Ubs AG 6-K, filed Oct 28, 2026
Ubs AG (AMUB)
6-K
2026-10-28
For: 2026-09-30
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Added on
October 28, 2026
About this 6-K
Ubs AG filed this 6-K on October 28, 2026.
UBS AG reported third-quarter 2026 net profit attributable to shareholders of USD 2,315m, up from USD 1,288m, and a 14.5% common equity tier 1 capital ratio. On 21 October 2026, the Extraordinary General Meeting of UBS AG approved a supplementary 2025 dividend of USD 4,500m. AI summary
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
Date: October 28, 2026
UBS 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 registrant files 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 Third Quarter 2026 Report of UBS AG, which appears immediately following this
page.
Corporate calendar UBS AG
Information about future publication dates is generally available at
ubs.com/global/en/investor-relations/events/calendar.html
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Publisher: UBS 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.
Introduction
3.
Risk and capital management
4.
Consolidated
financial information
Appendix
UBS AG third quarter 2026 report
Terms used in this report, unless the context requires otherwise
“UBS”, “UBS Group”, “UBS Group AG consolidated”, “Group” and “the Group”
UBS Group AG and its consolidated subsidiaries
“UBS AG” and “UBS AG consolidated”, “we”, “us” and “our”
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 UBS AG, 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
Comparison between UBS AG consolidated and UBS Group AG consolidated
This report should be read in conjunction with the UBS Group 30 September 2026 Interim Report that was
published on 28 October 2026 and is available under “Quarterly reporting” at
ubs.com/investors
. A comparison of
selected financial and capital information of UBS AG consolidated and of UBS Group AG consolidated is provided
in the “Introduction” section of this report.
Change in interim reporting
As previously announced, from the first quarter of 2026 onward, UBS AG’s first- and third-quarter financial reports
include consolidated financial information that is no longer prepared in accordance with IAS 34,
Interim Financial
Reporting
. Instead, UBS AG publishes consolidated financial information for those quarters that is prepared in
accordance with UBS AG accounting policies, which are consistent with IFRS Accounting Standards, but does not
include all explanatory notes as required under IAS 34 and therefore does not constitute an “interim financial
report” as defined by IAS 34.
The income statement, the statement of comprehensive income and information related to those statements in the
“Consolidated financial information” section of this report are presented on the basis of the nine-month periods
ended 30 September 2026 and 30 September 2025. The balance sheet and related information are presented as
of 30 September 2026 and 31 December 2025.
In 2026, UBS AG started the publication of semi-annual interim financial reports that include interim consolidated
financial statements as of and for the six-month period ending 30 June, prepared in accordance with IAS 34.
UBS AG third quarter 2026 report
|
Key figures
UBS AG consolidated key figures
UBS AG consolidated key figures
As of or for the quarter ended
As of or year-to-date
USD m, except where indicated
30.9.26
30.6.26
31.12.25
30.9.25
30.9.26
30.9.25
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Net profit / (loss) attributable to shareholders
Profitability and growth
Return on equity (%)
1
Return on tangible equity (%)
1
Return on common equity tier 1 capital (%)
1
Cost / income ratio (%)
1
Net profit growth (%)
1
n.m.
Resources
Total assets
Equity attributable to shareholders
Common equity tier 1 capital
2
Risk-weighted assets
2
Common equity tier 1 capital ratio (%)
2
Going concern capital ratio (%)
2
Total loss-absorbing capacity ratio (%)
2
Leverage ratio denominator
2
Common equity tier 1 leverage ratio (%)
2
Liquidity coverage ratio (%)
3
Net stable funding ratio (%)
Other
Invested assets (USD bn)
1,4
Personnel (full-time equivalents)
1 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. 2 Based on the Swiss systemically relevant bank framework. Refer
to the “Capital management” section of this report for more information. 3 The disclosed ratios represent quarterly averages for each of the quarters presented and have been calculated based on an average of
66 data points in the third quarter of 2026, 60 data points in the second quarter of 2026, 64 data points in the fourth quarter of 2025 and 65 data points in the third quarter of 2025. 4 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 AG Annual Report 2025, available under “Annual reporting” at ubs.com/investors, for more information.
UBS AG third quarter 2026 report |
Introduction 4
Introduction
Overview
UBS Group AG is the holding company for the UBS Group and the parent company of UBS AG. UBS Group AG
holds 100% of the issued shares in UBS AG. UBS AG and UBS Group both prepare annual consolidated financial
statements in accordance with IFRS Accounting Standards and semi-annual interim consolidated financial
statements in accordance with IAS 34,
Interim Financial Reporting
.
The financial information included in this report has been prepared in accordance with UBS AG’s accounting policies
as described in “Note 1 Summary of material accounting policies” to the UBS AG consolidated annual financial
statements for the year ended 31 December 2025.
›
Refer to the “Consolidated financial information” section of this report for more information
UBS Group has applied acquisition accounting as defined by IFRS 3,
Business Combinations
, to the acquisition of
the Credit Suisse Group in 2023. The merger of UBS AG and Credit Suisse AG on 31 May 2024 has been accounted
for as a business combination under common control, as defined in IFRS 3, using the historic carrying values of the
assets and liabilities of Credit Suisse AG as at the date of the transaction (31 May 2024), determined under IFRS
Accounting Standards. Therefore, differences exist between the accounting treatments applied at the UBS Group
and UBS AG consolidated levels. There are also certain scope and presentation differences, as noted below.
›
Refer to “Note 28 Changes in organization and acquisitions and disposals of subsidiaries and businesses” in the
“Consolidated financial statements” section of the UBS AG Annual Report 2025, available under “Annual reporting”
at
ubs.com/investors
, for more information about the accounting for the merger of UBS AG and Credit Suisse AG
Except for the differences related to the above and discussed in the next section, financial information for UBS AG
consolidated does not differ materially from that for UBS Group AG consolidated.
›
Refer to the UBS Group third quarter 2026 report, available under “Quarterly reporting” at
ubs.com/investors
, for
more information
Comparison between UBS AG consolidated and
UBS Group AG consolidated
The table below provides a comparison of selected financial and capital information of UBS AG consolidated and
of UBS Group AG consolidated.
Assets, liabilities, revenues, operating expenses and tax expenses / (benefits) relating to UBS Group AG and its
directly held subsidiaries, including UBS Business Solutions AG, are reflected in the consolidated financial statements
of UBS Group AG but not in those of UBS AG. UBS AG’s assets, liabilities, revenues and operating expenses related
to transactions with UBS Group AG and its directly held subsidiaries, including UBS Business Solutions AG and other
shared services subsidiaries, are not subject to elimination in the UBS AG consolidated financial statements, but are
eliminated in the UBS Group AG consolidated financial statements.
In the third quarter of 2026, UBS AG consolidated recognized a net profit of USD 2,325m, while UBS Group AG
consolidated recognized a net profit of USD 2,700m. The USD 375m difference was mainly due to certain purchase
price allocation (PPA) effects recognized at the UBS Group level upon the acquisition of the Credit Suisse Group.
These resulted in net accretion income at the UBS Group level, net of tax effects, whereas UBS AG has not applied
acquisition accounting and does not have the PPA effects or the corresponding net income. Other differences in
net profit mainly arose due to UBS Business Solutions AG and other shared services subsidiaries of UBS Group AG
charging other legal entities within the UBS AG consolidation scope a markup on costs incurred for services
provided.
UBS AG third quarter 2026 report |
Introduction 5
For the first nine months of 2026, UBS AG consolidated recognized a net profit of USD 7,063m, while
UBS Group AG consolidated recognized a net profit of USD 8,566m. The USD 1,503m difference was mainly due
to the aforementioned PPA effects recognized at the UBS Group level and the aforementioned markup charged by
UBS Business Solutions AG and other shared services subsidiaries of UBS Group AG to other legal entities within
the UBS AG consolidation scope.
As of 30 September 2026, the total assets of UBS AG consolidated were USD 2.0bn higher than the total assets of
UBS Group AG consolidated. The difference mainly reflected PPA effects recognized at the UBS Group AG level
upon the acquisition of the Credit Suisse Group and consolidation scope differences. The total liabilities of UBS AG
consolidated were USD 1.7bn higher than the total liabilities of UBS Group AG consolidated, mainly due to
consolidation scope differences.
The equity of UBS AG consolidated was USD 0.3bn higher than the equity of UBS Group AG consolidated as of
30 September 2026. This difference was mainly due to PPA effects of USD 1.0bn recognized at the UBS Group AG
level upon the acquisition of the Credit Suisse Group that did not impact UBS AG consolidated, primarily related to
loans measured at amortized cost and contingent liabilities recognized under IFRS 3 for litigation, partly offset by PPA
effects on real estate and debt issued. These PPA effects were partly offset by consolidation scope differences of
USD 0.7bn.
On 21 October 2026, the Extraordinary General Meeting of UBS AG approved a supplementary 2025 dividend of
USD 4,500m. The dividend was paid by UBS AG to its shareholder UBS Group AG on the next day.
The going concern capital of UBS AG consolidated was USD 1.9bn lower than the going concern capital of
UBS Group AG consolidated as of 30 September 2026, reflecting the common equity tier 1 (CET1) capital of
UBS AG consolidated being lower by USD 1.5bn and going concern loss-absorbing additional tier 1 (AT1) capital
being USD 0.3bn lower.
The USD 1.5bn lower CET1 capital of UBS AG consolidated was primarily due to a USD 6.9bn difference in dividend
accruals between UBS AG and UBS Group AG, partly offset by compensation-related regulatory capital accruals at
the UBS Group AG level of USD 3.4bn, capital reserve for expected future share repurchases of USD 1.5bn, a
USD 0.4bn effect from eligible deferred tax assets on temporary differences, and the consolidated equity of UBS AG
being USD 0.3bn higher.
The going concern loss-absorbing AT1 capital of UBS AG consolidated was USD 0.3bn lower than that of
UBS Group AG consolidated as of 30 September 2026, mainly reflecting deferred contingent capital plan awards
granted at the Group level to eligible employees for the 2021 to 2025 performance years.
Differences in capital between UBS AG consolidated and UBS Group AG consolidated related to employee
compensation plans will reverse to the extent underlying services are performed by employees of, and are
consequently charged to, UBS AG and its subsidiaries. Such reversal generally occurs over the service period of the
employee compensation plan.
The leverage ratio denominator (the LRD) of UBS AG consolidated was USD 2.3bn higher than the LRD of
UBS Group AG consolidated, mainly reflecting intercompany exposures in UBS AG toward Group entities, as well
as PPA adjustments that apply at the Group level but not at the UBS AG level, partly offset by fixed assets held
outside of the UBS AG consolidation scope.
The risk-weighted assets (RWA) of UBS AG consolidated were USD 2.5bn lower than the RWA of UBS Group AG
consolidated, mainly reflecting non-counterparty-related assets held outside the UBS AG consolidation scope, partly
offset by intercompany credit risk exposures in UBS AG toward Group entities outside of the UBS AG consolidation
scope.
The LRD for UBS AG consolidated exceeds that of UBS Group AG consolidated, and UBS AG’s RWA are lower than
those of UBS Group AG consolidated. This divergence stems mainly from certain PPA adjustments that apply at the
Group level but not at the UBS AG level and are subject to low risk weights.
The quarterly average liquidity coverage ratio (the LCR) of UBS AG consolidated was 4.2 percentage points lower
than the quarterly average LCR of UBS Group AG consolidated. The difference mainly reflected the higher net cash
outflows of UBS AG consolidated from intercompany deposits and loans that are recognized for UBS AG
consolidated but are eliminated at the UBS Group AG consolidated level.
The net stable funding ratio (the NSFR) of UBS AG consolidated was 0.6 percentage points lower than the NSFR of
UBS Group AG consolidated. The difference primarily reflected lower UBS AG consolidated eligible regulatory
capital compared with UBS Group AG consolidated.
UBS AG third quarter 2026 report |
Introduction 6
Comparison between UBS AG consolidated and UBS Group AG consolidated
As of or for the quarter ended 30.9.26
As of or for the quarter ended 30.6.26
As of or for the quarter ended 31.12.25
USD m, except where indicated
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Income statement
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Net profit / (loss)
Balance sheet
Total assets
Total liabilities
Total equity
Capital, liquidity and funding information
Common equity tier 1 capital
Going concern capital
Risk-weighted assets
Common equity tier 1 capital ratio (%)
Going concern capital ratio (%)
Total loss-absorbing capacity ratio (%)
Leverage ratio denominator
Common equity tier 1 leverage ratio (%)
Liquidity coverage ratio (%)
1
Net stable funding ratio (%)
1 The disclosed ratios represent quarterly averages for each of the quarters presented and have been calculated based on an average of 66 data points in the third quarter of 2026, 60 data points in the second
quarter of 2026 and 64 data points in the fourth quarter of 2025. Refer to the “Liquidity and funding management” section of the UBS Group third quarter 2026 report, available under “Quarterly reporting” at
ubs.com/investors, for more information.
Comparison between UBS AG consolidated and UBS Group AG consolidated – income statement year-to-date
Year-to-date 30.9.26
Year-to-date 30.9.25
USD m, except where indicated
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Income statement
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Net profit / (loss)
UBS AG third quarter 2026 report |
Introduction 7
Additional information about our business divisions
Global Wealth Management
For the quarter ended 30.9.26
For the quarter ended 30.6.26
For the quarter ended 31.12.25
USD m
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Profit before tax was USD 1,808m at the UBS AG level, compared with profit before tax of USD 1,919m at the
UBS Group level. The USD 111m difference mainly reflected PPA effects on total revenues recognized in Global
Wealth Management at the UBS Group level.
Personal & Corporate Banking – in Swiss francs
For the quarter ended 30.9.26
For the quarter ended 30.6.26
For the quarter ended 31.12.25
CHF m
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Profit before tax was CHF 812m at the UBS AG level, compared with profit before tax of CHF 915m at the
UBS Group level. The CHF 102m difference mainly reflected PPA effects on total revenues recognized in Personal &
Corporate Banking at the UBS Group level.
Personal & Corporate Banking – in US dollars
For the quarter ended 30.9.26
For the quarter ended 30.6.26
For the quarter ended 31.12.25
USD m
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Asset Management
For the quarter ended 30.9.26
For the quarter ended 30.6.26
For the quarter ended 31.12.25
USD m
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
UBS AG third quarter 2026 report |
Introduction 8
Investment Bank
For the quarter ended 30.9.26
For the quarter ended 30.6.26
For the quarter ended 31.12.25
USD m
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Profit before tax was USD 803m at the UBS AG level, compared with profit before tax of USD 838m at the
UBS Group level. The USD 35m difference mainly reflected PPA effects on total revenues recognized in the
Investment Bank at the UBS Group level, as well as compensation-related effects at the UBS AG level.
Non-core and Legacy
For the quarter ended 30.9.26
For the quarter ended 30.6.26
For the quarter ended 31.12.25
USD m
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Profit before tax was USD 232m at the UBS AG level, compared with a profit before tax of USD 183m at the
UBS Group level. The USD 50m difference was mainly due to net expenses for litigation, regulatory and similar
matters recognized at the UBS Group level only.
Group Items
For the quarter ended 30.9.26
For the quarter ended 30.6.26
For the quarter ended 31.12.25
USD m
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
UBS AG
consolidated
UBS Group AG
consolidated
Difference
(absolute)
Results
Total revenues
Credit loss expense / (release)
Operating expenses
Operating profit / (loss) before tax
Loss before tax was USD 975m at the UBS AG level, compared with a loss before tax of USD 740m at the UBS Group
level. The USD 235m difference mainly arose due to UBS Business Solutions AG and other shared services
subsidiaries of UBS Group AG charging other legal entities within the UBS AG consolidation scope a markup on
costs incurred for services provided.
UBS AG third quarter 2026 report |
Risk and capital management | Risk management and control 9
Risk and capital management
Management report
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 AG Annual Report 2025, available under
“Annual reporting” at
ubs.com/investors
, and the “Recent developments” section of the UBS Group third quarter
2026 report, available under “Quarterly reporting” at
ubs.com/investors
, for more information about the
integration of Credit Suisse.
UBS AG consolidated risk profile
The risk profile of UBS AG consolidated does not differ materially from that of UBS Group AG consolidated, and
the risk information provided in the UBS Group third quarter 2026 report is equally applicable to UBS AG
consolidated.
The total banking products exposure of UBS AG consolidated as of 30 September 2026 differed from that of
UBS Group AG consolidated, mainly reflecting receivables of UBS AG standalone and UBS Switzerland AG from
UBS Group AG and UBS Business Solutions AG, reflecting consolidation scope differences, as well as purchase price
allocation effects booked at the Group level relating to the acquisition of the Credit Suisse Group.
The total banking products exposure of UBS AG consolidated as of 30 September 2026 was USD 1,080.5bn, i.e.
USD 6.9bn, or 0.6%, higher than the exposure of UBS Group AG consolidated. As of 30 June 2026, the total
banking products exposure of UBS AG consolidated was USD 1,110.0bn, i.e. USD 5.0bn, or 0.5%, higher than the
exposure of UBS Group AG consolidated.
›
Refer to the “Risk management and control” section of the UBS Group third quarter 2026 report, available under
“Quarterly reporting” at
ubs.com/investors
, for more information
›
Refer to “Comparison between UBS AG consolidated and UBS Group AG consolidated” in the “Introduction” section
of this report for more information about selected financial and capital information of UBS AG consolidated and
UBS Group AG consolidated
UBS AG third quarter 2026 report |
Risk and capital management | Capital management 10
Capital management
The disclosures in this section are provided for UBS AG on a consolidated basis and focus on 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 AG Annual Report 2025, available under
“Annual reporting” at
ubs.com/investors
, which provides more information about relevant capital management
objectives, planning and activities, as well as the Swiss SRB total loss-absorbing capacity framework, on a UBS AG
consolidated basis.
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 AG contributes a significant portion of capital to, and provides substantial liquidity to, its subsidiaries. Many of
these subsidiaries are subject to regulations requiring compliance with minimum capital, liquidity and similar
requirements.
›
Refer to the UBS Group and significant regulated subsidiaries and sub-groups 30 September 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
Swiss SRB going and gone concern requirements and information
As of 30.9.26
RWA
LRD
USD m, except where indicated
in %
in %
Required going concern capital
Total going concern capital
1
1
Common equity tier 1 capital
2
3
of which: minimum capital
of which: buffer capital
of which: countercyclical buffer
Maximum additional tier 1 capital
2
of which: additional tier 1 capital
of which: additional tier 1 buffer capital
Eligible going concern capital
Total going concern capital
Common equity tier 1 capital
Total loss-absorbing additional tier 1 capital
4
of which: high-trigger loss-absorbing additional tier 1 capital
Required gone concern capital
Total gone concern loss-absorbing capacity
5,6,7
of which: base requirement including add-ons for market share and LRD
8
8
Eligible gone concern capital
Total gone concern loss-absorbing capacity
9
TLAC-eligible unsecured debt
Total loss-absorbing capacity
Required total loss-absorbing capacity
Eligible total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
1 Includes applicable add-ons of 1.89% for risk-weighted assets (RWA) and 0.58% for leverage ratio denominator (LRD). For the RWA -based requirement the add-on includes 0.86% for market share, 0.79% for
LRD, 0.22% reflecting a Pillar 2 capital add-on for the residual exposure (after collateral mitigation) to hedge funds, private equity and family offices, effective 1 January 2025, and 1 basis point reflecting a Pillar 2
capital add-on of USD 40m related to the supply chain finance funds matter at Credit Suisse. For the LRD-based requirement the add-on includes 0.30% for market share and 0.28% for LRD. 2 Includes the Pillar 2
add-on for the residual exposure (after collateral mitigation) to hedge funds, private equity and family offices of 0.16% for CET1 capital and 0.07% for AT1 capital, effective 1 January 2025. For AT1 capital under
Pillar 1 requirements a maximum of 4.3% of AT1 capital can be used to meet going concern requirements; 4.37% includes the aforementioned Pillar 2 capital add-on. 3 Our CET1 leverage ratio requirement of
3.58% consists of a 1.5% base requirement, a 1.5% base buffer capital requirement, a 0.28% LRD add-on requirement and a 0.30% market share add-on requirement based on our Swiss credit business. 4 UBS
meets its minimum going concern capital requirements with CET1 capital and AT1 capital. As UBS exceeds its minimum going concern requirements, the actual available and eligible AT1 capital is above the AT1
capital used to meet the minimum requirements (which is capped at 4.37% as explained in footnote 2 above). 5 A maximum of 25% of the gone concern requirements can be met with instruments that have a
remaining maturity of between one and two years. Once at least 75% of the minimum gone concern requirement has been met with instruments that have a remaining maturity of greater than two years, all instruments
that have a remaining maturity of between one and two years remain eligible to be included in the total gone concern capital. 6 Systemically important banks (SIBs) are subject to base gone concern capital
requirements equivalent to 75% of the total going concern requirements (excluding countercyclical buffer requirements and the Pillar 2 add-ons). 7 FINMA has the authority to impose a surcharge of up to 25% of
the total going concern capital requirements (excluding countercyclical buffer requirements and the Pillar 2 add-ons) should obstacles to an SIB’s resolvability be identified in future resolvability assessments. 8 Includes
applicable add-ons of 1.24% for RWA and 0.43% for LRD. 9 Includes an add-back of 45% of unrealized gains from financial assets measured at fair value through other comprehensive income. Such gains do not
qualify as CET1 capital, but 45% of these gains can be recognized as gone concern capital.
UBS AG third quarter 2026 report |
Risk and capital management | Capital management 11
UBS AG, on a consolidated basis, is subject to the going and gone concern requirements of the Swiss CAO, which
include additional requirements applicable to Swiss SRBs. The table above provides the risk-weighted asset (RWA)-
and leverage ratio denominator (LRD)-based requirements and information as of 30 September 2026.
UBS AG and UBS Switzerland AG are subject to going and gone concern requirements on a standalone basis.
On a standalone basis as of 30 September 2026, UBS AG’s fully applied common equity tier 1 capital ratio was
14.5%. Additional capital information for UBS AG standalone is provided in the UBS Group and significant
regulated subsidiaries and sub-groups 30 September 2026 Pillar 3 Report available under “Pillar 3 disclosures” at
ubs.com/investors
.
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 AG Annual Report 2025, available
under “Annual reporting” at
ubs.com/investors
.
Swiss SRB going and gone concern information
USD m, except where indicated
30.9.26
30.6.26
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 unsecured debt
Total loss-absorbing capacity
Total loss-absorbing capacity
Risk-weighted assets / leverage ratio denominator
Risk-weighted assets
Leverage ratio denominator
Capital and loss-absorbing capacity ratios (%)
Going concern capital ratio
of which: common equity tier 1 capital ratio
Gone concern loss-absorbing capacity ratio
Total loss-absorbing capacity ratio
Leverage ratios (%)
Going concern leverage ratio
of which: common equity tier 1 leverage ratio
Gone concern leverage ratio
Total loss-absorbing capacity leverage ratio
1 Includes an add-back of 45% of unrealized gains from financial assets measured at fair value through other comprehensive income. Such gains do not qualify as CET1 capital, but 45% of these gains can be
recognized as gone concern capital.
UBS AG third quarter 2026 report |
Risk and capital management | Capital management 12
UBS AG vs UBS Group AG consolidated loss-absorbing capacity and leverage information
Swiss SRB going and gone concern information (UBS AG vs UBS Group AG consolidated)
As of 30.9.26
USD m, except where indicated
UBS AG
(consolidated)
UBS Group AG
(consolidated)
Difference
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.
UBS AG third quarter 2026 report |
Risk and capital management | Capital management 13
Reconciliation of equity under IFRS Accounting Standards to Swiss SRB common equity tier 1 capital (UBS AG vs UBS
Group AG consolidated)
As of 30.9.26
USD m
UBS AG
(consolidated)
UBS Group AG
(consolidated)
Difference
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
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
1
Accruals for expected dividends to shareholders for 2026
Capital reserve for expected future share repurchases in 2026 / 2027
Other
Total common equity tier 1 capital
1 Reflects the appropriation of USD 4,500m to a special dividend reserve, approved at the 2026 Annual General Meeting in April 2026. The supplementary dividend of USD 4,500m was paid to UBS Group AG in
October 2026 as approved by the Extraordinary General Meeting.
›
Refer to “Comparison between UBS AG consolidated and UBS Group AG consolidated” in the “Introduction” section
of this report for more information about the differences between UBS AG consolidated and UBS Group AG
consolidated
›
Refer to the “Capital management” section of the UBS Group third quarter 2026 report, available under “Quarterly
reporting” at
ubs.com/investors
, for information about the developments of loss-absorbing capacity, RWA and LRD
for UBS Group AG consolidated
UBS AG third quarter 2026 report |
Consolidated financial information 14
Consolidated financial
information
Unaudited
The accompanying unaudited interim consolidated financial information in this section is presented for UBS AG and
its subsidiaries on a consolidated basis, unless otherwise specified, and is presented in US dollars. This financial
information has been prepared in accordance with UBS AG accounting policies as described in “Note 1 Summary
of material accounting policies” to the UBS AG consolidated annual financial statements for the year ended
31 December 2025, except for changes described in “Note 1 Basis of accounting” in the “Consolidated financial
statements” section of the UBS AG 30 June 2026 Interim Report. 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
.
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited) 15
UBS AG interim consolidated
financial information (unaudited)
Income statement
Year-to-date
USD m
30.9.26
30.9.25
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
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited) 16
Statement of comprehensive income
Year-to-date
USD m
30.9.26
30.9.25
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 AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited) 17
Balance sheet
USD m
30.9.26
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
Funding from UBS Group AG measured at amortized cost
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
Other non-financial liabilities
Total liabilities
Equity
Share capital
Share premium
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 AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited) 18
Additional information
Personnel expenses
Personnel expenses
Year-to-date
USD m
30.9.26
30.9.25
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 mainly 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
30.9.26
30.9.25
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
of which: shared services costs charged by UBS Group AG or its subsidiaries
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 recoveries from third parties or other UBS Group entities. 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 AG. Refer
to “Note 28 Changes in organization and acquisitions and disposals of subsidiaries and businesses” in the “Consolidated financial statements” section of the UBS AG Annual Report 2025 for more information.
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited) 19
Expected credit loss measurement
a) Credit loss expense / release
Total net credit loss expenses in the first nine months of 2026 were USD 312m, reflecting USD 45m net expenses
related to performing positions and USD 267m net expenses on credit-impaired positions.
Net credit loss expenses of USD 267m were recognized for credit-impaired positions, primarily related to a small
number of corporate counterparties across Personal & Corporate Banking, the Investment Bank, and Non-core and
Legacy. The net expenses included a credit loss release of USD 157m 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.
Credit loss expense / (release)
Performing positions
Credit-impaired positions
USD m
Stages 1 and 2
Stage 3
Total
Year-to-date 30.9.26
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Total
Year-to-date 30.9.25
Global Wealth Management
Personal & Corporate Banking
Asset Management
Investment Bank
Non-core and Legacy
Group Items
Total
b) Changes to ECL models, scenarios and scenario weights
Scenarios and scenario weights
The expected credit loss (ECL) scenarios and scenario weights applied by UBS AG in the first nine months of 2026
were in line with those applied in the UBS AG Annual Report 2025. All of the scenarios have been updated based
on the latest macroeconomic forecasts as of 30 September 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 30 September 2026. Global
growth and inflation forecasts reflect higher energy prices and the associated uncertainty. However, the boom in
artificial intelligence (AI) is expected to provide a meaningful offset. In the US growth is expected to be relatively
resilient, although inflation is expected to remain above target in 2026 before moving toward the target in 2027.
In the Eurozone the Middle East conflict has weakened confidence and pushed up energy prices; nevertheless,
growth has remained stronger than expected. Swiss gross domestic product (GDP) growth has also proven resilient,
supported by robust exports and domestic demand in the second quarter. Although this momentum is expected to
moderate in the coming months, the slightly negative output gap is nevertheless projected to close by year-end.
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited) 20
Expected credit loss measurement (continued)
Compared with the January 2026 baseline, US GDP growth projections for 2026 were slightly revised upward,
reflecting stronger-than-expected economic performance in the first three quarters of the year, while projections
for 2027 have remained broadly unchanged. In the Eurozone the Middle East conflict has contributed to higher
inflation but has had only a moderate impact on the annual growth expectations for 2026 and 2027. In Switzerland
2026 GDP growth is expected to be higher than in the January baseline, supported by stronger-than-expected
performance in the second quarter, although inflation in 2026 is also projected to be higher. Equity forecasts for
2026 have been revised upward across developed economies, supported by strong earnings growth. Resilient
macroeconomic conditions, supportive fiscal policies and continued AI investment are expected to sustain profit
growth, particularly in the technology sector. Oil price forecasts for 2026 and 2027 have been adjusted upward to
reflect developments in the Middle East.
The downside scenario set remains unchanged, with the global trade war remaining the binding scenario and the
moderate stagflation crisis remaining the secondary downside scenario. Although the underlying narratives are
unchanged, Brent oil price shocks have been adjusted to ensure a consistent approach across the downside
scenarios.
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
30.9.26
31.12.25
30.9.25
Asset price appreciation
Baseline
Moderate stagflation crisis
Global trade war
Global crisis
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited) 21
Expected credit loss measurement (continued)
c) 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.
No purchased credit-impaired financial assets were recognized in the first nine months of 2026. Originated credit-
impaired financial assets were not material and are not presented in the table below.
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
30.9.26
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
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
Total real estate lending
of which: Large corporate clients
of which: SME clients
Total corporate lending
of which: Lombard
of which: Credit cards
of which: Commodity trade finance
of which: Ship / aircraft financing
of which: Consumer financing
of which: Other loans and advances to customers
Total other lending
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
Off-balance sheet (in scope of ECL)
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
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: Private clients with mortgages
of which: Real estate financing
Total real estate lending
of which: Large corporate clients
of which: SME clients
Total corporate lending
of which: Lombard
of which: Credit cards
of which: Other off-balance sheet commitments
Total other lending
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 respectiv e ECL allowances.
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited) 22
Expected credit loss measurement (continued)
ECL-relevant balance sheet and off-balance sheet positions
USD m
31.12.25
Carrying amount
1
ECL allowances
Financial instruments measured at amortized cost
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
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
Total real estate lending
of which: Large corporate clients
of which: SME clients
Total corporate lending
of which: Lombard
of which: Credit cards
of which: Commodity trade finance
of which: Ship / aircraft financing
of which: Consumer financing
of which: Other loans and advances to customers
Total other lending
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
Total exposure
ECL provisions
Off-balance sheet (in scope of ECL)
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
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
Unconditionally revocable loan commitments
of which: Private clients with mortgages
of which: Real estate financing
Total real estate lending
of which: Large corporate clients
of which: SME clients
Total corporate lending
of which: Lombard
of which: Credit cards
of which: Other off-balance sheet commitments
Total other lending
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 respectiv e ECL allowances.
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited) 23
Expected credit loss measurement (continued)
The table below provides information about the exposures subject to ECL and the ECL coverage ratio for UBS AG’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 30 September
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 4 basis points to 80 basis points.
Coverage ratios for core loan portfolio
30.9.26
Gross carrying amount (USD m)
ECL coverage (bps)
On-balance sheet
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
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
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
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 AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited) 24
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
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
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
Gross exposure (USD m)
ECL coverage (bps)
Off-balance sheet
Total
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stages 1&2
Stage 3
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 AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited) 25
Provisions and contingent liabilities
a) Provisions
The table below presents an overview of total provisions.
Overview of total provisions
USD m
30.9.26
31.12.25
Provisions other than provisions for expected credit losses
Provisions for expected credit losses
1
Total provisions
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 other than provisions for expected credit losses.
Additional information for provisions other than provisions for expected credit losses
USD m
Litigation,
regulatory and
similar matters
1
Restructuring
2
Real estate
3
Other
4
Total
Balance as of 31 December 2025
2,109
560
229
319
3,217
Increase in provisions recognized in the income statement
688
608
4
65
1,364
Release of provisions recognized in the income statement
(143)
(77)
(10)
(57)
(287)
Provisions used in conformity with designated purpose
(655)
(499)
(10)
(39)
(1,202)
Foreign currency translation and other movements
11
(19)
(9)
14
(3)
Balance as of 30 September 2026
2,010
573
204
302
3,089
1 Consists of provisions for losses resulting from legal, liability and compliance risks. 2 Mainly includes USD 323m of personnel-related restructuring provisions as of 30 September 2026 (31 December 2025:
USD 282m), USD 172m of provisions for onerous contracts related to real estate as of 30 September 2026 (31 December 2025: USD 229m) and USD 34m of restructuring provisions for onerous contracts related to
technology as of 30 September 2026 (31 December 2025: USD 48m). 3 Mainly includes provisions for reinstatement costs with respect to leased properties. 4 Mainly includes provisions in relation to VAT, employee
benefits and operational risks.
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
UBS 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 is involved in various disputes and legal proceedings,
including litigation, arbitration, and regulatory and criminal investigations. “UBS”, “we” and “our”, for purposes
of this disclosure, refer to UBS AG and / or one or more of its subsidiaries, as applicable.
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 UBS 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 UBS 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. UBS 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 UBS 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 UBS, but are nevertheless
expected to be, based on UBS’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 the 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 UBS 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 AG Annual Report 2025.
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited) 26
Provisions and contingent liabilities (continued)
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 are in the range of USD 0bn to USD 1.3bn.
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.
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 AG
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
Foreign currency translation and other movements
Balance as of 30 September 2026
1 Provisions, if any, for the matters described in item 1 of this disclosure are recorded in Global Wealth Management and Non-core and Legacy. Provisions, if any, for the matters described in item 7 of this disclosure
are recorded in Global Wealth Management. Provisions, if any, for the matters described in items 3, 4, 5 and 6 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 disclosure.
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited) 27
Provisions and contingent liabilities (continued)
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.
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:
A number of putative class actions and other actions are pending
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.
More specifically, 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.
The CHF and GBP LIBOR actions have concluded.
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited) 28
Provisions and contingent liabilities (continued)
Credit default swap auction litigation
:
In June 2021, Credit Suisse, along with other banks and entities, was named
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. In September 2026, the US District Court for the District of New Mexico
granted in part defendants’ motion for judgment on the pleadings; plaintiffs can file an amended complaint.
With respect to additional matters and jurisdictions not encompassed by the settlements and orders referred to
above, UBS’s balance sheet at 30 September 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.
In October 2026, the parties agreed to resolve all remaining actions, including Asset Backed Securities Corporation
Home Equity Loan Trust, Series 2006-HE7, Home Equity Asset Trust, 2006-8, Home Equity Asset Trust 2007-2, and
CSMC Asset-Backed Trust 2007-NC1. The resolutions remain subject to the satisfaction of certain conditions,
including court approval.
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, plaintiffs voluntarily
dismissed one case in September 2026, four are stayed, and the EDNY dismissed two of these cases in April 2026;
the April 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 2024 in a now-concluded civil lawsuit, Credit Suisse Trust Limited was ordered to pay USD 461m,
including interest and costs.
UBS AG third quarter 2026 report |
Consolidated financial information | UBS AG interim consolidated financial information (unaudited) 29
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
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 assert 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.
Currency translation rates
The following table shows the rates of the main currencies used to translate the financial information of UBS AG’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
Year-to-date
30.9.26
30.6.26
31.12.25
30.9.25
30.9.26
30.6.26
30.9.25
30.9.26
30.9.25
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 UBS AG with the same functional currency for each month. Weighted -average rates for individual business
divisions may deviate from the weighted-average rates for UBS AG.
UBS AG third quarter 2026 report |
Appendix 30
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 a 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 AG third quarter 2026 report |
Appendix 31
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, and 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 AG third quarter 2026 report |
Appendix 32
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, and 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 AG third quarter 2026 report |
Appendix 33
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 AG third quarter 2026 report |
Appendix 34
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.
UBS AG third quarter 2026 report |
Appendix 35
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 AG third quarter 2026 report |
Appendix 36
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 AG third quarter 2026 report |
Appendix 37
Information sources
Reporting publications
Annual publications
UBS AG Annual Report
: Published in English, this report provides descriptions of: our businesses, the performance
of UBS AG (consolidated); the performance of the business divisions and Group functions; risk, treasury and capital
management; corporate governance; and financial information, including the financial statements.
Compensation Report
: This report discusses the compensation framework and provides information about
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
: Published in English, the UBS Group Sustainability Report provides disclosures on
environmental, social and governance (ESG) topics.
Quarterly publications
Interim Report
: This report provides an update on performance and strategy (where applicable) for the 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 not 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 AG 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 AG third quarter 2026 report |
Appendix 38
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 regulatory or other governmental sanctions, as
well as the effect that litigation, regulatory and similar matters have on the operational risk component of its RWA; (xiii) UBS’s ability to retain and attract the
employees necessary to generate revenues and to manage, support and control its businesses, which may be affected by competitive factors; (xiv) changes in
accounting or tax standards or policies, and determinations or interpretations affecting the recognition of gain or loss, the valuation of goodwill, the recognition
of deferred tax assets and other matters; (xv) UBS’s ability to implement new technologies and business methods, including digital services, artificial intelligence
and other technologies, and ability to successfully compete with both existing and new financial service providers, some of which may not be regulated to the
same extent; (xvi) limitations on the effectiveness of UBS’s internal processes for risk management, risk control, measurement and modeling, and of financial
models generally; (xvii) the occurrence of operational failures, such as fraud, misconduct, unauthorized trading, financial crime, cyberattacks, data leakage and
systems failures, the risk of which is increased with persistently high levels of cyberattack threats; (xviii) restrictions on the ability of UBS Group AG, UBS AG and
regulated subsidiaries of UBS AG to make payments or distributions, including due to restrictions on the ability of its subsidiaries to make loans or distributions,
directly or indirectly, or, in the case of financial difficulties, due to the exercise by FINMA or the regulators of UBS’s operations in other countries of their broad
statutory powers in relation to protective measures, restructuring and liquidation proceedings; (xix) the degree to which changes in regulation, capital or legal
structure, financial results or other factors may affect UBS’s ability to maintain its stated capital return objective; (xx) uncertainty over the scope of actions that
may be required by UBS, governments and others for UBS to achieve goals relating to climate, environmental and social matters, as well as the evolving nature
of underlying science and industry and the increasing divergence among regulatory regimes; (xxi) the ability of UBS to access capital markets; (xxii) the ability of
UBS to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack, war, conflict, pandemic,
security breach, cyberattack, power loss, telecommunications failure or other natural or man-made event; and (xxiii) the effect that these or other factors or
unanticipated events, including media reports and speculations, may have on its reputation and the additional consequences that this may have on its business
and performance. The sequence in which the factors above are presented is not indicative of their likelihood of occurrence or the potential magnitude of their
consequences. UBS’s business and financial performance could be affected by other factors identified in its past and future filings and reports, including those
filed with the US Securities and Exchange Commission (the SEC). More detailed information about those factors is set forth in documents furnished by UBS and
filings made by UBS with the SEC, including the UBS Group AG and UBS AG Annual Reports on Form 20-F for the year ended 31 December 2025. UBS is not
under any obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements, whether as a result of new information, future
events, or otherwise.
Rounding |
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 AG
P.O. Box, CH-8098 Zurich
P.O. Box, CH-4002 Basel
ubs.com
This Form 6-K is hereby incorporated by reference into (1) the registration statements of UBS AG on Form F-3
(Registration Numbers 333-283672 and 333-293403), and into each prospectus outstanding under the foregoing
registration statement, (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 registrant has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.
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: October 28, 2026