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Sergio P. Ermotti quote

UBS (NYSE:UBS) (SWX:UBSN):

“In an increasingly complex market environment, our strong third-quarter performance once again demonstrated the benefits of our diversified global business model and disciplined execution.“

“The breadth and depth of our global franchise and our unwavering commitment to serving our clients were reflected in robust client momentum, including USD 55 billion of net new assets in Global Wealth Management, with particularly strong inflows in APAC and the Americas. Against the current backdrop, we are staying close to clients to help them navigate the market conditions and capture opportunities.”

“UBS remains strategically committed to its diversified business model and its global and regional footprint. As the political process on future regulatory requirements in Switzerland progresses, we will continue to engage constructively in the hope that Parliament will reach a solution that supports the country’s financial stability without imposing undue costs on UBS’s shareholders, clients and employees and without impacting its long-term competitive position.”

Sergio P. Ermotti, UBS Group CEO

Highlights

Strong financial performance with 3Q26 PBT of USD 3.6bn and underlying PBT of USD 4.1bn, net profit of USD 2.7bn, RoCET1 of 14.8% and underlying RoCET1 of 16.7%

On track to exceed our 2026 underlying RoCET1 exit rate target and achieve our underlying cost/income ratio target; 9M26 underlying RoCET1 of 16.7% and underlying cost/income ratio of 69.6%

Robust client momentum across our businesses; 3Q26 Global Wealth Management (GWM) net new assets of USD 55.1bn; record USD 12.5bn in client commitments in the quarter in UGA across GWM and Asset Management; Personal & Corporate Banking net new investment products growth rate of 7%; underlying Global Markets revenues up 17% YoY

Integration on track for completion by year-end; decommissioning plans close to completion, with nearly all legacy applications in scope no longer in use and ~90% already fully decommissioned. Delivered an additional USD 0.6bn in gross cost savings in 3Q26; cumulative gross cost savings up to USD 13.2bn; now expect to reach a total of USD ~13.7bn in savings by end-2026, above our previous ambition of USD ~13.5bn

A reliable partner for the Swiss economy; granted or renewed CHF ~40bn of loans to Swiss businesses and households in 3Q26 as we continue to support clients with our leading credit offering and unique global capabilities and footprint; Personal & Corporate Banking 3Q26 net new loans of CHF 3.3bn

Strong capital position and balance sheet for all seasons; CET1 capital ratio of 14.7% and CET1 leverage ratio of 4.6%; continued to accrue for mid-teens percentage growth in dividend and execute on our USD 3bn share repurchase program. We intend to complete the buyback program by the time we report 4Q26 results²

Strategically committed to our diversified, global franchise and footprint, investing in technology, global capabilities and talent to drive long-term, sustainable growth and higher returns; contributing to fact-based deliberations on the Swiss capital framework

Third quarter 2026 performance overview

Strong financial performance driven by disciplined execution and commitment to serving clients

In 3Q26, we reported a profit before tax (PBT) of USD 3,587m and USD 4,077m on an underlying basis, up 27% YoY and 14% YoY, respectively, driven by higher underlying PBT across each of our core business divisions. The Group delivered the sixth consecutive quarter of positive operating leverage. Our performance this quarter continues to highlight the benefits of our diversified global business model and disciplined execution for our clients.

Reported revenues were USD 13,350m, up 5% YoY. On an underlying basis, revenues increased by 10% to USD 13,387m, with a 3% YoY increase in revenues in our core businesses.

GWM underlying revenues increased 8% YoY to USD 6,898m, mainly driven by a 9% increase in recurring net fee income and 8% rise in net interest income. The Investment Bank delivered a record third quarter of underlying revenues, propelled by a 17% increase in Global Markets to USD 2,548m, led by a 22% increase in Equities, supported by higher client balances, market share gains and strong activity in Corporate Derivatives and Structured Products.

Group invested assets were USD 7.3trn. GWM net new assets for the quarter totaled USD 55.1bn, representing a 4.5% annualized growth rate, with positive contributions across all regions and led by APAC and the Americas. In the Americas, we continued to execute our strategy with discipline, driving growth and delivering further improvements in profitability. PBT increased by 28% YoY, and the PBT margin improved by over 2 percentage points YoY to 16%.

Our Unified Global Alternatives initiative across GWM and Asset Management saw a record USD 12.5bn in new commitments in the quarter with assets under management up to USD 371bn.

We remain a reliable partner for the Swiss economy continuing to support businesses and households with our global reach, advice and expertise. We granted or renewed CHF ~40bn of loans to businesses and households in 3Q26, underscoring our position as the leading provider of credit to the economy. Client momentum in Personal & Corporate Banking remained strong, with the franchise adding net new clients and delivering CHF 3.3bn in net new loans and CHF 1.8bn in net new deposits.

Integration firmly on track to be substantially completed by the end of this year

We continue to execute on the final stages of the integration. With USD 13.2bn of gross cost reductions already delivered, including USD 0.6bn in the third quarter, we expect to deliver a total of USD 13.7bn in cumulative gross cost savings, above our previous ambition of approximately USD 13.5bn.

As of 30 September 2026, nearly all of the legacy Credit Suisse IT applications in scope for decommissioning were no longer in use and around 90% of such applications had already been fully decommissioned.

With nine-month underlying return on CET1 of 16.7% and underlying cost/income ratio of 69.6%, we are also 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.

Strong capital position and balance sheet for all seasons

Our strong capital generation in the quarter further fortified our capital position with a CET1 capital ratio of 14.7% and a CET1 leverage ratio of 4.6%, both above our guidance of ~14% and >4.0%, respectively. We expect to end 2026 with a CET1 capital ratio at or very close to our target of around 14%, including a potential accrual for the initial portion of intended 2027 share buybacks.

Our performance allows us to continue deploying resources towards profitable growth opportunities, investing into our future, and delivering on our capital return ambitions. In the quarter we continued to accrue for mid-teens percentage growth in our dividend, and repurchased USD 1.8bn of shares. We plan to complete the USD 3bn program by the time we report our fourth quarter results. The amount and pace of share repurchases will remain subject to our short-term financial performance and outlook, maintaining a CET1 capital ratio of around 14% and further visibility on the deliberations by the Swiss Parliament on the capitalization of foreign subsidiaries.

We will communicate our 2027 capital return ambitions with our fourth-quarter and full-year financial results in February 2027.

Strategically investing in our franchise and footprint

We remain focused on investing in technology, including AI, as well as our capabilities and talent, to position UBS for the future as we enhance our client experience, further strengthen our infrastructure and increase efficiency.

We continue to progress our 9 large-scale, end-to-end transformational AI initiatives and build on our 608 live AI use cases in production (81% YoY increase, with another 1,090+ 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. Our employees are running over 12,700 AI personal agents to support them in their daily activities. Over 18,000 of our software developers are leveraging AI tools in the software development cycles, leading to measurable productivity gains. And, our award-winning STAAT tool has year-to-date generated over 30 million insights to be distributed to the Financial Advisor teams to help them even better advise their clients.

Our sustained commitment to building AI capabilities responsibly and at scale through our firm-wide investment in skills and tools was recognized externally – we’re the leading bank in Europe in the 2026 Evident AI Index for financial services and the only European bank in the global top 10. UBS was also recognized as the global leader in responsible AI and talent development.

Of special significance is our first place globally for Talent Development, which recognizes the firm-wide engagement in our AI Learning Journeys and enablement initiatives such as AI Power Hour, and our academic partnerships with Oxford and Dalle Molle Institute for Artificial Intelligence (IDSIA). These activities, combined with our investment in AI tools for employees across the firm, are ensuring we can all play an active role in developing and using meaningful AI skills and capabilities.

Outlook

As we enter the fourth quarter, investor sentiment remains measured amid elevated macroeconomic volatility, ongoing geopolitical tensions and political uncertainty, with consequential elections, including in the US.

For the fourth quarter, we expect a more typical sequential seasonal moderation in transaction volumes across our businesses. In Global Markets, the strong prior-year performance, which included a gain on disposal, may weigh on the year-on-year comparison. In Global Banking, we expect revenues to increase sequentially, based on the current pipeline and assuming constructive markets. Net interest income is expected to increase by a low-single-digit percentage sequentially in Global Wealth Management and increase slightly in Personal & Corporate Banking in Swiss franc terms.

We expect to end 2026 with a CET1 capital ratio at or very close to our target of around 14%, including a potential accrual for the initial portion of intended 2027 share buybacks.

UBS remains strategically committed to its diversified business model and its global and regional footprint. As the political process on future regulatory requirements in Switzerland progresses, we will continue to engage constructively in the hope that Parliament will reach a solution that supports the country’s financial stability without imposing undue costs on UBS’s shareholders, clients and employees and without impacting its long-term competitive position.

Third quarter 2026 performance overview

Group PBT USD 3,587m, underlying PBT USD 4,077m

PBT of USD 3,587m included PPA effects and other integration items of negative USD 38m and integration-related expenses and PPA effects of USD 452m. Underlying PBT was USD 4,077m, including net credit loss expenses of USD 114m. The cost/income ratio was 72.3%, and 68.7% on an underlying basis. Net profit attributable to shareholders was USD 2,690m, with diluted earnings per share of USD 0.85. Return on CET1 capital was 14.8%, and 16.7% on an underlying basis.

Global Wealth Management (GWM) PBT USD 1,919m, underlying PBT USD 1,972m

Total revenues increased by USD 459m, or 7%, to USD 7,002m, driven by all revenue lines, and included a USD 67m decrease in PPA effects and other integration items. Excluding USD 104m of PPA effects and other integration items, underlying total revenues were USD 6,898m, an increase of 8%. Net credit loss expenses were USD 10m, compared with net credit loss expenses of USD 7m in the third quarter of 2025. Operating expenses decreased by USD 110m, or 2%, to USD 5,072m and included a USD 396m decrease in integration-related expenses. Excluding USD 157m of integration-related expenses and PPA effects, underlying operating expenses were USD 4,915m, an increase of 6%, which was primarily due to the third quarter of 2025 including releases of USD 284m related to the resolution of a legacy matter concerning cross-border business activities in France. The remaining increase was driven by higher variable compensation, which primarily related to an increase in financial advisor compensation, resulting from higher compensable revenues. The cost/income ratio was 72.4%, and 71.3% on an underlying basis. Invested assets increased sequentially by USD 35bn to USD 4,977bn. Net new assets were USD 55.1bn.

Personal & Corporate Banking (P&C) PBT CHF 915m, underlying PBT CHF 813m

Total revenues increased by CHF 65m to CHF 1,929m, reflecting positive other revenues, compared with negative other revenues in the prior-year quarter, and higher recurring net fee income, partly offset by lower net interest income and transaction-based income. Excluding CHF 142m of PPA effects and other integration items, underlying total revenues were CHF 1,787m, an increase of 4%. Net credit loss expenses were CHF 27m, mainly reflecting net expenses of CHF 55m on credit-impaired positions from a small number of corporate counterparties, partly offset by net releases on performing positions. Net credit loss expenses were CHF 58m in the third quarter of 2025. Operating expenses decreased by CHF 312m, or 24%, to CHF 988m and included a CHF 261m decrease in integration-related expenses. Excluding CHF 41m of integration-related expenses and PPA effects, underlying operating expenses were CHF 947m, a decrease of 5%, reflecting cost savings, including those related to integration synergies. The cost/income ratio was 51.2%, and 53.0% on an underlying basis.

Asset Management (AM) PBT USD 271m, underlying PBT USD 300m

Total revenues decreased by USD 63m, or 7%, to USD 780m, mainly due to lower performance fees, partly offset by higher net management fees. Operating expenses decreased by USD 116m, or 19%, to USD 508m and included a USD 36m decrease in integration-related expenses. Excluding integration-related expenses of USD 28m, underlying operating expenses were USD 480m, a decrease of 14%, reflecting lower personnel and non-personnel expenses, and included the effects from the O’Connor business exit. The cost/income ratio was 65.2%, and 61.6% on an underlying basis. Invested assets decreased sequentially by USD 27bn to USD 2,201bn. Net new money was negative USD 5.1bn, and negative USD 0.4bn excluding money market flows and associates.

Investment Bank (IB) PBT USD 838m, underlying PBT USD 854m

Total revenues decreased by USD 5m to USD 3,239m, due to lower revenues in Global Banking, almost entirely offset by higher revenues in Global Markets, and included a USD 198m decrease in PPA effects and other integration items, which included a gain of USD 128m from the sale of a stake in Credit Suisse Securities (China) Limited in the third quarter of 2025. Excluding USD 21m of PPA effects and other integration items, underlying total revenues were USD 3,218m, an increase of 6%. Net credit loss expenses were USD 30m, mostly reflecting net expenses on credit-impaired positions, which primarily related to a small number of corporate counterparties. Net credit loss expenses were USD 17m in the third quarter of 2025. Operating expenses increased by USD 44m, or 2%, to USD 2,371m and included a USD 69m decrease in integration-related expenses. Excluding integration-related expenses of USD 37m, underlying operating expenses were USD 2,334m, an increase of 5%, mainly due to higher non-personnel expenses. The cost/income ratio was 73.2%, and 72.5% on an underlying basis. Return on attributed equity was 17.4%, and 17.7% on an underlying basis.

Non-core and Legacy (NCL) PBT USD 183m, underlying PBT USD 360m

Total revenues were USD 764m, compared with total revenues of negative USD 40m, primarily reflecting a net gain of USD 697m related to the settlements of certain legacy legal matters, as well as lower liquidity and funding costs as a result of a smaller portfolio. Net credit loss expenses were USD 38m, reflecting net expenses on credit-impaired positions, compared with net credit loss expenses of USD 6m in the third quarter of 2025. Operating expenses were USD 544m, an increase of USD 488m, and included a USD 28m decrease in integration-related expenses. The increase in operating expenses mainly reflected USD 275m net expenses for litigation, regulatory and similar matters (compared with USD 440m net releases in the third quarter of 2025), partly offset by lower professional fees, technology costs and personnel expenses. Excluding integration-related expenses of USD 177m, underlying operating expenses were USD 366m.

Group Items PBT USD (740m), underlying PBT USD (403m)

Loss before tax was USD 740m, compared with a loss of USD 173m in the third quarter of 2025. The change in the result between the quarters was mainly driven by a net loss of USD 346m from the repurchase of legacy Credit Suisse debt instruments and mark-to-market losses from Group hedging and own debt, including hedge accounting ineffectiveness. Underlying loss before tax was USD 403m.

UBS’s sustainability and impact highlights

During the quarter, we continued to support clients through our philanthropy offering and further strengthened our sustainability capabilities and stakeholder engagement. This included a new practical guide for Swiss foundations developed jointly with the Center for Philanthropy Studies (CEPS) at the University of Basel, providing practical insights on how philanthropic capital can be deployed more effectively to increase social impact. We also expanded the global UBS Optimus Foundation network, enhanced sustainability-related risk capabilities and fostered industry dialogue on sustainable finance.

UBS Optimus Brasil launch

In August, UBS launched UBS Optimus Brasil, establishing a local presence in the country and marking the UBS Optimus Foundation⁴ network’s tenth onshore location globally and its first in South America. The expansion built on the Foundation’s work in Brazil over the previous three years, during which it supported local initiatives through its global network. Through UBS Optimus Brasil, our clients and local organizations have greater access to the Foundation’s global philanthropy expertise, resources and partnerships.

Expanding CTAS beyond climate to include drivers of nature change

The transition to a lower-carbon and more nature-positive economy continues to reshape how capital is deployed, businesses compete and markets evolve. To further enhance its capabilities in preparation for the application (as of 1st January 2028) of FINMA Circular 2026/1 to all nature-related financial risks, UBS is expanding its Company Transition Assessment Scorecard (CTAS) beyond its initial focus on climate. This rules-based, sector-agnostic assessment now also considers all five IPBES⁵ drivers of nature change. The enhanced methodology is expected to strengthen our ability to assess how companies are responding to their nature-related impacts, dependencies, risks and opportunities. The nature-related expansions are expected to be used as an analytical input for UBS’s Transition Risk Rating Model.

Fostering dialogue on sustainable finance

UBS continued to convene leaders from the financial sector, academia, international organizations and civil society. During the third quarter, UBS hosted the Wolfsberg Forum for Sustainable Finance together with the Institute of International Finance (IIF), as well as the Thun Group of Banks Annual Meeting. These forums provided platforms for dialogue on sustainable finance, human rights, climate resilience and emerging market financing. Through these exchanges, UBS supported knowledge sharing, strengthened partnerships and contributed to the development of practical approaches to sustainability-related issues.

Information about results materials and the earnings call

UBS’s third quarter 2026 report, news release and slide presentation are available from 06:45 CET on Wednesday, 28 October 2026, at ubs.com/quarterlyreporting.

UBS will hold a presentation of its third quarter 2026 results on Wednesday, 28 October 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
04:00 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

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Source: UBS