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“Almost three years ago, we presented our first set of consolidated results. From the beginning, I made it clear that the acquisition of
Strong results in the second quarter and healthy capital generation have further fortified our balance sheet for all seasons and allow us to continue deploying financial resources towards profitable growth opportunities to support clients and deliver on our capital return ambitions.
We are well positioned to outperform our 2026 exit-rate return target and achieve our exit-rate cost/income ratio target.
We remain firmly focused on staying close to our clients, completing the integration, executing our growth plans and managing risk with discipline – all while remaining a trusted partner in the communities where we live and work.”
Selected financials for 2Q26 | ||||
Net profit | 15.4% RoCET1 capital | Profit before tax | 72.9% Cost/income ratio | 14.4% CET1 capital ratio |
Diluted EPS | 16.4% Underlying1 | Underlying1 profit before tax | 70.0% Underlying1 | 4.4% CET1 leverage ratio |
Highlights
2Q26 PBT of
1H26 PBT of
Strong client momentum across our businesses; Global Wealth Management 2Q26 net new assets of
Integration on track for completion by YE26; decommissioning plans well advanced, with more than 90% of legacy applications no longer in use and ~70% already fully decommissioned. Delivered an additional
A reliable partner for the Swiss economy; granted or renewed CHF ~40bn of loans to Swiss businesses and households in 2Q26 as we continue to support clients with our leading credit offering and unique global capabilities and footprint; Personal & Corporate Banking 2Q26 net new loans of
Maintaining strong capital position and balance sheet for all seasons; CET1 capital ratio of 14.4% and CET1 leverage ratio of 4.4%; accruing for mid-teens percentage growth in dividend and completed our latest share repurchase program in July; continuing with another share repurchase program of
Strategically investing in our franchise to drive long-term growth; continued investments in technology, global capabilities and talent while contributing to fact-based deliberations on the Swiss capital framework
Information in this news release is presented for |
Second quarter 2026 performance overview
Strong financial performance driven by franchise strength and robust client momentum across our businesses
In 2Q26, we reported a profit before tax (PBT) of
Reported revenues were
Group invested assets reached a record
We also continued to support businesses and households in
Integration on track to be substantially completed by the end of this year
With the completion of the global migration of former Credit Suisse client accounts to
As of
We are on track to substantially complete the integration by the end of the year and we are well positioned to outperform our 2026 exit rate return on CET1 capital target of ~15% and achieve our 2026 exit rate cost/income ratio target of <70% with potential for incremental improvement.
Maintained strong capital position and balance sheet for all seasons
Our financial performance in the first half of 2026 has resulted in strong capital generation, further fortifying our capital position with a CET1 capital ratio of 14.4% and a CET1 leverage ratio of 4.4%, both above our guidance of ~14% and >4.0%, respectively.
Our strong capital position allows us to continue deploying resources towards profitable growth opportunities to support clients and deliver on our capital return ambitions. This includes accruing for mid-teens percentage growth in our dividend in the second quarter. We also completed our latest share repurchase program in July. We are continuing with another share repurchase program under which we intend to repurchase
We plan to repurchase at least
Strategically investing in our franchise to drive long-term growth and position
We remain focused on investing in technology, including AI, as well as our capabilities and talent, to position
We continue to progress our 9 large-scale, end-to-end transformational AI initiatives and build on our 560 live AI use cases in production (92% YoY increase, with another 920+ applications in development).
We also continue to provide our employees with the AI tools necessary to successfully deliver tangible outcomes for our clients and our business on a daily basis. Today, around 18,000 of our software developers are leveraging AI across the software development lifecycle, from code generation, explanation, test automation and requirement management. Over one quarter of AI-generated suggestions are being directly used in production code, enhancing productivity and speeding up development. In addition, all
To further support AI literacy and practical adoption, we recently launched AI Power Hour, an initiative that reserves one hour each week for employees to build their AI skills with a focus on continuous improvement within their day-to-day work and enhancing outcomes for our clients.
At the same time, we are deepening our partnership with leading hyperscalers, frontier AI developers, FinTechs, data and platform providers as well as academia to drive innovation and develop transformative capabilities faster and more effectively.
During the quarter we saw the official launch of the
The Centre brings together leading academic researchers and
The investments we are making to deliver differentiated, AI-driven solutions for clients continue to be recognized. Our
We also continue to take a client-led approach to digital assets. Our ambition is to be a trusted, regulated gateway for clients to access on-chain money, assets and markets. We are working with peers and partners across our industry to build out capabilities, core infrastructure and targeted offerings for tokenized real-world assets and digital money. In April, we joined an initiative aimed at testing selected use cases for a Swiss franc stablecoin in a secure digital live environment in
Consistent with our focus on innovation and leveraging data and technology to improve the client experience, we recently announced a strategic partnership between our Unified Global Alternatives unit and MSCI focused on advancing transparency and standardization across private markets. The collaboration combines UBS’s expertise and insights as a leading Limited Partner in Alternatives with MSCI’s capabilities in independent data, analytics, models and AI-powered technology. Together,
Outlook
As we enter the third quarter, market conditions remain broadly constructive, supported by healthy client engagement, the continued broadening of market leadership and historically elevated equity dispersion.
At the same time, ongoing geopolitical developments and volatile energy prices lead to high levels of uncertainty around the inflation and interest rate outlook. This could contribute to changes in macroeconomic conditions, periods of elevated volatility and more measured investor sentiment.
For the third quarter, in addition to seasonal factors, we expect Global Wealth Management net interest income to increase modestly, broadly in line with the sequential uptick recorded in the second quarter of 2026. In Personal & Corporate Banking, we expect net interest income to be flat to slightly higher sequentially.
We are focused on maintaining a high level of engagement with our clients as we execute on the final stages of the integration and as we continue to strategically invest in our franchise to drive long-term growth.
Second quarter 2026 performance overview
Group PBT
PBT of
Global Wealth Management (GWM) PBT
Total revenues increased by
Personal & Corporate Banking (P&C) PBT
Total revenues decreased by
Asset Management (AM) PBT
Total revenues decreased by
Total revenues increased by
Non-core and Legacy (NCL) PBT
Total revenues were
Group Items PBT
3 Also accounts for credit loss expenses/releases incurred in a given period. |
UBS’s sustainability and impact highlights
During the quarter, we continued to advance our sustainability and impact agenda, as acknowledged by external recognition of our progress and significant integration milestones.
Climate Week Zurich
UBS Optimus Foundation Annual Review 2025
The
Future of
The
4 The |
Selected financial information of the business divisions and Group Items | |||||||
| For the quarter ended | ||||||
USD m | Global Wealth Management | Personal & Corporate Banking | Asset Management | Investment Bank | Non-core | Group | Total |
Total revenues as reported | 7,112 | 2,399 | 756 | 3,727 | 43 | (338) | 13,700 |
of which: PPA effects and other integration items1 | 114 | 196 |
| 26 | (1) | 17 | 352 |
Total revenues (underlying) | 6,997 | 2,204 | 756 | 3,701 | 44 | (355) | 13,348 |
Credit loss expense / (release) | (2) | 76 | 0 | 45 | 0 | 1 | 121 |
Operating expenses as reported | 5,231 | 1,466 | 542 | 2,531 | 246 | (31) | 9,986 |
of which: integration-related expenses and PPA effects2 | 228 | 196 | 23 | 37 | 150 | 11 | 645 |
Operating expenses (underlying) | 5,002 | 1,270 | 519 | 2,494 | 96 | (42) | 9,340 |
Operating profit / (loss) before tax as reported | 1,883 | 857 | 214 | 1,150 | (203) | (307) | 3,594 |
Operating profit / (loss) before tax (underlying) | 1,997 | 858 | 237 | 1,162 | (52) | (314) | 3,887 |
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| For the quarter ended | ||||||
USD m | Global Wealth Management | Personal & Corporate Banking | Asset Management | Investment Bank | Non-core | Group | 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 transactions3 |
| 128 |
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| 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 effects2 | 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 |
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| For the quarter ended | ||||||
USD m | Global Wealth Management | Personal & Corporate Banking | Asset Management | Investment Bank | Non-core | Group | Total |
Total revenues as reported | 6,300 | 2,336 | 772 | 2,966 | (82) | (180) | 12,112 |
of which: PPA effects and other integration items1 | 153 | 274 |
| 152 | 1 | 17 | 596 |
of which: loss related to an investment in an associate | (8) | (23) |
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| (31) |
Total revenues (underlying) | 6,156 | 2,085 | 772 | 2,815 | (83) | (198) | 11,546 |
Credit loss expense / (release) | 3 | 114 | 0 | 48 | (2) | 0 | 163 |
Operating expenses as reported | 5,093 | 1,528 | 618 | 2,361 | 170 | (13) | 9,756 |
of which: integration-related expenses and PPA effects2 | 383 | 240 | 63 | 121 | 252 | (4) | 1,055 |
Operating expenses (underlying) | 4,710 | 1,288 | 555 | 2,241 | (83) | (10) | 8,701 |
Operating profit / (loss) before tax as reported | 1,204 | 695 | 153 | 557 | (250) | (167) | 2,193 |
Operating profit / (loss) before tax (underlying) | 1,443 | 684 | 216 | 526 | 1 | (188) | 2,683 |
1 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 2 Includes temporary, incremental operating expenses directly related to the integration, as well as amortization of intangible assets resulting from the acquisition of the | |||||||
Selected financial information of the business divisions and Group Items (continued) | |||||||
| Year-to-date | ||||||
USD m | Global Wealth Management | Personal & Corporate Banking | Asset Management | Investment Bank | Non-core | Group | Total |
Total revenues as reported | 14,218 | 5,001 | 1,528 | 7,781 | 33 | (617) | 27,943 |
of which: PPA effects and other integration items1 | 240 | 419 |
| 94 | 0 | 72 | 824 |
of which: items related to the Swisscard transactions2 |
| 128 |
|
|
|
| 128 |
Total revenues (underlying) | 13,978 | 4,454 | 1,528 | 7,687 | 33 | (689) | 26,991 |
Credit loss expense / (release) | 7 | 147 | 0 | 110 | (74) | 1 | 191 |
Operating expenses as reported | 10,536 | 2,957 | 1,097 | 5,315 | 465 | (52) | 20,319 |
of which: integration-related expenses and PPA effects3 | 536 | 419 | 58 | 116 | 208 | 59 | 1,395 |
Operating expenses (underlying) | 10,001 | 2,539 | 1,039 | 5,199 | 257 | (111) | 18,923 |
Operating profit / (loss) before tax as reported | 3,675 | 1,897 | 430 | 2,355 | (358) | (565) | 7,434 |
Operating profit / (loss) before tax (underlying) | 3,971 | 1,769 | 488 | 2,378 | (149) | (579) | 7,877 |
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| Year-to-date | ||||||
USD m | Global Wealth Management | Personal & Corporate Banking | Asset Management | Investment Bank | Non-core | Group | Total |
Total revenues as reported | 12,722 | 4,547 | 1,513 | 6,149 | 202 | (465) | 24,668 |
of which: PPA effects and other integration items1 | 318 | 514 |
| 290 | 1 | 47 | 1,170 |
of which: loss related to an investment in an associate | (5) | (12) |
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| (16) |
of which: items related to the Swisscard transactions4 |
| 64 |
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| 64 |
Total revenues (underlying) | 12,408 | 3,980 | 1,513 | 5,860 | 201 | (512) | 23,450 |
Credit loss expense / (release) | 9 | 167 | 0 | 83 | 6 | (1) | 263 |
Operating expenses as reported | 10,150 | 3,078 | 1,224 | 4,788 | 838 | 2 | 20,080 |
of which: integration-related expenses and PPA effects3 | 739 | 432 | 135 | 233 | 444 | (1) | 1,982 |
of which: items related to the Swisscard transactions5 |
| 180 |
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| 180 |
Operating expenses (underlying) | 9,411 | 2,467 | 1,088 | 4,555 | 395 | 2 | 17,918 |
Operating profit / (loss) before tax as reported | 2,563 | 1,302 | 289 | 1,279 | (642) | (465) | 4,325 |
Operating profit / (loss) before tax (underlying) | 2,988 | 1,347 | 424 | 1,222 | (199) | (513) | 5,269 |
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 | |||||||
Our key figures |
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| As of or year-to-date | ||||
USD m, except where indicated |
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Group results |
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Total revenues |
| 13,700 | 14,243 | 12,145 | 12,112 |
| 27,943 | 24,668 |
Credit loss expense / (release) |
| 121 | 70 | 159 | 163 |
| 191 | 263 |
Operating expenses |
| 9,986 | 10,333 | 10,286 | 9,756 |
| 20,319 | 20,080 |
Operating profit / (loss) before tax |
| 3,594 | 3,841 | 1,700 | 2,193 |
| 7,434 | 4,325 |
Net profit / (loss) attributable to shareholders |
| 2,800 | 3,040 | 1,199 | 2,395 |
| 5,840 | 4,087 |
Diluted earnings per share (USD)1 |
| 0.87 | 0.94 | 0.37 | 0.72 |
| 1.81 | 1.23 |
Profitability and growth2 |
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Return on equity (%)3 |
| 12.3 | 13.3 | 5.3 | 10.9 |
| 12.8 | 9.4 |
Return on tangible equity (%)3 |
| 13.4 | 14.4 | 5.8 | 11.8 |
| 13.9 | 10.2 |
Underlying return on tangible equity (%)3,4 |
| 14.3 | 14.6 | 10.5 | 13.4 |
| 14.4 | 11.7 |
Return on common equity tier 1 capital (%)3 |
| 15.4 | 16.8 | 6.6 | 13.5 |
| 16.1 | 11.6 |
Underlying return on common equity tier 1 capital (%)3,4 |
| 16.4 | 17.0 | 11.9 | 15.3 |
| 16.7 | 13.3 |
Cost / income ratio (%)3 |
| 72.9 | 72.5 | 84.7 | 80.5 |
| 72.7 | 81.4 |
Underlying cost / income ratio (%)3,4 |
| 70.0 | 70.2 | 75.2 | 75.4 |
| 70.1 | 76.4 |
Effective tax rate (%) |
| 21.8 | 20.5 | 29.1 | (9.5) |
| 21.1 | 5.1 |
Net profit growth (%)3 |
| 16.9 | 79.7 | 55.6 | 110.9 |
| 42.9 | 41.4 |
Resources2 |
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Total assets |
| 1,707,284 | 1,686,521 | 1,617,427 | 1,669,991 |
| 1,707,284 | 1,669,991 |
Equity attributable to shareholders |
| 89,165 | 92,247 | 90,213 | 89,277 |
| 89,165 | 89,277 |
Common equity tier 1 capital5 |
| 72,464 | 73,313 | 71,262 | 72,709 |
| 72,464 | 72,709 |
Risk-weighted assets5 |
| 503,923 | 500,355 | 493,397 | 504,500 |
| 503,923 | 504,500 |
Common equity tier 1 capital ratio (%)5 |
| 14.4 | 14.7 | 14.4 | 14.4 |
| 14.4 | 14.4 |
Going concern capital ratio (%)5 |
| 19.0 | 19.4 | 18.5 | 18.2 |
| 19.0 | 18.2 |
Total loss-absorbing capacity ratio (%)5 |
| 38.4 | 39.5 | 38.0 | 37.9 |
| 38.4 | 37.9 |
Leverage ratio denominator5 |
| 1,649,751 | 1,653,460 | 1,622,438 | 1,658,089 |
| 1,649,751 | 1,658,089 |
Common equity tier 1 leverage ratio (%)5 |
| 4.4 | 4.4 | 4.4 | 4.4 |
| 4.4 | 4.4 |
Liquidity coverage ratio (%)6 |
| 177.3 | 177.8 | 182.6 | 182.3 |
| 177.3 | 182.3 |
Net stable funding ratio (%) |
| 115.1 | 116.9 | 116.1 | 122.4 |
| 115.1 | 122.4 |
Other |
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Invested assets (USD bn)3,7 |
| 7,326 | 6,881 | 7,005 | 6,618 |
| 7,326 | 6,618 |
Internal and external personnel8 |
| 112,388 | 116,814 | 119,589 | 123,526 |
| 112,388 | 123,526 |
Internal personnel (full-time equivalents) |
| 99,085 | 101,594 | 103,177 | 105,132 |
| 99,085 | 105,132 |
Market capitalization9 |
| 162,373 | 128,345 | 155,760 | 113,036 |
| 162,373 | 113,036 |
Total book value per share (USD)1 |
| 29.12 | 29.72 | 29.18 | 28.17 |
| 29.12 | 28.17 |
Tangible book value per share (USD)1 |
| 26.89 | 27.50 | 26.93 | 25.95 |
| 26.89 | 25.95 |
Credit-impaired lending assets as a percentage of total lending assets, gross (%)3 |
| 1.0 | 0.9 | 0.9 | 0.9 |
| 1.0 | 0.9 |
Cost of credit risk (bps)3 |
| 7 | 4 | 9 | 10 |
| 6 | 8 |
1 Refer to the “Share information and earnings per share” section of the | ||||||||
Income statement |
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| For the quarter ended |
| % change from |
| Year-to-date | ||||
USD m |
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| 1Q26 | 2Q25 |
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Net interest income |
| 2,398 | 2,320 | 1,965 |
| 3 | 22 |
| 4,718 | 3,595 |
Other net income from financial instruments measured at fair value through profit or loss |
| 3,696 | 3,949 | 3,408 |
| (6) | 8 |
| 7,645 | 7,346 |
Net fee and commission income |
| 7,582 | 7,728 | 6,708 |
| (2) | 13 |
| 15,310 | 13,485 |
Other income |
| 24 | 247 | 30 |
| (90) | (20) |
| 271 | 243 |
Total revenues |
| 13,700 | 14,243 | 12,112 |
| (4) | 13 |
| 27,943 | 24,668 |
Credit loss expense / (release) |
| 121 | 70 | 163 |
| 72 | (26) |
| 191 | 263 |
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Personnel expenses |
| 7,380 | 7,584 | 6,976 |
| (3) | 6 |
| 14,963 | 14,008 |
General and administrative expenses |
| 1,804 | 2,011 | 1,881 |
| (10) | (4) |
| 3,815 | 4,312 |
Depreciation, amortization and impairment of non-financial assets |
| 802 | 738 | 898 |
| 9 | (11) |
| 1,540 | 1,759 |
Operating expenses |
| 9,986 | 10,333 | 9,756 |
| (3) | 2 |
| 20,319 | 20,080 |
Operating profit / (loss) before tax |
| 3,594 | 3,841 | 2,193 |
| (6) | 64 |
| 7,434 | 4,325 |
Tax expense / (benefit) |
| 782 | 786 | (209) |
| (1) |
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| 1,568 | 221 |
Net profit / (loss) |
| 2,811 | 3,054 | 2,402 |
| (8) | 17 |
| 5,866 | 4,105 |
Net profit / (loss) attributable to non-controlling interests |
| 11 | 14 | 7 |
| (22) | 53 |
| 26 | 18 |
Net profit / (loss) attributable to shareholders |
| 2,800 | 3,040 | 2,395 |
| (8) | 17 |
| 5,840 | 4,087 |
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Comprehensive income |
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Total comprehensive income |
| 1,697 | 3,177 | 5,357 |
| (47) | (68) |
| 4,874 | 8,703 |
Total comprehensive income attributable to non-controlling interests |
| 10 | 26 | 22 |
| (63) | (57) |
| 35 | 48 |
Total comprehensive income attributable to shareholders |
| 1,687 | 3,152 | 5,335 |
| (46) | (68) |
| 4,839 | 8,655 |
Information about results materials and the earnings call
UBS’s second quarter 2026 report, news release and slide presentation are available from
Time
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 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 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 new 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.
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UBS Group AG and UBS AG
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Source: UBS