” at ubs.com/investors, for more information.
30 September 2026 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS AG consolidated 19
Swiss systemically relevant bank going and gone concern requirements and information
The tables below provide details of the Swiss systemically relevant bank RWA- and LRD-based going and gone concern
requirements and information as required by FINMA; details regarding eligible gone concern instruments are also provided
below.
Outstanding total loss-absorbing capacity-eligible unsecured debt instruments are eligible to meet gone concern
requirements until one year before maturity.
More information about the going and gone concern requirements is provided in the “Total loss-absorbing capacity”
section of the UBS AG Annual Report 2025, available under “Annual reporting” at
ubs.com/investors.
Swiss SRB going and gone concern requirements and information
As of 30.9.26
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
of which: base requirement including add-ons for market share and LRD
8
8
Eligible gone concern capital
Total gone concern loss-absorbing capacity
9
TLAC-eligible unsecured debt
Total loss-absorbing capacity
Required total loss-absorbing capacity
Eligible total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
1 Includes applicable add-ons of 1.89% 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, 0.22% 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, and 1 basis point reflecting a Pillar 2
capital add-on of USD 40m related to the supply chain finance funds matter at Credit Suisse. 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-ons). 7 FINMA has the authority to impose a surcharge of up to 25% of
the total going concern capital requirements (excluding countercyclical buffer requirements and the Pillar 2 add-ons) should obstacles to an SIB’s resolvability be identified in future resolvability assessments. 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.
30 September 2026 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS AG consolidated 20
Swiss SRB going and gone concern information
USD m, except where indicated
30.9.26
30.6.26
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 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.
UBS AG standalone
Key metrics for the third quarter of 2026
The table below is based on the Swiss Financial Market Supervisory Authority (FINMA) Ordinance on the Disclosure
Obligations of Banks and Securities Firms (DisO-FINMA) rules and IFRS Accounting Standards.
During the third quarter of 2026, tier 1 capital decreased by USD 1.4bn to USD 98.0bn. Common equity tier 1 (CET1)
capital decreased by USD 0.7bn to USD 75.5bn, mainly as operating profit before tax of USD 1.3bn was more than offset
by additional dividend accruals of USD 1.8bn. Additional tier 1 (AT1) capital issued by the Group and on lent to UBS AG
decreased by USD 0.7bn to USD 22.5bn, reflecting negative impacts from interest rate risk hedge, foreign currency
translation and other effects.
Risk-weighted assets (RWA) decreased by USD 10.4bn to USD 500.3bn, primarily driven by a USD 7.6bn decrease from
asset size and other movements and a USD 2.8bn decrease from currency effects. The asset size and other movements
included an USD 8.0bn decrease in credit and counterparty credit risk RWA, primarily driven by lower collateral posted
by UBS AG to its subsidiaries and decreases in term funding from UBS AG to its subsidiaries.
The leverage ratio denominator (the LRD) decreased by USD 36.5bn to USD 895.3bn, mainly due to a USD 33.1bn
decrease from asset size and other movements and a USD 3.4bn decrease from currency effects. The asset size and other
movements included a USD 7.1bn decrease in on-balance sheet exposures, driven by lower cash and balances at central
banks, a USD 10.4bn decrease in derivatives exposure, mainly due to a methodology change in the calculation of potential
future exposure, which primarily impacted certain short-dated derivatives in the Investment Bank, and an USD 18.3bn
decrease in securities financing transaction exposures, mainly reflecting lower collateral sourcing requirements. These
decreases were partly offset by a USD 2.6bn increase in off-balance sheet exposures, mainly reflecting increases in forward
starting reverse repurchase agreements in Group Treasury.
Correspondingly, the CET1 capital ratio of UBS AG standalone increased to 15.1% from 14.9%, reflecting the
aforementioned decrease in RWA, partly offset by the aforementioned decrease in CET1 capital. The Basel III leverage
ratio increased to 10.9% from 10.7%, reflecting the aforementioned decrease in the LRD, partly offset by the
aforementioned decrease in tier 1 capital.
30 September 2026 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS AG standalone 21
The quarterly average liquidity coverage ratio (the LCR) of UBS AG standalone increased 4.2 percentage points to
221.0%,
remaining
above the prudential requirement communicated by FINMA. The movement in the quarterly average
LCR was primarily driven by a USD 4.9bn decrease in average net cash outflows to USD 66.4bn, mainly reflecting higher
net inflows from
securities financing transactions and lower outflows from customer deposits. Average high-quality liquid
assets decreased by USD 7.7bn to USD 146.8bn,
mainly reflecting
lower cash available from higher funding of trading
assets, lower debt issued measured at amortized cost and higher lending assets, partly offset by higher cash available
from lower funding provided to UBS Switzerland AG.
As of 30 September 2026, the net stable funding ratio of UBS AG standalone increased 0.3 percentage points to 91.1%,
remaining above the prudential requirement communicated by FINMA. Available stable funding decreased by USD 4.5bn
to USD 402.4bn, mainly driven by lower capital instruments on lent from UBS Group AG, debt issued at amortized cost
and regulatory capital, partly offset by higher intercompany and customer deposits. Required stable funding decreased
by USD 6.3bn to USD 441.8bn, mainly reflecting lower trading assets and receivables from securities financing
transactions.
KM1: Key metrics
USD m, except where indicated
30.9.26
30.6.26
31.3.26
31.12.25
30.9.25
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
2
Tier 1
3
Total capital
Risk-weighted assets (amounts)
1
4
Total risk-weighted assets (RWA)
4a
Total risk-weighted assets (pre-floor)
4b
Minimum capital requirement
2
Risk-based capital ratios as a percentage of RWA
1
5
Common equity tier 1 ratio (%)
5b
Common equity tier 1 ratio (%) (pre-floor)
6
Tier 1 ratio (%)
6b
Tier 1 ratio (%) (pre-floor)
7
Total capital ratio (%)
7b
Total capital ratio (%) (pre-floor)
Additional CET1 buffer requirements as a percentage of RWA
8
Capital conservation buffer requirement (%)
9
Countercyclical buffer requirement (%)
9a
Additional countercyclical buffer for Swiss mortgage loans (%)
10
Bank G-SIB and / or D-SIB additional requirements (%)
3
11
Total of bank CET1 specific buffer requirements (%)
4
12
CET1 available after meeting the bank’s minimum capital requirements (%)
5
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
14
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves)
6
14b
Basel III leverage ratio (%) (excluding the impact of any applicable
temporary exemption of central bank reserves)
14c
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves) incorporating mean values for SFT
assets
6
14d
Basel III leverage ratio (%) (excluding the impact of any applicable
temporary exemption of central bank reserves) incorporating mean values for
SFT assets
14e
Minimum capital requirements
7
Liquidity coverage ratio (LCR)
8
15
Total high-quality liquid assets (HQLA)
16
Total net cash outflow
16a
of which: cash outflows
16b
of which: cash inflows
17
LCR (%)
221.04
Net stable funding ratio (NSFR)
9
18
Total available stable funding
19
Total required stable funding
20
NSFR (%)
91.09
90.82
91.49
90.68
96.20
1 Based on phase-in rules for RWA. Refer to “Swiss systemically relevant bank going and gone concern requirements and information” below for more information. 2 Calculated as 8% of total RWA, based on total
capital minimum requirements, excluding CET1 buffer requirements. 3 Swiss SRB going and gone concern requirements and information for UBS AG standalone are provided below in this section. 4 Excludes non-
BCBS capital buffer requirements for risk-weighted positions that are directly or indirectly backed by residential properties in Switzerland. 5 Represents the CET1 ratio that is available to meet buffer requirements.
Calculated as the CET1 ratio minus the BCBS CET1 capital requirement and, where applicable, minus the BCBS tier 2 capital requirement met with CET1 capital. 6 There is currently no temporary exemption of
central bank reserves for UBS. 7 The higher of capital requirements based on 8% of RWA or 3% of LRD. 8 Calculated after the application of haircuts and inflow and outflow rates, as well as, where applicable,
caps on Level 2 assets and cash inflows. Calculated based on an average of 66 data points in the third quarter of 2026 and 60 data points in the second quarter of 2026. For the prior-quarter data points, refer to the
respective Pillar 3 Report, available under “Pillar 3 disclosures” at ubs.com/investors, for more information. 9 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.
30 September 2026 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS AG standalone 22
Swiss systemically relevant bank going and gone concern requirements and information
The tables below provide details of the Swiss systemically relevant bank RWA- and LRD-based going and gone concern
requirements and information as required by FINMA; details regarding eligible gone concern instruments are also provided
below.
UBS AG standalone is subject to a gone concern capital requirement based on the sum of: (i) the nominal value of the
gone concern instruments issued by UBS entities and held by the parent firm; (ii) 75% of the going concern capital
requirements resulting from third-party exposure on a standalone basis; and (iii) a buffer requirement equal to 30% of
the Group’s gone concern capital requirement on UBS AG’s consolidated exposure. The gone concern capital requirement
is the higher of the RWA- and LRD-based requirements, calculated separately. The gone concern capital coverage ratio
reflects how much gone concern capital is available to meet the gone concern requirement. Outstanding total loss-
absorbing capacity-eligible unsecured debt instruments are eligible to meet gone concern requirements until one year
before maturity.
More information about the going and gone concern requirements is provided in the “UBS AG standalone” section of
the 31 December 2025 Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors.
Swiss SRB going and gone concern requirements and information
As of 30.9.26
RWA, phase-in
RWA, fully applied as of 1.1.28
1
LRD
USD m, except where indicated
in %
in %
in %
Required going concern capital
Total going concern capital
2
2
2
Common equity tier 1 capital
3
3
of which: minimum capital
of which: buffer capital
of which: countercyclical buffer
Maximum additional tier 1 capital
3
3
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
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
Required gone concern capital
5
Higher of RWA- or LRD-based
Total gone concern loss-absorbing capacity
Eligible gone concern capital
Total gone concern loss-absorbing capacity
6
TLAC-eligible unsecured debt
Gone concern capital coverage ratio
1 Fully applied relates to participation RWA. Direct and indirect investments including holding of regulatory capital instruments in Switzerland-domiciled subsidiaries and for direct and indirect investments including
holding of regulatory capital instruments in foreign-domiciled subsidiaries are risk weighted at 240% and 360%, respectively, for the current year. As per current rules, risk weights will gradually increase by 5 percentage
points per year for Switzerland-domiciled investments and 20 percentage points per year for foreign-domiciled investments until the fully applied risk weights of 250% and 400%, respectively, are applied. 2 Includes
applicable add-ons of 1.86% for risk-weighted assets (RWA, phase-in), 1.85% for risk-weighted assets (RWA, fully applied) 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 1 basis points for RWA phase-in and 1 basis points for RWA fully applied reflecting a Pillar 2 capital add-on of USD 40m related to the supply chain finance
funds matter at Credit Suisse. An additional 20 basis points for RWA phase-in and 19 basis points for RWA fully applied reflect a Pillar 2 capital add-on for the residual exposure (after collateral mitigation) to hedge
funds, private equity and family offices, effective 1 January 2025. For the LRD-based requirement the add-on includes 0.30% for market share and 0.28% for LRD. 3 Includes the Pillar 2 add-on for the residual
exposure (after collateral mitigation) to hedge funds, private equity and family offices of 0.14% for CET1 capital and 0.06% for AT1 capital for RWA phase-in and 0.13% for CET1 capital and 0.06% for AT1 capital
for RWA fully applied, 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; 4.36% for RWA phase-in and 4.36%
for RWA fully applied include the aforementioned Pillar 2 capital add-on. 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 4.36% as explained in footnote 3 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 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.
30 September 2026 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS AG standalone 23
Swiss SRB going and gone concern information
USD m, except where indicated
30.9.26
30.6.26
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 unsecured debt
Total loss-absorbing capacity
Total loss-absorbing capacity
Denominators for going and gone concern ratios
Risk-weighted assets, phase-in
of which: investments in Switzerland-domiciled subsidiaries
2
of which: investments in foreign-domiciled subsidiaries
2
Risk-weighted assets, fully applied as of 1.1.28
of which: investments in Switzerland-domiciled subsidiaries
2
of which: investments in foreign-domiciled subsidiaries
2
Leverage ratio denominator
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio, phase-in
of which: common equity tier 1 capital ratio, phase-in
Going concern capital ratio, fully applied as of 1.1.28
of which: common equity tier 1 capital ratio, fully applied as of 1.1.28
Leverage ratios (%)
Going concern leverage ratio
of which: common equity tier 1 leverage ratio
Capital coverage ratio (%)
Gone concern capital coverage 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. 2 Fully applied relates to participation RWA. Direct and indirect investments including holding of regulatory capital instruments in Switzerland-domiciled subsidiaries and for direct
and indirect investments including holding of regulatory capital instruments in foreign-domiciled subsidiaries are risk weighted at 240% and 360%, respectively, for the current year. As per current rules, risk weights
will gradually increase by 5 percentage points per year for Switzerland-domiciled investments and 20 percentage points per year for foreign-domiciled investments until the fully applied risk weights of 250% and
400%, respectively, are applied.
UBS Switzerland AG standalone
Key metrics for the third quarter of 2026
The table below is based on the Swiss Financial Market Supervisory Authority (FINMA) Ordinance on the Disclosure
Obligations of Banks and Securities Firms (DisO-FINMA) rules and IFRS Accounting Standards.
During the third quarter of 2026, common equity tier 1 capital decreased by CHF 0.2bn to CHF 21.6bn, mainly due to
operating profit being more than offset by additional dividend accruals.
Total risk-weighted assets (RWA) decreased by CHF 2.9bn to CHF 170.9bn, mainly driven by lower RWA on derivative
exposures, partly offset by an increase in loans and loan commitments.
The leverage ratio denominator (the LRD) decreased by CHF 11.9bn to CHF 561.0bn, mainly due to asset size movements.
This included a CHF 9.0bn decrease in on-balance sheet exposures, mainly driven by a decrease in cash and balances at
central banks, and a CHF 1.7bn decrease in off-balance sheet exposures, mainly driven by a decrease in loan
commitments.
30 September 2026 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS Switzerland AG standalone 24
The quarterly average liquidity coverage ratio (the LCR) of UBS Switzerland AG decreased 5.6 percentage points to
128.6%,
remaining
above the prudential requirement communicated by FINMA. The movement in the quarterly average
LCR was primarily driven by a CHF 4.7bn decrease in average high-quality liquid assets to CHF 112.4bn,
mainly
reflecting
lower cash available from lower funding received from UBS AG and an increase in lending assets, partly offset
by higher cash available from an increase in customer deposits. Average net cash outflows were largely unchanged at
CHF 87.5bn,
as
lower
inflows from lending assets were offset by lower net outflows for securities financing transactions.
As of 30 September 2026, the net stable funding ratio remained stable at 124.1%, remaining above the prudential
requirement communicated by FINMA. Available stable funding decreased by CHF 1.8bn to CHF 370.9bn, mainly driven
by lower funding received from UBS AG, partly offset by an increase in customer deposits. Required stable funding
decreased by CHF 1.2bn to CHF 298.9bn, mainly reflecting lower lending assets, and lower derivatives and cash collateral
receivables on derivative instruments.
KM1: Key metrics
CHF m, except where indicated
30.9.26
30.6.26
31.3.26
31.12.25
30.9.25
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
2
Tier 1
3
Total capital
Risk-weighted assets (amounts)
4
Total risk-weighted assets (RWA)
4a
Total risk-weighted assets (pre-floor)
4b
Minimum capital requirement
1
Risk-based capital ratios as a percentage of RWA
5
Common equity tier 1 ratio (%)
5b
Common equity tier 1 ratio (%) (pre-floor)
6
Tier 1 ratio (%)
6b
Tier 1 ratio (%) (pre-floor)
7
Total capital ratio (%)
7b
Total capital ratio (%) (pre-floor)
Additional CET1 buffer requirements as a percentage of RWA
8
Capital conservation buffer requirement (%)
9
Countercyclical buffer requirement (%)
9a
Additional countercyclical buffer for Swiss mortgage loans (%)
10
Bank G-SIB and / or D-SIB additional requirements (%)
11
Total of bank CET1 specific buffer requirements (%)
2
12
CET1 available after meeting the bank’s minimum capital requirements (%)
3
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
14
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves)
4
14b
Basel III leverage ratio (%) (excluding the impact of any applicable temporary
exemption of central bank reserves)
14c
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves) incorporating mean values for SFT assets
4
14d
Basel III leverage ratio (%) (excluding the impact of any applicable temporary
exemption of central bank reserves) incorporating mean values for SFT assets
14e
Minimum capital requirements
5
Liquidity coverage ratio (LCR)
6
15
Total high-quality liquid assets (HQLA)
16
Total net cash outflow
16a
of which: cash outflows
16b
of which: cash inflows
17
LCR (%)
Net stable funding ratio (NSFR)
7
18
Total available stable funding
19
Total required stable funding
20
NSFR (%)
1 Calculated as 8% of total RWA, based on total capital minimum requirements, excluding CET1 buffer requirements. 2 Excludes non-BCBS capital buffer requirements for risk-weighted positions that are directly
or indirectly backed by residential properties in Switzerland. 3 Represents the CET1 ratio that is available to meet buffer requirements. Calculated as the CET1 ratio minus the BCBS CET1 capital requirement and,
where applicable, minus the BCBS tier 2 capital requirement met with CET1 capital. 4 There is currently no temporary exemption of central bank reserves for UBS. 5 The higher of capital requirements based on
8% of RWA or 3% of LRD. 6 Calculated after the application of haircuts and inflow and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows. Calculated based on an average of 66
data points in the third quarter of 2026 and 60 data points in the second quarter of 2026. For the prior-quarter data points, refer to the respective Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors, for more information. 7 UBS Switzerland AG is required to maintain a minimum NSFR of at least 100% on an ongoing basis, as set out in Art. 17h para. 1 of the Liquidity Ordinance. A portion
of the excess funding is used to fulfill the NSFR requirement of UBS AG standalone.
30 September 2026 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS Switzerland AG standalone 25
Swiss systemically relevant bank going and gone concern requirements and information
The tables below provide details of the Swiss systemically relevant bank (SRB) RWA- and LRD-based going and gone
concern requirements and information as required by FINMA; details regarding eligible gone concern instruments are
also provided below.
UBS Switzerland AG is considered an SRB under Swiss banking law and is subject to capital regulations on a standalone
basis. As of 30 September 2026, the going concern capital and leverage ratio requirements for UBS Switzerland AG
standalone were 15.39% (including a countercyclical buffer of 0.87%) and 5.08%, respectively.
The Swiss SRB framework and going concern requirements applicable to UBS Switzerland AG standalone are the same
as those applicable to UBS Group AG consolidated. The gone concern requirement corresponds to 62% of the Group’s
going concern requirements, excluding the countercyclical buffer requirements and Pillar 2 add-ons. Outstanding total
loss-absorbing capacity-eligible unsecured debt instruments are eligible to meet gone concern requirements until one
year before maturity.
The gone concern requirements were 9.00% for the RWA-based requirement and 3.15% for the LRD-based requirement.
›
Refer to “Capital and capital ratios of our significant regulated subsidiaries” in the “Capital management” section of the UBS
Group Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more information about the joint
liability of UBS AG and UBS Switzerland AG
Swiss SRB going and gone concern requirements and information
As of 30.9.26
RWA
LRD
CHF m, except where indicated
in %
in %
Required going concern capital
Total going concern capital
1
1
Common equity tier 1 capital
of which: minimum capital
of which: buffer capital
of which: countercyclical buffer
Maximum additional tier 1 capital
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
2
of which: high-trigger loss-absorbing additional tier 1 capital
Required gone concern capital
3
Total gone concern loss-absorbing capacity
of which: base requirement including add-ons for market share and LRD
4
4
Eligible gone concern capital
Total gone concern loss-absorbing capacity
TLAC-eligible unsecured debt
Total loss-absorbing capacity
Required total loss-absorbing capacity
Eligible total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
1 Includes applicable add-ons of 1.66% for risk-weighted assets (RWA) and 0.58% for leverage ratio denominator (LRD). 2 UBS meets its minimum going concern capital requirements with CET1 capital and AT1
capital. As UBS exceeds its minimum going concern capital requirements, the actual available and eligible AT1 capital is above the AT1 capital used to meet the minimum requirements (which is capped at 4.3%).
3 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. 4 Includes applicable add-ons of 1.03% for RWA and 0.36% for LRD.
30 September 2026 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS Switzerland AG standalone 26
Swiss SRB going and gone concern information
CHF m, except where indicated
30.9.26
30.6.26
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
TLAC-eligible unsecured debt
Total loss-absorbing capacity
Total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
of which: common equity tier 1 capital ratio
Gone concern loss-absorbing capacity ratio
Total loss-absorbing capacity ratio
Leverage ratios (%)
Going concern leverage ratio
of which: common equity tier 1 leverage ratio
Gone concern leverage ratio
Total loss-absorbing capacity leverage ratio
30 September 2026 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS Europe SE consolidated 27
UBS Europe SE consolidated
Key metrics for the third quarter of 2026
The table below provides information about the regulatory capital components, capital ratios, leverage ratio and liquidity
of UBS Europe SE consolidated based on Basel Committee on Banking Supervision (BCBS) Pillar 1 requirements and in
accordance with EU regulatory rules and IFRS Accounting Standards.
During the third quarter of 2026, available capital remained stable and risk-weighted assets increased by EUR 0.3bn to
EUR 16.2bn, mainly driven by higher Lombard loan exposures, primarily due to the integration of Credit Suisse Spain,
and increases in exchange-traded derivatives and loan commitments, partly offset by decreases in securities financing
transactions (SFTs) and cash. The leverage ratio exposure decreased by EUR 0.3bn to EUR 60.5bn, mainly driven by
decrease in inventory positions, partially offset by an increase in SFTs and derivatives.
The average liquidity coverage ratio (the LCR) remained well above the regulatory requirement of 100%, at 134.9%. The
decrease in the LCR was driven by an increase of EUR 0.3bn in total net cash outflows, partly offset by an increase of
EUR 0.1bn in high-quality liquid assets (HQLA). Higher HQLA and net outflows were mainly due to an increase in UBS
Group euro-clearing activities. The net stable funding ratio (the NSFR) remained well above the regulatory requirements
of 100%, at 136.6%. The increase in the NSFR was due to a EUR 0.8bn decrease in required stable funding due to lower
client-driven activity levels in the Investment Bank, alongside a EUR 1.1bn increase in available stable funding, driven by
higher intercompany funding.
KM1: Key metrics
1,2
EUR m, except where indicated
30.9.26
30.6.26
3
31.3.26
31.12.25
30.9.25
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
2
Tier 1
3
Total capital
Risk-weighted assets (amounts)
4
Total risk-weighted assets (RWA)
4a
Total risk-weighted assets (RWA) (pre-floor)
4b
Minimum capital requirement
4
Risk-based capital ratios as a percentage of RWA
5
CET1 ratio (%)
5b
CET1 ratio (%) (pre-floor)
6
Tier 1 ratio (%)
6b
Tier 1 ratio (%) (pre-floor)
7
Total capital ratio (%)
7b
Total capital ratio (%) (pre-floor)
Additional CET1 buffer requirements as a percentage of RWA
8
Capital conservation buffer requirement (%)
9
Countercyclical buffer requirement (%)
10
Bank G-SIB and / or D-SIB additional requirements (%)
11
Total of bank CET1 specific buffer requirements (%)
12
CET1 available after meeting the bank’s minimum capital requirements (%)
5
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
14
Basel III leverage ratio (%) (including the impact of any applicable temporary
exemption of central bank reserves)
6,7
14b
Basel III leverage ratio (%) (excluding the impact of any applicable
temporary exemption of central bank reserves)
14e
Minimum capital requirements
8
Liquidity coverage ratio (LCR)
9
15
Total high-quality liquid assets (HQLA)
16
Total net cash outflow
17
LCR (%)
Net stable funding ratio (NSFR)
18
Total available stable funding
19
Total required stable funding
20
NSFR (%)
1 Based on applicable EU regulatory rules. 2 Row 9a of the FINMA template is applicable to the FINMA-regulated scope only and rows 14c and 14d have been removed because the EU does not require the disclosure
of mean values for SFTs. 3 Comparative figures have been restated to align with the regulatory reports as submitted to the European Central Bank. 4 Calculated as 8% of total RWA, based on total capital minimum
requirements, excluding CET1 buffer requirements. 5 Represents the CET1 ratio that is available for meeting buffer requirements. Calculated as the CET1 ratio minus the BCBS CET1 capital requirement and after
considering, where applicable, CET1 capital that has been used to meet tier 1 and / or total capital ratio requirements under Pillar 1. 6 Calculated on the basis of tier 1 capital. 7 There is currently no temporary
exemption of central bank reserves for UBS Europe SE. 8 The higher of capital requirements based on 8% of RWA or 3% of LRD. 9 Figures are calculated based on a 12
‑
month average.
30 September 2026 Pillar 3 Report |
Significant regulated subsidiaries and sub-groups | UBS Americas Holding LLC consolidated 28
UBS Americas Holding LLC consolidated
Key metrics for the third quarter of 2026
The table below is based on Basel Committee on Banking Supervision (BCBS) Pillar 1 requirements and in accordance
with US Basel III rules and generally accepted accounting principles in the US (US GAAP).
Effective 1 October 2025, and until 31 December 2027, UBS Americas Holding LLC is subject to a stress capital buffer
(an SCB) of 5.2%, in addition to the minimum risk-based capital requirements. The SCB, subject to a floor of 2.5%, was
determined by the Federal Reserve Board following the completion of the 2025 Comprehensive Capital Analysis and
Review (the CCAR) based on Dodd–Frank Act Stress Test (DFAST) results and planned future dividends.
During the third quarter of 2026, the common equity tier 1 (CET1) capital ratio increased 0.3 percentage points to 16.8%
and the tier 1 capital ratio increased 0.2 percentage points to 20.3%. Both CET1 capital and tier 1 capital increased by
USD 0.4bn, primarily due to profit before taxes and lower deferred tax deductions arising from temporary differences,
partly offset by preferred dividends paid to UBS AG. Risk-weighted assets (RWA) increased by USD 1.1bn to USD 82.1bn,
as credit risk RWA increased by USD 1.9bn, mainly in derivatives and loans. This increase was partly offset by a USD 0.8bn
decrease in market risk RWA from a decrease in value-at-risk (VaR) and stressed VaR.
The tier 1 leverage ratio increased 0.2 percentage points to 8.2%, primarily driven by the aforementioned capital
movements, partly offset by a USD 0.2bn increase in leverage exposure. Similarly, the tier 1 supplementary leverage ratio
(the SLR) increased 0.1 percentage points to 6.8%, primarily driven by the aforementioned capital movements, partly
offset by a USD 2.2bn increase in SLR exposure from derivative and repo style transactions.
The average liquidity coverage ratio decreased 0.2 percentage points to 123.8%, as high-quality liquid assets increased
by USD 1.4bn and net cash outflow increased by USD 1.1bn. The average net stable funding ratio increased
1.9 percentage points to 131.8%, driven by a USD 1.5bn increase in available stable funding (ASF), primarily as it
benefited from a USD 2.0bn decrease in ASF that is not readily transferable across subsidiaries (i.e. excess ASF), partly
offset by a USD 0.5bn decrease in other available stable funding activities. There was an immaterial movement in required
stable funding.
KM1: Key metrics
1
USD m, except where indicated
30.9.26
30.6.26
31.3.26
31.12.25
30.9.25
Available capital (amounts)
1
Common Equity Tier 1 (CET1)
2
Tier 1
3
Total capital
Risk-weighted assets (amounts)
4
Total risk-weighted assets (RWA)
4b
Minimum capital requirement
2
Risk-based capital ratios as a percentage of RWA
5
CET1 ratio (%)
6
Tier 1 ratio (%)
7
Total capital ratio (%)
Additional CET1 buffer requirements as a percentage of RWA
8
BCBS capital conservation buffer requirement (%)
8a
US stress capital buffer requirement (%)
9
Countercyclical buffer requirement (%)
10
Bank G-SIB and / or D-SIB additional requirements (%)
11
BCBS total of bank CET1 specific buffer requirements (%)
11a
US total bank specific capital buffer requirements (%)
12
CET1 available after meeting the bank’s minimum capital requirements (%)
3
Basel III leverage ratio
13
Total Basel III leverage ratio exposure measure
4
14
Basel III leverage ratio (%)
5
14a
Total Basel III supplementary leverage ratio exposure measure
4
14b
Basel III supplementary leverage ratio (%)
5
Liquidity coverage ratio (LCR)
15
Total high-quality liquid assets (HQLA)
4
16
Total net cash outflow
4,6
17
LCR (%)
Net stable funding ratio (NSFR)
18
Total available stable funding
4
19
Total required stable funding
4,6
20
NSFR (%)
1 As the final Basel III standards have not been implemented in the US, rows that are not applicable have been removed from the FINMA template. 2 Calculated as 8% of total RWA, based on total minimum capital
requirements, excluding CET1 buffer requirements. 3 Represents the CET1 ratio that is available to meet buffer requirements. Calculated as the CET1 ratio minus the BCBS CET1 capital requirement and, where
applicable, minus the BCBS additional tier 1 and tier 2 capital requirements met with CET1 capital. 4 Figures are calculated on a quarterly average. 5 Calculated on the basis of tier 1 capital. 6 Reflected at 85%
of the full amount in accordance with the Federal Reserve tailoring rule.
30 September 2026 Pillar 3 Report |
Appendix 29
Appendix
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
30 September 2026 Pillar 3 Report |
Appendix 30
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.
30 September 2026 Pillar 3 Report |
Appendix 31
Cautionary statement |
of an offer to buy or sell any securities or other financial instruments in Switzerland, the United States or any other jurisdiction. No investment decision relating
to securities of or relating to UBS Group AG, UBS AG or their affiliates should be made on the basis of this report. Refer to UBS’s most recent annual report on
Form 20-
F,
quarterly reports and other information furnished to or filed with the US Securities and Exchange Commission (the SEC) on Form 6-K, available at
ubs.com/investors
, for additional information.
Rounding |
disclosed in text and tables are calculated on the basis of unrounded figures. Absolute changes between reporting periods disclosed in the text, which can be
derived from numbers presented in related tables, are calculated on a rounded basis.
Tables |
available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis. Values
that are zero on a rounded basis can be either negative or positive on an actual basis.
Websites |
of any such websites into this report.
UBS Group AG
P.O. Box
CH-8098 Zurich
ubs.com
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/ David Kelly
Name: David Kelly
Title: Managing Director
By: /s/ Ella Copetti-Campi
Name: Ella Copetti-Campi
Title: Executive Director
UBS AG
By: /s/ David Kelly
Name: David Kelly
Title: Managing Director
By: /s/ Ella Copetti-Campi
Name: Ella Copetti-Campi
Title: Executive Director
Date: October 28, 2026