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UBS reports USD 3.0bn net profit and 16.8% RoCET1 in 1Q26 driven by strong client activity and flows; on track to complete integration by year-end (Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules)April 29, 2026 12:45 AM
Business Wire
Regulatory News:
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260428614015/en/Sergio P. Ermotti quote
UBS (NYSE:UBS) (SWX:UBSN):
“In the first quarter we continued helping clients navigate a volatile and unpredictable geopolitical and market environment, leveraging the strength and breadth of our global, diversified franchise. We delivered excellent financial results and remain on track to deliver on our financial objectives for 2026.
Having now successfully transferred all client accounts in Switzerland, we achieved another crucial milestone in one of the most complex integrations in banking history. We are confident in substantially completing the integration by year-end, positioning us for further sustainable growth.
On the topic of Swiss capital requirements, we will continue to engage constructively and contribute to fact-based deliberations. These developments do not, and will not, change who we are as a firm. We remain committed to our diversified business model and our global and regional footprint.
We are fully committed to protecting our shareholders while mitigating the impact of these increased requirements, if possible, on our clients, employees and the communities where we live and work.”
Sergio P. Ermotti, Group CEO
Selected financials for 1Q26
USD 3.0bn
Net profit
16.8%
RoCET1 capital
USD 3.8bn
Profit before tax
72.5%
Cost/income ratio
14.7%
CET1 capital ratio
USD 0.94
Diluted EPS
17.0%
Underlying1
RoCET1 capital
USD 4.0bn
Underlying1
profit before tax
70.2%
Underlying1
cost/income ratio
4.4%
CET1 leverage ratio
Highlights
Excellent 1Q26 performance with net profit up 80% YoY to USD 3.0bn, return on CET1 capital (RoCET1) of 16.8% and underlying1 RoCET1 of 17.0%
Strong momentum with clients driving asset inflows and trading activity. Global Wealth Management (GWM) net new assets of USD 37bn, Asset Management net new money USD 14bn. GWM transaction-based income up 17% YoY; Investment Bank revenues up 27% YoY driven by record Global Markets and higher Global Banking
Successful completion of client account migrations following the transfer of all Swiss-booked clients onto UBS platforms, paving the way to substantially complete the integration by year-end and unlocking potential for further growth and efficiency gains. Delivered additional USD 0.8bn in cost reductions, bringing total cumulative savings to USD 11.5bn
A reliable partner for the Swiss economy; supporting clients with our leading credit offering and unique global capabilities and footprint. In 1Q26, granted or renewed CHF ~40bn of loans to Swiss businesses and households
Maintaining strong balance sheet and attractive capital returns supported by our capital-generative business model; CET1 capital ratio of 14.7% and 4.4% CET1 leverage ratio; accrued for mid-teens percentage growth in dividend and repurchased USD 0.9bn of shares; on-track to buy back USD 3bn in shares by 2Q results with aim to do more by year-end2
Committed to our global diversified business model; contributing to fact-based deliberations on the Swiss capital framework; remaining focused on protecting the interests of our shareholders while mitigating the impact, if possible, on our clients and employees
Information in this news release is presented for UBS Group AG on a consolidated basis unless otherwise specified. 1 Underlying results exclude items of profit or loss that management believes are not representative of the underlying performance. Underlying results are a non-GAAP financial measure and alternative performance measure (APM). Refer to “Group Performance” and “Appendix-Alternative Performance Measures” in the financial report for the first quarter of 2026 for a reconciliation of underlying to reported results and definitions of the APMs. 2 The amount of additional buybacks is subject to our financial performance and outlook, maintaining a CET1 capital ratio of around 14% at year-end, and visibility on parliamentary deliberations on the treatment of foreign participations.
First quarter 2026 performance overview
Strong financial performance driven by franchise strength and client momentum
In 1Q26, we reported a profit before tax (PBT) of USD 3,841m and underlying PBT of USD 3,990m, up 80% YoY and 54% YoY, respectively. Continued revenue growth in our core franchises and disciplined execution of our gross cost-reduction plans led to the fourth consecutive quarter of positive operating leverage with reported revenues outpacing reported costs by 13 percentage points in the quarter.
Global Wealth Management (GWM) net new assets for the quarter reached USD 37.4bn, representing a 3.1% annualized growth rate, with positive flows across all regions, supported by strong demand for our discretionary mandates. Net new money in Asset Management reached USD 14.0bn, an annualized growth rate of 2.7%, led by strong ETF momentum and robust inflows into the separately managed account (SMA) offering. Group invested assets were USD 6.9trn at the end of the quarter, with impacts of lower markets and FX only partly offset by net asset inflows.
Reported revenues were USD 14,243m, up 13% YoY. On an underlying basis, revenues increased by 15% to USD 13,644m, driven by an 18% YoY increase in core franchises revenues. We saw particular strength in GWM with a 10% growth in underlying recurring net fee income and an 17% YoY rise in underlying transaction-based income, as well as in the Investment Bank, where Global Markets underlying revenues increased 31% YoY to an all-time-high of USD 3,252m driven by records in our Equities and Foreign Exchange, Rates, and Credit businesses. Global Banking underlying revenues were up 30%, with a standout quarter in Equity Capital Markets.
We also continued to support businesses and households in Switzerland with our global reach, advice and expertise. Our balance sheet for all seasons also gives our clients the stability they need while allowing us to remain a leading provider of credit to the economy. We have granted or renewed CHF ~40bn of loans in 1Q26 to Swiss businesses and households.
Successfully completed client account migrations
With the transfers of the last Swiss-booked client accounts onto the UBS infrastructure in March, we have successfully completed the migration of around 1.2 million clients globally.
This critical milestone in the integration of Credit Suisse creates new opportunities for growth and innovation, strengthens our position for the long-term, and unlocks further efficiencies to be realized as we progress towards substantially completing the integration by the year-end.
Through our disciplined execution and further reduction of the Non-core and Legacy unit we delivered an additional USD 0.8bn in Group-wide gross cost saves in the quarter. Cumulative gross cost savings reached USD 11.5bn at the end of 1Q26. We also continue to decommission legacy technology infrastructure and applications. To date we have retired ~1,700 (or 60%) of business applications in scope and switched off 76,000 servers (71% of total in scope).
As we continue to achieve our integration milestones and drive business momentum, we remain confident that we can deliver against our 2026-exit rate targets of an underlying ~15% return on CET1 capital and underlying cost/income (C/I) ratio of 4%, respectively.
In the quarter, we also continued to execute our capital distributions, having repurchased USD 0.9bn of shares and accrued for a mid-teens growth in dividend. We are on track to buy back USD 3bn in shares by the time we report 2Q26 earnings with an aim to do more by year-end, subject to our financial performance and outlook, maintaining a CET1 capital ratio of around 14% at year-end, and visibility on parliamentary deliberations on the treatment of foreign participations.
Investing for sustainable long-term growth
We remain focused on investing into our talent, offering, and technology, including award-winning AI solutions to enhance our client experience, further strengthen our infrastructure and drive efficiency to position us for the future.
We have received a final approval for a National Bank Charter in the US, supporting our long-term growth ambitions in the region.
We also continue to develop innovative AI solutions that complement our offering and enable us to deliver impactful outcomes faster and incrementally, with continued progress in reshaping our business capabilities and enhancing employee productivity. We already have over 500 live use cases of AI across the bank with around 750 use cases in development and are progressing on our 9 large-scale, end-to-end transformational initiatives.
Our strategic approach to applying AI at scale to support Financial Advisors through our Smart Technologies and Advanced Analytics Team (STAAT) was recognized by the Financial Times at the Professional Wealth Management Wealth Tech Awards, which named UBS as the Best Wealth Management Firm for Use of AI in the US.
Changes to the regulatory regime in Switzerland
In April 2026, the Swiss Federal Council published its final amendments to the Capital Adequacy Ordinance (the CAO) specifying the regulatory capital treatment of selected assets. Under the amended ordinance, UBS’s capitalized software will be subject to an amortization of a maximum of three years for regulatory capital purposes, irrespective of the actual economic useful life. In addition, prudential valuation adjustments will be revised, resulting in higher capital deductions for assets and liabilities that are subject to valuation uncertainty. The capital treatment of deferred tax assets arising from temporary differences remains unchanged. The amendments to the CAO will become effective on 1 January 2027, except for the revised capital treatment of capitalized software, which will apply from 1 January 2029.
Regarding additional tier 1 (AT1) capital instruments, the Swiss Federal Council has decided not to proceed with the adjustments proposed in June 2025. The Swiss Federal Council also finalized measures that aim to enable the Swiss Financial Market Supervisory Authority (FINMA) and other authorities to better assess the liquidity of banks in a stressed situation.
In addition, the Swiss Federal Council submitted to the Swiss Parliament its final proposal for amendments to the Banking Act that govern the capital treatment of systemically important banks’ investments in foreign subsidiaries. This proposal will now be deliberated by the Swiss Parliament. Under the proposal, investments in foreign subsidiaries would be fully deducted from UBS AG’s standalone common equity tier 1 (CET1) capital. The amendments would be phased in over seven years, with a 65% deduction requirement in the first year and increasing to 100% by 5-percentage-point increments each year.
For UBS AG standalone, the amendments at the ordinance level related to capitalized software and prudential valuation adjustments, once fully implemented, are expected to have a net CET1 capital impact of approximately USD 2bn. The proposed full deduction of investments in foreign subsidiaries would require UBS AG standalone to hold additional CET1 capital of around USD 20bn. The total incremental CET1 capital would amount to around USD 22bn required at the UBS AG standalone level. At the Group level, the amendments at ordinance level will lead to a derecognition of around USD 4bn of net CET1 capital. These estimates have been calculated based on UBS Group AG’s consolidated balance sheet as of 31 December 2025, assuming that all capital measures are adopted as currently proposed and using an assumed CET1 capital ratio of 12.5% for UBS AG and 14.0% for UBS Group.
The incremental capital requirement of USD 22bn mentioned above would come on top of the USD 15bn of capital required as a result of the Credit Suisse acquisition. This includes around USD 9bn in response to the abolition of regulatory concessions that had been granted to Credit Suisse and around USD 6bn to meet the progressive requirements due to the increased size and higher market share of the combined business. On this basis, UBS would be required to hold around USD 37bn of additional CET1 capital in total.
Outlook
As we move through the second quarter, markets have remained broadly resilient, reflecting expectations that a durable diplomatic solution to the Middle East conflict is achievable. That said, while client activity remains healthy, risks are still elevated, and conditions could shift rapidly, which may impact client sentiment and activity levels.
In this environment, our focus remains on supporting clients through disciplined execution, a prudent and selective investment approach focused on diversification and principal protection.
We expect second quarter net interest income in both Global Wealth Management and Personal & Corporate Banking to be broadly flat sequentially.
The current backdrop reinforces the benefits of our balance sheet for all seasons, and we are confident in delivering on our 2026 financial targets while continuing to invest in sustainable growth and long-term value creation.
First quarter 2026 performance overview
Group PBT USD 3,841m, underlying PBT USD 3,990m
PBT of USD 3,841m included PPA effects and other integration items of USD 472m, a gain related to the Swisscard transactions of USD 163m, of which USD 128m has been excluded from underlying results, and integration-related expenses and PPA effects of USD 750m. Underlying PBT was USD 3,990m, including net credit loss expenses of USD 70m. The cost/income ratio was 72.5%, and 70.2% on an underlying basis. Net profit attributable to shareholders was USD 3,040m, with diluted earnings per share of USD 0.94. Return on CET1 capital was 16.8%, and 17.0% on an underlying basis.
Global Wealth Management (GWM) PBT USD 1,792m, underlying PBT USD 1,974m
Total revenues increased by USD 684m, or 11%, to USD 7,106m, driven by higher recurring net fee income, transaction-based income and net interest income, partly offset by lower other revenues, and included a USD 40m decrease in PPA effects and other integration items. Excluding USD 125m of PPA effects and other integration items, underlying total revenues were USD 6,981m, an increase of 12%. Net credit loss expenses were USD 9m, compared with net credit loss expenses of USD 6m in the first quarter of 2025. Operating expenses increased by USD 248m, or 5%, to USD 5,305m and included a USD 48m decrease in integration-related expenses. Excluding USD 307m of integration-related expenses and PPA effects, underlying operating expenses were USD 4,998m, an increase of 6%, mainly driven by adverse foreign currency effects and higher variable compensation, largely related to an increase in financial advisor compensation, resulting from higher compensable revenues. The cost/income ratio was 74.7%, and 71.6% on an underlying basis. Invested assets decreased sequentially by USD 85bn to USD 4,668bn. Net new assets were USD 37.4bn.
Personal & Corporate Banking (P&C) PBT CHF 809m, underlying PBT CHF 710m
Total revenues increased by CHF 40m, or 2%, to CHF 2,029m, mainly reflecting higher other revenues and transaction-based income, partly offset by lower net interest income. Total revenues in the first quarter of 2026 included a gain of CHF 126m related to the Swisscard transactions, of which CHF 99m has been excluded from underlying results, compared with a gain of CHF 58m in the first quarter of 2025. Excluding CHF 174m of PPA effects and other integration items and the aforementioned gain of CHF 99m, underlying total revenues were CHF 1,756m, an increase of 3%. Net credit loss expenses were CHF 55m, reflecting net expenses on credit-impaired positions, which primarily related to a small number of corporate counterparties, and net expenses related to performing positions. Net credit loss expenses were CHF 48m in the first quarter of 2025. Operating expenses decreased by CHF 232m, or 17%, to CHF 1,164m and included a CHF 4m increase in integration-related expenses. The first quarter of 2025 included a CHF 164m expense related to the Swisscard transactions. Excluding CHF 174m of integration-related expenses and PPA effects, underlying operating expenses were CHF 990m, a decrease of 7%, mainly reflecting cost synergies. The cost/income ratio was 57.4%, and 56.4% on an underlying basis.
Asset Management (AM) PBT USD 217m, underlying PBT USD 252m
Total revenues increased by USD 31m, or 4%, to USD 772m, mainly due to higher net management fees, partly offset by lower performance fees. Operating expenses decreased by USD 51m, or 8%, to USD 555m and included a USD 38m decrease in integration-related expenses. Excluding integration-related expenses of USD 35m, underlying operating expenses were USD 520m, a decrease of 2%, mainly due to lower non-personnel and personnel expenses, despite unfavorable foreign currency effects, and included the effects from the O’Connor business exit. The cost/income ratio was 71.9%, and 67.4% on an underlying basis. Invested assets decreased sequentially by USD 34bn to USD 2,064bn. Net new money was USD 14.0bn, and USD 13.8bn excluding money market flows and associates.
Investment Bank (IB) PBT USD 1,205m, underlying PBT USD 1,216m
Total revenues increased by USD 871m, or 27%, to USD 4,054m, mainly due to higher revenues in Global Markets and Global Banking, partly offset by a USD 70m decrease in PPA effects, and included positive foreign currency effects. Excluding USD 68m of PPA effects and other integration items, underlying total revenues were USD 3,986m, an increase of 31%. Net credit loss expenses were USD 65m, compared with net credit loss expenses of USD 35m in the first quarter of 2025. Net expenses on performing positions were largely due to post-model adjustments in the corporate lending portfolio, reflecting current macroeconomic and geopolitical uncertainty. Net expenses on credit-impaired positions primarily related to a small number of corporate counterparties across industry sectors and included a USD 72m release following the repayment of a corporate lending exposure. Operating expenses increased by USD 357m, or 15%, to USD 2,784m and included a USD 33m decrease in integration-related expenses. Excluding integration-related expenses of USD 79m, underlying operating expenses were USD 2,705m, an increase of 17%, mainly due to higher personnel expenses and adverse foreign currency effects. The cost/income ratio was 68.7%, and 67.9% on an underlying basis. Return on attributed equity was 24.7%, and 24.9% on an underlying basis.
Non-core and Legacy (NCL) PBT USD (155m), underlying PBT USD (97m)
Total revenues were negative USD 10m, compared with total revenues of USD 284m, mainly reflecting lower net interest income from securitized products and credit products, as a result of a smaller portfolio, and lower net gains from position exits, partly offset by lower liquidity and funding costs. Total revenues in the first quarter of 2025 included a gain of USD 97m from the sale of Select Portfolio Servicing, the US mortgage servicing business of Credit Suisse. Net credit loss releases were USD 74m, predominantly driven by an USD 85m release following the repayment of a corporate lending exposure. Net credit loss expenses were USD 7m in the first quarter of 2025. Operating expenses were USD 219m, a decrease of USD 450m, or 67%, mainly reflecting lower technology costs, premises and facilities costs, personnel expenses, and professional fees, and included a USD 133m decrease in integration-related expenses. Excluding integration-related expenses of USD 58m, underlying operating expenses were USD 160m.
Group Items PBT USD (258m), underlying PBT USD (265m)
3 Also accounts for credit loss expenses/releases incurred in a given period.
UBS’s sustainability and impact highlights
Our 2025 Sustainability Report was published in March and ratified by shareholders at the UBS Annual General Meeting through an advisory vote, receiving 89.2% support. The report reaffirmed our ambition to position UBS as a leader in sustainability, guided by our three strategic pillars – Protect, Grow and Attract – and our commitment to supporting clients as they transition to a low-carbon economy.
In 2025, we made significant progress towards our Scope 1 and 2 net-zero target, reducing emissions by 48% cumulatively against the 2023 baseline and by 20% year-on-year. These reductions were achieved through energy-efficiency initiatives and increased use of renewable electricity. For Scope 3 emissions, we remain committed to our lending sector decarbonization targets in priority sectors and to further developing our approach to transition finance.
External recognition
Our progress was reflected in key environmental, social and governance (ESG) ratings. MSCI reaffirmed UBS’s AA rating in March, and we maintained our strong performance in the S&P Global Corporate Sustainability Assessment.
UBS was also included in the S&P Global Sustainability Yearbook 2026, published in February. This year, more than 9,200 companies were assessed, with only 848 companies across 59 industries selected for inclusion based on top-tier sustainability performance.
Donor-advised fund launched in Australia
In February, UBS launched its donor-advised fund (DAF) in Australia, providing clients with a cost-effective and highly flexible way to support their chosen charities while avoiding the administrative and financial burden typically associated with giving. The fund operates as a dedicated giving account, offering many of the benefits of a charitable family foundation, with all governance and administrative responsibilities managed and funded by UBS. The donor-advised fund is just one example of the impactful solutions UBS provides to support philanthropic planning, execution and delivery to our clients across the globe.
Trends in Philanthropy 2026
In January, we published our annual Trends in Philanthropy review. The 2026 edition places a particular focus on family offices, with UBS philanthropy experts identifying three key trends shaping how family offices approach philanthropy and impact. These trends include closer alignment between wealth, impact and long-term value creation; deploying capital beyond traditional financial instruments; and more active engagement in public-private partnerships. The report explores how family offices are helping to shape the future of philanthropy and impact.
Selected financial information of the business divisions and Group Items
For the quarter ended 31.3.26
USD m
Global
Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core
and Legacy
Group
Items
Total
Total revenues as reported
7,106
2,601
772
4,054
(10)
(279)
14,243
of which: PPA effects and other integration items1
125
223
68
1
55
472
of which: items related to the Swisscard transactions2
128
128
Total revenues (underlying)
6,981
2,250
772
3,986
(11)
(334)
13,644
Credit loss expense / (release)
9
70
0
65
(74)
0
70
Operating expenses as reported
5,305
1,491
555
2,784
219
(21)
10,333
of which: integration-related expenses and PPA effects3
307
222
35
79
58
48
750
Operating expenses (underlying)
4,998
1,269
520
2,705
160
(69)
9,583
Operating profit / (loss) before tax as reported
1,792
1,040
217
1,205
(155)
(258)
3,841
Operating profit / (loss) before tax (underlying)
1,974
911
252
1,216
(97)
(265)
3,990
For the quarter ended 31.12.25
USD m
Global
Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core
and Legacy
Group
Items
Total
Total revenues as reported
6,695
2,286
800
2,946
(8)
(575)
12,145
of which: PPA effects and other integration items1
135
226
61
2
(404)4
20
of which: loss related to an investment in an associate
(20)
(54)
(74)
Total revenues (underlying)
6,580
2,114
800
2,885
(10)
(171)
12,199
Credit loss expense / (release)
32
101
1
34
(12)
3
159
Operating expenses as reported
5,373
1,621
588
2,272
459
(27)
10,286
of which: integration-related expenses and PPA effects3
384
285
57
124
233
34
1,117
Operating expenses (underlying)
4,989
1,336
531
2,148
226
(62)
9,169
Operating profit / (loss) before tax as reported
1,290
565
212
640
(455)
(552)
1,700
Operating profit / (loss) before tax (underlying)
1,558
678
268
703
(224)
(113)
2,871
For the quarter ended 31.3.25
USD m
Global
Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core
and Legacy
Group
Items
Total
Total revenues as reported
6,422
2,211
741
3,183
284
(284)
12,557
of which: PPA effects and other integration items1
165
241
138
30
574
of which: gain related to an investment in an associate
4
11
14
of which: items related to the Swisscard transactions5
64
64
Total revenues (underlying)
6,253
1,895
741
3,045
284
(314)
11,904
Credit loss expense / (release)
6
53
0
35
7
(1)
100
Operating expenses as reported
5,057
1,551
606
2,427
669
15
10,324
of which: integration-related expenses and PPA effects3
355
192
73
112
191
3
927
of which: items related to the Swisscard transactions6
180
180
Operating expenses (underlying)
4,702
1,179
533
2,314
477
12
9,218
Operating profit / (loss) before tax as reported
1,359
607
135
722
(391)
(299)
2,132
Operating profit / (loss) before tax (underlying)
1,545
663
208
696
(200)
(326)
2,586
1 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 2 Represents the gain on sale of UBS’s 50% interest in Swisscard AECS GmbH (Swisscard), which has been excluded from underlying revenues. Refer to the “Recent developments” section of the UBS Group first quarter 2026 report, available under “Quarterly reporting” at ubs.com/investors, for more information about the Swisscard transactions. 3 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of intangible assets resulting from the acquisition of the Credit Suisse Group. 4 Includes a USD 457m net loss from the repurchase of legacy Credit Suisse debt instruments, as the repurchase price exceeded the amortized-cost carrying value (the net loss reflects a loss of USD 885m before PPA adjustments, partly offset by a USD 427m gain from the release of PPA adjustments). 5 Represents the gain related to UBS’s share of the income recorded by Swisscard for the sale of the Credit Suisse card portfolios to UBS. 6 Represents the expense related to the payment to Swisscard for the sale of the Credit Suisse card portfolios to UBS.
Our key figures
As of or for the quarter ended
USD m, except where indicated
31.3.26
31.12.25
31.3.25
Group results
Total revenues
14,243
12,145
12,557
Credit loss expense / (release)
70
159
100
Operating expenses
10,333
10,286
10,324
Operating profit / (loss) before tax
3,841
1,700
2,132
Net profit / (loss) attributable to shareholders
3,040
1,199
1,692
Diluted earnings per share (USD)1
0.94
0.37
0.51
Profitability and growth2
Return on equity (%)3
13.3
5.3
7.9
Return on tangible equity (%)3
14.4
5.8
8.5
Underlying return on tangible equity (%)3,4
14.6
10.5
10.0
Return on common equity tier 1 capital (%)3
16.8
6.6
9.6
Underlying return on common equity tier 1 capital (%)3,4
17.0
11.9
11.3
Cost / income ratio (%)3
72.5
84.7
82.2
Underlying cost / income ratio (%)3,4
70.2
75.2
77.4
Effective tax rate (%)
20.5
29.1
20.2
Net profit growth (%)3
79.7
55.6
(3.6)
Resources2
Total assets
1,686,521
1,617,427
1,543,363
Equity attributable to shareholders
92,247
90,213
87,185
Common equity tier 1 capital5
73,313
71,262
69,152
Risk-weighted assets5
500,355
493,397
483,276
Common equity tier 1 capital ratio (%)5
14.7
14.4
14.3
Going concern capital ratio (%)5
19.4
18.5
18.2
Total loss-absorbing capacity ratio (%)5
39.5
38.0
38.7
Leverage ratio denominator5
1,653,460
1,622,438
1,561,583
Common equity tier 1 leverage ratio (%)5
4.4
4.4
4.4
Liquidity coverage ratio (%)6
177.8
182.6
181.0
Net stable funding ratio (%)
116.9
116.1
124.2
Other
Invested assets (USD bn)3,7
6,881
7,005
6,153
Internal and external personnel8
116,814
119,589
126,077
Internal personnel (full-time equivalents)
101,594
103,177
106,789
Market capitalization9
128,345
155,760
105,173
Total book value per share (USD)1
29.72
29.18
27.35
Tangible book value per share (USD)1
27.50
26.93
25.18
Credit-impaired lending assets as a percentage of total lending assets, gross (%)3
0.9
0.9
1.0
Cost of credit risk (bps)3
4
9
7
1 Refer to the “Share information and earnings per share” section of the UBS Group first quarter 2026 report, available under “Quarterly reporting” at ubs.com/investors, for more information. 2 Refer to the “Targets, capital guidance and ambitions” section of the UBS Group Annual Report 2025, available under “Annual reporting” at ubs.com/?investors, for more information about our performance targets. 3 Refer to “Alternative performance measures” in the appendix to the UBS Group first quarter 2026 report, available under “Quarterly reporting” at ubs.com/investors, for the relevant definition and calculation method. Each alternative performance measure (APM) that qualifies as a non-GAAP measure as defined by US Securities and Exchange Commission (SEC) regulations is designated as such in the table of APMs in the appendix to the UBS Group first quarter 2026 report, available under “Quarterly reporting” at ubs.com/investors. 4 Refer to the “Group performance” section of the UBS Group first quarter 2026 report, available under “Quarterly reporting” at ubs.com/investors, for more information about underlying results. 5 Based on the Swiss systemically relevant bank framework. Refer to the “Capital management” section of the UBS Group first quarter 2026 report, available under “Quarterly reporting” at ubs.com/investors, for more information. 6 The disclosed ratios represent quarterly averages for each of the quarters presented and have been calculated based on an average of 62 data points in the first quarter of 2026, 64 data points in the fourth quarter of 2025 and 62 data points in the first quarter of 2025. Refer to the “Liquidity and funding management” section of the UBS Group first quarter 2026 report, available under “Quarterly reporting” at ubs.com/investors, for more information. 7 Consists of invested assets for Global Wealth Management, Asset Management (including invested assets from associates) and Personal & Corporate Banking. Refer to “Note 30 Invested assets and net new money” in the “Consolidated financial statements” section of the UBS Group Annual Report 2025, available under “Annual reporting” at ubs.com/?investors, for more information. 8 Represents full-time equivalents for internal personnel and workforce count for external personnel. 9 The calculation of market capitalization reflects total shares issued multiplied by the share price at the end of the period.
Income statement
For the quarter ended
% change from
USD m
31.3.26
31.12.25
31.3.25
4Q25
1Q25
Net interest income
2,320
2,172
1,629
7
42
Other net income from financial instruments measured at fair value through profit or loss
3,949
3,163
3,937
25
0
Net fee and commission income
7,728
7,223
6,777
7
14
Other income
247
(412)
213
16
Total revenues
14,243
12,145
12,557
17
13
Credit loss expense / (release)
70
159
100
(56)
(30)
Personnel expenses
7,584
6,681
7,032
14
8
General and administrative expenses
2,011
2,740
2,431
(27)
(17)
Depreciation, amortization and impairment of non-financial assets
738
865
861
(15)
(14)
Operating expenses
10,333
10,286
10,324
0
0
Operating profit / (loss) before tax
3,841
1,700
2,132
126
80
Tax expense / (benefit)
786
495
430
59
83
Net profit / (loss)
3,054
1,205
1,702
153
79
Net profit / (loss) attributable to non-controlling interests
14
6
10
125
38
Net profit / (loss) attributable to shareholders
3,040
1,199
1,692
154
80
Comprehensive income
Total comprehensive income
3,177
1,270
3,345
150
(5)
Total comprehensive income attributable to non-controlling interests
26
(6)
26
(2)
Total comprehensive income attributable to shareholders
3,152
1,275
3,319
147
(5)
Information about results materials and the earnings call
UBS’s first quarter 2026 report, news release and slide presentation are available from 06:45 CEST on Wednesday, 29 April 2026, at ubs.com/quarterlyreporting.
UBS will hold a presentation of its first quarter 2026 results on Wednesday, 29 April 2026. The results will be presented by Sergio P. Ermotti (Group Chief Executive Officer), Todd Tuckner (Group Chief Financial Officer) and Sarah Mackey (Head of Investor Relations).
Time
09:00 CEST
08:00 BST
03:00 US EDT
Audio webcast
The presentation for analysts can be followed live on ubs.com/quarterlyreporting with a simultaneous slide show.
Webcast playback
An audio playback of the results presentation will be made available at ubs.com/investors later in the day.
Cautionary statement regarding forward-looking statements
This news release contains statements that constitute “forward-looking statements”, including but not limited to management’s outlook for UBS’s financial performance, statements relating to the anticipated effect of transactions and strategic initiatives on UBS’s business and future development and goals. While these forward-looking statements represent UBS’s judgments, expectations and objectives concerning the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS’s expectations. In particular, the global economy may suffer significant adverse effects from increasing political tensions between world powers, changes to international trade policies, including those related to tariffs and trade barriers, and evolving armed conflicts. UBS’s acquisition of the Credit Suisse Group materially changed its outlook and strategic direction and introduced new operational challenges. The integration of the Credit Suisse entities into the UBS structure is expected to continue through 2026 and presents significant operational and execution risk, including the risks that UBS may be unable to achieve the cost reductions and business benefits contemplated by the transaction, that it may incur higher costs to execute the integration of Credit Suisse and that the acquired business may have greater risks or liabilities, including those related to litigation, than expected. In response to the failure of Credit Suisse, Switzerland has amended its Capital Adequacy Ordinance and is considering changes to its Banking Act, which, if enacted as proposed, would substantially increase capital requirements for UBS in relation to its foreign subsidiaries. These factors create greater uncertainty about forward-looking statements. Other factors that may affect UBS’s performance and ability to achieve its plans, outlook and other objectives also include, but are not limited to: (i) the degree to which UBS is successful in the execution of its strategic plans, including its cost reduction and efficiency initiatives and its ability to manage its levels of risk-weighted assets (RWA) and leverage ratio denominator (LRD), liquidity coverage ratio and other financial resources, including changes in RWA assets and liabilities arising from higher market volatility and the size of the combined Group; (ii) the degree to which UBS is successful in implementing changes to its businesses to meet changing market, regulatory and other conditions, including any potential changes to banking examination and oversight practices and standards as a result of executive branch orders or staff interpretations of law in the US; (iii) inflation and interest rate volatility in major markets; (iv) developments in the macroeconomic climate and in the markets in which UBS operates or to which it is exposed, including movements in securities prices or liquidity, credit spreads, currency exchange rates, residential and commercial real estate markets, general economic conditions, and changes to national trade policies on the financial position or creditworthiness of UBS’s clients and counterparties, as well as on client sentiment and levels of activity; (v) changes in the availability of capital and funding, including any adverse changes in UBS’s credit spreads and credit ratings of UBS, as well as availability and cost of funding, including as affected by the marketability of additional tier one debt instruments, to meet requirements for debt eligible for total loss-absorbing capacity (TLAC); (vi) changes in and potential divergence between central bank policies or the implementation of financial legislation and regulation in Switzerland, the US, the UK, the EU and other financial centers that have imposed, or resulted in, or may do so in the future, more stringent or entity-specific capital, TLAC, leverage ratio, net stable funding ratio, liquidity and funding requirements, heightened operational resilience requirements, incremental tax requirements, additional levies, limitations on permitted activities, constraints on remuneration, constraints on transfers of capital and liquidity and sharing of operational costs across the Group or other measures, and the effect these will or would have on UBS’s business activities; (vii) UBS’s ability to successfully implement resolvability and related regulatory requirements and the potential need to make further changes to the legal structure or booking model of UBS in response to legal and regulatory requirements including heightened requirements and expectations due to its acquisition of the Credit Suisse Group; (viii) UBS’s ability to maintain and improve its systems and controls for complying with sanctions in a timely manner and for the detection and prevention of money laundering to meet evolving regulatory requirements and expectations, in particular in the current geopolitical turmoil; (ix) the uncertainty arising from domestic stresses in certain major economies; (x) changes in UBS’s competitive position, including whether differences in regulatory capital and other requirements among the major financial centers adversely affect UBS’s ability to compete in certain lines of business; (xi) changes in the standards of conduct applicable to its businesses that may result from new regulations or new enforcement of existing standards, including measures to impose new and enhanced duties when interacting with customers and in the execution and handling of customer transactions; (xii) the liability to which UBS may be exposed, or possible constraints or sanctions that regulatory authorities might impose on UBS, due to litigation, including litigation it has inherited by virtue of the acquisition of the Credit Suisse Group, contractual claims and regulatory investigations, including the potential for disqualification from certain businesses, potentially large fines or monetary penalties, or the loss of licenses or privileges as a result of regulatory or other governmental sanctions, as well as the effect that litigation, regulatory and similar matters have on the operational risk component of its RWA; (xiii) UBS’s ability to retain and attract the employees necessary to generate revenues and to manage, support and control its businesses, which may be affected by competitive factors; (xiv) changes in accounting or tax standards or policies, and determinations or interpretations affecting the recognition of gain or loss, the valuation of goodwill, the recognition of deferred tax assets and other matters; (xv) UBS’s ability to implement new technologies and business methods, including digital services, artificial intelligence and other technologies, and ability to successfully compete with both existing and new financial service providers, some of which may not be regulated to the same extent; (xvi) limitations on the effectiveness of UBS’s internal processes for risk management, risk control, measurement and modeling, and of financial models generally; (xvii) the occurrence of operational failures, such as fraud, misconduct, unauthorized trading, financial crime, cyberattacks, data leakage and systems failures, the risk of which is increased with persistently high levels of cyberattack threats; (xviii) restrictions on the ability of UBS Group AG, UBS AG and regulated subsidiaries of UBS AG to make payments or distributions, including due to restrictions on the ability of its subsidiaries to make loans or distributions, directly or indirectly, or, in the case of financial difficulties, due to the exercise by the Swiss Financial Market Supervisory Authority (FINMA) or the regulators of UBS’s operations in other countries of their broad statutory powers in relation to protective measures, restructuring and liquidation proceedings; (xix) the degree to which changes in regulation, capital or legal structure, financial results or other factors may affect UBS’s ability to maintain its stated capital return objective; (xx) uncertainty over the scope of actions that may be required by UBS, governments and others for UBS to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and the increasing divergence among regulatory regimes; (xxi) the ability of UBS to access capital markets; (xxii) the ability of UBS to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack, war, conflict, pandemic, security breach, cyberattack, power loss, telecommunications failure or other natural or man-made event; and (xxiii) the effect that these or other factors or unanticipated events, including media reports and speculations, may have on its reputation and the additional consequences that this may have on its business and performance. The sequence in which the factors above are presented is not indicative of their likelihood of occurrence or the potential magnitude of their consequences. UBS’s business and financial performance could be affected by other factors identified in its past and future filings and reports, including those filed with the US Securities and Exchange Commission (the SEC). More detailed information about those factors is set forth in documents furnished by UBS and filings made by UBS with the SEC, including the UBS Group AG and UBS AG Annual Reports on Form 20-F for the year ended 31 December 2025. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
Rounding
Numbers presented throughout this news release may not add up precisely to the totals provided in the tables, infographics and text. Percentages and percent changes disclosed in text and tables are calculated on the basis of unrounded figures. Absolute changes between reporting periods disclosed in the text, which can be derived from numbers presented in related tables, are calculated on a rounded basis.
Tables
Within tables, blank fields generally indicate non-applicability or that presentation of any content would not be meaningful, or that information is not 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
In this news release, any website addresses are provided solely for information and are not intended to be active links. UBS is not incorporating the contents of any such websites into this news release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260428614015/en/
UBS Group AG and UBS AG
Investor contact
Switzerland: +41-44-234 41 00
Americas: +1-212-882 57 34
Media contact
Switzerland: +41-44-234 85 00
UK: +44-207-567 47 14
Americas: +1-212-882 58 58
APAC: +852-297-1 82 00
ubs.com
Original: UBS reports USD 3.0bn net profit and 16.8% RoCET1 in 1Q26 driven by strong client activity and flows; on track to complete integration by year-end (Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules)
US Market News
3月前
UBS Declares Coupon Payments on 12 ETRACS Exchange Traded NotesApril 6, 2026 4:30 PM
Business Wire
MLPB: linked to the Alerian MLP Infrastructure Index
MLPR: linked to the Alerian MLP Index
BDCZ: linked to the MarketVector US Business Development Companies Liquid Index
BDCX: linked to the MarketVector US Business Development Companies Liquid Index
HDLB: linked to the Solactive US High Dividend Low Volatility Index
SMHB: linked to the Solactive US Small Cap High Dividend Index
PFFL: linked to the Solactive Preferred Stock ETF Index
CEFD: linked to the S-Network Composite Closed-End Fund Index
MVRL: linked to the MVIS US Mortgage REITs Index
GLDI: linked to the Nasdaq Gold FLOWS™ 103 Index
SLVO: linked to the Nasdaq Silver FLOWS™ 106 Index
USOI: linked to the Nasdaq WTI Crude Oil FLOWS™ 106 Index
UBS Investment Bank today announced coupon payments for 9 ETRACS Exchange Traded Notes traded on the NYSE Arca and expected coupon payments for 3 ETRACS Exchange Traded Notes traded on NASDAQ (together, the “ETNs”).
NYSE Ticker
ETN Name and Prospectus Supplementa
Coupon Valuation Date
Ex-Date
Record Date
Payment Date
Coupon Amount
Payment Schedule
Current Yield (annualized)
MLPBb
ETRACS Alerian MLP Infrastructure Index ETN Series B
3/30/2026
4/13/2026
4/13/2026
4/21/2026
$0.4359
Quarterly
5.91%
MLPRb
ETRACS Quarterly Pay 1.5x Leveraged Alerian MLP Index ETN
3/30/2026
4/13/2026
4/13/2026
4/21/2026
$1.6645
Quarterly
9.24%
BDCZb
ETRACS MarketVector Business Development Companies Liquid Index ETN
3/30/2026
4/13/2026
4/13/2026
4/21/2026
$0.4526
Quarterly
12.27%
BDCXb
ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN
3/30/2026
4/13/2026
4/13/2026
4/21/2026
$1.0311
Quarterly
20.88%
HDLBC
ETRACS Monthly Pay 2x Leveraged US High Dividend Low Volatility ETN Series B
3/30/2026
4/13/2026
4/13/2026
4/21/2026
$0.1743
Monthly
10.17%
SMHBC
ETRACS Monthly Pay 2x Leveraged US Small Cap High Dividend ETN Series B
3/30/2026
4/13/2026
4/13/2026
4/21/2026
$0.0716
Monthly
20.83%
PFFLC
ETRACS Monthly Pay 2x Leveraged Preferred Stock ETN
3/30/2026
4/13/2026
4/13/2026
4/21/2026
$0.0407
Monthly
9.58%
CEFDC
ETRACS Monthly Pay 1.5X Leveraged Closed-End Fund Index ETN
3/30/2026
4/13/2026
4/13/2026
4/21/2026
$0.2588
Monthly
16.35%
MVRLC
ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN
3/30/2026
4/13/2026
4/13/2026
4/21/2026
$0.0959
Monthly
20.92%
a The table above provides a hyperlink to the relevant prospectus and supplements thereto for each of our ETRACS ETNs, which are identified by their names. For more information on each ETRACS ETN, see “List of ETNs”.
b “Current Yield (annualized)” equals the current quarterly Coupon Amount, multiplied by four (to annualize such coupon), divided by the closing Current Indicative Value of the ETN on its current Coupon Valuation Date rounded to two decimal places for ease of analysis. The Current Yield is not indicative of future coupon payments, if any, on the ETN. You are not guaranteed any coupon or distribution amount under the ETN.
c “Current Yield (annualized)” equals the current monthly Coupon Amount and the two immediately preceding monthly Coupon Amounts, multiplied by four (to annualize such coupons), divided by the closing Current Indicative Value of the ETN on its current Coupon Valuation Date rounded to two decimal places for ease of analysis. The Current Yield is not indicative of future coupon payments, if any, on the ETN. You are not guaranteed any coupon or distribution amount under the ETN.
Note: HDLB, SMHB and PFFL pay a variable monthly coupon linked to 2 times the cash distributions, if any, on the respective underlying index constituents, less withholding taxes, if any. CEFD and MVRL pay a variable monthly coupon, and MLPR and BDCX pay a variable quarterly coupon, each linked to 1.5 times the cash distributions, if any, on the respective underlying index constituents, less withholding taxes, if any. Variations in the amount of monthly or quarterly distributions will lead to large variations in the Current Yield as calculated above. As such, the Current Yield is not indicative of future coupon payments, if any, on these ETNs.
NASDAQ Ticker
ETN Name and Pricing Supplementd
Closing Indicative Value on 3/31/2026
Ex-Date
Record Date
Payment Date
Expected Coupon Amount per ETNe
Payment Schedule
Expected Current Yieldf
GLDI
ETRACS Gold Shares Covered Call ETNs due February 2, 2033
$166.4682
4/22/2026
4/22/2026
4/27/2026
$3.6828
Monthly
25.87%g
SLVO
ETRACS Silver Shares Covered Call ETNs due April 21, 2033
$88.8856
4/22/2026
4/22/2026
4/27/2026
$4.8521
Monthly
75.31%g
USOI
ETRACS Crude Oil Shares Covered Call ETNs due April 24, 2037
$57.9502
4/22/2026
4/22/2026
4/27/2026
$7.4747
Monthly
66.84%g
d The table above provides a hyperlink to the relevant prospectus and supplements thereto for each of our ETRACS ETNs, which are identified by their names.
e On March 16, 2026, the Nasdaq Gold FLOWSTM 103 Index, the Nasdaq Silver FLOWSTM 106 Index and the Nasdaq WTI Crude Oil FLOWSTM 106 Index (the “Indices”) concluded the notional sale of options on GLD shares, SLV shares and USO shares, respectively, with April 2026 expiration. We expect that the notional cash distribution generated by this sale of options will be withdrawn from the Indices on April 13, 2026, subject to adjustment in the event of any market disruption events. Assuming no redemption or acceleration of GLDI, SLVO and USOI, and that the notional cash distribution is withdrawn from the Indices on April 13, 2026, we expect to declare a Coupon Amount for GLDI, SLVO and USOI, respectively, equal to the corresponding Expected Coupon Amount. The Expected Coupon Amount is subject to change upon the occurrence of a disruption event or other unforeseen circumstances.
f For each ETN, the Expected Current Yield equals the Expected Coupon Amount annualized and divided by the Closing Indicative Value, as discussed in more detail below. The Expected Current Yield, which is based on an ETN’s Expected Coupon Amount and its two most recent coupon payments, is not indicative of future coupon payments, if any, on the ETNs. In particular, future coupon payments on an ETN may differ significantly from its Expected Current Yield, if its Closing Indicative Value fluctuates widely in a volatile market. You are not guaranteed any coupon payment or distribution under the ETNs. Coupon payments for the ETNs (if any) are variable and do not represent fixed, periodic interest payments. The Expected Coupon Amount for any ETN may vary significantly from coupon period to coupon period and may be zero. Accordingly, the Expected Current Yield will change over time, and such change may be significant. Any payment on the ETNs is subject to UBS AG’s ability to pay its obligations as they become due. For more information regarding any ETN's coupon payments, please refer to such ETN's pricing supplement.
g “Expected Current Yield” equals the sum of (i) the Expected Coupon Amount, plus (ii) the amount of the ETN's two most recent coupon payments, multiplied by four (to annualize such coupons), divided by the Closing Indicative Value, and rounded to two decimal places for ease of analysis. The Expected Current Yield is subject to change upon the occurrence of a disruption event or other unforeseen circumstances.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains statements that constitute “forward-looking statements” that are subject to risks and uncertainties, and actual results may differ materially. These statements could contain words such as “possible,” “intend,” “will,” “may,” “intends,” “would,” “if,” “expect,” “potentially” or other similar expressions. Forward-looking statements, including those relating to UBS AG’s plans for the ETNs, are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. While these forward-looking statements represent UBS’s judgments, expectations and objectives concerning the matters described, a number of risks, uncertainties and other important factors, including whether UBS AG will actually declare a Coupon Amount for the 3 ETNs traded on NASDAQ, could cause actual developments and results to differ materially from UBS’s expectations. For a discussion of the risks and uncertainties that may affect the ETNs please refer to the "Risk Factors" in the prospectus supplements and pricing supplement relating to the 3 ETNs traded on NASDAQ. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
About ETRACS
ETRACS ETNs are senior unsecured notes issued by UBS AG, are traded on either NYSE Arca or Nasdaq, and can be bought and sold through a broker or financial advisor. An investment in ETRACS ETNs is subject to a number of risks, including the risk of loss of some or all of the investor’s principal, and is subject to the creditworthiness of UBS AG. Investors are not guaranteed any coupon or distribution amount under the ETNs. We urge you to read the more detailed explanation of risks described under “Risk Factors” in the applicable prospectus supplement for the ETRACS ETN.
UBS AG has filed a registration statement (including a prospectus and supplements thereto) with the Securities and Exchange Commission, or SEC, for the offerings of securities to which this communication relates. Before you invest, you should read the relevant prospectus, along with the applicable prospectus supplement and pricing supplements to understand fully the terms of the securities and other considerations that are important in making a decision about investing in the ETRACS ETNs. The applicable offering document for each ETRACS ETN may be obtained by clicking on the name of each ETRACS ETN identified above. You may also get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, you can request the prospectus and the applicable prospectus supplement, by calling toll-free (+1-877-387-2275). The securities related to the offerings are not deposit liabilities and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency of the United States, Switzerland or any other jurisdiction.
About UBS
UBS is a leading and truly global wealth manager and the leading universal bank in Switzerland. It also provides diversified asset management solutions and focused investment banking capabilities. UBS manages 6.9 trillion dollars of invested assets as per the third quarter 2025. UBS helps clients achieve their financial goals through personalized advice, solutions and products. Headquartered in Zurich, Switzerland, the firm is operating in more than 50 markets around the globe. UBS Group shares are listed on the SIX Swiss Exchange and the New York Stock Exchange (NYSE).
In the US, securities underwriting, trading and brokerage activities and M&A advisor activities are provided by UBS Securities LLC, a registered broker/dealer that is a wholly owned subsidiary of UBS AG, a member of the New York Stock Exchange and other principal exchanges, and a member of SIPC (http://www.sipc.org/). UBS Financial Services Inc. is a registered broker/dealer and affiliate of UBS Securities LLC.
This material is issued by UBS AG and/or any of its subsidiaries and/or any of its affiliates ("UBS"). This document was produced by and the opinions expressed are those of UBS as of the date of writing and are subject to change. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of UBS to any person to buy or sell any security. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but UBS does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof. Products and services mentioned in this material may not be available for residents of certain jurisdictions. Past performance is not necessarily indicative of future results. Please consult the restrictions relating to the product or service in question for further information.
The financial instrument is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index Price at any time or in any other respect.
Alerian MLP Index, Alerian MLP Infrastructure Index, Alerian Midstream Energy Dividend Index, AMZ, AMZI and AEDW are trademarks of Alerian and their use is granted under a license from Alerian.
The S-Network Composite Closed-End Fund Index is a service mark of S-Network Global Indexes, Inc. (“S-Network”) and its use is granted under a license from S-Network. S-Network does not guarantee the accuracy and/or completeness of the S-Network Composite Closed-End Fund Index or any data included therein, and S-Network shall have no liability for any errors, omissions, interruptions, or defects therein. S-Network makes no warranty, express or implied, representations or promises, as to results to be obtained by UBS AG, or any other person or entity from the use of the S-Network Composite Closed-End Fund Index or any data included therein. S-Network makes no express or implied warranties, representations or promises, regarding the originality, merchantability, suitability, non-infringement, or fitness for a particular purpose or use with respect to the S-Network Composite Closed-End Fund Index or any data included therein. Without limiting any of the foregoing, in no event shall S-Network have any liability for any direct, indirect, special, incidental, punitive, consequential, or other damages (including lost profits), even if notified of the possibility of such damages.
The ETRACS Monthly Pay 1.5x Leveraged Mortgage REIT ETN (“MVRL ETN”) is not sponsored, endorsed, sold or promoted by MarketVector Indexes GmbH (“Licensor”) and Licensor makes no representation or warranty, express or implied, to the owners of the MVRL ETN or any member of the public regarding the advisability of investing in securities generally or in the MVRL ETN particularly or the ability of the Market Vectors® MVIS US Mortgage REITs Index to track the performance of the US mortgage REIT market.
The ETRACS MarketVector Business Development Companies Liquid Index ETN and the ETRACS Quarterly Pay 1.5x Leveraged MarketVector BDC Liquid Index ETN (“ETNs”) are not sponsored, endorsed, sold or promoted by MarketVector Indexes GmbH (“Licensor”) and Licensor makes no representation or warranty, express or implied, to the owners of the ETNs or any member of the public regarding the advisability of investing in securities generally or in the ETNs particularly or the ability of the MarketVector US Business Development Companies Liquid Index to track the performance of the US BDC market.
UBS specifically prohibits the redistribution or reproduction of this communication in whole or in part without the prior written permission of UBS and UBS accepts no liability whatsoever for the actions of third parties in this respect.
© UBS 2026. The key symbol, UBS and ETRACS are among the registered and unregistered trademarks of UBS. Other marks may be trademarks of their respective owners. All rights reserved.
__________________________
1 Individual investors should instruct their broker/advisor/custodian to call us or should call together with their broker/advisor/custodian.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260406554209/en/
Media contact
Alison Keunen
+1-212-713-2296
alison.keunen@ubs.com
Institutional Investor contact1
+1-877-387-2275
Original: UBS Declares Coupon Payments on 12 ETRACS Exchange Traded Notes
US Market News
5月前
UBS reports net profit of USD 1.2bn in 4Q25 and USD 7.8bn in FY25; increases dividend by 22% YoY; confirms 2026 targets and sets ambitions for 2028 (Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules)February 4, 2026 12:45 AM
Business Wire
Regulatory News:
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260203941282/en/Sergio P. Ermotti quote
UBS (NYSE:UBS) (SWX:UBSN):
“The strength of our global, diversified franchise powered our excellent full year performance as we helped clients navigate an unpredictable market environment. We made great progress on one of the most complex integrations in banking history while facing ongoing regulatory uncertainty in Switzerland. We maintained a strong capital position and delivered on our capital return commitments in the year with an increased dividend complemented by share repurchases.
Throughout 2025, we continued to support clients, the Swiss economy and the communities where we live and work, while further investing in talent and capabilities. This includes AI, where we have transformational projects that are designed to bolster our operational resilience, enhance client experience, and unlock higher levels of efficiency and effectiveness across the organization.
As we approach the last mile of the integration, I am confident in our ability to capture the remaining synergies by the end of the year, which we increased by USD 0.5bn to USD 13.5bn.
With Group invested assets exceeding USD 7 trillion for the first time and strong business momentum we are poised to achieve our 2026 exit rate targets and medium-term ambitions.”
Sergio P. Ermotti, Group CEO
Selected financials for 4Q25
USD 1.2bn
Net profit
6.6%
RoCET1 capital
USD 1.7bn
Profit before tax
84.7%
Cost/income ratio
14.4%
CET1 capital ratio
USD 0.37
Diluted EPS
11.9%
Underlying1
RoCET1 capital
USD 2.9bn
Underlying1
profit before tax
75.2%
Underlying1
cost/income ratio
4.4%
CET1 leverage ratio
Selected financials for FY25
USD 7.8bn
Net profit
10.8%
RoCET1 capital
USD 8.9bn
Profit before tax
81.1%
Cost/income ratio
14.4%
CET1 capital ratio
USD 2.36
Diluted EPS
13.7%
Underlying1
RoCET1 capital
USD 11.7bn
Underlying1
profit before tax
74.4%
Underlying1
cost/income ratio
4.4%
CET1 leverage ratio
Information in this news release is presented for UBS Group AG on a consolidated basis unless otherwise specified. 1 Underlying results exclude items of profit or loss that management believes are not representative of the underlying performance. Underlying results are a non-GAAP financial measure and alternative performance measure (APM). Refer to “Group Performance” and “Appendix-Alternative Performance Measures” in the financial report for the fourth quarter of 2025 for a reconciliation of underlying to reported results and definitions of the APMs.
Financial performance and investor update highlights
Excellent 4Q25 and FY25 performance with 4Q25 net profit up 56% YoY to USD 1.2bn. Return on CET1 capital (RoCET1) of 6.6% and underlying1 RoCET1 of 11.9%. Full-year net profit of USD 7.8bn, up 53%, RoCET1 of 10.8% and underlying1 RoCET1 of 13.7%
Franchise strength demonstrated by client momentum with Group invested assets exceeding the USD 7trn mark for the first time, up 15% YoY. High trading activity across Global Wealth Management and the Investment Bank underpinned by broad-based client engagement
A reliable partner for the Swiss economy; supporting clients with our leading credit offering and unique global capabilities and footprint. Granted or renewed ~CHF 80bn of loans in 2025
Excellent integration progress with ~85% of Swiss-booked accounts successfully transferred onto UBS systems; Personal & Corporate Banking account migration and Asset Management integration substantially completed; increased cumulative cost reductions to USD 10.7bn and continued the wind-down of Non-core and Legacy, reducing its risk-weighted assets to USD 28.8bn
On track to achieve 2026 exit-rate targets as we deliver on final stages of integration by year-end to capture synergies, notably executing on the remainder of the cost-saving program, including an additional USD 0.5bn identified across the Group
Further growth across our integrated franchise as we reinforce collaboration across divisions, regions and functions, applying our One Bank concept to the entire organization and leverage secular growth trends; unlocking new opportunities, including expansion of our offering and capabilities across high-net worth, alternatives, and banking
Set 2028 ambitions with ~18% return on CET1 capital2 and ~67% cost/income ratio for the Group, driven by further sustainable growth and efficiency gains across our business divisions
Continued investments into our talent, offering, and technology, including delivering AI solutions at scale that drive performance, increase productivity and enable our people – supporting long-term sustainable growth
Balance sheet for all seasons with 14.4% CET1 capital ratio, 4.4% CET1 leverage ratio, and continued execution on our capital return plans, including completion of our USD 3bn share repurchase plan for FY25
Maintaining attractive capital returns with a plan to propose a dividend of USD 1.10 per share at the upcoming AGM, up 22% YoY; plan to accrue for mid-teens percent increase in dividend per share in 2026; intend to repurchase USD 3bn of shares in 2026 with an aim to do more3
Targets and long-term ambitions
Financial
Capital
Ambitions
~15%
Underlying1 RoCET1
2026 exit rate
4.0%
CET1 leverage ratio
~18%
RoCET1, reported
by 20282
~67%
Cost/income ratio, reported
by 2028
1 Underlying results exclude items of profit or loss that management believes are not representative of the underlying performance. Underlying results are a non-GAAP financial measure and alternative performance measure (APM). Refer to “Group Performance” and “Appendix-Alternative Performance Measures” in the financial report for the fourth quarter of 2025 for a reconciliation of underlying to reported results and definitions of the APMs. 2 Based on current capital framework and ~14% CET1 capital ratio 3 The amount of additional buybacks is subject to further clarity around the future regulatory regime in Switzerland, our financial performance and maintaining a CET1 capital ratio of ~14%
4Q25 and FY25 performance
Strong financial performance driven by franchise strength and client momentum
In 4Q25, we reported a profit before tax (PBT) of USD 1,700m and underlying PBT of USD 2,871m, both up 62% YoY. Continued momentum in our core franchises supported revenue growth. Together with disciplined execution of our cost-reduction plans this has led to strong operating leverage of 9 percentage points in the quarter.
Net profit attributable to shareholders was USD 1,199m, up 56% YoY in the quarter. Return on CET1 (RoCET1) capital was 6.6%, or 11.9% on an underlying basis. Diluted earnings per share (EPS) were USD 0.37, up 61% YoY.
Group invested assets rose 15% YoY and exceeded the USD 7trn mark for the first time, driven by market performance, FX moves, and net asset inflows. Global Wealth Management (GWM) net new assets for the year reached USD 101bn, representing a 2.4% annualized growth rate, with strong flows across APAC, EMEA and Switzerland more than offsetting outflows in the Americas. Net new money in Asset Management (AM) reached USD 30.4bn, an annualized growth rate of 1.7%, with net inflows across all asset classes.
Reported revenues in 4Q25 were USD 12,145m, up 4% YoY. On an underlying basis, revenues increased by 10% to USD 12,199m, notably driven by increases in GWM’s recurring net fee income and transaction-based income, Investment Bank’s (IB) Global Markets revenues, and AM’s net management fee income.
GWM’s transaction-based income in 4Q25 increased 20% YoY to USD 1,248m, mainly due to higher levels of client activity, particularly in structured products and cash equities, as we continue to leverage close collaboration between GWM and the IB. Global Markets revenues increased 17% YoY in the quarter to USD 2,196m, with strong performance across every region, lifted by an 8% YoY increase in equities and a 46% YoY rise in foreign exchange, rates, and credit.
We also continued to support businesses and households in Switzerland with our global reach, advice and expertise. Our balance sheet for all seasons also gives our clients the stability they need while allowing us to remain a leading provider of credit to the economy. We have granted or renewed CHF 80bn of loans in 2025.
Meanwhile, reported Group operating expenses decreased by 1% YoY to USD 10,286m. On an underlying basis, operating expenses increased by 1% YoY to USD 9,169m.
In the quarter we have delivered an additional USD 0.7bn in Group-wide gross cost saves. Cumulative gross cost savings reached USD 10.7bn, well ahead of our FY25 guidance of ~USD 10bn, as we continue to decommission legacy technology infrastructure and applications. To date we have retired 1,598 (or 55%) of applications in scope. We have also increased the number of switched off servers to 71,000, and exited three additional data centers in 4Q25 to bring us to a total of 10 exits.
For the full-year 2025, we delivered a reported PBT of USD 8,853m and an underlying PBT of USD 11,729m, up 30% and 33%, respectively. The net profit attributable to shareholders increased by 53% to USD 7,767m with diluted EPS up 55% to USD 2.36. RoCET1 increased to 10.8%, with an underlying RoCET1 of 13.7%, a 5.0 percentage point increase from 2024.
Balance sheet for all seasons
Strong financial performance allowed us to end the quarter with a CET1 capital ratio of 14.4% while accruing USD 4.1bn for future capital returns and repurchasing USD 8.5bn in Credit Suisse legacy debt instruments that were issued at distressed spreads prior to the acquisition. The repurchase has lowered the CET1 capital by USD 457m in the quarter. Both our CET1 capital ratio of 14.4% and CET1 leverage ratio of 4.4% remain comfortably above our guidance of ~14% and >4%, respectively.
Investor update summary
Delivering on integration to capture synergies and achieve our 2026 exit rate targets
In 2025, we have substantially progressed the integration of Credit Suisse. We have successfully migrated ~85% of some 1.1m client accounts booked in Switzerland. We have largely completed the client accounts transfers in Personal & Corporate Banking and Asset Management’s integration. Also, we have further reduced the size and operating expenses of the Non-core and Legacy unit, and significantly advanced the rationalization of our legal entity structure. Additionally, we have delivered on our balance sheet optimization plans and achieved our revenue-over-risk weighted assets (RWA) ambition of around 10%.
We are now focused on migrating the remaining client, fund, and custody accounts in 1Q26 and business clearance activities, enabling material decommissioning of the remaining applications and Credit Suisse legacy IT infrastructure by year-end. This will accelerate our gross cost saves and contribute to achieving a further USD 2.8bn of saves in 2026, including an additional USD 0.5bn that we have identified across the Group.
As we continue to achieve our integration milestones and drive business momentum we remain confident that we can deliver against our 2026-exit rate targets of an underlying 15% return on CET1 capital and underlying cost/income (C/I) ratio of USD 5.5trn, net new assets of >USD 200bn, and reported cost/income ratio of ~68% in 2028,
Personal & Corporate Banking: ~19% reported return on attributed equity in the medium term and reported cost/income ratio of ~48% in 2028,
Asset Management: ~3% net new money growth rate, through the cycle and ~65% reported cost/income ratio in 2028,
Investment Bank: ~15% reported return on attributable equity over the cycle.
Maintaining attractive capital returns
For the 2025 financial year, the Board of Directors plans to propose a dividend to UBS Group AG shareholders of USD 1.10 per share. Subject to approval at the Annual General Meeting, scheduled for 15 April 2026, the dividend will be paid on 23 April 2026 to shareholders of record on 22 April 2026. The ex-dividend date will be 21 April 2026 on the SIX Swiss Exchange and 22 April 2026 on the New York Stock Exchange. We plan to accrue for a mid-teens percent increase in dividend per share in 2026.
In the fourth quarter of 2025, we completed our planned share repurchases of USD 3bn. We intend to repurchase USD 3bn of shares in 2026 with the aim to do more. The amount of additional buybacks is subject to further clarity around the future regulatory regime in Switzerland, our financial performance, and maintaining a CET1 capital ratio of ~14%.
Beyond 2026, we intend to continue to pursue a progressive dividend complemented by share repurchases that will be calibrated based on our financial results, our capital ratio and the final outcome and timing of the implementation of the new regulatory regime in Switzerland.
Outlook
Entering the first quarter of 2026, the macro backdrop is still one of steady global growth and easing inflation. Market conditions remain largely constructive, with broader equity dispersion and rotation supporting client engagement, healthy transactional and capital markets activity, and pipeline. Demand remains focused on diversification across geographies and asset classes, as well as principal protection. However, continued elevated geopolitical and economic policy uncertainties mean sentiment and positioning can shift quickly, leading to spikes in volatility influencing institutional and corporate client activity levels.
In the first quarter, we expect a low single-digit percentage decline in Global Wealth Management’s net interest income (NII), while in Personal & Corporate Banking NII is expected to remain broadly stable in US dollar terms.
We remain on track to complete the integration by the end of the year, and we are confident in our ability to achieve our financial targets. As all of 2026 is required to deliver on the remaining integration milestones, we expect net saves to build progressively with a greater proportion weighted to the second half of the year.
We remain firmly focused on disciplined execution, bringing the full power of UBS to our clients and investing to sustain growth momentum, supporting continued value creation in the years ahead.
Fourth quarter 2025 performance overview
Group PBT USD 1,700m, underlying PBT USD 2,871m
PBT of USD 1,700m included PPA effects and other integration items of USD 20m, including a net loss of USD 457m from the repurchase of legacy Credit Suisse debt instruments, a loss of USD 74m relating to an investment in an associate, and integration-related expenses and PPA effects of USD 1,117m. Underlying PBT was USD 2,871m, including net credit loss expenses of USD 159m. The cost/income ratio was 84.7%, and 75.2% on an underlying basis. Net profit attributable to shareholders was USD 1,199m, with diluted earnings per share of USD 0.37. Return on CET1 capital was 6.6%, and 11.9% on an underlying basis.
Global Wealth Management (GWM) PBT USD 1,290m, underlying PBT USD 1,558m
Total revenues increased by USD 574m, or 9%, to USD 6,695m, driven by higher recurring net fee income, transaction-based income and other revenues, partly offset by lower net interest income, and included a USD 65m decrease in PPA effects and other integration items. Excluding USD 135m of PPA effects and other integration items and a USD 20m loss related to an investment in an associate, underlying total revenues were USD 6,580m, an increase of 11%. Net credit loss expenses were USD 32m, mainly reflecting net expenses on credit-impaired positions, compared with net credit loss releases of USD 14m in the fourth quarter of 2024. Operating expenses increased by USD 105m, or 2%, to USD 5,373m and included a USD 76m decrease in integration-related expenses. Excluding USD 384m of integration-related expenses and PPA effects, underlying operating expenses were USD 4,989m, an increase of 4%, mainly driven by higher variable compensation largely related to an increase in financial advisor compensation, resulting from higher compensable revenues, partly offset by lower expenses related to provisions for litigation, regulatory and similar matters. The cost/income ratio was 80.3%, and 75.8% on an underlying basis. Invested assets increased sequentially by USD 39bn to USD 4,753bn. Net new assets were USD 8.5bn.
Personal & Corporate Banking (P&C) PBT CHF 452m, underlying PBT CHF 543m
Total revenues decreased by CHF 153m, or 8%, to CHF 1,830m, predominantly due to lower net interest income, and included a loss of CHF 43m related to an investment in an associate. Excluding CHF 181m of PPA effects and other integration items and the aforementioned loss, underlying total revenues were CHF 1,692m, a decrease of 7%. Net credit loss expenses were CHF 80m, largely reflecting net expenses on credit-impaired positions, compared with net credit loss expenses of CHF 155m in the fourth quarter of 2024. Operating expenses were broadly stable at CHF 1,297m and included a CHF 46m increase in integration-related expenses. The fourth quarter of 2024 included a CHF 37m expense related to the Swisscard transactions. Excluding CHF 228m of integration-related expenses and PPA effects, underlying operating expenses were broadly stable at CHF 1,069m. The cost/income ratio was 70.9%, and 63.2% on an underlying basis.
Asset Management (AM) PBT USD 212m, underlying PBT USD 268m
Total revenues increased by USD 34m, or 4%, to USD 800m, mainly due to higher net management fees, partly offset by lower performance fees, and included a net loss of USD 29m related to the sale of our O’Connor business to Cantor Fitzgerald. The fourth quarter of 2024 included a net gain of USD 13m on the sale of our shareholding in Credit Suisse Investment Partners. Operating expenses decreased by USD 51m, or 8%, to USD 588m and included a USD 39m decrease in integration-related expenses. Excluding integration-related expenses of USD 57m, underlying operating expenses were USD 531m, a decrease of 2%, mainly due to lower non-personnel costs. The cost/income ratio was 73.4%, and 66.4% on an underlying basis. Invested assets increased sequentially by USD 55bn to USD 2,098bn. Net new money was USD 8bn, and USD 4bn excluding money market flows and associates.
Investment Bank (IB) PBT USD 640m, underlying PBT USD 703m
Total revenues increased by USD 197m, or 7%, to USD 2,946m, mainly due to higher revenues in Global Markets, partly offset by a USD 140m decrease in PPA effects, and included positive foreign currency effects. Excluding USD 61m of PPA effects and other integration items, underlying total revenues were USD 2,885m, an increase of 13%. Net credit loss expenses were USD 34m, mainly reflecting net expenses on credit-impaired positions, compared with net credit loss expenses of USD 63m in the fourth quarter of 2024. Operating expenses increased by USD 65m, or 3%, to USD 2,272m and included a USD 50m decrease in integration-related expenses. Excluding integration-related expenses of USD 124m, underlying operating expenses were USD 2,148m, an increase of 6%, mainly due to adverse foreign currency effects and higher technology costs. The cost/income ratio was 77.1%, and 74.5% on an underlying basis. Return on attributed equity was 13.5%, and 14.9% on an underlying basis.
Non-core and Legacy (NCL) PBT USD (455m), underlying PBT USD (224m)
Total revenues were negative USD 8m, compared with negative total revenues of USD 58m in the fourth quarter of 2024, mainly reflecting lower liquidity and funding costs, partly offset by lower net interest income, as a result of a smaller portfolio, and further offset by higher markdowns. Net credit loss releases were USD 12m, compared with net credit loss expenses of USD 6m in the fourth quarter of 2024. Operating expenses were USD 459m, a decrease of USD 399m, or 46%, mainly reflecting lower legal fees, technology costs, premises and facilities costs, risk management costs, and compliance and regulatory costs, and included an USD 84m decrease in integration-related expenses. Excluding integration-related expenses of USD 233m, underlying operating expenses were USD 226m.
Group Items PBT USD (552m), underlying PBT USD (113m)
4 Also accounts for credit loss expenses/releases incurred in a given period.
UBS’s sustainability and impact highlights
In line with our sustainability ambitions to Protect, Attract and Grow, we continue to support our clients in the transition to a low-carbon world and consider climate change risks and opportunities across our firm for the benefit of our clients, our shareholders and all our stakeholders.
UBS acts as Lead Left Joint Global Coordinator for first green equity IPO in APAC
UBS acted as Joint Global Coordinator for the Philippines’ Maynilad Water Services (“Maynilad”) USD 591m IPO, the first Philippines to qualify for a "Green Equity" label. This label is granted to a Philippine issuer with at least 50% of revenue directed toward "Green Activities" under Philippines securities regulations. The deal was also named ESG Deal of the Year at the IFR Asia Awards in December.
Clean Energy Infrastructure Switzerland 3 successfully reaches final close
In November 2025, the Clean Energy Infrastructure Switzerland 3 KmGK (CEIS 3) fund achieved commitments reaching more than CHF 1bn, establishing itself as the largest closed-end infrastructure investment solution in Switzerland. UBS Asset Management Switzerland AG acts as management company and co-distributor.
Resilio Fund co-funded by the UBS Optimus Foundation empowers communities
Optimus began supporting the Resilio Fund, launched in 2025, which helps communities affected by natural disasters and humanitarian emergencies to lead their own recovery by giving local groups microgrants and crisis training. Around the globe, the UBS Optimus network of foundations seeks to strengthen communities by empowering local actors.
A year ago, on its 25th anniversary, UBS pledged an additional USD 25m to Optimus to catalyze the next wave of change across the following areas: innovative financing to make tertiary education accessible to young people, transforming primary healthcare by strengthening health workers in the communities and establish community-led crisis response systems like the Resilio Fund.
Selected financial information of the business divisions and Group Items
For the quarter ended 31.12.25
USD m
Global Wealth Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and Legacy
Group Items
Total
Total revenues as reported
6,695
2,286
800
2,946
(8)
(575)
12,145
of which: PPA effects and other integration items1
135
226
61
2
(404) 2
20
of which: loss related to an investment in an associate
(20)
(54)
(74)
Total revenues (underlying)
6,580
2,114
800
2,885
(10)
(171)
12,199
Credit loss expense / (release)
32
101
1
34
(12)
3
159
Operating expenses as reported
5,373
1,621
588
2,272
459
(27)
10,286
of which: integration-related expenses and PPA effects3
384
285
57
124
233
34
1,117
Operating expenses (underlying)
4,989
1,336
531
2,148
226
(62)
9,169
Operating profit / (loss) before tax as reported
1,290
565
212
640
(455)
(552)
1,700
Operating profit / (loss) before tax (underlying)
1,558
678
268
703
(224)
(113)
2,871
For the quarter ended 30.9.25
USD m
Global Wealth Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and Legacy
Group Items
Total
Total revenues as reported
6,543
2,321
843
3,244
(40)
(149)
12,760
of which: PPA effects and other integration items1
171
276
219 4
1
34
701
of which: loss related to an investment in an associate
(38)
(102)
(140)
Total revenues (underlying)
6,410
2,147
843
3,025
(42)
(183)
12,199
Credit loss expense / (release)
7
72
0
17
6
0
102
Operating expenses as reported
5,182
1,619
624
2,327
56
23
9,831
of which: integration-related expenses and PPA effects3
553
376
64
106
205
20
1,323
Operating expenses (underlying)
4,629
1,242
560
2,221
(149)
4
8,507
Operating profit / (loss) before tax as reported
1,354
631
218
900
(102)
(173)
2,828
Operating profit / (loss) before tax (underlying)
1,774
833
282
787
102
(187)
3,590
For the quarter ended 31.12.24
USD m
Global Wealth Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and Legacy
Group Items
Total
Total revenues as reported
6,121
2,245
766
2,749
(58)
(188)
11,635
of which: PPA effects and other integration items1
200
258
202
(4)
656
of which: loss related to an investment in an associate
(21)
(59)
(80)
Total revenues (underlying)
5,942
2,047
766
2,547
(58)
(184)
11,059
Credit loss expense / (release)
(14)
175
0
63
6
0
229
Operating expenses as reported
5,268
1,476
639
2,207
858
(88)
10,359
of which: integration-related expenses and PPA effects3
460
209
96
174
317
(1)
1,255
of which: items related to the Swisscard transactions5
41
41
Operating expenses (underlying)
4,808
1,226
543
2,032
541
(88)
9,062
Operating profit / (loss) before tax as reported
867
595
128
479
(923)
(100)
1,047
Operating profit / (loss) before tax (underlying)
1,147
646
224
452
(606)
(96)
1,768
1 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 2 Includes a USD 457m net loss from the repurchase of legacy Credit Suisse debt instruments, as the repurchase price exceeded the amortized-cost carrying value (the net loss reflects a loss of USD 885m before PPA adjustments, partly offset by a USD 427m gain from the release of PPA adjustments). 3 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of intangibles resulting from the acquisition of the Credit Suisse Group. 4 Includes a USD 128m gain from the sale of a stake in a subsidiary, Credit Suisse Securities (China) Limited. 5 Represents the termination fee paid to American Express related to the sale of our 50% holding in Swisscard.
Selected financial information of the business divisions and Group Items (continued)
For the year ended 31.12.25
USD m
Global Wealth Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and Legacy
Group Items
Total
Total revenues as reported
25,960
9,154
3,156
12,340
154
(1,190)
49,573
of which: PPA effects and other integration items1
624
1,016
5702
4
(323) 3
1,892
of which: loss related to an investment in an associate
(62)
(168)
(230)
of which: items related to the Swisscard transactions4
64
64
Total revenues (underlying)
25,398
8,242
3,156
11,769
150
(867)
47,848
Credit loss expense / (release)
48
339
1
133
(1)
2
524
Operating expenses as reported
20,705
6,318
2,436
9,387
1,353
(2)
40,197
of which: integration-related expenses and PPA effects5
1,675
1,093
256
463
882
53
4,422
of which: items related to the Swisscard transactions6
180
180
Operating expenses (underlying)
19,030
5,045
2,179
8,924
472
(56)
35,595
Operating profit / (loss) before tax as reported
5,207
2,497
719
2,819
(1,199)
(1,190)
8,853
Operating profit / (loss) before tax (underlying)
6,320
2,857
975
2,712
(321)
(813)
11,729
For the year ended 31.12.24
USD m
Global Wealth Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and Legacy
Group Items
Total
Total revenues as reported
24,516
9,334
3,182
10,948
1,605
(975)
48,611
of which: PPA effects and other integration items1
891
1,038
989
(41)
2,877
of which: loss related to an investment in an associate
(21)
(59)
(80)
Total revenues (underlying)
23,646
8,355
3,182
9,958
1,605
(933)
45,814
Credit loss expense / (release)
(16)
404
(1)
97
69
(2)
551
Operating expenses as reported
20,608
5,741
2,663
8,934
3,512
(220)
41,239
of which: integration-related expenses and PPA effects5
1,807
749
351
717
1,154
(12)
4,766
of which: items related to the Swisscard transactions7
41
41
Operating expenses (underlying)
18,802
4,951
2,312
8,217
2,359
(208)
36,432
Operating profit / (loss) before tax as reported
3,924
3,189
520
1,917
(1,976)
(752)
6,821
Operating profit / (loss) before tax (underlying)
4,860
3,000
871
1,644
(822)
(723)
8,831
1 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 2 Includes a USD 128m gain from the sale of a stake in a subsidiary, Credit Suisse Securities (China) Limited. 3 Includes a USD 457m net loss from the repurchase of legacy Credit Suisse debt instruments, as the repurchase price exceeded the amortized-cost carrying value (the net loss reflects a loss of USD 885m before PPA adjustments, partly offset by a USD 427m gain from the release of PPA adjustments). 4 Represents the gain related to UBS’s share of the income recorded by Swisscard for the sale of the Credit Suisse card portfolios to UBS. 5 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of intangibles resulting from the acquisition of the Credit Suisse Group. 6 Represents the expense related to the payment to Swisscard for the sale of the Credit Suisse card portfolios to UBS. 7 Represents the termination fee paid to American Express related to the sale of our 50% holding in Swisscard.
Our key figures
As of or for the quarter ended
As of or for the year ended
USD m, except where indicated
31.12.25
30.9.25
31.12.24
31.12.25
31.12.24
Group results
Total revenues
12,145
12,760
11,635
49,573
48,611
Credit loss expense / (release)
159
102
229
524
551
Operating expenses
10,286
9,831
10,359
40,197
41,239
Operating profit / (loss) before tax
1,700
2,828
1,047
8,853
6,821
Net profit / (loss) attributable to shareholders
1,199
2,481
770
7,767
5,085
Diluted earnings per share (USD)1
0.37
0.76
0.23
2.36
1.52
Profitability and growth2,3
Return on equity (%)
5.3
11.1
3.6
8.8
6.0
Return on tangible equity (%)
5.8
12.0
3.9
9.5
6.5
Underlying return on tangible equity (%)4
10.5
14.6
6.6
12.1
8.5
Return on common equity tier 1 capital (%)
6.6
13.5
4.2
10.8
6.7
Underlying return on common equity tier 1 capital (%)4
11.9
16.3
7.2
13.7
8.7
Revenues over leverage ratio denominator, gross (%)
3.0
3.1
3.0
3.1
3.0
Cost / income ratio (%)
84.7
77.0
89.0
81.1
84.8
Underlying cost / income ratio (%)4
75.2
69.7
81.9
74.4
79.5
Effective tax rate (%)
29.1
12.0
25.6
11.9
24.6
Net profit growth (%)
55.6
74.2
n.m.
52.7
(81.4)
Resources2
Total assets
1,617,427
1,632,251
1,565,028
1,617,427
1,565,028
Equity attributable to shareholders
90,213
89,899
85,079
90,213
85,079
Common equity tier 1 capital5
71,262
74,655
71,367
71,262
71,367
Risk-weighted assets5
493,397
504,897
498,538
493,397
498,538
Common equity tier 1 capital ratio (%)5
14.4
14.8
14.3
14.4
14.3
Going concern capital ratio (%)5
18.5
18.8
17.6
18.5
17.6
Total loss-absorbing capacity ratio (%)5
38.0
39.5
37.2
38.0
37.2
Leverage ratio denominator5
1,622,438
1,640,464
1,519,477
1,622,438
1,519,477
Common equity tier 1 leverage ratio (%)5
4.4
4.6
4.7
4.4
4.7
Liquidity coverage ratio (%)6
182.6
182.1
188.4
182.6
188.4
Net stable funding ratio (%)
116.1
119.7
125.5
116.1
125.5
Other
Invested assets (USD bn)3,7
7,005
6,910
6,087
7,005
6,087
Internal and external personnel8
119,589
122,382
128,983
119,589
128,983
Internal personnel (full-time equivalents)
103,177
104,427
108,648
103,177
108,648
Market capitalization1,9
155,760
136,416
105,719
155,760
105,719
Total book value per share (USD)1
29.18
28.78
26.80
29.18
26.80
Tangible book value per share (USD)1
26.93
26.54
24.63
26.93
24.63
Credit-impaired lending assets as a percentage of total lending assets, gross (%)3
0.9
0.9
1.0
0.9
1.0
Cost of credit risk (bps)3
9
6
15
8
9
1 Refer to the “Share information and earnings per share” section of the UBS Group fourth quarter 2025 report, available under “Quarterly reporting” at ubs.com/investors, for more information. 2 Refer to the “Targets, capital guidance and ambitions” section of the UBS Group Annual Report 2024, available under “Annual reporting” at ubs.com/investors, for more information about our previous performance targets and to the “Recent developments” section of the UBS Group fourth quarter 2025 report, available under “Quarterly reporting” at ubs.com/investors, for more information about our updated targets and ambitions. 3 Refer to “Alternative performance measures” in the appendix to the UBS Group fourth quarter 2025 report, available under “Quarterly reporting” at ubs.com/investors, for the relevant definition(s) and calculation method(s). 4 Refer to the “Group performance” section of the UBS Group fourth quarter 2025 report, available under “Quarterly reporting” at ubs.com/investors, for more information about underlying results. 5 Based on the Swiss systemically relevant bank framework. Refer to the “Capital management” section of the UBS Group fourth quarter 2025 report, available under “Quarterly reporting” at ubs.com/investors, for more information. 6 The disclosed ratios represent quarterly averages for the quarters presented and are calculated based on an average of 64 data points in the fourth quarter of 2025, 65 data points in the third quarter of 2025 and 64 data points in the fourth quarter of 2024. Refer to the “Liquidity and funding management” section of the UBS Group fourth quarter 2025 report, available under “Quarterly reporting” at ubs.com/investors, for more information. 7 Consists of invested assets for Global Wealth Management, Asset Management (including invested assets from associates) and Personal & Corporate Banking. Refer to “Note 31 Invested assets and net new money” in the “Consolidated financial statements” section of the UBS Group Annual Report 2024, available under “Annual reporting” at ubs.com/investors, for more information. 8 Represents full-time equivalents for internal personnel and workforce count for external personnel. 9 The calculation of market capitalization reflects total shares issued multiplied by the share price at the end of the period.
Income statement
For the quarter ended
% change from
For the year ended
USD m
31.12.25
30.9.25
31.12.24
3Q25
4Q24
31.12.25
31.12.24
Net interest income
2,172
1,981
1,838
10
18
7,747
7,108
Other net income from financial instruments measured at fair value through profit or loss
3,163
3,502
3,144
(10)
1
14,011
14,690
Net fee and commission income
7,223
7,204
6,598
0
9
27,912
26,138
Other income
(412)
73
56
(96)
675
Total revenues
12,145
12,760
11,635
(5)
4
49,573
48,611
Credit loss expense / (release)
159
102
229
56
(31)
524
551
Personnel expenses
6,681
7,172
6,361
(7)
5
27,861
27,318
General and administrative expenses
2,740
1,755
3,004
56
(9)
8,807
10,124
Depreciation, amortization and impairment of non-financial assets
865
904
994
(4)
(13)
3,529
3,798
Operating expenses
10,286
9,831
10,359
5
(1)
40,197
41,239
Operating profit / (loss) before tax
1,700
2,828
1,047
(40)
62
8,853
6,821
Tax expense / (benefit)
495
341
268
45
85
1,056
1,675
Net profit / (loss)
1,205
2,487
779
(52)
55
7,797
5,146
Net profit / (loss) attributable to non-controlling interests
6
6
9
7
(27)
30
60
Net profit / (loss) attributable to shareholders
1,199
2,481
770
(52)
56
7,767
5,085
Comprehensive income
Total comprehensive income
1,270
2,073
(1,878)
(39)
12,045
3,401
Total comprehensive income attributable to non-controlling interests
(6)
5
(27)
(79)
48
13
Total comprehensive income attributable to shareholders
1,275
2,067
(1,851)
(38)
11,998
3,388
Information about results materials and the earnings call
UBS’s fourth quarter 2025 report, news release and slide presentation are available from 06:45 CET on Wednesday, 4 February 2026, at ubs.com/quarterlyreporting.
UBS will hold a presentation of its fourth quarter 2025 results on Wednesday, 4 February 2026. The results will be presented by Sergio P. Ermotti (Group Chief Executive Officer), Todd Tuckner (Group Chief Financial Officer) and Sarah Mackey (Head of Investor Relations).
Time
09:00 CET
08:00 GMT
03:00 US EST
Audio webcast
The presentation for analysts can be followed live on ubs.com/quarterlyreporting with a simultaneous slide show.
Webcast playback
An audio playback of the results presentation will be made available at ubs.com/investors later in the day.
Cautionary statement regarding forward-looking statements
This news release contains statements that constitute “forward-looking statements”, including but not limited to management’s outlook for UBS’s financial performance, statements relating to the anticipated effect of transactions and strategic initiatives on UBS’s business and future development and goals. While these forward-looking statements represent UBS’s judgments, expectations and objectives concerning the matters described, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from UBS’s expectations. In particular, the global economy may suffer significant adverse effects from increasing political tensions between world powers, changes to international trade policies, including those related to tariffs and trade barriers, and evolving armed conflicts. UBS’s acquisition of the Credit Suisse Group materially changed its outlook and strategic direction and introduced new operational challenges. The integration of the Credit Suisse entities into the UBS structure is expected to continue through 2026 and presents significant operational and execution risk, including the risks that UBS may be unable to achieve the cost reductions and business benefits contemplated by the transaction, that it may incur higher costs to execute the integration of Credit Suisse and that the acquired business may have greater risks or liabilities, including those related to litigation, than expected. Following the failure of Credit Suisse, Switzerland is considering significant changes to its capital, resolution and regulatory regime, which, if adopted, would significantly increase our capital requirements or impose other costs on UBS. These factors create greater uncertainty about forward-looking statements. Other factors that may affect UBS’s performance and ability to achieve its plans, outlook and other objectives also include, but are not limited to: (i) the degree to which UBS is successful in the execution of its strategic plans, including its cost reduction and efficiency initiatives and its ability to manage its levels of risk-weighted assets (RWA) and leverage ratio denominator (LRD), liquidity coverage ratio and other financial resources, including changes in RWA assets and liabilities arising from higher market volatility and the size of the combined Group; (ii) the degree to which UBS is successful in implementing changes to its businesses to meet changing market, regulatory and other conditions, including any potential changes to banking examination and oversight practices and standards as a result of executive branch orders or staff interpretations of law in the US; (iii) inflation and interest rate volatility in major markets; (iv) developments in the macroeconomic climate and in the markets in which UBS operates or to which it is exposed, including movements in securities prices or liquidity, credit spreads, currency exchange rates, residential and commercial real estate markets, general economic conditions, and changes to national trade policies on the financial position or creditworthiness of UBS’s clients and counterparties, as well as on client sentiment and levels of activity; (v) changes in the availability of capital and funding, including any adverse changes in UBS’s credit spreads and credit ratings of UBS, as well as availability and cost of funding, including as affected by the marketability of a current additional tier one debt instrument, to meet requirements for debt eligible for total loss-absorbing capacity (TLAC); (vi) changes in and potential divergence between central bank policies or the implementation of financial legislation and regulation in Switzerland, the US, the UK, the EU and other financial centers that have imposed, or resulted in, or may do so in the future, more stringent or entity-specific capital, TLAC, leverage ratio, net stable funding ratio, liquidity and funding requirements, heightened operational resilience requirements, incremental tax requirements, additional levies, limitations on permitted activities, constraints on remuneration, constraints on transfers of capital and liquidity and sharing of operational costs across the Group or other measures, and the effect these will or would have on UBS’s business activities; (vii) UBS’s ability to successfully implement resolvability and related regulatory requirements and the potential need to make further changes to the legal structure or booking model of UBS in response to legal and regulatory requirements including heightened requirements and expectations due to its acquisition of the Credit Suisse Group; (viii) UBS’s ability to maintain and improve its systems and controls for complying with sanctions in a timely manner and for the detection and prevention of money laundering to meet evolving regulatory requirements and expectations, in particular in the current geopolitical turmoil; (ix) the uncertainty arising from domestic stresses in certain major economies; (x) changes in UBS’s competitive position, including whether differences in regulatory capital and other requirements among the major financial centers adversely affect UBS’s ability to compete in certain lines of business; (xi) changes in the standards of conduct applicable to its businesses that may result from new regulations or new enforcement of existing standards, including measures to impose new and enhanced duties when interacting with customers and in the execution and handling of customer transactions; (xii) the liability to which UBS may be exposed, or possible constraints or sanctions that regulatory authorities might impose on UBS, due to litigation, including litigation it has inherited by virtue of the acquisition of Credit Suisse, contractual claims and regulatory investigations, including the potential for disqualification from certain businesses, potentially large fines or monetary penalties, or the loss of licenses or privileges as a result of regulatory or other governmental sanctions, as well as the effect that litigation, regulatory and similar matters have on the operational risk component of its RWA; (xiii) UBS’s ability to retain and attract the employees necessary to generate revenues and to manage, support and control its businesses, which may be affected by competitive factors; (xiv) changes in accounting or tax standards or policies, and determinations or interpretations affecting the recognition of gain or loss, the valuation of goodwill, the recognition of deferred tax assets and other matters; (xv) UBS’s ability to implement new technologies and business methods, including digital services, artificial intelligence and other technologies, and ability to successfully compete with both existing and new financial service providers, some of which may not be regulated to the same extent; (xvi) limitations on the effectiveness of UBS’s internal processes for risk management, risk control, measurement and modeling, and of financial models generally; (xvii) the occurrence of operational failures, such as fraud, misconduct, unauthorized trading, financial crime, cyberattacks, data leakage and systems failures, the risk of which is increased with persistently high levels of cyberattack threats; (xviii) restrictions on the ability of UBS Group AG, UBS AG and regulated subsidiaries of UBS AG to make payments or distributions, including due to restrictions on the ability of its subsidiaries to make loans or distributions, directly or indirectly, or, in the case of financial difficulties, due to the exercise by FINMA or the regulators of UBS’s operations in other countries of their broad statutory powers in relation to protective measures, restructuring and liquidation proceedings; (xix) the degree to which changes in regulation, capital or legal structure, financial results or other factors may affect UBS’s ability to maintain its stated capital return objective; (xx) uncertainty over the scope of actions that may be required by UBS, governments and others for UBS to achieve goals relating to climate, environmental and social matters, as well as the evolving nature of underlying science and industry and the increasing divergence among regulatory regimes; (xxi) the ability of UBS to access capital markets; (xxii) the ability of UBS to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack, war, conflict, pandemic, security breach, cyberattack, power loss, telecommunications failure or other natural or man-made event; and (xxiii) the effect that these or other factors or unanticipated events, including media reports and speculations, may have on its reputation and the additional consequences that this may have on its business and performance. The sequence in which the factors above are presented is not indicative of their likelihood of occurrence or the potential magnitude of their consequences. UBS’s business and financial performance could be affected by other factors identified in its past and future filings and reports, including those filed with the US Securities and Exchange Commission (the SEC). More detailed information about those factors is set forth in documents furnished by UBS and filings made by UBS with the SEC, including the UBS Group AG and UBS AG Annual Reports on Form 20-F for the year ended 31 December 2024. UBS is not under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
Rounding
Numbers presented throughout this new release may not add up precisely to the totals provided in the tables and text. Percentages and percent changes disclosed in text and tables are calculated on the basis of unrounded figures. Absolute changes between reporting periods disclosed in the text, which can be derived from numbers presented in related tables, are calculated on a rounded basis.
Tables
Within tables, blank fields generally indicate non-applicability or that presentation of any content would not be meaningful, or that information is not 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
In this news release, any website addresses are provided solely for information and are not intended to be active links. UBS is not incorporating the contents of any such websites into this news release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260203941282/en/
UBS Group AG
Investor contact
Switzerland: +41-44-234 41 00
Americas: +1-212-882 57 34
Media contact
Switzerland: +41-44-234 85 00
UK: +44-207-567 47 14
Americas: +1-212-882 58 58
APAC: +852-297-1 82 00
ubs.com
Original: UBS reports net profit of USD 1.2bn in 4Q25 and USD 7.8bn in FY25; increases dividend by 22% YoY; confirms 2026 targets and sets ambitions for 2028 (Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules)
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