AMUB 6-K
Ubs AG (AMUB)
6-K
2026-04-29
For: 2026-03-31
View Original
Added on
July 04, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Date: April 29, 2026
UBS Group AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
(Address of principal executive office)
Commission File Number: 1-36764
UBS AG
(Registrant's Name)
Bahnhofstrasse 45, 8001 Zurich, Switzerland
Aeschenvorstadt 1, 4051 Basel, Switzerland
(Address of principal executive offices)
Commission File Number: 1-15060
Indicate by check mark whether the registrants file or will file annual reports under cover of Form 20-F or Form
40-
F.
Form 20-F
☒
☐
This Form 6-K consists of the First Quarter 2026 Report of UBS Group AG, which appears immediately following
this page.
Corporate calendar UBS Group
Information about future publication dates is generally available at
ubs.com/global/en/investor-relations/events/calendar.html
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inquiries directed to the Chairman or to
other members of the Board of Directors.
UBS Group AG, Office of the Group
Company Secretary
P.O. Box, CH-8098 Zurich, Switzerland
Zurich +41-44-235-6652
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of the Group Company Secretary’s office,
manages relationships with shareholders
and the registration of UBS Group AG
registered shares.
UBS Group AG, Shareholder Services
P.O. Box, CH-8098 Zurich, Switzerland
Zurich +41-44-235-6652
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For global registered share-related
inquiries in the US.
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Shareholder online inquiries:
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Imprint
Publisher: UBS Group AG, Zurich, Switzerland | ubs.com
Language: English
© UBS 2026. The key symbol and UBS are among the registered and unregistered
trademarks of UBS. All rights reserved.
1.
Key figures
2.
Recent developments
3.
UBS Group performance, business
divisions and Group Items
4.
Risk, capital, liquidity and funding,
and balance sheet
5.
Consolidated
financial information
6.
Significant regulated subsidiary and sub-
group information
Appendix
UBS Group first quarter 2026 report
Terms used in this report, unless the context requires otherwise
“UBS”, “UBS Group”, “UBS Group AG consolidated”, “Group”, “the Group”,
“we”, “us” and “our”
UBS Group AG and its consolidated subsidiaries
“UBS AG” and “UBS AG consolidated”
UBS AG and its consolidated subsidiaries
“1m”
One million, i.e. 1,000,000
“1bn”
One billion, i.e. 1,000,000,000
“1trn”
One trillion, i.e. 1,000,000,000,000
In this report, unless the context requires otherwise, references to any gender shall apply to all genders.
Alternative performance measures
An alternative performance measure (an APM) is a financial measure of historical or future financial performance,
financial position or cash flows other than a financial measure defined or specified in IFRS Accounting Standards,
as issued by the International Accounting Standards Board (the IASB), or in other applicable recognized accounting
standards or regulations. We report a number of APMs in the discussion of the financial and operating performance
of the Group, our business divisions and Group Items. We use APMs to provide a more complete picture of our
operating performance and to reflect management’s view of the fundamental drivers of our business results. A
definition of each APM, the method used to calculate it and the information content are presented under
“Alternative performance measures” in the appendix to this report. Each 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 this report.
›
Refer to “Alternative performance measures” in the appendix to this report for additional information
›
Refer to the “Group performance” section of this report for additional information about underlying results
Quarterly reporting change
Starting from the first quarter of 2026, UBS will no longer publish interim financial reports prepared in accordance
with IAS 34,
Interim Financial Reporting,
for the first and third quarters. Instead, UBS will publish financial
information that is prepared in accordance with UBS Group AG accounting policies, which are consistent with IFRS
Accounting Standards, but does not include all notes as required under IAS 34 and therefore does not constitute
an “interim financial report”, as defined by IAS 34. This change is intended to improve efficiency, while maintaining
a high level of transparency for investors.
As a result, the section previously titled “Consolidated financial statements” has been renamed “Consolidated
financial information”, and the scope of the disclosures has been amended. The income statement and the
statement of comprehensive income, and related information, are presented for 31 March 2026 and 31 March
2025 on a year-to-date basis. The balance sheet and related information are presented as of 31 March 2026 and
31 December 2025.
Starting from the first half of 2026, UBS will publish a half-year interim financial report prepared in accordance with
IAS 34 as of and for the six-month period ending 30 June.
UBS Group first quarter 2026 report |
| Key figures | UBS Group key figures 3
Key figures
UBS Group key figures
UBS Group 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
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Net profit / (loss) attributable to shareholders
Diluted earnings per share (USD)
1
Profitability and growth
2
Return on equity (%)
3
Return on tangible equity (%)
3
Underlying return on tangible equity (%)
3,4
Return on common equity tier 1 capital (%)
3
Underlying return on common equity tier 1 capital (%)
3,4
Cost / income ratio (%)
3
Underlying cost / income ratio (%)
3,4
Effective tax rate (%)
Net profit growth (%)
3
Resources
2
Total assets
Equity attributable to shareholders
Common equity tier 1 capital
5
Risk-weighted assets
5
Common equity tier 1 capital ratio (%)
5
Going concern capital ratio (%)
5
Total loss-absorbing capacity ratio (%)
5
Leverage ratio denominator
5
Common equity tier 1 leverage ratio (%)
5
Liquidity coverage ratio (%)
6
Net stable funding ratio (%)
Other
Invested assets (USD bn)
3,7
Internal and external personnel
8
Internal personnel (full-time equivalents)
Market capitalization
9
Total book value per share (USD)
1
Tangible book value per share (USD)
1
Credit-impaired lending assets as a percentage of total lending assets, gross (%)
3
Cost of credit risk (bps)
3
1 Refer to the “Share information and earnings per share” section of this report 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 this report 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 this report. 4 Refer to the “Group performance” section of this report for more information about underlying results. 5 Based on the Swiss systemically relevant bank framework. Refer
to the “Capital management” section of this report 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 this report 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.
UBS Group first quarter 2026 report |
Recent developments
Management report
Integration of Credit Suisse
With the completion of the Swiss client account migration in March 2026, we have now completed the global
migration of former Credit Suisse client accounts to UBS infrastructure, achieving a key integration milestone in the
integration of Credit Suisse.
This achievement marks the start of the final phase of the integration, including the decommissioning of legacy IT
infrastructure, which will be executed over the remainder of the year. We continue to be on track to substantially
complete the integration by the end of 2026.
In the first quarter of 2026, we realized an additional USD 0.8bn in gross cost savings. Cumulative gross cost savings
at the end of the first quarter of 2026 amounted to USD 11.5bn compared with the 2022 combined cost base of
UBS and Credit Suisse. Our ambition for annualized exit rate gross cost savings by the end of 2026 remains at
approximately USD 13.5bn. We expect to have incurred cumulative integration-related expenses of around
USD 15bn at the end of 2026, assuming constant foreign-exchange rates compared with 2022.
As of 31 March 2026, our Non-core and Legacy division has delivered a 67% reduction in risk-weighted assets
(RWA) since the second quarter of 2023. We have achieved a reduction of credit and market risk RWA to USD 4bn
in line with our year-end 2026 ambition. We have also achieved an 84% reduction in underlying operating expenses
(excluding litigation) compared with the 2022 baseline.
Regulatory and legal developments
Banking regulation 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.
UBS Group first quarter 2026 report |
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.
The Swiss National Bank establishes the basis for the Extended Liquidity Facility
In February 2026, the Swiss National Bank (the SNB) introduced the Extended Liquidity Facility (the ELF). The ELF
extends the existing Emergency Liquidity Assistance (the ELA) to eligible banks domiciled in Switzerland and provides
access to liquidity support from the SNB through a streamlined process. Up to the bank-specific ELF limit, no
application or formal solvency confirmation is required for liquidity drawdowns. For amounts exceeding the ELF
limit, banks must submit an application and provide evidence of solvency and viability, supported by an opinion
from FINMA. All drawdowns under the ELF must be fully collateralized. After a pilot phase in 2026, the ELF is
expected to become operational in early 2027. For drawdowns up to the ELF limit, UBS expects the ELF to reduce
the operational burden for accessing liquidity support from the SNB.
The Swiss Federal Council releases an indirect counterproposal to the Responsible Business Initiative
In April 2026, the Swiss Federal Council opened a consultation on the new draft Federal Act on Sustainable
Corporate Governance as an indirect counterproposal to the Responsible Business Initiative (the RBI). The draft act
contains new requirements in the areas of sustainability reporting and due diligence regarding human rights and
environmental matters.
The draft act would significantly extend the current Swiss requirements by introducing broad human rights and
environmental due diligence obligations, and liability provisions, and provide strong supervisory and enforcement
powers, expanding the mandate of the Federal Audit Oversight Authority. In addition, the draft act would require
large Swiss companies to provide more extensive disclosures in line with the EU sustainability reporting standards
or equivalent standards.
The draft act is subject to consultation (until 9 July 2026) and parliamentary debate. UBS would be within the scope
of the new requirements under both the RBI and the counterproposal, with the effect on UBS depending on any
final law, the adoption and entry into force of which is not expected before 2028, with effective application in 2030
at the earliest based on the proposed two-year implementation period.
Developments related to the implementation of the final Basel III standards
In March 2026, the Federal Reserve Board, the Federal Deposit Insurance Corporation (the FDIC) and the Office of
the Comptroller of the Currency (the OCC) issued proposals with an impact on capital requirements, including
proposals to implement the remaining elements of the final Basel III guidelines, a modified standardized approach
and the recalibration of the surcharge for global systemically important banks (G-SIBs). Under the first proposal,
category I banks (US G-SIBs) and category II banks would be subject to the expanded risk-based approach (the
ERBA) for calculating RWA. The second proposal would introduce a revised standardized approach to risk-based
capital for banks not subject to the ERBA, including UBS Americas Holding LLC. In addition, UBS Americas Holding
LLC would not be required to apply an operational risk charge. The consultation does not propose a start date or
phase-in period. The proposals are open for comment until 18 June 2026. The impact on UBS will depend on the
final regulations and future business development.
Also in the first quarter of 2026, the European Commission launched a consultation on the competitiveness of the
EU banking sector and the complexity and effectiveness of the EU prudential and macroprudential framework, and
the UK Prudential Regulation Authority (the PRA) published its final policy statements on the implementation of the
Basel 3.1 standards. The implementation of these remains set for 1 January 2027, with full phase-in by 1 January
2030, except for the implementation of the internal model approach for market risk in accordance with the
Fundamental Review of the Trading Book (the FRTB) framework, which has been postponed to 1 January 2028.
Other developments
Capital returns
On 15 April 2026, the shareholders approved a dividend of USD 1.10 per share at the Annual General Meeting (the
AGM). The dividend was paid on 23 April 2026 to shareholders of record on 22 April 2026.
In the first quarter of 2026, we repurchased USD 0.9bn of shares, and we are on track to repurchase USD 3bn of
shares by the end of July 2026, with an aim to do more by year-end 2026. The amount of additional repurchases
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 subsidiaries.
UBS Group first quarter 2026 report |
Sale of O’Connor business
In the first quarter of 2026, UBS Asset Management (Americas) LLC completed the transfer of the remaining funds
and employees in connection with its previously announced sale of its O’Connor single manager hedge fund, private
credit and commodities platform to Cantor Fitzgerald.
Sale of our interest in Swisscard AECS GmbH
In January 2026, we completed the sale of our 50% interest in Swisscard AECS GmbH (Swisscard), a joint venture
in Switzerland between UBS and American Express Swiss Holdings GmbH (American Express), to American Express.
The sale resulted in a pre-tax gain of USD 163m in the first quarter of 2026 in Personal & Corporate Banking. Of
this gain, USD 128m has been excluded from underlying results, and USD 35m has been recognized as part of the
underlying results as it reflects deferred Swisscard revenues related to the period in which the investment was
classified as held for sale. The gain on sale of USD 163m has offset the effects related to the prior Swisscard
transactions recorded in the first quarter of 2025 (an expense of USD 180m and a gain of USD 64m) and the fourth
quarter of 2024 (an expense of USD 41m).
Conversion of UBS Bank USA to a national bank
On 20 March 2026, UBS Bank USA received final approval from the OCC regarding its application to convert from
a Utah state-chartered bank to a national bank charter and concurrently changed its name to UBS Bank USA,
National Association. As a result, the OCC is now its primary regulator. The conversion is expected to allow UBS to
expand its banking services in the US.
Organizational changes
At the AGM on 15 April 2026, the shareholders elected Markus Ronner to join the Board of Directors (the BoD) as
Vice Chairman, succeeding Lukas Gähwiler, who did not stand for re-election. The shareholders also elected Agustín
Carstens and Luca Maestri as members of the BoD. William C. Dudley and Jeanette Wong did not stand for re-
election.
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items 7
UBS Group performance,
business divisions and Group Items
Management report
Our businesses
We report five business divisions, each of which qualifies as an operating segment pursuant to IFRS Accounting
Standards: Global Wealth Management, Personal & Corporate Banking, Asset Management, the Investment Bank,
and Non-core and Legacy. Non-core and Legacy consists of positions and businesses not aligned with our strategy
and policies.
Our Group functions are support and control functions that provide services to the Group. Virtually all costs incurred
by our Group functions are allocated to the business divisions, leaving a residual amount that we refer to as Group
Items in our segment reporting.
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Group performance 8
Group performance
Income statement
For the quarter ended
% change from
USD m
31.3.26
31.12.25
31.3.25
4Q25
1Q25
Net interest income
Other net income from financial instruments measured at fair value through profit or loss
Net fee and commission income
Other income
Total revenues
Credit loss expense / (release)
Personnel expenses
General and administrative expenses
Depreciation, amortization and impairment of non-financial assets
Operating expenses
Operating profit / (loss) before tax
Tax expense / (benefit)
Net profit / (loss)
Net profit / (loss) attributable to non-controlling interests
Net profit / (loss) attributable to shareholders
Comprehensive income
Total comprehensive income
Total comprehensive income attributable to non-controlling interests
Total comprehensive income attributable to shareholders
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Group performance 9
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
of which: PPA effects and other integration items
1
of which: items related to the Swisscard transactions
2
Total revenues (underlying)
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
3
Operating expenses (underlying)
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
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
of which: PPA effects and other integration items
1
4
of which: loss related to an investment in an associate
Total revenues (underlying)
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
3
Operating expenses (underlying)
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
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
of which: PPA effects and other integration items
1
of which: gain related to an investment in an associate
of which: items related to the Swisscard transactions
5
Total revenues (underlying)
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
3
of which: items related to the Swisscard transactions
6
Operating expenses (underlying)
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
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 this report 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.
Net integration-related expenses, by business division and Group Items
For the quarter ended
USD m
31.3.26
31.12.25
31.3.25
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
2
Net integration-related expenses
of which: total revenues
1
2
of which: operating expenses
of which: personnel expenses
of which: general and administrative expenses
of which: depreciation, amortization and impairment of non-financial assets
1 Negative values represent net income. 2 Includes an USD 885m loss from the repurchase of legacy Credit Suisse debt instruments, excluding a partly offsetting gain of USD 427m from the release of PPA
adjustments (a net loss of USD 457m was recognized on retirement of these instruments in the fourth quarter of 2025).
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Group performance 10
Underlying results
In addition to reporting our results in accordance with IFRS Accounting Standards, we report underlying results that
exclude items of profit or loss that management believes are not representative of the underlying performance.
In the first quarter of 2026, underlying revenues excluded purchase price allocation (PPA) effects and other
integration items of USD 472m. PPA effects mainly consisted of PPA adjustments on financial instruments measured
at amortized cost, including off-balance sheet positions, arising from the acquisition of the Credit Suisse Group.
Accretion of PPA adjustments on financial instruments is accelerated when the related financial instrument is
derecognized before its contractual maturity. No adjustment is made for accretion of PPA on financial instruments
within Non-core and Legacy, due to the nature of its business model. Underlying revenues also excluded a
USD 128m gain related to the Swisscard transactions.
In the first quarter of 2026, underlying expenses excluded integration-related expenses and PPA effects of
USD 750m. Integration-related expenses are temporary, incremental and directly related to the integration of Credit
Suisse into UBS, including costs of internal staff and contractors substantially dedicated to integration activities,
retention awards, redundancy costs, incremental expenses from the shortening of useful lives of property,
equipment and software, and impairment charges relating to these assets. Classification as integration-related
expenses does not affect the timing of recognition and measurement of those expenses or the presentation thereof
in the income statement.
›
Refer to the “Recent developments” section of this report for more information about the Swisscard transactions
Results: 1Q26 vs 1Q25
Reported operating profit before tax increased by USD 1,709m, or 80%, to USD 3,841m, mainly reflecting an
increase in total revenues and lower net credit loss expenses. Total revenues increased by USD 1,686m, or 13%, to
USD 14,243m, which included an increase from foreign currency effects and a decrease of USD 102m in PPA effects
and other integration items. The increase in total revenues was primarily driven by increases of USD 951m in net
fee and commission income and USD 702m in total combined net interest income and other net income from
financial instruments measured at fair value through profit or loss. Operating expenses were broadly stable at
USD 10,333m, as a USD 552m increase in personnel expenses was almost entirely offset by decreases of USD 420m
in general and administrative expenses and USD 123m in depreciation, amortization and impairment of non-
financial assets. Operating expenses included an increase from foreign currency effects and a USD 177m decrease
in integration-related expenses and PPA effects. Net credit loss expenses were USD 70m, compared with USD 100m
in the first quarter of 2025.
Underlying results 1Q26 vs 1Q25
On an underlying basis, profit before tax increased by USD 1,404m to USD 3,990m, reflecting a USD 1,740m
increase in total revenues and a USD 30m decrease in net credit loss expenses, partly offset by a USD 365m increase
in operating expenses.
Total revenues: 1Q26 vs 1Q25
Net interest income and other net income from financial instruments measured at fair value through profit or loss
Total combined net interest income and other net income from financial instruments measured at fair value through
profit or loss increased by USD 702m to USD 6,269m and included a decrease of USD 64m in accretion impacts
resulting from PPA adjustments on financial instruments and other PPA effects, mainly in Global Wealth
Management.
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Group performance 11
The year-on-year increase was primarily driven by a USD 631m increase in the Investment Bank’s revenues to
USD 2,678m, mainly driven by Global Markets. The increase was mostly due to higher levels of client activity in
Derivatives & Solutions, as well as higher client balances in Prime Brokerage within Financing. In addition, revenues
in Global Wealth Management increased by USD 167m to USD 2,362m, mainly reflecting a USD 143m increase in
net interest income. Excluding the aforementioned PPA effects, this increase was largely driven by positive foreign
currency effects and the effects of favorable changes in product mix.
The negative impact of lower central bank
interest rates on deposit revenues was more than offset by deposit pricing measures. In Personal & Corporate
Banking, revenues increased by USD 155m to USD 1,583m, mainly reflecting a USD 109m increase in net interest
income, primarily due to positive foreign currency effects and deposit pricing measures, partly offset by the impact
of lower central bank interest rates on deposit revenues.
The aforementioned increases were partly offset by Non-core and Legacy, which reported negative revenues of
USD 17m, compared with positive USD 171m in the first quarter of 2025, 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. In addition, revenues in Group Items were negative
USD 328m, compared with negative USD 269m in the first quarter of 2025, mainly driven by higher mark-to-market
losses from Group hedging and own debt, including hedge accounting ineffectiveness.
›
Refer to the relevant business division and Group Items commentary in this section for more information about the
specific revenues of each of the business divisions and Group Items
Net interest income and other net income from financial instruments measured at fair value through profit or loss
For the quarter ended
% change from
USD m
31.3.26
31.12.25
31.3.25
4Q25
1Q25
Net interest income from financial instruments measured at amortized cost and fair value through other
comprehensive income
Net interest income from financial instruments measured at fair value through profit or loss and other
Other net income from financial instruments measured at fair value through profit or loss
Total
Global Wealth Management
of which: net interest income
of which: transaction-based income from foreign exchange and other intermediary activity
1
Personal & Corporate Banking
of which: net interest income
of which: transaction-based income from foreign exchange and other intermediary activity
1
Asset Management
Investment Bank
Non-core and Legacy
Group Items
1 Mainly includes spread-related income in connection with client-driven transactions, foreign currency translation effects and income and expenses from precious metals, which are included in the income statement
line Other net income from financial instruments measured at fair value through profit or loss. The amounts reported on this line are one component of Transaction-based income in the management discussion and
analysis in the “Global Wealth Management” and “Personal & Corporate Banking” sections of this report.
Net fee and commission income
Net fee and commission income increased by USD 951m to USD 7,728m and included a decrease of USD 76m in
accretion of PPA adjustments on financial instruments and other PPA effects, which was reflected in other fee and
commission income, predominantly in Global Banking in the Investment Bank.
Fees for portfolio management, investment funds and related services increased by USD 562m to USD 5,209m. The
increase was mostly due to Global Wealth Management, mainly driven by higher average levels of fee-generating
assets, primarily from mandates, reflecting positive market performance and net new fee-generating asset inflows
over the course of the past 12 months.
Net brokerage fees increased by USD 328m to USD 1,608m, driven by higher volumes in Cash Equities in Execution
Services in the Investment Bank, led by the Asia Pacific region, and higher levels of client activity in Global Wealth
Management across all regions.
Underwriting fee income increased by USD 121m to USD 308m, driven by higher Equity Capital Markets and Debt
Capital Markets revenues in the Investment Bank.
›
Refer to the relevant business division commentary in this section for information about how components of fee
and commission income are presented within the business division results
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Group performance 12
Other income
Other income was USD 247m, compared with USD 213m in the first quarter of 2025. The first quarter of 2026
included a gain related to the Swisscard transactions of USD 163m (of which USD 128m has been excluded from
underlying revenues), compared with a gain of USD 64m in the first quarter of 2025. The first quarter of 2025 also
included a gain of USD 97m from the sale of Select Portfolio Servicing. In addition, losses of USD 15m were
recognized on repurchases of UBS’s own debt instruments in the first quarter of 2026, compared with losses of
USD 36m in the first quarter of 2025.
›
Refer to the “Recent developments” section of this report for more information about the Swisscard transactions
Credit loss expense / release: 1Q26 vs 1Q25
Total net credit loss expenses in the first quarter of 2026 were USD 70m, reflecting USD 77m net expenses related
to performing positions and USD 7m net releases on credit-impaired positions. Net credit loss expenses were
USD 100m in the first quarter of 2025.
Net expected credit loss expenses on the performing portfolio were mainly driven by post-model adjustments of
USD 43m in the corporate lending portfolio, mainly in the Investment Bank, reflecting current macroeconomic and
geopolitical uncertainty.
Net credit loss releases of USD 7m were recognized for credit-impaired positions and included a USD 157m release
following the repayment of a corporate lending exposure, of which USD 85m was in Non-core and Legacy and
USD 72m in the Investment Bank. The effect of this release was largely offset by net credit loss expenses primarily
related to a small number of corporate counterparties across Personal & Corporate Banking, the Investment Bank,
and Non-core and Legacy.
›
Refer to “Expected credit loss measurement” in the “Consolidated financial information” section of this report for
more information
Credit loss expense / (release)
Performing positions
Credit-impaired positions
USD m
Stages 1 and 2
Stage 3
Purchased
Total
For the quarter ended 31.3.26
Global Wealth Management
(4)
13
0
9
Personal & Corporate Banking
23
44
3
70
Asset Management
0
0
0
0
Investment Bank
59
6
0
65
Non-core and Legacy
0
0
(75)
(74)
Group Items
0
0
0
0
Total
77
64
(71)
70
For the quarter ended 31.12.25
Global Wealth Management
1
31
0
32
Personal & Corporate Banking
(16)
116
0
101
Asset Management
0
1
0
1
Investment Bank
(2)
36
0
34
Non-core and Legacy
(2)
0
(10)
(12)
Group Items
3
0
0
3
Total
(15)
184
(10)
159
For the quarter ended 31.3.25
Global Wealth Management
(7)
13
(1)
6
Personal & Corporate Banking
(8)
61
0
53
Asset Management
0
0
0
0
Investment Bank
(5)
40
0
35
Non-core and Legacy
0
(1)
8
7
Group Items
(1)
0
0
(1)
Total
(21)
113
8
100
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Group performance 13
Operating expenses: 1Q26 vs 1Q25
Operating expenses
For the quarter ended
% change from
USD m
31.3.26
31.12.25
31.3.25
4Q25
1Q25
Personnel expenses
of which: salaries and variable compensation
of which: variable compensation – financial advisors
1
General and administrative expenses
of which: net expenses / (releases) for litigation, regulatory and similar matters
Depreciation, amortization and impairment of non-financial assets
Total operating expenses
1 Financial advisor compensation consists of cash compensation, determined using a formulaic approach based on production, and deferred awards. It also includes expenses related to compensation commitments
with financial advisors entered into at the time of recruitment that are subject to vesting requirements.
Personnel expenses
Personnel expenses increased by USD 552m to USD 7,584m, mainly attributable to higher accruals for performance
awards, reflecting business performance, as well as foreign currency effects. This was partly offset by the effects of
a decrease in workforce.
›
Refer to “Personnel expenses” in the “Consolidated financial information” section of this report for more
information
General and administrative expenses
General and administrative expenses decreased by USD 420m to USD 2,011m, partly due to the first quarter of
2025 including a USD 180m expense related to the Swisscard transactions. In addition, there was a USD 79m
decrease in outsourcing costs, mainly reflecting lower IT-related costs, as well as decreases of USD 69m in expenses
for litigation, regulatory and similar matters and USD 63m in consulting, legal and audit fees, primarily driven by
lower integration-related expenses.
›
Refer to the “Recent developments” section of this report for more information about the Swisscard transactions
›
Refer to “General and administrative expenses” in the “Consolidated financial information” section of this report
for more information
›
Refer to “Provisions and contingent liabilities” in the “Consolidated financial information” section of this report for
more information about litigation, regulatory and similar matters
›
Refer to the “Regulatory and legal developments” and “Risk factors” sections of the UBS Group Annual Report
2025, available under “Annual reporting” at
ubs.com/investors
, for more information about litigation, regulatory
and similar matters
Depreciation, amortization and impairment of non-financial assets
Depreciation, amortization and impairment of non-financial assets decreased by USD 123m to USD 738m, primarily
driven by a USD 96m decrease in the amortization of internally generated capitalized software, mainly reflecting a
lower cost base of software assets, and a USD 24m decrease in depreciation expense for leased real estate as a
result of higher levels of accelerated depreciation in the first quarter of 2025.
Tax: 1Q26 vs 1Q25
The Group had a net income tax expense of USD 786m in the first quarter of 2026, representing an effective tax
rate of 20.5%, compared with USD 430m in the first quarter of 2025 and an effective tax rate of 20.2%.
The net current tax expense was USD 473m, which primarily related to the taxable profits of UBS Switzerland AG
and other entities.
There was a net deferred tax expense of USD 313m, which mainly reflected the amortization of deferred tax assets
(DTAs) previously recognized in relation to tax losses carried forward and deductible temporary differences.
We expect a tax rate of around 23% for the full year 2026, excluding any potential effects from the remeasurement
of DTAs in connection with the business planning process.
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Group performance 14
Total comprehensive income attributable to shareholders
In the first quarter of 2026, total comprehensive income attributable to shareholders was USD 3,152m, reflecting
a net profit of USD 3,040m and other comprehensive income (OCI), net of tax, of USD 112m.
OCI related to own credit on financial liabilities designated at fair value was USD 741m, primarily due to a widening
of our own credit spreads.
Foreign currency translation OCI was negative USD 312m, mainly due to the US dollar strengthening against the
Swiss franc and the euro.
OCI related to cash flow hedges was negative USD 242m, mainly reflecting net unrealized losses on US dollar
hedging derivatives resulting from increases in the relevant US dollar long-term interest rates.
›
Refer to “Statement of comprehensive income” in the “Consolidated financial information” section of this report
for more information
›
Refer to “Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital” in
the “Capital management” section of this report for more information about the effects of OCI on common equity
tier 1 capital
›
Refer to “Note 20 Fair value measurement” in the “Consolidated financial statements” section of the UBS Group
Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more information about own
credit on financial liabilities designated at fair value
Sensitivity to interest rate movements
As of 31 March 2026, it is estimated that a parallel shift in yield curves by +100 basis points could lead to a
combined increase in annual net interest income from our banking book of approximately USD 1.4bn in the first
year after such a shift. Of this increase, approximately USD 1.1bn, USD 0.2bn and USD 0.1bn would result from
changes in Swiss franc, US dollar and euro interest rates, respectively.
A parallel shift in yield curves by –100 basis points could lead to a combined increase in annual net interest income
of approximately USD 0.7bn. Of this increase, approximately USD 1.1bn would result from changes in Swiss franc
interest rate, driven by both contractual and assumed flooring benefits under negative interest rates. US dollar and
euro interest rates would lead to partly offsetting decreases of USD 0.2bn and USD 0.1bn, respectively.
These estimates do not represent net interest income forecasts, as they are based on a hypothetical scenario of an
immediate change in interest rates, equal across all currencies and relative to implied forward rates as of 31 March
2026 applied to our banking book. These estimates also assume no change to balance sheet size and product mix,
stable foreign exchange rates, and no specific management action.
›
Refer to the “Risk management and control” section of this report for information about interest rate risk in the
banking book
Key figures and personnel
Below is an overview of selected key figures of the Group.
Cost / income ratio: 1Q26 vs 1Q25
The cost / income ratio was 72.5%, compared with 82.2%, as a result of higher total revenues. On an underlying
basis, the cost / income ratio was 70.2%, compared with 77.4%, reflecting higher total revenues, partly offset by
higher operating expenses.
Personnel: 1Q26 vs 4Q25
The number of internal and external personnel employed was approximately 116,814 (based on full-time
equivalents for internal personnel and workforce count for external personnel) as of 31 March 2026, a net decrease
of 2,775 compared with 31 December 2025. The number of internal personnel employed as of 31 March 2026
was 101,594 (full-time equivalents), a net decrease of 1,583 compared with 31 December 2025. The number of
external staff was approximately 15,220 (workforce count) as of 31 March 2026, a net decrease of approximately
1,192 compared with 31 December 2025.
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Group performance 15
Equity, CET1 capital and returns
As of or for the quarter ended
USD m, except where indicated
31.3.26
31.12.25
31.3.25
Net profit
Net profit / (loss) attributable to shareholders
Equity
Equity attributable to shareholders
less: goodwill and intangible assets
Tangible equity attributable to shareholders
less: other CET1 adjustments
CET1 capital
Returns
Return on equity (%)
Return on tangible equity (%)
Underlying return on tangible equity (%)
Return on CET1 capital (%)
Underlying return on CET1 capital (%)
Common equity tier 1 capital: 1Q26 vs 4Q25
During the first quarter 2026, our common equity tier 1 (CET1) capital increased by USD 2.1bn to USD 73.3bn,
mainly driven by operating profit before tax of USD 3.8bn, partly offset by dividend accruals of USD 0.9bn, current
tax expenses of USD 0.5bn and negative foreign currency translation effects of USD 0.2bn. Share repurchases of
USD 0.9bn made under our new, 2026 share repurchase program in the first quarter of 2026 did not affect our
CET1 capital position, as there was an identical reduction in the capital reserve for expected future share
repurchases.
Return on common equity tier 1 capital: 1Q26 vs 1Q25
The annualized return on CET1 capital was 16.8%, compared with 9.6%. On an underlying basis, the return on
CET1 capital was 17.0%, compared with 11.3%. These increases were driven by an increase in net profit
attributable to shareholders, partly offset by an increase in average CET1 capital.
Risk-weighted assets: 1Q26 vs 4Q25
During the first quarter of 2026, RWA increased by USD 7.0bn to USD 500.4bn, driven by a USD 7.8bn increase
resulting from asset size and other movements and a USD 1.0bn increase driven by model updates and
methodology changes, partly offset by a USD 1.9bn decrease from currency effects.
Common equity tier 1 capital ratio: 1Q26 vs 4Q25
Our CET1 capital ratio increased to 14.7% from 14.4%, reflecting the aforementioned USD 2.1bn increase in CET1
capital, partly offset by the aforementioned USD 7.0bn increase in RWA.
Leverage ratio denominator: 1Q26 vs 4Q25
The leverage ratio denominator (the LRD) increased by USD 31.0bn to USD 1,653.5bn, driven by a USD 40.6bn
increase from asset size and other movements, partly offset by a USD 9.5bn decrease from currency effects.
Common equity tier 1 leverage ratio: 1Q26 vs 4Q25
Our CET1 leverage ratio was unchanged at 4.4%, as the aforementioned USD 2.1bn increase in CET1 capital was
offset by the aforementioned USD 31.0bn increase in the LRD.
›
Refer to the “Capital management” section of this report for more information about key figures related to capital
management
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Group performance 16
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.
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 17
Global Wealth Management
Global Wealth Management
As of or for the quarter ended
% change from
USD m, except where indicated
31.3.26
31.12.25
31.3.25
4Q25
1Q25
Results
Net interest income
Recurring net fee income
Transaction-based income
1,2
Other revenues
1,3
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Underlying results
Total revenues as reported
of which: PPA effects and other integration items
4
of which: PPA effects recognized in net interest income
of which: PPA effects and other integration items recognized in transaction-based income
of which: gain / (loss) related to an investment in an associate
Total revenues (underlying)
1
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
1,5
Operating expenses (underlying)
1
of which: net expenses / (releases) for litigation, regulatory and similar matters
Business division operating profit / (loss) before tax as reported
Business division operating profit / (loss) before tax (underlying)
1
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Average attributed equity (USD bn)
6
Return on attributed equity (%)
1,6
Financial advisor compensation
7
Net new fee-generating assets (USD bn)
1
Fee-generating assets (USD bn)
1
Net new assets (USD bn)
1
Net new assets growth rate (%)
1
Invested assets (USD bn)
1
Net new loan volumes (USD bn)
1,8
Loan volumes (USD bn)
1,9
Net new deposit volumes (USD bn)
1,10
Customer deposit volumes (USD bn)
1,11
Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)
1,12
Advisors (full-time equivalents)
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Return on attributed equity (%)
1,6
1 Refer to “Alternative performance measures” in the appendix to this report for the 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 this report. For more information about underlying results, refer to the “Group performance”
section of this report. 2 Consists of USD 1,120m of net fee and commission income (fourth quarter of 2025: USD 811m; first quarter of 2025: USD 936m), USD 545m of other net income from financial instruments
measured at fair value through profit or loss (fourth quarter of 2025: USD 435m; first quarter of 2025: USD 487m), and USD 1m of other income (fourth quarter of 2025: USD 3m; first quarter of 2025: USD 4m) for
the purposes of the Group financial information or the Group financial statements, as applicable. Income related to certain financial instruments not directly linked to client activity and measured at fair value that was
previously presented as transaction -based income has been presented as other revenues from the fourth quarter of 2025 onward. This change has been applied prospectively. 3 Consists of negative USD 35m of
other net income from financial instruments measured at fair value through profit or loss (fourth quarter of 2025: USD 33m; first quarter of 2025: USD 0m) and USD 7m of other income (fourth quarter of 2025:
USD 15m; first quarter of 2025: USD 8m) for the purposes of the Group financial information or the Group financial statements, as applicable. Income related to certain financial instruments not directly linked to client
activity and measured at fair value that was previously presented as transaction-based income has been presented as other revenues from the fourth quarter of 2025 onward. This change has been applied prospectively.
The line was renamed “Other revenues” (previously “Other income”) in the fourth quarter of 2025. 4 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and
incremental items directly related to the integration. 5 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. 6 Refer to “Equity attribution” in this report for more information about the equity attribution framework. 7 Relates to licensed professionals with the ability to provide investment advice
to clients in the Americas. Consists of cash compensation, determined using a formulaic approach based on production, and deferred awards. Also includes expenses related to compensation commitments with
financial advisors entered into at the time of recruitment that are subject to vesting requirements. Recruitment loans to financial advisors were USD 1,431m as of 31 March 2026. 8 Consists of USD 4.2bn classified
as Loans and advances to customers (fourth quarter of 2025: USD 4.4bn; first quarter of 2025: USD 2.2bn) and USD 0.5bn classified as Brokerage receivables (fourth quarter of 2025: USD 0.1bn; first quarter of 2025:
USD 0.0bn) for the purposes of the Group financial information or the Group financial statements, as applicable. 9 Presented gross of expected credit losses. Consists of USD 326.3bn classified as Loans and advances
to customers (31 December 2025: USD 322.4bn; 31 March 2025: USD 295.4bn) and USD 5.2bn classified as Brokerage receivables (31 December 2025: USD 4.8bn; 31 March 2025: USD 4.7bn) for the purposes of
the Group financial information or the Group financial statements, as applicable. 10 Consists of negative USD 2.8bn classified as Customer deposits (fourth quarter of 2025: positive USD 1.5bn; first quarter of 2025:
negative USD 9.0bn) and USD 1.2bn classified as Brokerage payables (fourth quarter of 2025: negative USD 0.9bn; first quarter of 2025: negative USD 0.3bn) for the purposes of the Group financial information or
the Group financial statements, as applicable. 11 Consists of USD 470.1bn classified as Customer deposits (31 December 2025: USD 473.8bn; 31 March 2025: USD 458.8bn) and USD 6.5bn classified as Brokerage
payables (31 December 2025: USD 5.3bn; 31 March 2025: USD 5.6bn) for the purposes of the Group financial information or the Group financial statements, as applicable. 12 Refer to the “Risk management and
control” section of this report for more information about credit-impaired exposures. Excludes loans to financial advisors.
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 18
Results: 1Q26 vs 1Q25
Profit before tax increased by USD 433m, or 32%, to USD 1,792m, mainly due to higher total revenues, partly
offset by higher operating expenses. Underlying profit before tax was USD 1,974m, an increase of 28%, after
excluding from operating expenses USD 307m of integration-related expenses and purchase price allocation (PPA)
effects and excluding from total revenues USD 125m of PPA effects and other integration items.
Total revenues
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 interest income increased by USD 143m, or 8%, to USD 1,851m and included a USD 36m decrease in accretion
of PPA adjustments on financial instruments and other PPA effects. Excluding PPA effects of USD 123m, underlying
net interest income was USD 1,729m, an increase of 12%. This increase was largely driven by positive foreign
currency effects and the effects of favorable changes in product mix. The negative impact of lower central bank
interest rates on deposit revenues was more than offset by deposit pricing measures.
Recurring net fee income increased by USD 338m, or 10%, to USD 3,617m, mainly driven by higher average levels
of fee-generating assets, primarily from mandates, reflecting positive market performance and net new fee-
generating asset inflows over the course of the past 12 months.
Transaction-based income increased by USD 239m, or 17%, to USD 1,666m. Excluding PPA effects of USD 2m,
underlying transaction-based income was USD 1,664m, an increase of 17%, mainly driven by higher levels of client
activity across all regions and also driven by contributions from Structured Solutions, Precious Metals, Investment
Funds and Cash Equities revenues.
Other revenues were negative USD 28m and included a USD 46m fair value loss resulting from a strategic
partnership. Other revenues in the first quarter of 2025 were positive USD 8m and included a gain of USD 4m
related to an investment in an associate.
Credit loss expense / release
Net credit loss expenses were USD 9m, compared with net credit loss expenses of USD 6m in the first quarter of
2025.
Operating expenses
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.
Invested assets: 1Q26 vs 4Q25
Invested assets decreased by USD 85bn to USD 4,668bn, mainly driven by negative market performance of
USD 102.3bn and foreign currency effects of USD 14.3bn, partly offset by net new asset inflows of USD 37.4bn.
Invested assets: 1Q26 vs 1Q25
Invested assets increased by USD 450bn to USD 4,668bn, mainly driven by positive market performance of
USD 299.0bn, net new asset inflows of USD 106.6bn and positive foreign currency effects of USD 75.5bn, partly
offset by effects of USD 27.1bn resulting from UBS’s strategic decisions to exit certain markets or cease offering
certain services.
Loan volumes: 1Q26 vs 4Q25
Loan volumes increased by USD 4.3bn to USD 331.5bn, mainly driven by positive net new loan volumes of
USD 4.6bn, partly offset by negative foreign currency effects.
›
Refer to the “Risk management and control” section of this report for more information
Customer deposit volumes: 1Q26 vs 4Q25
Customer deposit volumes decreased by USD 2.5bn to USD 476.6bn, mainly driven by net new deposit volume
outflows of USD 1.6bn and negative foreign currency effects.
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 19
Regional breakdown of performance measures
As of or for the quarter ended 31.3.26
USD m, except where indicated
Americas
1
Asia Pacific
EMEA
Switzerland
Divisional items
2
Global Wealth
Management
Net interest income
Recurring net fee income
Transaction-based income
3,4
Other revenues
3,4
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
of which: PPA effects, integration-related items and other items
5
Cost / income ratio (%)
3
Net new fee-generating assets (USD bn)
3
Fee-generating assets (USD bn)
3
Net new assets (USD bn)
3
Net new assets growth rate (%)
3
Invested assets (USD bn)
3
Net new loan volumes (USD bn)
3
Loan volumes (USD bn)
3
6
Net new deposit volumes (USD bn)
3
Customer deposit volumes (USD bn)
3
6
Advisors (full-time equivalents)
As of or for the quarter ended 31.3.25
USD m, except where indicated
Americas
1
Asia Pacific
EMEA
Switzerland
Divisional items
2
Global Wealth
Management
Net interest income
Recurring net fee income
Transaction-based income
3,4
Other revenues
3,4
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
of which: PPA effects, integration-related items and other items
5
Cost / income ratio (%)
3
Net new fee-generating assets (USD bn)
3
Fee-generating assets (USD bn)
3
Net new assets (USD bn)
3
Net new assets growth rate (%)
3
Invested assets (USD bn)
3
Net new loan volumes (USD bn)
3
Loan volumes (USD bn)
3
6
Net new deposit volumes (USD bn)
3
Customer deposit volumes (USD bn)
3
6
Advisors (full-time equivalents)
1 Includes the Wealth Management US (which covers the USA and Canada) and Wealth Management LatAm (which covers Latin America) business units. 2 Includes impacts from accretion of purchase price
allocation (PPA) adjustments on financial instruments and other PPA effects, integration-related expenses, and certain gains and losses from investments in associates and minor functions, which are not included in
the four regions individually presented in this table. 3 Refer to “Alternative performance measures” in the appendix to this report for the 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 this report. For more information
about underlying results, refer to the “Group performance” section of this report. 4 From the fourth quarter of 2025 onward, income related to certain financial instruments not directly linked to client activity and
measured at fair value that was previously presented as transaction-based income has been presented as other revenues. This change has been applied prospectively. The line has been renamed “Other revenues”
(previously “Other income”). 5 Items of profit or loss that management believes are not representative of the underlying performance, namely impacts from accretion of purchase price allocation adjustments on
financial instruments and other PPA effects, integration-related expenses, amortization of intangibles resulting from the acquisition of the Credit Suisse Group, and certain gains and losses from investments in
associates. 6 Loan volumes and Customer deposit volumes in this table include customer brokerage receivables and payables, respectively, which are presented in separate reporting lines on the balance sheet.
Regional comments 1Q26 vs 1Q25, except where indicated
Americas
Profit before tax increased by USD 91m to USD 448m. Total revenues increased by USD 264m, or 9%, to
USD 3,267m, mainly driven by increases of USD 156m in recurring net fee income, USD 57m in transaction-based
income and USD 39m in net interest income. Operating expenses increased by USD 190m, or 7%, to USD 2,820m.
The cost / income ratio decreased to 86.3% from 87.6%. Loan volumes increased by 2% compared with the fourth
quarter of 2025, to USD 105.8bn, mainly driven by positive net new loan volumes of USD 2.1bn. Customer deposit
volumes increased by 4% compared with the fourth quarter of 2025, to USD 124.2bn, with net new deposit volume
inflows of USD 4.6bn. Net new asset inflows were USD 5.3bn.
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Global Wealth Management 20
Asia Pacific
Profit before tax increased by USD 172m to USD 600m. Total revenues increased by USD 198m, or 19%, to
USD 1,232m, mainly driven by increases of USD 102m in transaction-based income, USD 55m in net interest income
and USD 40m in recurring net fee income. Operating expenses increased by USD 27m, or 5%, to USD 631m. The
cost / income ratio decreased to 51.2% from 58.4%. Loan volumes increased by 3% compared with the fourth
quarter of 2025, to USD 48.0bn, mainly driven by positive net new loan volumes of USD 1.8bn. Customer deposit
volumes decreased by 4% compared with the fourth quarter of 2025, to USD 112.9bn, with net new deposit
volume outflows of USD 4.1bn. Net new asset inflows were USD 18.6bn.
EMEA
Profit before tax increased by USD 154m to USD 508m. Total revenues increased by USD 183m, or 16%, to
USD 1,360m, mainly driven by increases of USD 75m in transaction-based income, USD 71m in recurring net fee
income and USD 34m in net interest income. Operating expenses increased by USD 21m, or 3%, to USD 845m.
The cost / income ratio decreased to 62.1% from 70.0%. Loan volumes decreased by 2% compared with the fourth
quarter of 2025, to USD 62.3bn, mainly driven by negative foreign currency effects and negative net new loan
volumes of USD 0.3bn. Customer deposit volumes decreased by 2% compared with the fourth quarter of 2025, to
USD 111.3bn, mainly driven by net new deposit volume outflows of USD 1.9bn. Net new asset inflows were
USD 10.6bn.
Switzerland
Profit before tax increased by USD 83m to USD 486m. Total revenues increased by USD 146m, or 14%, to
USD 1,177m, mainly driven by increases of USD 72m in recurring net fee income and USD 63m in net interest
income. Operating expenses increased by USD 50m, or 8%, to USD 691m. The cost / income ratio decreased to
58.7% from 62.2%. Loan volumes increased by 1% compared with the fourth quarter of 2025, to USD 113.9bn,
mainly driven by positive net new loan volumes of USD 1.0bn. Customer deposit volumes were broadly stable at
USD 124.2bn compared with the fourth quarter of 2025, with net new deposit volume inflows of USD 0.1bn. Net
new asset inflows were USD 3.3bn.
Divisional items
Operating loss before tax was USD 251m and included USD 307m of integration-related expenses and PPA effects
and a USD 46m fair value loss resulting from a strategic partnership, partly offset by the aforementioned USD 125m
related to PPA effects and other integration items.
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Personal & Corporate Banking 21
Personal & Corporate Banking
Personal & Corporate Banking – in Swiss francs
As of or for the quarter ended
% change from
CHF m, except where indicated
31.3.26
31.12.25
31.3.25
4Q25
1Q25
Results
Net interest income
Recurring net fee income
1,2
Transaction-based income
1,3
Other revenues
1,4
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Underlying results
Total revenues as reported
of which: PPA effects and other integration items
5
of which: PPA effects recognized in net interest income
of which: PPA effects and other integration items recognized in transaction-based income
of which: gain / (loss) related to an investment in an associate
of which: items related to the Swisscard transactions
6
7
Total revenues (underlying)
1
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
1,8
of which: items related to the Swisscard transactions
9
Operating expenses (underlying)
1
of which: net expenses / (releases) for litigation, regulatory and similar matters
Business division operating profit / (loss) before tax as reported
Business division operating profit / (loss) before tax (underlying)
1
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Average attributed equity (CHF bn)
10
Return on attributed equity (%)
1,10
Net interest margin (bps)
1
Net new loans (CHF bn)
1
Loans, gross (CHF bn)
Net new deposits (CHF bn)
1
Customer deposits (CHF bn)
Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)
1,11
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Return on attributed equity (%)
1,10
1 Refer to “Alternative performance measures” in the appendix to this report for the 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 this report. For more information about underlying results, refer to the “Group performance”
section of this report. 2 Consists of net fee and commission income and other income for the purposes of the Group financial information or the Group financial statements, as applicable. For reconciliation information
in US dollar amounts, refer to the corresponding footnote to the table below. 3 Consists of net fee and commission income, other net income from financial instruments measured at fair value through profit or loss,
and other income for the purposes of the Group financial information or the Group financial statements, as applicable. For reconciliation information in US dollar amounts, refer to the corresponding footnote to the
table below. Income related to certain financial instruments not directly linked to client activity and measured at fair value that was previously presented as transaction-based income has been presented as other
revenues from the fourth quarter of 2025 onward. This change has been applied prospectively. 4 Consists of other net income from financial instruments measured at fair value through profit or loss and other
income for the purposes of the Group financial information or the Group financial statements, as applicable. For reconciliation information in US dollar amounts, refer to the corresponding footnote to the table below.
Income related to certain financial instruments not directly linked to client activity and measured at fair value that was previously presented as transaction-based income has been presented as other revenues from
the fourth quarter of 2025 onward. This change has been applied prospectively. The line was renamed “Other revenues” (previously “Other income”) in the fourth quarter of 2025. 5 Includes accretion of PPA
adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 6 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 this report for more information about the Swisscard transactions. 7 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. 8 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. 9 Represents the expense related to the payment to Swisscard for the sale of the Credit Suisse card portfolios to UBS.
10 Refer to “Equity attribution” in this report for more information about the equity attribution framework. 11 Refer to the “Risk management and control” section of this report for more information about credit-
impaired exposures.
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Personal & Corporate Banking 22
Results
:
1Q26 vs 1Q25
Profit before tax increased by CHF 264m, or 48%, to CHF 809m, mainly reflecting lower operating expenses and
higher total revenues. Underlying profit before tax was CHF 710m, an increase of 19%, after excluding from total
revenues CHF 174m of purchase price allocation (PPA) effects and other integration items and a gain of CHF 99m
related to the Swisscard transactions and excluding from operating expenses CHF 174m of integration-related
expenses and PPA effects.
›
Refer to the “Recent developments” section of this report for more information about the Swisscard transactions
Total revenues
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 this gain, CHF 99m has been excluded from
underlying results, and CHF 27m has been recognized as part of the underlying results. Excluding CHF 174m of PPA
effects and other integration items and the aforementioned CHF 99m, underlying total revenues were CHF 1,756m,
an increase of 3%.
Net interest income decreased by CHF 62m, or 6%, to CHF 1,052m, mainly reflecting the impact of lower central
bank interest rates on deposit revenues. This decrease was partly offset by deposit pricing measures and lower
liquidity and funding costs. Net interest income also included a CHF 39m decrease in accretion of PPA adjustments
on financial instruments and other PPA effects. Excluding PPA effects of CHF 153m, underlying net interest income
was CHF 900m, a decrease of 3%.
Recurring net fee income decreased by CHF 9m, or 2%, to CHF 348m, mainly as the first quarter of 2025 included
our share of Swisscard profit.
Transaction-based income increased by CHF 37m, or 8%, to CHF 489m, mostly due to higher structured and
syndicated finance fees from corporate clients, as well as credit card fees. Excluding CHF 21m of PPA effects and
other integration items, underlying transaction-based income was CHF 468m, an increase of 10%.
Other revenues were CHF 139m, compared with CHF 66m. 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 the aforementioned CHF 99m, underlying other revenues
in the first quarter of 2026 were CHF 40m, driven by CHF 27m of deferred Swisscard revenues related to the period
in which the investment was classified as held for sale.
Credit loss expense / release
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
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.
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Personal & Corporate Banking 23
Personal & Corporate Banking – in US dollars
As of or for the quarter ended
% change from
USD m, except where indicated
31.3.26
31.12.25
31.3.25
4Q25
1Q25
Results
Net interest income
Recurring net fee income
1,2
Transaction-based income
1,3
Other revenues
1,4
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Underlying results
Total revenues as reported
of which: PPA effects and other integration items
5
of which: PPA effects recognized in net interest income
of which: PPA effects and other integration items recognized in transaction-based income
of which: gain / (loss) related to an investment in an associate
of which: items related to the Swisscard transactions
6
7
Total revenues (underlying)
1
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses and PPA effects
1,8
of which: items related to the Swisscard transactions
9
Operating expenses (underlying)
1
of which: net expenses / (releases) for litigation, regulatory and similar matters
Business division operating profit / (loss) before tax as reported
Business division operating profit / (loss) before tax (underlying)
1
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Average attributed equity (USD bn)
10
Return on attributed equity (%)
1,10
Net interest margin (bps)
1
Net new loans (USD bn)
1
Loans, gross (USD bn)
Net new deposits (USD bn)
1
Customer deposits (USD bn)
Credit-impaired loan portfolio as a percentage of total loan portfolio, gross (%)
1,11
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Return on attributed equity (%)
1,10
1 Refer to “Alternative performance measures” in the appendix to this report for the 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 this report. For more information about underlying results, refer to the “Group performance”
section of this report. 2 Consists of USD
447m of net fee and commission income (fourth quarter of 2025: USD 454m; first quarter of 2025: USD 375m) and USD 0m of other income (fourth quarter of 2025: negative
USD 30m; first quarter of 2025: USD 22m) for the purposes of the Group financial information or the Group financial statements, as applicable. 3 Consists of USD
395m of net fee and commission income (fourth
quarter of 2025: USD 346m; first quarter of 2025: USD 297m), USD 232m of other net income from financial instruments measured at fair value through profit or loss (fourth quarter of 2025: USD 216m; first quarter
of 2025: USD 201m), and USD 0m of other income (fourth quarter of 2025: USD 2m; first quarter of 2025: USD 3m) for the purposes of the Group financial information or the Group financial statements, as applicable.
Income related to certain financial instruments not directly linked to client activity and measured at fair value that was previously presented as transaction-based income has been presented as other revenues from the
fourth quarter of 2025 onward. This change has been applied prospectively. 4 Consists of USD
2m of other net income from financial instruments measured at fair value through profit or loss (fourth quarter of 2025:
USD 3m; first quarter of 2025: negative USD 12m) and USD 178m of other income (fourth quarter of 2025: negative USD 25m; first quarter of 2025: USD 84m) for the purposes of the Group financial information or
the Group financial statements, as applicable. Income related to certain financial instruments not directly linked to client activity and measured at fair value that was previously presented as transaction-based income
has been presented as other revenues from the fourth quarter of 2025 onward. This change has been applied prospectively. The line was renamed “Other revenues” (previously “Other income”) in the fourth quarter
of 2025. 5 Includes accretion of PPA adjustments on financial instruments and other PPA effects, as well as temporary and incremental items directly related to the integration. 6 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 this report for more information about the Swisscard
transactions. 7 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. 8 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. 9 Represents the expense related to the payment to Swisscard for the sale of the Credit
Suisse card portfolios to UBS. 10 Refer to “Equity attribution” in this report for more information about the equity attribution framework. 11 Refer to the “Risk management and control” section of this report for
more information about credit-impaired exposures.
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Asset Management 24
Asset Management
Asset Management
As of or for the quarter ended
% change from
USD m, except where indicated
31.3.26
31.12.25
31.3.25
4Q25
1Q25
Results
Net management fees
1,2
Performance fees
Net gain / (loss) from disposal
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Underlying results
Total revenues as reported
Total revenues (underlying)
1
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses
1
Operating expenses (underlying)
1
of which: net expenses / (releases) for litigation, regulatory and similar matters
Business division operating profit / (loss) before tax as reported
Business division operating profit / (loss) before tax (underlying)
1
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Average attributed equity (USD bn)
3
Return on attributed equity (%)
1,3
Gross margin on invested assets (bps)
1
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
1
Cost / income ratio (%)
1
Return on attributed equity (%)
1,3
Information by business line / asset class
Net new money (USD bn)
1
Equities
4
Fixed Income
4
of which: money market
Multi-asset & Solutions
4
Alternatives
5
Total net new money excluding associates
of which: net new money excluding money market
Associates
6
Total net new money
Invested assets (USD bn)
1
Equities
4
Fixed Income
4
of which: money market
Multi-asset & Solutions
4
Alternatives
5
Total invested assets excluding associates
of which: passive strategies
Associates
6
Total invested assets
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Asset Management 25
Asset Management (continued)
As of or for the quarter ended
% change from
USD m, except where indicated
31.3.26
31.12.25
31.3.25
4Q25
1Q25
Information by region
Invested assets (USD bn)
1
Americas
Asia Pacific
7
EMEA (excluding Switzerland)
Switzerland
Total invested assets
Information by channel
Invested assets (USD bn)
1
Third-party institutional
Third-party wholesale
UBS’s wealth management businesses
Associates
6
Total invested assets
1 Refer to “Alternative performance measures” in the appendix to this report for the 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 this report. For more information about underlying results, refer to the “Group performance”
section of this report. 2 Net management fees include transaction fees, fund administration revenues (including net interest and trading income from lending activities and foreign-exchange hedging as part of the
fund services offering), distribution fees, incremental fund-related expenses, gains or losses from seed money and co-investments, funding costs, the negative pass-through impact of third-party performance fees, and
other items that are not Asset Management’s performance fees. Net management fees consist of USD 13m of interest expense (fourth quarter of 2025: USD 16m; first quarter of 2025: USD 15m), USD 719m of
recurring net fee and commission income (fourth quarter of 2025: USD 740m; first quarter of 2025: USD 661m), USD 5m of transaction -based net fee and commission income (fourth quarter of 2025: USD 27m; first
quarter of 2025: USD 17m), USD 4m of other net income from financial instruments measured at fair value through profit or loss (fourth quarter of 2025: USD 13m; first quarter of 2025: USD 10m), and USD 39m of
other income (fourth quarter of 2025: USD 26m; first quarter of 2025: USD 40m) for the purposes of the Group financial information or the Group financial statements, as applicable. 3 Refer to “Equity attribution”
in this report for more information about the equity attribution framework. 4 In the third quarter of 2025, certain portfolios were reclassified from Equities and Fixed Income to Multi-asset & Solutions, as a result of
aligning Credit Suisse presentation to that of UBS. These changes were applied prospectively. 5 From the first quarter of 2026 all assets that were formerly reported under Hedge Fund Businesses and Real Estate &
Private Markets are reported under a new Alternatives category. This includes Asset Management’s share of the Unified Global Alternatives business, as well as the Credit Investments Group, which was previously
reported within Fixed Income. Comparative figures have been reclassified to reflect this change. 6 The invested assets and net new money amounts reported for associates are prepared in accordance with their local
regulatory requirements and practices. 7 Includes invested assets from associates.
Results: 1Q26 vs 1Q25
Profit before tax increased by USD 82m, or 60%, to USD 217m, reflecting lower operating expenses and higher
total revenues. Underlying profit before tax was USD 252m, an increase of 21%, after excluding integration-related
expenses of USD 35m.
Total revenues
Total revenues increased by USD 31m, or 4%, to USD 772m, mainly due to higher net management fees, partly
offset by lower performance fees. The gross margin was 15 basis points.
Net management fees increased by USD 42m, or 6%, to USD 755m, mainly driven by higher average levels of
invested assets, primarily from positive foreign currency effects and positive market performance, partly offset by
the effects from the O’Connor business exit and ongoing margin compression. Net management fees of USD 755m
included USD 979m of fund fee and commission income from investment management activities, partly offset by
related fee and commission expenses of USD 255m.
›
Refer to the “Recent developments” section of this report for more information about the sale of the O’Connor
business
Performance fees decreased by USD 13m, or 43%, to USD 17m, mainly due to a decrease in the Alternatives
businesses, including the effects from the O’Connor business exit.
Operating expenses
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.
Changes to the asset class structure disclosure for both invested assets and net new money
Following the creation of our Unified Global Alternatives business in 2025 (a collaboration with Global Wealth
Management) and the sale of the O’Connor hedge fund business (completed in the first quarter of 2026), from the
first quarter of 2026 all assets that were formerly reported under Hedge Fund Businesses (USD 62bn as of
31 December 2025) and Real Estate & Private Markets (USD 160bn as of 31 December 2025) are reported under a
new Alternatives category for invested assets and net new money. This includes Asset Management’s share of the
Unified Global Alternatives business, as well as the Credit Investments Group (USD 59bn as of 31 December 2025),
which was previously reported within Fixed Income.
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Asset Management 26
Invested assets: 1Q26 vs 4Q25
Invested assets decreased by USD 34bn, or 2%, to USD 2,064bn, reflecting negative market performance of
USD 30bn and negative foreign currency effects of USD 12bn, partly offset by net new money of USD 14bn. The
first quarter of 2026 included a reduction of USD 5bn, reflecting the second stage of the transfer of our O’Connor
business to Cantor Fitzgerald. Excluding money market flows and associates, net new money was USD 14bn.
›
Refer to the “Recent developments” section of this report for more information about the sale of the O’Connor
business
Invested assets: 1Q26 vs 1Q25
Invested assets increased by USD 268bn, or 15%, to USD 2,064bn, reflecting positive market performance of
USD 156bn, positive foreign currency effects of USD 85bn and net new money of USD 38bn. The fourth quarter of
2025 and the first quarter of 2026 together included a reduction of USD 9bn, reflecting the transfer of our
O’Connor business to Cantor Fitzgerald.
›
Refer to the “Recent developments” section of this report for more information about the sale of O’Connor
business
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Investment Bank 27
Investment Bank
Investment Bank
As of or for the quarter ended
% change from
USD m, except where indicated
31.3.26
31.12.25
31.3.25
4Q25
1Q25
Results
Advisory
Capital Markets
Global Banking
Execution Services
Derivatives & Solutions
Financing
Global Markets
of which: Equities
of which: Foreign Exchange, Rates and Credit
Total revenues
Credit loss expense / (release)
Operating expenses
Business division operating profit / (loss) before tax
Underlying results
Total revenues as reported
of which: PPA effects and other integration items
1
of which: PPA effects
of which: PPA effects recognized in the Global Banking revenue line
of which: other integration items
Total revenues (underlying)
2
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses
2
Operating expenses (underlying)
2
of which: net expenses / (releases) for litigation, regulatory and similar matters
Business division operating profit / (loss) before tax as reported
Business division operating profit / (loss) before tax (underlying)
2
Performance measures and other information
Pre-tax profit growth (year-on-year, %)
2
Cost / income ratio (%)
2
Average attributed equity (USD bn)
3
Return on attributed equity (%)
2,3
Underlying performance measures
Pre-tax profit growth (year-on-year, %)
2
Cost / income ratio (%)
2
Return on attributed equity (%)
2,3
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 Refer to “Alternative performance measures”
in the appendix to this report for the 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 this report. For more information about underlying results, refer to the “Group performance” section of this report. 3 Refer to “Equity
attribution” in this report for more information about the equity attribution framework.
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Investment Bank 28
Results: 1Q26 vs 1Q25
Profit before tax increased by USD 483m, or 67%, to USD 1,205m, mainly due to higher total revenues, partly
offset by higher operating expenses. Underlying profit before tax was USD 1,216m, an increase of 75%, after
excluding from total revenues USD 68m of purchase price allocation (PPA) effects and other integration items and
excluding from operating expenses USD 79m of integration-related expenses.
Total revenues
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%.
Global Banking
Global Banking revenues increased by USD 94m, or 13%, to USD 804m and included a USD 77m decrease in
accretion of PPA adjustments on financial instruments and other PPA effects. Excluding PPA effects and other
integration items, underlying Global Banking revenues were USD 733m, an increase of 30%.
Advisory revenues increased by USD 17m, or 8%, to USD 238m, mainly due to higher merger and acquisition
transaction revenues.
Capital Markets revenues increased by USD 76m, or 16%, to USD 565m and included the aforementioned
USD 77m decrease in PPA effects. Excluding PPA effects and other integration items, underlying Capital Markets
revenues increased by USD 153m, or 45%, mainly due to higher Equity Capital Markets and Debt Capital Markets
revenues.
Global Markets
Global Markets revenues increased by USD 777m, or 31%, to USD 3,250m, driven by higher Derivatives &
Solutions, Execution Services and Financing revenues.
Execution Services revenues increased by USD 201m, or 39%, to USD 718m, mainly driven by higher Cash Equities
revenues, led by the Asia Pacific region, reflecting higher volumes.
Derivatives & Solutions revenues increased by USD 396m, or 31%, to USD 1,687m, mainly driven by Foreign
Exchange and Equity Derivatives revenues, due to higher levels of client activity.
Financing revenues increased by USD 180m, or 27%, to USD 845m, mainly in Prime Brokerage, supported by higher
client balances.
Equities
Global Markets Equities revenues increased by USD 523m, or 29%, to USD 2,329m, mainly driven by higher
revenues in Cash Equities, Prime Brokerage and Equity Derivatives.
Foreign Exchange, Rates and Credit
Global Markets Foreign Exchange, Rates and Credit revenues increased by USD 254m, or 38%, to USD 921m,
mainly driven by an increase in Foreign Exchange revenues.
Credit loss expense / release
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
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.
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Non-core and Legacy 29
Non-core and Legacy
Non-core and Legacy
As of or for the quarter ended
% change from
USD m, except where indicated
31.3.26
31.12.25
31.3.25
4Q25
1Q25
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Underlying results
Total revenues as reported
of which: other integration items
1
Total revenues (underlying)
2
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses
2
Operating expenses (underlying)
2
of which: net expenses / (releases) for litigation, regulatory and similar matters
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
2
Performance measures and other information
Average attributed equity (USD bn)
3
Risk-weighted assets (USD bn)
Leverage ratio denominator (USD bn)
1 Includes temporary and incremental items directly related to the integration. 2
Refer to “Alternative performance measures” in the appendix to this report for the 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 this report.
For more information about underlying results, refer to the “Group performance” section of this report. 3 Refer to “Equity attribution” in this report for more information about the equity attribution framework.
Composition of Non-core and Legacy
Total assets
RWA
LRD
USD bn
31.3.26
31.12.25
31.3.26
31.12.25
31.3.26
31.12.25
Exposure category
Macro
Securitized products
High-quality liquid assets
Operational risk
Other
Total
Results: 1Q26 vs 1Q25
Loss before tax was USD 155m, compared with a loss before tax of USD 391m. Underlying loss before tax was
USD 97m, after excluding from operating expenses USD 58m of integration-related expenses, compared with an
underlying loss before tax of USD 200m.
Total revenues
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.
UBS Group first quarter 2026 report |
UBS Group performance, business divisions and Group Items | Non-core and Legacy 30
Credit loss expense / release
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
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.
Risk-weighted assets and leverage ratio denominator: 1Q26 vs 4Q25
Risk-weighted assets decreased by USD 0.8bn to USD 28.0bn, mostly due to decreases in the macro and securitized
product portfolios. The leverage ratio denominator decreased by USD 4.0bn to USD 15.1bn, mainly driven by
reductions in high-quality liquid assets, which decreased by USD 3.0bn, primarily as a result of a reduction in the
overall Non-core and Legacy balance sheet, as well as reductions in the macro and securitized product portfolios.
Group Items
Group Items
As of or for the quarter ended
% change from
USD m
31.3.26
31.12.25
31.3.25
4Q25
1Q25
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Underlying results
Total revenues as reported
of which: PPA effects and other integration items
1
2
Total revenues (underlying)
3
Credit loss expense / (release)
Operating expenses as reported
of which: integration-related expenses
3
Operating expenses (underlying)
3
of which: net expenses / (releases) for litigation, regulatory and similar matters
Operating profit / (loss) before tax as reported
Operating profit / (loss) before tax (underlying)
3
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 Refer to “Alternative performance measures” in the appendix to this report for the 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 this report. For more information about
underlying results, refer to the “Group performance” section of this report.
Results: 1Q26 vs 1Q25
Loss before tax was USD 258m, mainly driven by deferred tax asset (DTA) funding costs and Group hedging and
own debt, including hedge accounting ineffectiveness, compared with a loss of USD 299m in the first quarter of
2025. The change in the result between the quarters was mainly due to lower net expenses for litigation, regulatory
and similar matters, partly offset by higher mark-to-market losses from Group hedging and own debt.
Underlying loss before tax was USD 265m, after excluding from total revenues USD 55m of PPA effects and other
integration items and also excluding from operating expenses USD 48m of integration-related expenses. This
compared with an underlying loss before tax of USD 326m in the first quarter of 2025.
Income from Group hedging and own debt, including hedge accounting ineffectiveness, was net negative
USD 157m, compared with net negative income of USD 118m in the first quarter of 2025. The losses in the first
quarter of 2026 were mainly driven by mark-to-market effects on own credit and portfolio-level economic hedges.
UBS Group first quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet 31
Risk, capital, liquidity and
funding, and balance sheet
Management report
Table of contents
UBS Group first quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 32
Risk management and control
This section provides information about key developments during the reporting period and should be read in
conjunction with the “Risk management and control” section of the UBS Group Annual Report 2025, available
under “Annual reporting” at
ubs.com/investors
, and the “Recent developments” section of this report for more
information about the integration of Credit Suisse.
Credit risk
Overall banking products exposure
Overall banking products exposure was USD 1,105.7bn as of 31 March 2026, an increase of USD 19.4bn compared
with 31 December 2025. The increase was primarily due to higher balances at central banks and loans and advances
to customers.
›
Refer to the “Balance sheet and off-balance sheet” section of this report for more information about movements in
balance sheet and off-balance sheet positions
›
Refer to the “Group performance” section and “Expected credit loss measurement” in the “Consolidated financial
information” section of this report for more information about credit loss expense / release
Banking products exposure in the business divisions and Group Items
31.3.26
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core
and Legacy
Group
Items
Total
Banking products exposure, gross
1,2
of which: loans and advances to customers (on-balance sheet)
of which: guarantees and irrevocable loan commitments (off-balance sheet)
Committed unconditionally revocable credit lines
3
Total credit-impaired exposure, gross
1
of which: stage 3
of which: PCI
Total allowances and provisions for expected credit losses
of which: stage 1
of which: stage 2
of which: stage 3
of which: PCI
31.12.25
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core
and Legacy
Group
Items
Total
Banking products exposure, gross
1,2
of which: loans and advances to customers (on-balance sheet)
of which: guarantees and irrevocable loan commitments (off-balance sheet)
Committed unconditionally revocable credit lines
3
Total credit-impaired exposure, gross
1
of which: stage 3
of which: PCI
Total allowances and provisions for expected credit losses
of which: stage 1
of which: stage 2
of which: stage 3
of which: PCI
1 IFRS 9 gross exposure for banking products includes the following financial instruments in scope of expected credit loss requirements: balances at central banks, amounts due from banks, loans and advances to
customers, other financial assets at amortized cost, guarantees and irrevocable loan commitments. 2 Internal management view of credit risk, which differs in certain respects from IFRS Accounting Standards.
3 Commitments that can be canceled by UBS at any time but expose UBS to credit risk if the client has the ability to draw the facility before UBS can take action. These commitments are subject to expected credit loss
requirements.
Loan underwriting
In the Investment Bank, mandated loan underwriting commitments on a notional basis increased by USD 2.7bn
compared with 31 December 2025, to USD 8.6bn as of 31 March 2026, driven by new mandates, partly offset by
deal syndications. As of 31 March 2026, USD 0.3bn of these commitments had not been distributed as originally
planned.
Loan underwriting exposures in the Investment Bank are classified as held for trading, with fair values reflecting the
market conditions at the end of the quarter. Credit hedges are in place to help protect against fair value movements
in the portfolio.
UBS Group first quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 33
Market risk
Average management value-at-risk (VaR) (1-day, 95% confidence level) in the first quarter of 2026 increased to
USD 12m from USD 11m in the fourth quarter of 2025, mainly driven by the Investment Bank’s Global Markets
business.
After further strategic migration of positions to UBS infrastructure, the market risk of residual legacy Credit Suisse
components decreased to a de minimis amount in the first quarter of 2026.
Management value-at-risk (1-day, 95% confidence level, 5 years of historical data) of the business divisions and
Group Items, by general market risk type
1
Average by risk type
USD m
Min.
Max.
Period end
Average
Equity
Interest
rates
Credit
spreads
Foreign
exchange
Commodities
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Diversification effect
2,3
Total as of 31.3.26
Total as of 31.12.25
1 Statistics at individual levels may not be summed to deduce the corresponding aggregate figures. The minima and maxima for each level may occur on different days, and, likewise, the VaR for each business division
or risk type, being driven by the extreme loss tail of the corresponding distribution of simulated profits and losses for that business division or risk type, may well be driven by different days in the historical time series,
rendering invalid the simple summation of figures to arrive at the aggregate total. 2 The difference between the sum of the standalone VaR for the business divisions and Group Items and the total VaR. 3 As the
minima and maxima for different business divisions and Group Items occur on different days, it is not meaningful to calculate a portfolio diversification effect.
Economic value of equity and net interest income sensitivity
The economic value of equity (EVE) sensitivity in the UBS Group banking book to a +1-basis-point parallel shift in
yield curves was negative USD 49.4m as of 31 March 2026, compared with negative USD 43.9m as of 31 December
2025. This excluded the sensitivity of USD 9.8m from additional tier 1 (AT1) capital instruments (as per specific Swiss
Financial Market Supervisory Authority (FINMA) requirements) in contrast to general Basel Committee on Banking
Supervision (BCBS) guidance. The increase of the EVE sensitivity (as per FINMA requirements) in the first quarter of
2026 was predominantly driven by the interest rate hedging related to the issuance of AT1 capital instruments, the
increased US mortgage duration due to a recalibration of the prepayment model, and net interest income
stabilization initiatives in Swiss francs. Due to the exclusion of AT1 capital from EVE sensitivity for FINMA purposes,
AT1 capital issuances have no direct impact on the EVE sensitivity of the Group, but any related hedging activities
do.
The majority of our interest rate risk in the banking book (IRRBB) as of 31 March 2026 was a reflection of the net
asset duration that we ran to offset our modeled sensitivity of net USD 33.2m (31 December 2025: USD 33.2m)
assigned to our equity, goodwill and real estate, with the aim of generating a stable net interest income
contribution. Of this, USD 19.6m and USD 11.7m were attributable to the US dollar and the Swiss franc portfolios,
respectively, (31 December 2025: USD 19.7m and USD 11.6m, respectively).
In addition to the aforementioned sensitivity, we calculate the six interest rate shock scenarios prescribed by FINMA.
The “Parallel up” scenario, assuming all positions were measured at fair value, was the most severe as of 31 March
2026 and would have resulted in a change in EVE of negative USD 9.1bn, or 9.4% of our tier 1 capital
(31 December 2025: negative USD 8.1bn, or 8.9%), which is well below the 15% threshold as per the BCBS
supervisory outlier test for high levels of IRRBB.
The immediate effect on our tier 1 capital in the “Parallel up” scenario as of 31 March 2026 would have been a
decrease of approximately USD 1.0bn, or 1.0%, in our tier 1 capital (31 December 2025: USD 0.8bn, or 0.9%),
reflecting the fact that the vast majority of our banking book is accrual accounted or subject to hedge accounting.
The “Parallel up” scenario would subsequently have a positive effect on net interest income, assuming a constant
balance sheet.
UBS Group first quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 34
As the overall interest rate risk sensitivity shows a greater impact from slower asset repricing compared with faster
liabilities repricing, the “Parallel down“ scenario was the most beneficial as of 31 March 2026 and would have
resulted in a change in EVE of positive USD 9.4bn (31 December 2025: positive USD 8.3bn) and a small positive
immediate effect on our tier 1 capital.
›
Refer to “Interest rate risk in the banking book” in the “Risk management and control” section of the UBS Group
Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more information about the
management of interest rate risk in the banking book
›
Refer to “Sensitivity to interest rate movements” in the “Group performance” section of this report for more
information about the effects of increases in interest rates on the net interest income of our banking book
Interest rate risk – banking book
31.3.26
USD m
Effect on EVE
1
Effect on EVE
1
Scenarios
CHF
EUR
GBP
USD
Other
Total
Additional tier 1
capital instruments
Total
+1 bp
Parallel up
2
Parallel down
2
Steepener
3
Flattener
4
Short-term up
5
Short-term down
6
31.12.25
USD m
Effect on EVE
1
Effect on EVE
1
Scenarios
CHF
EUR
GBP
USD
Other
Total
Additional tier 1
capital instruments
Total
+1 bp
Parallel up
2
Parallel down
2
Steepener
3
Flattener
4
Short-term up
5
Short-term down
6
1 Economic value of equity. 2 Rates across all tenors move by ±150 bps for Swiss franc, ±200 bps for euro and US dollar, and ±250 bps for pound sterling. 3 Short-term rates decrease and long-term rates
increase. 4 Short-term rates increase and long-term rates decrease. 5 Short-term rates increase more than long-term rates. 6 Short-term rates decrease more than long-term rates.
Country risk
We remain watchful of a broad range of geopolitical developments and political changes in a number of countries,
including the conflicts in the Middle East, intensifying rivalries among major powers, the re-emergence of regional
spheres of influence, and continued stress on multi-lateral economic and security institutions. As of 31 March 2026,
our direct exposure to Israel was less than USD 0.5bn, and our direct exposure to Gulf Cooperation Council
countries was less than USD 5bn, while our direct exposure to Egypt and Jordan was limited, and we had no direct
exposure to Iran, Iraq, Lebanon or Syria. Our direct exposure to Russia as of 31 March 2026 was less than
USD 0.5bn, and our direct exposure to Belarus and Ukraine remained immaterial. As of 31 March 2026, our
exposure to emerging-market countries was less than 10% of our total country exposure and mainly to countries
in Asia.
Uncertainty about economic policy remained elevated. In the first quarter of 2026, inflation was broadly stable in
major Western economies; however, concerns about inflation and economic growth increased amid persistent trade
tensions and heightened geopolitical uncertainty, particularly due to the impact of the conflicts in the Middle East
on energy prices. The Chinese economy slowed in the first quarter of 2026, after a rebound in the previous quarter,
and concerns remain about the property sector, strains on local government finances and the outcome of trade
negotiations with the US.
›
Refer to the “Risk management and control” section of the UBS Group Annual Report 2025, available under
“Annual reporting” at
ubs.com/investors
, for more information
UBS Group first quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Risk management and control 35
Non-financial risk
Compliance risk
We are committed to achieving fair outcomes for our clients, upholding market integrity and cultivating the highest
standards of employee conduct. To support these objectives, we maintain a Group-wide conduct risk framework
designed to promote consistent standards and foster a strong culture of accountability.
We continue to prioritize areas such as investment suitability, market conduct, product governance, cross-divisional
service offerings, quality of advice and price transparency. These remain key focus areas for UBS and the wider
financial sector. Cross-border risk remains an area of regulatory attention for global financial institutions, including
a focus on market access, such as third-country market access to the European Economic Area. We maintain a
series of controls designed to address these risks.
Regulatory fragmentation related to environmental, social and governance topics, and the risk of greenwashing
also remain a focus.
Financial crime risk
Financial crime, including money laundering, terrorist financing, sanctions violations, fraud, bribery and corruption,
presents a major risk, as technological innovation and geopolitical developments increase the complexity of doing
business and heightened regulatory attention continues.
An effective financial crime prevention framework therefore remains essential, and we continue to focus on
enhancements to our global anti-money-laundering, know-your-client and sanctions frameworks. Money
laundering and financial fraud techniques are becoming increasingly sophisticated, and heightened geopolitical
volatility makes the sanctions landscape more complex. We continue to take into consideration the risks of illicit
finance proceeds and sanctions circumvention typologies stemming from geopolitical developments, political
changes in several countries and evolving armed conflicts.
Operational risk
There is an increased risk of cyber-related operational disruption to our business activities and those of third-party
suppliers due to the increasingly dynamic threat environment. This is intensified by current geopolitical factors and
evidenced by the continuing high volumes and increasing sophistication of cyberattacks against financial institutions
globally and on third-party service providers. In parallel, cyber threats enabled by artificial intelligence (AI) are
evolving rapidly, necessitating commensurate enhancements in defensive capabilities and deeper industry
collaboration to mitigate growing systemic risk.
We remain on heightened alert to respond to and mitigate elevated cyber- and information-security threats. In
parallel, we continue to invest in improving our technology infrastructure and information-security governance to
strengthen our prevention, detection and response capabilities against attacks. We also operate a global framework
designed to drive enhancements in operational resilience across all business divisions, and we work with the third-
party service providers that are of critical importance to our operations to assess their operational resilience in line
with our standards and to mitigate any identified risks.
The increasing interest in data-driven advisory processes and the use of forms of AI, such as generative AI and
machine learning, are introducing new questions related to the fairness of AI algorithms, data life-cycle
management, data ethics, data privacy and security, and records management. We have established an AI
framework and policy including risk appetite metrics and controls to support the mitigation of these risks.
With the completion of the Swiss client account migration in March 2026, we have now completed the global
migration of former Credit Suisse client accounts to UBS infrastructure. The risks relating to the operational
complexity and the effective management of businesses through the remainder of the integration and application
decommissioning continue to be carefully monitored, in addition to the delivery of consolidated financial and
regulatory reporting submissions.
UBS Group first quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 36
Capital management
The disclosures in this section are provided for UBS Group AG on a consolidated basis and focus on key
developments during the reporting period and information in accordance with the Basel III framework, as applicable
to Swiss systemically relevant banks (SRBs). They should be read in conjunction with the “Capital management”
section of the UBS Group Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, which
provides more information about our capital management objectives, planning and activities, as well as the Swiss
SRB total loss-absorbing capacity (TLAC) framework.
In Switzerland, the amendments to the Capital Adequacy Ordinance (the CAO) that incorporate the final Basel III
standards into Swiss law, including the new ordinances containing the implementing provisions for the revised CAO,
entered into force on 1 January 2025.
UBS Group AG is a holding company conducting substantially all of its operations through UBS AG and subsidiaries
thereof. UBS Group AG and UBS AG contribute a significant portion of their respective capital to, and provide
substantial liquidity to, such subsidiaries. Many of these subsidiaries are subject to regulations requiring compliance
with minimum capital, liquidity and similar requirements.
›
Refer to the 31 March 2026 Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors
, for more
information about additional regulatory disclosures for UBS Group AG on a consolidated basis, as well as the
significant regulated subsidiaries and sub-groups of UBS Group AG
›
Refer to the UBS AG first quarter 2026 report, which will be available as of 30 April 2026 under “Quarterly reporting”
at
ubs.com/investors
, for more information about capital and other regulatory information for UBS AG consolidated,
in accordance with the Basel III framework, as applicable to Swiss SRBs
We are subject to the going and gone concern requirements of the Swiss CAO, which include additional
requirements applicable to Swiss SRBs. The table below provides the risk-weighted asset (RWA)- and leverage ratio
denominator (LRD)-based requirements and information as of 31 March 2026.
UBS Group first quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 37
Swiss SRB going and gone concern requirements and information
As of 31.3.26
RWA
LRD
USD m, except where indicated
in %
in %
Required going concern capital
Total going concern capital
1
1
Common equity tier 1 capital
2
3
of which: minimum capital
of which: buffer capital
of which: countercyclical buffer
Maximum additional tier 1 capital
2
of which: additional tier 1 capital
of which: additional tier 1 buffer capital
Eligible going concern capital
Total going concern capital
Common equity tier 1 capital
Total loss-absorbing additional tier 1 capital
4
of which: high-trigger loss-absorbing additional tier 1 capital
Required gone concern capital
Total gone concern loss-absorbing capacity
5,6,7
8
8
of which: base requirement including add-ons for market share and LRD
Eligible gone concern capital
Total gone concern loss-absorbing capacity
9
TLAC-eligible senior unsecured debt
Total loss-absorbing capacity
Required total loss-absorbing capacity
Eligible total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
1 Includes applicable add-ons of 1.88% for risk-weighted assets (RWA) and 0.58% for leverage ratio denominator (LRD), of which 22 basis points for RWA reflect a Pillar 2 capital add-on for the residual exposure
(after collateral mitigation) to hedge funds, private equity and family offices, effective 1 January 2025. 2 Includes the Pillar 2 add-on for the residual exposure (after collateral mitigation) to hedge funds, private
equity and family offices of 0.15% for CET1 capital and 0.07% for AT1 capital, effective 1 January 2025. For AT1 capital under Pillar 1 requirements a maximum of 4.3% of AT1 capital can be used to meet going
concern requirements; 4.37% includes the aforementioned Pillar 2 capital add-on. 3 Our CET1 leverage ratio requirement of 3.58% consists of a 1.5% base requirement, a 1.5% base buffer capital requirement,
a 0.28% LRD add-on requirement and a 0.30% market share add-on requirement based on our Swiss credit business. 4 UBS fulfills its minimum going concern capital requirements with CET1 capital and AT1 capital.
The actual available and eligible AT1 capital is above the AT1 capital used to meet the minimum requirements (which is capped at 4.37% as explained in footnote 2) as UBS exceeds its minimum going concern capital
requirements. 5 A maximum of 25% of the gone concern requirements can be met with instruments that have a remaining maturity of between one and two years. Once at least 75% of the minimum gone concern
requirement has been met with instruments that have a remaining maturity of greater than two years, all instruments that have a remaining maturity of between one and two years remain eligible to be included in
the total gone concern capital. 6 Systemically important banks (SIBs) are subject to base gone concern capital requirements equivalent to 75% of the total going concern requirements (excluding countercyclical buffer
requirements and the Pillar 2 add-on). 7 The Swiss Financial Market Supervisory Authority (FINMA) has the authority to impose a surcharge of up to 25% of the total going concern capital requirements (excluding
countercyclical buffer requirements and the Pillar 2 add-on) should obstacles to an SIB’s resolvability be identified in future resolvability assessments. 8 Includes applicable add-ons of 1.24% for RWA and 0.43% for
LRD. 9 Includes an add-back of 45% of unrealized gains from financial assets measured at fair value through other comprehensive income. Such gains do not qualify as CET1 capital, but 45% of these gains can be
recognized as gone concern capital.
Additional capital requirements for UBS Group AG consolidated under current requirements
As a result of the acquisition of the Credit Suisse Group in 2023, the capital add-ons applicable to UBS’s SRBs based
on market share and LRD for UBS Group AG consolidated will increase commensurate with the Group’s increased
market share and higher LRD after the acquisition. Based on the existing regulations, we currently estimate that
this will add around USD 6bn to the Group’s tier 1 capital requirement, when fully phased in. The phase-in of the
increased capital requirements commenced on 1 January 2026 and will be completed by 1 January 2030. Phase-in
requirements are composed of the existing add-ons and the phased-in increases, resulting in phase-in add-ons as
of 1 January 2026 for RWA-based requirements of 0.86% for increased market share (1.44% on a fully applied
basis) and 0.79% for higher LRD (1.08% on a fully applied basis) and add-ons for LRD-based requirements of
0.30% for increased market share (0.50% on a fully applied basis) and 0.28% for higher LRD (0.38% on a fully
applied basis). As of 31 March 2026, the phased-in increases in add-ons resulted in increases of USD 1.1bn and
USD 1.2bn in the Group’s tier 1 RWA- and LRD-based capital requirements, respectively.
UBS Group first quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 38
Total loss-absorbing capacity
The table below provides Swiss SRB going and gone concern information based on the Swiss SRB framework and
requirements that are discussed in the “Capital management” section of the UBS Group Annual Report 2025,
available under “Annual reporting” at
ubs.com/investors
.
Swiss SRB going and gone concern information
USD m, except where indicated
31.3.26
31.12.25
Eligible going concern capital
Total going concern capital
Total tier 1 capital
Common equity tier 1 capital
Total loss-absorbing additional tier 1 capital
of which: high-trigger loss-absorbing additional tier 1 capital
Eligible gone concern capital
Total gone concern loss-absorbing capacity
1
TLAC-eligible senior unsecured debt
Total loss-absorbing capacity
Total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
of which: common equity tier 1 capital ratio
Gone concern loss-absorbing capacity ratio
Total loss-absorbing capacity ratio
Leverage ratios (%)
Going concern leverage ratio
of which: common equity tier 1 leverage ratio
Gone concern leverage ratio
Total loss-absorbing capacity leverage ratio
1 Includes an add-back of 45% of unrealized gains from financial assets measured at fair value through other comprehensive income. Such gains do not qualify as CET1 capital, but 45% of these gains can be
recognized as gone concern capital.
Total loss-absorbing capacity and movement
Our TLAC increased by USD 10.2bn to USD 197.6bn in the first quarter of 2026.
Going concern capital and movement
Our going concern capital increased by USD 5.8bn to USD 97.0bn. Our common equity tier 1 (CET1) capital
increased by USD 2.1bn to USD 73.3bn, mainly driven by operating profit before tax of USD 3.8bn, partly offset by
dividend accruals of USD 0.9bn, current tax expenses of USD 0.5bn and negative foreign currency translation effects
of USD 0.2bn. Share repurchases of USD 0.9bn made under our new, 2026 share repurchase program in the first
quarter of 2026 did not affect our CET1 capital position, as there was an identical reduction in the capital reserve
for expected future share repurchases.
›
Refer to the “Share information and earnings per share” section of this report for more information about our
share repurchase programs
Our loss-absorbing additional tier 1 (AT1) capital increased by USD 3.7bn to USD 23.6bn, mainly reflecting the
issuance of new AT1 capital instruments equivalent to USD 3.7bn.
Following the approval of a maximum amount of conversion capital by UBS Group AG’s shareholders at the 2024
Annual General Meeting, AT1 capital instruments issued from the beginning of the fourth quarter of 2023 are,
upon the occurrence of a trigger event or a viability event, subject to conversion into UBS Group AG ordinary shares
rather than a write-down. AT1 capital instruments issued prior to the fourth quarter of 2023 remain subject to a
write-down.
UBS Group first quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 39
Gone concern loss-absorbing capacity and movement
Our total gone concern loss-absorbing capacity increased by USD 4.5bn to USD 100.6bn and largely reflected
USD 100.6bn of TLAC-eligible senior unsecured debt instruments. The increase of USD 4.5bn was mainly due to
new issuances totaling USD 9.0bn equivalent of TLAC-eligible senior unsecured debt instruments, partly offset by
the redemption of TLAC-eligible senior unsecured debt instruments for the equivalent of USD 3.3bn and negative
impacts from interest rate risk hedge, foreign currency translation and other effects.
›
Refer to “Bondholder information” at
for more information about the eligibility of capital and
senior unsecured debt instruments and about key features and terms and conditions of capital instruments
Loss-absorbing capacity and leverage ratios
Our CET1 capital ratio increased to 14.7% from 14.4%, reflecting the aforementioned USD 2.1bn increase in CET1
capital, partly offset by a USD 7.0bn increase in RWA.
›
Refer to “Risk-weighted assets” in this section for more information about RWA movements
Our CET1 leverage ratio was unchanged at 4.4% as the aforementioned USD 2.1bn increase in CET1 capital was
offset by a USD 31.0bn increase in the LRD.
›
Refer to “Leverage ratio denominator” in this section for more information about LRD movements
Our going concern capital ratio increased to 19.4% from 18.5%, reflecting a USD 5.8bn increase in going concern
capital, partly offset by the aforementioned increase in RWA.
Our going concern leverage ratio increased to 5.9% from 5.6%, driven by a USD 5.8bn increase in going concern
capital, partly offset by the aforementioned increase in the LRD.
Our gone concern loss-absorbing capacity ratio increased to 20.1% from 19.5%, reflecting a USD 4.5bn increase
in gone concern loss-absorbing capacity, partly offset by the aforementioned increase in RWA.
Our gone concern leverage ratio increased to 6.1% from 5.9%, as a result of a USD 4.5bn increase in gone concern
loss-absorbing capacity, partly offset by the aforementioned increase in the LRD.
Swiss SRB total loss-absorbing capacity movement
USD m
Going concern capital
Swiss SRB
Common equity tier 1 capital as of 31.12.25
Operating profit / (loss) before tax
Current tax (expense) / benefit
Foreign currency translation effects, before tax
Eligible deferred tax assets on temporary differences (including excess over threshold)
Accruals for expected dividends to shareholders for 2026
Share repurchase program
Capital reserve for expected future share repurchases in 2026
Other
Common equity tier 1 capital as of 31.3.26
Loss-absorbing additional tier 1 capital as of 31.12.25
Issuance of high-trigger loss-absorbing additional tier 1 capital
Interest rate risk hedge, foreign currency translation and other effects
Loss-absorbing additional tier 1 capital as of 31.3.26
Total going concern capital as of 31.12.25
Total going concern capital as of 31.3.26
Gone concern loss-absorbing capacity
Add-back of unrealized gains from financial assets at FVOCI as of 31.12.25
Add-back of unrealized gains from financial assets at FVOCI as of 31.3.26
TLAC-eligible unsecured debt as of 31.12.25
Issuance of TLAC-eligible senior unsecured debt
Call of TLAC-eligible senior unsecured debt
Interest rate risk hedge, foreign currency translation and other effects
TLAC-eligible unsecured debt as of 31.3.26
Total gone concern loss-absorbing capacity as of 31.12.25
Total gone concern loss-absorbing capacity as of 31.3.26
Total loss-absorbing capacity
Total loss-absorbing capacity as of 31.12.25
Total loss-absorbing capacity as of 31.3.26
UBS Group first quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 40
Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital
USD m
31.3.26
31.12.25
Total equity under IFRS Accounting Standards
Equity attributable to non-controlling interests
Defined benefit plans, net of tax
Deferred tax assets recognized for tax loss carry-forwards
Deferred tax assets for unused tax credits
Deferred tax assets on temporary differences, excess over threshold
Goodwill, net of tax
1
Intangible assets, net of tax
Compensation-related components (not recognized in net profit)
Expected losses on advanced internal ratings-based portfolio less provisions
Unrealized (gains) / losses from cash flow hedges, net of tax
Own credit related to (gains) / losses on financial liabilities measured at fair value that existed at the balance sheet date, net of tax
Own credit related to (gains) / losses on derivative financial instruments that existed at the balance sheet date
Prudential valuation adjustments
Accruals for dividends to shareholders for 2025
Accruals for expected dividends to shareholders for 2026
Capital reserve for expected future share repurchases in 2026
Other
Total common equity tier 1 capital
1 Includes goodwill related to significant investments in financial institutions of USD 35m as of 31 March 2026 (USD 34m as of 31 December 2025) presented on the balance sheet line Investments in associates.
Additional information
Sensitivity to currency movements
Risk-weighted assets
We estimate that a 10% depreciation of the US dollar against other currencies would have increased our RWA by
USD 24bn and our CET1 capital by USD 2.7bn as of 31 March 2026 (31 December 2025: USD 23bn and USD 2.7bn,
respectively) and decreased our CET1 capital ratio by 15 basis points (31 December 2025: 13 basis points).
Conversely, a 10% appreciation of the US dollar against other currencies would have decreased our RWA by
USD 21bn and our CET1 capital by USD 2.4bn (31 December 2025: USD 21bn and USD 2.4bn, respectively) and
increased our CET1 capital ratio by 15 basis points (31 December 2025: 13 basis points).
Leverage ratio denominator
We estimate that a 10% depreciation of the US dollar against other currencies would have increased our LRD by
USD 107bn as of 31 March 2026 (31 December 2025: USD 109bn) and decreased our CET1 leverage ratio by
12 basis points (31 December 2025: 12 basis points). Conversely, a 10% appreciation of the US dollar against other
currencies would have decreased our LRD by USD 97bn (31 December 2025: USD 98bn) and increased our CET1
leverage ratio by 12 basis points (31 December 2025: 12 basis points).
The aforementioned sensitivities do not consider foreign currency translation effects related to defined benefit plans
other than those related to the currency translation of the net equity of foreign operations.
›
Refer to “Active management of sensitivity to foreign exchange movements” in the “Capital management” section
of the UBS Group Annual Report 2025, available under “Annual reporting” at
ubs.com/investors
, for more
information
UBS Group first quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 41
Risk-weighted assets
During the first quarter of 2026, RWA increased by USD 7.0bn to USD 500.4bn, driven by a USD 7.8bn increase
resulting from asset size and other movements and a USD 1.0bn increase driven by model updates and
methodology changes, partly offset by a USD 1.9bn decrease from currency effects.
Movement in risk-weighted assets, by key driver
USD bn
RWA as of
31.12.25
Currency
effects
Model updates
and methodology
changes
Asset size and
other
1
RWA as of
31.3.26
Credit and counterparty credit risk
2
Non-counterparty-related risk
3
Market risk
Operational risk
Total
1 Includes the Pillar 3 categories “Asset size”, “Credit quality of counterparties”, “Acquisitions and disposals” and “Other”. For more information, refer to the 31 March 2026 Pillar 3 Report, available under “Pillar 3
disclosures” at ubs.com/investors. 2 Includes settlement risk, credit valuation adjustments, equity and investments in funds exposures in the banking book, and securitization exposures in the banking book. 3 Non-
counterparty-related risk includes deferred tax assets arising from temporary differences, property, equipment, software and other items.
Credit and counterparty credit risk
Credit and counterparty credit risk RWA increased by USD 5.7bn to USD 305.7bn as of 31 March 2026, driven by
a USD 6.5bn increase resulting from asset size and other movements and a USD 1.0bn increase due to model
updates and methodology changes, partly offset by a USD 1.8bn decrease from currency effects.
Asset size and other movements by business division and Group Items:
–
Investment Bank RWA increased by USD 5.1bn, mainly due to increases in loans and loan commitments, market-
driven movements and higher levels of client activity in derivatives, and increased allocation of high-quality liquid
assets.
–
Global Wealth Management RWA increased by USD 1.9bn, primarily driven by increases in loans and loan
commitments, and higher levels of client activity and market-driven movements in derivatives.
–
Personal & Corporate Banking RWA increased by USD 0.5bn, mainly due to higher RWA on derivatives, partly
offset by the sale of our 50% interest in Swisscard AECS GmbH.
–
Group Items RWA increased by USD 0.1bn.
–
Non-core and Legacy RWA decreased by USD 0.7bn, primarily driven by our actions to actively unwind the
portfolio, in addition to the natural roll-off.
–
Asset Management RWA decreased by USD 0.3bn.
Model updates and methodology changes resulted in an RWA increase of USD 1.0bn, mainly reflecting higher RWA
from model harmonization of Swiss corporate exposures in Personal & Corporate Banking and updates to the
methodology for residual risk on legacy synthetic securitizations in the Investment Bank. This was partly offset by
decreases in RWA on recourse-based lending in Global Wealth Management and commodity trade finance facilities
in Personal & Corporate Banking.
›
Refer to the 31 March 2026 Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors
, for more
information
›
Refer to “Credit risk” in the “Risk management and control” section of this report for more information
Market risk
Market risk RWA increased by USD 0.8bn to USD 24.5bn in the first quarter of 2026, due to asset size and other
movements in the Investment Bank’s Global Markets business.
›
Refer to the 31 March 2026 Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors
, for more
information
›
Refer to “Market risk” in the “Risk management and control” section of this report for more information
UBS Group first quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 42
Operational risk
Operational risk RWA were unchanged at USD 135.4bn.
›
Refer to “Provisions and contingent liabilities” in the “Consolidated financial information” section of this report for
more information
Outlook
We expect model updates and methodology changes will increase credit and counterparty credit risk RWA by
around USD 1bn during the second quarter of 2026. The extent and timing of RWA changes may vary as model
updates are completed and receive regulatory approval, along with changes in the composition of the relevant
portfolios.
Risk-weighted assets, by business division and Group Items
USD bn
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Manage-
ment
Investment
Bank
Non-core and
Legacy
Group
Items
Total
RWA
31.3.26
Credit and counterparty credit risk
1
Non-counterparty-related risk
2
Market risk
Operational risk
Total
31.12.25
Credit and counterparty credit risk
1
Non-counterparty-related risk
2
Market risk
Operational risk
Total
31.3.26 vs 31.12.25
Credit and counterparty credit risk
1
Non-counterparty-related risk
2
Market risk
Operational risk
Total
1 Includes settlement risk, credit valuation adjustments, equity and investments in funds exposures in the banking book, and securitization exposures in the banking book. 2 Non-counterparty-related risk includes
deferred tax assets arising from temporary differences (31 March 2026: USD 18.5bn; 31 December 2025: USD 18.1bn), as well as property, equipment, software and other items (31 March 2026: USD 16.2bn;
31 December 2025: USD 16.1bn).
UBS Group first quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 43
Leverage ratio denominator
During the first quarter of 2026, the LRD increased by USD 31.0bn to USD 1,653.5bn, driven by a USD 40.6bn
increase from asset size and other movements, partly offset by a USD 9.5bn decrease from currency effects.
Movement in leverage ratio denominator, by key driver
USD bn
LRD as of
31.12.25
Currency
effects
Asset size and
other
LRD as of
31.3.26
On-balance sheet exposures (excluding derivatives and securities financing transactions)
1
Derivative exposures
1
Securities financing transaction exposures
Off-balance sheet items
Total exposures
1 As of 31 December 2025, initial margin posted with exchanges on derivatives was included in Derivative exposures. As of 31 March 2026, we have reclassified initial margin on derivatives under On-balance sheet
exposures.
The LRD movements described below exclude currency effects.
On-balance sheet exposures (excluding derivatives and securities financing transactions) increased by USD 39.9bn,
mainly due to increases in cash and balances at central banks and high-quality liquid asset portfolio securities in
Group Treasury. In addition, there was an increase in lending assets, mainly reflecting positive net new loans in
Global Wealth Management and Personal & Corporate Banking, and an increase in the Investment Bank. These
increases were partly offset by decreases in trading assets reflecting lower inventory held to hedge client positions,
as well as market-driven decreases in the Investment Bank. In addition, the initial margin on derivatives of
USD 14.0bn was reclassified from Derivative exposures to On-balance sheet exposures.
Derivative exposures decreased by USD 4.8bn, mainly due to the aforementioned reclassification of initial margin
to On-balance sheet exposures and higher netting, partly offset by increases in derivatives and cash collateral
receivables on derivative instruments mainly in the Investment Bank, driven by equity and foreign currency contracts,
mainly due to new trades, as well as market-driven increases.
Securities financing transaction exposures increased by USD 11.6bn, primarily reflecting higher levels of client
activity in the Investment Bank and cash reinvestment trades in Group Treasury.
Off-balance sheet exposures decreased by USD 6.1bn, primarily due to credit lines in Global Wealth Management
becoming uncommitted following changes to certain contractual terms in the course of client account migrations
in the first quarter of 2026.
›
Refer to the “Balance sheet and off-balance sheet” section of this report for more information about balance sheet
movements
Leverage ratio denominator, by business division and Group Items
USD bn
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core and
Legacy
Group Items
Total
31.3.26
On-balance sheet exposures (excluding derivatives and securities
financing transactions)
1
Derivative exposures
1
Securities financing transaction exposures
Off-balance sheet items
Total exposures
31.12.25
On-balance sheet exposures (excluding derivatives and securities
financing transactions)
Derivative exposures
Securities financing transaction exposures
Off-balance sheet items
Total exposures
31.3.26 vs 31.12.25
On-balance sheet exposures (excluding derivatives and securities
financing transactions)
Derivative exposures
Securities financing transaction exposures
Off-balance sheet items
Total exposures
1 As of 31 December 2025, initial margin posted with exchanges on derivatives was included in Derivative exposures. As of 31 March 2026, we have reclassified initial margin on derivatives under On-balance sheet
exposures.
UBS Group first quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Capital management 44
Equity attribution
Under our equity attribution framework, tangible equity is attributed based on equally weighted average RWA and
average LRD, which both include resource allocations from our Group functions to the business divisions. Average
RWA and LRD are converted to CET1 capital equivalents using target capital ratios. If the attributed tangible equity
calculated under the weighted-driver approach is less than the CET1 capital equivalent of risk-based capital (RBC)
for any business division, the CET1 capital equivalent of RBC is used as a floor for that business division. The floor
was applicable for Non-core and Legacy in all of the periods shown below and was applicable for Asset
Management in the first quarter of 2025.
In addition to tangible equity, we allocate equity to the business divisions to support goodwill and intangible assets.
We also allocate to the business divisions attributed equity related to CET1 capital deduction items that are
attributable to divisional activities, such as compensation-related components or expected losses on the advanced
internal ratings-based portfolio less provisions. We attribute all remaining capital deduction items to Group Items.
These primarily include equity related to deferred tax assets, accruals for shareholder returns, and unrealized
gains / losses from cash flow hedges.
›
Refer to the “Balance sheet and off-balance sheet” section of this report for more information about movements in
equity attributable to shareholders
Average attributed equity
For the quarter ended
USD bn
31.3.26
31.12.25
31.3.25
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
1
Average equity attributed to business divisions and Group Items
1 Includes average attributed equity related to capital deduction items for deferred tax assets, accruals for shareholder returns and unrealized gains / losses from cash flow hedges.
UBS Group first quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Liquidity and funding management 45
Liquidity and funding management
Strategy, objectives and governance
This section provides liquidity and funding management information and should be read in conjunction with the
“Liquidity and funding management” section of the UBS Group Annual Report 2025, available under “Annual
reporting” at
ubs.com/investors
, which provides more information about the Group’s strategy, objectives and
governance in connection with liquidity and funding management.
Liquidity coverage ratio
The quarterly average liquidity coverage ratio (the LCR) of the UBS Group decreased 4.8 percentage points to
177.8%, remaining above the prudential requirement communicated by the Swiss Financial Market Supervisory
Authority (FINMA).
Average net cash outflows increased by USD 6.2bn to USD 187.9bn, primarily reflecting higher net outflows from
deposits. The effect of the increase in net cash outflows was partly offset by a USD 2.4bn increase in average high-
quality liquid assets (HQLA),
mainly reflecting
higher cash available due to an increase in customer deposits, higher
proceeds from debt issued at amortized cost and higher net brokerage payables, partly offset by lower cash available
from higher lending assets and cash collateral margin requirements, as well as a decrease in HQLA from securities
financing transactions.
›
Refer to the
31 March 2026 Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors
, for more
information about the LCR
Liquidity coverage ratio
USD bn, except where indicated
Average 1Q26
1
Average 4Q25
1
High-quality liquid assets
Net cash outflows
2
Liquidity coverage ratio (%)
3
1 Calculated based on an average of 62 data points in the first quarter of 2026 and 64 data points in the fourth quarter of 2025. 2 Represents the net cash outflows expected over a stress period of 30 calendar
days. 3 Calculated after the application of haircuts and inflow and outflow rates, as well as, where applicable, caps on Level 2 assets and cash inflows.
Net stable funding ratio
As of 31 March 2026, the net stable funding ratio (the NSFR) of the UBS Group increased 0.9 percentage points to
116.9%, remaining above the prudential requirement communicated by FINMA.
Available stable funding increased by USD 14.6bn to USD 896.6bn, mainly driven by increases in debt issued at
amortized cost and regulatory capital. Required stable funding increased by USD 7.0bn to USD 766.8bn, mainly
reflecting higher derivatives and cash collateral receivables on derivative instruments, and higher lending assets,
partly offset by lower trading assets.
›
Refer to the 31 March 2026 Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors
, for more
information about the NSFR
Net stable funding ratio
USD bn, except where indicated
31.3.26
31.12.25
Available stable funding
Required stable funding
Net stable funding ratio (%)
UBS Group first quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Balance sheet and off-balance sheet 46
Balance sheet and off-balance sheet
This section provides balance sheet and off-balance sheet information and should be read in conjunction with the
“Balance sheet and off-balance sheet” section of the UBS Group Annual Report 2025, available under “Annual
reporting” at
ubs.com/investors
, which provides more information about the balance sheet and off-balance sheet
positions.
Balances disclosed in this report represent quarter-end positions, unless indicated otherwise. Intra-quarter balances
fluctuate in the ordinary course of business and may differ from quarter-end positions.
Balance sheet assets (31 March 2026 vs 31 December 2025)
Total assets were USD 1,686.5bn as of 31 March 2026, an increase of USD 69.1bn compared with 31 December
2025.
Derivatives and cash collateral receivables on derivative instruments increased by USD 42.8bn, primarily in the
Investment Bank, driven by equity and foreign currency contracts, mainly due to new trades, as well as market-
driven increases. Cash and balances at central banks increased by USD 15.6bn, mainly due to inflows from net new
issuances of short-term and long-term debt issued measured at amortized cost, and net changes in the trading
portfolio, partly offset by outflows due to higher lending activity levels and purchases of securities in our high-
quality liquid asset (HQLA) portfolio.
Other financial assets measured at fair value increased by USD 5.8bn, predominantly driven by purchases of
securities in our HQLA portfolio in Group Treasury. Brokerage receivables increased by USD 5.2bn, primarily
reflecting higher levels of client activity. Lending assets increased by USD 4.8bn, mainly reflecting positive net new
loans in Global Wealth Management and Personal & Corporate Banking, and an increase in the Investment Bank,
partly offset by currency effects.
These increases were partly offset by a USD 10.6bn decrease in Trading assets, reflecting lower inventory held to
hedge client positions, as well as market-driven decreases in the Investment Bank.
Assets
As of
% change from
USD bn
31.3.26
31.12.25
31.12.25
Cash and balances at central banks
Lending
1
Securities financing transactions at amortized cost
Trading assets
Derivatives and cash collateral receivables on derivative instruments
Brokerage receivables
Other financial assets measured at amortized cost
Other financial assets measured at fair value
2
Non-financial assets
Total assets
3
1 Consists of Loans and advances to customers and Amounts due from banks. 2 Consists of Financial assets at fair value not held for trading and Financial assets measured at fair value through other comprehensive
income. 3 Includes total assets measured at fair value of USD 527.1bn as of 31 March 2026 (31 December 2025: USD 492.6bn), of which USD 17.5bn (31 December 2025: USD 14.5bn) were classified as Level 3.
Balance sheet liabilities (31 March 2026 vs 31 December 2025)
Total liabilities were USD 1,594.0bn as of 31 March 2026, an increase of USD 67.1bn compared with 31 December
2025.
Derivatives and cash collateral payables on derivative instruments increased by USD 31.4bn, predominantly in the
Investment Bank, reflecting the same drivers as on the asset side. Brokerage payables increased by USD 13.0bn,
primarily reflecting higher levels of client activity. Short-term borrowings increased by USD 10.7bn, largely due to
net issuances of commercial paper and certificates of deposit.
UBS Group first quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Balance sheet and off-balance sheet 47
Debt issued designated at fair value and long-term debt issued measured at amortized cost increased by USD 6.1bn,
mainly reflecting net new issuances of debt issued measured at amortized cost in Group Treasury. Trading liabilities
increased by USD 5.5bn, primarily due to an increase in short positions in the Investment Bank, mainly as a result
of client activity.
The “Customer deposits, by currency” table in this section provides more information about the Group’s funding
sources.
›
Refer to “Bondholder information” at
for more information about capital and senior debt
instruments
›
Refer to the “Consolidated financial information” section of this report for more information
Liabilities and equity
As of
% change from
USD bn
31.3.26
31.12.25
31.12.25
Short-term borrowings
1,2
Securities financing transactions at amortized cost
Customer deposits
Debt issued designated at fair value and long-term debt issued measured at amortized cost
2
Trading liabilities
Derivatives and cash collateral payables on derivative instruments
Brokerage payables
Other financial liabilities measured at amortized cost
Other financial liabilities designated at fair value
Non-financial liabilities
Total liabilities
3
Share capital
Share premium
Treasury shares
Retained earnings
Other comprehensive income
4
Total equity attributable to shareholders
Equity attributable to non-controlling interests
Total equity
Total liabilities and equity
1 Consists of short-term debt issued measured at amortized cost and amounts due to banks, which includes amounts due to central banks. 2 The classification of debt issued measured at amortized cost into short-
term and long-term is based on original contractual maturity, and therefore long-term debt also includes debt with a remaining time to maturity of less than one year. This classification does not consider any early
redemption features. 3 Includes total liabilities measured at fair value of USD 462.3bn as of 31 March 2026 (31 December 2025: USD 414.1bn), of which USD 17.9bn (31 December 2025: USD 19.4bn) were
classified as Level 3. 4 Excludes other comprehensive income related to defined benefit plans and own credit, which is recorded directly in Retained earnings.
Equity (31 March 2026 vs 31 December 2025)
Equity attributable to shareholders increased by USD 2,034m to USD 92,247m as of 31 March 2026.
The net increase of USD 2,034m was mainly driven by positive total comprehensive income attributable to
shareholders of USD 3,152m, reflecting a net profit of USD 3,040m and other comprehensive income (OCI) of
USD 112m. OCI mainly included OCI related to own credit on financial liabilities designated at fair value of
USD 741m, negative OCI related to foreign currency translation of USD 312m and negative cash flow hedge OCI
of USD 242m. In addition, deferred share-based compensation awards of USD 336m were expensed in the income
statement, increasing share premium.
These increases were partly offset by net treasury share activity that reduced equity by USD 1,358m, predominantly
due to the repurchasing of USD 850m of shares under our new, 2026 share repurchase program and the purchasing
of USD 529m of shares in relation to employee share-based compensation plans.
The payment of the 2025 dividend of USD 1.10 per share, approved by shareholders at the 2026 Annual General
Meeting, reduced equity attributable to shareholders by USD 3.4bn in April 2026.
›
Refer to the “Group performance” and “Consolidated financial information” sections of this report for more
information
›
Refer to “Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital” in
the “Capital management” section of this report for more information about the effects of OCI on common equity
tier 1 capital
›
Refer to the “Share information and earnings per share” section of this report for more information about our
share repurchase programs
UBS Group first quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Balance sheet and off-balance sheet 48
Customer deposits, by currency
USD equivalent
All currencies
of which: USD
of which: CHF
of which: EUR
USD bn
31.3.26
31.12.25
31.3.26
31.12.25
31.3.26
31.12.25
31.3.26
31.12.25
Customer deposits
785.7
788.4
298.0
301.6
341.5
341.4
74.3
74.7
of which: demand deposits
259.6
259.4
53.6
52.8
135.6
139.1
37.4
36.2
of which: retail savings / deposits
238.0
230.8
43.6
38.1
189.1
187.5
5.2
5.1
of which: sweep deposits
39.9
41.5
39.9
41.5
0.0
0.0
0.0
0.0
of which: time deposits
248.2
256.8
160.9
169.3
16.8
14.8
31.7
33.4
Off-balance sheet (31 March 2026 vs 31 December 2025)
Committed unconditionally revocable credit lines decreased by USD 54.4bn, primarily due to credit lines in Global
Wealth Management becoming uncommitted following changes to certain contractual terms in the course of client
account migrations in the first quarter of 2026. Forward starting reverse repurchase and securities borrowing
agreements increased by USD 4.5bn, predominantly reflecting an increase in levels of business division activity in
short-dated securities financing transactions.
Off-balance sheet
As of
% change from
USD bn
31.3.26
31.12.25
31.12.25
Guarantees
1,2
Irrevocable loan commitments
1
Committed unconditionally revocable credit lines
Forward starting reverse repurchase and securities borrowing agreements
1 Guarantees and irrevocable loan commitments are shown net of sub-participations. 2 Includes guarantees measured at fair value through profit or loss.
Share information and earnings per share
UBS Group AG shares are listed on the SIX Swiss Exchange (SIX). They are also listed on the New York Stock
Exchange (the NYSE) as global registered shares. Each share has a nominal value of USD 0.10. Shares issued were
unchanged in the first quarter of 2026 compared with the fourth quarter of 2025.
We held 238 million shares as of 31 March 2026, of which 137 million shares had been acquired under our 2024,
2025 and 2026 share repurchase programs for cancellation purposes. The remaining 101 million shares are primarily
held to hedge our share delivery obligations related to employee share-based compensation and participation plans.
Treasury shares held decreased by 12 million shares in the first quarter of 2026. This largely reflected the delivery of
treasury shares under our share-based compensation plans, partly offset by repurchases of 20.4 million shares under
our new, 2026 program and the purchasing of 13.0 million shares in relation to employee share-based
compensation plans.
On 4 February 2026, we launched a new share repurchase program of up to USD 3bn of shares. The program
started on 5 February 2026 and will end, at the latest, on 4 February 2028 or earlier if either the maximum amount
of USD 3bn has been reached or 10% of the registered share capital has been repurchased. Shares acquired under
this program totaled 20 million as of 31 March 2026 for a total acquisition cost of USD 794m (CHF 621m). We are
on track to repurchase USD 3bn of shares by the end of July 2026, with an aim to do more by year-end 2026. The
amount of additional repurchases is subject to our financial performance and outlook, maintaining a common
equity tier 1 capital ratio of around 14% at year-end, and visibility on parliamentary deliberations on the treatment
of foreign subsidiaries.
UBS Group first quarter 2026 report |
Risk, capital, liquidity and funding, and balance sheet | Share information and earnings per share 49
Shares acquired under our 2025 program totaled 53 million as of 31 March 2026 for a total acquisition cost of
USD 2,000m (CHF 1,602m). This program concluded on 20 November 2025, and the 53 million shares repurchased
under this program will be canceled by means of a capital reduction, pending approval by the shareholders at a
future Annual General Meeting (the AGM).
Shares acquired under our 2024 program totaled 64 million as of 31 March 2026 for a total acquisition cost of
USD 2,000m (CHF 1,739m). This program concluded on 23 May 2025, and the 64 million shares repurchased under
this program were canceled by means of a capital reduction in 2026 as approved by the shareholders at the 2026
AGM.
›
Refer to the “Equity, CET1 capital and returns” table in the “Group performance” section of this report for more
information about equity attributable to shareholders and tangible equity attributable to shareholders
Share information and earnings per share
As of or for the quarter ended
31.3.26
31.12.25
31.3.25
Basic and diluted earnings (USD m)
Net profit / (loss) attributable to shareholders for basic EPS
less: (profit) / loss on own equity derivative contracts
Net profit / (loss) attributable to shareholders for diluted EPS
.
Weighted average shares outstanding
Weighted average shares outstanding for basic EPS
1
Effect of dilutive potential shares resulting from notional employee shares, in-the-money options and warrants outstanding
2
Weighted average shares outstanding for diluted EPS
.
Earnings per share (USD)
Basic
Diluted
.
Shares outstanding and potentially dilutive instruments
Shares issued
Treasury shares
3
of which: related to the 2022 share repurchase program
of which: related to the 2024 share repurchase program
of which: related to the 2025 share repurchase program
of which: related to the 2026 share repurchase program
Shares outstanding
Potentially dilutive instruments
4
.
Other key figures
Total book value per share (USD)
Tangible book value per share (USD)
Share price (USD)
5
Market capitalization (USD m)
6
1 The weighted average shares outstanding for basic earnings per share (EPS) are calculated by taking the number of shares at the beginning of the period, adjusted by the number of shares acquired or issued during
the period, multiplied by a time-weighted factor for the period outstanding. As a result, balances are affected by the timing of acquisitions and issuances during the period. 2 The weighted average number of shares
for notional employee awards with performance conditions reflects all potentially dilutive shares that are expected to vest under the terms of the awards. 3 Based on a settlement date view. 4 Reflects potential
shares that could dilute basic EPS in the future but were not dilutive for any of the periods presented. Mainly includes equity-based awards subject to absolute and relative performance conditions and equity derivative
contracts. 5 Represents the share price as listed on the SIX Swiss Exchange, translated to US dollars using the closing exchange rate as of the respective date. 6 The calculation of market capitalization reflects
total shares issued multiplied by the share price at the end of the period.
Ticker symbols UBS Group AG
Security identification codes
Trading exchange
SIX / NYSE
Bloomberg
Reuters
ISIN
CH0244767585
SIX Swiss Exchange
UBSG
UBSG SW
UBSG.S
Valoren
24 476 758
New York Stock Exchange
UBS
UBS UN
UBS.N
CUSIP
CINS H42097 10 7
UBS Group first quarter 2026 report |
Consolidated financial information 50
Consolidated financial
information
Unaudited
The accompanying unaudited interim consolidated financial information in this section is presented for UBS Group
AG and its subsidiaries (together, the Group) on a consolidated basis, unless otherwise specified, and is presented
in US dollars. This financial information has been prepared in accordance with UBS Group accounting policies as
described in “Note 1 Summary of material accounting policies” to the UBS Group consolidated annual financial
statements for the year ended 31 December 2025, except for changes described below. These accounting policies
are consistent with IFRS Accounting Standards, as issued by the International Accounting Standards Board (the
IASB). The financial information presented is unaudited and does not constitute an interim financial report prepared
in accordance with IAS 34,
Interim Financial Reporting
.
Amendments to IFRS 9,
Financial Instruments
, and IFRS 7,
Effective from 1 January 2026, UBS has adopted the
Amendments to the Classification and Measurement of
Financial Instruments – Amendments to IFRS 9 and IFRS 7
assets and derecognition of financial instruments, including the introduction of an accounting policy election to
derecognize financial liabilities settled through electronic transfer systems before the settlement date, if certain
conditions are met. The Amendments also introduced new disclosure requirements for financial instruments with
contractual terms that can change the timing or amount of contractual cash flows. The impact of the Amendments
on this consolidated financial information was not material.
UBS Group first quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 51
UBS Group AG interim consolidated
financial information (unaudited)
Income statement
Year-to-date
USD m
31.3.26
31.3.25
Interest income from financial instruments measured at amortized cost and fair value through
other comprehensive income
Interest expense from financial instruments measured at amortized cost
Net interest income from financial instruments measured at fair value through profit or loss and other
Net interest income
Other net income from financial instruments measured at fair value through profit or loss
Fee and commission income
Fee and commission expense
Net fee and commission income
Other income
Total revenues
Credit loss expense / (release)
Personnel expenses
General and administrative expenses
Depreciation, amortization and impairment of non-financial assets
Operating expenses
Operating profit / (loss) before tax
Tax expense / (benefit)
Net profit / (loss)
Net profit / (loss) attributable to non-controlling interests
Net profit / (loss) attributable to shareholders
Earnings per share (USD)
Basic
Diluted
UBS Group first quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 52
Statement of comprehensive income
Year-to-date
USD m
31.3.26
31.3.25
Comprehensive income attributable to shareholders
Net profit / (loss)
Other comprehensive income that may be reclassified to the income statement
Foreign currency translation
Foreign currency translation movements related to net assets of foreign operations, before tax
Effective portion of changes in fair value of hedging instruments designated as net investment hedges, before tax
Foreign currency translation differences on foreign operations reclassified to the income statement
Effective portion of changes in fair value of hedging instruments designated as net investment hedges reclassified to the income statement
Income tax relating to foreign currency translations, including the effect of net investment hedges
Subtotal foreign currency translation, net of tax
Financial assets measured at fair value through other comprehensive income
Net unrealized gains / (losses), before tax
Net realized (gains) / losses reclassified to the income statement from equity
Income tax relating to net unrealized gains / (losses)
Subtotal financial assets measured at fair value through other comprehensive income, net of tax
Cash flow hedges of interest rate risk
Effective portion of changes in fair value of derivative instruments designated as cash flow hedges, before tax
Net (gains) / losses reclassified to the income statement from equity
Income tax relating to cash flow hedges
Subtotal cash flow hedges, net of tax
Cost of hedging
Cost of hedging, before tax
Income tax relating to cost of hedging
Subtotal cost of hedging, net of tax
Total other comprehensive income that may be reclassified to the income statement, net of tax
Other comprehensive income that will not be reclassified to the income statement
Defined benefit plans
Gains / (losses) on defined benefit plans, before tax
Income tax relating to defined benefit plans
Subtotal defined benefit plans, net of tax
Own credit on financial liabilities designated at fair value
Gains / (losses) from own credit on financial liabilities designated at fair value, before tax
Income tax relating to own credit on financial liabilities designated at fair value
Subtotal own credit on financial liabilities designated at fair value, net of tax
Total other comprehensive income that will not be reclassified to the income statement, net of tax
Total other comprehensive income
Total comprehensive income attributable to shareholders
Comprehensive income attributable to non-controlling interests
Net profit / (loss)
Total other comprehensive income that will not be reclassified to the income statement, net of tax
Total comprehensive income attributable to non-controlling interests
Total comprehensive income
Net profit / (loss)
Other comprehensive income
of which: other comprehensive income that may be reclassified to the income statement
of which: other comprehensive income that will not be reclassified to the income statement
Total comprehensive income
UBS Group first quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 53
Balance sheet
USD m
31.3.26
31.12.25
Assets
Cash and balances at central banks
Amounts due from banks
Receivables from securities financing transactions measured at amortized cost
Cash collateral receivables on derivative instruments
Loans and advances to customers
Other financial assets measured at amortized cost
Total financial assets measured at amortized cost
Financial assets at fair value held for trading
of which: assets pledged as collateral that may be sold or repledged by counterparties
Derivative financial instruments
Brokerage receivables
Financial assets at fair value not held for trading
Total financial assets measured at fair value through profit or loss
Financial assets measured at fair value through other comprehensive income
Investments in associates
Property, equipment and software
Goodwill and intangible assets
Deferred tax assets
Other non-financial assets
Total assets
Liabilities
Amounts due to banks
Payables from securities financing transactions measured at amortized cost
Cash collateral payables on derivative instruments
Customer deposits
Debt issued measured at amortized cost
Other financial liabilities measured at amortized cost
Total financial liabilities measured at amortized cost
Financial liabilities at fair value held for trading
Derivative financial instruments
Brokerage payables designated at fair value
Debt issued designated at fair value
Other financial liabilities designated at fair value
Total financial liabilities measured at fair value through profit or loss
Provisions and contingent liabilities
Other non-financial liabilities
Total liabilities
Equity
Share capital
Share premium
Treasury shares
Retained earnings
Other comprehensive income recognized directly in equity, net of tax
Equity attributable to shareholders
Equity attributable to non-controlling interests
Total equity
Total liabilities and equity
UBS Group first quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 54
Additional information
Personnel expenses
Personnel expenses
Year-to-date
USD m
31.3.26
31.3.25
Salaries and variable compensation
1
of which: variable compensation – financial advisors
2
Contractors
Social security
Post-employment benefit plans
Other personnel expenses
Total personnel expenses
1 Includes role-based allowances. 2 Financial advisor compensation consists of cash compensation, determined using a formulaic approach based on production, and deferred awards. It also includes expenses
related to compensation commitments with financial advisors entered into at the time of recruitment that are subject to vesting requirements.
General and administrative expenses
General and administrative expenses
Year-to-date
USD m
31.3.26
31.3.25
Outsourcing costs
Technology costs
Consulting, legal and audit fees
Real estate and logistics costs
Market data services
Marketing and communication
Travel and entertainment
Litigation, regulatory and similar matters
1
Other
2
Total general and administrative expenses
1 Reflects the net increase / (decrease) in provisions for litigation, regulatory and similar matters recognized in the income statement, as well as decreases in acquisition-related contingent liabilities measured under
IFRS 3. Refer to "Litigation, regulatory and similar matters" in this section for more information. 2 Includes a USD 180m expense related to the payment to Swisscard for the sale of the Credit Suisse card portfolios
to UBS. Refer to “Note 28 Changes in organization and acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial statements” section of the UBS Group Annual Report 2025 for more
information.
UBS Group first quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 55
Expected credit loss measurement
a) Changes to ECL models, scenarios and scenario weights
Scenarios and scenario weights
The expected credit loss (ECL) scenarios, along with their related macroeconomic factors and market data, were
reviewed in light of the economic and political conditions prevailing in the first quarter of 2026 through a series of
governance meetings, with input and feedback from UBS Risk and Finance experts across the business divisions and
regions.
UBS kept the scenarios and scenario weights in line with those applied in the UBS Group fourth quarter 2025
report. All of the scenarios, including the asset price appreciation and the baseline scenarios, have been updated
based on the latest macroeconomic forecasts as of 31 March 2026. The current scenario suite, together with the
applied scenario weightings and the level of post-model adjustments, is deemed appropriate to sufficiently capture
prevailing macroeconomic and geopolitical uncertainties. The assumptions on a calendar-year basis are included in
the table below.
The baseline scenario was updated with the latest macroeconomic forecasts as of 31 March 2026. The scenario
assumes that GDP growth in Switzerland will remain below trend, reflecting a subdued outlook driven by tariffs, a
weakening labor market and negative spillovers from the Eurozone following the oil price shock. In the United
States, labor market conditions will remain soft, while higher energy prices are adding to inflationary pressures and
also increasing downside risks to growth.
The conflict in the Middle East has materially increased uncertainty around the global outlook. UBS is closely
monitoring the current market situation, inflation and central banks’ signals and will continue to carefully assess
developments, potentially revisiting the narratives and shocks in the second quarter of 2026.
Comparison of shock factors
Baseline
Key parameters
2025
2026
2027
Real GDP growth (annual percentage change)
US
Eurozone
Switzerland
Unemployment rate (%, annual average)
US
Eurozone
Switzerland
Fixed income: 10-year government bonds (%, Q4)
USD
EUR
CHF
Real estate (annual percentage change, Q4)
US
Eurozone
Switzerland
Economic scenarios and weights applied
Assigned weights in %
ECL scenario
31.3.26
31.12.25
31.3.25
Asset price appreciation
Baseline
Moderate stagflationary crisis
Mild stagflationary crisis
Global crisis
Global trade war
UBS Group first quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 56
Expected credit loss measurement (continued)
b) ECL-relevant balance sheet and off-balance sheet positions including ECL allowances and provisions
The following tables provide information about financial instruments and certain non-financial instruments that are
subject to ECL requirements. For amortized-cost instruments, the carrying amount represents the maximum
exposure to credit risk, taking into account the allowance for credit losses. Financial assets measured at fair value
through other comprehensive income (FVOCI) are also subject to ECL; however, unlike amortized-cost instruments,
the allowance for credit losses for FVOCI instruments does not reduce the carrying amount of these financial assets.
Instead, the carrying amount of financial assets measured at FVOCI represents the maximum exposure to credit risk.
In addition to recognized financial assets, certain off-balance sheet financial instruments and other credit lines are
also subject to ECL. The maximum exposure to credit risk for off-balance sheet financial instruments is calculated
based on notional amounts.
ECL-relevant balance sheet and off-balance sheet positions
USD m
31.3.26
Carrying amount
1
ECL allowances
2
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
Cash and balances at central banks
Amounts due from banks
Receivables from securities financing transactions measured at
amortized cost
Cash collateral receivables on derivative instruments
Loans and advances to customers
of which: Private clients with mortgages
of which: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Lombard
of which: Credit cards
of which: Commodity trade finance
of which: Ship / aircraft financing
of which: Consumer financing
Other financial assets measured at amortized cost
of which: Loans to financial advisors
Total financial assets measured at amortized cost
Financial assets measured at fair value through other comprehensive
income
Total on-balance sheet financial assets in scope of ECL requirements
Notional exposure
ECL provisions
2
Off-balance sheet (in scope of ECL)
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
Guarantees
of which: Large corporate clients
of which: SME clients
of which: Financial intermediaries and hedge funds
of which: Lombard
of which: Commodity trade finance
Irrevocable loan commitments
of which: Large corporate clients
Forward starting reverse repurchase and securities borrowing
agreements
Committed unconditionally revocable credit lines
of which: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Lombard
of which: Credit cards
Irrevocable committed prolongation of existing loans
Total off-balance sheet financial instruments and other credit lines
Total allowances and provisions
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Positive amounts in these columns are representative of a net
improvement in credit quality since the acquisition of the respective financial instrument.
UBS Group first quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 57
Expected credit loss measurement (continued)
ECL-relevant balance sheet and off-balance sheet positions
USD m
31.12.25
Carrying amount
1
ECL allowances
2
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
Cash and balances at central banks
Amounts due from banks
Receivables from securities financing transactions measured at
amortized cost
Cash collateral receivables on derivative instruments
Loans and advances to customers
of which: Private clients with mortgages
of which: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Lombard
of which: Credit cards
of which: Commodity trade finance
of which: Ship / aircraft financing
of which: Consumer financing
Other financial assets measured at amortized cost
of which: Loans to financial advisors
Total financial assets measured at amortized cost
Financial assets measured at fair value through other comprehensive
income
Total on-balance sheet financial assets in scope of ECL requirements
Notional exposure
ECL provisions
2
Off-balance sheet (in scope of ECL)
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stage 3
PCI
Guarantees
of which: Large corporate clients
of which: SME clients
of which: Financial intermediaries and hedge funds
of which: Lombard
of which: Commodity trade finance
Irrevocable loan commitments
of which: Large corporate clients
Forward starting reverse repurchase and securities borrowing
agreements
Committed unconditionally revocable credit lines
of which: Real estate financing
of which: Large corporate clients
of which: SME clients
of which: Lombard
of which: Credit cards
Irrevocable committed prolongation of existing loans
Total off-balance sheet financial instruments and other credit lines
Total allowances and provisions
1 The carrying amount of financial assets measured at amortized cost represents the total gross exposure net of the respective ECL allowances. 2 Positive amounts in these columns are representative of a net
improvement in credit quality since the acquisition of the respective financial instrument.
UBS Group first quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 58
Expected credit loss measurement (continued)
The table below provides information about the exposures subject to ECL and the ECL coverage ratio for UBS’s core
loan portfolios (i.e.
Loans and advances to customers
) and relevant off-balance sheet
exposures.
Cash and balances at central banks
,
Amounts due from banks
,
Receivables from securities financing
transactions
,
Cash collateral receivables on derivative instruments
Financial assets measured at fair value
through other comprehensive income
ECL coverage ratios are calculated by dividing ECL allowances and provisions by the gross carrying amount of the
corresponding on-balance sheet exposures or by the notional amount of the off-balance sheet exposures.
The overall coverage ratio for performing positions increased by 1 basis point to 11 basis points as of 31 March
2026. Compared with 31 December 2025, the coverage ratio for performing positions related to real estate lending
(on-balance sheet) was unchanged at 3 basis points, and the coverage ratio for performing positions related to
corporate lending (on-balance sheet) increased by 2 basis points to 78 basis points.
Coverage ratios for core loan portfolio
31.3.26
Gross carrying amount (USD m)
ECL coverage (bps)
On-balance sheet
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
PCI
Private clients with mortgages
Real estate financing
Total real estate lending
Large corporate clients
SME clients
Total corporate lending
Lombard
Credit cards
Commodity trade finance
Ship / aircraft financing
Consumer financing
Other loans and advances to customers
Loans to financial advisors
Total other lending
Total
1
Notional exposure (USD m)
ECL coverage (bps)
Off-balance sheet
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
PCI
Private clients with mortgages
Real estate financing
Total real estate lending
Large corporate clients
SME clients
Total corporate lending
Lombard
Credit cards
Commodity trade finance
Ship / aircraft financing
Consumer financing
Financial intermediaries and hedge funds
Other off-balance sheet commitments
Total other lending
Total
2
Total on- and off-balance sheet
3
1 Includes Loans and advances to customers and Loans to financial advisors, which are presented on the balance sheet line Other financial assets measured at amortized cost. 2 Excludes Forward starting reverse
repurchase and securities borrowing agreements. 3 Includes on-balance sheet exposure, gross and off-balance sheet exposure (notional) and the related ECL coverage ratio (bps).
UBS Group first quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 59
Expected credit loss measurement (continued)
Coverage ratios for core loan portfolio
31.12.25
Gross carrying amount (USD m)
ECL coverage (bps)
On-balance sheet
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
PCI
Private clients with mortgages
Real estate financing
Total real estate lending
Large corporate clients
SME clients
Total corporate lending
Lombard
Credit cards
Commodity trade finance
Ship / aircraft financing
Consumer financing
Other loans and advances to customers
Loans to financial advisors
Total other lending
Total
1
Notional exposure (USD m)
ECL coverage (bps)
Off-balance sheet
Total
Stage 1
Stage 2
Stage 3
PCI
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
PCI
Private clients with mortgages
Real estate financing
Total real estate lending
Large corporate clients
SME clients
Total corporate lending
Lombard
Credit cards
Commodity trade finance
Ship / aircraft financing
Consumer financing
Financial intermediaries and hedge funds
Other off-balance sheet commitments
Total other lending
Total
2
Total on- and off-balance sheet
3
1 Includes Loans and advances to customers and Loans to financial advisors, which are presented on the balance sheet line Other financial assets measured at amortized cost. 2 Excludes Forward starting reverse
repurchase and securities borrowing agreements. 3 Includes on-balance sheet exposure, gross and off-balance sheet exposure (notional) and the related ECL coverage ratio (bps).
UBS Group first quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 60
Provisions and contingent liabilities
a) Provisions and contingent liabilities
The table below presents an overview of total provisions and contingent liabilities.
Overview of total provisions and contingent liabilities
USD m
31.3.26
31.12.25
Provisions related to expected credit losses (IFRS 9,
Financial Instruments
)
1
Provisions related to Credit Suisse loan commitments (IFRS 3,
Business Combinations
)
Provisions related to litigation, regulatory and similar matters (IAS 37,
Provisions, Contingent Liabilities and Contingent Assets
)
Acquisition-related contingent liabilities resulting from litigation, regulatory and similar matters (IFRS 3,
Business Combinations
)
Restructuring, real-estate and other provisions (IAS 37,
Provisions, Contingent Liabilities and Contingent Assets
)
Total provisions and contingent liabilities
1 Refer to "Expected credit loss measurement" in this section for more information about ECL provisions recognized for off-balance sheet financial instruments and credit lines.
The table below presents additional information for provisions under IAS 37,
Provisions, Contingent Liabilities and
Contingent Assets
.
Additional information for provisions under IAS 37,
Provisions, Contingent Liabilities and Contingent Assets
USD m
Litigation,
regulatory and
similar matters
1
Restructuring
2
Real estate
3
Other
4
Total
Balance as of 31 December 2025
Increase in provisions recognized in the income statement
Release of provisions recognized in the income statement
Provisions used in conformity with designated purpose
Reclassifications
5
Foreign currency translation and other movements
Balance as of 31 March 2026
1 Consists of provisions for losses resulting from legal, liability and compliance risks. 2 Mainly includes USD 586m of personnel-related restructuring provisions as of 31 March 2026 (31 December 2025: USD 493m),
USD 253m of provisions for onerous contracts related to real estate as of 31 March 2026 (31 December 2025: USD 270m) and USD 109m of restructuring provisions for onerous contracts related to technology as of
31 March 2026 (31 December 2025: USD 128m). 3 Mainly includes provisions for reinstatement costs with respect to leased properties. 4 Mainly includes provisions in relation to employee benefits, VAT, onerous
contracts related to technology and operational risks. 5 Includes reclassifications between IFRS 3 contingent liabilities and IAS 37 provisions.
Information about provisions and contingent liabilities with respect to litigation, regulatory and similar matters, as
a class, is included in part b). There are no material contingent liabilities associated with the other classes of
provisions.
b) Litigation, regulatory and similar matters
The Group operates in a legal and regulatory environment that exposes it to significant litigation and similar risks
arising from disputes and regulatory proceedings. As a result, UBS (which for purposes of this Note may refer to
UBS Group AG and/or one or more of its subsidiaries, as applicable) is involved in various disputes and legal
proceedings, including litigation, arbitration, and regulatory and criminal investigations.
UBS Group first quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 61
Provisions and contingent liabilities (continued)
Such matters are subject to many uncertainties, and the outcome and the timing of resolution are often difficult to
predict, particularly in the earlier stages of a case. There are also situations where the Group may enter into a
settlement agreement. This may occur in order to avoid the expense, management distraction or reputational
implications of continuing to contest liability, even for those matters for which the Group believes it should be
exonerated. The uncertainties inherent in all such matters affect the amount and timing of any potential outflows
for both matters with respect to which provisions have been established and other contingent liabilities. The Group
makes provisions for such matters brought against it when, in the opinion of management after seeking legal
advice, it is more likely than not that the Group has a present legal or constructive obligation as a result of past
events, it is probable that an outflow of resources will be required, and the amount can be reliably estimated. Where
these factors are otherwise satisfied, a provision may be established for claims that have not yet been asserted
against the Group, but are nevertheless expected to be, based on the Group’s experience with similar asserted
claims. If any of those conditions is not met, such matters result in contingent liabilities. If the amount of an
obligation cannot be reliably estimated, a liability exists that is not recognized even if an outflow of resources is
probable. Accordingly, no provision is established even if the potential outflow of resources with respect to such
matters could be significant. Developments relating to a matter that occur after the relevant reporting period, but
prior to the issuance of financial information, which affect management’s assessment of the provision for such
matter (because, for example, the developments provide evidence of conditions that existed at the end of the
reporting period), are adjusting events after the reporting period under IAS 10 and must be recognized in the
financial information for the reporting period.
Specific litigation, regulatory and other matters are described below, including all such matters that management
considers to be material and others that management believes to be of significance to the Group due to potential
financial, reputational and other effects. The amount of damages claimed, the size of a transaction or other
information is provided where available and appropriate in order to assist users in considering the magnitude of
potential exposures. For additional disclosures relating to risks that may result in litigation, regulatory or similar
matters disclosed in this section, refer to the “Risk factors” section of the UBS Group Annual Report 2025.
In the case of certain matters below, we state that we have established a provision, and for the other matters, we
make no such statement. When we make this statement and we expect disclosure of the amount of a provision to
prejudice seriously our position with other parties in the matter because it would reveal what UBS believes to be
the probable and reliably estimable outflow, we do not disclose that amount. In some cases we are subject to
confidentiality obligations that preclude such disclosure. With respect to the matters for which we do not state
whether we have established a provision, either: (a) we have not established a provision; or (b) we have established
a provision but expect disclosure of that fact to prejudice seriously our position with other parties in the matter
because it would reveal the fact that UBS believes an outflow of resources to be probable and reliably estimable.
With respect to certain litigation, regulatory and similar matters for which we have established provisions, we are
able to estimate the expected timing of outflows. However, the aggregate amount of the expected outflows for
those matters for which we are able to estimate expected timing is immaterial relative to our current and expected
levels of liquidity over the relevant time periods.
The aggregate amount provisioned for litigation, regulatory and similar matters as a class is disclosed in the
“Provisions” table in part a) above. UBS provides below an estimate of the aggregate liability for its litigation,
regulatory and similar matters as a class of contingent liabilities. Estimates of contingent liabilities are inherently
imprecise and uncertain as these estimates require UBS to make speculative legal assessments as to claims and
proceedings that involve unique fact patterns or novel legal theories, that have not yet been initiated or are at early
stages of adjudication, or as to which alleged damages have not been quantified by the claimants. Taking into
account these uncertainties and the other factors described herein, UBS estimates the future losses that could arise
from litigation, regulatory and similar matters disclosed below for which an estimate is possible, that are not covered
by existing provisions (including acquisition-related contingent liabilities established under IFRS 3 in connection with
the acquisition of Credit Suisse), are in the range of USD 0bn to USD 1.5bn.
UBS Group first quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 62
Provisions and contingent liabilities (continued)
Litigation, regulatory and similar matters may also result in non-monetary penalties and consequences. Certain
resolutions or convictions of a crime could have material consequences for UBS. Resolution of regulatory
proceedings may require UBS to obtain waivers of regulatory disqualifications to maintain certain operations, may
entitle regulatory authorities to limit, suspend or terminate licenses and regulatory authorizations, and may permit
financial market utilities to limit, suspend or terminate UBS’s participation in such utilities. Failure to obtain such
waivers, or any limitation, suspension or termination of licenses, authorizations or participations, could have
material consequences for UBS.
In May 2025, Credit Suisse Services AG entered into a plea agreement with the DOJ relating to legacy Credit Suisse
accounts booked in Credit Suisse’s Swiss booking center and a non-prosecution agreement relating to legacy Credit
Suisse accounts booked in Credit Suisse’s Singapore booking center. These agreements include ongoing obligations
of UBS to provide information and cooperate with the DOJ.
The amounts shown in the table below reflect the provisions recorded under IFRS Accounting Standards. In
connection with the acquisition of Credit Suisse, UBS Group AG additionally has reflected in its purchase accounting
under IFRS 3 a valuation adjustment reflecting an estimate of outflows relating to contingent liabilities for all present
obligations included in the scope of the acquisition at fair value upon closing, even if it is not probable that the
contingent liability will result in an outflow of resources, significantly decreasing the recognition threshold for
litigation liabilities beyond those that generally apply under IFRS Accounting Standards. The IFRS 3 acquisition-
related contingent liabilities of USD 0.5bn at 31 March 2026 reflect a decrease of USD 0.1bn from 31 December
2025 mainly as a result of reclassifications to provisions under IAS 37 and releases upon the resolution of the
relevant matters.
Provisions for litigation, regulatory and similar matters, by business division and in Group Items
1
USD m
Global Wealth
Management
Personal &
Corporate
Banking
Asset
Management
Investment
Bank
Non-core
and Legacy
2
Group Items
UBS Group
Balance as of 31 December 2025
Increase in provisions recognized in the income statement
Release of provisions recognized in the income statement
Provisions used in conformity with designated purpose
Reclassifications
3
Foreign currency translation and other movements
Balance as of 31 March 2026
1 Provisions, if any, for the matters described in items 1 and 7 of this disclosure are recorded in Global Wealth Management. Provisions, if any, for the matters described in items 3, 4, 5, 6 and 8 of this disclosure are
recorded in Non-core and Legacy. Provisions, if any, for the matters described in item 2 of this disclosure are allocated between the Investment Bank, Non-core and Legacy and Group Items. 2 Includes a provision
for the estimated costs of UBS’s ongoing obligations with the US Department of Justice as described in this section. 3 Includes reclassifications between IFRS 3 contingent liabilities and IAS 37 provisions.
1. Madoff
In relation to the Bernard L. Madoff Investment Securities LLC (BMIS) investment fraud, UBS AG, UBS (Luxembourg)
S.A. (now UBS Europe SE, Luxembourg branch) and certain other UBS subsidiaries were subject to inquiries by a
number of regulators, including the Swiss Financial Market Supervisory Authority (FINMA) and the Luxembourg
Commission de Surveillance du Secteur Financier. Those inquiries concerned two third-party funds established under
Luxembourg law, substantially all assets of which were with BMIS, as well as certain funds established in offshore
jurisdictions with either direct or indirect exposure to BMIS. These funds faced severe losses, and the Luxembourg
funds are in liquidation. The documentation establishing both funds identifies UBS entities in various roles, including
custodian, administrator, manager, distributor and promoter, and indicates that UBS employees served as board
members.
In 2009 and 2010, the liquidators of the two Luxembourg funds filed claims against UBS entities, non-UBS entities
and certain individuals, including current and former UBS employees, seeking amounts totaling approximately EUR
2.1bn, which includes amounts that the funds may be held liable to pay the trustee for the liquidation of BMIS
(BMIS Trustee).
A large number of alleged beneficiaries have filed claims against UBS entities (and non-UBS entities) for purported
losses relating to the Madoff fraud. The majority of these cases have been decided in favor of UBS or dismissed for
want of prosecution.
UBS Group first quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 63
Provisions and contingent liabilities (continued)
In the US, the BMIS Trustee filed claims against UBS entities, among others, in relation to the two Luxembourg
funds and one of the offshore funds. The total amount claimed against all defendants in these actions was not less
than USD 2bn. In 2014, the US Supreme Court rejected the BMIS Trustee’s motion for leave to appeal decisions,
dismissing all claims against UBS defendants except those for the recovery of approximately USD 125m of payments
alleged to be fraudulent conveyances and preference payments. Similar claims have been filed against Credit Suisse
entities seeking to recover redemption payments. In 2016, the bankruptcy court dismissed these claims against the
UBS entities and most of the Credit Suisse entities. In 2019, the Court of Appeals reversed the dismissal of the BMIS
Trustee’s remaining claims. The cases were remanded to the Bankruptcy Court for further proceedings.
2. Foreign exchange, LIBOR and benchmark rates, and other trading practices
Foreign-exchange-related civil litigation:
Putative class actions have been filed since 2013 in US federal courts and
in other jurisdictions against UBS, Credit Suisse and other banks on behalf of persons who engaged in foreign
currency transactions with the defendant banks. While many of these cases have concluded, UBS and Credit Suisse
continue to defend against several remaining matters. In one such case, Credit Suisse and UBS have entered into
agreements to settle all claims in a putative class action in Israel. Credit Suisse’s settlement received court approval
and is final. UBS’s settlement remains subject to court approval.
LIBOR and other benchmark-related civil litigation:
in the federal courts in New York against UBS and numerous other banks on behalf of parties who transacted in
certain interest rate benchmark-based derivatives. Also pending in the US and in other jurisdictions are a number
of other actions asserting losses related to various products whose interest rates were linked to LIBOR and other
benchmarks, including adjustable rate mortgages, preferred and debt securities, bonds pledged as collateral, loans,
depository accounts, investments and other interest-bearing instruments. The complaints alleged manipulation,
through various means, of certain benchmark interest rates, including USD LIBOR, Yen LIBOR, EURIBOR, CHF LIBOR,
and GBP LIBOR and seek unspecified compensatory and other damages under various legal theories. The CHF and
GBP LIBOR actions have concluded.
Putative class actions were filed in US federal district courts and subsequently consolidated in the US District Court
for the Southern District of New York (SDNY) relating to various transactions that referenced USD LIBOR. Following
various rulings, one class action with respect to transactions in over-the-counter instruments and several actions
brought by individual plaintiffs proceeded. In September 2025, the district court granted defendants’ motion for
summary judgment as to all remaining actions. Plaintiffs have appealed.
The Yen LIBOR/Euroyen TIBOR and EURIBOR actions have been dismissed. The plaintiffs have appealed the
dismissals. In August 2025, the Second Circuit affirmed in part and reversed in part the district court’s dismissal of
the complaint in the EURIBOR action, returning the action to the district court.
Credit default swap auction litigation –
in a putative class action filed in federal court in New Mexico alleging manipulation of credit default swap (CDS)
final auction prices. Defendants filed a motion to enforce a previous CDS class action settlement in the SDNY. In
January 2024, the SDNY ruled that, to the extent claims in the New Mexico action arise from conduct prior to
30 June 2014, those claims are barred by the SDNY settlement. The plaintiffs appealed and, in May 2025, the
Second Circuit affirmed the SDNY decision. Defendants filed a motion for judgment on the pleadings in December
2025.
UBS Group first quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 64
Provisions and contingent liabilities (continued)
With respect to additional matters and jurisdictions not encompassed by the settlements and orders referred to
above, UBS’s balance sheet at 31 March 2026 reflected a provision in an amount that UBS believes to be appropriate
under the applicable accounting standard. As in the case of other matters for which we have established provisions,
the future outflow of resources in respect of such matters cannot be determined with certainty based on currently
available information and accordingly may ultimately prove to be substantially greater (or may be less) than the
provision that we have recognized.
3. Mortgage-related matters
Credit Suisse affiliates are defendants in various civil litigation matters related to their roles as issuer, sponsor,
depositor, underwriter and/or servicer of RMBS transactions. These cases currently include repurchase actions by
RMBS trusts and/or trustees, in which plaintiffs generally allege breached representations and warranties in respect
of mortgage loans and failure to repurchase such mortgage loans as required under the applicable agreements.
The amounts disclosed below do not reflect actual realized plaintiff losses to date. Unless otherwise stated, these
amounts reflect the original unpaid principal balance amounts as alleged in these actions.
DLJ Mortgage Capital, Inc. (DLJ) is a defendant in New York State court in four actions: An action brought by Asset
Backed Securities Corporation Home Equity Loan Trust, Series 2006-HE7 alleges damages of not less than
USD 374m. In December 2023, the trial court granted in part DLJ’s motion to dismiss, dismissing with prejudice all
notice-based claims. On appeal, the appellate court modified the trial court’s dismissal in April 2025 to reinstate
certain of plaintiff’s notice-based claims and otherwise dismissed plaintiff’s claims. Plaintiff has sought leave from
the New York Court of Appeals to further appeal the dismissal of certain of its claims. An action by Home Equity
Asset Trust, Series 2006-8, alleges damages of not less than USD 436m. An action by Home Equity Asset Trust
2007-2 alleges damages of not less than USD 495m. An action by CSMC Asset-Backed Trust 2007-NC1 does not
allege a damages amount.
4. ATA litigation
Since November 2014, a series of lawsuits have been filed against a number of banks, including Credit Suisse, in
the US District Court for the Eastern District of New York (EDNY) and the SDNY alleging claims under the United
States Anti-Terrorism Act (ATA) and the Justice Against Sponsors of Terrorism Act. The plaintiffs in each of these
lawsuits are, or are relatives of, victims of various terrorist attacks in Iraq and allege a conspiracy and/or aiding and
abetting based on allegations that various international financial institutions, including the defendants, agreed to
alter, falsify or omit information from payment messages that involved Iranian parties for the express purpose of
concealing the Iranian parties’ financial activities and transactions from detection by US authorities. The lawsuits
allege that this conduct has made it possible for Iran to transfer funds to Hezbollah and other terrorist organizations
actively engaged in harming US military personnel and civilians. In January 2023, the Second Circuit affirmed a
September 2019 ruling by the EDNY granting defendants’ motion to dismiss the first filed lawsuit. In October 2023,
the US Supreme Court denied plaintiffs’ petition for a writ of certiorari, and in September 2025 the EDNY denied
plaintiffs’ motion to vacate the judgment; the matter has concluded. Of the other seven cases, four are stayed,
including one that was dismissed as to Credit Suisse and most of the bank defendants prior to entry of the stay,
and in three cases defendants moved to dismiss plaintiffs’ amended complaints. The SDNY dismissed two of these
cases in April 2026; the dismissals may be appealed by plaintiffs.
5. Customer account matters
Several clients have alleged that a former relationship manager in Switzerland exceeded his investment authority,
resulting in excessive concentrations of certain exposures and investment losses. Following investigations and
criminal complaints, in February 2018, the former relationship manager was sentenced to five years in prison by
the Geneva criminal court and ordered to pay damages of approximately USD 130m, a decision upheld on appeal.
Civil lawsuits have been initiated against Credit Suisse AG and / or certain affiliates in various jurisdictions, based
on the findings established in the criminal proceedings against the former relationship manager.
In Singapore, in a now-concluded civil lawsuit, Credit Suisse Trust Limited was ordered to pay USD 461m, including
interest and costs.
UBS Group first quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 65
Provisions and contingent liabilities (continued)
In Bermuda, in November 2025, the Judicial Committee of the Privy Council issued its final judgment on the appeal,
denying Credit Suisse Life (Bermuda) Ltd.’s appeal on liability, but partially granting its appeal concerning the
quantum of damages and directing the parties to recalculate damages.
In Switzerland, certain civil lawsuits have been commenced against Credit Suisse AG and UBS AG (as the successor
of Credit Suisse AG) in the Court of First Instance of Geneva since March 2023.
6. ETN-related litigation
XIV litigation: Since March 2018, three class action complaints were filed in the SDNY on behalf of a putative class
of purchasers of VelocityShares Daily Inverse VIX Short-Term Exchange Traded Notes linked to the S&P 500 VIX
Short-Term Futures Index (XIV ETNs). The complaints have been consolidated and asserts claims against Credit Suisse
for violations of various anti-fraud and anti-manipulation provisions of US securities laws arising from a decline in
the value of XIV ETNs in February 2018. On appeal from an order of the SDNY dismissing all claims, the Second
Circuit issued an order that reinstated a portion of the claims. In decisions in March 2023 and February 2025, the
court granted class certification for two of the three classes proposed by plaintiffs and denied class certification of
the third proposed class.
7. Credit Suisse anti-money laundering matters
In December 2020, the Swiss Office of the Attorney General brought charges against Credit Suisse AG and other
parties concerning the diligence and controls applied to a historical relationship with Bulgarian former clients who
are alleged to have laundered funds through Credit Suisse AG accounts. In June 2022, following a trial, Credit
Suisse AG was convicted in the Swiss Federal Criminal Court of certain historical organizational inadequacies in its
anti-money-laundering framework and ordered to pay a fine of CHF 2m. In addition, the court seized certain client
assets in the amount of approximately CHF 12m and ordered Credit Suisse AG to pay a compensatory claim in the
amount of approximately CHF 19m. Credit Suisse AG appealed the decision to the Chamber of Appeals of the
Swiss Federal Criminal Court (Chamber of Appeals). Following the merger of UBS AG and Credit Suisse AG, UBS
AG confirmed the appeal. In November 2024, the Chamber of Appeals acquitted UBS AG and annulled the fine
and compensatory claim ordered by the first instance court. Subsequently, the Office of the Attorney General has
appealed the judgment to the Swiss Federal Supreme Court. UBS has also appealed, limited to the issue of whether
a successor entity by merger can be criminally liable for acts of the predecessor entity. In July 2025, the Swiss Federal
Supreme Court remanded the case back to the Chamber of Appeals for a full and reasoned judgment. In March
2026, the Chamber of Appeals issued a judgment again acquitting UBS AG. This judgment may be appealed by
the parties to the Swiss Federal Supreme Court. Separately, in November 2025, the Swiss Office of the Attorney
General filed criminal charges against UBS Group and UBS AG, as the successors to Credit Suisse Group AG and
Credit Suisse AG, respectively, alleging that Credit Suisse failed to maintain appropriate controls to detect and
prevent money laundering in connection with certain payments from accounts at Credit Suisse by parties associated
with Mozambique state enterprises for which Credit Suisse arranged loan financing between 2013 and 2016. In
April 2026, the court dismissed the proceedings, finding criminal liability could not be transferred from Credit Suisse
Group AG and Credit Suisse AG to UBS Group AG and UBS AG. The Attorney General has appealed.
8. Credit Suisse financial disclosures
Credit Suisse Group AG and certain directors, officers and executives have been named in securities class action
complaints pending in the SDNY. These complaints, filed since 2023 on behalf of purchasers of Credit Suisse shares,
additional tier 1 capital notes, and other securities, allege that defendants made misleading statements regarding:
(i) customer outflows in late 2022 and early 2023; (ii) the adequacy of Credit Suisse’s financial reporting controls;
and (iii) the adequacy of Credit Suisse’s risk management processes, and include allegations relating to Credit Suisse
Group AG’s merger with UBS Group AG. As of November 2025, the SDNY certified classes in two cases.
Credit Suisse has received requests for documents and information from regulatory and governmental agencies in
connection with inquiries, investigations and/or actions relating to these matters, as well as for other statements
regarding Credit Suisse’s financial condition, including from the SEC, the DOJ and FINMA. UBS is cooperating with
the authorities in these matters.
UBS Group first quarter 2026 report |
Consolidated financial information | UBS Group AG interim consolidated financial information (unaudited) 66
Currency translation rates
The following table shows the rates of the main currencies used to translate the financial information of UBS’s
operations with a functional currency other than the US dollar into US dollars.
Currency translation rates
Closing exchange rate
Average rate
1
As of
For the quarter ended
31.3.26
31.12.25
31.3.25
31.3.26
31.12.25
31.3.25
1 CHF
1 EUR
1 GBP
100 JPY
1 Monthly income statement items of operations with a functional currency other than the US dollar are translated into US dollars using month-end rates. Disclosed average rates for a quarter represent an average of
three month-end rates, weighted according to the income and expense volumes of all operations of the Group with the same functional currency for each month. Weighted average rates for individual business
divisions may deviate from the weighted average rates for the Group.
UBS Group first quarter 2026 report |
Significant regulated subsidiary and sub-group information 67
Significant regulated subsidiary
and sub-group information
Unaudited
Financial and regulatory key figures for our significant regulated subsidiaries and sub-groups
UBS AG
(consolidated)
UBS AG
(standalone)
UBS Switzerland AG
(standalone)
UBS Europe SE
(consolidated)
UBS Americas
Holding LLC
(consolidated)
All values in million, except where indicated
USD
USD
CHF
EUR
USD
Financial and regulatory requirements
IFRS Accounting Standards
Swiss SRB rules
IFRS Accounting
Standards
Swiss SRB rules
IFRS Accounting
Standards
Swiss SRB rules
IFRS Accounting
Standards
EU regulatory rules
US GAAP
US Basel III rules
As of or for the quarter ended
31.3.26
31.12.25
31.3.26
31.12.25
31.3.26
31.12.25
31.3.26
31.12.25
31.3.26
31.12.25
Financial information
1
Income statement
Total operating income
2
13,966
11,283
4,342
5,240
3
3,213
2,880
3
361
373
4,645
4,470
Total operating expenses
10,780
10,890
3,309
3,609
2,338
2,497
295
294
4,226
4,149
Operating profit / (loss) before tax
3,186
393
1,033
1,631
875
383
66
79
419
321
Net profit / (loss)
2,514
39
926
1,550
755
311
46
72
343
221
Balance sheet
Total assets
1,687,883
1,617,173
970,331
937,167
538,453
509,530
62,506
54,143
214,188
207,057
Total liabilities
1,596,162
1,527,994
884,022
852,392
513,774
485,533
58,149
49,813
188,517
181,629
Total equity
91,722
89,179
86,309
84,775
24,679
23,998
4,357
4,330
25,671
25,428
Capital
4
Common equity tier 1 capital
3,097
3,109
14,021
13,696
Additional tier 1 capital
600
600
2,834
2,825
Total going concern capital / Tier 1 capital
3,697
3,709
16,855
16,521
Tier 2 capital
210
203
Total capital
3,697
3,709
17,064
16,723
Total gone concern loss-absorbing capacity
5
5
5
5
2,510
6
2,505
6
7,800
7
7,800
7
Total loss-absorbing capacity
6,207
6,215
24,655
7
24,321
7
Risk-weighted assets and leverage
ratio denominator
4
Risk-weighted assets
16,448
15,926
77,052
75,654
Leverage ratio denominator
63,909
55,952
199,896
198,104
Supplementary leverage ratio denominator
227,971
232,902
Capital and leverage ratios (%)
4
Common equity tier 1 capital ratio
8
Going concern capital ratio / Tier 1 capital ratio
Total capital ratio
Total loss-absorbing capacity ratio
Tier 1 leverage ratio
Supplementary tier 1 leverage ratio
Going concern leverage ratio
Total loss-absorbing capacity leverage ratio
Gone concern capital coverage ratio
Liquidity coverage ratio
4
High-quality liquid assets (bn)
334.1
331.7
155.8
149.3
110.5
115.2
21.3
21.0
28.7
27.9
Net cash outflows (bn)
193.9
188.4
67.4
63.7
84.4
87.3
15.5
14.9
23.7
21.9
Liquidity coverage ratio (%)
172.4
176.2
231.2
9
234.9
131.0
10
132.0
137.5
141.5
120.9
127.4
Net stable funding ratio
4
Total available stable funding (bn)
887.3
873.5
397.5
404.8
367.8
357.0
21.1
20.5
102.6
102.6
Total required stable funding (bn)
764.3
755.3
434.5
446.5
295.9
285.0
15.6
15.0
81.2
80.5
Net stable funding ratio (%)
116.1
115.7
91.5
11
90.7
124.3
11
125.2
135.2
137.3
126.4
127.3
1 The financial information disclosed does not represent a full set of financial statements under the respective GAAP / IFRS Accounting Standards. 2 The total operating income includes credit loss expense or release.
3 In 2025, UBS decided to consolidate the Wealth Management International business, the Global Financial Intermediaries business, and other related businesses booked in Switzerland in UBS AG to further optimize
Group legal and operational structures and to address regulatory considerations. In the second quarter of 2025, UBS Switzerland AG transferred the beneficial ownership of the Wealth Management International
business and the Global Financial Intermediaries business booked in UBS Switzerland AG to UBS AG, with effect from 1 January 2025. The transfer was made in the form of a dividend in kind amounting to USD 126m
(CHF 100m), reflecting the net asset value of the in-scope businesses. In the fourth quarter of 2025, UBS Switzerland AG transferred the beneficial ownership of the related businesses to UBS AG, with effect from
1 May 2025. The transfer was made in the form of a dividend in kind amounting to USD 1,261 (CHF 1,000), reflecting the net asset value of the in-scope businesses. UBS Switzerland AG will continue to manage the
businesses under a contractual relationship with UBS AG until the completion of legal transfer, which is expected to take place in 2028, and will continue to recognize the underlying assets and liabilities of the relevant
businesses until then. UBS AG’s share of the net profits of USD 196m for the fourth quarter of 2025 is reflected in Fee and commission income for UBS AG and CHF 157m in Fee and commission expense for UBS
Switzerland AG, both within Operating income. 4 Refer to the UBS Group and significant regulated subsidiaries and sub-groups 31 March 2026 Pillar 3 Report, available under “Pillar 3 disclosures” at
ubs.com/investors, for more information. 5 Includes an add-back of 45% of unrealized gains from financial assets measured at fair value through other comprehensive income. Such gains do not qualify as CET1
capital, but 45% of these gains can be recognized as gone concern capital. 6 Consists of positions that meet the conditions laid down in Art. 72a–b of the Capital Requirements Regulation II with regard to
contractual, structural or legal subordination. 7 Consists of eligible long-term debt that meets the conditions specified in 12 CFR § 252.162 of the final total loss-absorbing capacity (TLAC) rules. TLAC is the sum of
tier 1 capital and eligible long-term debt. 8 On a standalone basis as of 31 March 2026, UBS AG’s phase-in CET1 capital ratio was 14.5%, based on risk weights of 240% and 360% for Swiss and foreign
participations, respectively. As per current rules, these risk weights will increase to 250% and 400% for Swiss and foreign participations, respectively, in a phased manner until 1 January 2028, contributing to UBS
AG’s fully applied CET1 capital ratio of 13.9%. 9 In the first quarter of 2026, the liquidity coverage ratio (the LCR) of UBS AG was 231.2%, remaining above the prudential requirement communicated by FINMA.
10 In the first quarter of 2026, the LCR of UBS Switzerland AG, which is a Swiss SRB, was 131.0%, remaining above the prudential requirement communicated by FINMA in connection with the Swiss Emergency Plan.
11 In accordance with Art. 17h para. 3 and 4 of the Liquidity Ordinance, UBS AG standalone is required to maintain a minimum NSFR of at least 80% without taking into account excess funding of UBS Switzerland
AG and 100% after taking into account such excess funding.
UBS Group first quarter 2026 report |
Significant regulated subsidiary and sub-group information 68
UBS Group AG is a holding company and conducts substantially all of its operations through UBS AG and
subsidiaries thereof. UBS Group AG and UBS AG have contributed a significant portion of their respective capital
to, and provide substantial liquidity to, such subsidiaries. Many of these subsidiaries are subject to regulations
requiring compliance with minimum capital, liquidity and similar requirements. The tables in this section summarize
the regulatory capital components and capital ratios of our significant regulated subsidiaries and sub-groups
determined under the regulatory framework of the home jurisdiction of each subsidiary or sub-group.
Supervisory authorities generally have discretion to impose higher requirements or to otherwise limit the activities
of subsidiaries. Supervisory authorities also may require entities to measure capital and leverage ratios on a stressed
basis and may limit the ability of an entity to engage in new activities or take capital actions based on the results of
those tests.
Additional information about the above entities is provided in the UBS Group and significant regulated subsidiaries
and sub-groups 31 March 2026 Pillar 3 Report, which is available under “Pillar 3 disclosures” at
ubs.com/investors
.
UBS Group first quarter 2026 report |
Appendix 69
Appendix
Alternative performance measures
An alternative performance measure (an APM) is a financial measure of historical or future financial performance,
financial position or cash flows other than a financial measure defined or specified in the applicable recognized
accounting standards or in other applicable regulations. A number of APMs are reported in the discussion of the
financial and operating performance of the external reports (annual, quarterly and other reports). APMs are used
to provide a more complete picture of operating performance and to reflect management’s view of the fundamental
drivers of the business results. The table below indicates where an APM also qualifies as non-GAAP measure as
defined by US Securities and Exchange Commission (SEC) regulations. A definition of each APM, and non-GAAP
measure as applicable, the method used to calculate it and the information content are presented in alphabetical
order in the table below.
APM / non-GAAP label
Calculation
Information content / usefulness
Cost / income ratio (%)
Calculated as operating expenses divided by total
revenues.
This measure provides information about the
efficiency of the business by comparing operating
expenses with total revenues.
Cost / income ratio (underlying) (%)
(non-GAAP measure)
Calculated as operating expenses (underlying) (as
defined below) divided by total revenues (underlying)
(as defined below).
This measure provides information about the
efficiency of the business by comparing operating
expenses with total revenues, while excluding items
that management believes are not representative of
the underlying performance of the businesses.
Cost of credit risk (bps)
Calculated as total credit loss expense / (release)
(annualized for reporting periods shorter than
12 months) divided by the average balance of lending
assets for the reporting period, expressed in basis
points. Lending assets include the gross amounts of
Amounts due from banks and Loans and advances to
customers.
This measure provides information about the total
credit loss expense / (release) incurred in relation to
the average balance of gross lending assets for the
period.
Credit-impaired lending assets as a
percentage of total lending assets,
gross (%)
Calculated as credit-impaired lending assets divided
by total lending assets. Lending assets includes the
gross amounts of Amounts due from banks and
Loans and advances to customers. Credit-impaired
lending assets refers to the sum of stage 3 and
purchased credit-impaired positions.
This measure provides information about the
proportion of credit-impaired lending assets in the
overall portfolio of gross lending assets.
Credit-impaired loan portfolio as a
percentage of total loan portfolio,
gross (%)
– Global Wealth Management,
Personal & Corporate Banking
Calculated as credit-impaired loan portfolio divided by
total gross loan portfolio.
This measure provides information about the
proportion of the credit-impaired loan portfolio in the
total gross loan portfolio.
Customer deposit volumes (USD)
– Global Wealth Management
(non-GAAP measure)
Calculated as the sum of customer deposits and
brokerage payables.
This measure provides information about the volume
of customer deposits in Global Wealth Management.
Fee-generating assets (USD)
– Global Wealth Management
Calculated as the sum of discretionary and non-
discretionary wealth management portfolios
(mandate volume) and assets where generated
revenues are predominantly of a recurring nature, i.e.
mainly investment, mutual, hedge and private-market
funds where we have a distribution agreement,
including client commitments into closed-ended
private-market funds from the date that recurring
fees are charged. Assets related to our Global
Financial Intermediaries business are excluded, as are
assets of sanctioned clients.
This measure provides information about the volume
of invested assets that create a revenue stream,
whether as a result of the nature of the contractual
relationship with clients or through the fee structure
of the asset. An increase in the level of fee-generating
assets results in an increase in the associated revenue
stream. Assets of sanctioned clients are excluded from
fee-generating assets.
Gross margin on invested assets (bps)
– Asset Management
Calculated as total revenues (annualized for reporting
periods shorter than 12 months) divided by average
invested assets.
This measure provides information about the total
revenues of the business in relation to invested assets.
UBS Group first quarter 2026 report |
Appendix 70
APM / non-GAAP label
Calculation
Information content / usefulness
Integration-related expenses (USD)
(non-GAAP measure)
Generally include costs of internal staff and
contractors substantially dedicated to integration
activities, retention awards, redundancy costs,
incremental expenses from the shortening of useful
lives of property, equipment and software, and
impairment charges relating to these assets.
Classification as integration-related expenses does not
affect the timing of recognition and measurement of
those expenses or the presentation thereof in the
income statement. Integration-related expenses
incurred by Credit Suisse also included expenses
associated with restructuring programs that existed
prior to the acquisition.
This measure provides information about expenses
that are temporary, incremental and directly related to
the integration of Credit Suisse into UBS.
Invested assets (USD and CHF)
Calculated as the sum of managed fund assets,
managed institutional assets, discretionary and
advisory wealth management portfolios, fiduciary
deposits, time deposits, savings accounts, and wealth
management securities or brokerage accounts.
This measure provides information about the volume
of client assets managed by or deposited with UBS for
investment purposes.
Loan volumes (USD)
– Global Wealth Management
(non-GAAP measure)
Calculated as loans and advances to customers and
brokerage receivables, gross of expected credit losses.
This measure provides information about the loan
volumes in Global Wealth Management.
Net interest income (underlying) (USD)
– Global Wealth Management,
Personal & Corporate Banking
(non-GAAP measure)
Calculated by adjusting net interest income as
reported in accordance with IFRS Accounting
Standards for items that management believes are
not representative of the underlying performance of
the businesses.
This measure provides information about the amount
of net interest income, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Net interest margin (bps)
– Personal & Corporate Banking
Calculated as net interest income (annualized for
reporting periods shorter than 12 months) divided by
average loans.
This measure provides information about the
profitability of the business by calculating the
difference between the interest charged for lending
and the associated cost of funding, relative to loan
value.
Net management fees (USD)
– Asset Management
(non-GAAP measure)
Calculated as the total of transaction fees, fund
administration revenues (including net interest and
trading income from lending activities and foreign-
exchange hedging as part of the fund services
offering), distribution fees, incremental fund-related
expenses, gains or losses from seed money and co-
investments, funding costs, the negative pass-through
impact of third-party performance fees, and other
items that are not Asset Management’s performance
fees.
This measure provides information about the amount
of net management fees earned through managing
client assets.
Net new assets (USD)
– Global Wealth Management
Calculated as the net amount of inflows and outflows
of invested assets (as defined in UBS policy) recorded
during a specific period, plus interest and dividends.
Excluded from the calculation are movements due to
market performance, foreign exchange translation,
fees, and the effects on invested assets of strategic
decisions by UBS to exit markets or cease offering
services in a particular location, or those resulting
from new externally imposed regulations.
This measure provides information about the
development of invested assets during a specific
period as a result of net new asset flows, plus the
effect of interest and dividends.
Net new assets growth rate (%)
– Global Wealth Management
Calculated as the net amount of inflows and outflows
of invested assets (as defined in UBS policy) recorded
during a specific period (annualized for reporting
periods shorter than 12 months), plus interest and
dividends, divided by total invested assets at the
beginning of the period.
This measure provides information about the growth
of invested assets during a specific period as a result
of net new asset flows.
Net new deposit volumes (USD)
– Global Wealth Management
(non-GAAP measure)
Calculated as the net amount of inflows and outflows
of deposit volumes recorded during a specific period.
Deposits include customer deposits and customer
brokerage payables. Excluded from the calculation are
movements due to fair value measurement, foreign
exchange translation, accrued interest and fees, as
well as the effects on customer deposits of strategic
decisions by UBS to exit markets or cease offering
services in a particular location, or those resulting
from new externally imposed regulations.
This measure provides information about the
development of deposits during a specific period as a
result of net new deposit flows.
UBS Group first quarter 2026 report |
Appendix 71
APM / non-GAAP label
Calculation
Information content / usefulness
Net new deposits (USD and CHF)
– Personal & Corporate Banking
Calculated as the net amount of inflows and outflows
of customer deposits recorded during a specific
period. Excluded from the calculation are movements
due to fair value measurement, foreign exchange
translation, accrued interest and fees, as well as the
effects on customer deposits of strategic decisions by
UBS to exit markets or cease offering services in a
particular location, or those resulting from new
externally imposed regulations.
This measure provides information about the
development of deposits during a specific period as a
result of net new deposit flows.
Net new fee-generating assets (USD)
– Global Wealth Management
Calculated as the net amount of fee-generating asset
inflows and outflows, including dividend and interest
inflows into mandates and outflows from mandate
fees paid by clients during a specific period. Excluded
from the calculation are the effects on fee-generating
assets of strategic decisions by UBS to exit markets or
cease offering services in a particular location, or
those resulting from new externally imposed
regulations.
This measure provides information about the
development of fee-generating assets during a
specific period as a result of net flows, excluding
movements due to market performance and foreign
exchange translation, as well as the effects on fee-
generating assets of strategic decisions by UBS to exit
markets or cease offering services in a particular
location, or those resulting from new externally
imposed regulations.
Net new loan volumes (USD)
– Global Wealth Management
(non-GAAP measure)
Calculated as the net amount of originations,
drawdowns and repayments of loan volumes
recorded during a specific period. Loan volumes
include loans and advances to customers and
customer brokerage receivables. Excluded from the
calculation are allowances, movements due to fair
value measurement and foreign exchange translation,
as well as the effects on loans and advances to
customers of strategic decisions by UBS to exit
markets or cease offering services in a particular
location, or those resulting from new externally
imposed regulations.
This measure provides information about the
development of loan volumes during a specific period
as a result of net new loan volumes.
Net new loans (USD and CHF)
– Personal & Corporate Banking
Calculated as the net amount of originations,
drawdowns and repayments of loans and advances to
customers recorded during a specific period. Excluded
from the calculation are allowances, movements due
to fair value measurement and foreign exchange
translation, as well as the effects on loans and
advances to customers of strategic decisions by UBS
to exit markets or cease offering services in a
particular location, or those resulting from new
externally imposed regulations.
This measure provides information about the
development of loans during a specific period as a
result of net new loans.
Net new money (USD)
– Global Wealth Management,
Asset Management
Calculated as the net amount of inflows and outflows
of invested assets (as defined in UBS policy) recorded
during a specific period. Excluded from the calculation
are movements due to market performance, foreign
exchange translation, dividends, interest and fees, as
well as the effects on invested assets of strategic
decisions by UBS to exit markets or cease offering
services in a particular location, or those resulting
from new externally imposed regulations. Net new
money is not measured for Personal & Corporate
Banking.
This measure provides information about the
development of invested assets during a specific
period as a result of net new money flows.
Net profit growth (%)
Calculated as the change in net profit attributable to
shareholders from continuing operations between
current and comparison periods divided by net profit
attributable to shareholders from continuing
operations of the comparison period.
This measure provides information about profit
growth since the comparison period.
Operating expenses (underlying) (USD)
(non-GAAP measure)
Calculated by adjusting operating expenses as
reported in accordance with IFRS Accounting
Standards for items that management believes are
not representative of the underlying performance of
the businesses.
This measure provides information about the amount
of operating expenses, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Operating profit / (loss) before tax
(underlying) (USD)
(non-GAAP measure)
Calculated by adjusting operating profit / (loss) before
tax as reported in accordance with IFRS Accounting
Standards for items that management believes are
not representative of the underlying performance of
the businesses.
This measure provides information about the amount
of operating profit / (loss) before tax, while excluding
items that management believes are not
representative of the underlying performance of the
businesses.
Other revenues (USD and CHF)
– Global Wealth Management,
Personal & Corporate Banking
(non-GAAP measure)
Calculated by including other income as reported in
accordance with IFRS Accounting Standards, profit or
loss related to non-client derivative instruments and
profit or loss related to equity investments measured
at fair value through profit or loss.
This measure provides information about residual
business division revenues, after deduction of net
interest income, recurring net fee income and
transaction-based income.
UBS Group first quarter 2026 report |
Appendix 72
APM / non-GAAP label
Calculation
Information content / usefulness
Other revenues (underlying)
(USD and CHF)
– Global Wealth Management,
Personal & Corporate Banking
(non-GAAP measure)
Calculated by adjusting other revenues for items that
management believes are not representative of the
underlying performance of the businesses.
This measure provides information about the amount
of other revenues, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Pre-tax profit growth (%)
– Global Wealth Management,
Personal & Corporate Banking,
Asset Management,
the Investment Bank
Calculated as the change in net profit before tax
attributable to shareholders from continuing
operations between current and comparison periods
divided by net profit before tax attributable to
shareholders from continuing operations of the
comparison period.
This measure provides information about pre-tax
profit growth since the comparison period.
Pre-tax profit growth (underlying) (%)
– Global Wealth Management,
Personal & Corporate Banking,
Asset Management,
the Investment Bank
(non-GAAP measure)
Calculated as the change in underlying net profit
before tax attributable to shareholders from
continuing operations between current and
comparison periods divided by underlying net profit
before tax attributable to shareholders from
continuing operations of the comparison period.
Underlying net profit before tax attributable to
shareholders from continuing operations excludes
items that management believes are not
representative of the underlying performance of the
businesses and also excludes related tax impact.
This measure provides information about pre-tax
profit growth since the comparison period, while
excluding items that management believes are not
representative of the underlying performance of the
businesses.
Recurring net fee income
(USD and CHF)
– Personal & Corporate Banking
(non-GAAP measure)
Calculated as the total of fees for services provided on
an ongoing basis, such as portfolio management fees,
asset-based investment fund fees and custody fees,
which are generated on client assets, and
administrative fees for accounts.
This measure provides information about the amount
of recurring net fee income.
Return on attributed equity (%)
– Global Wealth Management,
Personal & Corporate Banking,
Asset Management,
the Investment Bank
Calculated as business division operating profit before
tax (annualized for reporting periods shorter than
12 months) divided by average attributed equity.
This measure provides information about the
profitability of the business divisions in relation to
attributed equity.
Return on attributed equity
(underlying) (%)
(non-GAAP measure)
Calculated as underlying business division operating
profit before tax (annualized for reporting periods
shorter than 12 months) (as defined above) divided by
average attributed equity.
This measure provides information about the
profitability of the business divisions in relation to
attributed equity, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Return on common equity tier 1 capital
(%)
Calculated as net profit attributable to shareholders
(annualized for reporting periods shorter than
12 months) divided by average common equity tier 1
capital.
This measure provides information about the
profitability of the business in relation to common
equity tier 1 capital.
Return on common equity tier 1 capital
(underlying) (%)
(non-GAAP measure)
Calculated as underlying net profit attributable to
shareholders (annualized for reporting periods shorter
than 12 months) divided by average common equity
tier 1 capital. Underlying net profit attributable to
shareholders excludes items that management
believes are not representative of the underlying
performance of the businesses and also excludes
related tax impact.
This measure provides information about the
profitability of the business in relation to common
equity tier 1 capital, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Return on equity (%)
Calculated as net profit attributable to shareholders
(annualized for reporting periods shorter than
12 months) divided by average equity attributable to
shareholders.
This measure provides information about the
profitability of the business in relation to equity.
Return on tangible equity (%)
Calculated as net profit attributable to shareholders
(annualized for reporting periods shorter than
12 months) divided by average equity attributable to
shareholders less average goodwill and intangible
assets.
This measure provides information about the
profitability of the business in relation to tangible
equity.
Return on tangible equity (underlying)
(%)
(non-GAAP measure)
Calculated as underlying net profit attributable to
shareholders (annualized for reporting periods shorter
than 12 months) divided by average equity
attributable to shareholders less average goodwill and
intangible assets. Underlying net profit attributable to
shareholders excludes items that management
believes are not representative of the underlying
performance of the businesses and also excludes
related tax impact.
This measure provides information about the
profitability of the business in relation to tangible
equity, while excluding items that management
believes are not representative of the underlying
performance of the businesses.
UBS Group first quarter 2026 report |
Appendix 73
APM / non-GAAP label
Calculation
Information content / usefulness
Tangible book value per share (USD)
Calculated as equity attributable to shareholders less
goodwill and intangible assets divided by the number
of shares outstanding.
This measure provides information about tangible net
assets on a per-share basis.
Total book value per share (USD)
Calculated as equity attributable to shareholders
divided by the number of shares outstanding.
This measure provides information about net assets
on a per-share basis.
Total revenues (underlying) (USD)
(non-GAAP measure)
Calculated by adjusting total revenues as reported in
accordance with IFRS Accounting Standards for items
that management believes are not representative of
the underlying performance of the businesses.
This measure provides information about the amount
of total revenues, while excluding items that
management believes are not representative of the
underlying performance of the businesses.
Transaction-based income
(USD and CHF)
– Global Wealth Management,
Personal & Corporate Banking
(non-GAAP measure)
Calculated as the total of the non-recurring portion of
net fee and commission income, mainly composed of
brokerage and transaction-based investment fund
fees, and credit card fees, as well as fees for payment
and foreign-exchange transactions, together with
other net income from financial instruments
measured at fair value through profit or loss.
This measure provides information about the amount
of the non-recurring portion of net fee and
commission income, together with other net income
from financial instruments measured at fair value
through profit or loss.
Transaction-based income (underlying)
(USD and CHF)
– Global Wealth Management,
Personal & Corporate Banking
(non-GAAP measure)
Calculated by adjusting transaction-based income for
items that management believes are not
representative of the underlying performance of the
businesses.
This measure provides information about the amount
of transaction-based income, while excluding items
that management believes are not representative of
the underlying performance of the businesses.
This is a general list of the APMs and non-GAAP measures used in our financial reporting. Not all of the above-
listed measures may appear in this particular report.
Information related to underlying return on common equity tier 1 capital (RoCET1) and underlying return on tangible
equity (%)
As of or for the quarter ended
USD m, except where indicated
31.3.26
31.12.25
31.3.25
Underlying net profit / (loss) attributable to shareholders
1
12,290
8,698
7,955
Tangible equity
85,347
83,265
80,276
Average tangible equity
84,306
83,091
79,234
CET1 capital
73,313
71,262
69,152
Average CET1 capital
72,288
72,958
70,260
Underlying return on tangible equity (%)
1
14.6
10.5
10.0
Underlying return on common equity tier 1 capital (%)
1
17.0
11.9
11.3
1 Annualized for reporting periods shorter than 12 months.
UBS Group first quarter 2026 report |
Appendix 74
Abbreviations frequently used in our financial reports
A
ABS asset-backed securities
AG Aktiengesellschaft
AGM Annual General Meeting of
shareholders
AI artificial intelligence
A-IRB advanced internal ratings-
based
ALCO Asset and Liability
Committee
AMA advanced measurement
approach
AML anti-money laundering
AoA Articles of Association
APM alternative performance
measure
ARR alternative reference rate
ARS auction rate securities
ASF available stable funding
AT1 additional tier 1
AuM assets under management
B
BCBS Basel Committee on
Banking Supervision
BIS Bank for International
Settlements
BoD Board of Directors
C
CAO Capital Adequacy
Ordinance
CCAR Comprehensive Capital
Analysis and Review
CCF credit conversion factor
CCP central counterparty
CCR counterparty credit risk
CCRC Corporate Culture and
Responsibility Committee
CDS credit default swap
CEO Chief Executive Officer
CET1 common equity tier 1
CFO Chief Financial Officer
CGU cash-generating unit
CHF Swiss franc
CIO Chief Investment Office
CORC Compliance and
Operational Risk Control
CRM credit risk mitigation
CRO Chief Risk Officer
CST combined stress test
CUSIP Committee on Uniform
Security Identification
Procedures
CVA credit valuation adjustment
D
DBO defined benefit obligation
DCCP Deferred Contingent
Capital Plan
DFAST Dodd–Frank Act Stress Test
DisO-FINMA FINMA Ordinance on the
Disclosure Obligations of
Banks and Securities Firms
DM discount margin
DOJ US Department of Justice
DTA deferred tax asset
DVA debit valuation adjustment
E
EAD exposure at default
EB Executive Board
EC European Commission
ECB European Central Bank
ECL expected credit loss
EGM Extraordinary General
Meeting of shareholders
EIR effective interest rate
EL expected loss
EMEA Europe, Middle East and
Africa
EOP Equity Ownership Plan
EPS earnings per share
ESG environmental, social and
governance
ETD exchange-traded derivatives
ETF exchange-traded fund
EU European Union
EUR euro
EURIBOR Euro Interbank Offered Rate
EVE economic value of equity
EY Ernst & Young Ltd
F
FCA UK Financial Conduct
Authority
FDIC Federal Deposit Insurance
Corporation
FINMA Swiss Financial Market
Supervisory Authority
FMIA Swiss Financial Market
Infrastructure Act
FRTB Fundamental Review of the
Trading Book
FSB Financial Stability Board
FTA Swiss Federal Tax
Administration
FVA funding valuation
adjustment
FVOCI fair value through other
comprehensive income
FVTPL fair value through profit or
loss
FX foreign exchange
G
GAAP generally accepted
accounting principles
GBP pound sterling
GDP gross domestic product
GEB Group Executive Board
GHG greenhouse gas
GCORC Group Compliance and
Operational Risk Control
GRI Global Reporting Initiative
G-SIB global systemically
important bank
H
HQLA
high-quality liquid assets
I
IAS International Accounting
Standards
IASB International Accounting
Standards Board
IBOR interbank offered rate
IFRIC International Financial
Reporting Interpretations
Committee
IFRS accounting standards
Accounting issued by the IASB
Standards
IRB internal ratings-based
IRRBB interest rate risk in the
banking book
ISDA International Swaps and
Derivatives Association
ISIN International Securities
Identification Number
UBS Group first quarter 2026 report |
Appendix 75
Abbreviations frequently used in our financial reports (continued)
K
KRT Key Risk Taker
L
LAS liquidity-adjusted stress
LCR liquidity coverage ratio
LGD loss given default
LIBOR London Interbank Offered
Rate
LLC limited liability company
LoD lines of defense
LRD leverage ratio denominator
LTIP Long-Term Incentive Plan
LTV loan-to-value
M
M&A mergers and acquisitions
MRT Material Risk Taker
N
NII net interest income
NSFR net stable funding ratio
NYSE New York Stock Exchange
O
OCA own credit adjustment
OCI other comprehensive
income
OECD Organisation for Economic
Co-operation and
Development
OTC over-the-counter
P
PCI purchased credit impaired
PD probability of default
PIT point in time
PPA purchase price allocation
Q
QCCP qualifying central
counterparty
R
RBC risk-based capital
RbM risk-based monitoring
REIT real estate investment trust
RMBS residential mortgage-
backed securities
RniV risks not in VaR
RoCET1 return on CET1 capital
RoU right-of-use
rTSR relative total shareholder
return
RWA risk-weighted assets
S
SA standardized approach or
société anonyme
SA-CCR standardized approach for
counterparty credit risk
SAR Special Administrative
Region of the People’s
Republic of China
SDG Sustainable Development
Goal
SEC US Securities and Exchange
Commission
SFT securities financing
transaction
SIBOR Singapore Interbank
Offered Rate
SICR significant increase in credit
risk
SIX SIX Swiss Exchange
SME small and medium-sized
entities
SMF Senior Management
Function
SNB Swiss National Bank
SOR Singapore Swap Offer Rate
SPPI solely payments of principal
and interest
SRB systemically relevant bank
SVaR stressed value-at-risk
T
TBTF too big to fail
TCFD Task Force on Climate-
related Financial Disclosures
TIBOR Tokyo Interbank Offered
Rate
TLAC total loss-absorbing capacity
TTC through the cycle
U
USD US dollar
V
VaR value-at-risk
VAT
value-added tax
This is a general list of the abbreviations frequently used in our financial reporting. Not all of the listed abbreviations
may appear in this particular report.
UBS Group first quarter 2026 report |
Appendix 76
Information sources
Reporting publications
Annual publications
UBS Group Annual Report:
performance; the strategy and performance of the business divisions and Group functions; risk, treasury and capital
management; corporate governance; the compensation framework, including information about compensation for
the Board of Directors and the Group Executive Board members; and financial information, including the financial
statements.
“Auszug aus dem Geschäftsbericht
”
:
UBS Group Annual Report.
Compensation Report:
compensation for the Board of Directors and the Group Executive Board members. It is available in English and
German (
“Vergütungsbericht
”) and represents a component of the UBS Group Annual Report.
Sustainability Report:
environmental, social and governance (ESG) topics.
Quarterly publications
Quarterly financial report:
respective quarter. It is available in English.
The annual and quarterly publications are available in .pdf and online formats at
ubs.com/investors
, under “Financial
information”. Printed copies, in any language, of the aforementioned annual publications are no longer provided.
Other information
Website
The “Investor Relations” website at
ubs.com/investors
news releases; financial information, including results-related filings with the US Securities and Exchange
Commission (the SEC); information for shareholders, including UBS dividend and share repurchase program
information, and for bondholders, including rating agencies reports; the corporate calendar; and presentations by
management for investors and financial analysts. Information is available online in English, with some information
also available in German.
Results presentations
Quarterly results presentations are webcast live. Recordings of most presentations can be downloaded from
ubs.com/presentations
.
Messaging service
Email alerts to news about UBS can be subscribed for under “UBS News Alert” at
ubs.com/global/en/investor-
relations/contact/investor-services.html
. Messages are sent in English, German, French or Italian, with an option to
select theme preferences for such alerts.
Form 20-F and other submissions to the US Securities and Exchange Commission
UBS files periodic reports with and submits other information to the SEC. Principal among these filings is the annual
report on Form 20-F, filed pursuant to the US Securities Exchange Act of 1934. The filing of Form 20-F is structured
as a wraparound document. Most sections of the filing can be satisfied by referring to the UBS Group Annual
Report. However, there is a small amount of additional information in Form 20-F that is not presented elsewhere
and is particularly targeted at readers in the US. Readers are encouraged to refer to this additional disclosure. Any
document that is filed with the SEC is available on the SEC’s website:
sec.gov
. Refer to
ubs.com/investors
information.
UBS Group first quarter 2026 report |
Appendix 77
Cautionary statement regarding forward-looking statements |
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 regul atory 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 |
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 |
available as of the relevant date or for the relevant period. Zero values generally indicate that the respective figure is zero on an actual or rounded basis. Values
that are zero on a rounded basis can be either negative or positive on an actual basis.
Websites |
of any such websites into this report.
UBS Group AG
P.O. Box
CH-8098 Zurich
ubs.com
This Form 6-K is hereby incorporated by reference into (1) each of the registration statements on Form F-3
(Registration Numbers 333-283672 and 333-293403), and on Form S-8 (Registration Numbers 333-200634; 333-
200635; 333-200641; 333-200665; 333-215254; 333-215255; 333-228653; 333-230312; 333-249143 and 333-
272975), and into each prospectus outstanding under any of the foregoing registration statements, (2) any
outstanding offering circular or similar document issued or authorized by UBS AG that incorporates by reference
any Forms 6-K of UBS AG that are incorporated into its registration statements filed with the SEC, and (3) the base
prospectus of Corporate Asset Backed Corporation (“CABCO”) dated June 23, 2004 (Registration Number 333-
111572), the Form 8-K of CABCO filed and dated June 23, 2004 (SEC File Number 001-13444), and the
Prospectus Supplements relating to the CABCO Series 2004-101 Trust dated May 10, 2004 and May 17, 2004
(Registration Number 033-91744 and 033-91744-05).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this
report to be signed on their behalf by the undersigned, thereunto duly authorized.
UBS Group AG
By: /s/ Sergio Ermotti
___
Name: Sergio Ermotti
Title: Group Chief Executive Officer
By: /s/ Todd Tuckner
_
Name: Todd Tuckner
Title: Group Chief Financial Officer
By: /s/ Steffen Henrich
____________
Name: Steffen Henrich
Title: Group Controller
UBS AG
By: /s/ Sergio Ermotti
_
Name: Sergio Ermotti
Title: President of the Executive Board
By: /s/ Todd Tuckner
_
Name: Todd Tuckner
Title: Chief Financial Officer
By: /s/ Steffen Henrich
_____________
Name: Steffen Henrich
Title: Controller
Date: April 29, 2026